davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
CAPITAL VIEWS
EASTMAN PLAN
GETTING BOOST
Roosevelt Expected to Send
Special Message in Sup
port of Program.

BIZ fWfa special
WASHINGTON. May e.-Presi-
dent Roosevelt is expected shortly to
apply the spur TO the tagging East
man transportation program. Al
though the President has included
the several-sided progam in his list
Of must" legislation. only the bill
for regulation of buses and trucks
has passed the Senate, while none
Of the measures has been acted on
in the House
transportation Co OrdinatOr
Joseph 3 Eastman submitted his
recommendations more than three
months ago. He urged extension, of
Federal regulation TO motor and
waterway carriers. reorganization Of
the Interstate Commerce COmmiS
sion with a permanent Co-Ordinator.
a system Of dismissal compensa-
ton for rail workers displaced
through coordination projects. re-
vision Of the railroad bankruptcy.
act. and several changes in the
basic transportation act.
Most Of the program is still be
fore congressional subcommittee
Parts OF it have not even reached
that stage A special message is
expected TO re-emphasize the desire
for speedy approval of the program
which the President expressed in
his recent radio address.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
Other livestock


CHICAGO. May s.-Hogs- Receipts. IL
oou. .lc-lclng 5000 olrectS. SLOW. about
, 20 10 cents nlgneT. 4So--sO los. $3.50
go top - SO. -o0-5oO Jos. 80 IS 2 10.
lru-4su ioS-. - 60 4 > 20. gOoC p.gs. Sl5otl
. 90 paoS.ng SONS. - - : . 50. hight nights.
L-u-lou 4us-. 5000 ana cnolce. 30 = :. Ic
-snt Reielt. 1uO-2OJ los. 5000 ana cnolce.
20 % y = -. meo-lm WelghtS. 200-25U los.
5000 ana cnolce. $40 { $50. heavy
eeisntS -5u-s5u IDS. gooO ana cnoice. % So
SO. packlDg SONS. $50 los. rleclum
and CHOICE. Sl-outsS 30. slaughter PISS.
4O0-l+0 JOS. good anG choice. S.l5e 90.
O4ltle-heceiptS. 4QUU. caves. Z.ouu, teO
steers anc year.ings SLOW. about steady
v--h WEDNESDAY oeclne. about 1000
1ol1oFeES Cuere1 ID ADDITION 20 fresh run.
Best COLORADO leo steers averaging 1914
IDS. Slilu. holding choice yearlngs
s-cunc SIS IS, she StocS slrong 20 IS cents
1-SheE mostly strong 10 IS cents Up. bulls
10 20 . cents h.gAer. NealerS steady 10
NeaA slaaghieE cattle and yearllng
steers. steers 5o0-e00 lbs good ana choice
~ z y. % sl1-lle9 Us. Sooo and choice,
SO 90 - So. il00-iSoo los. 5000 and
and onolce. ST. -. IS, o5o-l5o0 lbs. COM
mon ana mec-lu. S6-5otl Il. heiter- $50
$50 lbs. 5000 and choice. So 5091l.75.
common ana medium. S57589-75. COWS.
sooc $ Sotss 50. common and medium.
$ 3 50. .oV cutter and cutter. IS SOD
=. cl.-s fyearlngS excluded good beei.
50 = as, cutter common ana medium.
$ . 2 %. fear4iIlgs. 5000 and choice. 81
medium. S2ag Z. Gun and common. 81 u
s. sfocker and feeder cattle. steers $50
1850 lbs, 5000 ana eholce. s5gs. com
mon and medium IS IS ar IS. SHEEP
Receipts. Is 90. active. Slaughter classes
Strc-E 10 > cents higher bulk Is 20 IS
cents 20 u al divisions California spTing
4amos. S. l5usi5. bulls So. ba.k clipped
lambs. 81 5og l.15 early top s. 90. wooded
lambs SsE615. bulk s 20 1-c above. TOT
clipped ewes. Ss2o. 'yuik s314. slaughter
sheep and lambs scring lambs good and
choice s. 75G SIS. MEDIUM sol5N IS .
lambs. 90 los. down. good and choice s. rs
9 80. common and u4ecium. Sea IS. so
ee lbs good and choice SER IS. 9s-i00
lbs. good ana choice. IS goa 7.sS. ewes
so-ls0 lbs. g3oc and choice. s2.5oG ! IS;
AZ veig1tSc. common and medium, si.75S
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
SWINE MARKET
HOLDS STEADY
Cattle Prices Stationary;
Lambs, VeaIS Move
Upward.

