davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
WHEAT SHOWS
FIRM TONE ON
WEATHER NEWS
Traders Disappointed Over
Poor Reception Given
Crop Report.
BY HARTMAN w. NICHOLS
United Press STAFF Correspondent

CHICAGO, July 3.-Most of the
wheat belt remained hot and dry
and there was a slightly firmer tone
in the principal grain at the open
ing of the Board of Trade today
Wheat opened Is to = cent
higher, corn was unchanged to g
cent lower, oats were unchanged TO
off IS cent, and rye was Is to 4
cent improved.
The trade generally was diSap-
pointed at the poor reception given
yesterday to the bullish crop reports
from private observers.
Liverpool wheat did not follow the
decline here yesterday and opened
fractionally higher.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
Other Livestock
(By United Press

600, including 10000 directs slow, mostly
steady with oMnday; 22O-3lO lbs. $4,000
49Si tor s4s5 179-2lo lbs $ 8 25@a &C.
packing sows, s3.90@4.25 light lights; 49,
100 lbs, good and choice $3.50d 425; llght-
weights 10000 lbs, good a no6 os ch9l pc.
good and H Choice. s4.65@455;, heavy
weights, 25O-35O lbs, good and choice
msd@n and p sS66s 27' ssg 9s
pigs. 1OO-13O lbs good and choice So. 500
$50. Cattle-Recefpts, $500; calves. 5000;
active SI strong ts0 o'es SHADE 90 higher
grades slow Steady; bulk better grade fed
steers and yearlings, .SSd 30 best me; me.
sharn Eei steer s sctTty ieq best sg5 bulls
strong to Csc higher; other killers about
steady Slaughter cattle: Veaier steers:
$4,000 lbs, good and choice. So %,
COOL 100 lbs good and choice. s575G 9 %;
100 600 lbs: good and choice SS;2Sa
s255a lo25; 5sC1 800 1850 goo" common and
good and choice. S475G SIS; commoon and
ter and cutter cows @51 $I25a225: bulls.
yeaa1rlngs excluded. good beef: Ss23 e
digm, s35o@4; Gull and and common. soy
1850 lbs GOOD ou and ref Choice. s4@ $50 com
mon and medium. S275d4. Sheep-Re-
ceipts, 5000; lambs slow. undertone weak
steady; sheep little changed; yearlings
scarce; bids on natives largely So down;
ward few sold at 1925 with other held
$40 unsoPted on ewes tsia225 slaaghef
sheep and lambs: LAMBS go lbs; down. Id
S19f and ah9 sSss SSS6 6s
and choice. sl5o@225:' ali weights, COM
mon and medium. s1G1.75
;5ssdy . bis6 5qy 100000 IS:
89 10000 81 6 s455@Ss S9-Bgo 12o
10 lbs. ssioG5o.SS5: i0 ioo-iSo lbs. 81 6oa
2 So roughs, "a down; top calves 81; Top
Fl WAYNE Ei1Y, yaly 2LHogs0 N a0o-255
lbs s. Isl 10000 lbs. s4s5: I6o-18o lbs IS.
$455: 9o0-35O lbs. S475; l5o-l6o lbs; $3.50;
1919 6s 05 S. S3 1925 1S0 ibs 0
$3.50; stays. sl.75. Calves, SIS; lambs, SOU
By Times Special
LOUISVILLE. july 3-Cattle--ReceIpts
100; supply very light, quality PLAIN: m
medium steers and heifers salable s3.75d5;
kInds in cutter flesh down 70 around
$3.50 stgictly good dryfed yearlings g au ado5
kinds and heifers types eligible 70 sS.50
/ and above; low cutters and cutter cows.
Sl1 20 sausage bulls mostly 81 oo W.
oulk hgnt Hereford stockers salaoIe. go 5ao
$50 Calves. 50, So vealers strong 70 l 99c
n tEjoei poSS better yealers u9Ss0Pe-
ceipts. ZOO including 90 directs. MARKET
steady; desirable. 1928 lbs. $3.50; 2es3
Ibs. up. s. 10; l6o-ls5 lbs. $3.50; i45 9 LOO 10
Sheep-Receipts, 1000; run very light:
quality plain; market mostly steady; most
better truck lambs of quality TO sell az
night lambs s775ds: with strictly choice
offerings suitable for eastern kosher trade
considered eligible somewhat higher; DUCK
out at 81 discount light medium lamos
mostly So; throvouts. SIS down; fat ewes,
sla2; stock ewes Quotabls mostly $1,000
$50 per head
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03

