davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
NezO York Stocks

By United Press
NEW YORK, July g. Stocks
opened irregularly higher today.
Trading was fairly active.
Some industrial leaders, which
contributed to a new high for four
years in the Dow, Jones industrial
average Saturday eased at the
opening. Chrysler showed 12-point
loss at 81 and Westinghouse was
off Z at 567S. Steels continued to
hold about steady. with U. S. Steel
unchanged on 1000 shares at 359s
and Bethlehem Steel unchanged on
HOO shares at 299s. American Roll
ing Mill gained Il to 207s.
The rail division was nervous I'M
der continued selling in Southern
railway issues, the common drop
ping to new low of So. Southern
Pacific was off Il at IT'S, but Chesa-
Peake & Ohio gained u to 437s.
Among issues making small gains
were Consolidated Gas up Il at
2612, Standard Oil of California up
Il at 3434, Du Pont up Is at 10414,
j. c. Penney up Il at 1854 and
Cerro De Pasco up IS at ST.
Trading turned extremely dull
after the opening.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
ORDERS AT OPENING
PUT WHEAT HIGHER
Fractional Gains Prevail as
Traders Switch Sides.

81 United Press
CHICAGO, July 8-Traders re-
appeared on the buying side today
to bring firmness to the wheat
market on the Board of Trade
At the start wheat was Il to 81
cents higher, corn was off Is to up
= cent. oats were UP Is to = cents,
and rye unchanged to 3 cent
higher.
Wheat traders switched to the bull
side in spite of bearish weather
news because of the relative firm
ness in the Liverpool market, re-
ports that Canada was assured of
price at least cents above Argen-
tina. and a belief that the recent de-
cline was large enough for the
present.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08

The commissions ruling, although
flexible, undoubtedly is not f1exi-
BILE enough to prevent a lot of
wrangling. The crux of the matter
is epitomized in the following para
graph by Benjamin F. Lindheimer,
chairman Of the commission:
Must Get Consent
"The point is that no utility COM
pany will be permitted to pass this
tax on to it's consumers except by
and with the consent of the COM
mission. That consent will be
granted or refused depending upon
whether, in our opinion, the COM
pany can, with justice, absorb the
tax out of its present revenues"
Thus, while other organizations in
the state pass on the tax to the con-
sumner the electric light and power
company, the telephone and tele-
graph company, the gas company
and other units furnishing public
services can not add the charge of
the tax to the bills of their custo-
mers.
The ruling is specific and ostensi-
bly, is designed to prevent a repeti-
ton of the previous situation when
public utilities were freed from a
2-cent sales tax after they had car
ried their case to the highest court
in the state.
Suits May Follow
The way is laid open to paSsing-on
of the tax when such a charge
absorbed by the company would be
an "unwarranted and unreasonable
burden" upon the company. Whether
there will be an avalanche of suits
trying to prove that the tax is an
"unwarranted and unreasonable
burden" is problematical.
At any rate, public utilities doing
business in the state were too
stunned by the announcement to
relate what they intend doing. There
is no necessity for any unit in the
industry to seek an injunction re-
straining collection of the tax as the
sales tax bill has not yet been signed
by Governor Homer. Some interests
feel that the Governors signature
will be delayed until the public util-
ity situation is clarified.
In the case of companies where
the commissions staff, based upon
current information, feels that
present rates are excessive, the COM
mission, will require that a con-
vincing demonstration be made be-
fore such companies will be per-
mitted to charge the tax to their
consumers.
Final disposition of the case will
be watched with keen interest all
over the country.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
FRUITS AND VEGETABLES

By united PRESS
CHICAGO JuiF {. - Apples - Illinois
bushels. SiHi IS. unclaSSiie6 sou 75c.
Csrrots-West crates doz. S22Sa
? 50. Turaips-IlInoiS punches. iUiiec.
Sweet potatocS-TeuneSSce bushels. 60fI
zoe. Lettuce-WeSt crates. .'eI Sl75
~. Leaf lettuce-Ohio lob baskets
35c. Besns-uiiloiS bushels. 81 2SNl 50.
abbage-uNnois lettuce crsseS. soc. Peas
Washington hampers SIG Tomatoes
Texas luegs. accMsi.is Spinach-ullnois
bushels A0a soc Asparagus - Illinois
square crates coz. $50 5ac Rhubarb-
Illinois, 4o-lh. cartons. $50 4oc.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
STEEL MILL TO START

