davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
Western Senators Aim
Congress Investigation
Into L. S. SiIUer MOUeS
Some Believe Treasury Has
Kept Policy in Too
Much Secrecy.
By United Press

BIZ United Press
WASHINGTON, Dec. 22.-West-
ern senators talked today about a
possible Congressional inquiry to
find out what the Treasury is do
ing about silver. Failure Of Secre-
tary Henry Morgenthau to enlighten
them as to the extent of the Treas
ury's operations toward nationalist
ton of silver prompted the talk OF
an inquiry.
President Roosevelt last summer
ordered the Treasury to purchase
silver until the ratio to gold re-
serves was three to one. Silver bloc
senators want to know if that has
been done.
The study, it was understood
would be undertaken with a view
of determining the effect of the sill
yer program on national and inter-
national trade and on world
economic conditions.
Others Are Awaited
Capitalization of silver bloc senti-
ment awaited the arrival of others
interested in the metal. Those here
are divided on the subject of an
inquiry. Some feel the Treasury
has carried out the Presidents or
ders as far as is either wise or
possible.
l. Those inclined to be critical of
the Treasury base their dissatiSfac-
ton chiefly on the belief that move
ments in silver have been Shrouded
in too much secrecy. They'd like
a peep at the records.
Some Senators believe the pro-
posed inquiry will not nleterialize.
They point out that in the past the
bloc has been prevented from con-
certed action by internal differences,
which was particularly true of the
last Congress.
Information Needed
Several said they felt the Treas
llry should inform Congress as soon
as possible as to the extent the pur-
chase program has been carried out,
the effect of purchases on the eco
nomic situation, the price paid and
whether any sales have been made
to halt or slow down price increases.
Among those taking this view
were Senators Burton K. Wheeler
Cd, Month, veteran leader of the
silver bloc; Pat McCarran Cd.
New, and Alva B. Adams d.,
Colo).
The silver bloc has interested it.
self in finding out to what extent
the $4,000 100000 sterilization fund
was used in the market in carry
ing out the silver purchase program,
and to what extent purchases are
being made by Federal Reserve
Banks.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
LINTON TO HEAD GROUP

M. Albert Linton, president of the
Provident Mutual Life Insurance
Co., will be chairman of the COM
mittee in charge of Financial In
dependence Week. according to
Henry E. North, chairman of the
Executive Committee of the Life
Agency officers Assn.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
WHEAT EXPORTS DROP
U. S. and Canada Ship 1,682,26S
Bushels During Week.
By Times Special

NEW YORK, Dec. 22.-Exports of
wheat from the United States and
Canada during the week ended Dec.
Is amounted to 1.682,268 bushels,
compared with 1,891,187 in the pre-
vious week and 2,910,662 bushels in
the same week last year, according
to Dun & Bradstreet.
For the current season, July l to
date. wheat exports have aggregated
80 ,287, 845 bushels, against 99.470, 797
bushels for the same period of last
year. Corn exports for the season
totaled 5000 bushels.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22

