davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
BANK OF ITALY GOLD
SHOWS FURTHER DROP
Decline of S7,2O1, $50 Reported in
Ten-Day Period.
By Unitcd Press

~ Cnitcd Press
ROME, Oct. 31.-Millions of lire
in gold continued to pour out of
Italy in the last two weeks to pay
for supplies and war materials for
the African campaign, the latest
statement of the Bank Of Italy re-
vealed today. Italy's gold stocks have
sunk to a reserve equal to only zoos
per cent of the paper money in cir
culation.
Although Italy has been losing
gold steadily for several years, since
May 81 gold stocks have been de-
pleted from nearly 100000, 900 lire
to less than 40O0,000,O00 lire.
AS of Oct 20, the Bank of Italy
statement today showed that gold
supplies were only 1896, 100000 lire.
That was a decrease of $4,000, 900
lire (s7,201 800 from the total of
Oct. 10, and decline of 1882, 100000
lire (s152.686,9 300 from the total on
May 81, last.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
SAVINGS DEPOSITS UP
$900,000,0OO IN YEAR
Increase in Period Ended June 20
Put at Al Per Cent.
Times Special

.
NEW YORK, Oct. 31.-Savings
including time deposits and postal
savings deposited in banks in the
United States, increased Al per
cent for the year ended June 90,
American Bankers Association de-
clared today. The increase amounted
to nearly $9OO,0OOOOO and the num-
Der Of savers grew by over 1,750,0O0
This percentage gain is nearly
double that registered a wear ago
over the year closing June 80, 1888,
which was "a per cent, w. ESpey AL
big, deputy manager of the asSocia-
ton in charge of the savings di-
vision, said.
In only eight states" Mr.. Albig
said, lis loss shown. Thus. in two
successive years savings in banks
have increased, They now stand
at S22,652 100000, about one-half
billion dollars less than 10 years
ago Q925). and almost six billion
dollars below the high point Of
1880"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
CAR BUILDING PLANS
ANNOUNCED BY ROAD
Pennsylvania Program to Cost
About S3O,OOO,OOO.

tWcS NpeCldb
PHILADELPHIA, Oct. 81. - The
Pennsylvania Railroad today an
nounced plans to build 10000 new
freight cars of various types and to
convert 1000 additional cars into up
to-date freight carrying equipment.
Representing one of the most i'm
portant and extensive car building
programs ever undertaken by the
road. the new and converted cars
are expected to cost approximately
$30000,O00.
The last large order for Pennsyl-
vania railroad freight carrying
equipment covered 1000 automobile
and box cars built early in 1884 as
part of the roads PWA improve
ment program.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
P0RKER PRICES
LOWER ON DAY
Generally 10 to IS Cents
Lower Despite Falling
Off in Receipts.

The pork market at the Indian
apolis Union Stockyards failed to
benefit from a Slight decline in re-
ceipts today. Prices were mostly
10 to Is cents lower on the day,
with underWeights 25 cents lower TO
SO cents higher.
Receipts were estimated at 1000,
compared with $500 yesterday, and
161 were held over.
In the sheep and lamb section
receipts came to $500, against 1900
yesterday. Lambs we're steady to
IS cents lower, while slaughter
sheep were so cents higher.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
Produce Markets

The prices quoted below are paid for
stock gathered in the country, while de-
livered IN indianapolis the price VII be
] cent higher: Heavy breed , &c.
4l2 lbs. lie; under AZ Il
cocks, &c, Leghorn broilers u, lbs and
up. i2c; Legnorn springers. l2c. ducks.
cred and fat &c. old guineaS l5c: Young
guineas. Ia lbs up 25c; No | stricfly
fresh eggs. loss OF Csc. pullet eggs. l8c.
Each fun case must weigh IS lbs gross
deduction OF l0c Found under SIS lbs
will be made Butter. No / 81 IA S2Igc.
butterfat. No. l. Zee. Nc. 2. 24c. quoted
By the Wadley Co,
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
FIRE INSURANCE
COMMITTEES TO MEET

