davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
SEC PROGRAM
MAY Get TEST
ON BMT BONDS
Calling of Four Leading
Bankers to Testify Weighed
by Body.
By United Press

By United Press
WASHINGTON, Oct. 4.-The Sc
curities and exchange commission
today temporarily adjourned the
Brooklyn-Manhattan Transit Cor
poration's 100000 bond issue
case after a sharp controversy be-
tween members over whether to call
as witnesses four leading New York
bankers and all BMT directors.
Robert E. Hesly. presiding COM
missioner, adjourned the case sub
ject to future call after the sharp
verbal clash between commission
Counsel John j. Burns and Com
missioner Ferdinand Pecora, when
Burns attempted to conclude the
case.
In the meantime. Mr.. Healy said.
the commission will determine
whether to call the bankers and di-
rectors, thus extending the scope Of
the investigation into the negotia-
tons and alleged agreement prior to
the sale of the bonds.
Commissioner Pecora. former in
quisitor of the senate banking and
currency committee, made the re-
quest that the bankers be called.
The firms named were Hayden,
Stone e. Co.; j. and w. Seligman
e. Co., Lehman Bros. and Kuhn,
Loeb & Co.
The stock market control pro-
gram, which began Monday with
licensing of national exchanges,
sped into activity in another sphere
today, when it was to resume hear
ings on the registration application
of the New York Mining Exchange
of Jersey City.
Mr.. Pecora's suggestion to call the
four bankers came after testimony
indicating that the underwriters re-
ceived subscriptions for the bonds as
early as May %, although the BMT
board did not formally authorize the
issue until June 4.
Testimony was developed also
tending to show that each Of the
four firms had a member on the
directorate of the BMT and that the
underwriters obtained the bonds at
IS, later reselling them at 9815.
A. w. Williams, BMT counsel, Wig
orouSly depending the issue as legal
and asserting that there was no at
tempt to violate the 1888 securities
act, explained that the bonds we're
sold to the New York underwriters
in purely interstate transaction.
This, he explained exempted
them from registration ard if the
underwriters later made Interstate
sales or used interstate communica-
tons in the transactions, that was
beyond the BMT control. He said
that if the bonds were denied list
ing on the exchange, it would UNI
favorably affect their holders.
Commissioner Robert E. Healy,
presiding at the hearing, said that
he expected to make formal ruiz
ing on the ACCESSIBILITY of calling
the bankers, perhaps today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
GleaNjngs
street" Loans Drop

Collateral borrowings by members
of the New York Stock Exchange
at the end of September amounted
to 1891, 529, 447, a decline Of $42,678,-
429 from the preceding month. The
ratio of member borrowings to the
market value of all listed stocks was
2.57 per cent, against 268 per cent
a month earlier. The total face
amount of government securities
pledged as collateral for borrowings
was s44, 467 ,525 at the close of Sep
TENDER, compared with $66,O92,85o a
month earlier.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04

the chief executive. Whether or not
such is the case, market action
serves as an effective means of
creating public opinion.
The weight of evidence would
seem to indicate that the markets
action was due to acts Of omission
rather than commission on the part
of Mr.. Roosevelt and also that it
was the result of natural rather
than artificial forces.
TN the early months of Mr.. Roose-
Il velt's reign almost every official
act on his part was followed by
burst of strength in the stock and
commodity markets. Most of these
acts we're interpreted as either con-
structive or suggestive Of imitation,
which undoubtedly accounted for
the advance in prices. AS conse-
quence stock and commodity trad
ers got in the habit Of anticipating
his announcements by buying in
advance of his addresses.
Most people had expected the
President at least to pour oil on
the troubled waters of business and
finance Sunday night. Some
thought he might pull another rab-
bit out Of his hat for the benefit of
trade. When he failed to do either
it is reasonable to suppose that
those who had bought previously in
the hope of market rise fastened
to dispose of their holdings, causing
the recession in prices.
WAL STREET was very much
w interested in the Washington
dispatches Monday quoting Jesse
Jones, chairman of the Reconstruc-
ton Finance Corporation, as saying
he thought the administration has
no intention Of creating a central
bank or of placing any further re-
strictiors on banking. 1t sincerely
hoped he was speaking with author
|ity.
The Street has been very jittery
in recent months over the poSsibil-
ity OF further encroachment Of the
.SOfSIlliicuJ III Tic pAANdOC OoAAAA5
field. So certain have the leaders
been of new moves toward socializa-
ton of the banks that they have laid
rather advanced plans TO combat
it. And they have no idea Of giving
UP these plans. irrespective Of Mr..
Jones opinion. They figure the
next congress will demand new
banking reforms and regulations,
and they are taking no chances on
the President not listening. to them.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
Corn Hog Payments

