davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30

chances OF the
sort Of cooper
a 10 n W hic h
should exist be-
tween the two
groups. It should
be rather appar-
ent that too
much antagon-
ism has existed
between t h e m
for some time
and that this
con dition has
not contributed
to the general
rUnlfare If tho
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30
RETAIL PAY ROLL RISES
Times Special

ALBANY. Oct. 30.-Approximately
$4,000 retail trade firms in New
York State scored increases of S.3
per cent in employment and ga per
cent in pay rolls from August TO
September, it was announced today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30

mas Deen OUT
lined. But, as
usual in such
cases, the precise
nature of the
p e r f o r m a nee
charged to Mr..
Meehan has not
yet been made
clear. But, as the
trial itself may
be an epochal
one in the his
tory of Wall
Street, it may be
interesting tn Spf
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30
STOCK CUT APPROVED

Times Special
PHILADELPHIA, Oct. 30-A re-
duction in the stated value of the
capital stock from 1896 095 to SILL
647,565 has been approved by stock
holders of the General Refractories
Co
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30
OFFICIALS SEE
SPENDING CURB
BY GOVERNMENT
Slash PrediCated on Further
Gains in Business
Recovery.
BIZ United Press

~ JHitfd IFt88
WASHINGTON, Oct. 30. Pros
poets Of a $1,000 100000 slash in
Federal expenses next year were
seen today as Administration Of
ncials studied budget estimates to
be submitted to Congress in Jan
uary.
This reduction was predicted on
continuation Of the recovery
which President Roosevelt indicated
would permit a corresponding re-
duction in government OUTLAWS for
relief and rehabilitation.
For the fiscal year which ends
June 30 1896 the budget fixes re-
coyery and relief costs at SALSA
824000 But this estimate is 80 per
cent above the present rate of ex;
pcnditures, and Federal agencies re-
port thousands Of workers return
ing to private pay rolls.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30
Sale of 1. S. Bonds, Rise
in Reserve Requirements
Urged to Cut Idle Funds
Dr. Anderson Economist for Chase National Bank, Tells
investment Bankers Association Convention of Plan
to Remove Danger From Piled Up Excess Money.
Times Special

WHITE SULPHUR SPRINGS, w. 3O-Cang
problem the
banks OF the Federal Reserve System
the National
ua convention the Investment Bankers Association
securities OF the Federal
AnOAnnO
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30

=
An interesting example of what
can be accomplished through CO.
operation is afforded in the rela-
tlonship which exists between the
New York Stock Exchange and the
Securities and Exchange Commits
sion. Although not in sympathy
with the idea of Federal super
vision, the Exchange officials have
co-opcrated fully with the COM
mlssioners, and mistakes which
might have been serious have been
avoided
IT must be accepted that Mr..
IL Berry is sincere in desiring a
round table discussion of industrial
problems, with the idea that at
least some of them can be ironed
out. Those at the head of the steel
and automobile industries may re-
gard the government mans activi-
ties as meddleSome, and they may
resent them on that score, but
unless they are out of touch with
the general public's attitude they
must realize that the man in the
street is DESTROYS of having the gov
eminent interest Itself in the eco
nomiC developments of the country
Opinions may differ even among
the rank and file OF people in the
United States as to whether our
industrial leaders had anything to
do with helping to bring about the
depression, But the fact remains
that they were unwilling or unable
to prevent it, That is why so many
people wish the government to try
its hand. They are far from GER
tain that the government can do
anything to prevent another indus
trial catastrophe but they would
like to have it try
And the government is wise in
recognizing the wishes of SO many
people even though it considers
them unreasonable. 1t must either
admit its inability to give the pro-
lection for which it was created or
step into the breach with a determ-
ination to ease if not entirely elm
mate the recurring situations
which lead to industrial hardships.
TNHOSE who sit in the seats of
4 the mighty as corporate princes
should hope for its success even
though they fear failure While it is
possible that should failure occur
the voting public might decide to
go back to the old ideas Of rugged
lndiVidualism, they might, on the
other hand, decide to change the
form of government. In The latter
event the princes might be reduced
to commence.
Most people concede that the
government has made serious mis-
takes in its efforts to change the
existing economic order 1t does
not lessen the effects of these mis-
takes to say that they probably
were due to the speed with which
the Federal activities we're inaugu-
rated. But if mistakes were made
they should be apparent to the
government by this time even
though they are not admitted, and
this in itself should make it more
cautious
It seems that the fact that Mr.
Berry has invited the steel and
automobile executives to Wash
ington for a conference is suggest
i've of greater government caution
in its trade activities. This atti-
tude should be encouraged by COM
pliance and whole-hearted cooper
alton.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30

