davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
DEMAND FOR WOOL
LACKING IN BOSTON
Inactivity of Manufacturing Is
Blamed on Textile Strike.

By Cnited Press
BOSTON, Sept. 19.-The inactivi-
ty of many wool manufacturing
plants as result of the textile strike
and the limited demand for goods
are causing a continued lack of de-
mand for wool in the Boston mar
ket, according to todays report of
the United States agriculture de-
partment.
Consequently, foreign wool mar
kets afford the principal current
source of information on the trend
of wool prices.
Gable reports to private concerns
in Boston from Australia indicate
prices at Sydney unchanged from
the close of last week, and the OPP
ening prices at Melbourne about on
a par with Sydney.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
GRAIN FUTURES
DIP ON BREAK
IN ALIEN MART
Weakness at Liverpool
influences Quotations
in Chicago.
By Times Special

CHICAGO, Sept. 19.-Scattered
liquidation moved into the grain pits
on the Chicago Board Of Trade to-
day and prices averaged lower. A
break of 2 to 212 cents per bushel
in Liverpool sent locals TO the mar
ket to unload their holdings.
Wheat started lower on weakness
in the English market but soon rail-
lied above the previous close when
stocks took sudd enupward squirt
and when Winnipeg exhibited indie
pendent strength.
Holders of October contracts in
Liverpool were said to be fearing the
grain, too long in storage, would be
of inferior quality and might be re-
jected.
Because of the strength lent by
Winnipeg there was good support on
the downturn here. The basis for
cash wheat again was firm and the
movement from all sections was
small and not burden on the mar
kets. Heavy rains in some sections
we're said to have damaged newly
cut soybeans and other emergency
feed products.
Provisions were unsettled, waver-
ing between the strength offered by
higher hogs and weakness in grains.
Local Wagon Wheat
City grain elevators are paving SO cents
for No. soft red wheat. other grades
on their merits.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
NEW ISSUE OFFERED

A syndicate managed by the
Dominion Securities Corporation,
Ltd. and including the Royal Bank
Of Canada. Wood Gundy & Co. A.
Z. Anes & Co. and the Canadian
Bank Of Commerce. today offered in
Canada 5000. 900 Province Of Sas-
katchewan 4 per cent sinking fund
debentures due Sept. !. 1854. at a
price Of s5le and accrued interest
canadian funds TO yield $50 per
cent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19

Local Wagon Wheat
City grain elevators are paving SO cents
for No. 2 soft red wheat Other grades
on their merits.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
THERMoID NET UP

Operations Of the Thermoid Com
pany and wholly-owned subsidiaries
for the six months ending June 80,
1884. after all charges, including
interest expense Of S7s.527 on all
outstanding notes and including de-
probation allowance Of $50. IA. re-
suited In a net operating profit Of
se3. s46. This figure IS before allow
ance for federal income tax and
compares with a like figure Of s409
for The first half Of 1888.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19

ter and the stock racketeer worked
securities of questionable value. In
fact, it might be said that the tips
ter and the stock raceteer worked
hand in hand.
Investment counsel" Mr.. Schles-
niger holds, should above all things
be licensed. They should be made
to meet definite requirements set
forth by the state; and under no
circumstances should they be al
| lowed to deal in securities either di-
rectly or under some guise. What
is more, investment counsel should
neither handle the money nor Sc
curities of clients, nor should they
be allowed to operate discretionary
accounts"
TINE question of what securities to
l. buy always has been problem
for investors in this country. 1t has
become increasingly complicated in
recent years. Time was when the
man in the street was in the habit
of consulting his banker on such
problems. But when the banks got
into the security selling business
they completely upset this custom.
Untold numbers were put into Sc
curities the banks were anxious to
sell and they lost heavily.
While it is true the banks have
been divorced from their security
selling afiliates, many people are
bound to be afraid to go back to
them after having been burned. But
they are certain to seek advice from
some one, and it would be advantage
eous if they could go to some prop
erly regulated investment counsel,
where they would be likely to get
expert as we'll as unbiased advice.
y Il
TINE government has gone con-
l. siderable distance in behalf of
investors by requiring corporations
with listed securities to furnish
complete information to the public
on their financial conditions. But
few investors are able to draw worth
while deductions from these reports,
so they are really little better off
than before. They will go on max
ing the same mistakes they have
made in the past unless further pro-
visions are made for them.
1t is true, of course, that no one
is sufficiently expert to furnish in
fallible advice on investments. But
there are those who are we'll able
through specific training to take
many of the guesses out of invest
ment buying. Certainly they are
competent to discover fraudulent
securities.
If such people we're licensed by
the states and their books period
ically examined by state authorities
they would be in position to render
highly desirable service. And they
could develop as high standard of
business ethics as have lawyers and
! doctors.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
Aims Stock Dividend

