davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
INTEREST RATE
CUT BY BANKS
HELD IMMINENT
Government Expected to Put
Slash Into Effect Under
New Powers.
BY RICHARD L. GRIDLEY
United Press staff Correspondent

WASHINGTON, Aug. 23.-The
Federal government prepared today
to put into immediate effect many
of its new banking powers with an
arbitrary slash in interest rates paid
by banks under its jurisdiction to
a maximum of 215 per cent.
The move will affect about 14,500
of the country's $1,000 banks. About
1000 of these banks, members of
the Federal Reserve System, al
ready have red1ced their interest
rate to 212 per cent under rules
adopted by the Federal Reserve
Board last December.
Only signature of the new bank
ing bill by President Roosevelt is
needed to start another wave of
banking reforms" obtained by the
administration from this congress.
Reconstruction of the Federal Re-
serve Board and coordination of
it's credit policies are not scheduled
until early next year but other Sec
lions of the law, including new
powers to dictate interest rates, are
to be put into effect Immediately.
Special Meetings Called
The Federal Reserve Board and
the Federal Deposit Insurance
Corp. both vitality affected by the
new bank legislation, called special
meetings to map immediate pro-
grams.
"One of our first steps," Leo T.
Crowley, FDIC chairman, said, will
be the limiting of the rate of inter
est that member banks of our or
ganization can pay on deposits"
This action will write final
chapter in bitter battle between
Senator Carter Glass Cd, Va and
Administration banking officials in
connection with the recently passed
banking legislation.
FDIC Given Authority
When the FDIC and the Federal
Reserve Board decided last winter
upon a maximum interest rate of
21a, Senator Glass said New Deal
authorities were exceeding their
powers. The new banking bill gives
the FDIC authority to fix maximum
interest rates. The Reserve Board
has had that authority.
Composition of the Federal Re-
serve Board under the new banking
act excited considerable gossip to-
day. Under the law the board on
Feb. l, 1886, will become the board
of governors of the Federal Reserve
System. 1t will consist of seven
members appointed by the Presi-
dent, compared with eight now.
Of the present eight, Secretary of
Treasury Henry Morgenthau Jr.,
and Controller of Currency j. F.
T. O'Connor, ex-off1cio members, are
automatically removed. This will
leave one vacancy on the new board
Several more may be created should
President Roosevelt fail to appoint
some of the present members.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
FAR WEST BUSINESS
DOUBLES LAST YEAR
July Marks Seventh Successive
Month to Show Gain.

BIZ Times Special
LOS ANGELES, Aug. 23.-In-
creased building activity during
July in the Far West brought the
total gain in new construction for
the first seven months of this year
to 100 per cent over the like 1884
period. the Bank of America Bust
ness Review declared today.
July was the seventh consecutive
month in 1885 during which western
building activity has increased over
the corresponding month of 1884,
and in each case the gain has been
more than so per cent.
Total dollar volume of retail trade
in the IL Far Western states in the
seven months ended July 81, 1885,
gained 1913 per cent over the like
period last year, which compares
with a 8 per cent gain for the nation
as a whole. The Far West has led
the nation in retail sales gains every
month of this year to date.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
WEAKNESS ABROAD
PUTS WHEAT DOWN
Drop of to 13s Cents Is
Shown in Early Deals.
By United Press

By United Press
CHICAGO, Aug. 23.-Selling in
duced by weakness in the Liverpool
market shot wheat prices lower to-
day on the Board of Trade.
At the start wheat was off e to
rs cents, corn was 4 to q cent
lower, oats were off 4 to q cent,
and rye was off Y to q cent.
Distinct weakness in the Liver
pool market furnished the back
ground for most of the early selling
in the wheat pit. Broomhall cabled
that the English market opened
quiet and lower in sympathy with
weakness in American markets yes
terday and the cheaper Canadian
offers.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
STEEL SALES INCREASE
Sheet Metal Sold During July
Amounts to 2O6,3l3 Tons.
BIZ Times Special

NEW YORK, Aug. 23.-Sales of
sheet metal made during July this
year aggregated 206.313 tons, rep
resenting approximately 68,2 per
cent of the industry's capacity, &C
cording to a report made today by
the National Association OF Flat
Rolled Steel Manufacturers.
The total compares with 128,957
tons. or 42.9 per cent Of capacity
in the preceding month. July pro-
duction amounted to las. SOS tons.
against 143,300 in June.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
FOREIGN
PLAN GETS APPROVAL
BY Times Special