By fme8 NpFcfHI
CLEVELAND, July 8.-The new
continuous cold strip mill of the
youngstown Sheet and Tube Co. is
rapidly nearing completion and is
expected to be put into production
within the next few weeks, Frank
Purnen, president. announced to-
day.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
ONLY 5 STATES
HAVE ENACTED
BILLS FOR IDLE
Four of These Become
Effective Only in Event
of Federal Legislation.
By Tunes Special

81 Tunes Special
NEW YORK, July S-Although
unemployment insurance bills we're
proposed in 80 states only five states
New York, California, Utah,
Washington and New hampshire
enacted such laws. the National In
dustrial Conference Board declared
today in an analysis of recent state
labor legislation.
The New York system will become
operative starting with the payment
of contributions on March /, 1885.
The laws of the other four states
viii become effective only in the
event of Federal legislation. A sys-
TEN Of individual company reserves
similar to that Of Wisconsin is pro-
posed under the Utah law. The laws
of the other three states provide for
the establishment of pOoled-fund
systems.
Contributions from employees as
well as employers are compulsory
under the laws of California. Wash
ington and New Hampshire and
may be authorized under the law
of Utah. In the case of New York
the burden is placed entirely on
employers.
Indiana Joins Ranks
The proposed constitutional
amendment which would give the
Congress the power Ito limit regu-
late and prohibit the labor of per-
sons under Is years of age" was
ratified by four states, making a
total of "a ratifications. The states
ratifying this year were Indiana,
Idaho, Wyoming and Utah. The
same proposed amendment was re-
jected by Is states in 1885 sessions.
In two of these states, New York
and RHODE Island, no action had
previously been taken. In six states
the amendment had been previously
approved by one House. The re-
naming 10 states had all taken
unfavorable action at earlier legis-
ldJlVe sessions.
Old-age pension laws were revised
in four states and new legislation
was adopted in five states: Arkansas,
Connecticut, Missouri, Rhode Island
and Vermont. Special session will
be called in several states in the
event that Congress enacts the pro-
posed economic security bill.
New York Law Broadened
A workmens compensation law
was enacted in Florida and amend
atory legislation liberalizing existing
laws was adopted in several other
states. The New York law was ex-
tended to cover all forms of occupa4
tional disease.
Legislation regulating the issuing
of injunctions in labor disputes Is
reported to have been enacted in
New York, Maryland and North Da-
kota. These laws correspond to the
Norris-La Guardia act enacted by
Congress in 1882, and are intended
to restrict the power of the courts
to issue injunctions in labor cases by
requiring hearings and by specifying
that a restraining order may be
granted only if certain specified con-
ditionS exist.
Four states, North Dakota, South
Dakota, Utah and Washington,
agreed to accept the provisions Of
the Wagner-PeySer Act providing for
cooperation between the Federal
Government and the States in the
maintenance of an employment
service.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
WILSON AND co. FILES
Registration Statement for 2O,OOO,-
900 Issue Mailed to SEC.

y ITTIT" TIWT
CHICAGO, July 8.-Wilson & Co,
third largest of the packing corn
panies, has filed with the Securi ies
Exchange Commission in Washing
ton the registration statement COW
ering S20.0OO,OOO of their first mort
gage 20-year series A bonds, due
July IS, 1855. The bonds will bear
an interest coupon not to exceed 4
per cent per annum.
TIL underwriters as shown in the
registration papers will be Field,
Glore & Co. and Edward B. Smith
& Co., and other underwriters to
be designated by subsequent amend
ment.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
HUDSON SALES AT PEAK

BIZ Times Special
NEW YORK, July 8.-Domestic
retail sales of Hudson and Terra
plane cars in June totaled 1891,
which was nearly Is per cent above
the total for June, 1884, and the
greatest for any June in the last five
years, w. R. Tracy. vice president in
charge of sales, announced today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
Other livestock
BY United Press

is AFAY ls5s5o }sy ss s6oas5 p'F 6:
So S.: 250-27S lbs. s.5S: 1880 lbs. 50 4O
3oo-325 lbs. 50 IS: le0-lSO lbs. 50 IS: $50
$50 lbs. SO so iOO-l5O lbs. SO 509 g. IS;
roughs SO 25 Calves-Steady. $3.50 down.
Clipped lambs. IS; spring lambs, Csc high
err SO down
FIT WAYNE. July -Hogs-Steady: 100
200 lbs 800: 200-225 lbs, $3.50. as
$50 lbs, $40; 25O-275 lbs, SO so: 275-
300 lbs. s9.45: 300-350. lbs 50 80, l50-i60
lbs. So 40 140-150 lbs s9.i5. i30-i40 lbs.
roughs. So: stays. Sc.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
SALES RISE SHARPLY
Montgomery Ward Reports Business
Gain of % Per Cent in June.
By Times Special

By Ilmes SPECIAL
CHICAGO, July g. Sales Of
Montgomery Ward & Co. during
June showed an increase Of more
than % per cent over the same
month of the preceding year, the
company announced here today.
The increase in business during
the month brought the total num-
Der Of sales to the highest level for
that period in history of the COM
pany, with the exception Of June,
1880, when special drives were made
to fight the depression effects.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
S5OO,OOO,OOO NOTES
OFFERED BY TREASURY,
New Issue to Be in Denominations
of 500 to 100000.