Fl. WAYNE, July 3.-Hogs-..MAardk6eeto :.
to Csc higher; 250-3o0 lbs. s4.s5; 20o-25O
lbs s475; 10000 lbs. S4.65 1918. i3 ao.
SOH bs o5 SAP l' f6s s25 49,
1870 lbs, IS; 10O-120 lbs, s275; rougnS.
$3.50, stays. SIS. Calves. IS: lambs. sl.oO.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
CHICAGO PRIMARY RECEIPTS
HOG PRODUCERS AGREE
TO REDUCE PRODUCTION
Decrease of 25 Per Cent Under
Last Year Is Indicated.
BIZ Cnifed Press


WASHINGTON, July 3.-Reduc-
ton of national hog production by
substantially the percentage sought
by the 1884 corn-hog program is
indicated by the agriculture depart
ments June /, pig crop report, DR..
A. G. Black, chief of the AAA corn
hog section, said today.
Under the reduction contract, DR..
Black pointed out, producers agree
to reduce market hogs not less than
25 per cent under the average fig
ure for the past two years. Spring
pigs saved this year represented
81 per cent decrease from the aver
age for 1882 and 1883.
The number of sows to farrow
next fall was estimated at 3l32,600
head or 38 per cent less than the
average farrowed during 1928.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03

steady to Sc higher 100000 lbs. s4.7oa
$50: 10000 lbs: s4.55d4.65; l6o-Is9O I I9o
81 $50 4. As: 140-160 lbs. SO 500 30: I5o-
40 lbs s3.IOd335: 10o-l20 lbs. s26oN
2.65; roughs, -s4 down; top calves, 81; top
lambs, S7d75O
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
-NeSetabIes-
CHICAGO FRUIT MARKET
Bv United Press

CHICAGO July 5-Fruifs and vegetables
APP Michigan spies. Si.75m2 Illinois
tran parents 81 2Sm27S Carrots-Csn-
forlls. s1n22S Graves. Cucunhers-Hot-
house 81 1oa2 . DOR. Tomatoes-TeNas
50 2, uEs Illinois nst crates. SirSi Is
Sweet Potatoes-TenneSSec Sis hushel
hampers. Nushrooms-IllinoIs. i0l s0c is.
carronA Asparagus Illinois 50 p 6Sc
crates. StraE herries-MichiEan 81 25 p IS
rs q-Sl: Wisconsin. 81 500 50. Peachss-
Georgia. e. q 10 - bushels. Rec Rasp-
nerries-Illnols 81 1o11 p pfs. Lettuce
-Canfcrnia- $50 IS crates Beans-Esst-
ern green. tiGi7s. onion market tSo-lb
sacks Texas whites. 81 SOC i.sS. Cali
foFnis yelloEs. sI.iSGi.2o.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
New York Bank Stocks
INCOME SHOWS SHARP
GAIN OVER LAST YEAR
Commercial Credit Earnings Equal
to $500 a Share.
by Abbott. Hoppin & CO..

~ fWfN NWffiNt
NEW YORK. July ga net in
come equal to $500 a share annually
on the common stock was announced
by the Commercial Credit Company,
this compared to 1881 for the five
months of last year, A. E. Duncan,
chairman. reported.
Consolidated gross purchases, the
report stated. for the first five
months we're SI71410.572 against
s56139,619 for the same period of
1888.
Net income for the first five
months after all taxes and reserves
including all subsidiaries was
S1926.6S4 as compared to S713,7 $50
for the like period of last year an
increase OF 1863 per cnt.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
COAL PRODUCTION UP
Indiana Mines Supply More Than
3 Per Cent of U. S. Fuel.

