davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22

It would take an amendment to
the Constitution, approved by two
thirds of the states, to change the
form of congress.
The purpose of the change is to
strengthen the popular branch of
government.
Liberal congressman have COM
planned. for years, that existence
of two houses made it possible for
a third small body, working be-
hind closed doors, to dictate to
both. The third body is the con-
ference committee which whips
into final shape every important
piece of legislation adopted.
Is q n
THIS is the way the legislative
Il machine works. A bill origi-
mating in the house of represent
atives is passed on first of all by a
committee controlled by the ma
jority party. Important amend
ments often are added on the
floor of the house. The bill then
goes to the senate where COM
mittee controlled by the majority
party again has first say about 1t,
and where again there is o chance
to amend from the floor. When
the senate finally passes the bill
it may be very different from the
form in which it passed the house.
The procedure then calls Tor
appointment of conference COM
mittee composed of members OF
each house to reconcile differences
between the two measures. Rank
ing members of the committees
which handled the bill are always
selected for the conference COM
mittee. They meet behind closed
doors, compromise and delete, and
as a rule when they emerge their
bill is back very much in the
form desired originally by the ma
jority party.
Several years ago the senate
adopted an amendment to a tax
bill placing a per cent tax on
private power companies. When
the bill came from conference
committee the tax had been trans
ferred to customers of private
power companies.
Until recently it was customary
e. -
mittee to write provisions not con-
sidered by either house into meas
ures coming before them.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22

dists sat putting away at the tubes
which fed air into the swollen
bubble. In the summer of 1929 I
became convinced that the break
was near at hand.
THAT being so, it was obvious
- that certain things must i'm
mediately and necessarily happen
when the break came. Here they
are:
First, speculation is done with
borrowed money. 1t formerly came
wholly from banks. But new
source Of credit had developed. It
was called bootleg loans. Billions
were loaned by large corporations
and private persons directly. The
Standard Oil Company of New
Jersey had as much as $90,000,000
in the market in single day. The
Cities Service Corporation's loans
were as high as $240,000,O00 in a
single day. Here was a real peril.
If break were to come banks
could be depended upon to behave
nationally and to proceed in an
orderly way to protect their loans.
If necessary they might even in
crease credit. But these bootleg
lenders, unfamiliar with this new
business, could be depended on at
the first sign of trouble to demand
their money.
1t was clear, therefore, that if a
break came from natural causes,
that break would be Immediately
exaggerated by the frantic with
draWal of bootleg money.
Second, stock sales are handled
through the stock exchange. The
exchange is a machine made up of
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22
"A MOTHER ingrained American

"A ANA 4AAkA d44ACd
L N deluSion played its part in
those days. 1t was that the disas-
ter was something business men
understood. 1t was the deluSion
that because a man knows how to
make money he also understands
everything else. particularly the
obscure and mysterious laws of
economics.
And so it was supposed that
somehow for the moment the wild
horses of the market had gotten
out of hand but that presently the
titanS would seize hold of the
reins and put things right.
The technique of the rescue
crews then was the old trick by
which they had gotten the market
up-ballyhoo. Ballyhoo to make
people buy The wondrous bargain
counter spread out before the
American people was advertised
by business men and statesmen
Great Liquidation Sale of Stocks
Were $50, now 1913. The catch
was that before the blurb was cold
on their lips the bargain had sunk
to 100 or 100 or maybe to 100.
The forces set in motion Oct. %,
1929, on the stock exchange have
never in these five years abated.
President Hoover told the country
over and over that fundamental
business was sound. He called to-
gether the captains of industry
Nov. 30. They assured the coun-
try that all was well.
Mr.. Julius Barnes, the head of
the Presidents conference, an
nounced that the storm was over
in April. Mr.. Henry Ford raised
wages. Mr. Jimmy Walker, not
to be outdone, raised his own pay
from $4,000 to $4,000.
DUT all the time prices con-
- tinued remorselessly to sink.
The storm broke again Oct. %.
Dec. IL another crash rocked the
market. BY Christmas stories of
widespread unemployment we're
being whispered about. Up to
then there was no recognition that
this was anything more than the
puncturing of a gamblers boom.
But now we began to hear about
cities which could not borrow any
more money Towns began to
raise funds for the relief of the
poor-the new poor in the land
which only year before was talk
ing about abolishing poverty for
ever
But even this was smothered in
the gust of optimism which filed
the skies as the new year dawned
the old promises of bigger and
better business, the usual gaudy
greetings. There was not the
slightest notion that we were en-
tering one of the great remound-
ing episodes of history, an era
which before it ended would sweep
into poverty Or exile or the dis
card most of the rulers Who then
sat in the places Of power in bust
ness and the state; which would
set conservative America to ques-
tioning all it's institutions and
which, 1 have no doubt, will take
a place in history with the ex-
pulsion of Persia by the Greeks,
the conquest of Rome; the rise of
Christianity, the reformation and
the renaissance, the American and
French revolution, the industrial
revolution and the great war, as
one of the great episode turning
points in the long history of civil
ization.
TOMORROW-The Depression
Years.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22