I tfeeZlng OF present equip
ment and that no new machin-
cry shall be added without the
consent Of the other members
of the industry. This obviously re-
duces the demand for capital goods
and intensifies an already bad
situation.
Muddled thinking about this ques-
/ ton can result only in a continu-
alton of the stalemate existing in
business and the adoption of the
| schemes to stimulate the capital
goods industries will lead only to
new disappointmentS.
Terms Are Different
1t will be very difficult to stimu-
late capital goods by means Of the
various public works projects now
being proposed. Since in many cases
the statement is made that the aim
is to increase activity in the durable
goods industry it is necessary and
pertinent to point out that durable
goods and capital goods are not
synonymous terms. The real dis
tinction is between consumer
goods" and capital goods
A machine which spins yarn is a
capital good. A consumers good is
one that is not used in further pro-
duction. Thus, bread usually is con-
| Sidered a consumer good.
I Ortr rrnrdc nt1d
capital goods can be either durable
or non-durable. Thus, an automo-
bile which is used for a pleasure
trip is a durable consumers good.
1t is called durable because it can
be used a number of times. On the
other hand, bread is a consumers
non-durable good, as it can be used
but once.
Likewise with capital goods. Btu
minous coal is a capital good when
it is used in a factory, but coal is
a durable good. On the other
hand, a machine which is used to
make another machine is a durable
capital good.
Thus, you can easily see that to
SDCdA vi OOllOulAAC1 EOOND w. NAOA
able goods is to confuse the issue,
since consumers goods are quite
often durable.
Durable Trades Active
It is interesting to note that
among the industries which have
experienced the greatest activity
during the last year are the auto
mobile passenger car industry and
electric refrigeration for homes.
Both of these industries supply con-
sumer'S durable goods.
The largest number of unemployed
are in the durable capital goods in
duStrieS, but it is with their status
as capital goods and not as durable
goods that we are interested in
analysing the current problem.
1t is consumers goods that fur
niSh the demand for capital goods
and it is only as the demand for
consumers goods is increased that
there can be an increased demand
for capital goods. No manufacturer
will install a machine unless he can
do so profitably. To install it profit
ably in most cases, means that he
must be able to sell the products of
the machine. These products may
be either capital goods or con-
sumer'S goods. If it is other capital
goods which he makes, the demand
for these goods must ultimately de-
pend upon the demand evidenced
for consumers goods.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
N. Y. CURB EXCHANGE
GIVES CHILDREN PARTY
Members Distribute Sweaters and
Shoes After Close.

BY JWIIEU PT6SS
NEW YORK, Dec. %. - Santa
Claus will come to Wall Street again
this year, despite improbable oper-
ations of many security houses in
the district.
Curb exchange members gave
their annual Christmas party to the
children after the market closed
yesterday. Each boy and girl was
given a sweater and an order for a
pair of shoes.
The celebration was in gaily
decorated room on the ground floor
of the exchange while a Christmas
tree was erected on the visitors gall
lery. About $500 children attended.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
TATE TO HEAD |. C. c,
Tennesseean Named Chairman of
Body for 1885.

WASHINGTON, Dec. 22.-Hugh
NJ. Tate has been named chairman
of the Interstate Commerce Com
mission for 1885. He will succeed
William E. Lee on Jan. l.
The Craftsmanship is rotated. The
new chairman is a native of Norris
town, Tenn, and was appointed a
member of the commission in Feb
ruary, 1880.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
BANK CLEARINGS SOAR

NEW YORK, Dec. 22-Bank
clearings are the highest for any
week in nearly three years. The to-
tai for the % leading cities for the
week ended Wednesday as reported
by Dunn u Bradstreet, Inc, was
Sc, 60,688,000, against S4,650 500, 900
for the same week of last year, an
increase of 325 per cent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
JUDICIAL LIQUIDATION
OF CITROEN ORDERED

Action by French Tribunal Will
Avert Bankruptcy.
By United Press
PARIS, Dec. 22.-The Tribunal of
Commerce today ordered a judicial
liquidation of the great Citroen
Auto works.
The action was taken on a pc
tition by the French Henry Ford,
Andre Citroen, head of the S115,-
100000 Societe Anonyme Citroen, in
an effort to avoid bankruptcy that
would throw more than $4,000 work
ers out of jobs.
Had the body decided against &C
ceptance, the most probable alter
native would have been bankruptcy
without advantages of liquidation.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
STUDEBAKER OUTPUT UP
December Figure Seen at $500
Units; Pay Roll Heavy.
Y Tinles NnccinL

SOUTH BEND, Ind, Dec. 81
Studebaker Corp. production for De-
cember will reach $500 units, Paul
G. Hoffman, trustee of the corpora
ton. said today. In December, 1888,
production was 5000.
Mr.. Hoffman said that 1900 orders
will be carried over to January. The
pay roll yesterday was one of the
largest in the last five years with
more than 1000 men at work. 5tude-
baker at one time employed 10000
men.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22

climb the road back
to normal trade
conditions.
But the big bust
ness men and the
bankers, who should
be better informed
than any one else
on the prospects
for 1885, are decid-
edly reticent about
expressing t h e i r
opinions if they
have any.
One. gains the
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
Wall Street
by RALPH HENDERSHOT-