Inc excess on oct. 10 amounted
to more than s2,900,000,O00, DR..
Anderson pointed out The figure
stood in early 1884 at around $780,
100000, so that there has been an
increase in less than two years of
000,000,000.
Even the 100000, 900 of early
1884 was a figure so vast in relation
to all our previous experience that
it was quite clear that it had virtu-
ally unlimited explosive possibilities
if only confidence were strong, bust
ness active and a speculative spirit
aroused" DR.. Anderson said. The
additional 0O00O0,O00 which has
since piled upon it has been vir-
tually without effect so far as short
term money rates are concerned,
1918 Per Cent Boost Urged
"The Federal Reserve Board
might we'll hesitate to double exist
ing reserve requirements in one
sweeping move, but it might do very
we'll to make beginning by increas-
ing existing reserve requirements by
80 1-3 per cent, giving plenty OF
notice in the process, so that in
dividual banks would not be caught
unprepared, and see what the con-
sequences to the money market
would be-
THE device of raising reserve re-
quirements, which is new in our his
tory, ought to be tried out prompt
ly while reserves are still very eX-
cessive 1t will have one peculiar adj
vantage over any other plan, in that
once reserve requirements are
raised, the potential effect of a given
volume of excess reserves is thereby
diminished SO far as future ex-
pansion of credit is concerned.
THE aggressive selling of long
time government securities, without
concern for the market, would, OF
course, beat down the market. But
less than 10 per cent of the gov
eminent securities held by the Fed
eral Reserve Banks are bonds. Very
properly they hold chiefly short
term paper. If the Federal Reserve
Banks simply allow their short gov
ernments to run off as they mature
and the commercial banks are in
vited to take up the renewal paper
at rates only moderately higher
than those now prevailing, certain
ly nothing disastrous would fol-
low.
Funding Loan Likely
1.-THE Treasury, moreover, could
we'll consider placing a funding loan
with the public, announcing that
the proceeds would be used to take
up part of the floating debt of the
government now held by the Fed
eral Reserve Banks. This would
simultaneously cancel excess re-
serves and government security
holdings at the Federal Reserve
Banks, dollar for dollar, to the ex-
tent that it were done
II measures for reducing the eX-
cess reserves go very far-and they
will have to go very far when a
period of active business and specu-
lative enthusiasm comes unless we
are to have an uncomfortable orgy
the government will have to pay
more for its money and govern
ment bonds will have to sell lower.
IF, meanwhile, we delude our
selves with a policy of artificial
maintenance of the prices of govern
ment securities we should be, then,
in very unfortunate position. 1t is
much better to face realities now,
while the money market resources
are SO superabundant and while the
government has so little competi-
tlOO
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30
Chicago Grain Futures
LOCAL CASH MARKET

City grain elevators are paying 90 cents
for No . soft wheat. Other grades on
their merits. Cash corn No. ? yellow IS
cents and oats 81 cents
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30

