davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
DULL DEALINGS
RULE MARKET,
SPECIALTIES UP
Prices Barely Changed in
Issues of the Leading
Groups.
BY ELMER c. WALLER
United Press Financial Editor

NEW YORK, Sept. 28-Issues of
the leading groups moved narrowly
on the Stock Exchange today while
a number Of special issues rose to
new highs. Dealings were light.
Prices were barely changed in
such stocks as Chrysler, American
Telephone, Anaconda, Case, New
York Central, General Motors, u. S.
Steel, Standard Of New Jersey and
Union Pacific.
Pressure relaxed on Standard Gas
issues after their crash yesterday.
Utilities generally held around the
| previous closing levels in exception
ally light turnover. Traders were
retiCent to sell utilities pending out
come Of the test of cOnStitutiOnality
Of the Wheeler ayburn bill now
in Federal court at Baltimore.
Railroad issues were as dull as
the most insignificant issues on the
board. Only few transactions came
into Pennsylvania and New York
Central. Central fluctuated over a
quarter-pOint arc while PennSyl-
vanias change was but Is point.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
SWINE VALUES
DROP SHARPLY
Market Generally rs Cents
Lower as Top Price
Dips to SLIPS.

The largest decrease of the week
was displayed by the pork market
at the indianapolis Union Stock
yards today when prices slumped
25 cents under yesterdays average.
This marked the fourth consecutive
session in which prices were forced
lower.
Although receipts were the light
est since last Saturday, the market
was still depressed by the lack of
buying of fresh meat which resulted
in sharp price declines throughout
the week. Prices today were APP
proximately 70 cents lower than last
Saturday.
Receipts were estimated at only
2000 compared with $500 yesterday
This, however, has failed as a price
stimulant in face Of the extremely
light demand at surrounding live
stock markets as we'll as at the local
exchange. Holdovers numbered 405
The general bulk of 100 to 275
pounds sold from $1120 to $11.35,
with the latter also being the top
price. Extremely heavy butcher
classes were salable at $1,000 to
$1110. In the lightweight division
hogs scaling 30 to 100 pounds
brought $1O25 to $11, while others
from 100 to 100 pounds sold at $3.50
to $40. Good packing sows held at
1925 to $10.25.
With only 200 cattle on hand, the
market was scarce and nominal. No
early sales we're reported IN any di-
vision. VealerS. after remaining I'M
changed in practically every ses-
sion last week, moved around so
cents lower today The bulk of good
and choice grades sold at $3.50
down. Receipts numbered 200. The
lamb market was nominal with re-
ceipts extremely scarce. The total
supply was estimated at 100.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
SHEEP AND LAMBS
ILLINOIS BELL PLANS
NEW BOND OFFERING
S45,O0O,0OO New 81 Per Cent Issue
May Be Placed on Market.

BIZ Times Special
CHICAGO, Sept. 23.-The Illinois
Bell Telephone Co., an operating
subsidiary of the American Tele-
phone and Telegraph Co. proposes
a new issue of s45,00000O 81 Pc
cent first and refunding mortgage
bonds, it was announced here today.
The company has applied TO the
Illinois Commerce Commission for
authority to refund its present out
standing S48, 726, 200 of 5 per cent
first mortgage bonds through the
issuance Of the new bonds. The new
issue will mature Oct. /. 1870.
In registration papers filed re-
Gently with the Securities and Ex-
change Commission. it was revealed
that the new bonds Will be known
as Series B, and that the company
plans to call its 5 per cent mort
gage bonds for redemption Dec. !,
1885.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
Week in Review

Bg Tnitcd Press
NEW YORK, Sept. 28-War ten
sion relaxed during the past week as
the diplomats dickered in an at
tempt to prevent a catastrophe. The
breathing spell" in war fears
brought a substantial recovery in
stocks accompanied by sharply re-
duCed volume of trading.
War fears have by no means van
iShed from the financial community
Experts say the market could get
into a wide decline quickly. Some
of them feel a decline is long over
due Yet there has been only a
moderate amount of short selling
Results of the week were consid-
cred favorable. Most stocks gained
fractions to more than points. The
industrial average recovered three
ffths of last weeks losses. Many
stocks made new highs for the year
or longer.
Sheel shares gained as steel oper-
ationS crep higher. Electical equip
ments, motors, communications, mail
order shares, some of the oils, to-
| bacCOs and farm equipments made
small gains.
Utilities made a good showing UNI
til they were unsettled Friday by a
crash in Standard Gas issues which
lost to more than 4 points when
the company petitioned for reCr-
ganization under section 77B of the
Bankruptcy Act However the main
list of utility issues were not much
changed on the week.
A slight upturn in the oils fol-
lowed declaration of a dividend by
Barnsdall for the first time since
1881 and an extra of IS cents paid
by Phillips Petroleum. Copper
shares were bid up and then forced
back to around last weeks closing
levels. News for coppers was fav-
Orable including higher exports,
continued good demands at higher
prices abroad, and prospects of
heavy shipments in event of any
war.
Gold continued to flow into the
country. A majority of it came
from ENGLAND, France and Holland,
The GOLD currencies dipped below
the gold shipping points in dollar
terms. although movements late in
the week were narrow.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
SEES RECOVERY FOR
ELECTRICAL INDUSTRY
Frank Jones Predicts New Record
for Consumption in 1886.
BIZ Times Special
ETTTTT "OD


