davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
FOREIGN TRADE
UP FOR MONTH
September Exports, Imports
Top Previous Month;
Below Year Ago.
BIZ Iniicd Press


WASHINGTON, Oct. 27.-Imports
and exports increased substantially
during September as compared with
August, the department of COM
merce reported today.
Imports totaled $131,659,000, COM
pared with S119,515,O00 in August
but were considerably below the
September, 1888, figures of $146,-
$4,000.
Department officials pointed out
that the increase in imports was
contrary to the usual seasonal trend
during recent years when September
imports have declined about l per
cent from August totals.
Exports totaled $191 100000 in
September, against $171 $4,000 in
August and S160,11900O in Septem-
Der, 1888. The export advance
however, was below the average sea
sonal increase of approximately Il
per cent as it totaled only II per
cent.
The figures gave a merchandise
export balance of $60,00O,O00. The
figures disclosed that during the
first eight months of the year sugar
imports for consumption from Cuba
amounted to only 7O2,756,OOO pounds,
contrasted with 1722,172,OO pounds
in the corresponding period fol
1888.
Following the reduction in the
tariff rate as result of reciprocal
agreements with Cuba Sept. 3, the
department reported, great quanti-
ties were withdrawn from ware
houses, bringing the total imports OF
Cuban sugar to $2,232, 1862 900 pounds
in the corresponding period of 1888
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27

essOrs, shippers, middle
men" and other licensees.
8. Prorate production quo
tas and shipping allotments.
Court Suits Seen
Unless this is done soon, a verit-
able flood of court suits challenging
AAA authority will result, officials
expect. While they are confident OF
winning, such cases, if not in the
lower courts at some higher bar,
they feel that the simple fact OF
the suits institution implies dis
credit to their motives and hampers
speedy, workmanlike administration.
The three points outlined today
represent the principle of amend
ments offered at the last session
of congress. introduced hurriedly,
almost without advance notice and
without consultation with persons
whom they would have affected or
who opposed them, they died not
entirely unnatural death.
Officials admit that in their
anxiety to push them through they
resorted to star chamber methods.
They also confess to an insufficient
effort to explain what they sought.
The amendments were militantly
opposed by group led by Senator
Harry F.. Byrd Dem, Va, who
protested that they would create an
agricultural czardom with Secretary
Henry A. Wallace the dictator of
each and every American farm.
Other opponents charged "regi-
mentation' and "un-Americanisn1.
Lost in Rush
Because of more pressing national
matters small attention was accord
ded the first series of proposed
changes, although the White House
indicated they we're on the So-called
must" list. Democratic leaders
apparently gave them only mild
backing and they we're lost in the
rush.
An entirely different approach
will be employed when legislation
incorporating the same principles
and seeking the same amplihed
authority is offered in January, Off
Gals emphasized. The AAA legal
section has not drafted specific
proposals but it was evident that a
new series of amendments, differ
emily worded than the old in most
instances and possibly containing
some new ideas would be sought.
1t also is intended to summon
conferences of all who might be
interested in the proposals so that
differences can be ironed out and
some measure of harmony between
the AAA and the suggestions OPP
ponents attained
Were going to be tactful about
it this time" one official promised.
He said he was going over the
whole adjustment act with fine
tooth comb" to discover both chinks
and surplus appendages.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27

During the year ended July 81,
mortgages were reduced by nearly
s400, 0OO Cash gained about $4,000
900. Surplus was increased about
100000. On July 81 the current
ratio was better than nine to one,
while the book value Of the common
stock was s22.77, a gain of s1.62 IN
the twelve month period.
The company has shown good
earning ability right through the
depression. although there was a dip
in the fiscal year ended Jan. 81. 1888.
when S1.35 was earned on the capital
stock. For the last fiscal year $3.50
was earned and SIS cents for the six
months ended July 81.
The present annual dividend rate
Of 81 has been maintained for sew
eral years. This rate has been
earned by a good margin.
w. T. Grant Co. was incorporated
in 1927 in Delaware. The capital
stock is listed on the New York
Stock Exchange. At a current price
of around 30Ss it sells to yield 81
per cent.
tAll Rights Reserved Winchester Institute
Of Finance. Winchester Mass
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
LIFT IN RATES
HELD NO BOON
FOR RAILROADS
Traffic at Present Tariffs,
Wages and Hours Seen
Only Cure.
BY CHARLES Fl. HUFF
Times Special Writer