NEW YORK, Aug. 23.-Accept-
ance of the proposed reorganization
plan for the Walworth Co. by
holders of more than the necessary
amounts of all four classes of its
securities, required under Section
77-B of the Bankruptcy Act. was
announced today by W. B. Holton
Jr-, chairman of the executive COM
mittee of the company.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
BALDWIN GIVEN ORDER

NEW YORK, Aug. 23.-The Bald
win Locomotive Works has received
an order for one mallet type loco
motive from the Estrada De Ferro
De Goyaz. Brazil, it was reported
here today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23

The loan of 9 cents on all cotton
grown under the AAA adjustment
contracts and a 12-cent guaranteed
price for cotton raised under the
Bankhead quota was announced
after the close of the market yes
terday. AAA officials hoped the
new program would guarantee
farmers fair price and at the same
time permit the market price to
drop to a point where cotton may
again move freely in world markets.
The plan provides a direct subsidy
to cotton growers which will make
up the difference between the aver
age market price from Sept. to
Jan. l and II cents. At the same
time growers will be permitted to
borrow only 9 cents instead of IL
cents a pound.
Price Drops Expected
The Scent reduction in the loan
amount was expected to bring an
immediate drop in the open-market
price, which has been around IL
cents a pound.
The price guarantee and the loan
arrangement are two separate plans.
Under the price guarantee plan the
grower may sell his cotton at what
ever the market price is at the time
he wishes to sell. The government
Will, on Jan. l, send him a check for
the difference between the average
market price between Sept. l and
Jan. l and II cents.
Thus, if a farmer sold his cotton
Tor ii cents and the average price
Tor the four-month period was 10
cents, he still would get 2 cents a
pound from the government-the
difference between the average and
II centS-making him a total of Is
cents for his cotton.
The loan plan is exactly the same
as at present, except that the
amount of the loan has been re-
duced by cents. While AAA Of
t1cials expected drop in the mar
ket price, they did not anticipate
that it would fall to cents be-
cause of the prospective increased
demand in proportion to the supply.
Officials would not even attempt
to estimate the cost of the new
plan of direct grants. Only pro-
ducers who come within the Bank
head limitations would be eligible.
This limitation totals 1O,5OO,OOO
bales. Producers now cooperating
in the 1885 adjustment program
must agree to the 1886 program to
be eligible for either of these offers.
S9O.OOO,OOO Is Available
Money for the farm subsidy will
be obtainable under one of the re-
cent AAA amendments, now before
President Roosevelt for signature.
which permits use of one-third of
the country's custom receipts for
farm adjustments. The amount thus
thus made available is estimated at
S90,000,000 annually.
Senator John H. Bankhead d.,
Ala0, author of the Bankhead cot
ton act, joined Byrnes in demand
ing the AAA offer a 12-cent loan to
stabilize cotton prices. Senator
Morris Sheppard ID, Tex said
what we want is IL cents per pound
for the farmer"
Senator Thomas P. Gore 3D.,
Okla0 asserted the governments
9-12 plan would ruin the cotton
market of the world, and pile up a
surplus of cotton like water behind
4 dam"
Senator Richard M. Russell ID,
Ga0 said "this will destroy the faith
Of the cotton farmers in the AAA
reduction program and I am aston
shed and deeply regret that WAL
ace Secretary of Agriculture Henry
A. Wallace) had his way"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
GAS SALES ON INCREASE
Southern Natural Gas Corp. Reports
Gain of IS Per Cent in July.
BIZ Times Spo,

DIT 7 IWto NVIIIUI
NEW YORK. Aug. 23.-Sales of
the Southern Natural Gas Corp.
during July amounted to 1,124.2S7,-
600 cubic feet, an increase of % per
cent compared with the same
month of 1884. receivers for the
company now in reorganization an
nounced today.
Industrial sales of gas during TIA
month totaled 904,7SS, 900 cubic feet.
a gain of 80 per cent compared with
a year ago. Domestic sales in
creased from l6O.626.0 cubic feet
in July last year to a total of 49,
$4,000 this year.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
IRON PRODUCTION GAINS
Output During First Half of Year
Amounts to 9,7O9,S99 Tons.