NEW YORK. Sept. 28.-Frank c..
Jones, president of the National
Electrical Manufacturers Associa-
ton, has predicted a new peah for
electricity consumption for 1886 re-
sulting in a revival of capital goods
purchases by utilities.
Speaking before members of the
association at a recent meeting, Mr..
Jones said output of electricity this
year will equal or surpass the all
time peak of 1929"
Extending his predictions into fu-
ture years, Mr.. Jones also said that
by 1887 the electrical industry in all
branches will attain complete re-
covery and by 1888 and 1889 the
trade will have the greatest volume
Of business in history.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
GRAINS FINISH
LOWER AFTER
FIRMING EARLY
Weakness in Outside MartS
Induces Some Selling
at Chicago.
BnInitcdPr s.

Y
CHICAGO, Sept. 28-After early
hrmness. grain markets turned IL
regular today on the Board OF
Trade. At the close wheat was 4
to = cent a buShel lower: corn was
of s to = cent, and oats was down
L to IS cent.
Light showers and rains in the
Argentine provinces and weakness
in Minneapolis September wheat
and Duluth durum depressed fol-
lowers of the wheat pit as the week
came TO a close.
Scattered commission house sell
ing was in evidence throughout the
session.
Wheat got off to a firm start be-
cause of the steadneSS in Liver
pool. The English market failed
fully to reflect the downturn yes
terday in the Argentine and North
American markets.
Selling began, however. when
Minneapolis September dipped 81
cents buShel, while September du-
rum wheat in Duluth was offered )
cents lower. the minimum pre-
SCribed for one day.
Corn started irregular and prices
bobbed up and down most of the
day. Oats took their cue from the
yellow grain.
Provisions opened about steady
and held to a narrow trading range.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
EXPLAINS INTEREST DELAY
By Times Special

NEW YORK, Sept. 28.-The
Warren Brothers Co. which de-
ferred payment of its Sept. inter-
est coupons. today mailed to hold
ers of its l0-year 5i5 per cent sink
ing fund gold notes. due March /,
1887, and convertible 6 per cent
sinking fund debentures, due March
l, l94l. plan providing for their
protection. together with a COM
plete statement of the company's
position.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
JAMES NJ. lands. former Har-

JAMES NJ. lands. former Har-
~ ward law professor and one of
the original brain truSterS.' as
Sumed craftsmanship of the Securi-
ties and Exchange Commission.
succeeding Joseph P. Kennedy.
whose resignation became effective
Monday.
The Job that Mr.. Lands takes
over is a great deal larger than the
one his predecessor dropped. In
addition to the task of supervising
business and finance imposed in
the New Deals securities and stock
market regulations the SEC now
has been delegated by the public
utility act to reOrganize and rectify
that huge segment of American in
duStry-the public utility business.
In undertaking this task Mr..
Lands fortunately Will enjoy the
respect and esteem of all those
with whom he Will have TO deal.
At his last press conference be-
fore leaving on a vacation trip
across the continent, President
Roosevelt ln0lCate0 II was up TO
industry to decide whether NRA
would be revived.
In a discussion that embraced
virtually all major activities OF tie
New Deal, he said no thought haG
been given to specific new NRA
legislation, but that surveys re-
garding the efficiency OF codes and
the extent Of chiSeling were still
being made.
If industry itself can eliminate
unfair practices and chiselerS.
there is no need for legislation. Mr..
Roosevelt asserted. But. he added.
if the chiSelers break down the ad-
vantages, something ought to be
done.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
JAPAN AGAIN TAKES
BULK OF u. S. STEEL
Italy in Third Place in August, Re-
port DisclOSeS.
BIZ Tnitcd Press