saw Speech OF OUT 6IIIIIItIII
The headline ran-"Professor Irving Fisher Says
Stocks Are Too Low"
Those who dared to suggest there ceiling
to Americas soaring radius and that the curve of
the business cycle would its upward sweep
until it had curled over the moon were brushed
aside as croakers.
For week the market had shown weakness.
Prices had slipped. There was serious decline on
Monday. Margin calls went unanswered. Foreign
money flying swiftly, but very quietly, from
Wall Street. But next day there was vigorous re-
covery. Leonard Ayres had said that a creeping
bear was at work in the market. But this was lost
in the chorus of rosy reassurances which shone in
the headlines Secretary of Commerce Lamont told
the world that business sound Bankers issued
statements that stocks were sound.
On the morning of the 23d there was not, as
financial writer described it, "a single bearsh
note in the news" The market opened with plenty
of good humor Then about md-morning a good
In Gka
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22
The CrOWd Is Waiting

A FTER all we have not grown entirely out OF the
L n mood of the people for whom Nero put on cir
cuses. We profess a greater sensitivity Everybody
would assert that it Mortified him to an accident
upon the stage. And yet the ever present hint OF
its possibility seems to have some exciting effect
upon the spinal column. We hope for the best and
we are not together i'll disposed toward the worst.
I have carried with me for many years the mem
ory of one particularly daredevil performer HIS
name was Oliver. Whether he still lives l do not
know I saw him just once in Atlantic City ten
years ago At that time my conscious mind and my
sllbconsciols had never exchanged word or been
introduced to each other. What latent impulses lay
within me I do not know. But insofar as 1 had
awareness it was filled with protest against the
trivial rewards of great risk
Mr. Oliver assembled slowly to a platform 1O4
feet high. That's what the announcer said. Even II
this happened be exaggeration it still, in all
conscience was high enough. From that peak the
performer dove into a tank with a fftyfour-inch
depth of water. 1t back dive My lack of en-
thusasm for the whole affair was founded on the
fact that not more than fifteen or twenty people
were gathered together to witness the exploit The
wind blew from the and all the other potential
spectators were safe indoors.
Out of the little knot of the faithful there stepped
suddenly a large man and with raised hand he
hushed the drums the saxophones and the clarinets
In the beginning he dealt with facts and measure
mens He spoke of the -four foot of water. In that
he shaved away six inches which is a margin not
Justly denied to any orator. But it his conclud
ing utterance which left way off the side lines.
And now, Mr.. Oliver" he said, sinking his voice
to a rumbling whisper, you may go whenever you
are ready" After that he paused and added ponder
Ously And we all wish you the best of luck"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22
aUZnough
BY
WESTBROOK PEGLER

THE bridge players we're at it again in London
l. in an international tournament for something
called the Schwab trophy which resulted in a squawk
of outrage" by members of a British committee
Those who in the love of sport. hold communion
with her visible forms speak various language to
express single thought.
Thus. when Tom sopwith, the skipper of the
defeated English sailboat, remarked that he was
disappointed bitterly and when the members of the
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22

