davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28
Wall St.
Currency Initiation
Hopes Appear
Doomed.
by RALPH MISUNDERSTOOD

NEW YORK. May 2o.-It
~ would seem TO be fairly GER
tain nov that we are not 20 have
any currency imitation in this coun-
try. II proponents Of greenback
financing could not get sufficient
support TO put their plans across
when they had them tied 10 such
popular issue as the bonus they
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28

tBv United Pressl
WASHINGTON Nav 2S-Government
expenses and receipts for the current
fiscal wear to Nav IS. compared with the
COrresp ending period of the previous fiscal
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28
Others Not Included

The figures do not include salaries
of insurance companies which have
many over $4,000, nor do they in
clude several hundred large cor
porations which have been success
full so far in keeping confidential
their salary figures.
The reports show that at least 100
big money executives are receiving
higher annual compensation that
paid President Roosevelt. No salary
report issued so far comes within
striking distance, however, of the
million dollar income in boom times
of Eugene G. Grace. president Of
the Bethlehem Steel Corp.
The Federal Trade Commission
reported 80 persons received salaries
of 100000 or better in 1919 and
only 80 in 1888 The trend of pres
ent reports for 1884 show that the
1888 figure may be exceeded.
Top Figures Shown
Among the top compensation
figures for last year already re-
ported are the following:
Thomas J. watson. president. Interna-
tional Business Machines Corps, 1855 $50.
Charles NJ. Schwab. chairman. Bethle-
hem Steel Corp $3.50 600. ,.-,.
Telephone & Telegraph Co. s2lo05o.
Eugene G. Grace, president. Bethlehem
E. R. Crawford, president McKeesport
Tin Plate Co Sl73. $50.
c9 Gandi Kelley Pree;sisdss4nt Anacon-
JOSEPH GSPRR'f W MnnT CO. president S Standard
William =. Warner. president Mccall
Philip Le Boutillier. president, Best q
F. B, Davis. chairman. U. S. Rubber Co..
G. V. Perkins. vice president, McKees-
port Tin Plate Co. sl24l66.
Edward c. Schubert. president. Standard
oil Co. Indiana. SIT 500.
Thomas H. McInnerney. president. Ma
tionsl Dairy Products Co, s1O8, 700
Gssorg rye T, CorteItyg00gg president. Con-
D. G. Jackling, president. Utah Copper
r. w Woodruff. president. coca-Cola
Francis Fl. Brownen. chairman. Amer
ic2 Mli, Smelling = Refining Co. 500 600
no Ml Gass E Co. Ley sioo P ooo o~en'i
George Horace Lorimer. editor. satur-
dav Evening Post, 500 900.
John L. Johnston. president. Lambert
Co., 500 900.
J. w. Van DYKE. chairman Atlantic Re-
filming Co. 500 600
Dan Moran, president Continental Oil
seweil L. Avery. president. Montgomery
Ward g. Co. 800 600
John E. Zimmerman president. United
Gas Improvement Co. 100000.
Many of the above salary checks
were accompanied by substantial
dividend payments from shares Of
stock held in their corporations.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28
NTHEN the gold content Of the
Wv dollar WIS reduced the Unit

HTHEN the gold content Of the
w dollar was reduced the Unit
ed States greatly increased the
metal backing Of our currency.
That means that we could put a
great deal more money into circu-
lation than we had in 1923 and
1929 without dangerously approach
ing the so-called legal limit. And
the credit limit could be increased
correspondence. In other words.
we have credit Ito burn" in this
country.
Credit expansion comes when
lenders of money are confident they
can be repaid and when borrowers
are reasonably sure they can use
more funds prOfitably in their bust
nesses. Low interest rates make
the chances for profitable use Of
money greater and invite borrowing.
The present would seem TO be a
prOpitiOus time for credit expan-
sion. A tremendous potential de-
mand for goods has been created
by the depression. Business al
ready has taken a turn for the
better. and people with money are
more disposed to make loans. The
defeat of the "infationists' yester-
day suggests that lenders can hope
to get back sound money from
borrowers If they make loans. The
government has forced money into
the banks beyond current needs
and has encouraged lending. Money
rates are low.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28
OFFICIALS PAID
$4,000 YEARLY
TOP 200 MARK
"a Executives Receive An
nuaI Compensation of
100000 to 1855, 900.
BY Urffcd Press

