davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
BUSINESS FAILURES
DROP 11.2 PER CENT
Dun g. Bradstreet Reports Total OF
lis for Week.
Times Special

Times Special
NEW YORK, Dec. 25-Business
failures in the United States during
the week ended Dec 10 amounted
to 215, compared with 242 in the
preceding week, a decrease of 11.2
per cent, Dun & Bradstreet, Inc.
announced today. Failures in the
corresponding week a year ago to-
tailed PIG.
The largest decline was shown in
the Western district, where total
Of 81 failures were reported, COM
pared with So recorded a week
ago, drop of % defaults. Fewer
defaults also we're recorded in the
East and South, while on the Pa
ciflc Coast there was an increase
of five.
Insolvencies with liabilities of
$4,000 and over, in each instance.
numbered 1872, against 1876 such de-
faults in the previous week, and
142 a year ago. Failures in Can
ada totaled 27, against 26 last week.
and 81 for the corresponding period
a year ago.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
ALLEN INDUSTRIES
MAY FILE WITH SEC
Company Expected to Seek Listing
of New Common Stock.

Company Expected to Seek Listing
of New Common Stock.
Times Special
NEW YORK, Dec. 25.-Allen In
dustries, Inc, producers of cotton
and felt materials for the auto in
dustry. are expected to file a regis
tration statement with the Securi-
ties and Exchange Commission
shortly, covering certain shares of
new 81 par value common stock, of
which 10000 shares are now out
standing following recent three
for-one splitup, it was learned to-
day.
The company, shortly after the
registration becomes effective, pro-
poses to make an offering of $1,000
shares of the new common stock to
shareholders, which is to be under
written by F. Eberstadt & Co., Inc.
Under this proposal, stockholders
are to be granted the right of pur-
chasing one share of the new COM
mon stock, at a price of $13.75, for
each five shares now held. 1t is con-
templated that the underwriters
will make public Offering of any
shares not subscribed for by stock
holders.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
Upton SEEKS
new FACTORY
Mayor Compton Recommends
Group Investigate
Proposals.

Times Special
Upton, Ind, Dec. 25.-Mayor
w. A. Compton today was on record
as favoring location of a factory at
Upton.
In a letter to the Upton Kiwanis
Club Mayor Compton suggested that
the organization, in line with it's en-
deavor to be of benefit to the COM
munity, appoint a committee of in
terested citizens to investigate pro-
posals Of likely enterprises.
The city took over the old cutlery
building for taxes against it and a
project filed with the Works Prog
ress Administration for razing it
with WPA labor and erecting new
one was approved The city wishes
to build a modern factory building
and it's first intention was to build
and then try to locate an industry
The matter was discussed by city
officials and others and it was sug-
gested that the better plan would
be to secure the industry and then
build.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
BuSigrubhs

Brokers loans increased slightly
during November, but were only 2ila
per cent greater than year ago.
Compared with this small increase
in loans, the value of all stocks list
ed on the New York Stock Exchange
increased 33 per cent, and the total
number Of shares traded gained IT'S
per cent over year ago. This con-
dition clearly shows that there still
is relatively little borrowed money
used in the purchase of stocks.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
INDIANA STORES
REPORT CAIN IN
SALES VOLUME
Hoosier Institutions Enjoy
Better November Trade
Than Year Ago.