Continental Can Company, Inc,
today called a special meeting Of
stockholders for Oct. Is to vote on
the so per cent stock dividend re-
Gently proposed by the directors.
Under the plan, the authorized cap
ital stock will be increased from
2000,0O0 shares of 500 par value to
100000 shares OF $40 par value and
a so per cent stock dividend paid to
holders of record Oct. Is. 1t is ex-
pected that, after the declaration
of the stock dividend, the initial
quarterly cash dividend will be so
cents a share, compared with the
present quarterly cash dividend OF
IS cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
CITY is REPRESENTED
Local Insurance Men Attend Ma
tional Convention.

A. L. Riggsbee, of the Fletcher
Trust Company, Joseph A. Stickney,
of the Stickney Insurance Agency,
and E. H. Forry, of the Union Trust
Company, are representing the In
dianapolis Fire Insurance Agents
Association at the national conven-
ton of the Insurance Agents As
ISOLATION now in session at Grand
Rapids, Mich.
The National Association has an
active membership of 1000 agents
throughout the United states, being
made up of agents from all classes
of towns and cities.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
FEDERAL FARM LOAN BONDS
by Blyth & Co. Inc
STATE INDUSTRY LAGS,
LABOR SURVEY SHOWS
August Report Reveals Decline in
Pay Roll Totals.


WASHINGTON. Sept. 19-Thst
Hcosier industrial workers are not
doing as well as the general aver
age throughout the country was
shown in the department of labor
survey for August.
For while the number on the pay
roll increased 5 per cent over July,
the amount Of money paid decreased
> per cent.
Factory employment increased l
per cent and pay rolls advanced 5
per cent for the country as a whole
during the period, the bureau figures
show.
The Indiana survey covered 1927
establishments with 1857 persons
on the S3.l36.l47 pay roll.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
INLAND WATERWAYS
ASK RATE INCREASE
Petitions /. c. C. to Lift Charges
Along Railroad Request.

Petitions L. L. l.. to Lift charges
Along Railroad Request.
By United Press
WASHINGTON, Sept. 19.-Inland
Waterways Corporation, barge line
operators, have filed petition with
the Interstate Commerce Commits
sion asking permission to increase
water rates along lines similar to
the recent request filed by railroad
and steamship companies.
A petition now pending seeks in
creased rail rates for the leading
railroad operating companies, in
which request the American Short
Line Railroad Association joined.
Coastwise steamship companies
participating in joint rail and water
rates also have asked the commits
sion for an increase.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
iva Objects

Refusing to concede jurisdiction
of the Alabama Public Service Com
mission, the Tennessee Valley Au-
thority has declined to send repre-
sentatives to Birmingham for parti-
cipation in a hearing on the petit
ton of the Alabama Power Com
pany, for transfer of power distri-
button facilities to the IVA.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
Steel Bookings Lower

August bookings of structural
steel for fabrication were about 20
per cent above the previous month,
but 10 per cent under the monthly
average for the first six months of
the year and IL per cent below
August, 1898, the preliminary re-
port of the American Iron and Steel
Institute reports.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
"Shorts" Rules Delayed

The securities and exchange COM
mission regulations on short selling,
due Oct. l, probably will not be
ready by that time, Ferdinand Pc
cora, SEC commissioner in charge
of security exchange operation, in
dicated today. Mr.. Pecora explained
that the work was progressing
slowly. He said the commission
would establish "all of the rules
that we can" but indicated that
those on short selling" would not
be completed by the end of the
month.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
FRUITS AND VEGETABLES
nv United Press