NEW YORK, Oct 27-Students
of the American railroad dilemma
are turning increasingly toward the
conviction that nothing short Of
revival of industrial activity, with
resultant demands upon traffic. Will
offer any material solution of the
carrier problem. Rate adjustments
which may be granted by the inter-
state commerce commission, it de-
veloped today, are not regarded
with any particular optimism.
There is little inclination. for in
stance, to pin much hope upon the
passenger fare conference which the
commission has set for Nov. is.
There is Scant belief that the re-
queSted freight rate increases, even
If granted, would give the carriers
a real lift out of their present diff
ficultieS, which, from a financial
standpoint, are described as hardly
less narrowing than they were in
1893.
Thompson Names Issue
This view of the situation char
acterizes the introduction written
by SlaSon Thompson to the thirtv-
first annual issue of Railway Sta
tlstlcs, Just presented by the bureau
OF railway news and statistics.
covering analytiCally the year 1888.
Contending thai the railroad situ-
alton will not be cured by the ex-
ercise of powers derived from so-
called emergency, Mr.. Slason writes:
In itself, such an emergency pro-
vides no balm for the ills that to-
day Cypress the railways. They lack
the Sustenance that can only come
through more remunerative traffic,
not through monkeying with rates
ana fares and shorter hours"
Normal Traffic Headed
What the railroads of the country
really are waiting for, it is pointed
out, is normal traffic at prevailing
rates, wages and hours of employ
ment.
The sharp Shrinkage in railroad
stocks as a source of income to the
/ thousands of shareholders is con-
cretely illustrated in a table cover
ing the four-year period 1929 ia
1882, the tabulation also revealing.
according to analytical opinion, the
unwisely prodigal distribution of
earnings by carriers in their time
of prosperity.
At the peak in 1913, 1888 per cent
of all outstanding railroad stock
yielded dividends, at an average
dividend yielding rate of 7.83 per
cent.
AT Rates of 500 Per Cent
The total of 1903, $50, 800 of divi-
/ dends declared in that year was
equivalent to a ratio of SOP per cent
on the total stock outstanding.
In 1882 only 1926 per cent of OUT
standing railroad stock yielded divi-
dendS, the total distribution for the
year was S150,7 1922. the average
rate on dividend-yielding stock was
4.57 per cent and the ratio of divi-
dends paid to all stock outstanding
had fallen to Is per cent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27

6 per cent bonds of 1888
crashed almost 80 points; the
common shares fell to a new
low for the year and the pre-
ferred stock slump, 812
points.
Net working capital is the life
blood of a business enterprise. Wall
Street traders and other holders of
securities realized this when they
began to dump Baldwin Locomotive
issues on the market Immediately
after Mr.. Houston's announcement,
which was made at the conclusion
of a directors meeting.
Time was when corporation eX-
ecutives were somewhat more than
prone to conceal such Illuminating
information from public scrutiny
until something could be done to
rectify the situation.
The contrasting candOr of Mr..
Houston leaves one astounded. The
New Deal has brought about many
transitions in political and economic
spheres. 1t is questionable whether
corporation taciturnity has been
broken down to such an extent that
the Roosevelt administration can
encourage heads Of business to offer
such evidence as that of the Bald
win Locomotive Works.
The entire situation is richly sig
nificant, every one agrees. But on
the question of where the signifl-
canoe begins and ends there is
perceptible lack of unanimity.
Wall Street has known for some
time that Baldwin has been in
poor position. This has been reflected
in its efforts to acquire new capital.
In the year ended Sept. 80 the COM
pany reported net loss of S3,777,-
O93 after depreciation, interest, ETC.,
which came on top of $4,004,823
deficit in the preceding year.
Such substantial deficits can not
long be endured without upsetting
the financial structure of a company.
The financial community under
stood this. Consequently, the break
in the value of securities undoubt-
edly was more of a psychological re-
action to the manner in which the
company's position was made known
than it was a market readjuStment
to the actual condition.
Baldwin's present financial pre-
dicament is a consequence of the
reduced purchasing power of the
nations railroad system. With earn
ings off sharply in recent years, car
rierS have not been able to purchase
new equipment on the same scale
as formerly. Naturally, Baldwin'S
business suffered.
An effort Immediately was made
to resuscitate the company when
the Midvale company, which is
some 81 per cent controlled by Bald
win, voted a dividend of ST a share.
This is the first disbursement by
that company since 1888, although
a $50 payment out of surplus was
voted earlier in the year.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
FEDERAL MOVE
TO END SECOND
MORTGAGE SEEN
National Housing Act Rules
Aim Elimination of This
Practice.

