davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
IBA TO HEAR
WHITNEY TALK
Stock Exchange President
to Address Body on
Securities Act.
BIZ Times Snecinl

By Times Special
CHICAGO, Oct. 23.-Richard
Whitney, president of the New York
Stock Exchange, will address the
forum on the securities exchange
act at the convention of the Invest
ment Bankers Association of Amer
lea, Oct. 81 to 81, at White Sulphur
Spring, w. Va, it was announced to-
day.
The program of the meeting an
nounceS that TroWbridge Galloway
of Galloway, Fish & Co., New York,
former president of the associa-
ton, will preside, assisted by Fred
rick M Eaton of the law firm Of
Cotton, Franklin, Wright and Cor
don, New York. The discussion is
expected to develop many questions
from the floor.
Mr.. Galloway and others will
speak from the viewpoint of parcti-
cal operation under the law and Mr..
Eaton will comment on legal aspects
Of the questions. This forum will
be Oct. %.
Nineteen foremost points relat-
ing to the economic and financial
positio nof the railroads will be dis
cussed at the conventions railroad
forum Oct. 81. Among these will be:
Railroad earnings and credit dur
ing the last year and at present;
changes in the credit position of the
industry and in the credit position
of selected issues during the last
two months; railroad credit and
earnings in the depression Of the
ninetiesf, with a discussion of credit
restoration then and Of factors pre-
venting similar measures today, and
possible methods of restoring rail-
road credit today.
The problems that have developed
in the operation of the investment
bankers code will be brought before
the convention in two forums. One
meeting will take up problems of
enforcement, handling of complaints
on attractions of the code, cooper
alton with state securities commits
sions in preventing fraud, eXamina-
ton of statesmen, code education and
service charges. Francis F. Pat
! ton of A. G.. Becker e.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
Other livestock

by United Press
TT. WAYNE oct -Hogs-Market.
steady: 256-S0O lbs. S. 80; 20O-25O lbs.
SS45: 10000 lbs. $3.50; l60-lso lbs.
IS 90, sO0-35O lbs S535. 15O-l60 lbs.
- rs. l4O-i5O lbs. 81 so, lS0-l40 lbs. 81;
i3O-i3O lbs s. so. l0O-l20 lbs. So: roughs.
si25. stays. SIS. Calves. S7.5oas s. Lambs.
s625.
LAFAYETTE. oct. 23.-Market. steady to
SC higher. 225-275 lbs SIS so: 275-525 lbs.
s. SOa $50; 2oO-225 lbs S. 5o1 SIS; $50
200 lbs S54005 IS; l60-lso lbs. S. goa
s So PIGS, S4.15 down, roughs. 50 down.
BY Times Special
LOUISVILLE. Oct 23.-Csttle-Commer-
ctal 800. market moderately active ana
geuerallv steady on all slaughter classes
quality fair. bulk common 70 medium hight
grass steers and heiferS, IS so; better
finished lghtweiChtS ouotable TO around So;
bulk beef COWS s. SOFAS. CooG kinds ehgi-
Die higher. low cutters and cutter COWS
81 ESQ -. sausage bulls mostly $40
down bulk desirable Hereford stock calves
natives. 81 son SO. Calves-Commercia
500: market steady; bulk deSirabl 200-250
lbs. IS So. iSO-I95 lbs s52S. 255 lbs. up
IS OS. l60-i75 lbs. 81 IS. l40-i55 lbs. 81
lco-iSS lbs. S3i5. SowS. s. so Sheep
Receipts. 100; market steady. better lambs.
SST5 TO mostly So. choice eligible higher
bucks. mostly s. 75H5; light throwouts
stock ewes saiable. S45OR650 per hese
$50. government. 1915. calves, CONNER
cial. SIS. hogs. l04l; sheep l06. Ship
mentsMorcay. Cattle. commercial. All:
calves. commercial $50. hogs. 397-
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
On Commission ROU

