davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
STORE SALES
FOR NOVEMBER
TOP YEAR AGO
Gain Over October Less
Than Seasonal, Reserve
Board Reports.

By United Press
WASHINGTON, Dec. 13-Sales
of the country's department stores
in November increased less than
usual over October, but were II per
cent ahead of year ago. the Fed
eral Reserve Board reported today
Wide gains over q year ago were
registered in all parts of the country
except the huge shopping districts
in the north Atlantic states, the
board reported.
While average sales in November
were IL per cent over November,
1888, sales for the first IL months
of this year were Is per cent ahead
of a year ago.
Boston Sales Drop
The Boston reserve district was
the only one showing a decrease in
sales in November, transactions
falling l per cent below a year ago.
New York showed a gain of 6 per
cent and Philadelphia par cent.
Cleveland gained Is per cent,
Richmond II per cent. Atlanta "a
per cent, Chicago Is per cent. st.
Louis IL per cent, Minneapolis 10
per cent, Kansas City Is per cent.
Dallas 81 per cent and San Fran
cisco 10 per cent.
Variety Stores Prosper
While department store sales in
November failed to show a seasonal
rise, retail variety stores showed a
sharp gain over October, the De-
partment of Commerce reported.
Daily average sales of the low-priced
variety stores showed 2 gain in No
vember of 2.5 per GEN. over October,
the department estimated.
November sales showed an in
crease of 8 per cent over November,
1888, compared with a gain in Oc-
tober of per cent over october,
1888.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
LABOR GROUPS
WEIGHING MOVE
Auto, Steel, Textile Units
Would Form Pact to
Curb Resistance.

By United Press
WASHINGTON, Dec. 13.-Three
of the nations most powerful
groups of industrial workers would
form an offensive alliance" under
plans being studied today by high
officials of the American Federation
of Labor.
Workers in the automobile, steel
and textile industries would form a
pact to combat employer resistance
to organized labor if given the sup
port of tr A. F. of L., it was re-
liably rep ID.
William zen, president of the
A. F. of L.. said such an alliance sis
being given serious consideration"
Mr.. Green is directing an inten-
sive organization drive in the auto
mobile, steel and textile industries.
Mr.. Green said his Office had been
informed of the existence of a
'gentleman's agreement" among
leaders of the three industries to
fight the spread of labor's influence
under the New Deal. They are
putting up united 'front.'" he said
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13

mercial loans to most of the
smaller business concerns, but in
directly they are helping to place
more money in the hands of the
public, and the chances are that
part of this money will find its way
into active trade channels.
To a very marked degree these
operations reflect the confidence of
the bankers in the business out
look. Certainly they would not tie
up the funds of their depositors in
loans such as these represent if
they feared any new banking dis
turbances or if they. did not be-
lieve these loans could be refunded
through the sale of new bonds
should the need arise.
THE question arises, of course,
Il as to how investors are faring
as a result of these operations. Ed
win j. Schlesinger, an investment
authority, believes they are being
miStreated. He contends that bond
ing whether or not the bonds they
hold shall be called before maturity.
There is a great deal to be said
for his argument. 1t has been GUS
tomary for corporations to take adj
vantage of every market opportunity
to secure their funds as cheaply as
possible from investors. When the
bond market is at its best they sell
bonds, and when there is boom
in the stock market they sell stocks.
Investors consequently have been in
the habit of paying too much for
their securities.
Mr.. Schlesinger suggests that
only a certain percentage of any
concerns bonds should be callable in
any one year and that the premium
paid on such bonds should be higher
than is customarily the case. This
would make it easier for investors
TO keep their funds employed at
times when money rates are low.
LIE suggests also that sinking
Il i fund provisions be made more
liberal. He would make these par
tally permissive as well as manda-
tory so as to make it possible for a
corporation TO retire its bonds
through purchase in the open
market whenever it has surplus
funds on hand.
Obviously, if greater consideration
were given investors by bankers and
corporations the relationship be-
tween them would be greatly i'm
proved. 1t is entirely possible that
a more steady stream of investment
funds would be made available for
corporate use and the peaks and
valleys OF public financing would be
leyeled to some extent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
FLORIDA HAS HIGHEST
GASOLINE TAX IN u. S.
Average MotOrist There Paid S60.12
Last Year, Is Report.

