davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
RETAIL ISSUES
FEATURE STOCK
MARKET SALES
General List Is Irregular
Continental Can Has
New High.


NEW YORK. oct. Mercantile
issues featured the morning deal
lngs on the stock Exchange today,
several rising 70 new 1884 highs.
The general stock list was irregular
and dull
Low priced shares Of the merchan-
tile group made the best showing
New tops were made by the McLel-
Ian issues at 1O5s. up - for the
common and 60 5, up L, for the
preferred. The McCrory Stores
shares also made new tops for the
years, the common at 5. up p, and
the preferred q, up 3. Both these
companies are IN receivership and
both are reported making money
now that they have reduced costs
by securing lower rentals.
Other mercantile shares making
a good showing included r. H. Macy
at ~, up IL: Marshall Field, 12as,
up Is; Spiegel, May Stern, 6l7s
up Ia: Sears ROebuck, 407,, up
IL. and J. c. Penney, 81. up a..
The latter company yesterday re-
ported the best September sales
total in its history.
Elsewhere IN the list there we're
few features Continental Can made
a new 1884 high at BIZ, up l, and
Reynolds Tobacco B made a new
top at 49,. up United States
Smelling was up nearly 2 points at
111it.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
BUYERS TURN
TO WHEAT PIT
Shipments to China Are
Reported, News Brings
Interest.
By United Press

By United Press
CHICAGO, Oct. 9.-Cables told of
sales of four cargoes of Australian
wheat and one of Argentine for
shipment to China today and the
news brought buyers into the wheat
pit on the Chicago Board of Trade.
At mid-session wheat was I'M
changed to z cent higher, corn was
up q to 11s cents, and oats were Il
to e cent improved.
Although wheat was nervous and
lower at the start, losses we're re-
covered when the expected selling
at Winnipeg did not materialize.
Under the new Canadian regulations
effective today, prices at Winnipeg
held to a narrow range. The trade
here generally was quiet with
traders preferring to await the gov
eminent report due tomorrow. Cash
prices were unchanged and receipts
were seven cars.
Corn was up fractionally in SYM
pathy with activity in the big pit,
but there was no news directly re-
lated to this cereal. Only 10000
bushels were booked to arrive early
and cash circles reported prices I'M
changed Receipts were forty-one
cars.
Oats also we're higher, but there
was little or no activity. Cash prices
we're unchanged and receipts were
five cars.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
Brokers Go to School

BV tHtfcd Press
NEW YORK, oct. 9.-WaH Street
brokers, many Of whom have been
out Of college for a decade or more,
were back in the classroom today
earning mtricacies Of the new mar
gin requirements established by the
federal reserve system.
More than five hundred repre-
sentativeS of most of the brokerage
houses in New York, including part
ners, margin clerks and Office man.
ayers, attended the first school ar
ranged by the Association of Stock
Exchange Firms. Brokers presided
over the discussions.
Among the discussions were the
types of margin sheets to be used,
procedure in computing new mar
gins and questions arising from loans
between brokers. The Stock Ex-
change announced that Standard
Statistics - DOW-Jones Collateral
Loan Service and the Fitch Pub
fishing Company, Inc, records of
lowest marget prices had been ap-
proved for margin purposes.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
COMPENSATION RATE
RAISE BEING FOUGHT
Employers Group Is Opposed to 146
Per Cent Increase.


ST. PAUL. Mimi, Oct. 9.-Oppo-
sition to the proposed increases in
compensation insurance rates has
been expressed by several groups Of
employers at a recent hearing at
the state Office building.
The rating bureaus proposal calls
for an average increase Of 146 per
cent. with a surcharge on policies
where the annual premium is less
than $500 A decision is expected
before Oct. IS. so that the rates, If
approved. can go into effect Nov. /.
Employers and employees. as well
as insurance companies. will never
consent 10 the state OF Minnesota
enga gtng in the compensation in
surance business. according 10 Clyde
B. Helm. secretary Of the Insurance
Federation Of Minnesota.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
Wall Street
by RALPH HENDERSHOT-
Times Special Writer

NEW YORK, Oct. 9.-In Presi-
IN dent Roosevelt's latest fire
side" talk he took a backhand slap
at the bankers of this country by
making the point that the bankers
of England had supported their gov
eminent throughout the depression.
The inference was, of course, that
the American bankers had not sup
ported our government, and it was
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
FRUITS AND VEGETABLES
n Unlted PressI

