davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
BY II. B. DORAU

NEW YORK, Jan. 29-From CAL
ifornia, that great incubator Of fas-
cinating illusions, now comes the
Townsend revolving pension plan.
Appealingly simple, and Offering the
hope of heaven on earth least
after so years Of age, it IS - diff;
cult to understand why this plan al
ready has secured the adht renee of
an alleged 100000 Or more citizens,
and has beel4 formally introduced
as a bill for consideration Of the
Congress.
Reduced to its simplest terms. the
Townsend plan proposes that the
government of the United States
pay a pension of 5000 a month to
every worthy citizen so years or
more of age. upon condition that
the applicant has no criminal rec
ord. that he retire from gainful oc-
cupation and agrees to spend his
entire monthly pension within 80
days in the United States.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
10 MILLION AT STAKE
IN COURT ARGUMENT
Illinois Fights Suit to Compel Sales
Tax Payment.
By United Press
-&=~r~""

0X htttW ETtNN
SPRINGFIELD. Ill, Jan. % -
Estimated annual revenue of Sl0.-
600 900 is the stake for which the
state of Illinois is fighting in a suit
before the State Supreme Court to
compel private and publicly owned
utilities TO pay the state , per cent
sales tax.
The case is before the court on
a petition for rehearing filed by
Atty. Gen. Otto Corner following
a recent opinion N which it was
held that the utilities were not re-
quireI TO pay the tax. In the re-
hearing petition Kerner has relied
or only one point in his efforts TO
have the high tribunal reopen the
case and reverse its previous rul-
ing. The point is whether the util-
tiles are engaged in the sale Of tan
gible property at retail"
II the Supreme Court declines
TO rehear the case and stands on
its original ruling in the utility case,
attorneys predict that it will be the
basis for another attack on the con-
stitutionality of the entire act,
which has been declared valid by
the court.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
GENERAL LIST
MOVES AHEAD
IN DULL DEALS
Slightly Higher Tendencies
Prevail EARLY: Stude-
baker Active.
By United Press

By HifCd Press
NEW YORK. Jan. 29.-The main
stock market list firmed slightly this
morning in dull turnover.
A few issues got out of a fraction
al area. Dovoe & Reynolds dropped
64 points to 40; McCrory preferred
lost 2ll to 6024 and Inland Steel
lost a point to 50.
Armour preferred rose to 108, up
and a new high; Pullman 47i2, up
l; Wesson Oil & Snowdrift 35it. up
l, and Studebaker preferred 16, up
2.
Small gains were made in U. S.
Smelling, Atchison. Chrysler, Con-
Solidated Gas, Du Pont, Douglas
Aircraft. New York Central, West
inghouse Electric, General Electric,
and Radio.
U. S. Steel lost fractionally as did
American Telephone, Keunecott,
and American Smelling.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
FRUITS AND VEGETABLES
CPv limited Pressl

CHICAGO. Jan. 2s.-Apples--Michigan
81 4OGI75. Observation-Disclosures
I barrels. s475GS. Cauli1ower-Cali-
fornia. crates. sI.50m1.65. Cabbage--Wls-
consin, 100 lbs s125. few higher. Sweet
potatoes-Tennessee bushel, s1G Ito: In
diana, s135q1.65. Carrots-California
crates. s3m325. Turnips-nlinois. bushel,
25T 4Oc Lettuce-Western crates. 50. 50l
8 IS: Illinois. 10 lbs. leaf, $50 75c. Celery
cabbage Michigan. fat boxes. 40a soc;
y bushel 50G6oc. Parsnips-nlinois.
bushel. 5OG75c Beans-Florida, bushel,
ssd6. Rhubarb-Michigan 5 lbs, asa 45c.
Eeets-Texas. = crates. s1.75d l.S5: Hi
nois. Michigan, bushel, 4oG soc. Spinach
lean. Tugs, s3.25Gs.50.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
MERGER is SUPPORTED
65 Per Cent of Stockholders Favor
Consolidation.
By Times Special

:. ETTTIWT
YOUNGSTOWN, O., Jan. o.
Proxies have been received from
owners of more than 65 per cent of
outstanding preferred stock and
more than two thirds of outStand-
ing common stock in support of the
proposed consolidation Of Republic
Steel Corp. and Corrigan-McKinney
Steel Co., T. NJ. Girdler, president
and chairman of the board Of Re-
public, announced today.
The plan further contemplates
acquisition of control of Truscon
Steel Co. "Only two-thirds vote
of each class of stock in support of
the plan is required" Mr.. Girdler
said.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
PENNSY'S GROSS, NET
IN DECEMBER SPURTS
Full Years Operating Income Off
Only Slightly.