By Times Special
NEW YORK, Dec. 13.-The aver
age Florida motorist paid $6012 in
gasoline taxes last year and an adj
ditional $17.88 in registration fees.
This represents the highest per We
hicle gasoline tax in the United
States, according to figures COM
piled by the American Petroleum
Industries Committee.
Florida, together with Tennessee,
has the highest gasoline tax rate in
the country, the state levying 7
cent tax in addition to the 1-cent
Federal tax. In Tennessee motor
lists paid a per vehicle gasoline tax
of $40. This was equalled by South
Carolina, which has Scent state
tax, and was nearly equalled by
Alabama motorists who were forced
to pay SAT last year in taxes on
their motor fuel.
In releasing the figures, showing
the per vehicle gasoline taxes paid
in the states last year, the Amer
lean Petroleum Industries Commit
tee pointed out that none of the
figures include city or county gaso-
line taxes, but they do include taxes
collected from both the Federal and
State Governments on motor fuel.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
CHICAGO GRAINS UP
MODERATELY EARLY
Rise Follows Reports O
FirmneSS Abroad.

By United Press
CHICAGO, Dec. 13.-Grain prices
on the Board of Trade pushed frac-
tionally forward today when cables
carried reports of firmness abroad.
At the start wheat was a to q
cent higher; corn was unchanged
to p cent up; oats was up u to 4
cent, and rye f1rmed 5s cent.
Broomhall's estimate of smaller
Argentine shipments lent the Liver
pool market firmness Resales of
wheat from Liverpool to Shanghai
also had some effect
The start here was rather dull
with commission houses and locals
supporting the buying side with
small purchases.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
MORTGAGE UNIT
OF S5O,OOO,OOO
SOUGHT BY RFC
Jesse Jones Hits Bankers
for Failure to Aid Lift
of Market.
BvUnited Press

BU Cn1Ie0 RT6SS
NEW YORK, Dec. 13.-Jesse H
Jones, chairman of the Reconstruc-
ton Finance Corp, today criticized
bankers and business men for fail
ure to aid in reviving the mortgage
market. He offered $25,000,000 in
RFC funds toward a mortgage
financing institution if private in
terests would match that figure.
Addressing the Bond Club of New
York, he urged that New York
bankers and investment specialists
direct their attention to the mort
gage field.
"I appreciate that some of you
have agreed to assist in small way
in organization of mortgage COM
pany to lend on mortgage certif1-
actes," he said, but you have not
gone anything like far enough-you
have shown no real interest.
Ashamed of Interest Lack
st am ashamed to admit the lack
of interest and cooperation shown. .
Mr.. Jones' statement was directed
at one of the most difficult problems
confronting the Administration
establishment of sound mortgage
conditions as a prerequisite for a
widespread housing drive.
The RFC head pleaded with the
group to take the lead in meeting
the problem.
mo one seems to be willing to go
into the business-aS a business"
he said. Our thought has been
to encourage and assist in the Or
ganization of mortgage companies
and mortgage trust companies to be
operated as a business for legitimate
profit.
Asks Fifty Millions
you gentlemen in New York City
could make a great change in your
whole business atmosphere if you
would organize a substantial COM
pany or companies, to be operated
on sound lines, lending upon first
mortgage certificates of the COM
panies that have heretofore been in
the business, but are no longer able
to assist their investors"
Mr.. Jones said such a company
should have at least $50000,000
capital.
eff you will organize such a COM
pany," he said, land actually in
vest $25,000,000 in it's capital and
give it sound management, the RFC
will buy $25,0O000O of it's capital
notes and if necessary we might go
further"
Mr.. Jones urged bankers to stop
condemning real estate and mort
cages and offer "some real assist
ance." He said he was aware of
losses suffered through real estate,
but pointed out that Eat least money
loaned on real estate stayed in this
country"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
Produce Markets

