davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
SALES TAX EXEMPTION
GIVEN RESERVE BANKS
Ruling Made by Aid in Illinois
Department of Finance.

BY Times Special
SPRINGFIELD. Nov. 81. NJ
Braude. associate director OF the
state department of finance, has
ruled that sales of goods to or by
the federal reserve banks are exempt
from the Illinois state sales tax along
with other agencies. departments or
instrumentalities of the federal
government.
The ruling came as somewhat of
a surprise because the reserve banks,
although under federal government
supervision, are privately owned by
member institutions.
Under the ruling persons purchas-
ing meals in a restaurant operated
by postoffice or other government
department do not have to pay the
sales tax.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
MEXICO PAYS
ON ALIEN DEBT
President Rodriguez Orders
100000 Pesos Be
Used for Purpose.
BIZ Unitcd Press

By CHtcd Press
MEXICO CITY, Nov. 29.-As one
of his last acts of public office, Pres
ident Rodriguez, who will be sue
ceeded tomorrow by General Alazaro
Cardenas, today ordered the pay
ment of more than 100000 pesos
(about S5,6OO0OO) to apply to the
public debt, government bonds and
other obligations.
The sum included more than
100000 pesos payment on loans
made to Mexico by American and
British Oil companies.
The president said he desired to
turn over the presidency with no
commitments pending and with
fewer liabilities and more assets
than when the present administra-
ton took Office.
Among the payments ordered were
the retirement of more than 9,000,-
900 pesos Of interior public debt
bonds and 100000 pesos on high
way contracts.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
SALES QUOTAS DROPPED
Copper Producers Extend Waiver
for Two Months.

Primary producers of copper have
voted TO extend the waiver of their
sales quotas in favor of secondary
custom and by-products quotas for
a period of two months beginning
Dec. !, it has been announced. This
action! according TO copper trade
authorities, assures maintenance Of
the present 9-cent a pound market
on domestic shipments of blue eagle
copper to the end OF January.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
Earnings Up Sharply

Evidence of the improved position
Of the industry is seen in the fact
that net income of twenty-five COM
panies in the first nine months of
the current year amounted to $44,-
$4,000, against loss of $3.50 900
in the corresponding 1888 period
Operations were profitable in all
three quarters this year, while two
periods in 1888, the first and second,
were improbable in that deficits
aggregated $38,O53,O 900. The 1904
net shown in the third 1888 quarter
reduced the nine months loss.
Insuring the maintenance of the
trades betterment is the fact that,
only short time ago. a general
slash in crude prices was averted
during the recent gasoline price war.
Such a development would have re-
suited in a lower price scale for
some time and would have meant
adverse inventory adjustments in
year-end financial statements. I'M
portant units, incidentally, are in
tent upon restoring stable conditions
which are essential to orderly and
profitable operations.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
u. S. SECURITY
PORTFOLIO PUT
AT II BILLIONS
About $12,OO0,OO0,O0O Is
in War Debts, Treasury
Study Shows.
United Press

~ [ Nfft0 Press
WASHINGTON, NOV. 20-The
governments security portfolio to-
day reached a peak value on the
books of SI7036,OS3,O55. but like the
portfolios Of many a citizen a good
share of the certificates are worth
less.
The seventeen billion figure was
the actual cost 10 the government
of the securities. About twelve Bill
lion of the total is represented by
war debts of high'v dubious value.
Most Of the balance is IN recovery
investments on which the govern
ment hopes to collect
Along with the rise in holdings,
treasury figures showed today that
the depressIon's cost for relief and
recovery have exceeded $500 00O,-
000 The total cost to the govern
ment exclusive of lost tax revenues,
was set at S7523 ,928,O 68 but S4123.-
915,017 Of this vast sum was listed
by the treasury as recoverable"
That much went into loans and
other assets.
Will Recover Part
On this basis, it was estimated
the government ultimately might
recover about 81 cents of each dol
lar put out for relief and recovery.
Relief costs are not recoverable.
Among the sums listed as ulti-
mately recoverable was S2.345 ,671,-
It's from the Reconstruction FL
nance Corporation, whose assets
mostly went into loans and stock
purchases in bank. The govern
mems interest in the Federal Farm
Mortgage Corporation was set at
$196.18O857 and in the Federal De-
post Insurance Corporation at
S157. 789 OILS.
Securities of these agencies are
among the seventeen billion securi-
ties total and are regarded as the
most likely to return the govern
ment 2 fair share of their cost
prices.
1dAcS, LOdHS OSeu
Taxes or money borrowed from
the public was used by the govern
ment to buy the seventeen billion
dollars worth of stocks, bonds and
notes. Most of these are now in
default in interest or principal or
are not paying regular dividends.
Although these securities cost
the taxpayers about half the mar
ket value of all stocks listed on the
New York Stock Exchange, they
are returning the government less
than $100000,00O annually IN in
terest and principal.
They are required to be carried
on the governments books, how
ever, at their face value until con-
greSs writes them down to market
prices" or otherwise wipes the slate
clean.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29