BY United Press
WASHINGTON, May 2S-Bis
business paid more than 200 Of its
top-ranking executives salaries Of
$4,000 or better last year, it was
revealed today in reports filed with
the Securities and Exchange Com
mission.
Although comparative figures for
the prosperity period were lacking it
was believed most Of these business
heads took salary cuts along with
the little fellows"
In reports made public so far,
comprising more than half of the
leading business men, "a top ex-
ecutives were shown to be receiving
annual compensation of 100000 to
1865 900, and at least its Of $4,000
to SOS, 999.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28

history as one Of the most impor-
fant legislative engagements Of the
Roosevelt regime. Il probably will
be regarded as the point in the New
Deal program where the so-called
radicals were turned back and the
financial ship Of state was steered
back TO orthodox channels
But the fact that We are not TO
have currency initiation does not
mean that initiation is a dead issue.
The groundwork for credit infia-
ton has been laid. and it will take
an extremely steady hand to keep
it in check. Few people in author
ity believe it can be done, in fact.
And the results Of credit initiation
may be very much like those which
come from currency initiation.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28
Other livestock


CHICAGO May 28-Hogs - Receipts.
u 600 including 1000 directs: slow. prac-
si005a lois: top. 5000. 27O-35O lbs.
50 IS 10: l40-l9O lbs S9.40NlO; pigs. SO az
down. most good packing sows. SEA g.25'
So 40N9s5: light weight 10000 lbs good
and choice. 50 CO. lois: medium weights.
20o-250 lbs; good an6 choice, slOg 10 20;
choice. s9.S58 1920; packing sows. 275-55O
Slaughter piss. Ioo-146 lbs. sood and
1000. calves. $500: very few strictly good
and choice WelGhty steers here, demand
Tor such kinds still narrow because OF
fully steady on kinds scaling 1850 lbs. up
ward. slow steady 10 weak on other
steers and yearllngS common and medium
sraoes duh; early top si2 so. several loads
Si2u Il IS. bulk OF crop Sill so down; al
grades cows weak 10 IS cents lower. heif-
erS steady 70 weak. most bulls and vealers
$4,000 lbs gooG and choice Sg.75 1880.
2o0-ll00 lbs. good and choice. Sl09
si5-S9: ,lioo-lSoo los 5000 and choice;
Choice. sio5od ISIS. 55o-is6O lbs. COM a-
mon and medium. s5l5G 10 so. heifers.
55O-s50 lbs. gooo and choice. SO SO ll.50;
good. 7sGs.7s; common and medium. rs
az, low cutter and cutter, $3.50 50;
bulls lyearlings excluded. good beef.
IS rs $50. cutter common and medium.
s2.50 s.. Sesrlings good and choice.
$500 10: medium. S550d7.5O: Gull ana
common. 81 50d5 50. stockers and feeder
cattle. steers 5sO-l050 lbs. good and
choice. rs az common and medium.
ss25G7.50. Sheep-Receipts. 5000: fat
lambs and springerS active, strong 70 IS
cents higher. clipped lambs. $500 S. top.
SIS IS. load Eood TO choice Colorado wooded
SKINS. IS 90. better grade native Sprlngers.
50 g 20. few head 10 traders. SO 50: sheep
arm. shorn native ewes. S2Us. Slaughter
sheep and lambs, sp-inC lambs good and
choice. ss25n950. medium S7GS25.
lambs 9o-lb. down good and choice 81 so
T825, common and medium. S625H7.65.
90-9S lbs. good and choice. S735Tsl5.
96-II0 lbs. good and choice. s725Ts.
ewes. 90-i5o lbs. Eood ana choice. 50 rs n
40. al weights common and medium
Sl.5oI250
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28
Building Activity Up

Heavy construction, which shows
more than average gains as recorded
by Engineering News-Record, like
wise found its activity centered
largely in these five states, which
cornered As per cent of the dollar
volume in the first quarter They
are: New York S51.1O0,000, a gain
of 80 per cent over 1884; Tennessee
S27,6OO.OOO: California SIG. 100000:
Ohio S175OO,OOO, and Illinois S15.-
100000.
In other words, the biggest mar
ket for these significant items, and
others closely allied, is concentrated
in less than a dozen states. New
York ranks first in five out of eight
groups and is second in two other
groups; Illinois is among the first
five in all eight groups; California
appears in seven; Ohio in six and
Pennsylvania in five"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28