Coal production in Indiana con-
tinued it's steady climb in the week
ended June 16, a report of the
United States bureau of mines
showed today.
Production was 1875, 900 tons, more
than 3 per cent of the nations out
put as compared with $4,000 tons
during the previous week. Produc-
ton for the same period a year ago
was 1870 tons.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03

large discretion in fixing margin re-
quirements. 1t has until October
to present. t''o~0 IlationS, but
the act fixes a minimum standard
or yardStick which ranges from 25
per cent cash required on sound and
steady stocks to as per cent for more
volatile or 1uctuating securities.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
On Commission Row


Apr.es- Fancy Delicious. $50. Trans
parents s1u7
RlscSberries- 24-ot crate. So
Chcrrles-Hcme EroVn. Ie-ot. crates
81 50
C-snees-Cahfornia. sunkist. $3.50.
AflfutlaS. $ 50
Lemons-Surkist. s.
Ora petruIt-Florids SeedleSs s450.
Raspberrles- Southern Indiana black
capt crate SIS red So
Cantalou pes-Califcrnis 1umhos. ASS.
81 so. standards. So 90. Honeydews. IS.
Pears-CalavoS. s. 50 per box
Waterme .ons-Florida WatSons. S0-lo.
averages 7Sc-
Bausnas-Per pound. SC
-Negetables-
Sweet Corn-Alabsma. 5-cozen crate. 50
CarhaEe-Home grown. buShel sc.
Celery M.ch.gsn. fat boxes. $50. ne
ci-u. GC-. soc
On.ors-Texas yellow. S0-lb. rag. 81
rse. 81 50. North Green Mountain. 81 IS.
Colorado McClures. 81 SO. Idaho RuSsets
loo-.o BAG. S2-25. new Texas TriumphS.
sweet Potatoes-Tennessee Nancy Hanks.
"a rrEr. - 20
ssans-.REound: strinsless. Sis.
Bcets-NeW. soc a dozen
Carrots-Cslifornia. 6-dozsn crate ss.2S:
home EroWu. Coz-. Sc.
C1u-loWer-Hcme grown. buShel. 81 IS
Lettuce-Outdoor. 18Th. basket. 81. ICE
bcCS best. s. a crate.
Peas-Indians S27S
Racishes-Eome groVn buttons. large
bunch Sc.
Rhubarb--Homs Erovn. dozen. soc.
Splracn-Eome grown. busheI sSc
Touatoes-Hofhouse io-lh basket. 81 IS.
original Tenn. 5o-lb. luz, S22S.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
Bank Earnings Increased

By Times Special
CHICAGO, July 3.-Bank Of
America N. T. 81 S. A. and Bank
of America California; earnings for
the first six months of 1884 totaled
$5,214,000 and covered dividend re-
quirements for the entire year by a
margin of more than $1,000,000 and
we're II per cent ahead of the earn
ings for the first half of 1888.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
TOLEDO. july 2-Grain close: 1Grain
CONVENTION TRIP
c. L. Bossmeyer, DictaphOne Mana
ger Leaves for Chicago.

G. L. Bossmeyer, Indianapolis
branch manager for Dictaphone
Sales Corporation, left yesterday
with his wife to attend the National
Dictaphone Branch Managers con-
vention at the Medinah Club, Chi
cago.
Fifteen other branch managers
and their wives will attend, as q re-
ward for exceeding sales quotas
during the second quarter. Mr.
Bossmeyer reports that sales in his
territory, including southern Indi
ana, western Kentucky and part of
Illinois, were $40 per cent of quota
for the past three months.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
Bright Spots
tRv Abbott. Honpin q 90.

Wv AUUUII' k1UUUIU q NU'I
Simms Petroleum declares dividend of
80 cents payable Aug. l, to holders Of
record July II.
Erie Railroad for five months showed
a net profit of sS75.SS5 after charges
against net loss of S2,125,915 for the
corresponding period of 1888.
National Steel it is rumored, may spend
SIS, 900 900 on a new mill.
Sales of the New York Curb exchange
in June totaled 1922 $50 shares the lowest
since March 1888, when there were 2,56l,-
462 shares
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03