G7HIcAsGo, Sept. lsxADgg,less.1 = Michigan.
matoes- I2-ot. baskets Michigan. $50
soc: few, soc. Sweet Potatoes-Tennessee
bu.. siI0n125. Observation-Disclosures bu
81 90M2.50. Lettuce-California crates. 50
@3.75. Beans-Illinois green. bu.. asa soc.
Cabba ge-Wisconsin, crate. 50M 65c. Car
bunch. llzG2iac. Peppers-Illinois, bu.. rs
Q e5c. observation-disclosures bu.. asa 40c.
Celery-Michigan. crate, squares 40n soc.
Western Caulihower-Crate. 'Sl15Hl.25:
Michigan, sl-25q IS. Grapes-Michfgan n.
Concern. 4 ats, l21I3c: IL cts. IS q 2sc.
50. 50G2s0. Onion market i50-ib sacks
Michigan yellows 65G 75c Idaho Vhites
coca 81 IS; Idaho yellowS. 75d 55c: Utah
yellows. 75d 55c.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
UNEASINESS Is TRACED
Business Irregularity Attributed to
Two Strong Forces.

Two strong forces. with common
vice, are causing the current I'M
easiness about business in general
and the NRA in particular The vice
is greed of certain union labor Or
CARNATIONS and certain business in
terests.
That is the declaration made by
Henry H. Holman, executive man
ager of the National Association Of
Credit Men, in his monthly review
of business conditions being sent to
the associations 10000 members to-
day.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
PAYS on Accommodations

A dividend of 81 on account OF
accumulations has been declared on
the 6 per cent preferred stock of the
Tidewater Associated Oil Company.
This brings total disbursements on
the shares since March l to $3.50,
which leaves only $3.50 of arrear-
ages to be paid. including the Oct.
l payment of $3.50 At the same
time the Tidewater Oil Company, a
subsidiary, voted a dividend of rs
cents on its common stock, payable
Oct. 8 to stockholders of record
Sept. %. The last disbursement was
so cents on March 81.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
Liquidation Planned

The Minneapolis Trust Joint
Stock Land Bank of Minneapolis is
offering a plan for its liquidation.
Bondholders are offered the alterna-
tive of settling their entire claim
against the bank for $500 for each
$1,000 bond, or taking $500 in cash
and $4OO in participation receipts.
The proposal, however, is contingent
upon acceptance by 95 per cent of
the bondholders by october 20.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
UtiIity's Net Lower

Standard Gas & Electric Com
pany net income for the twelve
months ended June 30, totalled ST.
844910 after charges, equal to $406
and SO. 48 a share, respectively, on the
81 and Sc cumulative prior pre-
ferred stocks. This compares with
S2,210,412, equivalent to $4.86 and
SALT, respectively, on the two classes
in the preceding fiscal year.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
Employment Rises

Factory employment during Au-
gust rose l per cent and factory
payrolls jumped 3 per cent, Secre-
tary of Labor Francis Perkins re-
ports. Such increases, it was said,
are usual in August and follow IN
the wake of increased activity after
summer curtailment.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
Road Earns S1.55

Atlantic Coast Line Railroad net
income in the first seven months
totalled $1,274,483 after taxes and
charges. equal, after preferred divi-
dends, to $155 share on the COM
mon stock, compared with a loss of
S299 .309 IN the first seven months
of 1888,
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
,ck, Bond and Commodity
Quotations.
Cleaning the News
Retail Prices Lower

The downward trend in retail
prices continued during August, &C
cording to the Fairchild retail price
index. Prices during August react
ed 3 per cent, as compared with
July, and also showed a decrease
of 2.6 per cent from the current
high. recorded on April /. Prices
on Sept. /, however. show an in
crease of 60 per cent. as compared
with the corresponding period q
year ago.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
New York State Loan

A $75,000,000 loan on eight months
revenue anticipation notes, due May
IS, 1885, was arranged yesterday by
New York state at q of 1 per cent.
The operation was handled by sub
scriptions from banking and invest
ment houses and tenders were two
to three times the offered amount.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
Insurance Sales Higher

Sales of the New York Life In
surance Company in the first eight
months of the year registered an
increase of 20 per cent over the cor
responding period last year, accord
ing to L. Seton Lindsay, vice presi-
dent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19

WOulQ seem 10 NC
we'll taken.
In the past
there has been no
way the public
could distinguish
between "tipSters"
and investment
counselors." Both
carried on under
the same banner,
and the former
did much more
damage than pos
sibly could be rec
titled by the lat
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
TIRE SHIPMENTS DROP
Production During July Totals 3d.
352,836 Units.

