davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times., 1935-11-05
AUTO COMPANY
AIDS WORKERS
$50, 900, 900 Fund Set Aside
to Stabilize Employment
Throughout Year.

Times Special
NEW YORK, Nov. 5.-A $6O,00O,-
600 fund has been set aside by the
General Motors Corp. for use in an
experimental effort to stabilize en-
ployment and to make possible in
creased annual earnings for auto
mobile workers, according to an an
nouncement made by Alfred P.
Sloan Jr., president.
The fund will be devoted chiefly
to building up inventories largely of
component parts, SO that the rate
of factory operations can be main
tanned steadily throughout the year.
Investments have been made in
warehouses for the storage OF such
parts. Working schedules will be
adjusted as far as possible in an at
tempt to give the greatest regularity
of employment to the maximum
number of workers.
Earlier introduction of new cars,
it is hoped, will provide substantial
ly more employees with more regular
work and higher annual earnings
than would be possible otherwise.
The employment stabilization
fund represents an effort entirely
apart from the $50,000,000 program
Of plant expansion announced last
july,
The Indianapolis times., 1935-11-05
FRUEHAUF CASE
TO BE TRIED BY
LABOR BOARD
First Auto Industry Case Is
Second Test of Wagner
Act in Court.
BY HERBERT LITTLE
Times SpeciaI Writer

WASHINGTON, Nov. 5.-The
three members of the National La
Dor Relations Board will convene
tomorrow in Detroit to take evil
dence and pass judgment on the
boards first automobile case.
BY deciding to take original juris-
diction instead of letting a regional
director hear the Fruehauf Trailer
Co. case, the board has picked the
automobile industry for the second
leading test of the Wagner labor act
in the courts.
Similar procedure was followed in
the Greyhound bus case in Pitts
burgh, which will be ready for the
boards decision on Nov. Is, the
deadline for filing of briefs.
IL Cases Pending
The II other pending cases. and
most of the cases in preparation,
Will come up to the board on ap-
peal from regional board ruling.
In Detroit the board is moving
tions it will have to face, for this
is a leading production in
duStry and a stronghold of COM
pany unionism. Furthermore. the
A. F. of L. has selected the industry
for recruiting drive, and has
chartered an international self-gov-
erning union for the industry. Three
independent non-A. F. of L. unions
have joined forces to compete with
the federation.
The Fruehauf Co.. leading tractor
and carryall producers in the coun-
try, employs about 600 in its De-
troit plant. The boards complaint
mentions the firms branch offices in
leading cities, to show interstate
commerce justifying federal action.
Discrimination Charged
Two complaints have been issued.
The first charged discriminatory
discharge of six members of an A.
F. of L. union, from July to July
Is. The Wagner Act was signed
July 5. Violations of two of its
unfair practice provisions, forbidding
interference with employees rights
to join labor organizations and dis
elimination against employees be-
cause of union affiliations. were
charged by the board after investi-
cation.
The second case made similar
charges in connection with the dis
charge on Oct. 10 of j. L. Peterson,
a sub-foreman who had been in the
employe more than eight
years.
The board has consolidated the
two cases for hearing.
The Indianapolis times., 1935-11-05
On Commission ROU