OUIICEI IIIIIS UII6 UtIIIIIU-IIIG-OCt
business connections and manipu-
lationS of big figures in the insur-
ance field.
There are in the United States
65,000,00 policy holders and more
than 20 billion dollars invested in
life insurance companies, and
Fletcher contends that a thorough
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22

anu lAlDuSd4lNIo Va NAAAANo VIZ
team had gone through precisely
the same routine.
At fairs and amusement parks
they had often performed as much
as $50 feet above the ground and
it was a matter of pride with the
Flying Phillips that there should
be no net to insure safety. For a
time New York City had an ordi-
nance making such protection for
aerial acts mandatory. But the
acrobats themselves succeeded in
bringing about its repeal. They
argued that the theatrical value OF
their stunts was diminished as soon
as danger was removed.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22
Denies AK Staying of Mother

By United Press
BELLEVILLE, Ontario. October
22.-Harold Vermilyea, 40. of Onta-
rio, Cal, accused of numbering his
76-year-old mother with an ak here
two weeks ago, today insisted his
innocence as he awaited trial on
Oct. n.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22
DAILY WASHINGTON
MERRY-GO-ROUND
By Dre1O Pearson and Robert S. Allen

VXTASHNGTON Oct 22-Foridas Senator Fletcher
w chairman of the banking committee and of its banking
investigation President behind
operation of companies.
No congressional probe these potent has
Fhers advocacy of such inquiry based bits
nation incidentally uncovered during the banking investigation
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22


British bridge committee uttered
their cry of outrage" they both
meant the same thing that the
prizef1ght manager has in mind
when he exclaims I'VE was robbed"
The dress-up sports. however,
are muff1ing the free expression of
their emotions. They do things
better in the prizefght clubs. Mel
ther in yachting nor in bridge do
they have cry which can rival
the hearty honesty and force of a
cheer which the prizefght Gus
toners used to roll down from the
galleries in the old Madison Square
Garden on certain occasions when
Jack Delaney was fighting.
The DriZefiCht customers used
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22
THE NATIONAL ROUNDUP
By Ruth Finney

WASHINGTON 22Congress be asked this
w organize representatives
legislative body
abored for make
machinery popular will
that they eshape their legislature this
the If they Senator Norris
federal already
of WITH and
abong the electoral college has been approved by
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22

public airing of their financial af-
fairs and practices is desirable.
1t is not generally known, but
the senate, just before it adjourned
last June, renewed the investiga-
tional powers of Fletcher's COM
mittee.
Likewise, only a few insiders
know that this was done at the
express request of the President.
He privately told floor leaders that
he had nothing special in mind,
but deemed it worth while to have
the committee primed and ready
for action.
While its life was extended, no
additional funds were voted the
body.
Therefore, if an insurance probe
is decided on, Fletcher will have
to go back to the senate for more
money. There is also a question
as to whether additional specific
authorization for such an investi-
cation would not be necessary.
Fletcher does not think so. holds
the committee has adequate
power. But the insurance moguls
certain vigorously to oppose an
investigation would be sure to
raise the point.
DRIGADIER- GENERAL LOUIS
II LITTLE, United States ma
rine corps. has just come
back from Withdrawing all ma
rines from Haiti.
AS young lieutenant, Little ad-
vanced against Picking during the
Boxer rebellion. Twenty years
later he commanded the marine
guard in Peking. He has served
most of his life overseas.
But his most unique record was
in winning over the Haitians TO
friendship with the United States.
His chief ace in doing this was
football. General Little taught
the natives to play football and
they loved it.
Arriving in Washington the
other day. he was greeted by
Henry P. Fletcher. ex-diplomat,
now chairman of the Republican
national committee.
I'm glad" he said, ito meet
the man who took the hate out Of
Haiti"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22
Burns Kill Bow. Is