NEW YORK, Dec. 22.-This is
~ the time of the year when
business men begin to take stock of
the results of the previous II
months and to look over the pros
poets for the future.
The best that can be said for 1884
is that it provides a basis for the
belief that the depression has ended
and that we finally are beginning to
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
EARNINGS SHOW RISE
Commonwealth Edison Co. Net
Increases Sharply.
By Times Special

CHICAGO, Dec. 22.-Earnings Of
the Commonwealth Edison Co. in
November improved sharply. due
both to increasing business and a
partial adjustment of excessive de-
auctions made heretofore this year
for state and local taxes, it was re-
vealed today.
Net for last month was 1923, AIS.
compared with $512,306 last year,
according to a report by James
Simpson, chairman. Gross revenues
were S6,593,S89 contrasted with
S6. 367 $40 in 1888.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
CREDIT SURVEY AIMED
IN CLEVELAND DISTRICT
Study Similar TO That Made by
Viner to Be Made Next Year.

b. Times special
WASHINGTON. Dec. 22-Secre-
tary Of the Treasury Morgenthau
has announced that a bank credit
survey similar to that launched IN
the Chicago Federal Reserve Dis
trict viii be undertaken shortly in
the Cleveland area.
Dr. Jacob Viner Of the University
of Chicago and DR.. Charles o.
Hardy of the Brookings Institution
viii again be in charge of the sur
vey.
The reception of the Viner-H Hardy
report on Chicago conditions was
SO favorable. Mr. Morgenthau said,
that Il has been decided TO examine
conditions in the Cleveland district.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22

81 tWfs special
NEW YORK. Dec. 22.-James B.
Hill. who recently was named presi-
dent Of the Louisville & Nashville
Railroad. today said he expected the
road TO show a profit for the year
Of between S2,500.000 and $500. 900.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
ORE SUPPLIES LOWER
Volume at Furnaces and Lake Erie
Docks Below Year Ago.
BIZ Times Special

By Times Special
CLEVELAND, Dec. 22.-Iron ore
on hand at furnaces and at Lake
Erie docks amounted to 35,873 ,661
tons on Dec. l, the Lake Superior
Iron Ore Assn. reported today.
A year ago the total was 36,199, ITO
tons. OF the Dec. /. 1884. total
30.625. los tons had been delivered
to the furnaces.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
OIL STOCKS REDUCED

IN fWFS NUTCITF
WASHINGTON, Dec. 22.-Stocks
of domestic and foreign crude oil
totaled 324 $50 900 barrels on Dec.
Is, or l.7l0.000 barrels under the
preceding week, the Oil Administra-
ton reports.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
Maintenance of Profit
Notice, Stable Money
Adjudged as Necessary
Revival of Capital Goods Industry Contingent Upon These
Developments Economists Assert; Public Works
Stimulate Durable Goods Field.
BY JULES BACKMAN AND A. L. JACKSON
Vice Presidents Economics Statistics. Inc.

NEW YORK, Dec. 21.-Unt the outlook for profits is
clarified and currency is stabilized the capital goods in
dusry will not record very substantial revival The Sc
curtes Act third but less important barrier in the way
of this recovery.
Some of the codes provide that there shall be definite
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
PRINCE URGES
FEDERAL BODY
TO AID ROADS
Creation of Board With
Half Billion Capital
Suggested.

