davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
Produce Markets

Delivered in Indianapolis Prices-Hens
lie; Leghorn hens, &c; Leghorn springer
stays, &c: large springer &c; cocks.
ducks, full feathered and fat. 41a lbs. and
over, Sc; geese. &c; young guineas. Ia to
9 lbs. zoe; old guineas, 15c; No; ! strictly
full case must weigh lbs. gross; de,
duction OF l0c pound for each pound
under SIS lbs. will be made. Butter-No. l,
quoted by Wadley.
(By United Press
steady; receipts. %, 287 cases: extra frsts,
161ac; fresh graded flrsts. l6c; current
Butter-Market. unsettled; receipts. 1l,512
ssFs s; frsts, $780, score az Gal5se;
scoPe. 32%c; specials 3s@ 5s7sc Stand
ards, 221ac Poultry-Market, steady: re-
ceipts, 81 trucks, car; heavy hens, 1312c;
old ROSTERS &c; broilerS. teghorn ls@221lc:
2sc; Leghorns, I5c; caPons unquofed
ices Dases i3f P6tatoes io od
trading moderate; market. about steady;
Idaho Russets; $l;5O@l55; Washinggt sNl
Wisconsin Round White unclassif1ed
slSS Minnesota Red River ohiOs SLIP
crate. demand and and trading moderraate; mar
ket, steady; Louisiana Triumphs, s2.25@
$50, Shipments, $50; arrivals, 80; on
track, 252.
NEW YORK, May 9.-Potatoes-Eas
Long Island 9oc@$l75 Dbl; Southern,
Idaho. 50 sack; Canada. $4,000 Dbl.
Sweet Potatoes-Easy; Jersey basket. 60c@
81; southern basket, $1.65G1.75. Flour
Firmer; springs: patents, S6.50@6.75 Dbl.
Steady. Middle West spo[ss. 1904 per
100 lbs. Dressed Poultry-Dull; turkeys,
12G26c: chickens. 912027c; broilers, 18M
27c; capons 21@ SAC; fowls. 15020c; Long
Island ducks, 1512@l6c. Live Poultry
tic: chickens, lie; capons. 22c; broilers,
12@23c. Cheese-Firm: state whole milk
fancy to specials. 18@19c: Young America,
l3c. Eggs-Receipts A. 899 cases; market
irregular; special packs. including I'M
usual hennery : selections. isA@2oAc
standards. 1724618Ac; f1rsts. 1694@ l7c;
seconds. 16c: mediums, i594c; dirties.
15%c; checks. 15c; storage packs. 17Ac.
Butter-ReceiptS, rs. 765 packages; market.
steady: creamery higher than extras. 2d ao4
81 score), 24@24Nc: first $3.50 scorel. %
M231ac: centralized 80 score), 24c;
centralized 1888 scorel 2302312c.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
II. S. Secret Service Ends
Leak of Treasury News

etarv steps which was used to ad-
vantage in market operations had
brought orders from Secretary
Henry Morgenthau Jr. that the
practice must be stopped.
Morgenthau's first official act last
November on taking over direction
of the treasury department was to
forbid treasury officials from dis
cussing policy matters with out
Siders.
Treasury Guards News
Later the secret service was set
on the trail of obvious leaks of
treasury information. The result
has been that the flow of inside
stuff" to Wall Street has been re-
duced materially. according to Wall
Street circles.
Along with the dsmming of news
leaks has been a drive on connec-
tions of outside legal interests with
the treasury department. Require
ments of lawyers practicing tax
cases against the government are
OSlIlR blBllGCIlCQ dliO bAAC 4AAAANSAANS
of other outsiders lesSened.
Secretary Morgenthau is not con-
cerned with advance information
obtained by newspapers since such
information is published immedi-
ately so that private interests can
take no advantage of it in Specu-
lative market dealings. The treas
ury is determined, however. to pre-
vent banking and speculative in
tereStS from acting to their own
benefit on confidential treasury in
formation.
Another source of diSpleaSure to
the treasury department is the cir
culation of what it considers mali
cious" and untrue" rumors for the
purpose of affecting security prices.
OPERATIONS Are Effective
Operations of the secret service
in ferreting out information con-
corning the Wall Street pipeline"
have been closely guarded in order
not to tip off suspected parties.
1t is known, however, that suS-
picious persons have been watched
closely in an effort to determine the
source of the alleged news leaks. ;"
Indications today of a sweeping
curtailment of the supply of lin
side information" showed that the
operations of the secret service
were becoming effective.
The federal reserve board has
been cooperating with the treasury
department in its program. Be-
cause of the close association of the
board with the treasury it has been
necessary for the former to assist
the treasury in closing up news
leaks to outsiders.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
TAX COSTS AMOUNT TO
At CENTS A CUSTOMER
May InstaIIment of SS16.724 Paid
by Northern Indiana Firm.