Quotations below are average wholesale
prices being offered TO buyers by local
commission dealers.
FRUITs-Cranberrie Cape Cod. early
blacks. 25-lb. box S2s5. Grapes, Ohio
Concords. l2-at. basket. sl.65: California
tokavs 26-lb box. Sit Crabapples,
Michigan hyslops. busheL s1-s5. Perslm-
mons Indiana IL OTIS. 90c- Pears. New
York Bartlets bushel. 50 so. AvacadOs.
box $3.50. ounces. bushel. 50. Bananas.
pound. SC; .pineapples: crate. S. size 80.
81 IS: Indiana jonathans. SLIGO. grimes
golden. sl500l.75. MELONS. California
honey deWs. Sl85.
VEGETABLES-Cabb age. Northern Dam
ish. 5O-lb bag. 6Oc: red. bushel. ITO.
onions Idaho sweet Spanish, large. 50-lb.
bag. s135; Michigan. yellow. 81; white
boilers. l0-lb bag. 35c; Western white. So
ID bag. SITS Potatoes, New Jersey
Cobbers 1O0-lb bag. S1.45; Northern
round white. l00-lb bag Sl10; Ohios.
10O-lb bag sl55; Idaho Russets. lOO-lb.
bag So Sweet potatoes, indiana Jerseys.
buShel 81 50. Indiana Nancy Halls. bushel,
81 Beans homegrown string5less bpshel.
81 so Lima Llmas large pound pound z5 3 Be s5S
Caulifower crate. Sis. Celery. Michigan
medium. dozen. 40c. jumbo. dozen. Csc;
hearts. bunch. 90c. Cucumbers. dollhouse.
dozen. 81 so. Endive. dozen. 4Oc. Egg
plant. dozen. 75c. Kale, bushel SOC.
lettuce outdoor. l5-lb. basket. COO. Man
Cos bushel. 85c. Mint dozen, SOC. Parsley
dozen. 35c- Peas-Hamper. S275- Peppers,
red finger. bushel Sis; 5-lb. basket, soc.
Radishes dozen Csc Tomatoes, outdoor,
l2-lb. basket 45c: bushel. $3.50. TuTnips,
home grown. dozen. zoe; pumpkins, dozen.
Csc.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
COMMERCIAL CREDIT
INCOME EQUALS Sill
Third Quarter Figure Compares
With 81 Cents Year Ago.
By Times Special

Du tHttS SptCtut
BALTIMORE, Oct. 23.-The Com
mercial Credit Company earned
Sill a common share in the quarter
ended Sept. 80, compared with ST
cents per share for the same period
of 1888.
Gross purchases of receivables for
the third quarter were 500, 879, 467,
compared with S62,774O34 for the
same period of 1888.
Net income credited to earned
surplus, after provision for Federal
taxes and all other charges, was
ST APO, 779.72 for the third quarter,
compared with S9O6.4O4.S8 for the
same period of 1888. Net income for
the nine months ended Sept. 30,
1884, was $4,000, 34605, compared
with s1,837,15944 for the same
period of 1888.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23

in the case OF NC
Lellan Stores. 1t
found that the
securities and eX-
change act had
not been violated.
The comiSSion is
to be compli-
mented on its new
policy. The pub
lie has a right to
know the facts
a bout unusual
m ark e t move
m e n t S, whether
they be good. bad
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
Lyter to Speak

Fred o. Lyter, assistant superin-
tendent of agencies for the Con-
necticut Mutual Life Insurance
Company, tomorrow will address
members of the Jones agency, Indi-
annapolis representatives of the COM
pany. Mr.. Lyter is now visiting
Connecticut Mutual agencies in this
part of the country.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
COAL OUTPUT DROPS
Production In Indiana During Week
Totals 100000 Tons.

Indiana produced 100000 tons Of
coal during the week ended Oct 6,
a report of the United States bu-
reau of mines showed today.
Production in the state for the
same period month ago was 309,-
600 tons. and in 1888 was $4,000
tons. The state produced more than
4 per cent of the nations output
during the week.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
STOCK VALUES DROP

% I IHts SptLIuF
NEW YORK, Oct. 23.-The mar
ket value of fifty representative
stocks listed on the New York Stock
Exchange at the close of business
for the week ended Oct. 20 was SILL
651 ,879, 500, a decrease of sec, 957 ,625
or O57 per cent. as compared with
the preceding week, according to a
compilation by Paul H. Davis & Co.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
DROUGHT AIDS
ALL DIVISIONS
IN DAIRY FIELD
Industry Gains SoundeSt
Footing in Years, Sur
vey Shows.
BIZ Times Special