Charles Connolly, 10, Negro, of
1923 Massachusetts, avenue, died yes
terday at city hospital of burns sus-
tanned Sept. Is. The boy was said
to have daubed his clothing with
shoe polish, which he ignited.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22

to yell, in resounding unison Delaney is bumi
Delaney is bum!" and Mr.. Delaney understood the
precise shade of their meaning every time he heard
it, On the other hand not sure that he would
have caught the idea full in the face so to speak if
the customers had restricted themselves to a modUl-
lated cry of I'VE disappointed bitterly! We are
disappointed bitterly" burst of Outraged
outraged"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22
II Seems hM
BY
Haywood BROIN

a MONG the tragedies Of greater moment and Of
larger scale my eye caught the other day
by minor episode. The headline said Stage fall
kills woman acrobat" And the story went on to
describe the manner in which Mary Larkin de Phil.
Of the Flying Phillips. plunged to her death before
1000 people. The act was all but finished. Already
her husband and partner was taking bows in honor
Of the final feat. She had but to step from her
unicycle to the dismounting platform 1t was hardly
more than yard But here the misstep came
The Flying Phillips" familiar act. Hun
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22
OGDEN MILLS TO TALK
BEFORE C. OF C. HERE
G. O. p. Leader Announces Speech
as NonpOliticaI.

as NonpOlitical.
Ogden L. Mills, treasury secretary
under President Hoover, will be the
second of a series of speakers for
the Chamber of Commerce, when he
addresses a meeting Thursday night
at the Columbia Club. Donald R.
Richberg, chief co-ordinator of re-
covery activities. opened the series
last Monday night.
Mr.. Mills has announced his adj
dress as nonpolitical, dealing with
business and governmental problems
now in the limelight.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22
BY JOHN T. FLYNN
Copyright. 1894. NEA Service. Incl

NEW 22Never in the history of the world there
population completely satisfied cocksue Of them
climbed of beds
Wednesday, 2 1929 merry their work
plenty
called publicity
all those clouds colored
Those who their
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22

am afraid that possibly there was soundness IN
this argument but it remains disturbing. Here again
is another evidence of the Savagery which turks oe
low the surface in the greater part OF human Kho'
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22
WALL STREET and the DEPRESSION
Traders Basked in Rosy Optimism ON Very Morning of Crash


which
articles which T
exclusively This article the hrs looks back
S
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-22

gomery Ward,
the signal the
for the around the about
o'clock that the storm broke and the selling orders
astonhed brokers like duge In that last hour 100000 shares
sold
BY evening billion squeezed
Evening star., 1934-04-28
Chicago Grain
BY the Associated Press.

CHICAGO, April 28-Brisk jumps
Of grain prices early today went hand
in hand with lively general buying of
wheat. A turn to higher temperatures
was expected to intensity seriousness
Of the drought situation in domestic
wheat territory. Opening at A-B
cent gain, July 77-77H, wheat after
ward rose further. Corn started un-
changed to % up and subsequently
scored a general advance.
With fairly complete absence of rain
reported in all directions, there was no
selling pressure of any consequence in
the wheat market much of the time
and prices mounted rapidly cents a
bushel before profit taking sales acted
as a curb. Factors that added to up
ward impetus Of the market included
reports from North Central Oklahoma,
Eastern and Central Kansas, and
Southeast Nebraska, indicating de-
cidedly more wheat damage from
green bugs than has occurred in re-
cent years. Other advices said the
soil was full of grasshopper eggs in the
Western two-thirds of South Dakota
to a dangerous extent and also in the
Western half of North Dakota and
Montana.
Rural messages flooded in telling of
widespread damaging effects on crop
growth and delay to Spring wheat
over big areas of many States, not
only the Dakotas, Minnesota and Ne
braSka, but also Kansas, Missouri and
Illinois. There were also dispatches
noting lack Of moisture in Western
Canada, and the situation there be-
coming serious. Assertions were cur
rent that official estimates of Kansas
wheat production would be drastically
revised downward in the next report.
Corn and oats prices borrowed strength
from wheat action.
Provisions went upward with grains
despite setbacks of hog values.
Wheat futures purchases yesterday
totaled 25.7s6.o00 bushels. corn. IL
100000. Open interest in wheat was
1882 900 and in corn 77,271 900.
Evening star., 1934-04-28
BONDS IRREGULAR
AS VOLUME LAGS.
U. S. Governments Steady,
Corporate Issues Dull,
Except in Spots.
BY BERNARD S. O'HARA,