out the circumstances out of which
it grows.
The Bellanca Aircraft Cort., list
ed on the New York Curb Exchange,
has 174,750 shares outstanding. 1t
is one of those small corporations
whose limited numbers of shares
lend themselves easily to manipula-
ton. Sometime ago the corporation
decided to put out an issue Of 1877
400 additional shares of IS par
value. At the time, the stock was
selling for Ia share.
Options on Stock
Mr.. Meehan, according to the
SEC. subscribed to $4,000 of those
new shares and had an option on
1880 more within 60 days and 3d.
$50 more within three years.
In the past it has been usual for
underwriters and iSSuers, when pre-
pairing to float new issue at a price
above the market, to engage in
what might be called manipulation
-pegglng the market-pushing the
price up and holding it there. Such
an operation must be carried on
before the new shares are offered to
the public. That is, the old shares
which are listed must be boosted in
price. AS the Bellanca shares were
selling in April, 1885, at "a, it is OBJ
vious no one could be induced to
pay SIS or more for them.
or not remains to be seen. But here
is what happened. In the four
weeks preceding May II only 400
shares were sold. In two of those
weeks there we're no trades. The
week of May IS only 300 shares were
sold at around 215.
Price Pushes Ahead
Then suddenly, the next week,
1900 shares changed hands. Activ-
ity continued at somewhat less pace
until the week of June 10. The price
was raised to around "A. In that
week sales were: Monday, 5000;
Tuesday, $500; Wednesday. $500;
Thursday, $780, Friday, 300;
Saturday, 300 total for the week,
29,100. The price was now lowering
around 5, at which price the new
shares were to be offered. Then on
Oct, 7 application was made to the
SEC for issuance of the new shares.
Was the market prepared by
manipulation for this operation?
Did the interested parties deliber-
ately engage in artificial activity
for the purpose of attracting atten-
ton, pushing the price up and max
ing market for their new shares?
The SEC says it has reason to
think so. 1t is going to air the mat
ter in a public trial. In the past
this sort of thing was considered all
right in Wall Street. 1t is con-
demned and made subject to penal
ties in the SEC act. The trial will
furnish landmark in exchange
history.
Copyright. 1885, NEA Service. Incl
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30
lBy United Pressl

WASHINGTON. Oct 30.-Governnlent
! expenses and receipts for the current
fiscal year 20 Oct % as compared with
year ago.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30
Bank Plans Sales Unit

Creation Of corporation to carry on the business
Of originating and selling corporation securities has
Bank Of Chicago. The firm ciU be kno1cn as Harris,
Hal e Co.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30
Figure Not Fixed

A figure for probable recovery
costs for the year beginning July /,
1886, has not been fixed, but it was
believed the government would not
need much more than $2,O0000O,000
above ordinary expenditures.
On this basis, the budget, TO be
submitted in January would COM
pare with the present budget as fol-
lows:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30
Money and EXCHANGE
INDIANAPOLIS 5
TREASURY STATEMENT

| F3NUIANAF ULIS SIAIEMEN I.
! ClearingS - - 50 4t2 nm
DeoltS ....'-.....-. -......,.. --.... 5.056. 90
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30

Year ended Year ended
June 30. June 30
1886. 1897
Permanent department 81, Sol sos 50, 200. 600
/ BecoVery and relief 4.154.824 1000 900
Debt service 296 mn 4n0 mn
Total expenses ..... 7752332 600 000
The government will be "in the
red to the extent of 1921 983 900
this fiscal year Should the esti-
mated revenue of $4,470, 349, 900 be
as large in the new fiscal year. the
indicated deficit would be only ST.
1861 900 in the new year.
Presidents Remarks Recalled
While estimates are unofficial, Mr..
Roosevelt nearly two years ago ex-
pressed the hope that the govern
ment would be able by the 1887
fiscal year to make expenses equal
actual revenues. If these figures are
followed, the budget would be with
IN little more than a billion dollars
Of complete balance.
That the government would seek
to pare recovery and relief costs
III Che new year was seen IN re-
marks by Acting Budget Director
Daniel w. Bell that the cost of run
nlng permanent government de-
partmentS would be cut about $780,
/ 100000 from 1885 to a total of
$4,000, 100000
The Treasury still has S7,082. 172. :
906 in recovery and relief funds it
has not yet spent out Of a total of
$l8,153,515,461 appropriated for these
purposes by Congress.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30
Unlisted Stock

by Blyth & Coz
NEW YORK BANK STOCKS
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-30

SHEEP AND LAMBS

Receipts. 1900
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13
Early Day Presidential Electors
Free From Political Party Pledges