By L tmeS Sp6ctGB
PHILADELPHIA, Pa, Jan. o.
December earnings of the PennSyl-
vania Railroad Co. for December
indicates gross earnings of $26,911,-
900, an increase over the 1888
months of s1,851, 900, or IA per cent.
Net railway operating income for
the month, amounted to $4,816,000,
an increase of $1,135,0OO over De-
cember, 1888.
For the full year 1884, gross earn
ings amounted to S343,669, 900, an
increase of $18,953,OOO, or So per
cent over the year 1888. Operating
expenses increased S22,018,000, net
railway operating income amounted
to SCI, 317000, a decrease of only
S660,00O.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
GAMERS CONFERENCE SET
By Times Special

LAFAYETTE, Ind, Jan. 28.-The
eighth annual Gamers and field
mems conference will be held at
Purdue University Feb. u and -,
it has been announced. AT the
sixth Sons of the Soil' banquet,
the United States Won" Club med
ais for quality and quantity tomato
production will be presented.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
Produce Markets

Delivered in Indianapolis prices: Heavy
springers. 12c; large stays. SC; Leghorn
geese. &c: young guineas. zoe; old guineas.
l5c Turkeys-No l young hens, lbs;
and over. 15c; young toms. IA lbs. and
over. I5c: young toms l1-14 lbs. 13c: No.
crooked breasts and thin turkeys. &C;
old toms. all weights. lie; No. l strictly
fresh country run eggs. loss of. 22c.
Each full case must weigh SIS lbs. gross;
a deduction of 10c a pound for each
pound under SIS lbs. will be made. Butter
No. l. 37636c. Butterfat-33c. quoted
by the Wad,ey Co.
(By United Press
settIe tcA1 receipts. 1921 cases. extra lrsts,
2si,c: fresh graded frSts. 26isc; current
receipts. 2614c: dirties, Csc: checks. q lac
Butter-Market. steady; receipts. 10; log
tubs: extra drsts (90-9lie Scorel. $500
34i4c; extras l92 scorel. 3494c; firstS tSS-
SOL, scorel. 32tt q 33c: seconds l86-87i2
scorel. 3IG31isc: specials. 30 - 35stc;
standards. 3Si2c. Poultry-Market strong
receipts 26 trucks; springers. zoe, ducks.
small. l6c: turkeys l8d zoe; geese. l8c;
Leshorns 13G17c. caponS. s to lbs, 25c;
Leghorn hens. 16c; hens, l5G zoe: ROSTERS.
l4c: broilers. 22G2Slac; stays, rs CHEESE nee
Longhorns. l7ie 1794c. Potatoes-Supply
liberal: demand and trading SLOW, market
Gull: wisconsin round whites. S0MS5c; 3
cars fine quality soc: Idaho russets. 81 80
GI57ie: cars fine quality. large size.
81 90: U. S. No. ?. $780, Colorado Nc
Clures 50: Michigan round whites. soc.
Arrival 90. on track 258. shipments oo<
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
TRUCK SALES CLIMB
Ford Has Best Business in January
Since Year of 1926.

HsNo DPcItut
DEARBORN, Jan. pa strong
indication of the upward trend of
business this year was seen today
in the announcement at the home
office of the Ford Motor Co., that
retail truck sales for the first 20 days
of January were the highest for this
period in the past nine years.
The figures also showed that only
twice in the company'S history have
sales for the first twenty days of
January surpassed the present 20
day figures, and then only by a
slight margin. Ford truck sales
a higher 20-day January
January total in January of 1925
and 1926.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
STOCK VALUES LOWER

By IFWt5 DpttIuT
NEW YORK, Jan. 29.-The mar
ket value of fifty representative
stocks listed On the New York Stock
Exchange Jan. 26, amounted to $11,-
734, 967, 500, compared with s11 ,803,-
77S,OO0 at the close Of the previous
week, a decrease of So per cent,
according to Paul H. Davis & Co.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
ARGENTINA TRADE GAINS
By Times Special

bY IHtto DPtCIUV
NEW YORK, Jan. 29.-ArgentinaSs
foreign trade for the previous year
amounted to $840,5 $4,000, compared
with 1865 $4,000 in 1888 and $780,
$4,000 in 1882, it was announced
today. Imports totaled 1855, 100000,
against 1926 100000 in 1888.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
Baby Bonds
FIotaton Will Have Result of CoerCng Banks to Lend
More Freely to Business.
BY VINCENT S. LYON