Quotations below subject to change are
average wholesale prices being offered to
buyers by local commission dealers: -
Fruit-Cranberries. early blacks. 2S-lo
bushel. s2.25;- Ayocados, Florida, box s2.2 2S
antaioupe-California Honey Dews. 50 so:
Casabas s225; Persians. 50 so. Bananas
--T hands, a pound, Sac. Grapes-Michi-
gan, i2-qt basket. 35c. Persimmons-1n-
diana, l2-pt,. case. 81. Apples,Indiana
81; Delicious. si25Qi5O: wealthys, 81; !;
Grimes Golden sl.l5. Lemonss--Sunkist.
36os, $3.50. Grapefruit Texas. 64s to 7os,
$3.50 Limes-Mexican a carton i2s. 2oc.
Persian seedless a hundred, So.
Vegetables-Beans. green. round string
zoe. Cabbase-New York. 5o-lb; bag,
new bulk. half bu.. SOC. Cauliower-New
York. crate. 81 so; Long Island, large crate.
sis5. Celery-Michigan, washed and
trimmed. extra large s5c; Jumbo, doE.,
tsc. cucumbers-Hothouse, doz. box,
sass; Ksle-Homs grown. bu.; soc, Lettuce
grown leaf. i5-lb basket. si.lo. Endive-
Ohio basket 45c. Mangoes-Calisornia
grown. crate, s32s: small basket 4oc. Mint
-Doz... soc Mustard-Home grown. bu,,
soc. onions-Indiana yellow 5o-lb. bag.
soc; Indiana white Sc,ib bag 81; western
grown. doz.. s5c. Peas-Telephone, ham
pers. So. Potatoes-Round Cobblers. 100
10 bag. $780, Michigan Round White, 100
10 bag. si30. Early Ohios, bu.. si.4s:
Idaho Russets. S2i0. Sweet potatoes-In-
diana. Jerseys. bus. 81 so. Radishes-Ohio,
ssse; spinaeh-New Zealand. bu.. csc:
eu, soci bunch, dog, 25c. tomatoes
California. repacked. l0-lb. carton. Sll5.
The Indianapolis times., 1935-11-05
SWINE VALUES
DROP 10 CENTS
Cattle Market Unchanged;
VeaIs Sharply Higher
at $11.5O Down.

A weak undertone developed in
the pork market in early trading at
the Indianapolis Union Stockyards
today and as a result prices were
generally 10 cents lower than yes
terdays strong average.
Despite liberal supply on hand
which was estimated at 1000, only
SO hogs were held over for tomor-
rows market. Today's slight drop
in prices, however, came in face of
a fairly strong demand prevailing in
practically all classes. The top price
paid for better grades held at SO so.
The general bulk of 100 to 275
pounds, cashed in at $935 to S945,
while heavyweighGs, scaling from
275 pounds and upward, brought 50
to $3.50. In the lightweight divi-
sion, hogs weighing 100 to 16O
pounds, sold at SO to 1925. Ex-
tremely light slaughter pigs ranged
from $8.75 downward. Packing sows
brought SO to $875.
Trading was active in the cattle
market, especially in slaughter
steers, and prices we're mostly
steady. The bulk of better grade
steers sold at $10.50 to $12.25, some
were slightly higher. Cleaner grades
brought $3.50 to $3.50. Good and
choice heifers held at $1075, with
the bulk under So Beef COWS
ranged from $3.50 to Sc. Receipts
numbered 1000.
Light receipts and a strong de-
mand were mostly responsible for a
81 advance in the veal market. The
bulk of good and choice grades sold
at S11 to $1150. Receipts were es-
timated at only 500.
A strong undertone developed in
the lamb market and prices were Is
cents or more higher than yester-
days close. The bulk of better
grade eve and wether classes sold
at 50 to 1915. Bucks were discount
ed from so cents to ST., with a few
selling at $40. Slaughter sheep held
at So to S.. Receipts numbered
1900.
The Indianapolis times., 1935-11-05

Ability of business to start its
climb out of "the red" during 1888
was regarded as highly encourag-
ing by administration officials.
They said the 1884 and 1885 reports
to be made public later are eX-
pected to show further improve
ment.
The 1888 income tax returns
showed that business took in gross
receipts OF S84,234, ,006,0OO. It's cost
of operation, however, was So5, 1874
079,000, leaving a loss of $930073,000.
This was sWelled to 81, ,480, 600 900
after dividend payments of S3,127,-
459,000 and tax payments of $423,-
068,000.
In 1882, on slightly smaller
gross business of S81 ,637, ,987 900, a
loss of $8,O00,977 900 was suffered
after dividend payments of $685.
601, 900 and tax payments of $685.
034,099.
The 1888 business loss showed a
total deficit in the four years begin
ming with 1880 of nearly $25,000,-
100000. This drain on corporation
resources depleted their combined
surplus to $36,079, ,525 900 by the end
of 1882. Heavy drafts on surplus
were made to pay dividends, meet
taxes and to absorb losses.
The Indianapolis times., 1935-11-05
China LEAVES
SILVER MONEY!;
ISSUES NOTES
Managed Currency Will Be
Used as Full Legal
Tender.

