davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
EXPERTS SEEK
SUBSTITUTE FOR
PROCESSING TAX
Study Being Made in Event
Present Levy Is Ruled
Out by Court.

By United Press
WASHINGTON. Oct 26.-Admin-
istration officials are studying posi-
bilities of re-imposltlon Of process
ing taxes on farm products should
the present AAA processing tax Sys-
tenn be outlawed by the Supreme
Court, it was learned today.
Constitutionality of the existing
taxes is being attacked on the
ground they represent an improper
delegation of executive power. Should
the Supreme Court rule against the
government, legal experts said to-
day, Congress could levy a direct
processing tax for revenue purposes
that would be constitutional.
Speculation Increases
President Roosevelt indicated re-
Gently that new sources of revenue
would be required if the present
processing taxes are thrown out. As
the time approached for the hearing
on the question, speculation over
what new taxes might be imposed
increased in administrative circles.
Some congressional tax experts
have suggested that a general sales
tax or higher levies on small in
comes could be imposed to recover
any possible loss in processing tax
income. Both of these methods.
however, are frowned upon by some
members in view of the unpopu-
larlty Of imposing new taxes in an
election year.
Although Secretary of Treasury
Henry Morgenthau Jr. said the
treasury has not drawn plans for
tax recommendations to Congress
should the present processing levies
be outlaWed, a high Treasury official
said today it was a good hunch'
that re-imposition of processing
taxes would be given closest con-
Sideration.
Tax Rates Listed
Present processing tax rates pro-
mulgated by the Secretary of Ag-
riculture include 30 cents a busheI
on wheat, cents a bushel on field
corn, 40 cents a pound on cotton.
1925 a hundredweight on hogs. 1.89
to 80 cents a pound on tobacco. l
cent a pound on peanuts and 30
cents buShel on rye.
Mr.. Morgenthau said existing tax
collections were the only red spots
on the Treasury's books. Other COL
lections, he said, are up to expecta-
tons, but there has been a sharp
slump in processing tax revenues
because of the present court attack
on the AAA law.
Between July l and Oct. %. proc
essing tax collections fell to $40
106,001 from $3.50, ISL DOB in the cor
responding period of last year. More
than S100000,000 of unpaid taxes are
believed tied up in the present liti-
cation.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
$50, 9O5,O34 DISTRIBUTED
Times SpecinI

NEW YORK, Oct. 26.-Distribu-
tons of S39,905,034 have been made
or authorized to date by group in
vestment funds and investment
trusts operating under the supervi-
sion of Administrative and Re-
search Corp, according to an an
nouncement today by Col. Benjamin
F. Castle, vice president.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
STOCK LISTING VOTED

Bv Times Special
NEW YORK, Oct. ga. o.
Smith Corps application for listing
of 100000 shares of no-par value
common on the New York Stock
Exchange has been approved by the
committee on stock list
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
HUPP SELLS PROPERTY
Michigan Plant Purchased by
Walker Interests.
BIZ Initial Press

JACKSON, Mich, Oct. 26-Prop-
erty of the Hupp Motor Car Corp.
here has been purchased by the
Walker interests of Racine, Wis,
manufacturers of automobile equip
ment, it was announced today.
1t was reported that the plant
would be opened within 80 days.
Preparations for the installation of
machinery in the plant are under
way. The property includes about
nine acres of land and 10000 feet
of floor space.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
FEES
|. IN REVAMP|NCS
STILL PROBLEM
Paramount : PubIix Gas
Opens Way for More
Reforms.
BY JOHN T. FLYNN
Times Special Writer

NEW YORK, Oct. 26.-Federal
Judge Coke, in New York City, has
struck blow in favor of those eX-
plotted persons who buy securities
in great corporations, lose most of
their money and then see the rem
nants of it distributed to lawyers
and receivers in reorganization pro-
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
ACCEPTANCES INCREASE
September Witnessed Customary
Seasonal Extension IN Volume.
Times Special


NEW YORK, Oct. 26.-The out
standing volume of bankers accept
ances at the end Of September was
1927. 834,317, according to the Ameri-
can Acceptance Council. This rep
resents a seasonal expansion over
the end of August figure of
1921, 807,411.
Robert H. Bean, executive secre-
tary Of the council, said there is
little to substantiate belief that the
banks will have a large enough in
crease in business to overcome the
1885 deficiency.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26

interview I n a I
the long waited
thaw of bank
funds has come"
He looked for con-
tinued economic
improvement, but
not of the boom
variety.
Banks ought
now to be willing
to take some little
risk in loans and
encourage bust
ness" Mr.. Fletcher
said. And we
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
FARMING EXPORTS GAIN

