davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11
TAX TESTIMONY
OF MORCENTHAU
HELD IMPORTANT
Reveals Borrowing Check
and UnWorthineSS of Levy
on MiIIionaireS.
BY JOHN 7. Y
Times Special Writer

NEW YORK, July 1.-THE be-
wildering tables of tax figures given
to Congress by The Secretary of the
Treasury, together with his accom-
panying statement, bring out two
important things.
First, the Secretary announced
that the time had come to rely less
on borrowing and more on taxes to
raise needed revenue. Slowly both
branches of Congress are coming
around to this view. Now the Presi-
dent, apparently, comes to it. This
means things we'll worth watching.
One is that the next attempt to
enlarge the public debt will be met
by stout resistance in both parties.
The other is that, if this succeeds
and the government shifts to a
policy of taxation, the threat of in
fation will be halted. The result
of this will run through the whole
structure of industry, including
wages, prices, profits.
Second, the experimental tax
tables furnished to Congress by the
Secretary prove conclusively that
we al not get very far just by
soaking the millionaires.
Yield Is Shown
> If income taxes are increased only
on incomes Of $1,000,00O and over,
with inheritance and gift taxes on
inheritances and gifts of 100000
and over, the yield will be as
follows:
If We tax million-dollar incomes
so per cent and boost the rate to
90 per cent on incomes over $10,000,-
900, the increased revenue will be
only SIS, 100, 900.
If we tax $500, 900 in~heritances
and gifts and boost the rate to IS
per cent on inheritances and gifts
over $40, 900, 900, the increased reve-
nue. will be $7,300,000.
We could impose a graduated tax
of 10 per cent on corporations with
$4,000 income and raise it up to
1713 per cent on corporations with
a million dollars income or owe and
get from $66, 900 900 to $102, 900 900,
depending on how fast the gradua-
ton moved. Altogether, then, here
is an increased tax yield of from
$78, 400, 900 to STA, 400 900.
Equals Weeks Spending
With emergency expenditures of
$425, 900, 900 last month, it will be
seen that this would scarcely take
care of us for one week. With a
debt of $28, 600, O0O, 900, we
could pay one-eighth of the inter
est, or, if we applied the increase to
off the debt, we could extin-
guish it in $50 years, provided we
didn't borrow any more.
Mr.. Morgenthau makes it plain
than if we tax incomes of 500, 900
and over, instead of $1,000, 900 and
over, and put on the inheritance
taxes to the limit, we could raise
about $3.50, 900, 900. This is just
about enough to meet the interest
on the public debt. 1t is just about
one-fourth of last years deficit.
Of course these observations do
not mean that a beginning at taxa
ton should not be made, but it is
plain that borrowing can not be
by substituting such a meager
tax program. It looks, alas, as if
the tax collector will have to re-
member the forgotten man.
Copyright. 1885. NEA Sarvice. Incl
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11
NeW York Stocks
By United Press

By United Press
NEW YORK, July 11.-Stocks
dropped fractions to almost two
points today in light trading.
No division was spared as the
profit-taking came into the mar
ket and despite early strength in
General Motors, which went to a
new high for the year, motor shares
turned easy. General Motors at
341s was off IS, Chrysler was off
is at 81. Motor Equipment shares
turned easier.
Bethlehem Steel was off a.,
United States Steel off : at So.
Farm equipfents were lower with
grains, Case dropping more than a
point.
Utilities we're weak, American
Telephone extending its decline to
1854, where itr was IL lower. Con-
solidated Gas was 3 lower at 255s.
Rails turned easier and Chemical
shares were weak.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11
Unlisted Stocks
(By Blyth 81 Co., Inc.)
NEW YORK RANK STOCKS
PRICES AVERAGE LOWER

CHICAGO, July 1.-THE mid
summer sale book of the Chicago
Mail Order Co., received this week,
shows prices averaging from II to
Is per cent lower than at the same
time last year, it was learned here
today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11
INDEX UP
Wholesale Prices Advance During
Week Ended July 6.

WASHINGTON. July 1.-THE
weekly wholesale commodity price
index Of the National Fertilizer AS
ISOLATION during the week ended
July s advanced TO IT'S per cent Of
the 1868 average. compared with
~ per cent in the preceding week.
L was announced here today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11
CHICAGO FRUITS AND VEGETABLES

CHICAGO .FnIv Ii-AppleS-IllinoiS.
cuSheI. TscMSl. Carrots-Western crates.
S dor- % IS. Turnips-ulinoiS. huncheS.
ifsc. Sweet Potatoe&Tennessee. bushels.
so 3 6Sc. Lettuce-WeStern. crates > doz.
So 7SmATS. Leaf Iettuc@nlinoiS. bushels.
$50 soc Beans-ulinois. bushels. Slni. 50.
CahhaCe-ulinois lettuce. crates. 30 G soc.
Peas-WasPnEton. bushel hampers. S2H
$50.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11
BUSINESS FAILURES DIP
Total in Week Drops to Lowest
Level Since September.