By Times Special
NEW YORK, Aug. 23.-Produc-
ton of pig iron in the United States
during the first half of the current
year amounted to 9,709, 899 tons, the
American Iron and Steel Institute
reported today.
This compares with the total out
put of 1865, los tons during the same
period of 1884 During the last half
of the preceding year pig iron pro-
duction amounted to 6.O07 ,874 tons.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
Produce Markets

The prices quoted below are paid for
stock gathered in the country. while de-
livered in Indianapolis the price will be a
cent higher Heavy breed hens l3c;
Leghorn breed hens. 1Oc; heavy breed
cocks. &C., Leghorn breed cocks. &c: coll
ored broilers. 2 lbs. and up lac: Leg
horn broiIers. ~ lbs. and up. lie; bare
back broilers. 10c: ducks full feathered
and fat &c: geese. full feathered and fat
&c: suineas. 15c each; No. strictly fresh
weigh IS lbs gross. a deduction Of 1oc a
pound under SIS lbs. will be made. Butter
No. l. % zoe; butterfat. 21c. Quoted By
the Wadley Co.
fBy United Press
CLEVELAND, Aug -Butter-Markst
steady; extras 2sizc ID. in tubs; stand
ards. 2ac. Eggs--Market firm: extras.
white. 29c; extra frsts 25izc. current re-
ceipts 23lzc. Live Poultry-Steady; heavy
fowl, zoe: medium fowl 19c: ducks lbs
and up. tic. ducks. small be. Potatoes
llO0-lb. bsgsl Delaware and New JERSEY,
95c ISL. Ohio. 90c 81: Pennsylvania. sf0
05: Idaho. s2l5n225; Virginia barrels,
81 .35N150
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
12.CENT COTTON GUARANTEE.
PLUS 9-CENT LOAN, AROUSES
IRE OF SOUTHERN SENATORS
AAA's New Program on Cut Unleashes
Storm of Protest; Coalition Threatens to
Filibuster for Flat Loan of II Cents.
BIZ United Press

WASHINGTON Aug Agricultural Adjustment Admnra
tons
farmers
coalition of Byrn
bill to force the AAA a
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
BUSINESS RATE
IN STATE SETS
HIGH FOR JULY
General Conditions Top All
Like Periods Back to
1880.
BIZ United Press

BIZ United Press
BLOOMINGTON, Aug. 23.-Gen-
eral business conditions in Indiana
during July were we'll above like
period in the last three years and
slightly above July, 1881. the In
diana University Bureau of Business
Research reported today.
After the July 4 curtail-
ments, the steel industry started on
an upward trend that extended into
August. Manufacturers of tractors.
farm implements, household utili-
ties, wire fence and automobiles
we're the best customers of the steel
industry.
Most lines of retail trade" the
review said, made less than the
usual seasonal declines. With a
few local exceptions, department
store trade was we'll above a year
ago. Clothing and hardware sales
also we're above July, 1884.
Tops Nations Showing
In relation to the corresponding
period a year ago, retail trade con-
tinued to be better in Indiana than
in the United States as a whole.
Bank debts made a little less
than the usual seasonal gain, but
were well above a year ago. Post
office receipts continued to compare
favorably with those of a year ago.
Newspaper advertising made a little
less than the usual seasonal de-
cline.
"A larger number of new and used
automobiles were sold during the
first seven months of 1885 than dur
ing any corresponding period since
1929. Life insurance sales made a
small contra-S season gain and were
little above July, 1884.
Food Prices Higher
The average prices paid by con-
sumers for meat. eggs and lard were
well above year ago. Fruit and
vegetable prices averaged a little
lower than during July of last year.
Automobile production made
little less than the usual seasonal
decline, but was under July, 1884.
Production of parts and accessories
was about equal to a year ago.
Building activity made a little
more than the usual seasonal gain.
but total construction remained far
under normal. Electricity produc-
ton made a fair-sized gain and
compared favorably with year ago.
Canning and preserving concerns
were less active
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
Steel Shares Behave Well

Action of the steel shares is regarded of the
most encouraging signs IN the entire market according
to Ueteran Observers During the period of heaviest sell
ing Monday United States Steel preferred pushed ahead
about points to peak.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
N. Y. Bonds

Reprinted From Yesterday
(By Abbott. Proctor & PaineI
DAILY BOND INDEX
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-23
by Thomson & McKinnonl

IL 10 pm. Prev.
High Low ~ l. close
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
Ne7O York Stocks

By Tnifcd Press
NEW YORK, May 13-Prices
steadied this afternoon on the Stock
Exchange. Rails were strong and
utilities. under pressure in the
morning. came back from the lows
Volume was light
Air reduction featured the upside.
with a. point gain to a rev high
for the year at l34lz Cuban Amer
lean Sugar preferred reached Boz,
up a, point gain to a new high
for the year
Union Pacific held point gain
in the rails. Motors were around
the previous close. United States
Steel at 3D. was of i point
Steadiness in Steel was influenced
BY the American Iron e. Steel In
stitute's estimate of steel produc-
ton which showed a rise of ID
points over the previous week.
Trading fell off in bonds and
sticks. United States government
issues were considerably quieter
than on Friday and prices advanced.
Stock sales in the third hour were
only 10000 shares. bringing thu,
days total to $4,000. These figures
compared with 41OOG0 and 100000,
respectively, in the Friday session.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
PORKER PRICES
CONTINUE RISE
Market Steady to Mostly 10
Cents Higher at City
Yards.

