davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
US Warned MOI to Tinker
If Retunding of Liberties
Is to Be Stamped Success
Conservative Course Is Essential for Next Six Months to
Provide $500 100000 Refnancing; Must
Avoid Bond Market Upset.


NEW YORK, Oct ga brief review of the monetary
history of this country during the past year
order The call for refndng of 100000 of the lib
critics due 1888 has been accompanied by statements to the
effect that the fact that these bonds called
dicates that during the six months tnkerng with our
currency win take place 1t is in this connection that the
review of recent history becomes advisable
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
DECENTRALIZATION PLAN
FOR WILSON IS DENIED
Meat Packing Unit Nowhere Near
Program. Official Says.
BIZ Timcs Special

b. imtN Sfffilt
CHICAGO. Oct. 25.-Recent ru-
mors that Wilson & Co., third larg-
est meat packers in the country,
would shortly announce a recapital-
ization plan or some other program
to clear up dividend accumulationS
have been secuted by Thomas E.
Wilson, chairman Of the company.
we are nowhere near a program
Of that sort" Mr.. Wilson declared.
Dividend arrearageS on the Z per
cent cumulative preferred stock now
amount TO S26.25 a share. Payments
s. on accumulatiOns have been made
this year. but no steps have been
taken 10 reduce the amount of IN
paid dividends.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
GRAIN VALUES RISE
WITH BUSINESS LIGHT
Strength in Outside Markets
Brings Advance.
By United Press

By United Press
CHICAGO, Oct. 25.-Strength in
outside markets brought an advance
in grain prices on the Board of
Trade today.
Wheat started Is to q cent
higher; corn was up 4 to p cent;
oats was Is to 4 cent higher; rye
was up Is to q cent, and barley adj
vanced p cent.
Strength appeared at Liverpool
on fears of damage to wheat from
frost in the Argentine Rotterdam
closed y to IL cents higher.
The volume of business in grains
at the start was small.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
FINANCIAL DATA
As of .Iuna so. 1874

During the six months ended
June 80, there was relatively little
change in the financial setup. Profit
and loss surplus decreased while de-
probation reserve increased. On
June 80 the current ratio was about
six and one-fourth TO one, while
the book value of the common stock
was S11.20. 3 cents less than on
Dec. 81, 1888.
Telautograph has had steady
earning ability right through the
depression; in fact, 1881 showed rec
ord earnings of recent years; S109
was earned on the capital stock in
1888, and 10 cents in the first six
months of this year.
The company has been very lib
eral with dividends. although it has
several times reduced the rate
rather than draw on surplus. One
dollar, paid in 1888, is the present
rate.
Telautograph was incorporated in
1915 in Virginia. The capital stock
is listed on the New York Stock Ex-
change. at a current price of
around 8i5 1t sells to yield almost
IL per cent.
can Rights Reserved. winchester Institute
Of Finance. WinchezfsE. Aass.l
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
ONE SIXTH OF CATTLE
BOUGHT IN ARID AREA
More Than 100000 Purchased in
Twenty-FOur States.

BU Tjmrs Special
WASHINGTON, Oct. 25.-The re-
suit Of the cattle purchasing pro-
gram by the government was dis
closed today by the agricultural adj
justment administration.
1t was disclosed that the govern
ment. through its agencies, has &C
Quired virtually one-siXth Of all the
cattle in the twenty-four states in
the drought territory.
More than 100000 head have
been bought out of total of $685.
O50. The government has paid
500. 379 I55. or an average Of SlS,
under its program. The appropria-
ton for the purpose was Sl0l,2l7,-
500.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
REALTY STATUS STRONG
Wise Men Buying at Present Levels,
National Head Says.

By Times Special
OMAHA, Oct. 25.-Hugh Potter,
president of the National Associa-
ton Of Real Estate Boards, declared
today that wise men are buying and
not selling real estate on the pres
ent market.
There has been an extraordinary
withdrawal from the market Of real
estate that a year ago was for sale. 4"
Mr.. Potter said.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
Wall Street
by RALPH HENDERSHOT-
Times Special Writer.