Level Since September.
By Times Special
NEW YORK, July 11.-Business
failures in the United States dur
ing the week ended July 6 amount
ed to only 1874. This was the lowest
number registered since Septem-
Der, 1884, according to the weekly
report of Dun & Bradstreet, Inc,
released here today.
The total reported in the preced-
ing week amounted to 234, COM
pared with 229 two weeks ago. The
sharp reduction in failures was not
ed mostly in the Western and
Southern states.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11
Other livestock
fBy United Pressl

(By United Press
FIT. WAYNE. July 11.-Hogs+5 to 20
cents higher: 10000 lbs. $40, 2O0-225 lbs.
$50; 225-250 lbs. $40: 250-275 lbs. $3.50.
2Is-3oo lbs $40; 3oo-S5o lbs. SPAS: $50
$50 lbs, SO so; 140-150 lbs. S9.25: 130-140
lbs. So: l2O-130 lbs. s8.75; i00-I20 lbs
ss.25; roughs. So; stags. So; calves. So;
lambs. So.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11
BY VINCENT LYONS
Times Financial Editor

A popularity of insurance is that one can insure virtually anything
except the hereafter. The history of this important business, inextncably
woven into the history of the world, is redoent with romance. Marine
insurance is unquestionably the oldest type of coverage as traces of it
were found in the sea regulations of ancient Greece and Rome and in
the code of Jusfinian the Creat
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11
LOCAL CASH MARKET

City grain elevators are paying 10 cents
for No. 2 soft red wheat. Other grades on
their merits Cash corn No. 3 yellow.
10 cents and oats % cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11
Money and Exchange
INDIANAPOLIS STATEMENT.
TREASURY STATEMENT

TREASURY STATEMENT
(By United Press
WASHINGTON, July 11.-Government
expenses and receipts for the current
fiscal year to July 9, compared with a
year ago:
This Year. Last Year.
Expenses S 42I. 437. 645.17 S 201 ,328. los as
Receipts D.. 95. 6 6.514.41 ga, ASP 999. 50
Dehcit :... 1851 .IS0.76 102 SaS I05 80
Cash bal 1902. 745, 630.67 1887, 1902. 234.68
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11
MoneH at O.35 PC.

Money is cheap. This week the State of New York
sold q SIS, 900, 900 issue of 10 month notes at an inter
est rate of O.S5 per cent. The banking houses Which pur-
chased the notes reofered them at prices equiUalent to
O.25 per cent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11
OF INSURANCE RICH
With ROMANCE OF WORLD:
MARINE COVERAGE IS OLDEST
Under Modern Conditions Virtually Everything but the
Hereafter Can Be Insured; Regulation in
Indiana Began in 1852.

This is the fourth of siI articles describing the history and fl
various state departments whose super visory activities are 81 necess
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11
~ Y Bonds
tBy Abbott. Proctor d Painel
Reprinted From Yesterday
nAVVV RnNn NnE~

lXl-NeW 1885 high.
Copyright. 1885. by Standard Statistics
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-11

U. S. GOVERNMENT BONDS
Libertys
The Washington times., 1935-08-26

Robert Stone, as Jimmy Borden
ace reporter, solves a perplexlng
mystery in which an almost un-
noticed clue gives the key to the
murderer, tonight from $3.50 to .
over WMAL, in "The Crimson
Clue"
This is the first time that the
players on this program will break
their hard and fast rule OF strict
romance. Joan Blaine, leading
lady, has been cast as Helen Whit
ney, sob sister on Jimmy's paper.
The unsuspected villain, hard
boiled city editors, photographers
The Washington times., 1935-08-26
RADIO HIGHLIGHTS
TODAY'S FEATURES

WRC-Nell Stuart, so
prano, with Morgan L. East
mans orchestra, $3.50 p. m.
Major Bowe's Amateurs, with
Jack Squires, 11:15-11:SO
p. m.
WMAL-"DOn't Go Too
Far Girls" with Mark War
now's Orchestra and Odette
Myrtil, Partisan actress, 1880
8 D. m. "The Crimson Clue"
murder mystery drama, 1880
9 p. m.
WJSV-Guy LOmbardo's
Orchestra, 1880 p. m. The
ater of the Air, 8-9 p. m.
WOL-Eddie BOneli'S Or
cheStra, 10-11 p. m.
The Washington times., 1935-08-26
TOMORROW'S
FEATURES