BIZ Times Special
NEW YORK. Oct. 23.-Effects Of
the drought proved fortuitous for
the dairy industry. which has gained
the soundest footing in several years,
Dun & Bradstreet, Inc, declared to-
day in an analysis Of the dairy in
dustry. The resulting decreased
production, with the accompanying
price advances, has benefited all di-
visions of the industry. even though
! higher costs of operation have tend
ed to reduce net income of some Of
the distributors.
The leading creameries, It IS
pointed out, are being operated on
the most economical basis ever
achieved, due to the new equipment
being installed, and unfair COMPETE
tive methods have been reduced
greatly since the adoption of the
codes.
Gains in consumption Of milk
and the various dairy products gen.
orally" the survey declares, ARE IN
dicated in all parts of the country.
and sales, as a whole, have risen TO
dollar totals from 10 to IS per cent
higher than those of a year ago,
with unit sales also higher.
Statistical Picture Better
1.-THE large inventory write-offs
made necessary at the end of 1888,
because of the low prices. give evil
dence of being replaced at the close
of the current year by moderate
profits, in view of the more favor
able statistical position Of the in
dustry.
THE devastation of pastures
caused by drought conditions Of the
past summer has eurtailed the OUT
put of milk sharply in some areas.
AS a consequence, prices have tend
ed to move upward, which is evil
denced by the reports which give the
average increase over last years
quotations as ranging from 10 to Is
per cent.
although fewer creameries have
gone into bankruptcy thus far this
year than for the corresponding
period of 1888, the number of fail
ures among retailers and whole
salers of milk and dairy products
has increased, which has left the
monthly average of insolvencies
about at the same figure as for a
year ago.
Money Loss Heavier
THE amount of money lost
through these bankruptcies is run
ming heavier than last year, as for
the 119 failures recorded from jan
uary to September, inclusive, the
involved liabilities totalled $685.
968, as against S2,478,554 for the IT'S
failures recorded for the entire
twelve months of 1888.
with the exception of May and
July, when the decrease was trifling.
consumption of creamery butter
every month this year has exceeded
the comparative figure of 1888. The
total for the eight months of 1884
rose to 1,155, $4,000 pounds, gain
of 6.5 per cent over the consumption
for the corresponding eight months
of 1888, and higher by 48 per cent
than in 1882"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
WHEAT FUTURES UP
ON BUYING SUPPORT
Operators Move Slowly on
Both Sides.
BIZ United Press

CHICAGO, Oct. 23.-Commission
house and local buying supported
wheat at the start of the Board Of
Trade today and prices advanced
fractionally Wheat started a to
z cent higher, corn was y cent
lower to IS cent higher, oats were
up - to u cent, and rye was up Is
to y cent.
Liverpool started lower in SYM
pathy with the late decline here yes
terday.
Activity here was limited with
operators preferring to go slow on
both sides of the market.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23

or indifferent. and the commission
will help greatly to restore conf
dence in the markets by letting in
vestors know through its reports
that it is watching developments
carefully.
In one particular, however, the
commission would do we'll to act
with care. Before it makes an I'M
favorable report on stock it should
be quite certain that it is right. To
take too much for granted in that
respect might do great body of
security holders harm. 1t would also
do an injustice to those who have
been identified with the market ac-
tivity of a stock issue.
THE Street has MT been par
l. ticularly impressed with some
of the investigators who have been
assigned to dig out the facts on
market movements. Its criticism
has been directed at the inexperi-
ence of such investigators, particu-
larly those who know little or Moth
ing about market manipulative
practices. The charge also is made
that some of these investigators
adopt the attitude of prosecutors
rather than fact-finders.
Joseph P. Kennedy, chairman Of
the commission, is a Wall Street
man ard knows all the tricks of the
trade. But it is obvious he can not
make the Investigations personally.
He must depend on the findings of
his lieutenantS. To be on the safe
side, however, it might not be bad
idea if he were to hold a final hear
ing in his own offices and allow
those under suspicion to tell their
story TO him direct before making an
adverse report.
OUCH hearings really would serve
- two purposes. In addition to
greatly reducing the possibility of
mistake and of the doing of injus-
tice they would tend 70 keep in
veStigators under better control.
If given toe much leeway it would
be the easiest thing in the world for
investigators to build up the worst
sort of racket" by preying on bro
kers and traders who are doing their
best to conduct a legitimate busi-
ness. Moreover, those who would
like to evade the provisions of the
act probably would pay well for
''whitewaSheS."
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
Wall Street
BY RALPH HENDERSHOT-
Times Special Writer.