NEW YORK, Oct. 25.-Washing-
L ' ton dispatches state that the
administration is preparing to COM
bat in the next congress the move
ment already under way for the
creation of a central bank in the
United States. The same dis
patches say that proposals are be-
ing considered, however. which
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25

formed and if the government does
not take over the money issuing
power, the more conservative bank
ing element will be pleased, he no
doubt figures. But if the govern
ment steps in and takes a more ac-
tive and direct hand in the regula-
ton of credit, he probably reasons
that the demands of the So-called
radicals will be met to a large eX-
tent.
Many bankers feel that the crea-
ton Of a central bank under strict
government domination would con-
Stitute the forerunner of govern
ment ownership of the banks. 1t is
known, of course, that some con-
greSsmen are planning to fight Tor
government ownership in the next
session, but they are very much IN
the minority, and their efforts are
expected to carry little weight.
=
TINE mere creation of a central
Il bank means little or nothing.
1t is the type of central bank Gre
ated that counts. So by tightening
up on the effectiveness Of the fed
eral reserve system the same results
would be obtained as would happen
if a central institution with moder-
ate powers were created.
If the proposals which are now
being studied are adopted the gov
ernment's control over banking will
be as effective as the adminiStra-
ton in power at any given time
wishes it TO be. In other words,
the President, through his appoint
i've power, could be as lenient or
firm in the interest of the public
as he desired. He would not be
obliged 10 carry out any set poll
cies, but his would be the reSpon-
sibility in the event of another
breakdown in the system.
1t would appear TO be highly de-
Sirable if the same thought were
carried out in the commercial bank
ing legislation as was maintained in
the new laws covering investment
banking, publicity. If the various
federal reserve banks made periodic
as well as special reports to the
President on their activities and if
these reports were made public
property they should prove helpful.
The public has a right TO know why
rediScount rates are raised or low
cred and when and why credit is
either expanded or contracted. Such
facts could we'll be contained in the
reports.
MO one will question the fact
~ that the availability or lack of
credit has an important bearing on
business. If this be admitted, it
should be apparent that business
men would be able 10 conduct their
affairs on a much more satisfactory
basis If the findings and policies of
the feredal reserve system were
made available 10 them.
Banking and financial operations
always have been made to appear
mysterious to the public. and all
sorts Of technical terms have been
employed TO throw a smoke screen
around fundamental and simple
facts. Such practices should be dis
couraged IN the interest of stabi-
lining business In the future.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
TRADE PACT PLANNED

By Times Special
WASHINGTON, Oct. 25.-The
United States in the near future will
negotiate a new reciprocal trade
agreement with Switzerland, the
state department announced today.
This brings the trade pacts now in
progress Of negotiation to twelve.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
A. H. DAVIS NAMED AGENT
y Times Specfnl

Ut NWIfN TFTIIF
CHICAGO, Oct. 25.-The Grand
Trunk Railway has appointed A. H.
Davis general western passenger
agent, it was announced today from
Chicago headquarters. He succeeds
C. G. Orttenburger, who retired
after serving fifty years with the
company.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
HUDSON SALES INCREASE
BIZ Times SneciaE

CHICAGO, Oct. 25.-Sales Of the
Hudson Motor Car Company during
the week ended Oct. Is we're the
largest for any seven-day period
since August and were 30 per cent
above the same week Of 1888, it was
reported today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
HEARING DATE SCI

b. Times Special
CHICAGO. Oct 25.-Federal
Judge H. WilkerSon today set Dec.
is as the date for hearing argument
on the proposed plan Of reorganiza-
ton Of the Middle West Utilities
Company. Judge Wilkerson set the
.searing date between lengthy ses-
IA OF the Unsglll trial.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25