% y TWIF5 NVFLFHE
CHICAGO, Sept. developments
of pneumatic castings during July
amounted to 4,157,411 units, COM
pared with 5,338,251 in June, and
5,497, 191 in July 1888, according to
the Rubber Manufacturers Asso-
citation.
Total production during the month
was 3,352,836 units. against 4,342, ITO
in June, ad 5,713,626 in the previous
year INVENTOR on July 81 was g.
436,816 castings, as compared with
1929 800 at the end of the previous
month and 6.844,O06 last year.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
Comnetition Defended

Sears, Roebuck g. Co. compe-
tition has not injured the sale
of standard brands of tires in the
midsouth, H. H. Roth, manager of
the Memphis branch of the Good
year Tire and Rubber Company, told
the federal trade commission.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
SALES RISE 10 PER CENT
BIZ Times Special

BIZ lMtk NUtttut
CHICAGO, Sept. 19.-An increase
of 100 per cent in sales of the Bruins
Bake Collender Company dur
ing the first six months of the cur
rent year was reported today by
Robert F. Bensinger. president.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
Oil Output Spurts

Domestic crude oil production rose
from 2,491, 479 to 2,590,876 barrels
daily last week, the Oil and Gas
Journal estimates. Oklahoma in
creased its production from 416,910
to SOP, 240 barrels a day.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
AUTO MERCER
TALK REVIVED
ON CORD VISIT
Union of Auburn With Other
Companies Hinted in
0ffing.
BY United Press

DV NftfN tftNS
CHICAGO, Sept, 19.-Reports Of
plans for merging Auburn Automo-
bile and several independent COM
panies were revived today by hur-
ried visit of e L. Cord. former pres
ident of the Cord Corporation.
Mr.. Cord arrived Sunday after
several months vacation in Europe
and left, presumably for the east.
without revealing the purpose Of his
visit. Officials of the company de-
clined to comment on the reports.
Other companies. repeatedly in
volved in the merger plans, include
Pierce-Arrow, REQ and Hupmobile.
Discussions concerning a possible
merger, it was reported, have not
been fruitful thus far because of a
divergence of opinion between the
concerns, but the plans have not
been abandoned.
The merger, if consumated, would
give Cord one of the four large au-
tomobile manufacturing companies.
The others are General Motors.
Chrysler and Ford.
Cord interests since 1881 have
been concentrated on aviation, ship
building and other transportation
ventures. Automobile men believe
il plans to expand its interests now
in the automotive field.
The return of Mr.. Cord to this
country heightened that belief.
Whether he intends to remain here
to carry on negotiations, was not
revealed. He took his family abroad
early this year following kidnapping
threats against his two sons.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
Wall Street
by RALPH HENDERSON,
Times Special Writer.

THE business of furnishing in
l. vestment advice is about to de-
velop into a full -fledged profession,
according to Edwin j. Schlesinger,
who has been engaged in that sort
of work for years. Because of this,
he believes it is high time those in
the business practice along thor
oughly approved lines. His point
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
Capitals Credit Ideas
Held CURLING Recovery
Government Spending Preventing Normal Commercial
Borrowing.
BY JULES BACKMAN AND A. L. JACKSON
Vice Presidents of Economics Statistics Inc.