About s1OOO00,0OO in benefit
checks, or rs per cent Of the first
instalment, has been paid to farm
ers participating in the corn-hog
control. the agricultural adjustment
administration announces. More
than 100000 contracts have been
forwarded to the department of ag-
riculture for approval. Payment to
Indiana farmers up to Sept. % were
S8467. PAT,
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
Wall Street
Market Bureau, Inc.
RALPH HENDERSON,
Times Special Writer

NEW YORK, Oct. 4.-Once more
~ the financial markets SEEM
ingly have expressed disdain for
the economic ideas of President
His Sunday night radio
was followed Monday by a
fairly severe slump in both stocks
and commodities. Such action has
become more or less a habit of late
and is strangely similar to that of
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
Cattle Men Protest
By Times Special

ny L tHttS DptCtuB
WASHINGTON, Oct. 4.-Intima-
ton from President Roosevelt that
cattle purchases in drought terri
tories will not be carried beyond the
original program was followed to-
day by announcement that leading
ranch interests of the southwest
will fly to Chicago for the purpose
Of comforting with Secretary of Ag-
riculture Wallace and seeking pur-
chase of 100000 more cattle.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
AUTO SALES SHOW DROP
September Sales in Chicago on
From Previous Months.
By 7tmes Special

CHICAGO, Oct. 4.-Septemner
registrations OF new cars in Cook
county last month declined sharply
from the preceding month but we're
ahead of September. 1888, according
to figures tabulated by r. L. Polk g.
Co. New cars sold last month num-
bered 4,9l4. against 6,52l in August
and 1896 in September. 1888. Part
Of the drop is due ia. the Labor day
holiday and part to seasonal factors.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
500 WORKERS INSURED

Marsh & McLennan, insurance
underwriters OF indianapolis, an
nounce that a group plan of pen
sion insurance has been arranged
for 500 employees of Meed-J johnson
a. Co. Evansville The plan was
drawn up by Irving w. Barnett Of
the insurance Arm.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
Flour Output Rises

September flour production came
to 5,730,998 barrels. contrasted with
5,091, Jas barrels in the corresponds
ing month last year, according 70
a survey made by General Mills,
Inc, based on activities of 90 per
cent of all -four mills in the country.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04

during the herenSky regime,
which followed the overthrow Of the
car early in 1917, the United States
advanced to Russia $187,730,000
When the BolShevists succeeded
Kerensky later in the same year
they confiscated all domestic and
foreign property within their from
tiers. American property thus con-
fiscated is estimated at $60,000,000.
U. S. Claims S4OO,OOO,OOO
AT face value. some $97,0O0,O0O
worth of pre-Soviet bonds were out
standing in America. Altogether,
American claims Appropriated
$3.50, 100000. though interest and
padded estimates about double this
sum. American claims for confisca-
ton are sometimes placed as high
as $4O0O00,000
Upon assuming power, the Soviet
government repudiated these and
other foreign obligations. Moscow
claimed the money was not bor-
rowed by it. On the contrary it was
advanced to or used by preceding
regimes to fight the Communists.
Thus, Moscow claims, it is neither
legally nor morally bound to repay.
The United States sees it differ
emily. While firmly standing by it's
policy of reputation, the Soviet
government of today, however, ad-
mits that as Z matter of practical
business and better relations, a set
Element between the two countries
would be plain common sense.
Second Plan in Offing
The SovietS wish to hasten their
second five-year plan. They are
anxious to make life more comfort
able. They need hundreds of mil
lions of locomotives, rails, ferrous
and nonferrouS products, cotton and
other American products. To buy
these they need large, longtime
credits, and to get these credits they
are willing to settle the American
claims.
An understanding to this effect
was reached last fall at the time of
American recognition. But hardly
had Ambassador Bullitt and For
eign Commissar Litvinov begun ne
gotiationS in Moscow last spring
there waS}a hitch.
The Soviets expected that the
United States would extend them a
long-term loan or credit amounting
to several hundred million dollars.
On this they would pay a certain
rate of interest. On top OF this, an
extra interest charge" of say, 2112 to
5 per cent, this to be used to pay
off American claims.
The United States, however, was
of a different mind. 1t was willing
to advance certain credits. But it
would neither pledge itself to any
large, fixed amount, nor extend such
long term credits as the Soviets re-
quired.
Deadlock Persists
Transferred from Moscow to
Washington, negotiations were re-
sumed by Secretary of State Hull
and Soviet Ambassador Troyan-
ovsky. But the deadlock persisted.
Ambassador Troyanovsky cabled
Moscow for new instructions. They
came. He laid them before Secre-
tary of State Hull. Concessions were
made. Yet, thirty minutes later the
plainly irritated state department
issued a formal communique saying
it was no longer possible to be OPP
timistic that any agreement will be
reached
The two countries were far apart.
Apparently the breakdown had
come Today, it would seem, what
little hope there still may be for
Soviet-American trade hangs by he
slenderest of threads,
/ nr1orroW-nafoiIS of tho Soviet :
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
Other livestock
by United Press