Around Oct. Is, 1888, the treasury
called $1,875 100000 of bonds. De-
spite this fact, less than two weeks
later the President announced the
adoption of the Warren gold plan
which proved to be one of the big
fiascos and one of the principal
causes of uncertainty in the entire
monetary policy of the New Deal.
About two months later, the treas
ury decided to purchase newly
mined silver at 6412 cents, a price
very much out of line with world
prices.
Refunding Successful
These two acts were undertaken
despite the fact that large num-
Der of bonds had been called for re-
demption on April Is, 1884. Prior to
the redemption date, all the talk
again reverted to sound money. We
had stabilized our currency at a
level equal to 59O6 per cent of the
old gold parity and all rumors re-
garding initiation tended to be side
tracked. AS a result, the refunding
operation was terminated success
fully.
About April IS, 1884, a call was is
sued for an additional $1,200,000, 900
of bonds, to be redeemed as of Oct.
is. Did this prevent unSomd
monetary steps from being taken?
The answer is definite no" On
May %, under pressure from the sill
yer interests, the President sent a
message to congress recommending
silver legislation. This message re-
suited in that monetary monStroSlty
the Silver Purchase Act Of 1884.
In line with the provisions Of this
act, silver was nationalized at the
beginning of August.
Certainly in this case the mere"
fact that the treasury had started
refunding operation did not deter
the administration from engaging
in monetary tinkering. Of course,
during the period when the bonds
had to be converted, imitation was
Sidetracked again.
Fails to Achieve Goal
It might be noted at this point
that this second call did not achieve
its goal. According to information
available. $6OO,0OO,OOO worth of the
called Liberties were converted into
Short-term Treasury notes, slightly
more than $500, 900, 900 were converted
into long term bonds, while the bal
ance was presented for cash. Thus
little progress was made in this
operation to reduce the unwieldly
Short-term debt.
At present there are no indica-
lions as to whether or not further
monetary tinkering has been def
nitely eliminated from the future
monetary policy of this country.
However, it seems to us in light of
the ref1nancing which must be I'M
dertaken during the next six months
that a conservative course of action
and abstinence from monetary tink-
ering would be the best policy to
follow.
On Dec. Is, almost $1,000 100000
worth of "a per cent notes mature;
on March Is, 1885, $528,O00, 900 worth
of 21a per cent notes mature; while
on April Is, $1,87OOO0,OOO Liberties
414s must be paid.
Thus, with a total reflnancing of
more than $3,OOOOOO,OOO to be I'M
dertaken during the next six
months, it seems obvious that the
wisest course that the administra-
ton could follow would be to abstain
from any acts which will unneces-
sarily upset the bond market. How
ever, as the above given brief his
torical review indicates, the mere
calling of these bonds is not a guar
anty that conservatism will rule.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
Retail Auto Sales Off

From August to September retail
sales Of new passenger automobiles
showed a decrease of about 55 per
cent, according to the bureau Of
foreign and domestic commerce.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
CURB SEAT BRINGS s17,5OO

By Times Special
NEW YORK, Oct. ga seat on
the New York Curb Exchange has
been sold for $17,500. a decline OF
$4,000 from the previous transaction,
Il was announced today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25

LOCAL CASH MARKET
City grain elevators are paying 81 cents
for No. 2 soft red wheat. Other grades
on their merits. Cash corn No. yellow
SO cents. and oats 43 cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
Stock Studies

Telautograph Corporation owns
the patents and manufactures and
leases the machines used for the
electrical transmission of hand
writing. These instruments are
found in banks, hotels, railroads,
radio stations and the like. All
the machines are leased, none are
sold. Leases run from one to five
years, and about three-quarters are
on a five-year basis. The present
average unexpired term is about
three years. Machines are leased
throughout the United States and
in many foreign countries. The life
of its patents has been prolonged
through constant improvements.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
Money and Exchange
INDIANAPOLIS STATEMENT
Treasury Statement


tBv United Press
WASHINGTON. oct. 25.-Government
expenses and receipts for the current fiscal
wear TO oct %. compared with the CORE
spending period OF the previous flscal year:
This Year. Last Year.
Expenses 5000 62621704 1903. I51 %
Receipts.. l69 957 004.26 800 358. 639 o.
Deficit o.. 900 500 2i2 70 434 AS, ll6U2
Cash bal 1 1892 $50. 894 06 .--.---.-..-.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25
Retail Coal Prices
DOMESTIC RETAIL PRICES

The following prices represent quotations
from leading Indianapolis coal dealers
A ascent carving charge Der ton vii be
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25

Latest Stock, Bond and
Commodity Quotations
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25

D elopm ents in
Trade and Industry
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-25