NEW YORK, Oct. 23.-The
IN securities and exchange COM
mission has adopted a new and i'm
portant policy-the policy of report
ing its findings to the public after
it has made Investigations of mar
ket activities which it feels may or
may not include irregularities.
Its first report, issued late last
week. was the result of its findings
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
QUARTER SALES DECLINE

NEW YORK. Oct. 23.-SaleS Of
the American Colortype Company
for the third quarter Of 1884
amounted 10 sl,450.5l0, as compared
with sI,IS6 .3s7 in the same quarter
OF 1898. it was reported today. Sales
for the first nine months Of the cur
rent year totaled SASS, 765, an in
crease Of 2o.9 per cent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
SerVeI Paws SI4

Due to accumulations, directors
of Servel, Inc, have declared div
idend of S14 on the 7 per cent cumu-
lative preferred stock, payable Dec.
| to stockholders of record Nov. Is.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
Issue OYersubScribed

The latest offering of $4,000, 900
in 182-day bills by the treasury at
tracted total subscriptions of $685.
$4,000, Secretary Morgenthau dis
closed today. The average interest
rate was or per cent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23

unconstitutional, what is the
likelihood that it would be
sustained by the supreme
court?
The occasion for passage of the
law was the failure of state blue
sky laws, adopted in all states ex-
cept Nevada, to protect the public
from enormous losses due to the
widespread sale of worthless or
fraudulent securities.
Registration Is Required
The method by which protection
to the investing public is sought in
the federal law is to require regis
tration of securities with certain
exceptions, such as government and
charitable institution issues and
commercial paper with the federal
securities and exchange commission
as a prerequisite to their distribu-
ton through the channels of inter-
state commerce and the mails.
AS a condition of this registration
detailed information must be filed
relative to the issue proposed, the
issuing organization and its control,
and underwater or dealer agree
ments concerning the marketing
procedure to be followed. Severe
penalties are specified for violations
of the terms of the act.
Investors Are Protected
State laws to protect investors
generally by requiring registration of
security statesmen with an appro-
pirate state authority prior to their
undertaking the sale of securities
within the state-have been at
tackled as unconstitutional. The con-
tertion was made that these laws
interfered with freedom of con-
tract, resulted in an unconstitution-
al delegation of legislative powers
to administrative bodies and placed
an unreasonable burden upon in
terState commerce.
Although in the lower federal
courts some of the earlier state laws
we're declared unconstitutional, the
supreme court in later cases has
definitely established the constitu-
tionality of several of these laws.
The court held that the right to
freedom of contract may be reason
ably modified in the interest of
public welfare, that the laws re-
viewed did not unconstitutionally
delegate legislative powers and that
their restrictions upon interstate Sc
curity sales were not unreasonable
burdens upon interstate commerce
Commerce Clause Cited
The constitutionality of the recent
federal law depends mainly, with
out a doubt, upon the adequacy of
the commerce clause of the Consti-
tuition as basis for its passage.
Under the commerce clause congress
possesses authority to regulate all
interstate and foreign commerce.
Unless the supreme court should
hold that the interstate shipment
and sale TO securities is not a part
of interstate commerce there is
little reason to believe the securi-
ties act would be held unconstitu-
tional on other grounds. The power
to regulate interstate commerce lis
vested in congress as absolutely as
it would be in single government.
Another constitutional principle
to be noted is that it is not within
the province of the supreme court
to pass upon the wisdom of the law.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
LOCAL CASH MARKET

City grain elevators are paying Sc cents
tor No soft red wheat. Other grades
on their merits. Cash corn No. 3 yellow
So cents. and oats 43 cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23

NEW YORK, Oct. pa type of federal regulation
of economic affairs which likely to be scrunized by the
United States supreme later is that embodied
in the securities act of 1888.
The severity of of the penalties imposed in it and
it's alleged effect in drying up the issue of securities have
to much of the criticism If the law should be attacked
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
Home Owners Loan Corporation
of the United States of America
80 Bonds, Series A

A
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pEA Dpt~ldm LhomHF edrhS Stat. cdmmn
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Date MAY
Ld h Homo 0 FL 3
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raalhh o.
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DS19ms Aa~r prepared NJ
trem ketpncst these bond eli approximate 10
mend hseBo for nusnn
BrownH ariman& rt
dder
LeeH ,Stone&
Bth& Co, Stoned md
& F Mp Murphy Co. Alex Brown Sons
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
Retail Coal Prices
DOMESTIC RETAII PRICBs

The following prices represent quotations
from leading Indianapolis coal dealers.
a ascent Carving CHARGE Der ton VIII be
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
BANKERS HEAR
REPORTS FROM
u. S. AGENCIES
Deposits in Licensed
Institutions Increase
SO Per Cent.
BIZ Tnited Press