CHICAGO. Oct. 9-Apples- Michigan
Mcintosh. bushel 2iz-inch sI500is5;
Wisconsin. 81 Tomatoes-Ohio. s-quart
ba skets. 350 n SOC. Sweet potatoes-Tea-
nessee bushel 30 n 95c. Lettuce-Cali-
fornia. crate. 50 25025 50 Illinois.
bushel green. 25c0sl Is. Cabbage-Wis-
consin crate 50N 65c. Peppers-Illinois.
bushel IS n Soc Michigan. 500 75c. Egg
plsnt-Illinois. bushel. 25C. CelerY-Mich-
igan. crate squares. 50n SOC; fats. 40c:
hiChballs 250 4Oc. Western caulihower-
Crate. sfl5Ql40. Michigan 90cHsi Is.
Michigan Concord. l2-quart 25G
23c: 4-quart l3a nc. Cranberrles-Mas-
sschusetts u barrel $3.50 50 Spin
ach-IlHnois and Michigan bushel, 25D
SOC Csrrots-Illinois. punches. llzG2c.
Celery Michigan fiat b0xes. 25f1
35c Beets-IllinOis and Indiana. punches.
1Hli7c Green onions-6G &c bunch
onion market (50-lb ssckst-Michigan
yelloWs. 650 Toe, Idaho whites 81; Idaho
yellows Is n 30c Indiana and Illinois yell
lows. 40 n SOC
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09

statement that leading London
banks have only about Is per cent
of their total security investments IN
the bonds of Great Britain, whereas
the investments of American banks
are made up of United States gov
eminent bonds to the extent of more
than so per cent.
The figures, however, do not tell
the entire story, although they are
quite convincing. English banks do
not depend to a very great extent on
government bonds and other invest
ments for hquidity. They hold
commercial paper largely for that
purpose. In this country, though,
the banks have been obliged to keep
most of their funds in Short-term
government obligations in order to
remain as liquid as they desire to
be. In other words, their holdings
represent self-protection for the
most part rather than government
support.
4 MOTHER factor also enters into
N the situation. English govern
ment bonds do not, as a general
rule. include taX-eXempt provisions.
This means that they are more suit
able for the average investor in that
the yield is more in line with other
securities than are government
bonds in this country. Consequent
" the general public in England
can afford to hold the major por-
ton of the bonds of their country,
and the government is not so much
dependent upon support from the
banks.
The question of the time when
purchases and sales Of government
bonds are made is still another con-
sideration in any unbiased discus
sion of the issue. The record Of the
action of the London bankers is not
easily available in this country, but
the federal reserve bank figures in
dicate quite concluSively that our
bankers sold loug-term government
obligations in the open market at
a time when the government was
doing its best to put over a long
term bond issue.
TTAD the bankers been on the
l. Il buying side of the market in
even a modest way, rather than on
the selling side. it is reasonable TO
assume that the latest government
financing program would have gone
over better. They maintain. Of
course. that the reason why they
sold was that they did not have
sufficient confidence in the long
term monetary policy of the gov
eminent. and also that they already
held too many of the governments
obligations.
While there probably is a great
deal 10 be said on both sides Of the
issue. the arguments presented by
our bankers to show that Mr.. RooSe-
Welt was wrong in his contention
are not entirely convincing. That
the chief executive did not rise in
banking favor by making the aSSer-
ton. however. is well supported by
statements heard n the street.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
SEASONAL RISE SHOWN
IN COAL PRODUCTION
Indiana Output Totals 298,OOO Tons
During Week.