BIZ JHitCd Press
WASHINGTON. Oct. 26.-Exports
of farm equipment from the United
States during tie first nine months
were valued at $25,376 154, compared
wiz S16,257921 in 1884, and S8,731,-
IA il 1888, the Commerce Depart
ment reported today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
GOLD CURRENCY LOWER
Italian Money in Circulation OFF by
One Third in Year.
BIZ United Press

WASHINGTON. Oct 26. - The
ratio of Italian gold currency in cir
culation declined one-third during
the past year, the Department of
Commerce reported today.
Gold holdings declined from
6,32800o,000 lire last year to 4,563,-
100000. Notes in circulation in
creased more than million Ira.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
COTTON GINNED DOWN
Drop of 154,105 Bales Reported
From Year Ago.
BIZ United Press

WASHINGTON, Oct. 26.-The
Commerce Department today re-
ported $3.50, 799 bales of cotton wer9
ginned from the 1885 crop before
Oct 18, compared with 6,743,904
bales for 1884, a decline of 154 Jos
bales.
The report was recorded in run
ming bales counting round as half
bales and excluding linters. The
revised total of cotton ginned this
season prior to Oct l was 4,231 ,487
bales.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26

During the first nine months the
United States imported 27239,078
square yards of piece goods valued
at S1,32O,O24, compared with 1887 OFT
square yards valued at 1868, POI for
the entire year of 1884.
The previous peak was approx
mately 100000 square yards in
1923. In 1882, imports from Japan
shrank to a depression low of
1924 square yards valued at only
S56,691.
Less Than l Per Cent
Officials explained, however, that
despite the increase in cotton piece
goods imports, they amounted to
less than l per cent of our annual
domestic production of 1000 900
square yards.
Japan was far from the leading
country to send the United States
cotton goods, statistics showed, Fig
ureS for 1884 showed the following
relationship between major cotton
importing countries:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
RAIL DIRECTOR NAMED


PHILADELPHIA, Oct. 26 -
George Stuart Patterson, of this
city, has been elected director Of
the Pennsylvania Railroad Co.. sue
ceeding the late General w w. At
terbury.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
Proxies Bulk Large

This arises out of the practice Of
paying too much attention to those
committees which hold the proxies
or deposits of large numbers of Sc
curity holders rather than to those
who actually do the work.
The court apparently has taken
this attitude in the Paramount case.
Lawyers asking immense fees we're
ruthleSSly scaled down But one or
two firms who really did all of the
work seem to have been let off with
small fees, while the lawyers for
three sponsored committees, who did
nothing of importance to save COM
pany assets, have been given fees
amounting to at least 1925, OG0. There
is still plenty of room for reform in
reorganization fees.
Copyright, 1885. NEA Service Incl
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26

CeeQlTlgS.
T h e P ar a.
mount = P u b ! i x
Corp. is in reor-
ganiza ton in a
F e d eral bank =
r u p t c y proceed
ing. AS u u a l.
C oun e s S law
firms, receivers,
trustees, account
ants, bond, deben-
ture, stock and
other committees
swarm around and
demand vast fees
from the court for
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
LOCAL CASH MARKET

,, City grain elevators are paying 90 cents
for No. soft wheat. Other grades on
their merits Cash corn No. 2 yellow II
eer.s AMI oats 81 cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
Import of Cotton Goods
From Japan at Record;
Purchases Here Decline
Balance of Trade Between Two Nations as Result Is on
an Even Keel for First Time in
Two Years.
Copyright. 1885. by United Press,