The following is the second of series
of six articles on "A New Deal for the
Railroads" written for The Indianapolis
Times bv Theodore Prince. welI-known
railroad authority.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
BY THEODORE PRINCE


NEW YORK, Dec. 22.-Uhder
Federal control and Federal laws
there should be formed a company
with full powers and with general
corporate powers of railroad opera
ton, to be known as the Federal
Railroad Corp Itsshould be allowed
to issue stock of $500, 100000 par
value, to be paid for, as issued, in
cash. =
The corporation also should be
permitted to issue $4,000 100000 of
per cent debentures, which might
be sold to the public or bought at
par by the United States Treasury.
Each Of the Glass l railroads should
ouy stock to the extent of not less
than per cent of its property in
VeStment value. which would be
about $26O,OOO,OOO.
Proposes RFC Loans
Where a road was unable to buv
the stock the corporation could re-
heve 1t of such obligation or could
negotiate a loan for such purposes
from the Reconstruction Finance
Corp. Roads in receivership could
become a cooperative unit of the
corporation upon such terms as the
corporation and the Secretary of
transportation decide.
Under Pprtain onnIiffa,,c
fully set forth in the plan, roads
might be compelled to reorganize in
order that there might not be too
much of a financial burden placed
on the operating roads entering in
this cooperative plan and duties of
Vhe corporation. f@fERKK
Proposes 100000 Units
Shares of stock should be in units
of 100000 each par value. Each
railroad should vote for the "a di-
rectors of the corporation, and each
share of stock should have one vote
for one of the "a directors. Not less
than tWo-thirds of the directors
should be chosen from the execu-
tlVeS of the railroads.
Labor should be represented by
four additional directors. All power
OF the corporation should be vested
in these % directors, who would Sc
lect officers, committees and three
regional boards.
one regional board would cover
from the Mississippi to the Pacific:
one east of the Mississippi and north
of the Ohio to the Atlantic sea-
board; one south of the Ohio and
east of the Mississippi to the Allan
tic Seaboard.
Would Have Wide Powers
The corporation and it's regional
boards would run" the railroads.
subject to the supervision of the
Secretary of Transportation. who
could have the Interstate Commerce
Commission rule on any question.
The corporation would have power
to initiate and maintain rates, allow
pooling of rates, provide Cor COM
mon use Of equipment and termi-
nails, to reduce competition where
beneficial though in violation of
antitrust laws, to carry on negoti-
ations with labor, to reorganize or
effect capital readjustment of roads
and to operate roads through such
periods without the expensive proc
eSS of receivership.
1t also would lend money to en-
able them to compete efficiently, and
otherwise to formulate plans. in
conjunction with the Secretary of
Transportation, for the conSolida-
ton Of systems and to exercise gen.
orally these functions as well as CO.
ordinate the operation of the rail-
roads SO that efficient, economical.
stabilized and profitable operations
may enSue.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
Stock Studies

General Cigar Company is one Of
our larger manufacturers and whole
salers of cigars. Most of its prod
uctS are sold by widely advertised
trade names including White Owl. "
William Penn" Robert Burns"
and Van Dyke" Company has 95
distributing branches located in %
states. Plants consist of Is fac
tories and so warehouses located in
43 cities of the country.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
LOCAL CASH MARKET

City grain elevators are paving 30 cents
for No soft red wheat. other grades
on their merits Cash corn No. yellow
SO cents and oats AZ cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22

impression t h at
they are none too certain about the
factors upon which they must base
their judgment. The question Of
whether we are to have initiation
seems to be uppermost in their
minds.
These men make full allowance
for the fact that President RooSe-
welt appears to have taken more
conservative stand on business mat
ters They expect him to do his best
to avoid imitation
But they also take cogniZance of
the fact that Federal spending is
continuing at high rate and that
the Government debt is piling up at
very rapid rate. They fear Mr..
Roosevelt may not be able to keep
us out of initiation despite his best
efforts to do so. His political power,
they feel, may prove of little use
against economic tides.
TINE hope Of most of these men
sufficiently to take up at least part
of the slack in the number of I'M
employed. If this takes place they
believe the Government will be able
to ease off gradually in it's expen-
ditures and eventually balance the
Federal budget.
Time is an important element in
that connection. The nation has a
certain amount of fat upon which it
can live economically, but it is obvi-
Gus that it can not go on indefinitely
spending more than it receives in
income.
No one seems to know quite how
large a debt structure the nation
can stand before it begins to really
impair its credit Federal bonds are
still going we'll in the market, but
the response has been due, in part.
to the efforts of the Government
to force easy money, and to food the
banks with deposits.
THE more short-term securities
l. the Government puts out the
more it makes itself dependent upon
the banks because the banks and
insurance companies are among the
heaviest purchasers of these securi-
ties. And if the situation were to
reach point where these institu-
tons declined to cooperate it might
become necessary to print the money
with which to meet maturities.
Consequently. the big fellows are
obliged to guess about as much as
any one else. They see possibilities
of either credit or currency imitation,
and the effects of such develop
mentS depend, in large measure, on
public psychology. Moreover, should
imitation overtake the country, it is
extremely difficult to determine
when it may be expected.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
HOLDERS AWAIT
POLICY REPORT
OF BIG BANKERS
Many Annual Stockholders
Meetings Scheduled
for January.
BY HOWARD CARSWELL
Times special Writer

