davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
FEAR INITIATION WITH
RETURN OF CONGRESS
Recent Market Stimulation Cited
AS Base For Forecast.
BIZ Times SpccinI

ny tWtH NptttUt
NEW YORK, Oct. 21.-The threat
of further infationary measures
with the return of Congress in jan
uary, coupled with the danger of
further devaluation of the dollar IN
herent in Eurones troubled none
tary situation, has brought fear to
investors, according to j. E. Molloy
of HornbloWer & Weeks.
The stimulation of the market in
response to the recent speech of
Charles r. Gay, president of the
New York Stock Exchange, is a
good indication of the seriousness of
imitation fears Mr. Molloy declared.
Monetary and fiscal develop
mentS over the last two years, such
as dollar deyaluation. bimetalliSm,
and financing of the government
deficit through bond issues, have
laid the groundwork for a period
of currency and credit imitation on
& faster scale than at any time in
our history
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21

Other millions of dollars of
foreign capital it said, have found
their way into American banks
where foreign balances have risen
to 1926, 100000 from S133,0000o0 a
year ago.
The flow of more than $3.50, 000, 900
in gold into the United States over
the last six weeks reflected the
movement of capital out of Europe.
Most of the transfers we're made
through the medium of gold ship
mentS which have lifted stocks of
the yellow metal in this country to
a record of $685., 081, 599
Cuts Italy's Resources
This drain Of gold, the board re-
ported, has indirectly reduced Italy S
financial resources and made it diff
ficult for her to find means of buy
ing supplies needed in the Ethiopian
conflict.
During July and August, the
board, said, more than 100000, 900
in gold was drawn out Of Italy, re-
ducing the reserves against. her
money to % per cent from Al per
cent in July. The reserves of the
Bank of Italy were set at 1890, 000,-
900 lire ($384,000 0O0, compared with
12,500000,000 lire ,000,000,000) in
April, 1928.
THE continual decline in gold re-
serves of the Bank of Italy" the
bulletin said, is attributable less
to capital transactions, which are
now subject to government control,
than to the country's adverse bal
ance of merchandise trade.
Reserves Off Since 1928
THE Bank of Italy has been los
ing reserves since April, 1928. AL
though gold reserves increased until
the beginning of 1884, the increase
was more than Offset by the ex-
haustion of the banks reserves in
foreign exchange.
During 1884, with foreign ex-
change reserves no longer available,
the bank parted with substantial
amounts of gold. and by the end of
the year it's reserves we're down
practically to the legal minimum Of
40 per cent
The United States sought to curb
the influx of gold with heavy silver
purchases in the world markets.
American gold was used to purchase
foreign silver but the transactions
were not large enough to discour-
age the heavy inflow.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21

The implication is that if the rest
of the years yields the same fruit,
tax collections, instead of increasing,
will decline.
The criticism is premature. The
Presidents statement can be crit
icised as being an attempt to be-
guile people from the growing and
unacceptable necessity for more taxes
But that has nothing to do with
the criticism of his prophecies.
These prophecies were based I'M
doubtedly, on several points. First
the president assumed that with in
creaSing trade excise and sales
taxes tobacco, liquor, etc. would
increase. Second, he knew that in
come tax payments already due
would show an increase of more
than hundred million over last
year. Third, he assumed that tax
payments under the new tax act
which would become due next Morch
and June would show very great in
creaSeS.
First Of all, it is necessary to re-
member that the president was
talking about the fiscal year which
began July /, 1885, and will enc
June 80, 1886.
Now internal revenue taxes of the
excise variety-the various sales and
nuisance taXes-have shown an in
crease OF about $59,O00,0O0. This is
fairly good, considering it covers the
summer or dull season. If it keeps
on at the same rate for the rest Of
the year the increase should be
about $200,000,000.
AS to income taxes, it must be re-
membered that in this period in
come taxes will be paid under two
separate sets of returns. Income
tax payments last month and in
December will be made under the
returns made last March, based on
1884 earnings. Then in March, 1896.
which is part of this fiscal year.
new returns will be filed, based on
earnings of 1885
The President properly estimated
September and December returns
on the already filed figures. These
have shown an increase over last
year of $63.000,000. The December
returns should do the same. If this
materializeS income taxes from
these two payments will show an
increase of $126 100000 which with
the excise tax returns will be $685.
100000.
The President evidently banked
on income tax payments in March
and June of the next calendar year
(but this fiscal year, showing a very
great increase because of the in
creasing earnings Of this year. And
that is a fair expectation. They
would have to show a rise of about
$330,000,000 to make good his fore
cast.
The decrease to date is due to a
single item-the processing taxes.
But this is due entirely to the pend
ing law suits about the AAA. The
taxes are merely held up. 1t will
be necessary TO wait the event of
these suits before Growing over tax
reductions.
All this, however, does not alter
the fact that the President was
clearly wrong when he said these
modest tax increases would be sui :
ficient.
Copyright. 1885. NEA Service. Incl
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
OWENS ILLINOIS GLASS
FIRM TO BUY LlBBEY
Negotiations Completed, w. E. Lewis,
President, Announces.
81 Times Special