By CnttCd Press
WASHINGTON, Sept. 2S.-Japan
continued through August to rank
as the leading foreign buyer of
American iron and steel exports, the
Department of Commerce reported
today.
Japan took 91,734 tons of iron and
steel, compared with 118,442 tons
for July and 114,638 tons during
August, 1884. Iron and steel scrap
exports to Japan amounted to 82,604
tons last month.
Total iron and steel exports
amounted to 247,312 gross tons dur
ing August, compared with 296,602
tons in July. Scrap exports were
156685. declining for the second
consecutive month.
Canada, Italy and the United
Kingdom followed Japan as leading
buyers of iron and steel during Au-
gust. Italy took 33,O78 tons of scrap
and the United Kingdom 23,758.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
FREIGHT CARS DECLINE
1876 Per Cent of Number on Class l
Lines Need Repairs.
BIZ Times SpcciaI

d y tHtto HptLtut
NEW YORK, Sept. 28.-Approxi-
mately 285,32O freight cars, or 1876
per cent of the number in service
on Glass l lines. are in need Of re-
pairs, the Association of American
Railroads reported today. This is
an increase of 4O58 cars compared
with the number in need Of such
repairs Aug. l.
Freight cars in need of heavy re-
pairs on Sept. l totaled 228770. or
12.5 per cent, ali increase of 1905
cars, compared with the number in
need of such repairs on Aug. /. On
Sept. l the roads reported 1859
serviceable locomotives in storage,
against 4081 in August.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
BELGIUM GAINS GOLD
Metal Stocks Up 100000 Belgas in
Sept. 20 Week.
RvTnifcd Prcss

~ NttfN 4 ftNo
BRUSSELS, Sept. 28.-The Ma
tional Bank Of Belgium gained in
gold and in balances abroad during
the week ended Sept. %. its re-
port showed today. Note circula-
ton also increased. as did combined
sight liabilities and circulation plus
current accounts. Ratio of gold to
notes and to sight liabilities de-
creased.
Gold stocks as Of Sept 20 were
3ziS 900 belgas, against 3.413,-
500C90 Sept 10. Balances abroad
were 1919, 100000 against 1885,
100000.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
PENNsY OFFICIAL RESIGNS

FTIET
WASHINGTON, Sept. 23.-The
Association of American Railroads
today announced the resignation Of
Vive President j. r. DoWnes and his
replacement by j. NJ. Synes, chief
Of freight transportation of the
Pennsylvania Railroad. Mr.. DOWnes
will become assistant to the presi-
dent Of the Pennsylvania.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28

f250-500l Good and choice. 1000 g
Common and medium ......-. 4.00Q Z.
Feeder and Stocker Cattle
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
HOUSING TASK
ABANDONED BY
FEDERAL BODY
Government Appears Ready
to Surrender Role to Pri-
vate Industry.
BIZ Times Spccfnl

BIZ Times Special
WASHINGTON, Sept. 28.-After
two years of experiment the gov
eminent is ready to surrender to
private capital the job of providing
loW-rent urban housing.
When PWA Chief Ickes divided
up S1OO,0O0,OOO of work-relief funds
for 81 housing projects, he virtually
wrote the end to direct Federal par
ticipation in such enterprises. No
more money will be available unless
Congress votes it.
Ambitious Federal housing plans
have limped from the start Mr.
Ickes at various times in the last
two years has had more than $780,
100000 available for housing and
Slum clearance. Less than 10000
900 has been spent.
Was Given $3.50, 100000
When the PWA housing division
was established it was given $780,
100000. Unable to spend it, the
division saw all but $31,000,000 re-
scinded last march.
At the beginning of the work-re-
lief program, July l, $246,000000 was
given Mr.. Ickes for housing. A week
ago, at Hyde Park, all but 100000
900 was cancelled
Many reasons are given for the
failure of the housing program. The
primary obstacle has been inability
to obtain options on sites at a fair
price and at such speed as to guar
antee completion within a reason
able time.
Court Decision Adverse
Added to the option troubles was
the decision of the U. S. Circuit
Court of Appeals at Cincinnati
denying the governments right to
condemn land for housing construc-
ton.
One hope is held out to cities
where housing projects have been
rejected. The Federal Housing Ad-
ministration, which is not con-
nected with P. w. A., has authority
to insure mortgages on loW-cOst
housing developments, where pri-
vate money is obtained for f1nanc-
ing. The F. H. A. is now exam
lining some Sc such projects involv-
ing 175,000 rooms and a total cost
of $175O0O,OOO.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
DGiIV Price Index