WASHINGTON, 26.-Japan selling
breaking curta
purchases such
is even keel for the first month the
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26

seem to be starting in that direction
If the banks keep up we can pull
down government expenditures"
Conditions Improving
Discussing the economic situation
generally, he said conditions ARE
rapidly improving as shown by in
creased lending on commercial
paper by banks and increased car
loadings.
There will be no boom accelera-
ton or imitation but rather a
gradual economic improvement of
sound nature" he predicted. II
don't think rumors of credit or
monetary imitation have any justif1-
cation. There is no need of imitation
IF any increase in funds is neces-
sary, the banks now have sufficient
reserves. There is plenty of money
in the country. The only thing
NEEDED is continuation of capital re-
quirements for it's use. Moreover,
the President has authority, if
necessary, to issue $3,000,000,000 in
silver certificates"
Spending Is Praised
Large government expenditures.
primarily, wiped out much of the
bank credit de1ation which had
amounted to 0O,O0O,O00 by 1888,
he said, estimating that by govern
ment spending approximately So
OOO,O0O,000 have been replaced.
Nov there is coming along use of
bank credit by banks which is ma
terially helping the situation" he
said. I'VE would have gone bank
rupt is the government had not
spent large sums"
The only possibility of new bank
ing legislation next session, Mr..
Fletcher said, would be merely
clarifying amendments to get rid
of minor kinks in New Deal laws.
Even these may be unnecessary, he
predicted.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
Insiders Protected

One thing they almost never do.
That is to bring suits against those
insiders whose bad management or
worse has perhaps played a maj
role in bankrupting the corporation.
Often one of the chief objects of
such committees and their spon-
sored control is to protect insiders.
However, often some unimportant
committee, represented by some I'M
important law firm, unconnected
with these insiders, sets out to really
protect the interests of the stock
holders and bondholders.
More than once 1 have seen such
committee, without funds, with
out very much encouragement from
the courts, often Sneered at by the
top-lofty lawyers who represent the
Supine committees, force, by sheer
industry and ingenuity, the trustees
to take action against the insiders
or the bankers to compel them to
make restitution.
Then when the time arrived for
compensating the protectors of the
estate, have seen fat fees paid to
dormant lethargic committees and
their lawyers While the committees
and their lawyers while the commit
tees and attorneys who have done
most of the work have been passed
over with scant attention.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
BuSigrubhS

Total corporate financing has
shown some signs of life the past
few months. However, of the ST.
598,1G0,000 total in the first nine
months of this year only 1921 ZOO, 900
was for new financing. From Jan
uary, 1925 to December, 1881, the
number of shares listed on the New
York Stock Exchange increased 500
per cent. Today there are actually
fewer shares listed on the big
board" than in 1881.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
Bank CIearings Squirt

Bank clearings in p leading cities for the 1Oeek
ended Oct 23 amounted to s5,649S97 900. increase
Of p per cent the s448O 900 figure for the
ueek last year.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
ReUie7V
Highlights of the
News During This
Week.
by VINCENT LYONS
Times Financial Editor

TINE New York, New Haven 81
- Hartford Railroad petitioned
the court for permission to reor-
ganize under Section 77-B of the
Federal Bankruptcy Act following
the action Of the Interstate Com
merce Commission in refusing to
sanction a $50O0,000 loan from
the Reconstruction Finance Corp
Wall Street, which can see some
good in everything, when it wants
to, inWardly applauded the devel-
opment.
Reorganization proceedings, it
was reasoned, brings the road into
the position Of having everything
to gain and little to lose since it
has been unable to procure addi-
tional credit In the last few weeks
miscellaneous securities of the car
rier have beer buffeted about and
are well Debated as a result. On
Aug. 81 long-term bonus in the
hands of the public amounted to
S257,54l 900, exclusive Of indebted
ness to Federal agencies.
Spurred by peace gestures abroad
stock values moved ahead impress
sively during the week, with the
oils and the motors the leaders.
The Dow-Jones industrial average
climbed to a iour-year peak before
slipping Volume of trading con-
tinued at a fast pace. Meanwhile,
the peace maneuvers had the OPP
posite effect on commodities, which
declined.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
Commodity Prices
NEW YORK

(By Abbott. Proctor & Painel
Reprinted From Late Times Yesterday
COTTON
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26

their services.
Every one knows that it is COM
mon when such a company goes into
| bankruptcy for committees to be
formed, from behind the scenes, to
protect various hostile interests.
Law firms are called in to represent
these committees. Ostensibly these
committees represent bondholders,
stockholders, creditors, etc. But
more often than not they are in COL
liberation with the insiders to re-
tain control of the corporation.
The Waterbury Democrat., 1935-01-21
ITALIAN VETCTO
 ADOPT POST NAME
Formal Action to Be Taken at Meeting Wednesday
 and Officers Elected