Delivered in Indianapolis prices: Heavy
hens. l2c; Leghorn hens. &c; colored
springers. l2c; old ROSTERS. Sc; ducks, &c:
geese, &C; young guineas, zoe; old guineas,
i5c. Turkeys-No. l young hens, lbs,
and over. l5c; young toms. IA lbs. and
over. lac; young toms. lila lbs. 15c; No.
?, crooked breasts and thin turkeys, &C;
old toms. all weights, lie; No. strictly
fresh country run eggs, loss of, 23c
Eeach full case must weigh SIS lbs. gross:
deduction at 1oc q pound for each
pound under SIS lbs. will be made. Butter
No. l, 32633c. Butterfat-26c. Quoted by
the Wadley Company.
by United Pressl
CLEVELAND. Dec. 13.-Butter-Market
weak: extras, 32i2c; standards. sic. Eggs
Market steady: extras. white, 27c: cur
rent receipts, 24c; pullets. zoe Poultry
Market steadyE fowls. colored. Ala lbs.
and up. lie; geese. ordinary. i2c: geese,
heavy. fat lac: turkeys, young. 20d21c;
old hens. Ice; old toms l5c; No. 2 tur-
KEYS, lac. Potatoes-Maine. sl@l 10 100
ID. bag: Ohio. best. mostly 756 s5c a 100
10. bag; Michigan. s9@90c 10o-lb. bag.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
POLAND WILL BACK
U. S. LOANS TO CITIES
American Funds to Municipalities to
Be Protected.
sp Times Special

DU tHI6S Cp6CtUG
WARSAW, Poland, Dec. IL
American loans to Polish NUM-
cipalitieS will be protected in the
Governments latest move to re-
form budgets, reduce indebtedness
and enforce economies in Polish
cities, according to Col. Ignacy
Matuszewski, whose appointment as
chairman Of a commission to carry
out the reforms has been confirmed.
1t has been revealed that the COM
mission was granted wide authori-
ties, including the prolonging of
the municipalities short term
credits to ten years and other debts
to so years.
Polish urban finances have been
a source of trouble to the govern
ment which has instructed Col.
MatuSzewski to make a thorough
house cleaning before inaugurating
the ambitious program to build a
chain of modern slaughterhouses
and make other needed municipal
Improvements with the new loan
which Poland hopes to obtain from
England.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
FINANCIAL DATA
~,

During the six months ended June
80, cash and securities increased So
100000, inventories, however, were
$3.50, 900 less. Net working capital
gained nearly 1900, 900 while surplus
increased s1,700,00 On June 80 the
current ratio was about 81 to l,
while the book value of the common
stock was s17.09 or an increase of
S1.05 in the six months period.
Earnings suffered in 1882 and
1888 resulting in small deficits. Dur
ing the first six months of this
year, however, the company earned
"a cents on the common stock.
The company in the past has had
a fairly liberal dividend policy. In
1880 and 1881, $3.50 was paid on the
common each year. Due to drop in
earnings, however, dividends were
reduced in both 1882 and 1888. Com
mon stock is now on so cents an
nual basis, while a 25-cent cash
extra was paid Dec. l.
Colgate Palmolive-Peet was in
corporated in 1923 in Delaware Both
classes of stock are listed on the
New York Stock Exchange. The
common is currently selling at
around IT'S.
An Rights Reserved Winchester Institute
Of Finance. winchester. MASH
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
MAIL, EXPRESS TRADE
SHOWS SHARP PICKUP
Railway Express Agency Reports 20
Per Cent Gain Over Year Ago.

Railway Express Agency Reports 20
Per Cent Gain Over Year Ago.
By Times Special
CHICAGO, Dec. 13.-Business OF
the Railway Express Agency is run
ming about 20 per cent ahead OF
last year and is the best since 1881,
officials of the company disclosed
today. Improvement in business of
the agency, which IS owned by the
railroads of the country, has been
especially noticeable in general mer-
chandise
The mail, baggage and express
traffic of the Chicago, Rock Island
and Pacific Railway is the best for
this time Of year since 1929
Heavy Christmas Volume this
year started about 10 days earlier
than it has in recent years and We
are very much encouraged about
the increase" F. c. Francis, man
ager of the division, reported.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
OVERSEAS SALES RISE
General Motors Corp. Reports STA
Per Cent Gain.
By United Press

NEW YORK, Dec. 13.-General
Motors Corp. sales in the overseas
market in the first IL months of the
year totaled 204,135 units, a gain of
Sl.4 per cent over the corresponding
1888 period, and a gain of 27.5 per
cent over the first ii months of
1880, it was announced today. The
volume includes sales of cars and
trucks from American. English and
German factories.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
RECEIVES PROMOTION
Wayland Bailey Is Made Operations
Supervisor of Sears.