The pork market, facing sharp
decrease in the number of supplies
on hand at the Indianapolis Stock
yards today, continued to display
steady trading range Trading in
most all classes was largely a con-
tinuation of yesterdays session.
Interest was about evenly dlvld
ed in the majority of divisions with
a fairly strong demand prevailing
considering the extremely heavy
flow of supplies during the last two
sessions. Receipts today were esti-
mated at $500, compared with 5000
in the last two sessions. This. how
ever. had only a small effect on to-
days market.
The general bulk, 100 to 325
pounds, cashed in at SO to S9.15,
while few good and choice grades
sold at $500, todays top price
Lighter kinds, scaling 1870 to $50
pounds, brought SO to S875. Slaugh-
ter pigs, weighing 100 to 1870 pounds.
held at S675 to SITS. Packing sows
were selling at S6.75 to $3.50 Hold
overs numbered 1885,
With no change of Importance
evident in the cattle market, prices
were unchanged at yesterdays best
average. No choice grades were on
hand to command top prices. Early
sales we're scarce. Receipts num-
bered 500. Vealers we're largly so
cents higher, selling at SO down.
Receipts were 800.
A slight advance featured deal
ingS in the lamb market with all
classes around Is cents higher than
the previous close. The bulk of
shorn fed westerns sold at S7.65
down, while shorn slaughter sheep
cashed in at $3.50 down. Receipts
were 800.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
UNCERTAINTY RULE
IN GRAIN MARKETS
Prices Hold About Steady in
Early Dealings.
By Unitcd Press

By UHitcd Press
CHICAGO, May Am air of I'M
certainty prevailed in the wheat pit
today and prices held about steady
on the Board of Trade.
At the start wheat was i cent
lower to Is cent higher, corn was
4 to z cent higher, oats were up
Is to . cent, and rye was Is cent
lower to Is cent higher.
Traders were inclined to be eau
tious as the bullish sentiment which
was induced by imitation talk was
balanced by reports of improved
weather conditions over both the
winter and spring wheat areas. The
Liverpool market ignored the ad-
vance at Winnipeg yesterday and
opened slightly lower.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
FRUITS AND VEGETABLES

CHICAGO Nav -Auplrs-Mich.gs
erlpx busheI boxes 81 sou IS Illinois
urUcu twCs 81 1Sll 81. Illinois Ben
DAVIS 81 1881 IS Carrcfs-Wesreru crates
4 CO. s. 1s12 SO nirs-Illino1s ard
Michigan rusheI 8 soc sweet Pctatoes
Tennessee husheA 81 Illinois soc 81
r.sffucr-Wesrern crates s dc1 s. SoIS 5
Leaf Iettuce-Il1ncls Io-lb cartons 65E
Use Beans Florida hlshel SO S..
Cahhaze-Cslforula crates 81 25I ! IS
0-irr Sets-rWlnots auc Nlchlran. SACKS
rushrI vetiou s. 75Gz 50 Peas-Cal-
fnrnla nuShel hampers 81 E5G1 Tomatoes
-FIorida Jugs slH1 Mexican llgs s. e
: 81 Asparagus- Illinois sectional crates.
coE sl1slf7s Rh1oarb-ILlnois. 40
ID. saTtcns. 7sGsse.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
LIFE SALES SET PEAK

MINNEAPOLIS. May The
largest April sales of new life in
surance in its history are reported
by Northwestern National Life In
surance Co. Of Minneapolis, with
S6,002,373. an increase of 40 per cent
over the March total of s4,287,338.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
Wall St.
PrOsp &C tuSe s of
Companies Show
Much of Interest.
BY RALPH MISUNDERSTOOD
Times Special Writer

NEW YORK. MAY Pew in
= vestors perhaps go 70 the
trouble o. studying the prospectuses
which the New Deal legislation re-
ouires corporations INDUCING IN
new financing 70 furnish them in
connection with the sac II seCur-
tiles. They should They are apt
10 find all sorts Of things they
never knew existed A large pOr-
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09

ton Of 2 r. 2 S 2
&C o n re S SONS
they viii be un-
able 20 under
stand no doubt
5ut the remainder
s hould well
Justify the effort
expended
A perusual Of
the Commercial
Credit Co pros
pectus. for in
stance. reveals
TIE inteTe sting
fac. that the
r-f-~-r-fr~ Crrn ne
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09