By United Pres
SHANGHAI, Nov. 5.-China has
abandoned the silver standard and
substituted a managed currency for
silver as full legal tender.
The method Of leaving the silver
basis closely paralleled that followed
by the United States in abandoning
the gold standard-national
of the metal on which the nations
currency was based. Silver, like
gold in America, no longer will cir
culate.
Announcement of the nationali-
zation of silver, effective at once,
was made by the finance ministry.
The announcement said that the
note issues of the government
owned Central Bank of China, the
Bank of Communications and the
Bank Of China would be unified and
would henceWorth serve as full legal
tender. Notes issued by all other
banks will gradually be withdrawn
from circulation.
Metal Will Be Exchanged for Notes
Holders of silver will be required
to exchange the metal for notes of
the three banks which were vested
with the right to issue currency by
the finance ministry's order.
1t was officially announced that
the government banks will buy and
sell foreign exchange in unlimited
quantities for the purpose of main
tanning the present exchange value
of the Chinese dollar.
"The government is determined
to avoid ;nf1ation," the statement
said. 1T will take energetic meas
ures to deal with speculation"
The Central Bank of China will
be reorganized, the finance minis
try announced, as central reserve
bank, owned principally by banks
and the general public. It's chief
function will be to maintain sta
bility of the national currency.
After two years it will enjoy the
sole right to issue paper money.
The Indianapolis times., 1935-11-05
CANADA-U. s.
DUTIES TO BE
REVISED SOON
Reductions to Be Sought
With New Regime
in Saddle.

By Scripps- -Hocard Newspaper Alliance
WASHINGTON, Nov. 5.-Re-
newed and accelerated tariff nego-
tiations with Canada are expected
to start as soon as new minister
to Washington is appointed by the
new Ottawa government.
Drastic reductions in duties over
a wide field of commodities dealt
with between this country and her
one time leading customer are pre-
dicted.
The new Mackenzie King govern
ment is committed to a loW-taritf
policy.
Negotiations, started formally last
January, had progressed almost to
the stage of trade agreement
when Canada's election came along
last month and suspended action.
The bennett government was
turned out and Minister Herridge
resigned.
His successors first job will be to
resume the negotiating task in an
effort to restore at least part of the
international trade of the boom
days.
Canada Is Big Customer
Canada, which buys more United
States goods than all of South
America, bought $948,O0O,OO0 worth
from us in 1929, but only $211 ,OO0,-
900 in 1888. The United States i'm
ported $5O3,0OO,0OO from Canada in
1929 and $185 100000 in 1888.
Fields where Canada could grant
tariff concessions to help United
States wage earners and producers
include: Electrical, industrial and
agricultural machinery, in which
Canada's purchases here dropped
from $144,00O000 in 1929 to $15,-
100000 in 1888; iron ano steel mill
products, which slumped from $73,-
100000 to $6,000,00O; automobiles,
from $103,000,000 to $14,0OO,OOO, and
petroleum, gasoline, copper and it's
manufactures, cotton and oranges,
all of which tell similar stories.
Canadian empire preference" on
tariffs is held partly responsible for
the precipitate slump in our Ship
ments to Canada, just as our Haw-
ley-Smoot tariff of 1880 is blamed
for the slump in Canadas ship
ments to this country.
Reduction Will Help Trade
Any reciprocal reductions would
of course reduce our trade barriers
of the HaWley- -Smoot type. To i'm
prove the volume of United States
purchases from Canada they would
have to affect agricultural and ami
NAL products, including furs, lum-
ber and dairy products primarily.
Some of the most serious decreases
in Canadian exports to this coun-
try are: Woodpulp and newsprint,
from $183,000,0O0 in 1929 to S84,-
100000 in 1898; lumber and it's
manufactures, from $31,OO0O00 to
$2,000,00O; meat and dairy products,
from $16,000,00O to $1,OOO,OOO and
furs, from $16,OO0,00o to s3,0OO,OOO.
The Indianapolis times., 1935-11-05
ENGINEERING AWARDS
HIGHEST SINCE 1881
Total Construction During Week
Amounts to S58,970,000.
Tim es Special