HAMMOND. May 9.-The North
ern Indiana Public Service Company
and affiliate companies pays prop
erty taxes of AZ cents a customer a
month, it was revealed today by
Morse DellPlain. president. Bernard
P. Shearon. treasurer, has sent
checks for SSl6.724 to county treas
urers in payment of the May INSTALL
ment of taxes, and an additional
S339,0T7 was paid in taxes on the
Lake county property of the Chi
cago District Electric Generating
Corporation.
Total property taxes paid in 1884
will amount to 1888, 904. Mr.. Dell
Plain said. In addition. the federal
tax on electric energy will be paid.
Property taxes paid in the May
inStallmentS for the affiliated COM
panies in northern Indiana territory
included the Northern Indiana Pub
lie Service Company. $3.50. 294 .9S:
Chicago District Electric Generating
Corporation. S339,077; Indiana
Service Corporation. S100.O59 80:
Gary Heat. Light and Water Com
pany. S90.792.65; and the Indiana
Hydro-Electric Power Company,
S21, 0392l.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
G. N. C. APRIL SALES
SHOW IMPROVEMENT
Increase of 8,175 Reported
G er March Figures.
By United Press

By United Press
NEW YORK, May 9-General
Motors Corporation today reported
April sales of 106,349 units to con-
sumers in the United States against
98,174 units in March and 1889
units in April, 1888.
Sales to dealers in the United
States in April we're 121, 1864 units
against 1883 in March and 74,242
in April, 1888.
Total sales to dealers in the
United States and Canada, plus
overseas shipments, were 153,954
units against 1920 in March and
86967 in April, 1888.
Sales to consumers in the first
four months of 1884 we're 286,872
units against 211,968 units in 1893.
Sales to dealers in the same period
were 370,234 against 241 1926 the
previous year and total sales were
470518 units against 286,716 in the
1888 period.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
SWINE PRICES
SLUMP 5 TO 10
CENTS AT PENS
Cattle Slow and Steady;
VeaIS, Lambs Mostly
Unchanged.

Initial trading on hogs at The To-
cal stockyards this morning was
around steady to 10 cents lower
with the majority of classes 5 to 10
cents under yesterdays averages.
Trading developed slow and re-
ceipts were around normal and
slightly under previous figures. The
bulk, 100 to 235 pounds, was selling
from $3.55 to 1910. Few good and
choice kinds sold up to s3.75.
Exceptionally light grades, scaling
100 to 100 pounds, brought $3.50 to
$3.50. while other kinds weighing
from 100 to 100 pounds, were selling
at So to $3.50. Receipts were esti-
mated at 5000; holdovers, 269.
The cattle market moved slow ano
held about steady at the weeks de-
cline. Bulk of other grades were
valued to sell under $3.50. Receipts
were 600. Veal prices remained un-
changed, selling at $3.50 down. Re-
ceipts numbered 700.
With only a few small lots on
hand in the early session, lamb
values held fully steady. Several
spring grades sold from SO to Sill
Shorn western were mostly inactive
but indications around steady. Re-
ceipts numbered 200.
With a dull demand and no early
bids, asking on hogs at Chicago was
strong to slightly higher than in the
previous session. Receipts we're es-
timated at $4,000, including 10000
directs; holdovers, 1000. Cattle re-
ceipts 10000; calves, 1000; market
unchanged. Sheep receipts were
5000; market steady.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
u. S. EMPLOYMENT UP
100000 DURING MARCH
Total Number Nears Recovery Peak
Reached Last December.