By Cnfted PTeSS
WASHINGTON, Oct. 23.-Prog-
ress in the federal governments
banking rehabilitation program and
release of funds of closed banks was
reported by government agencies as
the American Bankers Association
began its annual convention here
yesterday.
Promise of early publicity on the
administrations banking legislation
policy was forthcoming from the
treasury department as experts of
that agency rushed to finish
special banking study.
The Federal Reserve Board and
the Federal Deposit Insurance Cor
poration reported new bank open
ings and additional institutions
coming under the protection Of the
insurance pool"
The Federal Reserve Board re-
ported only 361 banks, exclusive of
mutual savings banks, with COM
bined deposits of S2O6, $4,000, still
were unlicensed.
New Pay-Off Plan
The FDIC announced that 14,117
of the nations 1884 operating
banks were members of the insur-
ance corporation of Sept. /.
On June 80, the corporation re-
ported, deposits of these institutions
aggregated $35,766, $4,000, and to
date only six small members had
been forced to close.
Controller of Currency J. F. T.
O'Connor, announced the start of
the governments new payroll plan
for depositors in insolvent national
banks under which about 800 re-
ceiverships are to be wound up by
making S4,000,000 of Reconstruction
Finance Corporation money avail
able to depositors.
Figures of the FDIC on state
bank deposits, exclusive of mutual
savings banks, for the period from
Dec. 80, 1888 to June 80, 1884, and
the percentage of licensed CONNER
cial banks of each state covered by
the report include the fact that de-
posts of 464 licensed banks in In
diana increased almost $65. 100000,
or SO per cent.
Among other significant figures
shown in the reports OF condition of
the insured commercial banks of
Indiana we're loans and investments
totaling 1891, 1897 900 and cash and
due from banks, including balances
with the federal reserve bank of the
district, amounting to $3.50, 651 900.
Banking houses, furniture and
fixtures of the banks we're shown to
be valued at $21, 100000.
Deposits Show Gain
Total deposits in these banks as
of June 80, 1884, were $486, 1858 900 as
compared with a figure Of $421, 287,-
900 on Dec. 30, last year. The total
capital stock and other items of
capital account in the banks was
shown to be $82,303,00 by the tabu-
lation.
More than 4,700 employees, includ-
ing officers, directors and persons
employed on part time basis, are
engaged in the banking business of
this state, it was revealed by figures
asked for as part of the report from
which the insurance corporation
built up this abstract.
The abstract is much more de-
tailed in its figures than previous
pictures of the nations banking
system. 1t was compiled on the
basis of reports received by the Fed
eral Reserve Board, the office of the
controller of the currency and the
FDIC.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
Treasury Statement
,Bv United Press

WASHINGTON. Oct 23.-Government
expenses and receipts for the current
hscal year 70 oct. 20. 1894 with the cor
responding period OF the previous fiscal
wear.
This Year Last Year
Expenses 81. 029 $50 .356 SO 81 294 685 372 So
Receipts I.156. 297 266 so $50 406 468 90
Deficit 873 223 090.l0 Ala ara 904 So
Cash Bal 1871 209 sos. 81
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23
Federal Securities Act
Seen Upheld by Court
Economist Regards New Law as Supported by
Constitution; Cites Many Precedents.
BY THOMAS j. ANDERSON JR.

the third articles be published weekly The
Nsx
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23

Dew elopm ents in
Trade and Industry
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23

Latest Stock, Bond and
Commodity Quotations
The Daily Alaska empire., 1934-01-30
PUBLIC WORKS IRE 0. K. BUT CHARITY RELIEF BEGINS AT HOME

Inge each ev o hu Federal Proets the dcn is ACTION that part imprar n uhh ook too %n n mown hands and dproedha euuMf tour bAte.
 fir h all if it's t to do ~ p o to b done If HintH ;hnrespk start
 UNEMPLOYMENT is Is smotbh is So drmld ad deanupo smdou ctyw while nhaea ~ " ~ W - ~ " ~ U&It ng That Needs Be Done Too Small Be Not Worth Don
The Waterbury Democrat., 1934-10-27

"I wonder where this stream leads to? 'Twould be more fun, if we just knew" said Duncy, as the strange boat slowly travelled on it's way.
 "Once more we don't know where we're bound. Right now we may be safe and sound, but who knows what may happen ere the passing of this day"
 ..Aw. you're too fussy," Goldy cried. "Sit still, now, and enjoy this ride. With Coppy rowing, we know we can steer just where we wish.
 The water is real quiet, now. l know we'll get along, somehow. As we moveslowly onward, all I hears little swish.'
 So. all was quiet for a while. Then little Scouty, with a smile, said, Look who is beside us. It's . turtle. What a sight!
 He seems to be a friendly sort. Come on, let's race him, just for sport" "Okay," yelled little Coppy. Then he rowed with all his might.
 The funny turtle seemed to know what it was all about, and so he padded on with much more speed.
The Waterbury Democrat., 1934-10-27

(Scouty proves how brave he is, in the next stOry).