NEW YORK, Oct. 81. - Discus
sions of banking and association
policies and final preparation of re-
ports for consideration at the gen.
eral and divisional sessions of the
American Bankers Association con-
vention to be held at New Orleans,
Nov lila, will be provided for in
a schedule of committee and COM
mission assignments announced
here today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
Other livestock
(Ry United Pressl

CHICAGO, Oct -Hogs-Receipts,
5000, including 5000 directs; generally
IS to IS cents lower than Wednesdays
average; top 1885; bulk 18O-250 lbs, 1920
30; 260-300 lbs, S9M925; most 140-
100 lbs, S875G9 few 1910; best sows
$50 Cattle-Receipts. $500, calves, 1900;
fed steers steady to 25 cents lower; in
between grades off most; all kinds I'M
evenly 25 to so cents under early in the
week; middle grades showing MAXIMUM
downturn; common killers supported some
what by stocker demand, mostly steady:
not much beef in run and killing quality
plain; best light steers, S12.75;; she stock
scarce; steady at SO down; stockers and
feeders slow; about Is cents lower than
early in the week: mostly S6.25d7.75.
Sheep-Receipts, 1000; fat lambs uneven;
mostly IS cents lower; sheep steady; feed
ing lambs scarce; natives predominating;
bulk. 1925 80; fed comebacks practical
ly abstnt; range lambs scarce; one load
rather plain Idahoes, S925; slaughter
ewes eligible, S364.50.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
EXPERTS PLAN
CORRECTION OF
DOUBLE TAXING
Segregation and Division Is
Urged to Put End to
Duplication.

Recent protests against double taxation,
especially in California. attracted atten-
ton to the vast problem of division of
taxes among Federal state and local gov
ernments. The following dispatch first of
several discloses today's developments in
study of this problem. which strikes at
the Docketbook Of every taxpayer.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
PASSENGERS SHOW GAIN
I lpiCS Special

NEW YORK. Oct. 31.-A total of
944,S49,1 riders were carried on
the street car, subway, elevated, IN
terurban and affiliated bus lines Of
the United States during the month
of September. compared with 913.-
779l00 passengers carried in Sep
TENDER, 1884, the American Transit
Association reported today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
NEW OFFICE OPENED
Lincoln National Life Starts Branch
in Hartford, Conn.
I i'm Is Special

FIT. WAYNE, Oct. 31.-The OPEN
ing Of state agency Offices for the
Lincoln National Life Insurance Co.
in Hartford, Conn, has been an
nounced by A. L. Dern, vice prcsi-
dent and manager of agencies.
John G. Ravens, formerly head
Of the department of issue at the
Lincoln National Life home Office
in Fl. Wayne, will manage the new
Office.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
Trends
Meehan Trial Seen
Very Important
to Exchanges.
by JOHN +. FLYNN
Times Special Writer

NEW YORK, Oct. 31.-The pro-
4 posed trial Of Michael J. Nee
han to determine whether or not
he had any part in the manipula-
ton of the market in Bellanca
Aircraft Corp. stock helps to bring
to a head a matter Of greatest i'm
portance on the stock exchanges Of
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
OUTLOOK HELD GOOD
FOR UTILITY INDUSTRY
United Business Service Points to
Five Favorable Signs.
Times Special

I tHttS INPtJIUT
BOSTON, Oct. 31.-The outlook
for the public utilities has improved
considerably in recent months, the
United Business Service said today
in its current review.
The service cited five factors as
evidence of the more favorable sit
uation in this industry at present
These factors were: Rising power
output, increasing earnings, pressure
On rates lessening, leverage factor
and lower capital costs.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
SUGAR MELT HIGHER

Times Special
NEW YORK, Oct. 31-The sugar
melt of 10 domestic refiners from
Jan. l through Oct. 10 totalled g.
$4,000 long tons, contrasted with
2,995,000 tons in the same 1884 pc
Rod, according to figures issued here
today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
REFRIGERATOR SALES UP
Nine Months Total Exceeds Volume
for all of 1884
'imCS Special