81 Times Special
TOLEDO, Oct 21.-William E
Lewis, president of Ovens Illinois
Glass Co, stated today that nego-
tiations have been completed for
the purchase of the assets and bust
ness of the Libbey Glass Manufac-
turing Co. here,
The agreement provides that the
Owens-Illinois will issue 1920 COM
mon shares for the Libbey assets
which are acquired free and clear
of all liabilities and indebtedness.
The present authorized capitali-
cation of Ovens Illinois consists OF
single issue of 100000 shares of
common stock of par value of S25
share, all of which is outStand-
ing.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
II BUSINESS LEADERS
SELECTED BY WRITER
Groups Which Have Made Success
in Their Fields Listed,

A list of industrial leaders who
have made outstanding successes in
their respective lines, has just been
compiled by Eugene Whitmore,
nationally known business writer, in
an article, Men Who Made the
Grade" in the current issue of
American Business and System, of
which he is editor.
The men on Mr.. Whitmore's list
are: William O'Neil. president of
General Tire and Rubber Co.; Alvan
Macauley, president, Packard Motor
Car Corp; Walter Chrysler, presi-
dent, Chrysler Corp; Vincent Ben
dix, president, Bendix Corp; Tom
Girdler, president, Republic Steel
Corp; T, E. Wilson, president, Will
son & Co.; John E. Otterson. presi-
dent, Paramount Pictures, Inc; ..
C. Huffman, president, Continental
Can Co.; L. o. Head, president,
Railway Express Agency; W. w.
Head, president, General American
Life Insurance Co.. and Earl C
Sans, president, j. C. Penney Co.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
TAX ESTIMATE
OF ROOSEVELT
DECLARED FAIR
Criticism of Declining Reve-
nue. Is Shown as
Premature.
BY JOHN T. FLYNN
Times Special Writer

NEW YORK, Oct. 81. - Some
months ago President Roosevelt told
the nation it could look forward to
an increase of SOTO, 100000 in tax
collections in the coming year. This
forecast was made as part Of a
statement that all was going well,
that tax collections were increasing,
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
AUTO, TRUCK OUTPUT
SHOWS SHARP GAIN
Total Production Placed at 44,416
Units During Week.
BIZ Timex SnecinI

By Times Special
DETROIT, Oct. 21.-The trend of
automobile and truck production
was higher last week. Total output
in the United States rose to 44,416
units, compared with only 31.643 in
the preceding week, according to
Grams Reports, Inc.
Depicted in the current figures is
the sharp contrast with 29,069 units
manufactured year ago, an indi-
cation of the effect that the auto
mobile industry probably will have
on business in general during the
next three months, the slump period
OF former years. the report stated.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
Produce Markets

The prices quoted below are paid for
stock gathered in the country while de-
livered in indianapolis the price VIII be
! cent higher: Heavy breed hens, i6c:
Leghorn breed hens. 13c; springers' over
cocks &c; Leghorn broilers III lbs and
up, l2c; Leghorn springers i2c: ducks.
white. lbs. and up, SC. geese. full feath-
cred and fat, &C: guineas, l5c each. No
l strictly fresh eggs. loss off Csc: pullet
eggs, l8c. Each fun case must weigh s.
lbs. gross, a deduction of l0c a pound
under IS lbs. will be made Butter. No
2, 23c. quoted by the Wadley Co 1'1' ~
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
Italy Loses Gold
By United Press

~ CHtbCW 100
ROME, Oct. 21.-Italys gold re-
serve as of Oct. 10 was $4,O25,-
100000 lire, statement of the
Bank of Italy showed today. This
compares with 4,251 100000 lire as
of Sept. 80 and 5,257 $4,000 July 81.
The statement showed also the
following: Balances abroad, 412,-
100000; notes in circulation, 49,
100000; sight liabilities, 1926
100000; ratio of gold stock to note
circulation, 24.15 Gas compared to
81 Sept 80 and 1886 July 81, and
ratio of reserve to note circulation
and sight liabilities, 28.43 (as COM
pared to 1902 Sept. 80 and 379
July Sd.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
NUMBER OF CARS

to increased business throughout the
country, inasmuch as many COM
modities are represented in the
construction of these vehicles. An
increase in production of cars would
do more to stimulate general bust
ness than any other industry.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
INDIANA MAN NAMED