By Times Special
NEW YORK, May 9.-The total
number of persons employed in the
United States rose from 36,43l 900
in February to 37.12l 900 in March.
an increase of soc, 1000. according to a
statement just released by the Alex
ander Hamilton institute.
Employment in March" says
the institute, was nearly back to
the recovery peak reached in Decem-
Der when 1925. 900 persons were
employed. AS compared with March,
1888, when the low for the depres-
sion was reached, March. 1884.
showed an increase of 4,415.000 in
the number Of persons employed.
The number of persons unem-
ployed in March totaled 13.10l 900,
a decrease of 100000 from the
March. 1888. figure. The deScrep-
ancy between the increase in en-
ployment and. the decrease in un-
employment during the last year is
accounted for by the increase in
population.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
Births


Edwin and Virginia Albright. Coleman
Alfred and Mary Fitch Coleman hos
Charles and Esther Lewis. Colemand
Herman and Ade1ine Swhear. Colemand
Herman and Mildred champer. Metho-
Howard and Jaunita Hill. Methodist hos
Theodore and Helen Kossman. Meth
odist hospital.
Ferris and Eva Ferris, 22o3 Roosevelt.
Harold and Angie Turrah. 1900 Balti-
Roy and Ruth Ingram. 333 Patterson.
Otis and Helen Smith. Oil Chase.
Charles and Nevada Burke, 1922 North
Joe and Roberta Mitchell. 2237 Hovey.
Thurston and Helen Wolfe. 6l6 North
Aiphus and Helen coons. 1895 South
Joseph and Mary Lambert. 752 Haugh.
George and Mary Kaser. st. Vincent
Leo and Marie Donahue. st. vincents
Joseph joseph and Esten Mattingly. st. vim
cents hospital.
Colin and Betty Jameson. Coleman hos
Russell and Thelma Young, Methodist
hospital.
Vance and Helen Hall. Methodist hos
Cornelius and Dorothy Cone. l449 North
william and Ora Patton. 27s7 North
Jesse and Roby Browder 232 Minerva
Milford and Eta Baker. 612 North Pine.
Richard and Edna Coffman, 2235 North
Neil and Beatrice Ford 1925 Coe.
Curtis. and Helen Johnson. 1888 East
Thomas and Louise Egsn, 7is North
Pine.
Clarence and Pauline Hatehen. 900
John and Evelyn Gervin. SIS Warren.
Emmett and Mary Kinney. 1854 North
victor and Mary Gootee. St. vincent''
hospital.
Vincents hospital
Dale and Valeria Apple, st. vincent''
hospital.
Twins
Kenneth and Bernadetta Peterman, Cole
man hospital. girl sand bQT.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
CHICAGO PRIMARY RECEIPTS
WHOLESALE COMMODITY
PRICES UP FOUR POINTS
Five Groups Advance and Three
Decline During Week.

By Times Special
WASHINGTON, May 9.-Whole-
sale, commodity prices advanced
four points last week, according to
the index of the National Fertilizer
Association. In the preceding week
prices we're up one point.
Eight of the fourteen groups listed
in the index we're affected by price
changes. Five groups advanced and
three declined. Fuel, grains, feeds
and livestock, metals, fats, oils and
miscellaneous commodities ad-
yanced, while foods, textiles and
fertilizer materials declined.
Price advances during the week
in individual commodities amounted
to twenty three, while declines
totaled thirty-four. Two weeks pre-
viously advances numbered twenty
one and declines forty-seven.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
GRAIN FUTURES
DIP ON CLOUDY
WEATHER NEWS
Wheat Deliveries Drop Halt
Cent; Corn and Oats
Irregular.
BY HARTMAN w. NICHOLS
United Press stan Correspondent

CHICAGO. May 9.-News OF
cloudy weather tempered the bullish
effects of silver news from Wash
ington and prices in the wheat pit
were slightly easier at the opening
of the Board of Trade today,
Wheat deliveries were \ to 4
cent lower, corn was unchanged to
q cent off. oats were unchanged to
IS cent higher, and rye was un-
changed.
The only precipitation over the
entire belt was reported at Fargo,
N. D., and was said to be of little
Importance. Liverpool was firmer
at the opening. but did not reflect
fully the strength here yesterday.
Cotton futures were steady and
stocks held fractionally higher.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
Cash Grain
INDIANAPOLIS CASH GRAIN