Formal adoption of q name for the local post for the Italian-Amer- ican War Veterans of Connecticut will take place Wednesday night. Commander Leo Mecca, who pre- sided st a session of the local post yesterday afternoon, recognized a motion for adjournment to We'd nesda. night at o'clock. One of fhe names of first four Italian sol- 0lerH from Waterbury killed fin the World war will be picked az Inc 5itie for the Waterbury branch of Che Connecticut organization.
 At Wednesday nights m mating, also. election of officers will take Nlace. Commander Mecca Is tenn p0rary commander of the Water bury post. It is possible that he will be chosen permanent com nlander for 1895.
 The first four Italians from Wa ferbury killed in the World war were members of the same regi- 1tient. A flag is being prepared with the name of the veterans name whose name will grace the flag. Yesterday the local post de- clded to await Wednesday nights session. which will take place in Ldberty hall on Bank street, before naming delegates to the state con- vention of the organization in New Britain next Sunday.
The Waterbury Democrat., 1935-01-21
THOS J. MOONEY
 WINS VICTORY
(continued from Page 1.)

~-~-----~----e--ss-A--rs~
 However they heard the court act in one of the most publicized cases of recent legal history.
 The court acted in a brief and sharply worded order that verbal ly castigated the position taken by state authorities.
 Chief Justice Charles Evans Hughes read the Mooney order whic hextensively reviewed the case and the serious charges against the state on which he based his plea.
 Mooney was sentenced to life for the 1916 preparedness day bomb- ing at San Francisco.
 The reply of the state attorney general opposing Mooney's plea was criticized by Hughes opinion as not meeting the issues raised by the petition.
 While refusing to hear Mooney. the court appeared to have opened the way for a further and perhaps more fruitful procedure in the state courts.
 The opinion sketched Moneys plea and his contention that he was convicted in the preparedness day bombing on testimony known to be perjuEed while the prosecut- ing attorney also withheld evidence which would have refuted the charge.
 The court referred to these con- tentions as serious charges and criticized the answer set up by the attorney general of California as failing to meet the issues presented.
 Hughes noted that the states an. swer defended the charge of denial of due process of law In holding Mooney with the contention that the acts or omissions of a prosecute ing attorney could not. of them selves, amount to denial or due process.
 On this score the court said:
 "Without attempting at this time to deal with the question at length, we deem 1t sufficient for the pres- ent purpose to say that we are un- able 10 approve tbis narrow view of the requirement of due process. That requirement., in safeguarding the liberty of the citizen against deprivation through the action of the state, embodies the fundamen- tai conceptions of justice which lies at the base of our civil and political institutions. It Is a requirement that cannot be deemed to be satis- fled by mere notice and hearing if state has contrived a conviction through the pretense of trial which in truth is but used as means of depriving defendant of liberty through a deliberate decep- ton of court and jury by the presentation of testimony known to be perjured.
The Waterbury Democrat., 1935-01-21
MAY ESCAPE
 THE COLD WAVE

Chicago. Jan 21--(UP)--A three- days delayed cold wave swept southward over central United states almost to the gulf today. with bitter northwest winds from the Canadian Rockies rushing the frigid air eastward toward tle ohio valley. Temperatures in Illin. ois, Missouri, Kansas and Oklaho- ma dropped 20 to 40 degrees over night.
 Severity of the cold coming to- ward eastern states was demon- strated by the afct that while 1t was 20 above zero in Chicago at 3 a. m.. 1t was below in Moline, III. less than 150 miles west. and 4 above at Milwaukee, S5 miles north. Government forecasters said the eastern coast probably would be only slightly affected by the cold, although today's early morn- irg temperatures of 30 to 40 de- gress might fall to around 20 and snow fall over New England.
The Waterbury Democrat., 1935-01-21
JAPANESE SHIP
 CALLS FOR AID

San Francisco, Jan 21-UP)- The s. s. Hokuman Maru, a Japa- nese freighter, today called for as- sistance in the north Pacific. A sister ship, the S. s. Kasha Maru, 145 miles distant, raced toward the stricken vessel. The Hokuman Maru sent out an sos at 7:51 a. m. (EST), reorting she was listing badly to starboard and that her bllges were increasing. Because of a17-degree list her speed was cut to three knots an hour.
 The message was intercepted by Globe wireless in San Francisco.
 The freighter gave her position as latitude 49.37 north longitude 12954 west
The Waterbury Democrat., 1935-01-21
LEGISLATION WILL
 BE PLENTIFUL
(Continued from Page 1.) cities would benefit under the pro- posed legislation.
Business in Assembly