Quotations below are average wholesale
prices being offered to buyers oy local
commission dealers.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-28
Poultry

The absence of long cold
spells, cool climates of sum-
mer, with an abundance of
sunshine throughout the year
contribute to the health, con-
tentedness and production
qualities of the hen. Many
warm, sunny days in winter,
freedom from long, protract-
ed, gloomy two or three weeks
Of cold, rainy weather, means
good egg production when
prices are most attractive.
Experts have come to the
conclusion that the hen re-
spends to a favorable climate
just as much so as does man.
kind.
The local poultrymen have
the advantage of m O d ern
hatcheries in the county with
popular hatcheries in adjoin-
ing counties. Henderson coun-
ty has an active organization
of poultrymen to promote
their best interests.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-28
Markets

Henderson county true K
crops come into season after
the maturity of similar crops
in warmer sections below the
mountains. This results IN
great activity among hucksters
and peddlers who by motor
truck take vast quantities OF
produce to South Carolina,
Georgia and Florida, thereby
making a splendid market for
local products.
The curb market, owned and
operated by the farmers OF
Henderson county, is a line
marketing agency when tour
list trade is heaviest and crop
production is at its peak.
Hendersonville is only AZ
miles from large industrial
sections to the south and east
and farmers use these markets
to splendid advantage for
their produce.
The local cannery makes a
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-28
Foundation Is Laid For
Huge Annual Income
in W. N. {.

Having paid Western North
Carolina farmers approximately
100000 in six months, the Ashe-
vile livestock market, a new en-
terprise for this section, will be
further expanded during 1884, Of
ficials have announced through
the Asheville Citizen. This market
is handy to Henderson county
farmers.
The market held its first sale
last June 27, when county agents,
state department of agriculture,
Chamber of Commerce, and other
civic and agricultural leaders of
Western North Carolina and Ten
nessee gathered for the occasion.
One or more sales week have
been held regularly since and the
enterprise has grown rapidly, as
records will show.
Potential benefits Of the market
are much more valuable than the
fact that 100000 has been dis
tributed among Western North
Carolina farmers and traders for
livestock, in the opinion of off
Gals of the concern and others. Of
major Importance is the fact that
most of the livestock purchased
has been of the scrub, mixed
breeds and other inferior types
suitable neither for beef nor dali
ry animals. Cash has been paid
for these animals, and while the
price has been low, records show
that many thousands Of inferior
animals have gone down chutes to
slaughter pens in the nations
packing houses, leaving the mon
ey they brought and the feed
they consumed to be used in
founding purebred herds.
Officials of the market and 9TH
ers in touch with the situation
credit low prices to two things; in
ferior animals to a large degree
and an economic situation-grad-
ually becoming better in their
opinion-which has held prices on
beef animals and hogs to a very
low figure all over the nation.
The market is being operated as
an all year enterprise and is to be
expanded as business requires. AL
ready several extensions have
been made to the original plant
which now has a capacity of APP
proximately 1000 cattle with
much room in pens for hogs,
sheep, calves and lambs.
While low prices are generally
true on the hog and cattle mar
ket, records show that lambs sold
very we'll this past season, top
prices in many instances ranging
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-28
Land Prices Are Attractive

Land prices n mbeieyaby low
district with hauled public
contributed the
rics a most happy abode
able realize their
with
The Chamber Commerce Makes Part Its Business See That Inquiries Ab
Small Farms and Rural Home Sites Receive Prompt Attention
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-28
Fruits

Henderson county apples
have a wide reputation for
their quality and the quantity
of production. Several grow
ers are following the most
modern methods of cultivation
and production. Nearby indus
trial districts to the south and
east afford excellent outlets for
apples, especially the fall and
winter varieties. Other fruits
and berry crops succeed here
but have not been produced So
extensively as apples.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-28
LIVESTOCK MARKET PAYS
FARMERS 100000 IN Cash