INDIANAPOLIS CASH GRAIN
The bids for car lots Of grain. a. the
York rate. were: .Wheat-strong No.
red. 76l9d 78l2c:, No. 2 red 5iaq77i5c;
No. whi HFa 49, qsac a' No CSf White IS
@47Isc: No. 2 yellow. "a q 4ec: No. vel
mixed 2E f' "a NC oatsste e 4S No. ESe
3212d3312c: No. 3 white. 3lla Q32iac.
Inspections
wheat-No. 2 red car. Total ! car.
Corn-No. Q white. car No. 3 white, 5
cars: No. 9 yellow. I cars; No, yellow. 3
Oats-No. 2 white. Z cars: No 8 white. q
cars. Total. 4 cars.
Local Wagon Wheat
City grain elevators are paying 70 cents
for No. soft red wheat. Otner grades
on their merits
By United Press.
CHICAGO, May s.-Cash grain: Wheat
Nc Nc r @ixe si s5c No NO bare ye SSs 4 SGTn
No. . yellow 4Sls a &c. old; No. ; vel
White SH '? SIC N SAMPLE y srsGe w 4Sc M0
Old SID oats~No. w White as. as6c: No. .
white. 35c. Rye-No. ! :. CSC. Barley
$685. quot1 Glover ''Gsas T@2iaz
Cash provisions-Lard. 1892: loose, $40:
leaf, 537; bellies. SITS.
TOLEDO. May s.-Grain close. Grain
in elevators. transit billing: Wheat-No.
2 red. S71268812c. Corn-No. . yellow.
54M55c. Oats-No. white. 40M4lc. Rye
No. 2. 63l2 664Iac Track prices. 28lac
rate: Wheat-No. l red. 83R 684l2c: No
2 red; S21a @S3l2c. CornnNo; 2 yellow.
4 yellow, 47la G4siac. Oats--No, 2 white,
36i2 a 38c; No. white. 36G37iac. Seed
ose-Clover-Cash, 1925. Alsike-Cash.
$3.50.
ST. LOUIS. May Clash grain: Wheat
= In fair demand l cent higher on hard:
No. 2 red Sl6S3c; No. 5 red. Use; No 2
hard. 8312c; nominal Corn-In slow de-
mand. Z to q cent lower: No. 5 mixed.
4915c: No. white. 5li2M SIC Oats-In
slow demand. "a cent higher; No. white.
3612c
NEW YORK. Nav s.-Cash grain:
Wheat-No. Q red. S1.037s No 2 hard
winter Sl.04M Corn-No. 2 mixed. 551zc.
Oats-No. white, 4494c
ruTCACO pRTMARV PFCFTpTS
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
Bright Spots
.tBy Aboott. Hoppin q Co ,

-tB BY Aooott. Hoppin d CO.. -
Chesapeake &, Ohio Railroad Company
total car loadings in the week ended
Nav totaled 2974l cars against %. 939
cars in the previous week.
Pan-American Airways Corporation
and subsidiaries In the year ended Dec.
81 had a net profit Of SS9s.4Ss after
charges, against Ss9s.5e7 in 1882.
Illinois Central Railroad Company car
loadings in the week ended Nav 5 totaled
"a 976 cars against 1877 cars in the
corresponding 1888 week.
American Telephone and Telegraph
Company net operating income in the
first quarter amounted to 1881 .9Si,
against SI,S91,SlS in the first quarter
last year.
Chicago Rock Island & Pacific Rail-
road Company car loadings in the week
ended Nav totaled 1919 cars against
70. l59 cars in the like 1888 week.
Pioneer Gold Mines April gross earn
ings amounted TO S25l 900, against $780,
900 in April. 1888.
Mack Truck Company in the first quar-
ter had 4 net loss of 500 SAT against
$685. e0S IN the first quarter of 1888.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
REPORT NET EARNINGS
Lehigh Valley Income Equal to 81
Cents a Share.
PmTimea SnecinI

. 7 fHsfe = FNI0"F
CHICAGO, May 9.-The Lehigh
Valley Railroad Company in the
first quarter of 1884 reported a net
income amounting to S375,245 after
taxes and charges.
This was equal after preferred
dividend requirements to approx
mately 81 cents a common share.
The profit compares with net loss
of s1.5l7,S 1874 in the same quarter
last year.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
Wall Streets Pipeline to
Washington Believed
Plugged.