Of its
Hzation
be true that primary consideration
w baby bonds
distribution OF such securities tn program will
l.
be brough on
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
DEPARTMENT STORE
SALES VOLUME DIPS
Value Is Higher, but Quantity
Drops to New Low.
BIZ Times SpecfaI


BIZ Times Special
NEW YORK, Jan. 29.-The value
of department store sales in the
United States during 1884 was 13
per cent higher than in 1893, when
the low for the depression was
reached, according to Business Con-
ditions Weekly, an Alexander Ham
ilton Institute publication. Sales in
1884 also were higher than in 1882,
showing a gain of 10 per cent.
However, as compared with 1929,
last Of the pre-depression years, the
value of sales last year showed de-
crease of Bis per cent. The expan-
sion in 1884 over the previous two
years was due entirely to the higher
price level. The quantity Of goods
sold last year apparently dropped TO
a new low for the depression. the
publication states.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
SECURITY ASSETS RISE
By Times Special

% 7 fWtH 0VttfWt
NEW YORK, Jan. 29.-Net assets
of the United States & International
Securities Corp. on Dec 80 amounts
ed to s23,171 ,447, equivalent to s96
a share for first preferred stock. it
was learned today. This compared
with s21 $4,000. or $50 a share at
the end Of the preceding year.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
Hides and Skins

Hides-Green country cows and steers.
Sisc fiat; green country bulls and CLUES,
2isc fat: green country calf hides. &C
horse hides with full heads. shanks,
names and tails. $3.50; medium size. So
All No. ? grade horse nices. soc less; CLUES
taliow. 4d4iss; No. ? at value. yellow
gre sc, 81 q &c; DARK grease. 81 qslsc.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
TOWNSEND ACE
PENSION PLAN
HELD RUIN0US
Would Use Half of Income
Through Sales Tax,
Says Expert.

This is another of a series Of articles
written for The Indianapolis Times by
members of the economics department of
New York Universitv's School of Com
merce. Accounts and Finance.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
Trends
Joint Stock Land
Bank Bonds to
Be Refunded.
by VINCENT s. LYONS
Times Financial Editor

Tt will be interesting to see what
Il response will be made to the re-
funding arrangement just an
nounced by William B. Schiltges.
president of the Fletcher Joint
Stock Land Bank. 1t will prove
interesting first. because the deal
represents a fulhllment of the Ad-
ministration's wish to gradually
case Joint stock land banks out of
the farming picture and second,
as a straw showing holders recep-
ton to accepting lower interest OBJ
legations
The initial step in the Fletcher
Joint Stock Land Banks refunding
operation IS in connection with its
81 per cent bonds, which are out
standing in the amount Of ST.
100000 and are due in 1851. This
issue is the Fletcher banks high
est coupon issue in existence and
the privilege of calling 1t has been
optional since 1881.
Under the proposal the Fletcher
Joint Stock Land Bank offers hold
ers of the present SIS a total Of
$500 900 of new securities in eX-
change. Half OF these new bonds
viii bear 81 per cent interest and
Will mature in three years, with the
option of call at two years. The
remaining 100000 Will bear 81.
per cent and are due in five years,
with the option of call IN four
years.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29

LOCAL CASH MARKET
City grain elevators are paying SO cents
for No. soft red wheat. other grades
on their merits Cash corn No. 3 yellow
81 cents and oats AZ cetns.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
TOuted as Cure-All

While the ostensibie purpose is to
provide for the worthy aged, the
Townsend plan, nevertheless, under
takes to attract sdherents by prom
ising to cure unemployment, reduce
criminality, end the depression, pre-
vent future depreSsions and avoid
further social degeneration.
1t is estimated that 100000 or
more citizens could qualify for such
a pension. At $500 a month, $2400
a year, the demands on the Federal
Treasury would be for $4,000, 100000
each year. If technically qualified
people are justified in considering
the present Federal budget of $8,000,-
100000 as threat to national SOL
vency and a pledge to imitation,
what should be the reaction of the
citizen to a proposal for adding
regular burden of $19,000000,
more, not for a year or for an emer-
gency. but as a continuing obliga-
tiOn0
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
Money and Exchange
TREASURY STATEMENT