WRC- Serenade, Wayne
Kings Orchestra, 1908 p. m.
GOOd-by Mr.. Chips. 9-1O p. m.
WMAL - Times Radio
News, 9:45-1O a. m. MTG and
His Girls, $3.50 p. m. Paul
Whiteman's Orchestra, 10:45-
IL p. m.
WJSV-On the Air with
Lud GIuskin, $3.50 p. m.
Jerry Cooper, 9:3O-9:45 p. m.
Ted FiOritO's Orchestra,
1O:30-11 p. m.
WOL-Happy Halls Barn
Dance, 8:3O-9:3O p. m.
Charles Benci'S Orchestra,
1O-1O:S0 p. m.
The Washington times., 1935-08-26

and policemen round an all-star
cast.
Winner Of the woman's voice
contest "sight unSeen," Miss Nell
Stuart, of Champaign, Ill.,, will be
featured tonight on the broad
cast from $3.50 over WRC. Miss
Stuart possesses a rich, true So
prano. She is a graduate Of the
University of Illinois. and has
studied voice for sometime in Chi
cago.
Another interesting feature Of
this program will be the report
on the Dionne quintuplets, who
are just closing the first quarter
of their second year.
The Washington times., 1935-08-26
Puerto Rico u. Has
Heavy Enrolment

SAN JUAN, P. R.-Four hun
dred young men and women seek
ing entrance to the University
of Peurto Rico were turned away
while 600 entered to form the larg-
est freshman class enrolled here.
The university attributes the
record enrolment to the depres-
sion and the SIS monthly scholar
ships received by many students
from the relief adminiStra alton. -
The Washington times., 1935-08-26

and policemen round an all-Star
-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-10-03
RELIEF FAMILIES
DECLINE At PCT.
Acting F. E. R. A. Admins.
traitor Reports August Ex-
penditures 8.3 Lower.

With the works-relief program
gradually providing security wage
jobs, a decline Of a. per cent in fami-
lies on relief in Angus; and Of 8.3 per
cent in the months relief expenditures
was reported today by Aubrey Will
liams. acting F. e. n. A. admins
traitor.
There were 3,504.17s families on
August relief rolls. according to pre-
liminary reports from State admins
traitors. compared with 3,677.337 fami-
lies in July, and 4,005.897 in August,
1884. The decline from the same
month year ago was 125 per cent.
Expenditures for direct relief
dropped from 16o.7s3 1853 in July to
STAT. 4l8,564 in August. The family
figures do not contain reports Of spe-
cial phases Of relief such as transients
college aid for students and the
emergency education program.
The heaviest drop in families on
relief was in South Dakota, 43.6 per
cent; wyoming, 266 per cent; North
Dakota, 22.2; Vermont, 1919; Iowa,
1874: Nebraska, 1876, ana New Hamp-
shire, is per cent.
In the District Of Columbia, the
decrease was 4 per cent, with a de-
cline Of 10 per cent In relief expendi-
lures.
Increases in relief rolls were noted
as follows: Idaho. Is per cent; Illi-
nois, 81: Louisiana, at: Oklahoma
48: Pennsylvania, rs, and Utah, IA
Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-10-03

Continued From First Page.)
by the bomb raid news, against the
Italian diplomat.
The three American Mission hos
pitfalls here unfurled enormous Red
Cross flags today, while the United
States legation put up its largest
American flag as warnings to bombing
planes.
Anti-aircraft guns set up around
the capital limits fired practice bursts,
using real bullets for the first time.
The King Of Kings, whose general
mobilization order set his native fol-
lowers on the march to the front, pro-
tested TO the League of Nations, al
leging a violation by Italy of Ethiopia S
frontiers and rupture Of the League
covenant.
Battle Results Unknown.
RaSSe Youm, governor Of East Tigre
province, bordering on Italy's colony
of Eritrea, where nearly a quarter of
a million Italian troops have been
massed. conveyed the first news Of the
bombardment TO the Emperor.
The report Of the air bombing raid
reached the capital while the Emperor
was at prayer in the imperial chapel
at dawn.
The news created fears that there
would be similar raid against Adds
Ababa
All through the day the inhabitants
constantly were seen glancing toward
the skies as though they feared q
sudden swarm of airplanes across the
mountains. carrying a rain Of ga
bombs and high explosives.
Engagements in different sectors oil
the northern and southern fronts were
reported constantly, but they were moi
officially confirmed.
Aviators Testing Guns.
Troops patrolled the city. Ethiopian
aviators were testing anti-aircraft
guns on the edge of the city in ex
pectations Of an air raid
Many foreigners sought refuge ir
their various legations while a num-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-10-03