Times Special
WASHINGTON, Dec. 25.-Retail
sales of 403 independent stores in
Indiana reporting to the Depart
ment of Commerce showed an in
crease of % per cent in dollar VOL
ume for November, 1885, as COM
pared with the same month in 1884,
according TO preliminary estimates
of the Bureau of Foreign and Do
nestle Commerce.
This report. which covers the
larger independent stores with the
exception of department stores, rep
resents 81 kinds of business, IA Of
which, due to an insufficient num-
Der of reports, are contained in mis-
cellaneous or in group totals.
When adjusted for the number of
working days. November sales
showed an increase of per cent
from October of this year. There
were two fewer working days in No
vember than in October. Without ad-
justment either for the number of
working days or for seasonal inf1u-
ences, November sales were OIL per
cent lower than for October.
Motor Dealers Lead
All kinds of business represented
showed increases for November of
this year over the corresponding
month in 1884. The greatest gains
were II per cent shown by motor
vehicle dealers, rejecting the early
introduction of new models; 80 per
cent by furniture and household ap-
pliance stores, and % per cent by
mems and boys clothing stores.
Without adjustment for the num-
Der of working days or for seasonal
influences, the greatest gains from
October to November were reported
by motor vehicle dealers, with an
increase of rs per cent, followed by
grocery stores with 3.5 per, cent
gain. Losses were shown for No
vember as compared with october in
five lines of trade; the greatest de-
clines were % per cent for lumber
and building material dealers and Is
per cent for hardware stores.
Of the firms reporting for Novem-
Der, 308 (764 per cent? reported in
creases over November, 1894; 80
(20.3 per cent? showed declines, and
Is 1913 per cent? registered a
change of less than 1 per cent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
DIRECTORS FAVOR BONUS
International Business Machine to
Give Workers Extra Pay.
Times Special

Times Special
NEW YORK, Dec. 25.-Additional
compensation for all hourly basis
employees of International Business
Machines Corp. in its plants at
Endicott, N. Y, Rochester, N. Y,
Washington, D. c., and Toronto,
Canada, has been voted by the ex-
ecutive committee of the board of
directors.
Hourly basis employees at these
plants with service of one or more
years are to receive one weeks ad-
ditional pay and those of more than
six months and less than on years
service are to receive one-half
weeks additional pay.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
DUKE POWER co.
CASE SPEEDED
To HIGH COURT
ICkeS' Testimony in Support
of PWA Loan Advances
Legal Battle.
BY DANIEL NJ. KIDNEY
Times STAFF Writer

WASHINGTON, Dec. 25.-A per-
sonal appearance in court by Harold
L. Ickes, Secretary Of the Interior,
in the legal fight between his PWA
ana the Duke Power Co. in Green
wood County. South Carolina,
has advanced that case to
the point where it may pro-
vide the first Supreme Court test
of the validity of Federal loans for
county or municipal power projects.
Principles involved in the Duke
case are the same as in the Hominy
(Okla) case, which was en- route
TO the highest court until recently
remanded back for trial in a lower
court here.
Secretary Ickes testified at Spar
tanburg, S. c., in support of a new
PWA contract to supply Greenwood
County with $2,85200O for a power
project on the Fluda River at a
site known as Buzzard's Roost.
Returned to Circuit Court
The case had been sent back from
the United States Circuit Court of
Appeals at Baltimore to United
States District Judge H. H. Watkins
at Spartanburg, to hear evidence re-
garding a revised contract made
since the case was launched.
1t will now be returned to the
Circuit Court and is expected to go
from there to the highest tribunal,
whose ruling is expected to guide the
government in so or so similar cases.
Since Mr.. Ickes' Spartanburg tes-
timony the Buzzard's Roost litiga-
ton is being referred to as the book
case" For the Interior Secretary
was ss-eXamined in regard to
his general ideas on public owner
ship of power as expressed in his
book Back to Work; The Story of
PWA," published last June.
Defends Statement in Book
w. S. OBJ. Robinson, chief coun-
sci of the Duke Power Co., came to
court with two copies of the Ickes
volume. The author readily adj
mitted having charged that the
Duke power rates were excessive
and that the company was seeking
two days in court"
These charges, Mr.. Ickes said,
were based on information and be-
lief"
When the company counsel sought
to get the Secretary to deny rates
were unreasonable, since they are
fixed by state commissions, he said:
That does not make them
it's that way all over the
country. I still believe the Duke
rates are unreasonable, based upon
cost of production"
Backs Up Power Program
And in defending the Roosevelt
power program he continued:
Il understand the Administration
is committing the crime of trying
to make electricity cheaper"
Mr.. Robinson read many eX-
cerpts from the Ickes book, includ-
ing a declaration that utilities have
b n "eXacting unconscionable
tribute for many years"
Mr.. Ickes said he still held that
view. Failing to recall some of the
sources of information used in
writing the volume, he said.
Il am not disposed, as counsel
knows, to dodge. But I haven't
been burning the midnight oil over
this book as has counsel"
It's an interesting book" re-
joined Mr. Robinson.
And an instructive one" Mr..
Ickes added.
On leaving the stand, the Sec
rotary was asked if the book sales
were good.
Well" he replied, Il see two of
them were sold, at any rate"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
DIVIDEND Is DECLARED
Central Republic Co. to Pay 1914
Cents a Share on Jan. IL.