A seasonal upturn in bituminous
coal production in Indiana for the
week ended Sept. % was noted to-
day in the report of the United
States bureau of mines.
Indiana produced $4,000 tons for
the period, 10000 tons more than
the previous week and $4,000 more
than was produced for the same Pc
Rod in 1898.
The states production was more
than 4 per cent Of the nations out
put.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
BANKERS TRUCE
MAY BE SEALED
BY ROOSEVELT
Administration Drops Plan
of Creating Central
Issue Bank.
BY THOMAS L. STOKES
Times Special Writer

WASHINGTON. Oct. ga truce
between the administration and the
bankers may be sealed formally
when President Roosevelt addresses
the American Bankers Association
convention here in two weeks.
This does not mean that President
Roosevelt has capitulated to the
banker viewpoint nor that the
bankers have approved everything
that the chief executive has in his
program.
Inc administration has opened
the way for cooperative endeavor
by passing out word, privately. that
it has no present intention of Great
ing a central bank of issue. such as
was advocated in congress last ses-
sion and such as has been limited
frequently since to create terror in
the banker heart.
Experts Are Studying
Treasury experts, it Is true, are
studying ways and means Of CEN
Trailing the federal reserve sys-
tenn still further, making it more
responsive to the treasury, but the
bankers are being consulted on this.
Mr.. Roosevelt's conciliatory mes
sage to business in his recent speech
was directed also to the bankers, for
they must finance industry. The
banking element was Soothed by his
emphasis upon retention of the
profit system, even though he gave
tacit warning that they must CO.
operate by pointing out how Eng
llsh bankers had assisted their goy-
eminent.
Aid of the bankers is needed to
furnish capital for the heavy goods
industries and in the treasury's re-
financing program. Indication of a
partnership with the administration
necessarily bars the alternative.
government taking over of banking
and credit through a central bank
or otherwise.
Cooperative Spirit Is Felt
A spirit of cooperation has CROP
ped up in developments of the last
few days and week, namely, less
stringent policy in bank examina-
tons by reclaSsifcations of loans;
reduction of interest rates on
money the r. F. c. advanced the
banks by purchase of preferred
stock and capital notes; creation Of
new mortgage companies to which
the R. F. c. will lend and the OPEN
ing Of the administration ear to
banker complaints.
Dominant now in administration
bank policy are two conservatives,
Chairman Jesse Jones Of the r. F..
G. and Eugene r. Black, former
federal reserve board governor.
Both are doing missionary work,
Mr.. Jones from his Office here, and
Mr.. Black in travels about the
country as liaison between the adj
miniStration and the banks.
Significant also is the continued
presence here of Frederick M. Law,
president Of the American Bankers
Association, who has been in and
out of the White House frequently.
He is in daily contact with Mr..
Jones, fellow citizen Of Houston.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
DIVIDEND is DECLARED
By Times Special

BIZ 7 lWfs epecInI
CLEVELAND, Oct. 9.-Directors
Of the City Ice and Fuel Company
have declared the REGULAR dividend
of s162lz a share on the preferred
stock, payable Dec. l, to holders Of
record Nov IS Regular quarterly
dividend of so cents a share on the
company's common stock also was
declared. payable Dec. 81 to holders
Of record Dec. IS.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
STEEL OUTPUT RISES

By United PTess
NEW YORK, ONT. 9.-The steel
industry is operating currently at
23.6 per cent Of capacity, compared
with 232 per cent week ago, an
increase Of 4 points or IT per cent,
according to the American Iron and
Steel Institute.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
APPROVE NEW PROGRAM
Indiana Associated Telephone Co.
to Spend $4,000.
By i'm es Special

. y 7 IWIFs . ptLIUt
LOGANSPORT, Ind, Oct. "A
rehabilitation program Of the In
diana Associated Telephone Corpo-
ration has been approved and work
will start shortly after the first Of
the year.
The new program calls for an
expenditure of more than $4,000,
according to Walter Uni, manager.
Plans for carrying out the new pro-
gram are being made.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
PRICE REACTION is SEEN
Current Advance in Commodities
May Be Checked.
BIZ Times Special

BIZ Iimes Npect1I
NEW YORK, Oct. 9-Despite the
fact that commodity prices rose TO
a new high for the recovery period
in August, the Alexander Hamilton
Institute expects a halt in the cur
rent upward movement.
Now that the effects of the
drought and Of the acreage curtail-
ment measures are fairly known, the
institute believes that some recess
sion may occur which will develop
into a considerable reaction.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09

taken very HluCH
to heat in Wall
Street. The atti-
tude was that the
Pre- d e n t had
been unfair in
that he had been
inaccurate.
An investigation
would seem to in
dictate that the
Pre- Id e n t had
been a little off in
his statistics. DR..
Max Winkler is
authority for the
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09