LIS FNAANAA4
Two bonafde bids and three prop
ositions were submitted. The propO-
sitions were not considered because
they were not accompanied by the
checks which the Utility District IN
sisted upon in its resolution au-
thorizing the sale of the bonds. The
two true tenders were rejected not
because the bids themselves exceed
ed the maximum set up by the Util-
ity District, but because the bid
ders attached certain conditions 10
their offers which were contrary to
the resolution.
ITO this writer there are two Sc
l. rious obstacles in the way Of an
early sale of the issue under the
terms specified by the Utility Dis
trict. The one is the lack of in
formation available on the financial
record and the physical properties OF
the Citizens Gas Co. The other IS
the fact that the bonds to be issued
are revenue bonds.
Revenue bonds are not highly re-
garded in investment circles, hence
they are more difficult to sell to
the discriminating investor. They
have been legalized in Indiana only
within the last few years, and there
are only about a half dozen of them
outstanding against gas properties
throughout the country. The rea-
son for their unpopularity, as con-
trasted to other types of bond, is
that they are merely a first mort
gage on the earnings of the prop
erty upon which the bonds are is
sued, provided that there are any
earnings.
THE person who gives mature
n thought to the investment he
makes displays a prediction for the
issue which is a first mortgage on
something substantial. such as prop
erty and plant. In the case of a
revenue bond he realizes that the
only security is the doubtful one of
earnings. Thus, he can readily see
that this kind of bond is only slight
ly better than a common stock.
Of course. this is not to be inter
preted as a blanket indictment of
all revenue bonds. Some rather
prominent financial houses make a
speciality of these issues. Revenue
bonds against water companies are
outstanding in substantial amounts,
but it must be remembered that IN
those cases there are two very i'm
portant considerations. The first is
that the water property enjoys a
natural monopoly and the second is
that there is no competition. Thus,
the earnings, barring rate contro-
versieS, are endowed with a certain
stability.
IN revenue bonds which the city
intends to sell, the lone security Of
the issue is earnings. The resolu-
ton provides that the city will
maintain rate for gas that will be
sufficient to meet principal and in
terest on the proposed bonds Para
doxical as it may seem this security
could also have the reverse effect
as an exorbitant rate for gas would
tend to improve the position of COM
petitive fuels.
City officials this week are con-
ferring with representatives OF
banking houses in preparation for
the submitting of new bids on May
%. 1t will be interesting to read
the new resolution for the purpose
of determining whether any drastic
concessions will be given prospective
bidders.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
BALDWIN SHOWS LOSS
Deficit for 10 Months Ended March
81 Is Put at SS.226.1S7.

b. T'mts special
PHILADELPHIA. May 9.-Bald-
win Locomotive Works and subSl-
diaries today reported a net loss Of
So. 1877 for the y months ended
March 81. contrasted with a loss Of
Sc. 769 5S7 III the preceding L
months
The operating loss for the latest
period was Sl92SOl6 and interest
and miscellaneous charges aggre-
gated sI3T3.S56
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
COTTON PLANTING OFF

NEW YORK, May 9.-Estimated
world cotton acreage as of May l
was put at 81 100000 acres. con-
tlasted with a previous estimate of
32,197,000 acres, according to the
International Statistical Bureau,
Inc.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
Hides and Skins

Hides-Green country -3vs and steers
4I7c fat. green country orua and clues,
&c fiat. green country calf hides. Sc nat:
green country KID &c No ! large horse
hides With full heads shanks names and
tails 81 50% medium size 50 All MOI 2
grade horse hides SOC less clues and
ponies half price No rendered tallow
5G5tzc No 2 ~ value Yellow grease
"a q Sc dark grease 4d4t7e
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
Reduction 10 Per Cent

During this period, failures to-
tailed 1865 against 3515 year ago.
a reduction of 10 per cent. If this
rate should be maintained, failures
in 1885 would total only 1896 or
about a third of the number in
1882.
A similar situation is shown by
the figures on the number Of fail
ures to each 10000 business con-
Germs. These figures provide the
real basis for comparisons since they
take into account the number of
concerns in business. The number
of failures to each 10000 concerns
declined from 1882 in 1882 to 1896
in 1888 and to GIT in 1884 A con-
tinuation of the showing during the
first quarter of this year would re-
duce the number for the full year
of 1885 to 569
The number of failures to each
10000 concerns show that the peak
since the Civil War was reached in
1873 the last year before the re-
covery from the depression of 1873.
In that year, the figure was 1850.
The figure of 1892 for 1852, how
ever, was not much below the peak,
and with the exception of 1878, the
1882 figure was the highest on rec
ord
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
FAILURES DROP
PUT AT 1857
DURING Z YEARS
Figure for 1884 Is Lowest
Since 1920; Further Drop
Shown This Year.