Associated Press financial writer.
NEW PORK, April 2s.-In listless
market bond prices shifted in a mar
row and irregular range today. Do
mestic corporate issues were decidedly
inactive except in spots. United
States Governments held to about the
same small range in which they
moved yesterday.
II the market had any outstanding
feature it was an active buying move
ment in German government 5Kas,
following more definite indications in
Berlin advices that service on this
loan and the Dawes Plan rs would be
continued, irrespective Of any sus-
pension Of payments on other Ger
man external obligations. The Dawes
Is pushed up major fraction.
Fractionally higher prices were
paid for such loans as Chile Copper
IS, Santa Fe As, Allegheny Corpora
tion SIS, Detroit Edison AIS. Missouri
Pacific IS, National Dairy 514s. Shell
Union OH IS, Southern Railway As,
Standard Oil of New York 4l2s and
United Drug SIS.
Small offerings in thin markets eff
fected moderate declines in Great
Northern 4l2s, International Tele-
phone SIS, New York Central SIS, Con-
solidated Gas 51as and Goodyear S.
With the exception of the German
group. foreign loans showed little life
and prices generally remained near
the previous finals. Poland rs rose
III points on a small turnover.
Evening star., 1934-04-28
CHICAGO LIVE STOCK.

CHICAGO, April os a4S UNITED States
department Of Asriculture) Cattle. 300,
compared Friday last week medium.
Welglt and weighty fed steers so higher;
instances more on inbetween grades; gen.
era market very active on all grade
November. 1882; yearlings and light steers
uneyenly weak to as much as so lower;
KINDS calling 900 pounds downward show
ing most loss general run light cattle
mostly % lower; but late market active
ana stronger on better grade l.OOO-l 100
pound averages: most light cattle 6.15
GOWN; light yearling heifers steady. but
SSeissnty Sisy ,yeariings and heavy butcher
eelierS 20 higher; best heavy heifers.
10 strong; bulls steady; vealers so higher
stoekers and feeders strong to 25 higher
with feshy kinds in best demand
Sheep. 1000; for week ending Friday:
II doubles from feeding stations, II. 500
direct; compared Friday, last week
clipped lambs. 40a5O higher: aged sheep
and Wooled lambs. l5a25 up. Spring lambs
wooled lambs. 1925 highest since June.
1891, and highest April top in four years;
closing top and late bulk s1-105 pounds,
led wool lambs, 1000; weak top clippers
200; closing bulk. s 50aS IS; few common
clippers as low as 700; weak top Sprinc
lambs. .11.50 for strictly choice 76-pound
Colorado; first CALIFORNIA; on sale this
season; one double sold straight Monday
1915; averase SO pounds; top clipped
5.OOa5.25 or better
demand dull; market nominally steady;
scattered bids and sales around $40
downward; shippers none; holdover 1000;
nominal top. 3.95; all quotations nominal
Evening star., 1934-04-28
CURbbEATST|ME
AT WEEKS CLOSE
Price Changes Unimportant.
Some Industrial Shares
Up Slightly.
BY JOHN L. COOLEY,
Associated Press Financial Writer.

NEW YORK, April 2S-Trading on
the curb was reduced to minimum
proportions today and price changes
were most unimportant.
Thin markets were noted In several
industrial shares. some of which rose
under light buying orders. Among
them were Parker Rust Proof, Serwin-
Williams and Pittsburgh Plate Glass,
each Of which gained more than q
point on small transfers. Mining
stocks tended higher, but their volume
was inconsequential. Newmont and
New jersey Zinc gained fractionally.
Mountain States Telephone ad-
vanced a point and half on an early
10-share transaction. Issues Of power
and light holding companies stagnat-
ed. and the same was largely true of
specialties and oils.
Pan American Airways, Cord Cor
poration, American Cynamid "B,"
Pennroad, Standard Oil of Indiana,
Swift & Co., Hiram Walker, Electric
Bond q Share, American Gas. Lake
Shore Mines and Pioneer Gold were
virtually unchanged.
Evening star., 1934-04-28
LIBERTY DIRECTORS
NAME NEW OFFICIAL

John M. O'Brien was appointed as
sistant cashier Of the Liberty Ma
tional Bank at the April meeting of
the board Of directors, held late yes
terday, President Rolfe E. Boiling an
nounces. Born in Washington in
1909, Mr.. O'Brien attended st. Patrick's
Academy and Gonzaga College. He
entered the employ of the bank as
a runner February /, 1923, and has
been employed in various departments
since that time.