BW United Press
WASHINGTON, May g. Wall
Streets pipeline" to Washington
through which valuable information
for market operations has flowed
appeared today to have been
plugged by the United States secret
service.
The ease with which private in
terests obtained advance informa-
ton on treasury financing and mon
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
CHICAGO FRUIT MARKET

CHICAGO. May 9-AppIes - Michigan
Spies. s175d185 bushel. Carrots-Illinois
65675c bushel. Spinach-Illinois. 100 SOC
bushel. Beans-Southern green. s2@3
bushel wax, S2@3. Cucumbers-Central
boxl. Tomatoes-Florida, s1.50@325 Gue
box; dollhouse, s1.10Ql.60 lbs. Sweet
PotatoeETennessee 500 l,66. Mush-
paragus-1llinois $50 40c fat crates
onion market (50-lb. sacks: Michigan
yellows 60c6s1 Texas .yellovs, sl.05G
/ Is: Texas whites, S1.10M1.15.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
CONTRACTS ARE CLOSED
G. E. Budd Company Receives
Awards Totaling Over S1,0OO,0OO.
~ G'imea SbccinL

By Times Special
PHILADELPHIA, May Com
tracts totaling over $1,OOO,00O have
just been closed by the hi-tensile
division of the Edward G. Budd
Manufacturing Company. This divi-
sion fabricates stainless steel in the
naval, automotive and railroad
fields. Ten days ago it delivered tine
streamlined, high speed Zephyr"
to it's new owner, the Burlington
Railroad.
This work is to be done in the
Philadelphia plant and will provide
employment to considerably more
than three hundred men for a Pc
Rod of one year. Additional en-
ployment will result in other plants
in the production of raw materials.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
By Time. Special

BIZ Times NpecfdI
CHICAGO, May 9.-Freight load
ings as reported by the Milwaukee
Railroad were 23,441 cars for last
week as compared to 22.471 for the
preceding week and 23.098 for the
corresponding periodk3f 1888.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
RELIEF ROLL GREATER
IN FACE OF RECOVERY
Exhaustion of Resources. End Of
CWA Are Blamed.
81 United Press

b. JHiffd Press
WASHINGTON. May 9.-Despite
continued gains in business activity.
the number of families on relief
rolls Is greater than it was a year
ago. the commerce department re-
ported today in its monthly survey
of current business.
The report blamed exhaustion of
individual resources" together with
rehabilitation of CWA workers. $
for a substantial" increase in the
number seeking relief.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
INSURANCE SURPLUS UP
Lincoln National Reports Increase
of S273,OOO in Quarter.
BY Times Special

By IIMeS HpeCtdI
CHICAGO, May 9.-The Lincoln
National Life Insurance Company
had surplus increase of $273,000
in the first quarter of 1884, accord
ing to a statement sent to stock
holders this week.
Marketable securities and cash of
the company were increased ap-
proximately $1,858,OOO. A 20 per
cent increase in interest collections
on mortgage loans and a so per cent
decrease in demands for policy
loans were cited by Arthur F. Hall,
president, as partly responsible for
the surplus boost.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09
Other Livestock
(By United Press