I FWt8 NpeCfuT
CHICAGO, Dec. 25.-Directors OF
the Central Republic Co. have de-
clared an initial dividend of 1914
cents a share on 100000 shares of
capital stock, $40 par value, out
standing. The company, which con-
ducts a general investment banking
business, has reported net income
of S70,380 for the year ended June 80.
The dividend is payable Jan. Is
to stockholders of record Dec. 81.
The American Can Co. also has
declared an extra dividend of 81 a
share, and regular quarterly pay
ment of 81.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
81 CENTS PAID
ON AVERAGE FOR
SILVER BY u. S.
Treasury Figures Reveal
Cost Per Ounce in
Buying Drive.
BY RICHARD L. GRIDLEY
United Press staff CORRESPONDENT

WASHINGTON, Dec, 25.-The
Federal Treasury paid an average
of 81 cents an ounce for the nearly
775,000,000 ounces of silver acquired
under the Roosevelt Administration,
official Treasury figures showed to-
day.
The cost of the 761 ,774,000 ounces
of the white metal purchased up to
Dec. 6 was set at $438 500, 442. This
metal is being written up on the
Treasury books to S1.29 per ounce,
or to total of 1882 ,688, 460.
Thus, the Treasury will set up a
paper profit" of $543 ,990,018 on its
silver purchases to date, regardless
of fact that the metal cost more
than the market price.
Disclosure Arouses Interest
This profit" already has been
written up on approximately 362,-
100000 ounces. The remainder is
still in the Treasury in the form of
bullion and will be set up as cur
rency backing as soon as the neces-
sary new money can be printed.
Revelation of the price paid for
the silver acquired under the various
purchase operations of the govern
ment aroused considerable interest
here in view of the recent with
draWal of the Treasury silver buy
ing agents from markets where
speculative silver was for sale.
The result was a break in the
world price of the metal to 50A
cents an ounce, more than 6 cents
an ounce under the average price
paid by the Treasury and more thar
80 cents an ounce under the peak
price paid for silver in the London
! market last summer.
Holdings 1,473,774,0O0 Ounces
The heavy silver purchases of the
government, through which the
United States virtually dictated
world silver prices until it's with
drawal from the market severa
weeks ago, was move of the Ad-
ministration to remonetize the meta,
and also congressional step ir
promoting higher commodity prices
Under the Silver Purchase Act oil
1884 the Treasury was ordered to
acquire silver until it's holdings
reached third the value Of the
gold stocks or until the world price
went to $129 an ounce.
On Dec. 81, 1888, the government
monetary and bullion silver hold
ings amounted to 712,000,000 ounces
These have been increased to 1,473,-
| 774,000 ounces.
Congress May Take Note
This still is far short of the goa
of some 2,600,ooO,oo0 ounces to be
acquired on the basis of present
monetary gold holdings of $10,105,.
100000.
Heavy gold imports over the last
year have largely nullified the
efforts of the Treasury to reach its
silver purchase goal Every time the
gold stocks increase a million dol
lars the goal of the silver purchases
is raised by 255,000 ounces.
Apparent inability of the Treas
ury Department to reach it's silver
goal in the face of almost impossible
world conditions is likely to receive
considerable attention in the COM
ing session of Congress. In some
quarters it was felt that the diff
culties facing the Treasury in its
silver policy might be recognized
with some changes in present laws
governing silver.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
RETAIL SALES INCREASE
Illinois Reports Gain of % Per
Cent in Dollar Volume.