By cripns-HotcGrd Newspaper Alliance
WASHINGTON, Oct. 27.-The
government is preparing to eliminate
another expensive practice of the
American financial system, the Sec
ond mortgage.
Under titles II and III of the
National Housing Act, regulations
for which will be announced within
ten days by the federal housing ad-
ministration, a prospective home
builder will be able to borrow up
to 80 per cent of the appraised value
Of his completed property on a gov
ernment-inSured first mortgage. He
will have twenty years to repay his
loan and he may make the pay
ments in regular monthly install
mentS.
The present system of home
financing permits first mortgages to
approximately so per cent of the ap-
praised value of home property. II
a home builder or owner seeks addi-
tional loans, he is forced to make a
second mortgage.
Lifts Carrying Charge
In few cases does this second lien
total more than 25 per cent Of the
property's value. 1t does, however
run up the carrying charge of new
home construction anywhere from
IS to 40 per cent per year due tc
discounts, commissions and interest
charges.
In addition the present maker of
a home mortgage is faced with re-
neWals on both first and second
mortgages. Each renewal adds ex-
ira cost.
The government hopes to elimi-
nate most of these charges through
operation of the Federal Housing
Administration mutual mortgage in
surance plan. 1t hopes to re-estab-
lish the general mortgage market
on first-lien basis and at the
same time promote long-range pc
Rod of building construction in
which all persons with adequate in
come can participate.
Interest Seen Pared
It has set the maximum loan
rate high enough to include the
present first and second mortgages
and, when rules and regulations
are completed, believes it can be
done on an interest rate much less
than that now offered.
J. Howard Audrey, former Texas
and New York City banker, is dep
uty FILA administrator in charge of
the mutual mortgage insurance di-
vision. James A. Moffett, FILA adj
ministrator, and Mr.. Audrey believe
it will be possible to put the home
insurance provisions in operation
by Nov. Is.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
LAUDS END OF NRA
PRICE-FIXING POLICY
President of General Tire Company
Feels Industry Is Better Off.
BIZ Times Special

DU lUtS HptCiut
CHICAGO Oct. 27.-Tire manu-
facturers probably will do better
Job of policing their own industry
than the government has done for
more than a year, w. ONeil, presi-
dent of the General Tire and Rub
Der Company, believes.
Commenting on the end of fed
eral price-f1xing through the NRA,
Mr.. O'Neil declared he was hopeful
that ending the floor prices and
price differentials in the rubber in
dustry may be for the best interests
of the tire companies of the coun-
try"
A decided improvement in bust
ness for General Tire was reported
by Mr.. O'Neil. Despite slackening
since the first of the summer, the
company is holding gains over 1888,
he said.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
7 DIRECTORS ELECTED
Indiana Independent Oil Associa-
ton Holds Annual Meeting.

Seven directors of the Indiana
Independent Petroleum Association
were elected at the annual conven-
ton for the coming year, it was an
nounced today.
They include L. j. Scheidt. CO.
lunbus; Philip T. Williams, c. E.
Foreman. George Lilly and R. NJ.
Stith, all of indianapolis: E. P.
Warren of Lafayette and Frank r.
Glenn Of Muncie.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
Steel Workers Fewer

September employment in the
steel industry was per cent under
the preceding month and almost 10
per cent under the corresponding
month last year, according to the
American Iron and Steel Institute.
At the same time it was reported
that the pay roll of the industry was
S29,142,892 in September, con-
trasted with s34,362,208 in August
and s37322 $50 in September, 1888.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
INCREASED PURCHASE
OF SILVER FORESEEN
Imports in Week Rise 100 Per Cent
TO S4,127,620.