10y NI44-IL 7 4taoI
LAFAYETTE Oct. 4.-Market l0c and
555 lbs. S. 90 sos: 2oo.225 lbs, S. .o5 a
SIS sodS.75: l40-iso lbs. s4,s5G5.i0: i25-
i4o lbs, s3S5dz35; li5-l35 lbs. s29Od
40 loo-i15 lbs, s22542.5o: roughs.. IS
GOWN csivess.stssadg; $3.50 down: !. ieg y
down.
FIT. WAYNE. oct. z.-Hoes-25c higher:
250-300 lbs, s6.25: 20o-a5G lbs. TO- 100
400 lbs. $500 f6o-lso lbs. s5.75: 50o-35o
lbs. So: l50-l60 lbs S.; l40-i50 lbs. s4.75:
40 lbs. Sass; EouEhs s. IS stays, $3.50.
Lainhs-s6.20. calFes--S7.5o
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
70 CHANGES FAVORABLE
Unfavorable Dividends in Septem-
Der Exceed Previous Month.

CHICAGO. Oct. A total Of
seventy-nine dividend changes dur
ing September were recorded as
favorable. against Seventy-Seven in
August. according 10 report today
BY the Standard Statistic Company.
Unfavorable changes during the
month were reported at twenty-four.
as compared with fourteen regis
tered in the previous month.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
FIRMS TO CONSOLIDATE
Livingston Company Will Join ABB
bOtt, Proctor & Paine.

BIZ Times SDectai
NEW YORK. Oct. 4.-The firms
of Livingston g. Co. and Abbott,
Proctor g. Paine. investment brok-
ers, will consolidate Nov. l. II was
announced today.
The partnership will combine into
one firm composed of all Of the
present members OF Abbott, Proctor
81 Paine. together with the follow
ing partners of Livingston e. Co:
Gerald w. Livingston, Walter w.
Price, William S. Gilbert, John B.
Finnerty, John L. Clark. Martin @.
Lee. Peter H. Troy and Ross H.
Walker.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
FRUITS AND VEGETABLES
by United Press

CHICAGO. Oct Apples, Michigan
Mcintosh. bushels 2ia-inch. $500 / so.
Tomatoes-Ohio. BIB. baskets S5H 40c
sweet Potatoes-TenneSsee bushels. 60M
aOc. Lettuce. California. crates. s225M3
Beans-nlinois. bushels. green. 50G Csc.
Cahbage-WisconSin crates. 50d CSC. Pep
ETlIinois bushels. 256 35c. Celery-Nich-
ingan. crates. squares. 40d soc. Western
Caulifower-Crates. Sl15Gl.25 Grapes
Michigan concord quarts. 1lT13c. Gran
rieS-MaSsachusetts. ID bushels. 81 4Ot
160
Onnion market f50-lb. Sacksl-Michigan
vellows. SsG 75e: Idaho whites. slM Ito:
Idaho yellows. 75n soc; Utah yellowS. IS
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04

the last I e W
months of the
Hoover regime.
The fact that
the street, gener-
ally speaking, is
out of sympathy
with the Roose-
welt administra-
ton raises the
q u e S t i 0 n of
whether it is not
deliberately rig
ging" the market
on occasion to
"a st reflection on
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
FOREIGN BONDS RISE

BIZ Times Special
NEW YORK, Oct. 3.-Representa-
tive foreign bonds rose 2.52 per cent
during September, according to
Foreign Bond Associates, Inc. whose
index of so representative issues
went up from 5476 on Aug. 81 to
56.14 on Sept. %. The sixteen South
American issues in the index appre-
ciated 3.42 per cent during the
month, the thirty European issues
2.16 per cent. and the four Asiatic
issues 2.46 per cent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
LARGER u. S. FRUIT
QUOTA Is GRANTED
France Gives Increase Because OF
American Favors on Wine.