I l. Increase Of nearly a billion dol
lars in farmers cash income so fan
in 1884.
2. About $780, 900 from October
crop and livestock marketings, AAA
benefit payments and drought cattle
purchases.
3. More than half a billion in
bonuses Though 1888 and 1884 crop
control programs.
A. Some $500, 100000 in loans ad-
vanCed through the farm credit ad-
mlniStratlon.
U. S. Supplies Sauce
AS millions of farm families made
ready the holiday feast, the bureau
of agricultural economics supplied
sauce for their dessert with the an
nouncement that from January to
November-despite ravageS of an
unprecedented drought-they had
taken in $5,O45, 100000. In last years
period cash farm income was $4,-
O99 100000.
Substantially higher prices for
virtually all important crops were
reflected. Most of the increase came
from marketings, which yielded $4,-
614,OOO,000, compared to $685.
100000.
Last month alone brought $780,
100000 to farmers compared to
1853, 100000 in September and $780,
600 900 in October, 1888. Sales sup
piled $48,OO0,OO0 more than a month
previous. Particularly flush today
are 1927 farmers whom Monday
mail brought $3,774423 in AAA
benefit checks.
The 100000 farmers in the gov
eminent production adjustment
partnership" have received alto
gether $519,293, SAG. Wheat growers
got $127 ,463 ,772. Cotton planters
have received $19O,587, 843 in rental
and parity payments and an addi-
tional SOL, 1863 through govern
ment cotton options. The emergency
cattle buying program sent $97,O00,-
900 into the drought zone. Sheep
men got $4,425,452.
Tobacco Belt Aided
One of the most thriving farm
territories is the belt from Virginia
to Florida, where most United States
cigaret tobacco is raised. The jeans
of these farmers are jingling with
tobacco money. A price of more than
$27 per hundred pounds prevailed in
several quarters. To tobacco growers
participating in the acreage adjust
ment plans, the government has
distributed nearly $18,000,000.
The AAA reported $132,067, 1926
paid to corn-hog contract signers
and announced a new plan for next
year involving payment of $150,000,-
900 to $165, 100000. More than $780,
100000 is still to be paid under this
years program.
Another item in the government S
Thanksgiving tidings to farmers
was the farm credit administrations
estimate that more than $1,500,000,-
900 had been loaned. Land bank
loans totalled $723, 100000, land bank
commissioners loans $4,000, 900,
! production credit associations $76,-
100000, regional agricultural credit
corporations $21O,OOO,000, emergency
crop loans $92,OO0,0O0 and banks for
co-operatives. $55, 100000
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
NEW BOOKLET ISSUED
History and Function of Federal
Reserve System Given.
BIZ Times Special

By IWcS NpttIUT
CHICAGO, Nov. ga new book
let consisting of thirty-one pages
revealing the history and functions
of the federal reserve system, was
released this week by the federal
reserve agents conference.
The new booklet has been pre-
pared mostly for the use Of banks
and trust companies interested in
membership in the system. The is
sue carried full requirements for
membership in the system.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
TRADE BOARD WEIGHS
OIL FUTURES TRADING
Inquiry Into Establishment of Mar
ket Started in Chicago.

By Times Special
CHICAGO, Nov. 29.-An inquiry
into the possibilities of establishing
futures market in petroleum and
petroleum products has been in
augurated by the Chicago Board Of
Trade.
Peter B. Carey, president of the
exchange, has been authorized by
directors to name a committee TO
conduct the inquiry.
The Commodity Exchange, Inc,
of New York, has been weighing the
possibility Of creating futures
market for oil products for some
time.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
BY HENRY I. KUEHLS

NEW YORK, Nov. 29.-The investor specuator who
buys stocks commodities should do integenty He
should be fortified with charts which depict the market
action daily, weekly and monthly For trading pur-
poses is almost necessary to charts, they act
road maps and indicate by the action of the market its
sible trend
Market action is made up of many formations which
indicate by their form the registration of coming events that
will affect the market way another.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
COAL OUTPUT HIGHER
Indiana's Yield for Nov. 10 Week
: Put at $4,000 Tons.