By United Press
WASHINGTON, Oct. 27.-An in
crease in silver purchases by the
government in pursuance of its
monetary program was indicated
today in sharp rise in silver i'm
ports to the United States. In the
week ended Oct. 10, imports rose to
81, 127 $50, more than double imports
of S2,0l1984 in the preceding week.
The treasury department also re-
ported that gold holdings Of the
government reached another record
peak of 1892 1886, 405, on Oct. "a, a
gain Of approximately S1000,0O0,-
600 since the United States on Feb.
offered to buy world gold at a
fixed price of S35 per ounce.
Despite the Chinese 10 per cent
export tax on silver, the United
States in the week ended Oct. 10
imported from China silver valued
at S1.363,6S6. Imports from the
United Kingdom amounted to ST.
651,779, and from Mexico, S778,500
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
FINLAND NOW SEEKS
BETTER CREDIT TERMS
Governor of Central Bank COufers
With Wall Street Bankers.
By United Press

u y CNttcU ZOO
NEW YORK, Oct. 27-Finland,
favored by her prompt payment of
war debt installments, is seeking
better terms on her other outstand-
ing debts, it was learned today.
Risto Ryti, governor of the Bank
of Finland is comforting with bank
ers in Wall Street on a refunding
of the Republic of Finland 7 per
cent and 512 per cent dollar bond
issues.
Bankers we're reported of the
opinion that Finland deserves a bet
ter credit rating than indicated in
these high coupons. The bonds are
outstanding in the amount of S23,-
100000. of which American investors
hold about S18,000,000.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
STEEL MEETING PUT OFF

Tom Girdler, Republic steel Cor
poration chairman. announced today
that the special meeting Of stock
holders called for Oct. 80 to vote on
the proposed consolidation of Re-
public and the Corrigan, Mckinney
Steel Company, is to be postponed
until Dec. II.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
AUTO OUTPUT GAINS
IN 9-MONTH PERIOD
Chicago Federal Reserve Bank Re-
ports Substantial Rise.
By Times Special

By Jimes SDCcidt
CHICAGO, Oct. 27.-Automobile
production in the first nine months
this year was greater than in the
same period in either 1888 or 1882,
and nearly equaled the 1881 total,
according to a report of the Federal
Reserve bank of Chicago.
The output for September, how
ever, was below that for August,
totaling 123,9O9 units, drop of 80 4
per cent. output in September,
1888, was 157, 1867 units.
Sales of automobiles to both deal
ers and users in the seventh federal
reserve district fell in comparison
with the August total, but retail
sales we're not marked with as large
a decline as is customarily shown
in the August comparison.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
MISS PERKINS TO TALK
Collective Bargaining VIII Be Sub
ject at Purdue Conference.
ByTines Special

LAFAYETTE. Ind. Oct. 27.-Per-
sonal phases Of collective bargain
ing under Section IA Of the national
industrial recovery act. will be dis
cussed at a conference 10 be held
At Purdue university. Oct. 80, it was
announced today.
Miss Frances Perkins. secretary OF
labor. Will be among the principal
speakers 10 be heard at the special
conference.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
Radio Corporation Shows Net

Third quarter net of the Radio
Corporation of America amounted
to $406, 189, contrasted with deficit
of S525,158 in the corresponding
period last year. Total gross in
come from all sources for the period
was $16,81O,79O, against $14,225, 112 a
year ago.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
Wall Street
by RALPH HENDERSON,
Times Special Writer.

NEW YORK, Oct. 27.-Most peo-
~ pie in Wall Street felt better
today than they had in some time.
Developments during the past week
has caused the worst of their fears
about the country going radical to
materially subside. The bankers
and the administration appeared
we'll on the way to making up;
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27

QlStTlCJ supreme
court justice had
put the skids I'M
der the railroad
retirement &C t,
and a magazine
poll had placed
U t on Sinclair
we'll behind his
opponent in the
race for Governor
of California.
OF parti C ular
Importance W a S
the Pres i d ent's
reply to q uueS-
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
Corporation Cand0r
Baldwin Locomotive Works Securities Break on
Frank Statement by President.
: BY VINCENT s. LYONS
Times Financial Editor

The unusual spectacle of president Of one of Amer
cas leading corporations volunteering the information that
the working capital Of his enterprise has deprecated to such
that it is not sufficient to meet needs
presented this week by George H. Houston president of the
Baldwin Locomotive Works.
This interesting and damaging bit of information
brought CONSERVATION into the securities markets which
various obligations of the Baldwin company are listed The
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
CLEARlNGS' TREND IS UP
Loss From Year Ago Reduced TO Sc
Per Cent"in Week.