HWI
NEW YORK Sept 19Bank examiners of the various governmental
officials
should liberal
Although liberalization
administration
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
BIZ United Press

DETROIT, Sept. 19.-Ohicials OF
the Hupp Motor Company are not
negotiating with any other firms
and are not considering any merger,
Charles D. Hastings, chairman of
the board, said today when advised
of reports that a merger OF Hupmo-
bile, Auburn, REQ and Pierce Arrow
companies is being planned by E. l..
Cord, former president of the Cord
Corporation.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19


ton consisted of the creation Of
large excess reserves and the at
tempts by such agencies as the
Young committee, the RFC and
numerous others to encourage in
dustry to use these funds. These
agencies have had little success in
forcing an expansion of business
loans. Until few weeks ago, bust
ness loans had continued to decline
to new record lows, despite all eff
forts to expand them.
Must Protect DepOsitOrS
A more liberal attitude by exam
liners toward advances made by
banks will not result in any impor-
tant expansion of loans. The bank
has an obligation TO its depositors
TO avoid unsound loans even
though the examiners are willing
TO pass favorably upon them.
There has been enough poor bank
ing in the past years without en-
couraging more of it at present.
Business loans are at their low
level. not because of the rigid stand
ards set up by the examiners, but be-
cause of the lack of confidence, due
to government policies, on the part
of business men and the banks. IN
til the profit outlook is clarified and
our currency is returned to a sound
basis. this lack of confidence will
continue.
Funds Available Increase
In its concern over the failure OF
business loans to expand, the ad-
miniStration has overlooked an i'm
portant factor. Namely that al
though business loans have declined
the funds available TO business have
shown a very sharp increase. This
increase is evidenced by the sharp
advance in net demand deposits
These have increased about $1,000
600 900 since the beginning of the
year. and about S3.500,000,000 since
the banking holiday last year.
When the government spends
money, these funds are put into the
hands of business men, and thus
obviate the necessity for borrowing
from the banks. The large scale
government spending has probably
been an important factor in the
curtailment Of business loans, since
with the funds received from the
spending. the business man has not
only been able 10 escape the neces-
Sity for borrowing. but also has
been able TO repay some Of his
former loans.
Credit Conception Faulty
The various attempts by the ad-
ministration 10 force an expansion
Of bank credit indicates a faulty
notion of the relationship of bank
credit and business. The underlying
philosophy Of these attempts to ex-
pand credit is-that such an ex-
panSion Will cause an increase in
business. However, this is not the
case. An exception of credit by it
self Will not force an increase in
business ACTIVITY.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
Money and Exchange

INDIANAPOLIS STATEMENT
s-isarfnvs Observation-Disclosures. 81 s31. 900 90
Debfts ..-........-.-....-.- 5 237. 900 90
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
ByUnifedPress


NEW YORK. Sept. 19-StOcks adj
vanced fractions TO 4 points today
as traders gave individual groups a
whirl on the buying side.
Rails felt the first surge, then
came farm stocks. then mining
shares and this afternoon oil stocks
we're given a chance on a rising
market.
One Of the leaders was SOcony-
Vacuum which appeared in fairly
large blocks and advanced 3, to
14ss. Standard Oil Of New Jersey
was up =, at 42iz. Continental
gained *, 10 10; Phillips point, TO
49,. and Tide Water Associated Z,
to 9i5.
In the mining group United States
Smelling continued the leader with
4 points gain at ia.
American Telephone, WeSting-
house, Sears Roebuck, Atchison, Au-
burn, American Can. Continental
Can. Howe Sound all showed gains
of more than a point in late deal
ings.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
Treasury Statement
I BY United Press

WASHINGTON. Sept 1s-Governmen
expenses and receipts Of the current flscs
wear 10 sept L. compared with the cor
responding period OF the previous nsoa
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-09-19
STOCKS Squirt
| POINTS
IN BUYING RUSH
Early Burst Starts With
Rails, but Others
Follow Later.
MARKETS AT 4 GLANCE
BY Init.d Prsss

Stocks rise fractions 70 4 points.
Bonds higher: South American is
sues strong.
Curb stocks rise fractions TO a
point.
Chicago stocks higher.
Call money / per cent.
Dollar firm in major currencies.
Wheat of - 10 = cent; corn of
= to "a: oats lover.
Cotton drops more than so cents a
bale.
Rubber of 10 II points
Bar silver up - at 40 cents an
ounce.
Copper 9 cents a pound.