Amounts to $5S,97O,OOO.
Times Special
NEW YORK, Nov. 5.-The volume
of engineering construction reached
it's highest point for any week since
October, 1881, last week with a to-
tai value of $58,980,OOO, with a sig
nifcant improvement in industrial
building activity, the Engineering
News-Record announced today.
The average weekly expenditure for
October reached nearly $39,000,0O0,
against an average of $27000,00O a
week for the year to date. This
remarkable acceleration," the report
stated, sis traced to the going into
action or the big relief-Works fund,
in part, and also to a marked re-
vival of private construction.
Including only 25 per cent of the
funds of the Works Progress Ad-
ministration, $50 that the relation
of financing to actual construction
will be represented in proper proper
tion," the report said, that the over
all picture of new capital for con-
struction, including Federal and
non-Federal money, shows total of
S2,4OO, ,OOO0 900, compared with $780,
100000 a year ago, an increase of 104
per cent.
The Indianapolis times., 1935-11-05
BANK RESERVES NOW
PAST five BILLIONS
Huge Gain Caused by Many
Contributory Factors.
Times Special

Times Special
NEW YORK, Nov. 5.-The gain
in bank reserves since the low for
the depression has been at an un-
paralleled rate, according to the
Alexander Hamilton Institute. From
July 1882 to the middle of the fol-
lowing year, the increase was $21o,-
100000. In the next twelve months,
reserves rose $1,707, 100000 and an
other $1,000,0000 was added be-
tween July 1884 and the middle of
this year. Total reserves have now
passed the $4,000, 900 mark.
The process has been fostered by
number of factors. The large
expenditures of the Government
have been one influence. There has,
moreover, been a marked inward
movement of gold contributory to
this end. During the first eight
months of the current year net i'm
ports were in excess of $3.50 900, ,000
During the past two years there has
been witnessed not only return
of domestic capital from abroad
but some attraction of foreign
capital.
The great volume of these excess
reserves has given rise to innumer-
able speculationS upon the extent of
a credit initiation which might be
brought about. Now such an infla-
ton would mean that the reserves
were put to more profitable employ
ment-which raises the question as
to why they have not been en-
ployed hitherto instead of being
rather steadily augmented.
Turning to the avenues of out
let for bank funds some restrictions
and barriers are apparent. In the
matter of investments there is the
exceedingly low going rate of re-
turn resulting from the high price
area reached by the general bond
market. But apart from the matter
of yield there is an obvious objec-
ton to an increased use of funds
in investments.
The trend of commercial loans
attests the dormant state of the
need of business as a whole for
credit; the rate of return on in
vestments and, more influential, the
exceedingly high ratio of these
assets to the loan and investment
total, about sufficiently for the
growth of the excess reserve total
while the factors tending to swell
total reserves have been operative.
The Indianapolis times., 1935-11-05
CORPORATE PROFITS UP
SHARPLY OVER 1884
Earnings for First Nine Months
Show Gain of 1871 Per Cent.

tWeS NpcCtQf
BOSTON, Nov. 5.-A study of
earning reports for the third quar-
ter and the first nine months of
this year made by the United Busi-
ness Service reveals that corporate
profits are running considerably
above 1884.
Statements of 224 representative
companies show combined net prof
its. less deficits, of over 5000 ,000. 900
in the third quarter, compared with
sl42 100000 in the same period in
1884, an increase of 419 per cent.
Earnings for the nine months
were 1871 per cent above the level
for the corresponding period last
year.
In all but four of the IS industries
analyzed, aggregate profits for the
third quarter were above 1894.
The Indianapolis times., 1935-11-05
CORN CROP PLACED AT
2,22O,OOO,OOO BUSHELS
Experts Estimate Yield for 1885 at
1856 Bushels an Acre.
By United Press