a. G 65o H59dng Nay Iayooo S7c6 a9gRSSsPt
$685. top 1910 for best 2OO-24O lbs; most
pigs. $3.50 down; packing sows, $2F5G 10:
light lights. 14O-160 lbs, good and choice;
and choice, $34o@37o; medium weights
200-250 lbs. good and choice, $3.55M3.7O:
heavy weights, 25O-35o lbs. good and
iPs medium and ss66OisSs: s2so@a as
ohoee ss tSe es go0q SRc
iings steady to Csc lower; other killing
classes unevn; mixed yearlings fully
steady; heavy heifers unchanged; cows
steers top So. So; bulk So down to SIS
cattle and yesiers: steers s: IS $4,000 % Ibs
good and choice, $6ds.5O; 1.1oo-I 800 lbs
good and choice, $7d9. so: l.30O-l 500 lbs,
good and choice, $7.5o@9 SO: 55o.1 800 lbs,
55O-75o lbs good and choice. ss;25G6,5O
common and medium. $3.506525; cows.
good, S425q5.25; common and medium.
81. 75G 425; low cutter and cutter $l.50@
$325M375; cutter. common and medium.
@7.25; medium, $4@5.5O; Gull and com
steers. 550-1o50 lbs. good and choice,
S475d6; common and medium. $3.50d5.
Sheep--Receipts. 5000; not enough on sale
tone weak to 25c lower talking around
S975 for wooded lambs; quality plain;
sheep steady; slaughter, sheep and lambs
m Spdif A 75@o c lam lambs s % lbs down
good and choice S635m9: common and
medium, s6,25g8.5o; 9o-98 lbs. good and
and choice, s2,75@425; ali weights, com
mon and medium s150d3.35.
LAFAYETTE. Nav -Hogs-Market. Sc
ESQ lbs s. SO q s.55; 10000 lbs. 81. 90 q
as 1890 lo6 PA 6s 5ci4q 2ous sS
S2,75 down: top calves. $500; top lambs,
$780, spring lambs, s11.
,o Fl WAYNE JAYNE Nav :s,7Hoss5molosc to lsc
ss55 5sd $4,000 lbs s345 5oo-sSo lbs g 30
lbs. s25 i2o-1so lbs. 81: 1oo-12o pV ibs s.
sl65 roughs, $3.50; stays, $1.25; calves. Sc
lambs, s9.75.
CBy Times Special.
LOUISVILLE. May Seattle Receipts.
Csc lower than Monday; other classes
ms esFs s sfssdY beF sk f. Sae
finished fed kinds auotable to around
s625: bulk beef cows, s3Q3T5; practical
TOP, 81: low cutters and cutters. sl.5o@
heavy kinds considered eligible. S3.75:
stockers and feeder trade dull around
steady; bulk well bred light Hereford and
medium grade natives .s3G4. Calyes-Re-
ceipts. $50; steady; bulk better. vealers.
s5G5 so: medium and lower grades. 81 so
down Hogs-Receipts. 900; 10c lower; I'm
ished. 1925 lbs. s365; 230 lbs. up.
s2.S5: 145-1s0 lbs. mostly $40: choice.
l60-l80 lbs. $685.; 120-140 lbs. SITS;
sows S165 Sheep-Receipts. LOCO; run
late in arriving: no early trading; indica-
lions weak; bulk better trucked in spring
ers siI to mostly s1150: better wooded
lambs. s8G9: Gull to medium. s4G7: fat
clipped ewes mostly So few choice light
weights eligible higher.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09

for their eli
ents over the
weekend listing
favorable credit
factors which it
feels sure will
bring materially
higher prices.
The brokera &c
firm did not
dwell with such
things as cor
porate earnings.
the Stock EX-
change regula-
ton measure or
the President S
new deal poll
cieS, but held
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-09

rather to the theme that money
eventually goes back to work 1t
ventures the prediction that "ultl-
mately "a yield of per cent Will
seem relatively attractive"
England preceded us in going of
the gold standard by one and one
half years" says the Bache letter,
with the net result today that
England has reduced by one-third
the carrying charges on her national
debt. In the same way her rail-
roads. utilities and industrial corpo-
rations have effected great savings
in interest charges, due to the fact
that England was flooded with idle
funds that eventually had to be re-
invested. and, then, at lower rate
of interest"
TINE facts to keep in mind, the
i brokerage firm contends, are
that United States investors will not
reinvest in foreign securities, which
formerly took billions of dollars out
of the country, and will only invest
in sound domestic enterprises that
are ably managed. 1t presents a
iuvuS Ihents showing that
from 1924 to 1929 new security OF
ferings in this country never fell
below S. 100000. but in 1892 was
dropped to S1.192 100000 and in 1885
to S7l6.000,000. In 1929 the total
was more than $4,000. 900, 900.
1T is clear enough" the letter
explains, that the funds pumped
into the reservoir during 1892 and
1893 have left a considerable reserve
which has been seeking an outlet in
the form of investment securities
The best indication of this may be
found in the examination of the
course of bond prices. On April 25,
1884. the average price of represent
tative high-grade rail bonds, as
measured by Moody's Index, reached
the highest level since April l, 1902.
The yield on many high-grade bonds
dropped below per cent for the
first time since 1922
TINE evidence presented by the
Il Bache firm is hard to refute.
Investment funds are piling up at
high rate. These funds will con-
tinue to pile up until confidence in
the business and political outlook
has returned. While uncertainties
continue this money will be at
tracted to the best-grade securities,
but as the rates of return on these
decline and as the recovery appears
more certain it will drop down to
the lower-price brackets. where
yields are larger.