NEW YORK, Oct. 31.-Sales of
electric refrigerators for the first
nine months totaled 1.295,274 units.
compared with 1,04628 for the cor
responding 1884 period and 1,264,000
for all of 1884 the National Electric
Manufacturers Association reported
today.
The association reported that
manufacture and sale of refrigera-
tors this year has had a less rapid
rise to the years peak and less
severe decline than occurred last
year.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
WHITE MOTOR SALES UP
7 es Special

CLEVELAND, Oct 31.-Dollar
volume of the White Motor Co. in
the first nine months of the year
was approximately $4,000,0OO above
the figure for all of 1884, accord
ing to Robert F. Black. president.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31

the country. me
function Of the
stock broker is
one thing. The
function Of the
security under
writer is a n =
other. 1t h a S
been demonstrate
ed that the two
should never be
permitted TO be
mixed. The stock
broker has no
business engag-
ing in the under
writing of SeCur-
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
BuSigrabhS

Automobile requirements have
for some time been the backbone
of steel activity. September pro-
duction was more than double a
year ago. 1t has been estimated
that as steel production reaches the
so per cent of capacity mark. steel
companies can operate in the black.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
Bank Debts Lose Status
as Trade ActiUity Index,
Economist Says in Study
Transfer of Accounts of One LARGE Corporation Entirely
Responsible for Sharp Rise in CIearings
During June and July
BY A. L. JACKSON
Editor Economi cs Statistics, Inc,

NEW YORK Oct 3lAccordng to the Federal
OF manufacturing
year 1885 January
ana only showed
indicator which gde
past years continued quite steadily reaching
date
BUSINESS has increased quite sary
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
RUBBER DUTY RAISED
Times SpfciqI

:
AMSTERDAM, Oct. 31.-The ex-
port duty on native rubber was fur
Their advanced today, the charge
rising = (Dutch) cent to level Of
Is cents pound.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
Chicago Grain Futures
LOCAL CASH MARKET

City grain elevators are paying 50 cents
for No. soft wheat. Other grades on
their merits. Cash corn No. yellow 66
cents and oats y cents
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
SOLDIER BONUS
CASTS SHADOW
ON BOND TRADE
Market Convinced Action Is
Due When Congress Meets
in January.
Times Special

Times Special
NEW YORK, Oct, 31.-With the
government bond market reason
ably we'll cleared of nearby storm
clouds, enthusiasm suffers The con-
slant restraint imposed by fear of
a new Squall when the proposition
Of soldiers bonus is revived imme-
dlately after the turn Of the year.
1t Is more than a fear. in fact It
IS a generally accepted conviction.
Some far-reaching measure on
the bonus question is confidently
expected from next years Congress.
and the proposition is expected to
present itself in troublesome form
before January gets very far along.
Government bond dealers are not
splitting hairs on the question of
which method Congress may elecJ
to employ for bonus distribution to
the veterans. They believe that the
ultimate effect will be pretty much
the same, whatever the method NAV
be.
Debt Would Increase
Payment by bonds. or borrowing
through a bond issue in order to
pay with cash, would lead to float
ing the same amount of additional
Federal debt and the influence On
the status of Treasury securities
would vary little, regardless of the
choice.
The bonus burden is something
looked forward to as ineScapable as
a New Years gift for 1886. because
1t is conceded that Congress and the
Administration virtually bound
themselves to attend to the detail
IN exchange for its amiCable omiS-
sion from the crowded 1885 calen-
OAR. The government bond market
is running along carefully because it
knows that hurdle lies not far
ahead.
A Dealers Market
In the meantime, the government
bond market is too much a dealers
market to suit the dealers them
selves. They'd like a little more out
side participation-from the banks,
Tor instance.
The trouble with a professional
market in government bonds is that
it is too highly sensitive to rumors
and too encouraging to the pro-
ducerS of rumOrS Under existing
conditions the field is always fertile
for report that the next day or
two is likely to bring announcement
of a new offering by the Treasury.
The most baleful report of all that
can spoil an otherwise perfect day
for government bond dealers is a
hint that the Treasury is planning
another auction sale. When the
market gets strictly professional it is
largely process of pulling bids and
waiting for rumors to subside.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31