By United Press
CHICAGO, Nov. 5.-A corn crop
of 2,220,000000 bushels for 1885 was
estimated today by leading private
crop experts.
The estimate, which was an aver
age of predictions by five veteran
crop observers, was approximately
100000 bushels above the October
estimates by the Department of
Agriculture and 100000 bushels
under the estimates of the same
private experts month ago. Tho
average corn production for the last
five years was 1852 100000 bushels.
Nat c. Murray, one of the expert,
who aided in computing the prob
able corn production, said that the
corn yield per acre averaged 23.6
bushels, and that the damage by
frost this year was 94 per cent as
compared with 1.9 per cent last
year.
The Indianapolis times., 1935-11-05


Many men have bought several
new cars since their last dinner
coat. A car, however, is also
durable goods. Furniture, dishes,
carpets-all these belong to the
durable goods industries. But they
are essentially consumers goods.
And they are all bought either for
cash or on very short-term credit.
TINE important characteristic to
whose revival we seek is that its
products are the subject of pur-
chase and long-term credits
houses, roads, public buildings, To-
comotiveS, railroad equipment,
great dynamoS, etc.
For this reason one Of the goods
indices to the capital goods indus
tries is the amount of new cap
ital issues put out by corporations.
But for the same reason the only
ones which are important are
those brought out to raise new cap
ital to be used on plant expansion
or construction or the installation
Of new machinery. Perhaps new
working capital might be included,
but this is doubtful.
With this in mind, we can ap--
praise the volume of the new cap
ital issues in the quarter closed
Sept. 30. The total was impress
sive-$1 100, ,000, ,000-or more than
in the two preceding quarters put
together.
gUT precious little of it was for
, new capital Look at the figures
nich reveal the uses to which the
new stocks and bonds registered
with the SEC are to be put:
Not to be sold. ......$ 155,907, ,765
To buy real estate. -. 252,71O
To buysold securities. 73,l02,622
To retire preferred
STOCK ............... 81, ,lb4, ,3lo
To pay old bonds, debts 789 ,809, 1854
Organizing expenses. 1,242968
Selling costs. ...,.... "a 026
Total ...........$1 ,041, 1913 280
This leaves only $62,617,89
which might have made its way
into the capital goods industries.
But, of course, this is too much to
hope for. Most of it was for work.
ing capital. And we can not know
how much of these securities will
ever be actually sold.
We are indebted to the SEC for
the monthly compilation of these
figures-the first that have ever
given us any inkling of what Sc
curity issues were really destined
for.
Copyright. 1885. NEA Service, Inc.)
The Indianapolis times., 1935-11-05
Produce Markets

The prices quoted below are paid for
yyered in Indianapolis the price win be
cent higher: Heavy breed hens, i7c:
Leghorn breed hens i7c; springers. over
eoeks lbs &c. is bSTo Snaef s,osr, s Ds lss; ns Ss
up. lac; Legnorn sprineers. lac; ducks,
white, lbs. and up, &c; geese. full feath-
cred and fat. &C: old guineas. ise; Young
fresh eggs. loss OF 25c puilet eggs. isc
Each fun case must weigh SIS lbs. gross.
a deouction. OF ioc pound under IS lbs
fasteFfat. No. ]. acc; No. 2. 24c. quoted
The Indianapolis times., 1935-11-05
.FT. WAYNE DAIRYMEN
FORM COOPERATIVE
New Plan Started to Help Prices
and Stabilize Market.
BH United Press

By United Press
FIT. WAYNE, Ind, Nov. 5.-Dairy
farmers in the Ft. Wayne area today
announced new plan for milk
merchandising which they hope will
bring better prices and more stable
market.
Under the set-up, all milk is to be
sold to dealers by the Wayne Co.
operative Milk Producers Associa-
ton, farmers organization, and
direct sales from farm to dealer are
to be eliminated.
Louis Houk, secretary of
the cooperative, states that two
dairies here already have agreed to
take their entire supply from the
association and that 10 others are
buying part of their supply under
the new plan.
The Indianapolis times., 1935-11-05
COMMODITY PRICES DIP
Decrease of O.5 Per Cent Reported
For Week Ended Oct. 26.
Times Special