The commission is given broad
latitude in such matters, Tor IN
stance, as restrictions on short SELL
ing, which the law does not forbid,
and the nature and scope OF imam
cial reports.
The federal reserve board, which
is given control over margins, has
equally wide authority in prescrib-
ing the extent of loans which may
be advanced to the customer for
purchase of stocks.
Three Way Attack
Broadly, the act which the COM
mission began to administer today
attacks in three ways the problem
of speculation that has SO vexed the
country since the 1929 collapse de-
stroyed carefully boarded savings
along with vast fortunes. These
are:
/. Protection of the investor by
giving him full information as to
stocks and the corporations which
issue them.
2. OuJlawing of manipulative
practices by which racketeers have
garnered millions from the inno-
cent.
3. Safeguarding of the public in
general by control over bank and
corporation credit which is designed
to prevent the pouring of billions
into the speculative market, as in
1923 and 1929, which reacted in the
failure of banks and business cor
porations and the ruin, and occa-
sional suicide, of hapless officers and
directors.
Through the 1888 securities act,
which the commission takes over
from the federal trade commission,
the investor is guaranteed a close in
sight into the corporation whose
stock he may contemplate buying.
Now, nuder the stock market act, all
corporations whose stocks are list
ed on exchanges must give the COM
mission whatever financial reports
it desires. Thus the investor has a
guardian with a double check.
Investor Is Protected
The investor gets an even more
intimate picture of the corporation
and its officers under the stock
market act. The commission may
call upon corporations for lists of
all salaries over $4,000 paid officers
and directors, for bonus arrange
mentS, for special dividends, and the
like, which of itself will tend to elm
mate all sorts of financial practices
whereby the investor was paying
toll to corporation arrangements.
The investor is protected from
himself by the limitations upon
margin trading which hereafter will
prevent shoe string" ventures of
small time spectators which con-
tributed to the bad effects of the
1929 collapse.
The federal reserve board has
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
TWO AGENTS APPOINTED
Burkhart and Moore Increases
Insurance staff.

Two new agents have been APP
pointed TO full time positions in the
Burkhart and Moore agency Of the
Lincoln National Life Insurance
Company in indianapolis. according
10 an announcement made today.
They are L. B. Rayl and j. w.
Blackburn.
Since May l, the company has
added one state, Virginia, to its
territory and more than 100 agents
TO the force operating in the old
territory of thirty-one states and
the District OF Columbia
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
New Security Commission
Starts Job Of CURLING
Wall Streets Wolves
Stock Market Act Designed to Safeguard Investors from
Their FoIieS of Pre-DepreSSon Speculation;
Wide Authority Is Given.
BY THOMAS l.. STOKES
Tnited Press Financial Editor

WASHINGTON 3.-The federal
with
of
greedy popularity symbozed
of Wall Street
The beginning of the commission perhaps its most critical
determine how is to
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
Gold Imports Increase

NEW YORK. July 3.-Receipt Of
1928. 500 in gold from England and
a net release Of $3.50. 800 from stock
of earmarked gold for foreign ac-
count. No exports we're recorded,
according to reports Of the New
York Federal Reserve bank.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03

va Aa
four decades
have n er
been equal 10
our imports
o u & the
amount spent
broad by
tourists, the
money sent
back home by
j m mig rants
and the char
itv extended 70
forpfruprS by
our people
In the eight
cen years prior
to June 30,
1914. We ran
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
Wall Street
u. S. Keeps Out of Debt
by investments Made
During War.
BY KALPH HLNDLKSHOT'
Linz. sn.ciaI TinaneiaI nrIter

THAT the United States would
Il have continued in debt TO the
rest Of the world had 10 not been for
the World war. Is indicated BY a
breakdown OF the balance sheet re-
Gently presented 10 President Roose-
volt D. George n. Peek, his spe-
cial adviser on foreign trade. our
exports during the peace-time years
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
Cash Grain
INDIANAPOLIS

July =
The bids for car lots of grain at the
call of the indianapolis Board Of Trade.
f., o. b., shipping point, basis. lila TO
Ohio river.
77Q88c; No. 2 hard. ma 78c
Corn-Weak; No. white, 52I2d &c;
No, white; 56la 57l5c; No. ? yellow, So
SEA a 53c; No. 3 mixed, 51G SIC.
Oats-Weak; No. 2 white. 3912 q 40I2c;
No white. 3Sl2d39l2c.
Hay-f. o. b. country points taking
% &c or less rates to Cincinnati or Louis
ville)- l timothy 13d
inspections
Wheat-No l red 5 cars; No 2 red 5
cars; No. red, car: No. l hard, cars
No 1 mixed. 4 cars. Total. 18 cars.
Corn-No. 2 white cars; No 8 White
6 cars; No. 4 white, 2 cars; No yellow
II cars; No. yellow. 81 cars; No 4 yell
low, 3 cars. Total, SIS cars.
Oats-No. 3 white cars; sample white
car. Total. cars.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03