Jonas Waffle, Terre Haute, has
been named to direct and supervise
organization of a district board for
Indiana under the Guffey-Snyder
Coal Control Act. District Boards
will be organized in each of the %
producing districts defined in the
act.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21

not as yet shared in the replace
ment of new cars to the extent of
those sections that benefited from
government money. A real increase
in business, as is now in progress,
will more than likely register in in
creased sales of new cars in 1886.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21

Automobile production has now
established a definite trend back to
the level of pre-depression years,
after reaching a low point of $780,
600 cars in 1882. This large in
crease in production will add greatly
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
FRUITS AND VEGETABLES
tBv United Press

CHICAGO oct. l.-Anples-Michican
hushel, Wealthies 75c, Carrots-ulinois
huahel 2su5oc Sweet potatoes-Tenncs-
see. buShcl 600 zoe Beans-I ouiSianA
bushel $2m325 Cabbaee-60- 70-lh. crates
5oM Csc Peas California bushel hampers
So T5Ft3 IS. Tomatoes-California lucs
sl15M2. Spinach--Illinois bushel 25Gi SOC
Iettuce-Western crates dog s2@3 25
Cucumbers-Louisiana bushel 81 25G2
CelerY-Michigan. crates SiMl So Pears
Michigan. bushel 81 250iT5 Onion mar
ket l50-lb. sacks. Minnesota vellowLe0G
S5c. western Valencias. 81; Illinois - 4
65M roc: unelassltied, roc. n
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
Other livestock
by United Press

TT. WAYNE. Oct 21-Hogs-Market. zoe
lower; 16018O lbs. s1035 10000 lbs.
slo.25; 2oo-225 lbs sl0I5; 225-250 lbs.
$40: 30O-350 lbs. $3.50: 15o-1se lbs lbs
5000: I40-150 lbs. s995: I3o-l4O lbs,
So 70; 12o-13o lbs, s945; llO-120 lbs. 50 20.
Calves, $40 Lambs, SO.
lower; 10000 lbs. SO 2Oa1o,3o: 20o POO 295
lbs. s1o10G 1915: 225-250 lbs SO 95mI0;
250-275 lbs. s9.85@9 90: 275-325 lbs. 50 s.
@9.75; l40-l60 lbs s975Mi0: 1So-140
lbs, S92569 so; 100-l2O lbs s875Mo;
roughs; SO down calves, $3.50 down; lambs.
$3.50 down.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21

that eXpendl-
lures would de-
crease, and that
no further tax
legislation would
be necessary.
Now his enc
mics point out
that in the three
and a half
month of the
fiscal year al
ready expired
tax collections
have actually
fallen off by a
million dollars
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
CURB SHORTS FEWER
BIZ Tim es Special

. FHtN NUtFtuI
NEW YORK. Oct. 21.-The short
interest on the New York Curb Ex-
change as of Sept 80 totaled 24,65I
shares, against 27,635 on Aug. 81,
it was reported today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
LOCAL CASH MARKET

CITY grain elevators are paying 90 cents
for No soft wheat. Other grades on
their merits. Cash corn No yellow IT
cents and oats 81 cents
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
Europe Pouring Millions
Into american Securities.
Reserve Board DiSClOses
Other Millions Deposited With Banks for Safekeeping
Foreign Balances Rise s162, 100000 in Year.


WASHINGTON Oct. 21-Foreigners millions
American security markets for investment United
Federal
Although the board of the purchases
said there had been large movement of
L L
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
SHEEP AND LAMBS
-Receipts. lOOO-

Lambs, 90 lbs. down good and
Cno!ce ......' ....-.....,. So Is n 100
MeQlum ..-,.-................ s. 500 6 25
Ewes
lso-125l Good and choice -, 3ooa 400
All weights, common and me-
dunn ..,'.,..... 25oa $50
tl2U-loOl Good and choice :. 2.00M 800
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
Egg Production Higher

Egg production is Increasing There are more hens
and puets Of laying age IN farm fIocts than at this
time year ago, and they laying eggs reports
the Bureau OF Agricultural Economics.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
u. S. TO CURB
USE OF CREDIT
IN STOCK MART
Reserve Board Expected to
Issue Regulations to
Member Banks.
Copyright, 1895, by United Press