NEW YORK, Dec. 22.-The an
nual stockholders meetings in
January Of the Wall Street COM
mercial banks are engaging the at
tention of the financial community
today. While the immediate points
Of interest will concern dividends
and earnings during such adverse
times, those conversant with the
banking field generally are looking
forward TO the annual reports of the
bank arrangements for their express
sions of policy and attitude on GER
tain banking and politicO-economic
issues which are currently so inn
pOrtant to them.
AS far as the 10 big banks of the
Clearing House go there are roughly
100000 stockholders and around
81, 900 900 common shares concerned.
Aggregate market value of the
stocks of the 19 big banks amounts
to about $1,000 100000.
Begin on Jan. 8
The ma ority of stockholders
meetings are scheduled for Jan. 8,
9 and 10. Public atteN ton on Jan.
will center on the Chase National
Bank, National City Bank and Corn
Exchange Bank Trust Co. meetings.
The Bankers Trust Co. and Cen
tral-Hanover Bank and Trust Co.
will hold their meetings on Jan. 10,
while the Irving Trust Co., Guar
anty Trust Co. and Chemical Bank
and Trust Co. will submit reports
to stockholders on Jan. 16.
Because its trustees are appointed
to life tenure, with stockholders
having no voice in the management,
the Bank of New York and Trust
Co. is exceptional in the manner OF
having no annual stockholders
meeting. The Bank of the Manhat-
tan Co. held its meeting on Dec. 4,
with the annual report of j. Stew
art Baker. its chairman, receiving
much comment.
Funds Are Problem.
According to those cOnverSant
with current banking problems, the
forthcoming annual reports may be
expected to touch upon some inter-
eSting aspects Of banking under cur
rently adverse conditions. Out
standing is the problem of employ
ment of the funds deposited, in view
of the low interest rates prevailing.
The volume of commercial loans
continue at low ebb
An expression of attitude on the
part of the big Wall Street institu-
tions on the subject of deposit in
Surance also will be followed with
interest. Many bankers are of the
opinion that the Federal Deposit In
surance law should be revised or
modified in certain particulars. AS
far as the big banks are concerned,
it is proving to be an unwelcome
burden of expense.
While signs of business improve
ment are not lacking, whether the
banking arrangements will announce
additional charge-offs and set up
further reserves in the interest Of
conservatism will be followed with
keen interest by many observers.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
Curb Members Acted

When a dispute broke out in the
New York Curb Exchange last year
regarding policy a rival committee
was nominated The Stock EX-
change would prefer to avoid such
an obvious manifestation of internal
ructions, it is thought, by diplomatic
handling.
Stock Exchange troubles, dating
from the 1929 crash, have intensified
as the depression continued. The
natural reflection of the diSsatisfac-
ton of the public in the workings
of the Exchange began to show in
side the Exchange itself when Wash
ington started to "crack down" on
securities trading.
The Securities and Exchange
Commission is said to be watching
keenly the internal affairs of the
Big Board in the realization that
this is its chief ward. A liberaliza-
ton of the organization would not
be taken amiss, in so far as Wash
ington is concerned.