Indiana produced 100000 tons Of
coal during the week ended Nov. 10,
a report Of the United States bureau
of mines showed today.
The production was $4,000 tons
more than that Of the previous week
but $4,000 tons under the output for
the same period IN 1883.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
NEW YORK TRADE UP
Increase Of Is Per Cent in Sales
shown in October.

NEW YORK. Nov. 29.-WholeSale
firms. chain store systems and de-
partment stores n the federal re-
serve district showed substantial
gains in sales during October over a
year ago. according 70 the Federal
Reserve Bank Of New York.
Wholesale firms reported an in
crease Of Is per cent. the largest
for any month since last May. De-
partment store sales displayed a
gain Of per cent. while chain store
business was Up approximately 6 per
cent
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
OIL UNITS SAVE
ON DEBT COSTS
BY HUGE CALLS
Redemption Deals Under
taken by II Companies
Involve 189 Millions.
BY w. IAN MACK
Times Special Writer

NEW YORK, Nov 29-Prevailing
easy money market conditions,
abetted by the improved status of
the industry, are enabling major oil
companies to retire their funded
debt prior to maturity through vari-
Gus operations insuring substantial
savings in fixed charges. To date,
eleven companies have announced
redemption programs since last July,
with the aggregate of indebtedness
affected by such transactions
amounting to S189, sol 900.
In all instances, the called bonds
were of the better grade obligations
and were quoted marketwise at pre-
miums above parity. Despite dis
tant maturitieS, they were called for
redemption under indentural pro-
visions permitting their retirement
at stated intervals. Strong cash
positions and the ability to negoti-
ate private loans and bank credits
on attractive terms motivate the
companies to undertake the opera
tionS.
Economies to Aid Net
Coincident with the reduction of
fixed charges, estimated in excess
of $4,0000O0 annually, the programs
should have the effect of bolstering
earnings available to the equities in
the various companies. Although
additions to per share income are
expected to be relatively small in all
cases, market observers anticipate
that this betterment will be reflect
ed in the market value of the
junior stocks.
Among companies which have
completed redemption programs and
which have announced such opera
tons for the near future, together
with the amounts involved, are
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
Wall Street
by RALPH HENDERSON,
Times Special Writer

NEW YORK, Nov. 29.-The de-
L partment of commerce re-
ported that exports for October we're
the highest since April, 1881. This
is one of the most cheerful pieces of
news to reach the financial district
in months. 1t reflects in part the
nations monetary policy, and it in
dictates that our manufacturers are
still able to hold their own IN the
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
LIQUID CARBONIC WILL
VOTE ON PENSION PLAN
Stockholders at Annual Meeting
Next Month to Consider Proposal.

By TimesSpeciaI
NEW YORK, Nov. ga CO.
operative annuity plan providing
old-age retirement incomes for en-
ployes will be considered by stock
holders Of the Liquid Carbonic Cor
poration at their annual meeting
on Dec. 6, it was disclosed today.
The system, if adopted. will be
underWritten by the Equitable Life
Assurance Society and Will replace
the present plan.
The annuity arrangement, similar
to that recently announced by the
General Foods Corporation, provides
that an employee reaching the age
Of S. years may retire on a monthly
pension amounting to approximately
Is per cent Of his monthly salary
multiplied by the number Of years
o. his service to the company.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
AAA PAYMENTS SHOWN
Cotton Growers Get S71,19O,SS7 Up
to Nov. II.
BV Crifed Press

~ CntlfQ ETtes
WASHINGTON, Nov. %. - The
agricultural adjustment admins
tration today reported the following
payments by states, totaling ST.
190,887 as Of Nov. IT, to cotton grow
ers participating in the 1884 control
program:
Alabama, $685., 1888; Arizona, 1881, :
62l. Arkansas, s7,0O1,43 California,
s537 ,929; Florida, Sl8O,676; Georgia,
s6.538,812; Kentucky. S26.802; Loui-
siana, S3906 .285; Mississippi. 1928, :
SOB; Missouri, 1888, 40; New Mexico,
s406,057; North Carolina, s3.224,579;
Oklahoma. S4.T92,344; South Caro-
lima, s4.6981o1; Tennessee, $780,
322; Texas, s22,07S,O43; Virginia,
S145, 049.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29

f or e / G n markets.
While our exports
were increasing,
however, our i'm
ports fell somewhat.
That might appear
at first thought to
be favorable also.
But if We are to
collect payments on
cur outstanding
d e BIT S in foreign
countries, and if
we are to take our
rig htful pl a C e
oy,,nr,O tho ha11kpvS
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
NEWSPRINT PRICE Up