By United Press
PARIS, Oct. 3.-United States
fruit growers have been allowed an
import quota of 1928 tons out of
total of 10000 tons for October. No
vember and December by govern
ment decree. Last year, for the same
period. the American quota was g.
$50 tons.
The increase was due to American
favors for French wines and liquors.
Canada received quota of $50 tons.
the result of a new trade treaty.
The first American fruit of the
new season, California pears. is due
at LIE Havre Oct. 8. 1t probably will
be held in port because distribution
of import licenses is expected to take
several weeks.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
EXECUTIVES ARE NAMED
Hadar 0rtman Elected Head of
Chicago Printing Firm.

q 7 I"IN' = FT'IINF
CHICAGO. Oct. Frank War
rem. has been elected chairman of
the executive committee of the w.
+. Hall Printing Company. and
Hadar Ortman was elected 10 sue
coed him as president
Mr.. ortman formerly was director
Of operations and finance for the
Meredith Publishing Company. Des
Meines. Ia.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
TEXTILE STRIKE END
SEEN AS GOOD OMEN
Settlement May ForeshadOw End of
Industrial Depression.
81 Times Special

81 Times Special
NEW YORK, Oct. 4.-The settle
ment Of the textile strike may mark
the turning point of business and
foreshadow the end of the present
industrial depression. J. Frederick
Talcott, president of James Talcott,
Inc. textile firm. said today.
Since the settlement Of the
strike textile activity has definitely
improved" said Mr.. Talcott. More
over. it seems to me that the tex
tile strike was important in demon
strating TO the government the need
for revising certain NRA provisions
which we're impeding industrial
progress. If such restrictions are
removed, believe that other
branches of industry will net be
long in showing the improvement
which is now so apparent in textile
trade"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
Government Grain Rule

The Alberta government, under r.
G. Reid, premier, has advocated
that the Winnipeg Grain Exchange
be administered under federal gov
eminent responsibility.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
KerenSky Regime Debts,
Quarrel OUer Credits
Upset L. S.-SoOiet Pact
Official Circles Silent Over Breakdown in Treaty Which
Promised to Land Hundreds of Millions of
Dollars of Orders.


Of
Is o a o
is a
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
Chicago Stocks
Z. S. Bonds


by United Press
NEW YORK, Oct. 4-Liberty bonds:
fdecimals represent thirty-secondsl
Liberty
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
Retail Coal Prices
DOMESTIC RETAIL PRICES

The following prices represent quotations
from leading Indiana polls coal dealers.
A ascent carrying charge per ton viii be
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04

During the six months ended
July 81. profit and loss surplus in
creased nearly $3,500,000 While
cash and securities dropped S15,-
100000, inventories increased nearly
S15,0O0O00. Net working capital
gained S2,70O,OO0. On July 81. the
current ratio was 81 to while the
book value of the common stock
was $25.22, a gain of n cents in
the six months period.
Earnings have suffered during
the depression. For the fiscal year
ended Jan. 81. 1884. Is cents was
earned. The three previous years,
however. the company operated in
the red. In the seven months ended
Aug. 3. Ward earned 81 cents a share,
compared with IA cents in the same
period year ago.
No dividends have been paid on
the common stock since 1880. There
are now accumulated dividends on
the Glass A stockton ,554 shares
MISUNDERSTANDING 81 share.
Montgomery Ward was incorpor-
ated in its present form in 1918 in
Illinois. The common stock is listed
on the New York Stock Exchange.
Its current price is 27l4.
All Rights Reserved. Winchester Institute
OF Finance. Winchester. Mass.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
Money and Exchange

INDIANAPOLIS STATEMENT
learings ...................s2 50. 7s5. 0O0 90
ebits ................... 4.983, 900 90
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
Treasury Statement
DIV United Press

tBY United Press
WASHINGTON. Oct. 4-Government ex-
penses and receipts for the current fiscal
year 10 Oct 2. compared with the cor
responding period Of the previous fiscal
year
This Year Last Year:
Expenses e. 81 .532 7s9. 739 90 1858 .074. $50 %
Receipts 9S2 272 4g2 95 us. $40. 694 50
Deficit ... $50 SIT 2i7 "a 242. 425 ia rs
Cash bal. AHA 707. 1864 .-.-.-.-.-.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04
Stock Studies
MONTGOMERY WARD