By INES Npccidt
NEW YORK, May 9.-One Of the
indications that the de-
preston was halted in 1882 and
that the fundamental trend has
been toward recovery since that
time is the sharp decrease which
has occurred in business failures.
This decrease has added signifi-
canoe, according to the Alexander
Hamilton Institute. since it has cor
responded closely to the trend in
the business recovery movement
after the depression of 1873 which
the current depression has dupli-
Gated in many respects.
According TO the figures compiled
by Dun and Bradstreet, the num-
Der of business failures in the
United States declined from the
records high figure OF 1892 in 1882
to 20,3O7 in 1888 and to 12185 in
1884 The 1884 figure was the
smallest since 1920 A further de-
crease occurred during the first
quarter of 1885.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
Post tenn
Type of Obligation May Be Responsible for Rejection
of Bids on 100000 of Gas Bonds.
BY VINCENT LYONS
Times Financial Editor

clys sell financial
which intends to take the Citizens
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09

CITY grain elevators are paving "a cents
for No soft req wheat Other grades
on their smerts Cash corn No. 3 yellow
82c and oats 42c
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
Business Units Up

While the absolute number of
failures in 1882 was far above the
number in 1878-31, 1922 against
10,478, the number OF concerns in
business was only 674,731 in 1878 as
compared with 2,076 $50 in 1882.
The downward trend of failures
during the last two years and the
extension of this trend during the
first quarter Of the current year
does not warrant the assumption,
however, that the annual number
of failures will necessarily be low
er than in 1885 than in 1884. If
the record made after the depres-
sion of 1873 should continue to be
duplicated, the annual number Of
failures this year would be larger
than last year. After the earlier
depression, failures declined for two
years and then rose for four years.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
BIC STEEL UNITS
BACK IN BLACK,
STUDY REVEALS
Industry in 1884 Operated
at Profit of S13.140.000
Before Bond Interest.

By Times Spccigf
NEW YORK. May 9.-The steel
industry of the nation in 1884 OPP
Grated at a profit of s1314O00O after
charges, but before provision for in
tereSt on bonds. a compilation by
the magaH lie Steel disclosed today.
Twenty-rree leading produces
provided S12734. AT of the net
shown equivalent to 033 per cent
on capital invested in the industry.
This compared with a loss equiva-
lent to O9O per cent on investment
reported in 1888 and with a loss of
2.85 per cent suffered in 1899.
The magazine emphasized. how
ever. that this return to black ink"
in the industry was before allowance
for interest on bonds or the payment
of any dividends. After paving
bond interest the survey showed.
the net loss of the twenty three
producers was S16936.4Sl. which is
a sharp reduction from the S64, no.
702 in 1888"
Current Assets Gain.
Total assets were shown as $4.213,-
GAG 800, a reduction of S43, 900 ,OO0
while current assets ose about $685.
100000, eaching 1887 S3O,OO4. Cur
rent liabilities increased about ST.
100000 to s145, OSS, 752. The compa-
MES included in the survey, 1t was
explained, represented 912 per cent
of the nations steel making capac-
ity, or about 62,846, 488 gross tons.
Touching on currency conditions
in the industry, it was noted that
thus far the labor flare-ups Ill the
motor trade serious though they
appeared, have had only a moderate
restraining effect on steel ingot
output
The chief effect has been felt in
finished steel particularly in full
finished sheets, used largely by the
automobile industry Production
dropped 16 points in that particular
line.
LAS a reflex of numerous strikes,
as we'll as uncertainties pertaining
to action by Congress on the MIRA.
and its possible effect on the steel
code. with its price provisions,
states the journal. caution was
widely noted in the buying attitude
of consumers last week. Outside the
automobile industry the general
volume of specifications was lighter.
Tin plate production fell 10 points
to rs per cent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
Unions Get a Hearing