Der Of citizens started for the hills.
Americans here may seek protec-
ton in either the British or the Ger
man legations, since both of them are
equipped with bombproof shelters.
The city was quiet, but it was ap-
prehensive.
The Emperor held a meeting of the
crown council to determine the en-
pire's course Of action in the light Of
the alleged Aduwa bombing.
While historic Aduwa, Ethiopia's
"Verdun," slept in the morning hours
of today. Mussolini's airplanes bonn
barded the city. the government an
nouncement said, as a prelude to what
might prove one Of the most bloody
wars in the history Of the dark CONT
nent of Africa.
Word that numbers Of women and
children combatants were killed
and injured Mortified the King of
Kings, who dispatched his protest to
the League Immediately.
The Conquering Lion Of Judah was
reported to have sent four regiments
of $4,000 soldiers to AuSSa, to meet
an eventual Italian attack near
Mussa Ali. where the Ethiopian gov
eminent said 1t had established that
Italian troops already had penetrated
Chancellor Reads Proclamation.
The Emperor's proclamation was
read from the balcony Of his palace
by his chancellor. Halle Wolderoufe
after an emergency session Of his
crown council.
system Of all Ethiopia-by drums
couriers and town criers-the WORD
spread, uniting Christians, Mohamme-
padans. pagans and Jews in a call tt
the colors to defend the independence
Of Ethiopia against Italy.
1.-THE German news bureau CORE
spondent at Adds Ababa reported Il
Berlin that a battle was raging ir
Ogaden province in Southern Ethio.
pia.)
Envoy Is Nervous.
The italian Minister was walking ir
the garden of the Italian Legation
shortly before noon when the Asso-
ciated Press correspondent informed
him that fighting already was re-
ported.
Vinci appeared decidedly nervous
He said he lacked all news from his
government.
Commandant Dothee Of the Belgian
Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-10-03
j. s. SENDS ITALY
LITTLE MUNITIONS
No Arms Sold to Ethiopia,
State Department
Reveals.
BY the Associate, Press.

BY the Associates Press.
The United States has played only
q minor role in supplying war NUM-
tons to Italy, figures tabulated here
showed, and has shipped none to
Ethiopia.
Airplane engines and parts sent to
Italy showed the only increase over
1888 and 1923, taken as typical periods.
Data on exports of articles desig-
mated as arms, munitions and imple-
rents of war" which must be regis
tered with the State Department
under the neutrality act, were made
available to newsmen by Secretary
Hull.
Figures Are Unofficial.
TN answer to many questions asked
the Secretary regarding the shipment
Of war materiel to Italy and Ethiopia, >
the State Department announcement
said, the following figures have been
collected from all sources and repre-
sent the best information the Depart
ment of State has been able to OBJ
tain. The figures are unofficial, but
they are believed to be accurate.
The department is not in position
to keep an official record of arms cx-
ports until after November 20, when
the licensing system becomes effective. "
Summary of exports of war ma
terrell to Italy and Italian colonies:
Rifles-l935, 1886. against $50 in
1928 and none in 1888.
Metallic cartridges-l935, 1898,
against 81, 444 in 1928 and $2,983 IN
1893.
Airplane Total Drops.
Airplanes-1935, s32,807. against
$84,95O in 1928 and none in 1888
Airplane engines and parts-l935,
$3O4,744, against S14,884 in 1928 and
S21,0O5 in 1888.
The tabulations showed no exports
OF war materials to Ethiopia or French
Somaliland, which contains Ethiopia S
only seaport, during any Of those
three years.
The figures include September % OF
this year.
The announcement said the caliher
of the rifles and ammunition was not
known, and a considerable portion
might be of small caliber for sporting
purposes.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-10-03