!" 7
NEW YORK. Nov. 29.-The Great
Northern Paper Company. largest
United States producer Of newsprint,
announced today its 1885 price
schedule showing an increase Of
s. so a ton for the first six months
on newSprint contracts.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
HoCHSCHILD PROMOTED

Harold K. HochSchild. vice-presi-
dent and secretary OF the American
Metal Company, Ltd, has been
elected president 10 succeed DR.
Otto SuSsman. who was made chair
man OF the board.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
BANK PROFITS DROP

ID ms NTT0fnI
MONTREAL. Nov. 29-The Bank
OF Montreal reported net profits for
the year ended Oct. 81 of So ,204 .369,
compared with s3.496.594 in the pre-
eeding year, it was announced today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
NEXT WHEAT PARLEYS
ARRANGED FOR LONDON
International Conference Is Set for
March ), Next.
By United Press

By Jnited Press
BUDAPEST, Hungary, Nov. %
The international wheat conference
decided today that the next con-
ference shall be held in London on
March 5, 1885.
The importing nations have
agreed on problems affecting them
and will depart from the current
conference. France, which IS seek
ing an export quota, and the
United States. Argentina, Canada
and Australia, the four importing
nations, will continue negotiations
on acreage reduction and export
quotas.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
Price Rise, Bonuses, Loans
GiUe Farmer Something
for Which to Be Thankful
Men Who Raised the Fare for Today'S Dinners AideC
Substantially Through Governmental Undertakings
During Past Year, Survey DScoseS.
ByUnited Prcss

WASHINGTON, Nov. 29.-The men who raised the tur-
keys pumpkins pigs and rest Of the fare for the
tons Thanksgiving dinners have themselves, many items
to be thankful for today. Among them:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
LAKE SUPERIOR ORE
SHIPMENTS INCREASE
Total of 22,84O,6OO Tons Reported
for Current Season.
By Times Special

BIZ Times Special
DULUTH, Nov. developments Of
ore from the Lake Superior district
during the 1884 season which ended
this week amounted to 22,84O 500
tons, an increase of 625,7O2 tons
over the 1888 season, it was report
ed toGcv.
TIE current years shipments dis
played a decrease of approximately
1218186 tons, compared with ore
shipments reported in 1881, accord
ing to John WOOdhll, vessel agent
of the M. A. Hanna Company.
Shipments from Minnesota during
the seas IN amounted to 16,211,531,
with 13.011836 tons shipped from
the Duluth Superior harbor, and g.
199,695 tons at Two Harbors. More
than 2,286,766 tons were shipped
from Ashland and 3751 ,303 from
Marquette and Escanaba, Mich.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
FINANCIAL DATA

During the fiscal year ended Aug.
81, preferred stock was reduced by
nearly 100000. Cash and securities
gained S1,200,000, inventories were
up $1,80O,000, net working capital
gained $4,000, 900, while surplus in
creased $1900,O0O. The current ratio
on Aug. 81, was 10 l, while the book
value Of the common stock was
5000 or an increase Of 1894 in the
fiscal year.
Sherwin- Williams has always had
good earning ability, but earnings
were slightly in the red in the 1882
fiscal year. In 1888 $3.50 was earned
and this jumped to S531 in the 1884
fiscal year.
The company has also been lib
eral with common dividends. AL
though it has been necessary to re-
duce them they have not been omit
ted. In 1888 81 was paid while the
common stock is now on So an
nual basis.
Sherwin- Williams was incorpor-
ated in 1884 in Ohio. Both classes
of stock are listed on the Cleveland
Stock Exchange and admitted to I'M
listed trading on the New York
Curb. The price has advanced since
the accompanying chart was drawn
At a current price Of 80 it is selling
to yield nearly 81 per cent.
| (Au Rights Reserved Winchester Institute
of Finance Winchester Mass
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29

Tariffs and nationalistic policies
among the major nations Of the
world remain the principal obstacle
to any substantial revival of world
trade. in the opinion of Mr.. Cole.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
On Commission ROW