declined. Many people who have
relied upon the bank debit figures
as a guide have observed this and
have asked the question: Why Go
these two induces diverge2"
Bank Debts Misleading
1t is we'll that those interested
in studying business trends know
the answer to this question. becau
many, in fact the majority, of the
weekly business activity indices con-
tain bank debit figures as one Of
their components.
Bank debts are not a good indi-
Gator Of business activity. For eX-
ample, the rise that occurred in
this index during the latter part
Of June and July was caused almost
entirely by the transfer of accounts
Of one large corporation doing bust
ness in one Federal reserve dis
trict of the United States. This
caused an unusually sharp rise in
the bank debit figures during that
period, not only in the Federal re-
serve district where this corpora
ton was located, but also in two
other reserve districts where this
corporation had insurance and
banking connections.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
SHEEP AND LAMBS
Receipts, $500

choice .....e...... eo. .t...... 8.750 $50
Medium Observation-Disclosures. 7.OO6 IT'S
Ewes
(90-125) Good and choice -. 4000 500
All weights, common and me-
120-150) Good and choice -. 3.004 400
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
Not Increased Activity

The entire cause of the rise
through the June-July period in
bank debts was accounted for by
this single development. The rise
did not signify any increase in bust
ness activity.
Another factor, which makes bank
debts poor business guide, is the
fact that many manufacturers and
wholesalers purchase goods on con-
signment or with some provision
which calls for payment 80. 60, 80
days, or perhaps longer. after the
purchase has actually been made.
Thus any business activity index
which contains these figures lags be-
hind actual activity.
A third reason why bank debts
are not a good guide to business
trends for the nation as a whole is
that during the past several years
many banks have been liquidated.
There are large sections of the
country which formerly had banking
facilities and which now depend al
most entirely upon cash or money in
circulation.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
BY RICHARD l.. GRIDLEY
United Press STAFF Correspondent

WASHINGTON, Oct. 81. - Gov
eminent experts today urged i'm
mediate action toward solution of
ore Of Americas knottiest fiscal
Drcblems-cquitabIe division among
Federal, State and local govern
ments Of the $1O,O0O,O000OO taken
out Of the public's pocket every year
as taxes.
This problem was emphasized last
week by threatened exodus from
California of wealthy persons seek
ing to avoid income taxes imposed
by the state on top of the Federal
income tax.
Segregation and division of tax
sources to avoid duplication has
been recommended by the experts
on the Interstate Commission on
Conflicting Taxation, it was learned.
in its 1885 Progress report" now
being sent to government officials.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31

tiles. And this is all the more true
when it is said that he should not
be permitted to be commission
broker, underwater, specialist and
floor trader all at the same time
or in the same firm. In the pres
ent case, Mr.. Meehan, commission
broker, was also underwater Of
Eellanca shares.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31

TN the period before 1929 brokers
Il were engaged in every phase Of
the business, going finally into in
vestment trust management and
after that into the fixed trusts
which had so disastrous a career.
In the financial world there are
variety of interests which are hos
tile, in the same sense that the
bondholder and the stockholders
have contradictory positions in a
distressed corporation, so that the
same man ought not to represent
both.
There is the corporation seeking
money, the underwater acting for
1t, the investor seeking investment,
the commission broker acting for
him, the floor trader on the aX-
change watching all these interests
and getting in between them at
strategic moments to Chisel profits
through gambling operations on
the floor the specialist acting pre-
sumably for the commission broker
and his client.
That all of these contradictory
functions should not be permitted
to be united in a single person
would seem to be obvious. Yet TO
date the SEC has done little or
nothing save, apparently, study this
open-and-shut proposition about
which the business world in every
other field of effort has made up
its mind
(Copyrlght. 1895. NEA Service 1ncA
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
NeU York Curb
Unlisted Stock
(By Abbott. Proctor g. Panel.

by Blyth g. Coz
NEW YORK BANK STOCKS
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31
Exhaustive Survey Undertaken