BY UNl[eu FTeSST
NEW YORK. Sept 26.-Dun & Brad
streets daily weighted prices Of 30 basic
commodities compiled for the United Press
le30-32 average 1907:
TODAY. III 90
Yesterday 49,. 122 Il Year aFo 49,. Closed
Week ago 49,. 100 SIS 1885 high ......I24 27
Month ago b.. Closed 1885 low ll6 %
(Copyright. 1885. BY Dun Bradstreetl
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
GOLD, SILVER INFLOW
UP SHARPLY FOR WEEK
Yellow Metal Received TOtalled
S23,521,653 in Sept. 20 Period.
By Unifed Press

BIZ Jnifed Press
WASHINGTON, Sept 28.-Gold
and silver imports into the United
States increased substantially dur
ing the week ending Sept. 20, the
Department of Commerce reported
today.
Gold imports ounted to
S23 521 ,653, compared with s6,719,185
for the week previous. Silver i'm
ports mounted to S16,022,719,
against S5,135.347 Gold exports
amounted to ST, 400. Silver exports
were S61,131
British India sent $4,000 .928 in
gold to New York and France sent
S5,390,098 The United Kingdom
sent s14,334, 7O9 in silver.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
BY WIN SWEENEY
Times Special Writer
PITTSBURGH. SCI

PITTSBURGH Sept 45-year-od Benjamin
will l.
porant Corp reampng
thu battle of The
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
FARM ITEMS IN DEMAND
By Times Spociq

NEW YORK, Sept. 23.-The agri-
cultural equipment industry, the
American Metal Market said today,
continues to run at a high rate and
has good prospects.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
New York Stocks

Volume Appropriated $4,000
shares, compared with $4,000 last
Saturday.
Dow, Jones preliminary closing
averages showed industrials 13L75,
up 0.27; railroads 1882, up O.04;
utilities 25.18, off 0.01.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
OpOI' NIIOala II : y III = ; =
NEW ORLEANS
NEW YORK COTTONSEED OIL
Produce Markets

The prices quoted below are paid for
stock gathered in the country, while de-
livered in Indiana polls the price viii be a
cent higher. Heavy breed hens. l6c;
Leghorn breed hens. 12c; heavy breed
cocks, &c: Leghorn breed cocks, SC; col
ored broilers, 2 lbs. and up l5c; Leg
horn broilers, IA lbs. and up. t2c; bare
back broilers l0c; ducks, full feathered
Sc; guineas, f5c each: No. l strictly fresh
eggs. loss of 24c. Each fun case must
weigh SIS lbs. gross. a deduction Of l0c a
pound under IS lbs. will be made. Butter
No l. 29d30c; butterfat. PC. Quoted
by the Wadley Co.
tBv United Press
CHICAGO. Sept -Eggs-Market easy:
receipts 61sl fresh fraded frsts. 25t4c;
current receipts. 81 Csc; dIrties 1923 &c:
checks. 18a2li2c Butter-Market firm;
receipts. 1877: extra hTsts 90-9li2 score .
24I2 a Csc. extras t92 score, 25i2c: frsts
1891 score. 24d 24i4c; secodns Sc
87i2 score. 22iz n 23c specials. 26a % &c:
standards. 25c. Poultry-Markst steady:
receipts 10 trucks: no cars due ducks. Il
n l6c. ducklings 19c: geese. 14c spring
chickens l6ls 2lc hens. 1i020c: tur-
KEYS. 14q lsc: Leghorn hens. 11G14isc ol6
ROSTERS, 15c: broilers. zoe. Cheese Twins.
49,. I5izc daisies. 1884 n l6c: longhorns,
1881 q Ice Potstoes-Arivals. SO; on track,
34l: shipments, 444 Idaho RuSsets.- sl.55G
IFS: No. 2 Sl.15. triumphs. Sis: Wis
consin cobblers, no sales; Bliss triumphs.
80 cent; North Dakota cobbler, IS cent !;
Red River Ohios, IS cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28