By United Press
WASHINGTON, July 8-The
Treasury offered today through Fed
eral Reserve Banks s50O,OOO,OO0 in
Treasury notes at 12s per cent in
terest to mature Dec. Is, 1899.
The notes will be issued in de-
nominations of 500, $500, $1,000,
$4,000, $4,000 and 100000.
The new financing was move
to replenish the TreaSurys working
balance in anticipation Of large
work-relief expenditures. The notes
will increase the public dept 70 s29,-
zoe, 892,642, from the S27, 1892 ,642
recorded at the end of the fiscal
year last June 30
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
IMPORTS AGAIN HIGHER
Merchandise Received in U. s. Dur
ing May Totals S17O, $4,000.
BV Times Special

BIZ Times Special
WASHINGTON. July 6.-For the
second consecutive month imports OF
merchandise into the United States
during May exceeded exports from
this country. according to the
monthly foreign trade report of the
Department of Commerce released
here today.
The increase. however. during the
month was only slight with i'm
ports exceeding exports by 100000.
Imports for May amounted to s170.-
$4,000. compared with Sl54.6470 900
in the corresponding month Of 1884.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
TERMINATES OLD AGREEMENT
BIZ Times Snecinl

IIFIFs I'TITVI
NEW YORK, July 8.-The old
voting trust agreement of Howe
Sound Co., effective since 1918, has
been terminated, it was announced
today. Stock will be exchanged for
voting trust certificates upon de-
post with, Bankers Trust Co.. New
York.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
THREE CLOSED BANKS
WILL PAY DIVIDENDS
La Grange State Bank to Refund
10 Per Cent This Week.

10 Per Cent This Week.
By United Press
LA GRANGE, Ind, July 8-The
first 10 per cent dividend will be
paid to depositors Of the defunct
La Grange State Bank early this
week, it was announced today by
Carl E. Kaser, special representative
of the State Department Of F1nan-
cial Institutions, who is in charge.
of the liquidation process.
Mr.. Kaser also announced that the
closed Farmers State Bank Of Ship
shewana is preparing to make a
Is per cent payment and the Peo-
pies State Bank at South Milford
will pay another 10 per cent to de-
positors within the next few weeks.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
FUNDS
AVAILABLEF0R
MORTGAGES UP
Indiana Ranks 18th Among
All States, FLA Analysis
DiSCIoSeS.

By United Press
WASHINGTON, July 8.-Indiana
ranks thirteenth among all the
states of the country in the amount
of private funds Of financial in
stitutions available for the purchase
of home mortgages insured by the
Federal Housing Administration, it
was disclosed today by Stewart Nc
Donald, acting administrator.
The amount allocated for the en-
tire country was put at S404, 389 SIG,
while Indiana's figure was $8,741,-
600. California led all states with
S87 ,974,5O0 followed by New York
with S45,775,000 and Virginia with
S29, 2l5,000.
Represents 1912 Units
AS matter of record, the alloca-
ton of the sum of 1851 1884, 19 was
reported by only 1912 of more than
$500 approved mortgages, which is
taken as an indication that this
sum is less than one-third of the
actual amount now available for in
sured mortgage investment.
There are "a insurance COM
panieS with assets Of more than
$4,487 100000 which have been ap-
proved as mortgages under Title II
of the National Housing Act" Mr..
Mcdonald said. These are all au-
thorized to purchase insured
mortgages and to make insured
mortgage loans directly to home
owners. All loans are made by
private financial institutions, not by
the Administration.
while ALLEGATION of specific
amounts for investment in insured
mortgages has been reported by
many insurance companies, others
which have made no such report
have been actively investing in in
sured mortgages under the mutual
mortgage insurance plan"
ALLEGATION Voluntary
ALLEGATION of this fund of private
capital for investment in insured
mortgages, Mr.. Mcdonald pointed
out, is made voluntarily by the
financial institutions, and reported
voluntarily. He said further that
the amount actually reported is by
no means an indication of the total
amount of private funds available
for investment in insured mortgages.
He is confident that the supply of
private capital is entirely sufficient
for the visible demand for this type
of investment.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
Other livestock