between s. and $3.50 per n
pounds on the market here.
A major project of the marlr
is to encourage and assist n
widespread development Of ps.b|
bred livestock in Western No-.
Carolina among farmers az:
growers and equally important
has been pointed out. to iniM
consumers in AshcvilIc and ois
Western North Carolina traig
centers to purchase hOmc-T0E
beef, pork, mutton, lamb and Oh.
or meats.
Farmers. growers, I.res,W
men, and others car slave then.
selves to death. but unlcss Il:
residents of this community =
who are people that are boli:
to benefit from the markct-.ean
to buy homegrown instead q
western and other imported meas
then the whole plan will be 5.otb
ed" R. R. Ramsey, president d
the market. said recently
eff. enough people would By
the equally excellent moulsi
grown meats, then a large PACK:
house could afford to operate d.
what a help that would be . TX
farmers of this section.
"An enterprise Of this so'' % o
wonderful possibilities, and .a
our tobacco market and o;neF q
operative enterprises. should isl
everybody. And it VII! = a%
so than ever-when city FN4
learn to cooperate"
Plans of the operator, u !.
enlarge the market. cauSf: :,
function as a sales place g. /. :
all farmers and growers Z
section, and to use it as a =. :.
for promoting a wIdeSPfc". .. ~ :.
bred livestock industry ID :''"
tire mountain area.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-28
COUNTY'S ADVANTAGES INN
THEMSELVES TO PR0DUC7I0N
OF HIGHEST QUALITY MIX hi
Strict Inspection Of Herds and Plants Under CITY A.
nance And State Code lnsures Safety in Grade aw s'
And Pasteurized Products-Pastures Free II
Herbs That Spoil Natural Flavor u

The natural advantages OF
Henderson county lend themselves
quite admirably to an industry
which is absolutely fundamental
to hcalth-the production OF mix
and the mountain farmer soon
learns to appreciate the assets IN
the forms of an abundant supply
of pure, fresh water from lively
mountain streams which contrib
ute to the health, comfort and
general well-being of his herds
and pastures which are free from
such herbs as wild onions, rag
weed or any of those which spoil
the natural flavor of good, whole
some milk.
Realizing that milk is an i'm
portant consideration to visitors
particularly those who seek to
regain health or to mothers who
know the value of good milk to
their children's diet-local dairy
men have constantly kept milk
sanitation in the foreground. Be
ing one of the first towns in North
Carolina to adopt the standard
state milk ordinance, which is SUI
pervised by the United States pub
lie health service, this community
has built the milk industry upon
a firm foundation, and through
close cooperation between the
health department and the dairy
men Henderson county has gained
an enviable reputation throughout
the state for good milk"
The city milk Inspector is a full
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-28
PINNED IN Chalk

GLOUCESTER, Mass lVr -,
George C. Shepherd had !. u, 4.
firemen extricatc him from on a .-:,..
in in his home. He was read5n: M 2. 5.,
" when suddenly a huge ,!y =. = +,
crashed through the E2o' w.. y, +: !.
house, landing across me al , r;r,,.
which he was sitting ana li.,
i'm beneath it. Firsmcn s Ts.s.s:
him by saving the Iim0' 1"'s'
was unhurt.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-28
nearby cities.
Crops

The principal crops of Hen
derson county Include corn,
Irish potatoes, cabbage, wheat,
rye, fruits, berries and small
truck crops.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-28
Excellent Water

Pure spring water bubbIing
from the mountainsides makes
it possible for most of our
farmers to have this water
piped by gravity or pumped
by hydraulic ram or electrical
energy into their homes.
Every farm has fresh, running
streams.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-28

Farmers have come from many
parts of the World to settle IN Hen
derson county in order to take ud-
pantuge of the combination OF su-
perior climatic and agricultural ad-
uanfages. Many of these came to
enjoy a semi-retired lite but I'M
proved health and renewed Ulgor
spurred them on to greater actlVlfy
and as q result they have become
among our most progressive and
substantial farmers. Henderson
county warmly welcomes this class
of people who started our tourist
business 100 years ago.
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-28
Daiiryiing

Dairying is extensively fol-
lowed in Henderson county.
Milk and cream routes are OPP
Grated in different parts of the
county to supply creameries in
The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-28
Electrical Facilities

The power lines which eX-
tend over many sections of
Henderson county make it con-
venient for farmers to have
electrical power and lighting
facilities in their homes.