Quotations below are average wholesale
prices being. offered to buyers by local
commission dealers
blacks. 25-l6 bo% sa'35. WIZ Wisconsin d Anty
FmeTo 5o 3of Box s f2sP'sp SaSGRs
p1nces busRe S. S0 BANANAS po1 GGd 434c
Apples. maiden blush, $3.50; indiana tona-
!.hans, sl.s5; grimes golden, 1880 Ills.
Lemons. sunkist. 960s, $3.50: red ball. 36Os
Lines. Mexican, per carton, 12s.- Csc;
berries, z box crate, s2.25a25O California
s5.5Oa6. Pears, home grown Ki9fers. bush
vEGETABLES-cabba Northern Dam
Onions Idaho Sweet Spanish. sgg1 5o-b b.
Csc; western White, 5o-lb bag. 81 IS: MiChi
tains, loo-lb. bag, $3.50, northern round
sl.75; Idaho Russets. IOO-Ib. bag. 50. Sweet
Tennessee Nancy Halls bushei, 81 40.
s75 s celery SMi cBigan m nsadR9 dozen en-
soc; Jumbo. dozen, 75c; hearts: bunch, 81;
Cucumbers. doz., 90c; southern, bushel, 81.
Kaie. Homegrown blshei. Soc lettuce hot hot
house. 15-lb. basket. COO. Icebergh head
lettuce, s4.75.. Mangos. Florida, crate,
Csc. Peas. hampers. ss.75d@25. Spinach.
homegrown, b1oadlsaf. bushel; soc. Rad
ishes. dozen, soc. Tomatoes. dollhouse, g.
ID. basket. sl35. Turnips. homegrown.
dozen. Csc. Pumpkins, dozen, 81.
ACKNOWLEDGEMENTS, Jamaica, Is
for $50. oysters. standards. gallon, 81 so;
selects. gallon. S19O. Chesnuts, italian.
a pound, 12i2c. Sarghum molasses. gall
lon. CSC. Black walnuts. 50-lb. bag, 81.
cider. gallons to case. 81 Half-gallons.
to case, Sis; quarts, IL to case, sl90.
All quotations subject to change. up or
down.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29

FORMATION Of a protective
L committee for the holders Of
the refunding mortgage bonds Of
the Chicago. Indianapolis and
Louisville ,NIonOn) Railroad. due
in 1917. has been undertaken by
Alfred H. Meyers. assistant treas
urer Of the New York Life Insur-
anCc Company.
The continued uncertainties sur
rounding the affairs OF the MOnOn
Will make a readjustment Of the
roads structure unavoidable. Mr..
Movers said IN announcing fOrma-
tion or the group. The committee.
ne said. Is not asking for deposits
but Is simply seeking the right 10
represent the bCndholders IN any
proceedings before the court under
whose jurisdiction the road is being
operated
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
THE Wisconsin state banking d.
,,,~+,,,o,,t l,o- o~Io~o5 +Lot >

THE Wisconsin state banking de-
Il partment has ordered that no
state bank, mutual savings bank or
trust company shall pay more than
2i2 per cent interest on any time or
savings deposit.
This step is sound for more reas-
onS than one. Foremost among
them, however, is the fact that it
reduces the competition among
banks for new accounts. When a
bank pays more interest than it
should in order to attract accounts
it is flirting with danger. In order
to make such payments it must in
vest its funds in more speculative
issues. and to the extent it does so
the safety of its deposits is impaired.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
Chart Reading

Investors Advised on How to Study Interesting Graphs
Showing Trends of Both Stocks and Commodities
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
LOCAL CASH MARKET


City grain elevators are paying SO cents
for No soft red wheat. other grades
on their merits. Cash corn No. yellow
10 cents. and oats 43 cents
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29

Lambs. e0-lbs- down. good and
choice ----. ----- ---.-.--....-s IS asa rs
Common and medium ------..-4 .S0fI $50
s0-i20 lbs. good and choice. 2.ooG $50
SHEEP
.l20-Is0l Good and choice. 1.75G 225
Al weights common and
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-29
Stock Studies

Sherwin- Williams is the out
growth of a business originally
established in 1866. The company
now manufactures and sells a COM
plete line of paints, varnishes and
lacquers. 1t also manufactures an
alagous products, such as disinfec-
tants, coal tar products, dyes, col
orS, and similar chemicals.
The company also produces many
of the important raw materials it
uses, owning lead and zinc mines
and smelters. The company and its
subsidiaries operate 879 paint plants.
National advertising has played a
large part in building up sales.