CHICAGO. July 8-HOgs Receipts,
16, 900 including 5000 directs: uneven:
mostly steady with Fridays average spots
lbs sS.s5as8d: o" top ss85 $4,000 6OO ibs'
packing sows, s8@8.50 Cattle-Receipts.
sales fed steers and yearlings steady to
25 cents lower with later sales and prac-
tically all bids fully Is cents down, in
stances more on in-between grades. choice
weighty steers and better grade light
heifers and mixed yearlings holding up
best; very liberal supply Of beef in crop
receipts and season would suggest: best
steers held considerably above sl2; bulk
early sales sl1 down to $3.50. Sheep-Re-
ceipts 10000; lambs and yearlings active.
closing Is to 40 cents higher after a IS
70 Is cents higher start; sheep firm i'm
proved quality, considered; native lambs.
{ 2pp 5 81, %; ou,6 rangers including FIRST
range ewes $3.50 native. S2a325.
by Times .speciap
10000. supply slaughter cattle moderate:
demand fair; market opening slow: most
early sales about steady with close last
week, but spots 25 cents lower on steers
and heifers: sausage bulls strong 10 IS
cents higher than close last week: bulk
common TO medium grass steers ana heif-
down to around S. better 9 nishsd stes7s
and heifers generally s5750l0: the lat
ter price paid for 10 head Of around 1850
10. fed steers. bulk beef cows s45OG5.50.
practical top. IS: low cutters and cutters
mostly $3M4: few thin shelly low cutters
down to s2.75; buk sausage bulls. $500
around steady: most beef type stockers
SIS latter top stoclcsrs trade slow and
Of quality 10 sell al ssa 50; palmer grade
light southern dairybreds mainly s4H5
CalVes-Receipts. $50. including IS stock
calves fully steady 70 strong: bulk good TO
choice vealers. S7H7.50. strictly choice
handyweights TO SO. medium and lower
grades $3.50 down. Hogs-Receipts.. 1900;
steady with Saturday or 20 cents higher,
than last Friday: TOD and bulk better,
l6o225 lbs. 50 90 23O-275 lbs ss25 280
lbs. up; ss.55: l40-I55 lbs $3.50 l2O-I35
lbs. s7.S5; sows. $3.50. Sheep-Receipts
5000: run mostly lambs general quality
very desirable demand broad market active
fully steady with Saturday or IS cents
or more higher than last FRIDAY. better
trucked-in eve and wether lambs. so. 50
TO mostly So IS; some choice kinds as well
as most desirable overnight and longhaul
Central Kentucky offerings 50. some OF the
latter to ss25 bucks discounted 81: plain
grsde springers generally s5q s. so. few
light butcher lambs 70 81: bulk fat ewes
50 so down: choice hghtweightS ouotable
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
Illinois Aims to P1gUent
Utilities From Passing on
Sales Tax to Consumers
Commerce Commission Says Permission for Shifting OF
Scent Levy Must Be Received;
Companies Stunned.
Companies Stunned.

spotlight public shifted the nations capital
Springfield Illinois The shift
occurred when the illinois Commerce Commission which the equva
lent of the Public Commission this dramatic
public
pass recently the
ro nnn
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08

City grain elevators are paying 81 cents
for No. soft red wheat Other grades on
their merits Cash corn No. y yellow,
rs cents and oats 20 cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
FOREIGN TRADE
HELD PARED BY
CLEARING PACTS
Restoration of international
Money Standard Declared
Essential.