WASH1NG 1O4N, Wv. Z4.-tAO4AAAAl-
istration officials virtually COM
pleted plans today to curb the use
of bank credit in the financing OF
a possible stock market boom
through loan restrictions to be
placed on banks.
Authority to dictate security loan
requirements of Federal Reserve
member banks was given the Fed
eral Reserve Board more than q
year ago but it was not until re-
Gently that conditions developed
that made it necessary to set up
safeguards" in the form of re-
Strictions.
AS a result the Reserve Board is
expected to issue within a few
weeks regulations governing extern
sion Of credit on securities by
member banks similar to margin
rules governing loans to customers
by brokers. These will seek to pre-
vent sucking of depositors' money
into any possible stock market
boom.
Lending S2,924,OOO,OOO
At present member banks are
lending $2,924,000,000 on securities.
The loans are not now subject to
Federal regulation. Brokers, how
ever, are lending $818,000,000 on Sc
curities that are subject to margin
requirements of the Federal Reserve
Board. The maximum that brokers
may now lend their customers is SIS
per cent of the market value of the
stock, or 100 per cent of the lowest
price at which it has sold in the
past three years but in no case
more than rs per cent of the
market value.
1t was learned that the banks,
which heretofore have set their own
requirements, would be forced under
the new program to conform to
rules similar to those governing
brokers.
Several reasons were believed re-
sponslble for the decision to bring
bank loans under control. First,
officials have been cognizant of Off
clal discussion of possible stock
market boom, and second, brokers
have been complaining that many
of their customers were obtaining
bank funds with which to speculate.
Gays Remarks Recalled
Remarks by Charles R. Gay, pres
ident of the New York Stock Elk
change, that Wall Street is CON
cerned" with initiation and a posi-
BILE unrestrained stock market boom,
are believed to have prompted Fed
eral authorities to lay the ground
work of control before any boom
starts.
THE position today" Mr.. Gay
said. is entirely sound, from the
standpoint of credit directly en-
ployed in the security markets. It
should be kept SO. T am not an
alarmist, but we should not close
our eyes to the inf1ammability of the
material we are dealing with and to
the fact that initiation, if it should
once get started, might sweep
through the markets as a fire
sweeps through a city of wooden
houses"
Authorities differ as to whether
the Federal government has power
to choke off a boom should it occur.
Some officials are doubtful whether
it could be controlled without pre-
liminary Safeguards.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-21
by Blyth & CO..
NEW YORK BANK STOCKS
FIRE INSURANCE
Money and Exchange
(By Abbott, Proctor & Paine
TREASURY STATEMENT
by United Press

WASHINGTON. Oct. 21.-Government
expenses and receipts for the current fis-
cal year to Oct. Is as compared with a
The Washington times., 1935-11-06
SALE OF LAND
KILLS SUIT

CoLMAR MANOR, Nov. 6.-The
Maryland Park and Planning
Commission today announced the
purchase of 27 acres of land near
here, thus beginning the exten.
sion of the nearby Maryland park
area into Prince Georges County.
- Extensive park purchases have
been made in Montgomery Coun-
ty, financed with a special metro
politan area tax which is not op-
erative in Prince Georges.
The plot was purchased from
B. M. Bromley, former Colmar
Manor mayor, for an unnamed
figure, settling a dispute that be-
came an issue in his candidacy in
the last election and resulted in
the threat of a suit by the town
over the land. Bromley was
charged with buying the land,
while mayor, to sell later to the
commission. He has now sold the
land, however, "at about the price
he paid for it," according to T.
Howard Duckett, of the park
board.
To force the return of the land
to the town so that the town
could sell it to the park commits
sion, John S. White, corporation
counsel, had threatened suit in
the circuit court, but the neces-
sity was obviated by yesterdays
purchase.
The Washington times., 1935-11-06
StOrkS Resent
Zoos Baby
Zebra

Born-To Nellie and jeremiah
Zebra, a daughter, Geraldine.
Weight, As pounds. Mother and
daughter are doing nicely.
But the birth of Geraldine has
upset the Washington zoo, where
little Geraldine. q sport model
with zig-zag stripes, is attracting
much attention from visitors.
The chief complaint about
Geraldine comes from the storkS
who point out that the Zebras did
not employ one of their number
for the blessed event, and refuse
to take this slight Stoically.
But the Zebra family, immi
grants from Africa some years
ago. pay no attention to the
stork complaints as they much
their hay and exhibit with much
pride their first-born.
The Washington times., 1935-11-06
GENEROUS AID
GIVEN ROGERS
CAMPAIGN