IhLAoI M = IN ENILlNA
(Bv United Press
WASHINGTON Jan Achievement
expenses and receipts for the current fiscal
year to Jan. IS. compared with the cor
responding period of the previous fiscal
year.
This Year Last Year
Expenses S3.974 854 1924 40 So 493, 347 631 80
Receipts 2,040.14s. 567.S7 1857 GAL .007 30
Deficit 1884. 705 S04.53 1885 400, 624 90
Cash Bal. 2.346. 58l. 1868 .05 ACT. 1874, 1872 AZ
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
Proposes Sales Tax

The Townsend plan suggests a
sales tax to finance this huge an
nual bonus. But in the form of a
retail sales tax. this levy would need
to be more than so per cent of the
sales price. A substantial price rise
and diminution of trade could hard
~ help, but would be one of the i'm
mediate consequences. A 2 per cent
sales tax is termed a cancer on
trade. What might we expect so
per cent tax to be?
The ultimate result of Congress
going townsend" or engaging in
any similar extravaganzas of spend
ing can only be insolvency or the
obvious way standardization. IN
der an initiation based on the eX-
pending of S20,000,000,000 of money
which the Federal government didn't
have for even a year, the bene-
ficiarieS of the Townsend plan would
be lucky if their 5000 a month
dream turned out to be $40 a month
in purchasing power.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
Chicago Stocks
(By Abbott, Proctor g. Paine)
NelU York Curb

(By Abbott. Proctor & Painel
IL (Noonl
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
Launch "Ad" Campaign

The fight of Studebaker's re-
ceivers to beat the jinX of re-
ownership began on the very day
they were appointed in March, 1888.
Late at night they called Federal
Judge Thomas w. Slick from bed
to ask his approval of an unprec-
edented meaSure-an immediate
100000 advertising program. They
hoped to prevent the usual disinte-
grafton of dealer organizations and
loss of public confidence in a
product manufactured by a "broke"
company.
Judge Slick approved and the
company almost miraculously showed
profit in 1888. In 1884 it was
eighth in new car registration.
Studebaker traces its history back
to the wagon plant of Henry and
Clement Studebaker, established in
1852. 1t began manufacturing
"horseless carriages" in 1902 and in
1923 did a $116,O0O,OOO business.
DISQUALIFICATION, with resultant
loss of working capital in dividends,
was blamed for its later troubles.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
Retail Coal Prices

The following prices represent quota
lions from leading Indianapolis coal deal
ers. A 25-cent carrying charge per ton
will be added.
DOMESTIC RETAIL. PRICES
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
Half National Income

The annual cost of 5000 month
pension would, under present con-
ditionS, take almost half of our
total income. One can be fully SYM
pathetic with the desirability of
adequate social care for the impov-
erished aged, yet realize the utter
nonsense of paying so per cent of
our total income to approximately
9 per cent of the population.
Even if we took the largest figure
which our national income ever
reached, estimated at 100000, 100000,
the payment of such a pension
would take nearly one-fourth of our
total income.
For the benefit of the increasing
proportion of the people of this
country who believe the government
can create purchasing power by leg
islation, it is necessary to point out
that ultimately in one way or an
other the income of this new privi-
legged class of 100000 people receiv-
ing 5000 a month would come out
of the incomes of the rest Of the
people,
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
SHEEP AND LAMBS
Receipts. $500

Lambs. e0-lbs. down. good and
Common and medium .. $3.50 S.75
90-12O lbs. good and choice. 4.50m $50
s 5i9o9PI5o, Good and choice -. 4.oO@ 500
Az di, MelenIs. conlnlon al.u s.OO@ 45O
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
What Does 1t Mean?