Restoration Of an international
monetary standard not only would
have profound effect in stimulat-
ing foreign trade throughout the
world, but would be a safeguard
against disturbances which might
result from present abandonment OF
international exchange clearing
agreements.
This opinion is expressed in the
report of a joint committee Of the
League of Nations entitled Enquiry
Into Clearing Agreements" an
nOunced here today by the World
Peace Foundation.
The report is an exhaustive study
Of the influence of present eX-
change clearing agreements, which
tend to defeat the very purpose for
which they we're set up-the settle
ment Of debts by nations with weak
Currencies owed TO nations with
stronger currencies. Clearing sys-
TENS are now in effect in % nations.
In the relations established by
the clearing system" the report
points out, the rate of exchange
corresponding to gold parity is from
the outset relatively high, and acts
accordingly as a brake on exports,
while it encourages imports-where-
as exactly the opposite process
would be necessary to restore the po-
sition of country which is both ali
pxDOrfPr and q debtor
Trade in Wrong Direction
In the other country, the exist
ence of a rate of exchange higher
than the natural rate places a pre-
MUM on exports. The exporter
receives more in exchange for the
currency in which the payment is
made than he would have received
had there been no official rate.
He is, at first, relieved of anxiety
concerning payment, as he has a
claim on the national clearing Office
and not on a foreign debtor. At a
later stage, when, owing to these
causes, unsettled arrears have &C
cumulated, delays in payment occur
and credit will consequently have to
be allowed.
The result of such a state of
affairs is a reversal of the orig
inal trade balance on which the
whole system was built, and the
accumulation of frozen credits to
the detriment of the country with
a sound currency, while the other
country consequently experiences an
increased difficulty in continuing its
exports and in obtaining, with a
constantly declining volume of free
foreign exchange, raw materials
which it ought to obtain from third
countries"
But the report realizes that there
are two great obstacles to the aban-
donment of exchange clearing sys-
TENS. One is the unwillingness of
present exporting countries to ac-
cept larger imports.
Progress Blocked
so long as a creditor country is
not prepared to develop and to
maintain an unfavorable balance of
trade, or at least to compensate a
favorable balance by invisible i'm
ports, no international monetary
system can operate successfully"
the report asserts.
It also recognizes that certain
countries have found clearing agree
ments to be an instrument enabling
them to model their national eco
nomic system on new lines" utiliz-
ing clearing agreements in the same
way as quotas or customs duties.
Suggestions are made as to meth
DDS of modifying clearing agree
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08
Trends
Railroad Earnings
Now Begin to
Look Better.
by VINCENT LYONS.
Times Financial Editor

THE first paragraph Of the
u monthly earnings report fthe
Association OF American Railroads
relates that the nations Class
railroads in the first five months
Of the year had net railway oper-
ating income Of sl6O,7S7, $40, equiv
alent 10 an annual return on prop
erty investment of 1.85 per cent.
contrasted with sl54,529 .269, or a
return Of 2I2 per cent. in the same
period OF 1884. By net railway in
come is meant income after Operat-
ing expenses, taxes and equipment
rentals but before interest and other
fixed charges.
Looking at those cold figures it
would seem that the carriers are
in rather a bad state from an earn
ings standpoint. Such has been the
case for some time now. However,
II one delves deeper into the re-
port. the suspicion grows that the
Association OF American Railroads
has put its worst foot forward
There Is a basis for hope in the
railroad earnings situation if one
cares 10 accept il; even though
one must use principles Of relativ-
ity. For instance, in the first five
months a one-half OF l per cent in
crease in gross revenues was trans
lated INTO a Is per cent decline in
net railway operating income,
whereas for May alone a 09 per
cent decrease in gross resulted in
but oue-half Of l per cent shrink
age n net income.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-08


CHICAGO July Eggs-Market. easy;
receipts. 445 cases; fresh graded firsts.
23c: current receipts. 2l34c dirties. 20i &C.
checks, 1994c. Butter-Msrket. steady;
receipts. "a 500 tubs: extra frsts 90
eli2 scorel, 22i4 a &C; extras t92 scorel 8.
23c: frstS $780, scorel 2094 n q &C;
seconds iS6-57l2 score. zoe: specials Csc
standards. % &C. Poultry-Market steady.
strong; receipts. IS trucks; broilers. ia
lsc: fryers. ia 2oc; old BOOSTERS. 12G l3c
ducks, l0Gl6c geese. l0c; spring chickens.
goa 22c: hens 12n l6c: turkeys, 13d15c;
Leghorn hens. 12i2c. Cheese-Twins, 1874
l3l4c: Daisies. I3izdl3s4c LonghOrns.
13iaGl394c Potatoes. old stock-Supply
moderate: demand and trading slow;
market about steady; Idaho Russet Bur
banks Sl15M1.30. New stock-Supply
moderate: demand and trading SLOW; mar
ket dull; Arkansas Bliss TriumphS, 81 50;
California Round Whites 10; Mississippi
CobblerS. SI15MI25: Oklahoma Bliss Tri-
umphs showing decayi slMl.25. North
Carolina Cobblers Sl35. Virginia CObblers.
Sl.l5Gl35. Arrivals 81, on track FOL,
shipments sol.
CLEVELAND. July s.-Butter-Market.
weak: extras 27c; standards. &c. Eggs
Market. steady, extra whites. Csc; extra
firsts. 22iac: current receipts. 22c. Live
poultry-Firm: heavy fowl. l6c; medium
fowl, ia lsc: ducks, young; l6g nc;
ducks old. l2II3c Potatoes-North Caro-
lima Cobblers. $3.50 a lo0-lb. bag; Cali
fornia long whites $40; Ohio CobbleTs,
$50 l00-lb. bag.