Raiding parties have been at work
to bring new men into the corpora
tons ranks-the third phase of
program directed by Myron c. Tay-
lOr. chairman of the board. One
such raid landed Mr.. Fairless from
Republic steel, where he had been
vice president.
Another took James S. McKeS-
son from Corrigan, Mckinney Steel
Co. to open a new line for the cor
poration-the sale of pig iron. AL
though its pig-iron production ca
pacity is unsurpassed, U. S. Steel
has made that product only for its
steel furnaces. Other steel firms
have found it a profitable line.
Others May Follow
David jenkins, assistant to Mr.
Fairless at youngstown, will also be
with the billion dollar steel firm,
and there is a strong report that
five other key men of Republic Steel
will follow. These are rumOred 10
be the manager of bar sales, the
head of alloy sales, two metallurgistS
and the central district alloy man
ager.
These men will constitute a for
midable squad to corner the alloy
business. The experience of Mr.
Fairless has run largely to the
manufacture, development and sale
Of alloy steels.
It was terSe memorandum issued
last Aug % from II Broadway, New
York, which electrified the entire
industry and forwarned that the
corporation was preparing for a
counter offensive after four years
of heavy losses and beatings.
Steel Circles Buzzing
The announcement simply gave
the name of Mr.. Fairless and deSig-
mated him to head" the direction of
production and sales of the Unified
Carnegie and Illinois Steel cOmpa-
MES, the two biggest U. S. Steel sub
salaries. Thereafter nothing but
official silence came from New York
for weeks, while circles were buzzing
with questions.
Two of these questions we're an
swered through an engraved invi-
tatiOn for a luncheon arranged by
big steels" chieftains and designed
to have some 300 Pittsburghers
meet the boys" That invitation
designated Mr.. Fairless as "presi-
dent" Of Carnegie Illinois Steel
Corp" But the trade could learn
nothing of the future of I. Lamont
Hughes, president of Carnegie Steel
Co. He was variously rumored as
leaving the corporation to go with
three separate competitors.
G. G. Thorp, president of Illinois
Steel Co., was easily disposed Of in
the rumors. He is 81 and must re-
tire in three years, if he does not
prefer to do SO now. But Mr.. Hughes
is only So and is vigorously active
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28

TINE long delayed strike of 400
L 600 soft coal miners went into
effect Monday. but its termination
next week was assured when miners
and operators reached an agree
ment yesterday. Strikers will re-
turn to work under a contract
which will give them a seven-hOur
day and wage inCreases-in some
instances as high as so cents a day
that Will last at least until April
1, 1887.
The closing scenes of one of the
strangest walkOutS in American
history were marked by a feeling
of amity between operators and
miners unprecedented in the in
duStrial relations of traditional
enemies. Postponed four times
through the Intervention of the
President, not a single instance of
violence occurred during the ceSsa-
ton of activities. Approximately
5000 Indiana miners were included
in the strike.
Withdrawal of relief funds by the
Federal government next week Will
affect directly $1,000 Indiana fam
lies and indirectly every taxpayer
in the state. it was revealed Thurs
day. Decentralization of relief buy
ing and resumption of responsible
ity by township trustees will I'M
dOubtedly increase the cost to tax
payers, state officials said.
Federal funds amounting to more
than 100000 a month and which
were distributed in - of the coun-
ties where the direct relief burden
was heaviest will be Immediately
cut of, relief aids announced. Mar
ion County is included.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
CHICAGO PRIMARY RECEIPTS
LOCAL CASH MARKET

City grain elevators are paving 90 cents
for No. 2 soft red wheat. Otner grades or
their merits Cash corn No. yellow
IS cents and oats 10 cents
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
Z. S. Steel Raiding Other
Companies for Officials
to Fill Important Jobs
FairIeSS, MCKeSSon and Jenkins Already With Firm
Other Republic Steel Men to Follow,
Reports State.

5 Q
n
the
uture
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
Other livestock
In United Pressl

CHICAGO Sept. 28-HOgs-P Receipts
25ss. nothing done: market nommally
steady: compared Friday last week prices
around 25c lover Cattle-Receipts 1900:
calevs 500: compared Friday last week
Choice fed steers and yearlings about
steady: less desirable grades mostly 15I Csc
lower: weeks TOP l235-lo- steers. sl3 25:
warnings. sl275. heIfer yearlings SIPS in
part load lots. best range slaughter steers.
$50. feeder. 50 Sheep-Receipts. 1000.
pared FRIDAY last week: fat lambs around
steady 70 25c lower; aged sheep strong to
25c higher. feeding lambs strong TO l5c
natives and westerns early in week. late
top range lambs $3.50: best natives 10
packers S925. weeks bulk natives. s9.25H
8 rs most westerns 50 50G Q IS. vearlings.
STAT 50. slaughter ewes. 50 75d 425. week S
top 81 40. new high since Nav; bulk feed
inr lambs S9 75N Is
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
Machine Sales ActiUe

The American Machinst, trade organ Of the
machine tool industry has declared that inquiries
ceired at the annual show in Clereand 1ciH gire sales
men plenty Of cork to do for many months to come.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-28
Money and Exchange
TREASURY STATEMENT

WASHINGTON. Sept 28-Government
expenses and receipts for the current
fiscal year up to Sept. IS as compared with
last year.