On an open loan basis it
would have been hard for him
to get accommodation for as
long as a year, compared
with one to five years now.
But suppose he succeeded. AS
man on a salary, he would have had
to start saving to pay the loan on
the due date The chances are he
would have begun putting aside
little every month into his account
so that at the end of the term he
would draw one check and pay of
the loan.
No one would say that because
this customer kept depositing few
dollars in a checking account so he
could meet the loan, he should
count the theoretical loss he Sus-
tanned from not being able to invest
the money at 5 per cent as part OF
the interest charge on the loan.
5 Per Cent Discount Limit
That is almost identically the way
the transaction is handled for a
borrower on the modernization Gre
dit plan. He pays 5 per cent discount
never more, because the govern
ment won't permit it. But because
this plan is intended for nondeposi-
tors. the government requires that
payments be made in definite
monthly installments.
On these payments, as a rule, he
gets no interest. The fact that the
monthly installments are required
by contract is to the borrowers adj
vantage. That is a sure-fire safety
device against forgetting to pay"
When all's said and done, the
property owner, without the re-
quirement of a checking account,
without any collateral except his
earning power and his good name,
gets a 5 per cent loan, just as surely
as the collateral borrower"
The mathematical ratio between
gross return and average balance
outstanding" is almost exactly the
same in every borrowing relation
ship. The MOP includes in one
package the three things that have
to be considered together in an or
binary loan:
Fjrst-The cost of the credit.
Second-The cost of the repay
ment plan, paid for in the lower re-
turn on accommodating sums.
Third The deposit account
which adds to the ratio" of the or
binary customer, but as special
concession is absent in the MOP.
MOP Faces Difficulties
why is it," I have been asked,
chat in some states modernization
loans have run up against difficult
ties because of interest rate laws?"
The answer is that interest rate
laws are behind the times. These
laws, we'll intentioned and having
served a good purpose in times past,
give no recognition to the fact that
consumer credit is with us to stay,
and that the public insist on buy
ing on time-fnanclng plan.
Recognition of this state Of affairs
have been very prompt in New
York. At a special session OF the
legislature a special act was passed
stating that laws relating to interest
rates, term of notes and require
ments for security all could be
waived for modernization loans so
that any institution in the state
could do time financing upon the
terms prescribed by the federal
housing administration.
Other states are looking forward
to similar action by their legisla-
lures during the winter, so that
added impetus can be given the
movement to make more liberal the
relationship between banks and the
borrowing property owners.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
Treasury Statement
tBy United Press

WASHINGTON. Oct 9-Government
expenses and receipts for the current
fiscal wear 10 Oct. 6. compared with he
corresponding period Of the previous fiscal
year
This Year Last Year.
Expenses 81 SIC sos. 478 rs 81 .OOq 500 $50 -
Receipts 1 .058 500 .SO6 06 769 973. 878 70
Deficit ... GIT 70f 673 20 2l9 526. 671 So
Cash bal 2 139 $50 396 81 .--..--.......
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
Stock Studies
BEECH NUT PACKING

The Beech-Nut Packing Company
is one of the leaders in the manu-
facture and sale of food specialties.
Among its food products are bacons,
hams, jellieS, condiments, chewing
gum and CONNECTIONS. Its largest
sales are Of chewing gum and can
dies.
Through the thirty-five years of
the company'S existence its products
which have a nationwide distribu-
ton are known for quality. Ma
tional advertising has played big
part in maintaining sales. Plants
are modern and well equipped, sew
eral Of which are located in New
York state and one in California.
FINANCIAL DATA
As of June so, 1884
Common stock 1870 par. 446,25o shares:
SurpluSSes -..---.-.-.-...-..- 94l0.l65
Cash and securities -........... 10,O56.6I6
Inventories ..---.-- ....-.-..... 1924. 532
Total current assets .......... 1852 81
Current Liabilities ..-........- 66e. 106
Of Finance, Winchester, Mass)
During the twelve months period
GA4OOO julio OO, 1907 CdSl4 dl4Q &c
curities increased nearly S1,700,000.
Inventories, however, were about
100000 loss. Net working capital
increased nearly 100000 while sur
pluses gained $4,000. On June 80,
1884. the current ratio was % to /,
while the book value of the COM
mon stock was S44.72, an increase
of s054 during the twelve months
period.
Beech-Nut Packing has made sub
stantial earnings continuously. al
though there was a drop in 1882.
The common stock earned S412 in
1888 and Sl67 in the first six months
Of this year.
For several years the annual divi-
dend rate has been 50. which still
is maintained. The company paid
a cash extra of IS cents Oct. l.
The Beech-Nut Company was in
corporated in 1899 in New York.
TIE common stock is listed on the
New York Stock Exchange At a
current price of around 66A the
stock sells to yield about Al per
cent on its regular dividend.
tAll Rights Reserved. Winchester Institute
OF Finance. Winchester. &ass.1
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
LOCAL CASH MARKET