Times Special
WASHINGTON, Nov. 5.-Whole-
sale commodity prices during the
week ended Oct. 26 showed a de-
cline of 0.5 per cent, compared with
the preceding week, according to a
report released today by the United
State Department of Labor.
The decrease brings the commod-
ity index to 803 per cent of the
1926 average. This is 5.4 per cent
above the corresponding week a
year ago, and 347 per cent above
the depression low point, the re-
port stated.
The Indianapolis times., 1935-11-05
AUBURN PROPOSES TO
ISSUE 3-YEAR NOTES
Automobile Firm Asks Approval of
SEC for Listing.

AA III <AohS IAPPAO'~A -
SEC for Listing.
Times Special
AUBURN, Ind, Nov. 5.-The Au-
burn Automobile Co. has asked ap-
proval of the Securities and Ex-
change Commission of an issue of
$2,809,125 in notes carrying Az per
cent interest to be offered stock
holders, it was announced today.
The notes are to be issued for a
term of three years and will be
convertible into Auburn stock at $50
a share. The Cord Corp. largest
holder of Auburn stock, already has
agreed to take its percentage of the
notes represented by its holding in
Auburn and also has agreed to un-
derwrite the entire issue.
Present capitalization of the Au-
burn Co. consists of 224,729 shares
of capital stock, it was stated The
company has no funded debt nor
preferred stock outstanding.
The Indianapolis times., 1935-11-05
BUSINESS RECOVERY IS
UNDER WAY IN AUSTRIA
Production Index Rises Sharply in
Last Three Years.

Itmes Special
NEW YORK, Nov. 5.-Although
among the first of the various Eu-
ropean countries most seriously af-
tected by the general economic de-
preston, Austria has emerged out
of the depression levels and today
is on the road toward a fair recov-
cry, according to a report of the
Alexander Hamilton Institute.
In 1881 the banking system of the
country practically collapsed and
had to be completely reorganized
During the next two years trade
was stagnant and unemployment
increased.
The extent of recovery In Aus
tria is shown in the index of pro-
duction which rose from 79 in 1882
to 81 in July, 1885. The total num-
Der of unemployed declined from
over 100000 at the end of February,
1888. to 100000 at the end of Au-
gust, the reoprt stated.
The Indianapolis times., 1935-11-05
PROPERTY LOANS GAIN

bU IWe8 HpeCtdI
PHILADELPHIA, Nov. 5.-The ex-
tent to which city and farm real
estate mortgages are regaining ia
vor as an investment medium is
shown by the marked increase in
the flow of life insurance funds into
these loans, William H. Mingsley.
vice president of the Penn Mutual
Life Insurance Co., declared today.
The Indianapolis times., 1935-11-05
FOREIGN BONDS RISE
Times SDeci1l


NEW YORK, Nov. 5.-Fifty repre-
sentative foreign bonds rose lis per
cent during October, according to a
report made today by the Foreign
Bond Associates, Inc. The index of
these issues appreciated from 56.53
on Sept. 30 to 57.18 on Oct. 81.
The Indianapolis times., 1935-11-05
STANDARD OIL DIVIDEND

By United Press
CHICAGO, Nov. 5.-The board of
directors of the Standard Oil Com
pany of Indiana today voted divi-
dend of 25 cents a share on the
capite: stock outstanding, payable
Dec. Is to stockholders of record at
the close of business Nov. Is.
The Indianapolis times., 1935-11-05
SEC STUDIES PROPOSAL
North American Co. Seeks Authori-
ty to Set Up Deposit Trust.
BIZ United Press

By United Press
WASHINGTON, Nov. 5-Securi-
ties and Exchange Commission Of
ficials today were examining the
application of the North American
Co. for permission to divest itself
of holdings in District of Columbia
public utilities.
North American filed an applica-
tion to be allowed to set up a de-
posit trust whereby it would sell
participating shares in the stock
which it now holds of the Washing
ton Railway and Electric Co.