CHICAGO, Dec. 25.-Sales of ap-
proximately 726 independent stores
in Illinois reporting to the Depart
ment of Commerce showed an in
crease of % per cent in dollar VOL
ume for November, compared with
the same month year ago, the Blu
reau of Foreign and Domestic Com
merce announced today.
After adjustment for the number
of working days, November sales
showed an increase of about 10 per
cent from October this year. With
out adjustment for working days
November sales were 2 per cent
higher than October. All classes of
business represented in the report
showed increases for November over
the corresponding month last year.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
CAPITAL is INCREASED
PiedmOnd Fire Insurance Co. Votes
to boost Figure 100000.
Times Special

Times Special
CHARLOTTE, N. c., Dec. 25.-Di-
rectors of the Piedmont Fire Insur-
ance Co., of the Aetna group, have
voted to increase the capital to ST.
100000, it was announced today. The
figure has stood at $500,000 since
last April.
The increase is in accordance with
the plan of the Aetna organization
to provide an adequate capital
structure for each of the subsidiary
companies, w. Ross Mccain, presi-
dent of the Piedmont firm, said The
new capital consists of $4,000 shares
at $40 par value.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
MARKETS CLOSED

All security, grain and COM
modify exchanges throughout
the country are closed today
in observance of the Christmas
holiday.
Livestock markets, which are
closed only five holidays a
year, also suspended trading.
Banks, business organizations
and foreign markets are like
wise inactive. Trading will be
resumed as usual in all finan-
cial districts tomorrow morn
ing.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
PWA OFFICIAL ELECTED
John r. Curry, State Engineer,
Made Member of Association.

John R. Curry, state engineer for
Indiana WPA projects, has been
elected member of the American
Society of Municipal Engineers and
the International Association of
Public Works Officials. Member
ship in both organizations is limited
to those planning, constructing,
maintaining and operating state,
county and city works and engineer
ing projects.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
TRANSIT REVENUES UP
Indicator Placed at 102.52 for Week
Ended Dec. Is.

tWcs cpcClul
NEW YORK. Dec. 25.-Transit
revenues as reported by represen-
tative group of companies for the
week ended Dec. is continued to
show Improvement over the corre-
spending week year ago, according
to the Transit Journal Indicator to-
day
The indicator for the week was
placed at 10252. Revenues for the
week were high due at Christmas
buying, but were only moderately
higher than a year ago. A reduc-
ton in revenues was shown on the
East and West coast.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
CROWN PAPER BOX co.
HOST TO EMPLOYEES
Local Firm Distributes S11OO Among
AZ Workers.

Employees of the Grown Paper Box
Co., 80 East Georgia-st., attended a
turkey dinner yesterday as guests
of the company. In addition to this,
Christmas bonus of more than
$ll00 was to be distributed among
its Al employees.
This marks the second bonus
employees have received this year,
a similar amount having been dis
tributed July l. The company re-
ports an increase in the use of
paper boxes throughout the United
States and Canada.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25

ing e m p ! o y
ment, increas-
ing purchasing
power and end
ing depressions.
The ow n
sendites put the
cost at about
$4,000 900, 600
S2400 a year to
e a C h Of n o t
III u / Z l II a. II
100000 people
over go. But
1900, 900 others
will be exempt
for various rea-
sons.
But they in
Sist. and with
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
CIGARET OUTPUT GAINS

ItmeS Special
NEW YORK, Dec. 25.-Cigaret
production during November was es-
timated at 1O,SO1 ,25S,SeO, compared
with 9,727 ,429, 600 in the correspond
ing month of 1884, it was announced
today. Cigar output, however,
showed slight decrease.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
DEPOSIT DEBTS RISE
Times Specinl

CHICAGO, Dec. 25.-Debits to in
dividual deposit account reported TO
the Federal Reserve Bank of Chi
cago for the week ended Dec. Is
by 81 banks in Al leading clearing
house cities totaled s1,328, 673 900. an
increase Of 33-9 per cent, it was an
Eotlnced today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
STORE SALES INCREASE
Times Special

I IFtS DptCtUI
NEW YORK, Dec. 25.-Sales of
the Interstate Department Stores,
Inc. for November amounted to ST.
997 800, compared with S1,706,8 in
corresponding month year ago. an
increase Of 1874 per cent, it was
learned TODAY.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
DIVIDEND Is MAILED

Times Special
NEW YORK, Dec. 25.-Stockhold-
ers of the International Match Corp.
debentures entitled to the 5 per cent
dividend ordered last month have
been mailed checks representing a
distribution of about s5,0Oo,00O, it
was learned today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
QUEBEC TRADE INCREASES