Wayland Bailey, who recently be-
came associated with the executive
offices of Sears. Roebuck & Co. at
Chicago, has been promoted to
supervisor in operations.
Mr.. Bailey was well known in
local merchandising circles, having
been connected with several local
stores. He was superintendent Of
the Goldstein Brothers store before
going to Sears. MIR. Bailey is the
son of Mr.. and Mrs. j. F. Bailey
1909 N. Pennsylvania-st.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13

tneSe 1unQS, To-
gether with. some
of their own, to re-
tire high interest
bearing bonds.
The new hnanc-
ing methods SEEM
ingly represent the
latest response of
the banks to the
Governments eff
forts to have more
credit made avail
able. The institu-
tions find it diff
cult to make COM
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
WHEELER URGES U. S.
TAKE CREDIT POWER
Montana Senator Also Renews
Fight for Silver.
By United Press

BIZ United Press
WASHINGTON, Dec. 13.-Recon-
centration of credit powers in the
hands of the Government instead
of "a few bankers" was urged yes
terday by Senator Burton K
Wheeler Cd, Mont). He renewed
his fight for reconciliation of silver
as "a right step" toward prosperity
Senator Wheeler charged railroads
had INDUCED in "racketeering" when
they borrowed public funds to bail
out" banker loans and said racket
eering would continue "as long as
men in tigh finance set an example
as they have been doing the past
few years
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
NelU York Curb
CBy Abbott, Proctor g. Paine)
STOCK SHIPMENTS DIP
Number of Cattle Going to Corn
States Lowest in Is Years.
By United Press

bU JWtTtU FFtSS
WASHINGTON, Dec. 13.-The
Bureau of Agricultural Economics
has reported that shipments of
stocker and feeder cattle into corn
belt states dropped As per cent be-.
low the five-year average in Novem :
Der and fell to the lowest level n
Is years.
Total movement from July to No
vember was the smallest on record,
with shipments of only 100000
head. Reports from the West in
dicated the number of cattle fed this
winter will be considerably smaller
than last except in California.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
FRUITS AND VEGETABLES

CHICAGO. Dec. 1s.-AppleS- Michigan
Mcintosh. huShel. si.75M2. Jonathans.
81 soGI7S. Sweet FotatoeS-TenneSSee
Carrots-Caiifornia crates 81 S0a 2 IS:
Illinois. bushel. 45TS SOC ReetS-nlinois.
huShel 40d soc BeanS-Fiorida bushei
green SSf5s Cauliiower-Oregon. crates,
XssGi5o cranberrieS- Massac husetts.
is-barrels. 81 50G5 50. Lettuce-CSlifornia
crates 81 SoI4. Cabbage-WisconSi
crates 5od6Sc Onion Market tS0-lb.
sacks l-Michiean veiloWS 75cG 81 03:
western yeilows e0c6 $40; Illinois and
Indiana yellowx. 75f 90c.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
Wall Street
by RALPH HENDERSON,
Times Special Writer

NEW YORK, Nov. 13.-Hard
IN pressed to find an outlet for
their funds and apparently antici-
pating a gradually downward trend
in interest rates and favorable Sc
curitieS market in the coming
months, many of the large COM
mercial banks are making substan-
tial loans to corporations. Such
corporations, in turn, are using
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
BOOTH HEADS BEAN STUDY
BIZ Times Special

% 2 FHIto NVtEIWI
CHICAGO. Dec. 13.-George E
Booth has been named chairman OF
a committee to study the posSibili-
ties of establishing a futures mar
ket in soy beans of the Chicago
Board Of Trade, Peter e.. Carey
board president. has announced.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
Other Loans Lose Status
of Former Days as Index
of Business ACtiJity Pace
Federal Expenditures Seepng Into Business Channels
Held Obviating Need for Credit in Many Cases;
Declining Trend Cited as Effect.
BY JULES BACKMAN and A. L. JACKSON
Vce-Presidents. Economic STATISTICS, Inc.

NEW YORK, Dec. Ii. - The decline in business loans
during the last weeks has brought inquiries
from readers whether this decline indicates that
the rise in business activity which has been progress
ing the last months about to be terminated To the
business illogical find business loans declining
when business activity is increased 1t is necessary for us
to reconcile these two situations.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
sTUDEBAKER NAMES JORDAN
By Times Special

CHICAGO. Dec. 13.-Edward S.
Jordan. formerly president of <the
Jordan Motor Car Co.. has been ap-
pointed special representative of the
Studebaker Sales Corp. 1t las been
announced
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
KROGER SALES UP

Sales of the Kroger Grocery &
Baking Co. for the four weeks end
ed Dec. 2, amounted to s17.066.616.
against $16.268.311 in the CORE
spending period in 1888, reports
show.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
WHEAT DATA COMPILED
Argentine Grain Board Purchased
I47,445,00O Bushels in Year. -
By Times Special

bu ines Special
NEW YORK, Dec. 13-The Ar
gentine Grain Board, which fixes
minimum prices for wheat in that
country. purchased IA, 445. 900 BUSH
els of wheat during the year ended
Nov. 80. it was announced today.
This represents rs per cent of Ar
gentina's exportable surplus for that
year. and roughly 25 per cent of the
worlds wheat exports during the
same period, according to the Argen-
tine Information Bureau.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
Hides and Skins
fRy E. Rauh & Sons Co.