Swine values at the Indianapolis
Stockyards today were steady to 10
cents higher than last weeks close.
A fairly heavy run of receipts had
no depressing effect.
The advance was renewed from
Saturdays session. which marked
the first rise for more than a week.
Trading was fairly active in most
classes with a brisk demand pre-
vailing Receipts were estimated at
5000, compared with 1900 Saturday.
Best classes available sold at 1895.
the highest price during the last
week.
The general bulk of $50 to DTS
pounds, was selling at 1925 to
$3.50, while heavyweights, scaling
from 275 pounds and upward.
ranged from S905 to 1920 Light
medium slaughter PIGS, weighing 1870
to $50 pounds, cashed in at 1925 to
SO. Light lights, 100 to 100 pounds.
sold at 81 to So. Packing Sows held
at SITS 60 $3.50. Holdovers were
1877.
With only a slight change evident
in the cattle market, supplies con-
sisted mostly of plain steers and
heifers. Few classes of slaughter
steers sold under $12, while best
heifers were eligible around S10.50.
Others held mostly at $3.50 down
Receipts were 1000
Vealer prices were strong to
largely so cents higher than Sat
urday's weak closing The bulk sold
at $3.50 down. Receipts numbered
700.
A strong undertone continued to
prevail in lambs with shOrn fed
Western grades largely Is to IS
cents higher. Bulk was selling at
1925 to So35, while spring class IS
held at IS to SO. Slaughter sheep
brought 81 down. Receipts were
1900.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
RAIL PENSION RULING
BLOW TO SOCIAL AIMS
United Business Service Sees Some
Reforms Being Discarded.
By Times Special

BOSTON, May .3.-Much of the
present and propose ed reform legis-
lation of the New Deal will be dis
carded, the United Business Service
forecasts today in its current report.
The Supreme Court decision IN
the railroad pension case clearly in
dictates that in it's social reform
aspects, the New Deal is cOnstitu-
tiOnally "out of bounds" The Service
believes that with the relaxing of
restrictions on business, confidence
will be generated, and recovery will
proceed. Already new capital f1nanc-
ing is getting under way, and the
f1otation of more stock and bond
issues for purposes of business ex-
pansion will appear in the coming
months.
The attitude OF the Supreme
Court in the rail pension case indi-
Gates that the constitutional limita-
tons of the power of the Federal
government will be maintained. The
government won its money case be-
cause the states delegated to Con-
gress jurisdiction over money! It
lost the railroad pension case pri-
marily because no power was dele
gated to Congress to compel en-
pl0yers TO pay pensions to em-
plOyees.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
SHIPMENTS OF
PRODUCE MIXED
Movements Range Around
1000 Carloads Daily in
Middle West.
BIZ Times SpecinL

bH iWeS HUtCtub
WASHINGTON, May 13.-Carlot
shipments of produce during the
initial week of the current month in
the midwestern district were some
what irregular, but continued
around 1000 cars daily, according to
the weekly report of the United
States Department of Agriculture
released today
Movements of southern potatoes
doubled in the first week of May
and exceeded shipments year ago
by approximately 500 cars, while
old-crop stock are descending fast.
The combined movement of pota-
toes is light and about one-fourth
below that of the same time last
year, the report showed
Southern melons recently have
begun moving to market in carlots
along with Western cantaloupes.
The season is still delayed for many
lines of produce, especially far
Western vegetables.
Shipments of apples, pears and
citrus fruits are decreasing, while
strawberries, cabbage. onions and
spinach are showing improvement.
The current markets in many large
cities are reported as dull and weak
for the first week of May, with
prices slightly lower. Chicago has
reported weak, slow, and draggy
conditions.
The potato markets in the mid
western area are continuing dull
and draggy. with both old and new
stock sinking to still lower levels
Prices of lettuce also are showing
a declining tendency. Receipts and
track holdings are moderate, with
a slow demand prevailing.
Strawberry markets are mostly
unsettled in the middle west. be-
ing sold largely according to quail
ity and conditions. Shipments of
Louisiana berries have been consid-
erably lighter than anticipated. Cold
weather in northern sections has
reduced demand and prices are
sharply lower in many lines.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
On Commission ROIU