CHICAGO, July Cash grain: Wheat
No. red. 8sl2G 89l7c: No. red. $3.50:
91c: No. 2 mixed 90isc: No. 2 dark hard
891zc: o. 3 hard smuttv 88l2c: No. ?
red garlicky, 87l2c Corn-No. 2 yellow
lake 6O@6O4c; No yellow. Sic; No. 8
yellow. 6012c; No. yellow. Soc; No. 2
white Csc: sample grade white 56l2c.
44c: No 3 white. 43d &c. Rye-No
sale. Barlev-60093c uuotable. $685.
Timothv-S9 25@9.5O. Clover-Seed-S10 25
ala. Cash provlsions-Lard S6.57: loose
Sc: leaf s6; bellies. 1855.
TOLEDO. July 2.-Grain close: Grain
in elevators transit billing. Wheat-No
, red, 88G89c. Corn-No. 2 yellow, 63l2G
81 &c. Oats-No. white, 48@49c. Rye
No 2, 6812669I2c. CRACK prices % &c
ratel. Wheat-No. l red. 642d8 Csc: No.
2 red. 83l2 a sac. Corn-No. yellow. 500
@6012c No. yellow. 58f2 n 59l2c; No 4
yellow STAG 58l2c. Oats-No. white,
44l2 a 46c: No. 3 white, 44G 45c Seed
Close: Clover-Cash 1925. Alsike-Cash,
$3.50.
ST. LOUIS. July Cash grain: Wheat
In fair demand y to l &c lower; No. /
red. 89lac; No. red. 8712@89l2c sample
grade red 80G83c; No. l red garlicky.
87l2c; No. 2 red smutty, 87c; hard wheat
1c lower: No. l hard 90 &c; No l dark
hard 9O12c; No. l mixed, 1914 d9012c Corn
In fair demand. lee lower; No. yellow
6134 a &c. No. 2 white. 6412c. Oats-In
fair demand. 1l2c lower; No. l white Acc.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
FEDERAL FARM LOAN BONDS
Home Loan

As, July 1. 1851 .......... 10O.22 1OO22
Federal Farm Mortgage Corporation
314s. March IS. 1964-44 .. 1O116 1O1 %
The two latter quotations are in thirty
seconds.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
Treasury Statement
nv unlted Pressl

WASHINGTON. June 3O.-Government
expenses and receipts of the current fiscal
year TO June %. compared with the cor
responding period of the previous fiscal
wear.
This Year. Last Year.
Expenses 81 03f 225. 29179 IS .0S6 902 945 50
Receipts 50 093 $50 664.71 50 066 294 SOB SO
Deficit 5000 565 627.08 S3.018. COS. 426 95
Cash Bal 50. 58l .2a6 oil o.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03

SHEEP AND LAMBS
Receipts, 1000 Market, Lower.
(Shorn Basis
Spring lambs, good e. choice. S7.75g go
90-l10 lbs) Good and choice 1.50Q 80U
80 lbs. DOWN Com and med. $500 $50
Ewes
Good and choice ........... 2.00@ 300
Common and medium ........ 1'50Q zO0
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
Local Wagon Wheat
(By United Press

City grain elevators are paying "A cents
for No. 2 soft red wheat. Other grades
on their merits
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
Bond Prices
by Fenner g. BeaneD-
U. S. GOVERNMENT BONDS
(By abbott. Hoppin & co.,


fBv United Press
NEW YORK. July 2.-Closing liberties
(DecimalS represent thirty seconds.)
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
AMERICAN DOLLAR DIPS
Gold Price Falls More Than Two
Cents to S34.76.