Hides-Green country cows and steers,
3iac fiat; Green country bulls and Clues.
fiat; Green country kip. 31ac. No. 1 large
horse hides with full heads, shanks. named
and tails. $3.50; medium size, ST. All No
grade horse hides. soc less; CLUES and
ponies half price. No. / rendered tallow.
464l2c; No. 2 at value. yellow grease
3G312c: dark grease. 2lad3c.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
Stock Studies

The Colgate Palmolive-Peet Co.,
which is both holding and operat-
ing company, is a merger of three
long established concerns, Colgate &
Co., the Palmolive Co., and Peet
Brothers Co. 1t now is the second
largest manufacturer of soaps in
this country. Besides soaps the COM
pany produces wide range of toilet
articles, such as dentifrices, toilet
powders and perfumes.
National advertising has played a
big part in building up company's
business. It's Palmolive soap has
large sales not only in this country,
but in foreign countries as well.
Plants are adequate, modern and
well located.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
LOCAL CASH MARKET

City grain elevators are paying 81 cents
for No. 2 soft red wheat. other grades
on their merits. Cash corn No. 8 yellow
86 cents and oats 81 cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
FARM CENSUS TO BEGIN
Enumeration Starts Jan. 2; Expect
TabuIation Results in June.
By Times Special

bN IHttF NpttfHF
WASHINGTON, Dec Bone
half of the $4,000 men and women
who will travel across the country
during January TO count the farms
and their residents have been
chosen. The enumeration will be-
gin Jan. 2. william L. Austin, di-
rector of the Census Bureau. said
he hoped field work would be COM
pleted in January and calculations
IN June.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13

Up to about two years ago,
the figures of business loans
gave a fairly reliable refec-
ton of the trend of business
activity. AS business activity
expanded, the demand for
credit increased and the total
amount of business loans outstand-
ing advanced accordingly. Con-
versely, when business activity de-
creased, there was less need for
these loans and they tended to
contract.
Spiked as Trade Index
However, in the last two years,
a very important factor has entered
into the situation, and has so upset
this normal relationship that, at
the present time, changes in the
total amount of business loans have
no significance. The current de-
cline does not indicate that business
will be retarded in the immediate
future.
The factor referred to above is
government spending. In order to
fully understand why government
spending decreases the Importance
of business loans, it is necessary to
trace the effects that accompany the
making of loan. The business man
makes loans so that he can secure
demand deposits for use in the
ordinary course of his business. II
he can secure deposits through an
other source, it is obvious that he
will not need to borrow in order to
get these deposits.
This situation is easily illustrated
by examining the recent changes in
loans and in demand deposits. Since
the banking holiday of 1888, period
in which business has been fairly
active, net demand deposits OF re-
porting member banks increased
about 100000, 900, while business
loans have advanced only slightly
more than $100,000,000.
In Business Channels
These deposits have found their
way into the hands of business men.
The sequence of events is as fol-
lows: The Administration spends
certain sum for relief or on pub
lie works project. The recipient uses
the funds to buy goods, and thus
transfers the deposit to the credit
of business man. The building up
of deposits through this source OBJ
viates the necessity for borrowing
by the business men who receive the
deposits. On the contrary, it en-
ables some business men to repay
old loans.
Although deposits have increased
sharply, it must not be assumed
that the increase is spread equally
among all concerns. There are
numerous firms that have not re-
ceived their share of these new de-
posits. These firms are the ones
that must still come to the banks
for accommodations. The amount
of new borrowing by businesses
which had not received these newly
created deposits was, until several
months ago, insufficient to Offset
the repayment of loans by those
who had. Recently, however, these
new borrowings have been slightly
in excess of repayments.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-13
Retail Coal Prices


Tha following prices represent quotations
ron ieading Indianapolis coal dealers
ascent carving CHARGE DER ton viii be