Meanwhile. railroad labor and the
arrangements are squaring off for
a fight over the labor program
adopted by the 81 standard railroad
unions. The unions have succeeded
in arranging hearings before a SEN
ate subcommittee headed by Sera-
tor LOnergan 3D., Comm on their
bills providing full crews, limits on
the length Of trains. a six-hOur day,
and more rigid track and signal in
spectiOn. The hearings will begin
May Is.
The carriers are attacking this
program on the ground that it
would add a billion dollars yearly
10 operating expenses, an estimate
made by Frederic E. Williamson,
president of the New York Central
Another battle between the unions
and the carriers is in prospect over
the railroads expected attempt to
apply a 10 per cent pay cut. The
wage truce signed last year expired
May l.
Congressional leaders doubt that
the entire Eastman program can be
enacted at this session. The way
for deferring part of it was opened
a few DAYS ago by Senator Wheeler
ID. MOntO when he introduced a
bill to continue the emergency rail-
road act and the Office of co-ordlna-
tor for one year-to June, 1886.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
LOCAL MAN LEADER
]. c. Simpson of Mutual Life of
Baltimore Heads All Agents.

NJ H Foster, local manager for
the Mutual Life Insurance Co. OF
Baltimore. has announced that the
leading agent Of the company in the
United States Is J. c. Simpson OF
the indianapolis office
Mr.. Simpson has made the great
est increase in the entire field.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
Money and Exchange
TREASURY STATEMENT

TREASURY STATEMENT
by United Press
WASHINGTON. May e-Government ex-
penses and receipts for the current fiscal
year 10 May I. compared with the CORE
spending period OF the previous fiscal year:
This Year Last Year
Expenses Sc. Oso. 80. 2O7 IS $1,000 l53. 77s 81
Receipts s3Is0. 765 $3.50 258s 644 sac 81
Deficit 2.90e. 964. 222 30 34lo sos. l2e 80
Cash bal. 1871, $1,000 2.I79.I52,ll4.77
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09

to receive 10000 shares Of the com
panv's common stock AZ about half
its present market value The gift
involved amounts % about $1,000
600. Officers OF a subsidiary are 10
receive 10000 shares at the same
price. Il may be. Of course. that
these deals we're justified. but your
correspondent was unable TO dis
cover the Justification
Another interesting fact dis
closed was that the cost Of putting
over the deal was estimated 70 be
IN excess Of $4,000. exclusive Of
commissions to the bankers. This
included such expenses as at
tornevs' fees of $4,000. listing fees
on the New York Stock Exchange
of $3.50. stock and cash receipt
agents fees payable to the Chase
National Bank OF s23850 and &C
countants fees Of $4,000. The gov
eminent is 10 get $500 in taxes and
TIE State Of Delaware $500.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
Investment Bankers Gain

The number Of registered Investment bankers and
their branches 1884 on April l. against 1925
Juy II, last gear, according to directory Just pub
Iished BY John Nureen e Co.. Chicago.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
Delayed by Utilities Bin

Chairman Rayburn Cd, Tex) of
the House Interstate and Foreign
Commerce Committee said intensive
study will be given to the program
as soon as the utilities holding-com-
pany bill, which has occupied the
committee for many weeks, is out
of the way.
A House subcommittee has COM
pleted hearings on the motor regu-
lation bill already passed by the
Senate The National Grange and
other farm organizations are urging
that the bill be split into two Sec
lions and regulation applied to buses
and not 10 truckers.
The House Merchant Marine Com
mittee is conducting hearings to-
morrow on the water carrier regu-
latiOn bill. on which Senate hear
ings have been completed.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09

UOUR correspondent was IN
Il terested to learn that the COM
pany Is able to borrow money on
short term basis at from 3. to /
per cent. It gives its own I'M
secured notes as collateral This
fact gave rise 10 the thought that
there is a very profitable spread be-
tween these rates and the rates
charged TO purchasers Of cars on
credit. and that the retailers as
well as the wholesalers Of money
could help 10 stimulate business by
relaxing" a bit.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-09
ICC Enlargement Untouched

Neither House nor Senate COM
mittees have given more than cur
sorry examination to the bill reor-
ganization and enlarging the In
terState Commerce Commission, the
one proposal OF Mr.. Eastman which
met with almost unanimous diStavOr
among ICC commissioners.
The Eastman proposal for a sys-
TEN OF dismissal compensation like
wise has remained on the waiting
list.
Committees Of both houses are ex-
pected TO act shortly on Mr.. East
mans suggested revision of the rail-
road bankruptcy act, which he con-
siderS vital 10 end exploitation of
investors Of pIratical reorganlzerS.
Senator Wheeler's resolution for a
Senate investigation Of railroad re-
organizations has been favorably
reported 10 The Senate. His bill for
government acquisition and opera
ton OF the railroads is not expected
10 get far at this session.