Presidents and Vice Presidents Of
the United States who have been men,
bers of different political parties, but
served together, included: President
John Adams, Federalist, and Vice
President Thomas Jefferson, Repub-
ican; President Andrew Jackson,
Democrat, and Vice President John G.
Calhoun, Republican.
In the early days Presidential cleo
tors were not bound by political party
pledges, but were free to vote as they
wished. After the amendment of 1904,
selections of Presidents and Vice Pres
fdents were made on separate vote,
the result being that it could and did
happen they were sometimes members
of the different political parties of
prominence.
The germ Of the Democratic party
Is to be found In the anti-F ederalists,
who opposed the adoption Of a federal
Constitution. A moderate party, led
by Jefferson and Madison, recognized
the need of stronger central govern
ment than the articles Of confedera-
ton afforded, and were alarmed at the
centralized tendency manifested by
Hamilton and the Federalist party.
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13

make this stick! He wouldn't be lay
ing on all those riders If this was
anything more than beginning, Ken
tuck"
"Can the Bar Hook stand 1t, Lee?"
"We'll d-n well see," said Lee
Bishop. He squinted at the sun. Its
pretty near a three-hour ride to get
down to where them cattle is, but 1
guess we got to go; sorry we didn't
bring no SOW bosom and bareback,
Kentucky"
ITO hi with grub" said Kentucky,
swinging his horse into the down trail.
Out from the herd, as the Bar Hook
men drew near, rode lank angular
man on hammer-headed roam pony
''This is Bill McCord," Lee Bishop
said in an undertone; "he's from away.
Bob Elliors run through half dozen
range bosses In the last three years.
but this one will suit him, I guess.
He"
YEAH know him. IF he found
you drinking at a crick he'd ride
through upstream, to see If you object
ed to mud. Hello, McCord."
McCord ignored Jones. "Howdy,
Bishop"
Il see you're moving a few head Of
stock" Bishop began.
ITO BE CONTINUEDJ
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13
WINTER RANGE

seemed to me like you didn't join In
with the others in figuring that Mason
was killed before the snow begun"
II said" Lee Bishop responded COM
batively, shat there wasn't no snow
under him, didn't II"
"You mean you grant that he was
dead before snow few?"
The foreman did not answer for al
most a hundred PAGES. Then he burst
out with a sudden unaccustomed dis
play Of black temper. 'I'm tired of
these here everlasting questions!
don't want to hash this thing over no
more, you hear met"
They came out now upon a high
point of the rim, a monstrous declivity
so sheer that 1t seemed as IL at some
time the world itself must have
cracked to let the desert down. Far
below the Bake Pan country began, a
fiat plain stretching into blue distance.
At a glance the vast flats seemed ut
rerly devoid of life. Cowmen's eyes,
however, could pick out here and there
among the dark dots of sage and cat
claw other dots that were cattle. But
what interested the riders on the rim
was something elsa greater concen-
tration of cattle, long, dark irregular
string of them lying on the face of the
desert like blacksnake whip.
"Uh huh," said Lee Bishop. There
you have 1t! How many head would
you count that driver"
maybe twelve hundred" said Ken
lucky. ''SS stock?"
"Sure they're So! You know now
why Bob Elliot put on six more hands !"
Already, then, this thing had come
Legally the public domain was open to
all, whatever tradition or moral JUS
tice might hold. But Bob Elliot must
have known that the brand which held
this range would defend 1t bitterly !;
and this land had been Bar Hook Craze
for long time.
Perhaps, Kentucky Jones considered,
Bob Elliot could not wholly be blamed.
1t was hard to withhold all sympathy
from man making a stubborn fight
in the face of crush-out But it seemed
to him that there was something gross
ly unnatural about the manner in
which the move was being made. In
Elliot's position almost any enemy of
Ragland might have been expected to
attempt gradual infiltration of the
Bar Hook range. But this sudden,
openly hostile mass move was like
nothing Kentucky Jones had ever seen.
The thing was too swift, too unequiv-
ocal, too bald-faced.
Eight riders" Lee Bishop COM
mented. "He certainly is figuring to
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13

To this moderate party was given the
name of Republicans, about 1892.
During the French revolution extreme
sympathizers with the new French re-
public formed sO-called democratic
clubs" the fundamental principles ad-
vocated by these clubs being equali-
tarianism and the extreme of liberty
for the individual Though not in
complete accord with the Republicans,
adherents of these views were forced
to act in harmony with the Repub-
licans In opposition to the Federalist
measures, and were eventually alb
sorbed by the party which came to
be known as the Democratic-Repub-
lican, the later official designation Of
the Democratic party.-Indianapolis
News.
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13
SYNOPSIS