I
The experts have undertaken an
exhaustive survey of the entire tax
I structure in an effort to end the en-
croachment-cOnstantly Widening
OF one taxing body into the field
/ previously held by another. This en-
croachmcnt already has resulted in
an estimated 800 cases of over
tapping or double taxation.
The commissions progress" re-
port said that gasoline taxes. for
instance, should be reserved for the
/ states; that tobacco should not be
taxed further by states; that states
/ should refrain from levying high
taxes on beer for revenue purposes;
that the Federal government should
allow taxpayers credit for income
taxes paid to states.
The following examples of tax
sources illustrate in part the grow
ing conflict between the Federal
government and the states in their
! eVer-groWing appetite for new sources
OF revenue:
1ncomes-TaXed by Federal gov
eminent and 33 states.
GaSollne-TaXed by Federal gov
eminent and 48 states.
TobacCO-TaXed by Federal gov
eminent and 10 states.
AdmisSionS-TaXed by Federal
government and "a states.
Alcoholic Beverages = Taxed by
Federal government and At states.
Estate and Inheritance-TaXed by
Federal government and At states.
Retail Sales-TaXod by Federal
government and "a states.
There are hundred of other cases
Of duplicate taxation Among the
disadvantages cited for the present
overlapping levies are that collec-
ton is more costly; discriminatory
rates are imposed on some citizens
and some revenue sources are dried
up by too heavy taxation.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31

A S a rule stock brokers who en-
"A gage in underwriting make
their profits in subscribing to blocks
of stock in new issues, or, for that
matter old but as yet undistributod
issues. These subscriptions are, in
fact, little more than options.
Then the broker, with the facili-
ties Of the exchange in his hands;
with an office full Of clients getting
their advice or at least effective
suggestions on investment from
him; very often with large supplies
of funds at his disposal as the agent
Of clients, is in a position to make
a market" for the issue with the
greatest facility.
1t was clearly the intention of
the Securities Exchange Act to do
away with this fictitious market
making, and ordinarily there is no
need of bringing a broker in as a
partner in an underwriting opera
ton except for the value of his
services in making a fictitious mar
ket.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-31

The problem has been under
study for several years by govern
ment officials but little progress has
been made until recently when dou-
BILE taxation grew rapidly as va
rious governments sought new rev.
enue sources to balance their
budgets.
A measure Of the huge tax resar-
vOir now being drained for govern
mental purposes is shown by COM
mission figures for 1884 which re-
veal that the Federal government
collected $2,985, $4,000; state ~ov-
ernments, $1957120,OOO and local
governments, $4,182, 748, 900, a total
of $9,125, $4,000.
Along with the recommendation
for an immediate plan of action for
division Of the tax "Spoils' the COM
mission has offered a long range
program involving the following
steps:
/ Development of complete tax
statistics.
,. Federal legislation to permit
states to make pacts to prevent tax
conflict over state lines.
3. A permanent tax revision coun-
Gil to coordinate taxing jurisdic-
ton in all fields except customs and
property taxes.
4. A program of education for the
public on taxation and government
fiscal affairs.
Worcester Democrat and the ledger-enterprise. (Pocomoke City, Md.) 1921-1953, 1935-10-04
1869 WHEAT
CONTRACTS NOW
FOR GROWERS
Provide For Grower To Ter
inmate His Contract If He
So Desires

The 1936-1939 wheat contracts are
being offered to Worcester wheat
growers at the present time, according
to r. T. Grant, County Agent.
The new contract this year provides
for the grower to terminate his con-
tract at the end of the second year, II
he so desires. The Secretary Of Ag-
riculture has definitely set the reduc-
ton at 5 per cent for the 1886 crop
year. Payment will be 33 cents per
bushel compared with 20 cents last
year.
The short wheat crop the past year
is responsible for the decrease IN
amount of the cut to be made this
year. Another difference in the new
contract is that the contracted acres
must be planted in a crop to be turned
under, pastured, or left idle.
Growers are now signing up the
new contract at the County Agents
office, Snow Hill. The base acreage
is figured on the average of the crop
year 1880, 1881 and 1882, as well as
the averages yield for these years.
Persons wishing to sign new contract
who have not signed old contracts
should inquire. about the new contract
at the County Agents office as soon
as possible.
The number of wheat signers in
Worcester County the past three years
was 165. Checks in the amount OF
S., 359.43 are being distributed now as
one year payment on their last years
contract. The program so far has
meant a total income of $25,411.92
in benefit payments for Worcester
County signers.