FINDER yesterdays novel ar
~ rangement buyers can not en-
terrain this same feeling of security.
This follows from the fact that the
buyers of the bonds are to set the
figure at which they will take the
bonds and, consequently, those
making the most attractive bids will
be the only ones to receive any of
the issue. For instance, if sufficient
bids of 1902 are rendered to take
the entire 100000, 900 issue the per-
sons, or institutions, which entered
bid of 10O9s would be left out in
the cold
Thus, the astute Secretary of the
Treasury, cognizant that government
bonds are still the preferred invest
ment, is making seekers of the bonds
compete for the privilege of owning
them. The injection of the COM
petitive element is particularly
apropoS at this time when more
than $20OO,0OO,0O0 of excess reserves
are Cutting bank vaults throughout
the country.
The new per cent bonds to be
offered in the first test of the novel
method will mature June Is, 1948,
but the Treasury has the option Of
calling them on and after June Is,
1916. Whether the Treasury will
make a habit of this type of f1nanc-
ing is problematical and certainly is
dependent on the results of the
initial attempt.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28
LOCAL CASH MARKET

civ grain elevators are paying n cents
for No. soft red wheat. other grades on
their merits. Cash corn No. yellow.
n cents and oats % cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28
". Y. Bonds

(Reprinted From Yesterday
(By Abbott. Proctor g. Paine)
DAILY BOND INDEX
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28

BOAlQSs AAC Ill AoHO-
Instead of establishing an offering
price on the new issue OF bonds,
which has been the usual practice,
the guardian of the 1reasury's
purse strings has asked potential
buyers to set the price. After ana
lying the new departure it would
seem that it is an ingenious device
to wrangle the last decimal point Of
savings for the, government.
And, moreover, this possible saving
would come about by stacking the
bankers and other financial institu-
lions against each other. Up to the
present when the Treasury an
nounced a new issue of bonds and
established an offering price, seek
ers of the obligations would simply
enter their subscriptions content in
the knowledge that they stood as
good a chance as the next one OF
acquiring a part of the issue.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28

OF course, some skeptics of the
~ proposal might infer that the
potential buyers of the new issue
could get together and agree on a
certain price for the bonds. Such
an eventuality can not be regarded
seriously because of the wide market
for the issue and the intense desire
of banks to find an outlet for their
surplus funds. In the latter con-
nection it might be mentioned that
many institutions are satisfied with
half a loaf when the whole loaf is
unavailable.
The selling of bonds to the high
est bidders is not a wholly new de-
velopment. 1t was reSorted to quite
extensively before the outbreak of
the World War. Last summer a
New Deal created agency, the Fed
eral Farm Mortgage Corp, invited
tenders on per cent bonds due in
1949. And, of course, the same prac-
tice prevails in the many offerings
of 182-day discount bills or certif-
icates of Indebtedness.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28

CREDIT expansion Of itself does
- not constitute imitation. In
fiation comes with overconfidence
on the part Of both borrower and
lender. It comes when more credit
has been injected into business than
can be used to advantage, when
more goods are being produced
than can be used and paid for out
of current earnings.
We had credit imitation in 1928
and 1929. The politicians. the
bankers and the general public had
been lulled into feeling Of security
in respect to debt repaymentS by
a belief that We were in a new
era" Every one took greater
chances with his own and other
peoples money than was justified
economically. A pyramid of credit
was built. and it finally got so high
It tumbled. The depression followed.
In the past We have had regular
and periodic business cycles.
Periods OF prosperity followed
periods Of depression. In pros
porous times We became OvercOn-
fident. and in hard times We be-
came OverdCpreSSed. II stands TO
reason a period of prosperity is in
the making. and never before in
the history of the country have We
had so much potential credit avail
able as We have now. II Will be
unusual If this wealth Of credit
does not bring about imitation.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28
Concentration Pronounced