As the viii Rogers Memorial
Commission began its campaign
this week, Albert D. Lasker, ad
vertising genius, recalled that the
late President Theodore Roosevelt
was one of the first to realize
the influence the cowboy-comedian
was to play in American life.
Contributions are being received
during the campaign, which will
end Thanksgiving Eve, at any
. bank in the city. The commission
is composed of an outstanding
group of American citizens-all
friends of the late movie actor
philosopher. Every penny sub
scribed will be used for memorials
to be selected by the commission
THE first time that I had the
pleasure and privilege OF meeting
Will Rogers was in the last days
of October, 1918-just II years
ago." Mr.. LaSker said. II was at
that time assistant to Will H
Hays, chairman of the Republican
national committee.
Late one afternoon ex-PreSi
dent Theodore Roosevelt phoned
me to come to his office. Arriv
ing there, he took me aside and
said:
"I have in one Of my rooms
q man to whom I wish to make
you known. I met him but a few
days ago. He and I are living al
the same hotel. He is an actor
who is performing in a midnight
Ziegfeld show on the roof of the
Amsterdam Theater. His turn
consists Of monologue wherein
he makes comments on current
events. The man has such q keen
insight into the American pano
rama and the American people
that I feel. in the course of time
he is bound to be a great factor
IN the political life of the Nation
I have told him Of the work
you are doing. I want you to
meet him, because his goodwill
can prove a great asset to our
party
"He then took me into the ad,
Joining room, introduced me to
Will Rogers and retired.
81 told Mr.. Rogers what Colonel
Roosevelt had said. We had a
half hour together and as he was
leaving Mr.. Rogers said:
will Rogers was little known
then outside Of certain circles in
Manhattan. He was just coming.
He had the courage in Colonel
RooSevelt's office to say candidly
what his attitude toward the
Republicans would be under GER
tain circumstances. And he
showed that he meant to keep
himself unbiased insofar as a man
could. To that resolve he adhered
throughout his life"
The Washington times., 1935-11-06
NAZI RITUAL IN SCHOOLS

BERLIN, Nov. 6.-The German
Youth Organizations News Ser
vice reported today that the reg
ular morning prayers in the
schools at Stargard, Pomerania,
had been replaced by a Hitler
Youth ceremony stressing Nazi
ideals. The higher schools in
Treuenbrietzen, Prussia, also have
replaced morning prayers with a
Nazi ritual.
The Nordic pagan magazine,
Nordland, asserts in its current
edition:
"The Sermon on the Mount was
the first bolShevist manifesto in a
language now buried under the
dust of centuries"
A peasant at Beuthen, near Ber-
lin, was sentenced to six months
The Washington times., 1935-11-06
Utility Seeks Stay.
OF Death Sentence

First application for exemption
from the Wheeler-Rayburn utility
death sentence" act was argued
yesterday before the Securities
Exchange Commission.
The Connecticut Power and
Light Company, a one hundred
million dollar concern with &c.,
900 stockholders. claimed it should
escape the death penalty because
it's operations are confined mainly
to Connecticut.
Citing Section 3 of the act in
support Of this exemption claim
Samuel FurgeSon,, board chair
man, told the SEC:
The Washington times., 1935-11-06
Honor Day Exercises
Held at Howard u.

Howard University today held
It's thirteenth annual honor day
exercises in Rankin Memorial
Chapel.
Fifteen students, whose records
contained no grade lower than B,
were honored. The Kappa cup,
given by the ScroIers Club Of the
Kappa Alpha Psi Fraternity to the
freshman of the preceding year
who has maintained the highest
average, was presented to Mary
Susan Reid by DR.. Merdecai W.
johnson, president Of the uni
versity.
The Washington times., 1935-11-06
Give 100000 More
For WPA in 2o States

The Work Progress Administra.
ton received $9,1O8,694 more
from the four billion dollar work
relief fund today to launch prof.
ects from a list Of $142,385,369
in value approved by Comptroller
General McCarl for 20 States.
The Washington times., 1935-11-06

in Jail for using a painting Of
Christ in place Of the usual head
on a scarecrow he had set up in a
beet patch. He explained to the
court that he had become an anti
Christian.
The Washington times., 1935-11-06
Master Plumbers
Will Meet ToniQht

Master Plumbers Association of
Washington will meet at 8 o'clock
tonight in the Pythian Temple.
The Washington times., 1935-11-06

FARM AND GARDEN