MONTREAL, Dec. 25.-Retail
trade in Quebec in 1884 amounted
to S446, 054,000 an increase of 6 per
cent over sales figures of S421, 1884,
600 in 1888, but almost 4 per cent
lower than the 1882 level, the Do
minion Bureau of Statistics reported
today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
Trends
Townsend Old-Age
Pension Figures
Questioned.
: BY JOHN T. FLYNN

NEW YORK, Dec. 25.-Before
examining the fundamental
elements OF the Townsend old-age
plan, there are certain mere figures
involved which ought to be
Strengthened out.
First Of all, the Townsendites
insist the plan will aid not merely
the aged but the whole economic
society. This it will do by Great
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
DETROIT JOBS INCREASE
Times Special

DETROIT, Dec. 25.-The employ
ment index of the Board of Com
MERGE here stood at 1899 on Dec.
Is, the highest level reached since
April 80, and only l point under the
years peak established April Is.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
INSURANCE SALES CLIMB
Times Special

FHtES EptIIUE
TORONTO, Dec. 25.-Sales Of new
ordinary life insurance in Canada
and Newfoundland during November
by 10 companies having 81 per cent
Of the business in FORCE, amounted
to s35, $4,000, it was learned to-
day..
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25

some justification, that there will
be an Offset against this heavy
charge. One of these offsets will
be, they point out, the saving Of
$4,000 900, 000-the cost of support
ing 775,00G inmates of poorhouses.
WHERE these fantastic figures
w come from 1 do not know.
The last enumeration Of people in
poorhouses by the Census Bureau
was in 1923. There were then only
about 51,134 persons so years of
age and over in almshouses.
1t is fair to assume they did not
cost the people more than $500 each.
But if we put the amount at $1,000
each and if we assume the num-
Der has doubled, the total cost
would not exceed $100,00o000,
which is very far from $2,500000,-
600. 1t will be seen, therefore, that
this Offset is of no Importance.
The Townsendites assert, correct
ly, that, as old persons receiving
pensions must withdraw from work,
the jobs they vasate would be avail
able for younger men and women.
It is difficult to get precise figures
on the number employed. In 1880
the number of persons go years and
over and gainfully employed was
about 100000 Many, however,
were proprietors and professional
men.
HERE the advocates of the plan
l. l. make an error in arithmetic.
They substract from 10,300000 per-
sons over 60, some 100000 who
would not receive pensions because
of criminal records or because they
have incomes over $2400 a year or
will not give up work.
Having subtracted them once,
they can not subtract them again.
They can not subtract all of the
employed from the remainder of
100000. Persons 60 years old and
over with criminal records would be
about 100000. The gainfully en-
pioyed with incomes would be
about 100000
These are included in the 4,000,-
600 old persons with jobs. AS they
would not get pensions and give up
their work, the number who would
quit work would be at the outside
100000,
Are we to assume that the re-
tirement of these 100000 will Gre
ate that many jobs? Some 100000
of these are farmers.
nF course, they do not hold jobs
~ at all. Their retirement
would not make jobs for anybody
merely leave farm vacant for
some other farmer to buy.
What is more, many of those left
are not employees. They are pro-
prietors of their own small estab-
lishments-little stores, service en-
terprises of various sorts. Their
retirement might clear up that
particular business, perhaps, but
would not create employment.
It is not possible to arrive at a
figure in excess of a million jobs
which would be made accessible to
younger persons. This is some
thing, but it is very far from the
100000 jobs which the Townsend
ties claim.
These are not arguments against
the fundamental duty of society
to provide for its aged population.
But they have an important bear
ing on the benefits which will re-
suit to the balance of society from
the plan.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
Tax Collections Equal
Fifth of Z. S. Income
Corresponding Ratio in Foreign Countries Is Higher,
Industrial Conference Board Reveals.


NEW YORK Dec 2TaX collections United
20
made by the National Industrial Conference Board.
The corresponding per
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-12-25
Railroad Fuel Expenses Mount

Railroads spent sl6O,574 696 for fuel during the
first 10 months of 1885 compared scth sf52755021 in
the period last year. according to statistics issued
By the Interstate Commerce Commission