interview and suggested that the
Ethiopians might seek vengeance as
the result Of reports that women and
children had been killed by bombing
planes at Aduwa.
Vinci said he hoped there would be
no reprisals.
Asked II measures had been taken
to protect the legation, the diplomat
replied: II am at this moment taking
precautions"
Twenty Ethiopian soldiers guarded
the entrance to the Italian compound.
There was not another person In the
vicinity.
Emperor Halle Selassie himself dis
patched 200 Ethiopian soldiers to
guard the legation, forbidding even
Italians to enter because Of the
danger Of espionage plots.
Vinci stated: Il have no instruc-
tons from Premier Mussolini on how
to proceed. know nothing Of Aduwa.
I must await the arrival of the con-
sular agents from the interior before
I can think Of leaving"
The Italian consular employees are
expected to arrive tomorrow from Des-
sic and those from Zebra Markos may
get in Saturday.
The spirit Of war seemed to seize
even the churches, where bells tolled
out while priests said prayers for
victory.
The proclamation automatically re-
leased for national defense an enor-
nous secret war treasure left by for.
mer Emperor Menelik.
The war chest left by Emperor
Menelik included 100000 gold Ira
indemnity, paid to Menelik after his
victory at AduWa.
u Aides to the Conquering Lion OF
Judah had estimated that at least
1000, 900 warriors among Ethiopia S
100000 men, women and boys
would answer the call.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-10-03

Continued From First Page)
gressive spirit had found its latest
complete expression in general mobil-
ization of the Ethiopian forces-an
act which Italy called a direct, i'm
mediate threat to Italys troops in
East Africa.
Aduwa Reported Bombed.
The telegram to the League from
Adds Ababa said information received
from Ras Seyum indicated that Ital-
ian military airplanes bombarded
Aduwa-where Italians were defeated
40 years ago-and Adigrat. taking
numerous victims among the civilian
population. women and children, and
destroying numerous houses.
The telegram said the battle was
being fought in the Province Of Agame.
League officials said it was desired
to convoke the Council sooner, but
Anthony Eden. British minister for
League of Nations affairs, was not yet
in Geneva. Premier Pierre Laval of
France has a vital cabinet meeting
tomorrow and Baron Pompeo Aloisi of
Italy had to be given time to arrive
from Rome.
1t was not announced Immediately
whether the League Assembly would
meet this week to deal with the
emergency.
The telegram from the government
Of Halle Selassie, reporting contin-
uance of battle in Ethiopia. said:
These facts occurring in Ethiopian
territory constitute a violation of the
empires frontier and a breach of the
covenant by Italion aggression"
The Italian note to the League de-
clared that the general mobilization,
proclaimed today by Emperor Halle
Selassie, constitutes an immediate
direct menace for Italian troops"
"In consequence Of the order
of general mobilization. it read. this
aggression has taken on volume Of
Importance which is much more con-
siderable, which manifestly involves
more serious immediate danger,
against which it is necessary to react
without delay because of elementary
reasons of security.
In the presence Of this situation,
the Italian government has found
itself compelled to authorize the su-
preme command in Eritrea to take
necessary steps in defense"
Troon Advance Adp,;tted
Gan Official communique issued at
Rome reported Italian troops have
moved into some advanced positions
beyond our lines" but denied the
charges of an air bombardment OF
Ethiopian villages.)
The telegram was signed by the
Ethiopian minister Of foreign affairs.
The League of Nations faced null
tiple warnings to think twice before
applying sanctions.
One Of the most vigorous warnings
was uttered by Premier MuSSolini In
his stern speech yesterday to the mo-
bilized Italian masses.
He warned Geneva that economic
sanctions would be met with iron
Italian discipline, military measures
with military counter measures. and
acts of war with acts of war"
A second warning was embodied in
information coming to the League
from countries in Southeastern Europe
that widespread cooperation in ap-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-10-03
GERMANY ACCEPTS U. S.
DECLARATION OF PEACE
announcement by Roosevelt Is
Taken as Viewpoint in
African War,

BY the Associated Press.
BERLIN, October Germany to-
day officially adopted the peace dec
laration of President Roosevelt Of the
United States as Its viewpoint in the
outbreak of an Italo-Ethiopian war.
Through this comprehension and
a firm condemnation Of war by coun-
try which still today does not regard
the Brian-Kellogg peace pact as an
empty letter" said Diplomatische Po-
litische correspondents, which the for
eign Office has authorized for use as
the Reich's official policy, 'the Amer
lean administration has marked the
United States as a factor for peace
which will be we'll received by the
American people without exception"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-10-03

plying economic sanctions against
Itay could not be expected without
some system of compensation for
small countries whose own economic
balances might be upset.
A third warning was seen by
League circles in a memorandum on
naval blockades published by the
League itself some time ago but
scrutinized today with new interest
because Of possibilities that the
League Council might decide on a
naval blockade against an aggressor