City grain elevators are paying as cents
for No soft red wheat other grades
on their merits. Cash corn No. yellow
So cents. and oats 43 cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
BY ROGER STEFAN
Director of Moder nization Credits.
Federal Housing Administra ton.

WASHINGTON, Oct. 9. - Twentyfour hours before
odernization credit flashed the country if prop
erty owner who had established relationship with bank
had taken to the bank ample collateral bonds for
example, and been granted small loan at per cent he
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09
Rebayn1entS Made Under
Home MOde1niSatiOn Are
Just Like Bank Account
Housing Credit Program Requires Borrowers to Pay in
Monthly nStaImentS Government Puts 5
Per Cent Limit on Discount.


official who has charge the credit phase the
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09

Dew elopm ents in
Trade and Industry
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09

Latest Stock, Bond and
Commodity Quotations
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-09

would have been we'll satisfied.
Evening star., 1934-12-16
Uarns uf Ul1ankB

GETZ. WILLIAM II. We wish to thank our
relatives. friends and neighbors. for the
Kindness and sympathy extended to us
at the time of our bereavement. the
death of our brother. WILLIAM II. GETz.
SISTERS AND BROTHER.
WESTON. REV. WILBERT. I wish to ex-
press my thanks to friends and relatives
for their many acts Of kindness during
the illness and at the death of my hus-
band. Rev. W1LBERT WESTON.
MRS. LOTTIE WESTON.
Evening star., 1934-12-16

Ranck, pastor of Grace Reformed
Church, officiating.
Mr.. willard, assistant District man
ager for the Carnegie Steel Co., was
born in Jefferson. Md, and attended
GEORGETOWN University. He was the
Carnegie steel representative here for
several years. A thirty-second- degree
Mason, he was also Shriner.
His mother, Mrs. Mary H. willard,
of HOS Clifton street; his wife, Mrs.
Emma H. willard, and two daughters.
Betty and Jean. of Cleveland, and a
sister, Mrs. Charles G. Hubbard Of
Washington, survive.
Evening star., 1934-12-16
Dratha.

Thursday. December 13. 1884. at his
home, 1928 Georgia ave; Silver .Sp:ing.
Md. BENJAMIN F.. husband Of Marie
Ready Anderson. Services at Warner
e Humphreys, funeral home S424
Georgia ave. Silver Spring, Md. on Sat
urday December Is at pm. Inter-
ment Wardensville w. Va. 16
AXLINE, CHARLIE B. On Friday. De
cember IA. 1894. at his residence. S2S
Concord ave. NV. CHARLIE B.. beloved
husband Of Edna M. Axline and father
OF Karl H, and Harold O., Axline. Re
mains resting at the Lee funeral home.
4th st. and Mass. ave. ne. where serv-
ices will be held on Sunday. December
is. at 8 pm. Relatives and friends in
vited. Interment private. 10
Evening star., 1934-12-16
MITCHELL. LUCINDA S. Suddenly. on

Thursday. December 13 1884. at logo
pm. at her residence 1905 9th st. NV.
MRS. LUCINDA S. MITCHELL. widow
of the late Isaiah Mitchell devoted
mother of Mrs. Laura Nichols and Isaiah
Mitchell jr.; loving sister of Mrs. Mel
vina Cook Mrs. Mary Henderson Mrs.
Eta Young and Mrs. Olive Renfro.
She also leaves four grandchildren and
many friends. Funeral from the Nc
CURE funeral home. 1920 9th st. NV.
December II, at I1:3O a. m. Friends and
relatives invited. Interment in Airing
tom Memorial Cemetery l6a