Business in Assembly Hartford, Conn, Jan 21--(UP)-
 The general assembly, which settles down to it's fiiaIt full week of work Tuesday, is expected to sidetrack
 all controversial patronage mat ters until emergency and govern ment economy measures have been cleared of the calendar.
 Resolutions on judgship ap- pointments are pouring into the clerks files in both houses. Repub- licans and democrats in the senate have been reported in a "dear' to split the appointments and social ists have expressed no desire to
 share the spells.
 Leaders said today the minor
 courts selections probably will be taken up late in the session. Should this be the case and the houses be-
 come deadlocked over bench ap- provals, the governor would have an opportunity to appoint his own
 choices following final adjourn.
 ment.
 Section two of the governors emergency relief commission bill, creating the Connecticut Rehabili- tation corporation to sponsor q | back farm movement with | federal funds, will be given hear | ing before the judiciary committee | of the house tomorrow. It was con- sidered likely 1t will be reported favorabiy within a few days and passed with little debate, both in | the house and senate.
 The recommendations of Gov ernor Cross on superior and su- preme court appointments also are expected to be hastily adopted.
 They include elevation of Superior Court Judge Allyn l.. Brown, Nor
 wich, to the supreme court to suc- ceed Associate Justice Frank D..
 Haines, Middletown, who will be 70 years old January 16, 1886; Ken meth Wynne, New Haven, the gov- ernor's executive secretary, to the | superior court, and Edward II. Quinlan, Norwalk, to the superior court.
 The socialists program had taken concrete form today. Senators and representatives met
 at Bridgeport, Sunday. and adopt | ed the following recommendations: | IA state income tax on all in- comes of $5,00O or more. the rate ranging from to 50 per cent. | "A study of light and power
 rates with q view to establishing | public ownership of utilities. | 3--Calling of constitutional | convention to consider redlstribu.
 ton of seats In the general assem-
 ply.
 "A study of health insurance
 possibilities, minimum wage pro visions. support of the federal child labor amendment. 5--Approval of the proposed state jail farm at Glastonbury.
 It tentatively was decided to ob- ject to distribution of many need.
 less jobs at the capital. in the in- terests of economy. 4
 The $1,700.00O deficiency bill comes before the appropriations committee tomorrow. The budget may be delayed until the federal I government takes action on the presidents proposed social security program.
 Tuesdays Wednesdays and Thursdays will be devoted to con-
 troversial matters, as has been the custom for years, and Fridays de-
 voted to routine considerations ] The deadline for new business it 1 February l.
The Waterbury Democrat., 1935-01-21
NOTICE
Willow and Grove Streets

1 Notice Is hereby given that the Board of Zoning Appeals, appoint ed under the Building Zone Ordi- hance will hold a hearing on Thursday evening, January 24th. 1895, at o'clock. In the Alder manic Chamber, City Hall Build Ing. Grand street. on the applied. tion of Bernard West requesting permission to construct a gasoline station at the northeast corner Of Willow and Grove streets. Said property is located in the Business Zone but its location Is an infrac. ton os Section 6 of said ordinance for the particular purpose above specified.
 All persons or corporations hav- jng any interest in the above mat Der should appear and be heard in ielaftOn thereto in the time apI eIace above specified.
 BOARD OF ZONING APPEALS. 1-1e-3t
 Thomas P. Kelly, Secretary.
The Waterbury Democrat., 1935-01-21
ISIDOR STRAUSS
 WAS CAPTURED

New York. Jan 21--(UP)--P0- lice today held Isidor Strauss. no- torious mobster alleged to nave been the partner of Richard Reese Whittem0re in the bank or Bunaio hold-up in Buffalo. N. Y., Tn lySo in which $93,000 were stolen anu two men were killed.
 Strauss. caught in routine raid on a Bronx gambling game, denied his identity until finger printed. He will he turned over to Buffalo aii- thorities who have sought him con- tiuuously since the crime.
 Whitfemore was executed at Baltimore for the murder of a prison guard,