Montgomery Ward was originally
founded as a mail order" business
in Chicago back in 1872 The pres
ent company is the outgrowth of
several changes and reorganizations
in this original company. 1t ranks
as the second largest mail order en-
terprise in the world, selling to some
seven million customers. Its mail
order business is carried on from
nine plants.
The company's experience a few
years ago in entering the retail store
field developed many problems, but
as of last March the company was
operating a chain of 489 retail
stores throughout the country. Near
ly half of its business comes from
these stores.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04

Latest Stock, Bond and
Commodity Quotations
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-04

d e V e Il o pments in
Trade and Industry
The Washington times., 1934-09-10
Shelby Beauty
Counsel

Dear Miss Shelby:
Can you recommend good
home remedy that will close
the pores? What can be done
for lines around the eyes? Sim
cerely, V. l..
Dear Miss V. L.:
A good home made aStringent
lotion for closing the pores is
the following: One part
camphor, one part benzoin to
10 parts witch hazel.
For the lines around your
eyes I would advise you to use
any good, heavy nourishing
cream. After cleansing your
face dip the cushion tips of two
fingers on both hands, index
and middle fingers, in the
cream, with a gentle circling
motion, smooth the cream
around the eyes. Begin with
fingers placed on each side Of
the temples, and down across
the cheeks to the nose again.
If this does not prove bene-
ficial, I would suggest that you
also .bathe your eyes in Solu-
ton of boric acid. since the
lines may be coming from eye
fatigue or strain.
The Washington times., 1934-09-10

Meets Her Ex.HuSband
Dear Miss Fairfax:
Five years ago my first hus-
band and I were divorced.
There was no scandal; the trou-
Bile was we were both kids-1S
and 21-and we had no idea OF
the responsibility of marriage.
I took my grievances to mother.
and he took his to his mother,
result-Reno.
Two years ago I remarked,
and the other evening some OF
nv present husbands business
associates invited us to a dance
at the country club-there I
walked into my first husband
and his wife! We were both
honestly glad to see each other,
and danced together several
times before the truth of our
former relationship leaked out.
NV husband was very aloof.
Glen's wife, Can ugly creature'
was furious and showed it.
Now, there's a regular ballyhoo
in our crowd, over this thing.
My Ex and his wife live in
this city; I'd like to be friendly,
but it seems we've got to glare
The Washington times., 1934-09-10
BY JULIET SHELBY

Do you really know how to
choose a perfume for yourself?
Don't be guided entirely by the
price of a perfume. The better
blends do cost more money than
the less subtle blends, that is
true, but perhaps you are the
type of personality that can
use a definite fragrance to ad-
vantage.
Notice I said personality" !"
That is your guiding post in
choosing a perfume. Not your
coloring, the type of face or fig
ure with which nature endowed
you. If you are a fresh, gay
young thing, choose a fresh,
gay fragrance. If you are ultra
sophisticated, a woman of the
world, choose a heavier, more
subtle, scent.
If it does something for your
spirit. if it inspires you to play
fulness, to dream, to dance
hours through the night, to be
socially poised-then it is a per-
fume for you to wear.
But don't wear the same per-
fume, day in and out, night in
and out, year in and out! Our
Victorian great-grandmothers
did it because one perfume, a
good one, was all their dear
husbands or lovers could afford!
They had to stick to one fra
GRANGE.
But today even the most ex-
penSive perfumes come in small
quantities at a price that most
any person can manage. There
is an increasing tendency among
the more famous perfumers to
bottle their wares in quantities
the woman Of modest means
can buy. Clever business men,
they, because they know if a
woman becomes attached to a
rare perfume she would go with
out food to possess it!
This, in a roundabout way,
leads to a rare blend of perfume
that has been recently intro
duced in tiny Sport-size pack
ages. 1t is a blend for evening
only-and I should say for a
sophisticated girl or woman. I
am sure it was designed to re.
fleet the luxury of rich jewels,
expensive gowns and town
cars!
So if you are a girl who has a
secret longing for all the femi.
nine luxuries in the world, if
you have a secret hope of OBJ
tanning them some day, then
this perfume would suit you.
But if you are a girl who loves
the simple life, don't indulge
this rich, warm and lasting per-
fume would make you very dis
satisfied! It might make you go
aStray!
If you want to know where
you can procure any article