BIT LNTCH FFt86
LONDON, July 3.-The dollar
was weaker today. The pound was
S5.05 Ia. Gold fell 21s cents to
S34.76 with the sterling rate 1877
shillings IL pence, down 2la pence.
Yesterdays rate was fixed with the
pound at $5.04%.
PARIS, July 3-The dollar was
weaker today. Francs were 1916 to
the dollar 1886 cents a france.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
N. Y. Coffee, Sugar Futures
COFFEE
SUGAR
Retail Coal Prices

The following prices represent quota
tons from leading Indianapolis coal deal
ers. A cash discount OF 25 cents per ton
- I,.-....;. p.tat priceR
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
Daily Price Index
Bv United Press

'DN ohittN FAtoNf
NEW YORK TrIv dun & Brad
streets daily weighted price index Of
thirty basic commodities compiled for the
United Press
tfa20-fo20 Averace f00l
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03
Money and Exchange
FOREIGN EXCHANGE
INDIANAPOLIS BANK CLEARING

tBy Abbott. Hoppin & co...
-,Iulv .
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03

i'm debt 10 foreign nations TO the
extent Of $1,000 100000 despite the
fact that during that time our ex-
ports exceeded our imports by So
$4,000 .0000 We paid this debt by
selling securities abroad.
In the next eight and a half
ycars-the period Of the war-we
cleaned up SIG. 3O5. OOO.O 900 We sold
s2l 1876 900 900 more goods abroad
than we bought Tourists, imml-
grants and others spent or sent
So. 500 900 900 out OF the country. and
We balanced the difference. for the
most part. by extending Sl0,304 .000.-
600 in the form of government loans
and by buying $4,000 100000 Of Sc
cu.ities from foreigners. 81, 222. 00O,-
600 of which represented repur-
chascs Of our own securities. We
also got s1.746 100000 in gold.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03

DURING the postwar period
- from 1923 to 1929-we again
fell back into the old habit of send
ing and spending more money
abroad than we were able to cover
through the sale Of goods. Our ex-
cess of exports over imports Of
S4976 900 600 was more than wiped
out by the s7O2l 100000 spent by
tourists, sent home by immigrants
and given IN charity.
We did not run into debt during
that period. however. The interest
and dividends on our investments
abroad. interest and principal pay
mcnts on war debts-all of which
were made possible by the war-pluS
the services We were able to render
and other miscellaneous items gave
MS a net return of S4.792 900, 900.
This made it possible 10 meet the
deficit already mentioned, buy
S2572. 600 600 more of foreign securi-
ties and import sI75.OOO.OOO in gold.
Even during the representation
1880 10 1888. inclusive-we have bees
spending more money abroad than
We have been taking in and would
have run in debt were 1t not for
our investments. our exports con-
tmued 10 exceed our impOrts-this
time by 81. 81. OOO, OOO-but our tour
lists. immigrants and charities &C
counted for s2s25, 100000 leaving
this country in the hole for
SII97 100000.
But our investments and services
yielded us a net return of $685.
100000. which took care of the de-
felt and left us a surplus of s1.76S,-
100000 With this we bought back
s.. 269 600 600 of securities held by
foreigners in this country after first
selling s521 600 900 of foreign securl-
ties We owned.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-03

DR. MAX WINKLER, a recog-
~ nized authority on interna-
tiCnaI securities. estimates that VIC
now own S5.967.7735OO of foreign
securities. aside from war debts and
interest thereon Of about Sl1000.-
COO 600. But of the former $780,
100000 is now in complete or par
tiai default. He estimates also that
foreigners own about $4,000 900. 900
Of our securities.
Our war debts are in a rather
precariOuS position. Some say they
never Will be paid. If. as is eSti-
mated by DR.. Winkler. about 25 per
cent Of the foreign securities now
in partial or complete default even
tually prove good and if. as he also
estimates. 10 per cent of the good
securities turn sour We are likely
to find ourselves with about Sc
600 600 600 OF good foreign Securi-
ties and about $4,000. 100000 of our
securities in their hands. This
would leave us with net invest
ment abroad Of aobut S3O00000.O 900.
Can We depend on the interest on
this s3O0OOOO.OOO. plus such col
leCtionS as We NAV De able to make
on our war debts. 10 make up for
the deficits We may incur in the
future IN our international trade
relations. or Will We be obliged to
ship back part Of our gold or cut
into our investment principal? That
IS Tho question facing Mr.. Roosevelt
today.