Buyers Mdrket-When the demand for shares or
commodities remains usated despite good rise this Is
known a buyers market. When the opposite is true
1t is knoUn a sellers market
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
COURT VOTES
REVISION PLAN
OF STUDEBAKER
Payment of S23,600,000
Debts Assured by
Proposal.
By United Press

81 CHlttU HFCSS
FIT. WAYNE, Ind, Jan. 29.-Re-
organization Of the Studebaker and
Rockne Motor Corporations and pay
ment of debts totaling S23,600,000
was assured today-barring success
Of possible appeal-by a Federal
court order approving formation of
a new company.
Success of Studebaker's fight to
overcome apparently inSurmount-
able financial difficulties provided
one of the most dramatic of modern
stories of business. 1t is the first
time that an automobile concern
ever has survived a receivership and
it saves lie oldest firm in the world
in the field of motor manufacture.
New Cash S5,5OO,OOO
New cash Of $5,5OO,Ooo is guaran-
teed under the reorganization plan
by Field, Glore & Co., Chicago; Leh-
man Brothers, Goldman Sachs &
Co., and Hayden, Stone & Co., all Of
New York. Debts of the two old
corporations will be paid with cash
and $4,000 shares of White Motor
Co. stock, of which Studebaker holds
IS per cent.
The new firm will be authorized to
issue 100000 in debentures and
S., 100000 in new common stock and
to begin operation with plants and
equipment written down to valu-
alton of S15,4OO,O0O Assets will to-
tai S14,OO0OOO, including $7,O0O,000
cash, against liabilities of 100000.
Attorneys representing common
stockholders opposed to the plan
said they would appeal, but attor-
neys for the receivers said Is per
cent of creditors, % per cent of pre-
ferred stockholders and 20 per cent
of common stockholders approved
the reorganization and would fight
to maintain it.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29
HOLDERS of the present So
H per cent bonds are given the

II n tAlACAaAN0 VA NAA@ R-~ts~-%~ -
Il i per cent bonds are given the
privilege of exchanging their
securities for the new lower
priced obligations on straight
par-for-par basis. However, in the
event that such holders are reluc-
tant to accept such an exchange,
both series of new bonds are being
offered to the neral public at d
premium of one half OF l per cent
over par.
That only 100000 of new bonds
are being offered at the present
time, whereas there are 81, 100000
of the 5i-s outstanding, Is ex-
planned by the fact that the insti-
tuition intends to move slowly with
its plan. A third offering of
around 100000 Of 4 per cent bonds,
due in 10 years, optional in five
years, will be made shortly.
When the results Of these three
offerings are weighed, the Fletcher
Joint Stock Land Bank will have
something to go by. 1t will know
whether the holders of the 515s
prefer to exchange their bonds for
an issue maturing in three, five or
ten years. At the same time, if the
exchange offer is not taken up by
holders the institution will be able
to determine from the amount Of
subscriptions it receives for the
new bonds just what issues are in
greatest demand.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29

TN addition to the 81; per cent
bonds. the Fletcher Joint Stock
Land Bank has three other issues
of bonds outstanding. consisting OF
As. AS and IS. The aggregate OF
bonded debt. including the 5i2s,
amounts to S11, 70O.1OO. 1t is pos
sible that steps may be taken to
reduce the interest rates on these
issues if the present refunding ar
rangement is successful.
Most of the issues of the Fletcher
Joint Stock Land Bank. it is said,
are held by banks and other finan-
cial institutions. In view of the
arduouS task which such sources
have at present in finding an out
let for their surplus funds. it is be-
lieved that these owners of the 5iss
will accept the new bonds rather
than tender them for cash and
thus add to their accumulation Of
productive funds.
The Emergency Farm Act Of 1888
provides for the gradual elimina-
ton of joint stock land banks from
the lending field. The work done
by these agencies is now being
handled by one or more of govern
ment-SponSored corporations.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-29

CONSEQUENTLY, the manner
~ in which the institution is
proceeding with its Tefunding ar
rangement is much more to be
desired than if it were to bite
off more than it could chew by
making a wild guess as to just
what type of issue will prove
to be the most popular and launch
ing a single refunding issue of
81, 100000 to take care Of all the
5ias.
H. Foster Clippinger, vice preSi-
dent of the Fletcher Trust Co., who
is in charge of the refunding
operation, declared today that cash
subscriptions to the new 81 and
32t per cent obligations have been
much larger than had been antici-
pated. Insofar as the Fletcher
Joint Stock Land Bank is con-
cerned it will stand to profit to
greater extent if a large proportion
of the new issues is taken Tor
cash.
This follows from the fact that
while owners of the 5l2 per cent
obligations are given the privilege
of exchanging their holding for the
new bonds on an equal basis, those
persons which buy the new bonds
for cash must pay slight premium
over par. This, naturally, has the
result of reducing the net borrow
ing cost to the Fletcher Joint Stock
land Rank.