Kentucky Jones, veteran cowman, at
tends the inquest, in the little town Of
Waterman, into the death of John Ma
son. banker and financial mainstay of
the district. Jean, daughter Of Campo
Ragland, swner of the Bar Hook ranch,
where Mason met death, to Kentucky's
mystifcation surreptitlously passes to
him the bullet which had killed Mason.
Kentucky goes to work on the Bar
Hook ranch. The verdict Is accidental
death. Sheriff Hopper is dissatisfied.
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13

Forty years ago an aeronautical con-
gress was held in Chicago. An eminent
scientist there suggested that in view
of the risk In experimenting with
flying machines, criminals should be
detailed for duty In the common carss
of science and humanity.
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13

ID l 8 II U u = { o
whose decision no.
b o dy C a n re t o,
short of a cOnstitu-
tional amendment.
say congress must
do its work and
cannot abdicate In
favor of the Chief
Executive.
The most impor-
tant d e cisi o n In
N a ny years, this
pr o b a b ly makes
furth er argument
about extension OF
NRA unnecessary.
Won cant Qyfppd
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13
Quite, Quite Secret

Coral fishermen of the island of
Zlarin, along the Dalmation coast OF
Jugoslavia, often go out to their reefs
at night. to keep their choicest grounds
a secret. The best reefs lie ten miles
offshore and thousand feet below the
surface.
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13
Tuns Oil Statistics

The tung oil used annually In the
United States paint manufactured
fioated from China In would
require one barrel for every 200 feet
of the 1900 miles of ocean
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13
BRISBANE
THIS WEEK
Coodby, NRA
Wall Streets Dormouse
Good Wages, Short Hours
Lottery Swindles

The Supreme court unanimously de-
clares NRA unconstitutional
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13

One branch of the Standard Oil COM
pany, the New Jersey branch, man.
aged by Mr.. Teagle, notifies 6.O00 OF
a bonus of per cent added to their
pay envelopes to meet the higher cost
of living.
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13

Postmaster Farley's plan to hasten
air mails allows a crowd of 10000 to
see whirling autogiro drop down on
the roof and deliver mail, another au-
togiro coming to get mail bags and car
ry them away.
Mr.. Farley's plan is to have the au-
togiro fly between outlying flying fields,
where high-pOwer, fast planes land.
and carry mail bags to the roofs OF
city post offices. saving time lost in
slow street travel
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13

Postmaster General Farley thinks OF
printing on all postage stamps, Sur
sum Corda, which means Lift up your
hearts" He sees a great summer
ahead, "a summer of content"
Gar loadings." says the postmaster
general, "are up" incomes reported by
our taxpayers "are up" more people
are buying automobiles than before"
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-06-13

For some, the big news is that Little,
the San Francisco golfer, has defeated
Doctor Tweddell, the British chal-
lenger.
For others, more important news Is
the killing of 800 Chinese by japanese
troops. The 300 killed are said to
have been professional bandits. The
killing of 800 armed Chinese bandits
cost the lives of only six japanese.
which sounds like efficiency.
g. King Features Syndicate Inc.
WNII Service
The Washington times., 1935-08-10
CLIPPER PLANE
|NH0N0LULU

HONOLULU, Aug. 10 QN.S0.
Soaring in from the mainland,
the Pan American Clipper ship
arrived at Pearl Harbor at 800
a. m. (P.S.T), today to set a
new record for crossing the
Pacific.
The great plane made the
2,410-mile flight in II hours and
9 minutes, nearly one hour faster
than its two previous flights.
After a brief stop at Honolulu,
the clipper will continue to Mid
way and Wake Islands, stepping
stones in the transpacific air
route to the Orient.
Wake Island, a small coral dot
1852 miles west of Honolulu, Is
the third stop on the proposed
transoceanic run to China.
Captain R. o. D. Sullivan was
in command of the clippers crew
of seven. The clipper left here 3
p. m. yesterday.
The average speed Of the clip
per throughout the night was
1925 miles per hour.