Bank clearings are trending up
ward again. as the total amount for
the twenty-five leading cities IN The
United States for the week ended
Oct. "a. as reported by Dun &, Brad
street. Inc. was S4429 900 900.
against s4.6e4 .164OO0 for the same
week Of last year, loss Of Sc per
cent
This contrasts with a decrease OF
z per cent in the previous week. AT
New York City. clearings the past
week were s2.Sl4476,O00, a reduction
of 1876 per cent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
STATE ENGINEERING
AWARDS UP IN WEEK
Federal and Private Construction,
However, Show Drop.

By Times Special
NEW YORK, Oct. 27.-Although
state and municipal engineering
awards this week we're at 172l2,00O,
the highest since July, federal and
private awards dipped to 2,516,000
and 1897 900, respectively, the Engi-
neering News-Record disclosed to-
Gay.
Both state and municipal bond
sales at S9965,000 and PWA allot-
ments, $968,0OO net additions for
nonfederal and $4,238OOO for fed
eral work, are higher
The state and municipal bond
sales total includes $5,000,0O0 flood
control issue bought by Los Angeles
county out of it's $35,000,000 cash
balance following failure to receive
bids on this issue from financial
houses at the regular offering.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
OIL STOCKS DECREASE
Drop of S37 1000 Barrels Reported in
Oct. 90 Week.
By United Press

WASHINGTON, Oct. 27.-The oil
administration reported today that
stocks of domestic and foreign crude
petroleum totaled 331.98l 900 bar
rels on Oct. 20, a decrease Of 637 900
from stocks on hand at the end Of
the preceding week
The decrease followed a decline
of $4,000 barrels during the pre-
vious week. 1t comprised, a decline
of 942, 900 barrels in domestic crude
and a gain of 10000 barrels in
foreign stocks.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
PRINCE FIRM ACQUIRED
Tnifed Prcss

u { VII . = =
NEW YORK, Oct. 27.-The stock
brokerage firm Of Redmond & Co.
has acquired the business of Theo-
dore Prince & Co, according TO
Henry Mason Day. senior part
ner of the Redmond firm. The &C
quisiticn will involve no change in
partnership.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
PAPER EXPORTS RISE.

n IWff NTfTTWI
WASHINGTON. Oct. 27-August
paper and paper product exports in
creased II per cent. in value over
the preceding month and 81 per
cent. over August. 1888. the depart
ment Of commerce reports. The
August total Of exports was sl,505,-
TIC.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
BANKS PAY DEPOsITORs
By Times Special

SPRINGFIELD, Ill, Oct. 27.-
Payment Of 30 per cent TO depos-
itors of the closed Orangeville Gllg
state bank has been authorized by
State Auditor Edward J. Barrett.
Checks totaling s40,742 were dis
tributed yesterday.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
AAA Officials Map Plans
for Ne7C Desired PO7UerS
Unless Qualifications Are Made Verabe Flood of Court
Suits viii Result, It Is Suggested; ThreePoInt
Program Is Outlined.

By United Press
WASHINGTON, Oct. 27-Agrcultua Adjustment Ad
officials today drafting suggestions to
gres for the they wish in January Three add
lions or Qualifications are needed it said the act
to continue funconng effectively The administrators want
defined in uncertain terms their powers to:
l. EnOin handlers of farm products and others regu-
lated by federal licenses from violating the licenses.
2 Examine the books and records of distributors proc
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
COTTON GINNNGS OFF
By United Press
WA UTNGTO'

WASHINGTON, Oct. 81. The
census bureau today estimated
6,748, 223 bales Of cotton had been
ginned from this years crop prior
to Oct. Is, compared to 8,6O8,090
bales ginned from the 1888 crop up
to the corresponding date a year
ago.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
Stock Studies

The original w. T. Grant Com
pany was a Massachusetts, corpora
ton organized in 1906. In 1927 a
Delaware holding company was
formed. taking over the entire cap
ital stock of the Massachusetts, COR
poration. w. T. Grant operates a
chain of Asst general merchandise
stores specializing in articles selling
at 81 and under. Stores are To-
Gated in thirty eight states of the
country
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
COAL OUTPUT GAINS

Bituminous coal production in the
United States during the week end
ed Oct. 20. amounted TO 7,075,000
tons, as compared with s6.7l0,O00 in
the same week last year, according
10 the National Coal Association.