Quotations below are average wholesale
prices bciug offered 20 BUYERS bv local
commission dealers
Fruits Bananas. 4',c 10 Apples.
ben Davis. 81 So BaIdwins. 65 Lemons,
Sunkisf 260s S425 Grapefruit GATOR
MA sc-dlesS 50 5. Florida. Seedless s.
lanes Mexican. per carton. rs. zoe.
case. So so. Tennessee BlakemoreS. 2t-9t-
ease s. Is Crane south America. 2o-lb.
box s. 50. Emper1TS 81. CanLalolpeS
Honey DewS South America. 81 son
VcretabIes-CabbaSe new MiSsissippL
large crate. s. . Onions new IeNss
har 8 20. Potatoes Green Mountains.
f00-ib b8E. 81 6S selected cobblers loo-lh
bag ~ IS northern round white. ltt-t0
bsr 81. OhioS. lo0-lb. hag- s. IS. Idaho
i00-lb bsr s. Is Sweet Potatoes. Indiana
JERSEYS huShel 81 medium OF seed Sl-lps
Nance Hall bushel 81 IS Beans round
sfrinrless hampers 81 50. way 3 celery
turbo dor SSc hearts dor e0c Cucum-
hers rot house coz-. soc 2 COZ box Sl-9Q
Eudive. California dozen. 81 EsE plant
I'll - 50 DOR Kale buSreL soc. Lettuce
h0f house lS-lh basket 81 50. Caiiiornis
Icrherr head lettuce S42s Maneoes = %
crate. small basket soc. Mint COZ
hammer s. suinach Texas. huShel 81 Is
home grown. bushSl 65e Ra9isheS oozen;
7s- TurnipS bu>hel si-25 ParSniDs hall
bushel 81 IS. PsrsninS- hsf eusael 81
Csffor1ts crate IS 3. dor soc Rhu-
barb outdoor. ooF-- Sor $50 M9Snf ooInS-
fh soc Tomatoes. renacsed lob ar
Ton 81 60. resuiar lob carton. Sl--''
All a9ofs,ions subject 20 ehsnSe NJ or
down
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
BIZ Times Special

NEW YORK. May 13-Based on
reports from 1913 companies, now
available. earnings of industrial
corporations in the first quarter
showed. an average gain of 27.3 per
cent c9er the corresponding period
year ago. according 10 the
Standard Statistics Co.
Earnings of utility and railroad
companies. on the other hand. con-
tinued to decline. with % concerns
in the former group showing a II
per cent decrease in net. and earn
ings of 81 carriers averaging 45.l per
cent below last year.
Aggregate profits for the entirs
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13

DAP companies were 1913 per cent
ahead of the first quarter of 1894.
Higher costs more than Offset the
improvement in electric output for
utility companies. while railroads
had to struggle with a slight traffic
decline as we'll as greatly increased
expenses. The improvement in in
dustrial earnings was largely due TO
the high rate of activity in automo-
bile production and the improve
ment in electrical equipment sales.
The dollar gain in earnings OF
automobile and truck companies.
auto parts and tire concerns, cleo
trical equipment manufacturers,
and the steel producers (Which sup
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
CAR, TRUCK OUTPUT
DECREASES SHARPLY
Production in U. S. and Canada Dur
ing Week Totals 1896 Units.
By Times Special


By Times Special
DETROIT, May REPRODUCTION
of automobiles and trucks in the
United States and Canada during
the last week decreased sharply to
1895 units. compared with l1O,365
recorded during the preceding week,
according to Grams Reports, Inc,
released today.
Principal reason for the sudden
decrease is traceable to department
tai labor disturbances, which have
caused a shortage of parts in some
of the Chevrolet plants. Another
cause was due to Ford going on a
five day week basis, compared with
six days in recent weeks.
The current volume of produc-
ton is expected to rise appreciably
as soon as a settlement is reached
between Chevrolet officials and the
minority group of strikers. This is
expected in the near future. Sur
vey of the various plants last week
showed that five increased their
schedules, II remained unchanged
and five showed declines.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
First Quarter Industrial Profits Up 273 Per Cent
but Rail and Utility Earnings Continue Decline

piled these industries was prac-
ticaly equivalent to the entire dollar
gain of the 1913 companies.
A substantial decline in earnings of
food companies, caused by narrowed
profit margins. was offset by slight
gains in a number of lesser indus
tries.
Although the majority Of reports
are not yet in. final totals are ex<
pected to show approximately the
same relationships. Second quarter
earnings, however. will average
lower than for the corresponding
period a year ago, judging BY pres
ent indications.