Concentration of refrigerator
sales for household use is even more
pronounced. Fully 43 per cent Of
the sales in the first three months
Of this year fell in the five states of
Illinois. 55.32l: New York, 36,767;
Pennsylvania, 35,701: Ohio, 30,152,
and California, 26287. With the ex-
ception of Illinois, which draws
heavily on agriculture, these states
are largely industrial.
The same five states are also the
leading producers of electric power,
accounting for Al per cent of the
first quarter output. These same
five states also bought 81 per cent
of all ordinary life insurance sold by
major companies in the first three
months.
The richest markets in the first
quarter of the year for farm i'm
plement makers and mail order
houses lay in Iowa, which cleaned
Silt 100000 of farm income. includ-
ing benefits; California, with $780,
100000; Illinois, With S87 100000;
Texas, with S74,100,00O, and Kansas,
with $50 500 600
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28
BY Times speciall

LOUISVILLE. Nav 2s-Cst tie-Receipts.
200, slaughter cattle in very light SUP
My. demand fairly broad: market eener-
ally S.eacv. bulk common 10 medium steers
and heifers. sl250s So better finished
ouotable 20 SO so and above: bulk beef
COWS. $3.50 %. gooc beef bred COWS quot
able 20 around $50 most low cutters and
cutters. $ 50 sausage bulls generallv
$ 50 q so. better Hereford Stockers and
stock calves. S1a6- most palmer grade
light scutherns. Ssu5. Caives-ReceiDts
ESQ. UarEet sreadvis bulk good 70 choice
veaiers. S7sr7 SO. strictly choice IS. me-
dium and lower Grades Sc down. Hogs-
Rcceipts. SOC. market, STEADY top and
I'D. 50 IS. leo-ll5 los So 40 ii0-l55 lbs.
Sc 90. leo-i35 lbs s795. SONS sss5.
Shcr1-R Receipts. 800; run mostly spring
lambs. cucfable very desirable market
s-eadv. bulk better nearby trVckeo-in
eve and Wether SprinCers. SIS. some
prime around 6o-ib. sprinEers. choice over
night and lonChaul lambs 10 SO IS. bucks
discounted s.. light usediur- grade spring.
ers IS 50a7; Clipped lambs mostly S5.5oG
LAFAYETTE. Nav -Market-steady;
20O-22s lbs. $40 lof lois. 225-2ls lbs.
Sl1Gio05 27S-325 lbs. S9-s0G $50. i6o-
zoo lbs. 50 9oel0 is0-le0 lbs. 50 35Ge 50:
i10-iso lnS-. SssS1e 10. i0c-i20 lbs. S..
q 8 50: ruurhs. ss75 down. Calves. soc
lover. $50 down. Clipped lambs. $50
down. spring lambs. steady s. down
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28
INDIANA FARM
INCOME Squirt
TOPS COUNTRY
First Quarter Increase Over
Same 1884 Period Put
at 81 Per Cent.
ByTimes Special

BIZ Times Spcciqi
NEW YORK. May 28.-Indiana
farm income IN the first quarter in
creased 81 per cent over the COM
parative period Of 1884; this gain
exceeding that Of any other state in
the Union, according to survey is
sued today by Business Week.
This showing is contained in the
publications second survey Of sales,
production and farm income by
states and regions in which marked
gains are recorded over 1884. Not
only are the percentage increases
more substantial, it is stated, but it
is also revealed that the industrial
regions Of the country are moving
into first place instead Of dragging
along at the end of the line.
In automobile sales five states
comprised 81 per cent Of the whole
market in the first quarter" it is
stated in the survey. "Of the $685.
727 passenger cars sold in the first
three months Of the year New York
bought 46,O71, California 4l,975.
Ohio 4O.747. Michigan 40,737 and Il
GuOiS 20 oil
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-28
Chicago Grain Futures

CBy James E. BennetN
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1935-06-28
NEW OFFER DUE
FOR BUSL|NES

Steps will be taken today by the
Capital Transit Company to dis
miss a suit now pending in Dis
trict Supreme Court through
which it sought to force the
Public Utilities Commission to ap-
prove its purchase Of the Wash.
ington Rapid Transit Company
for $843,o0O.
Under the merger act creating
the Capital Transit Company, the
commission agreed that it could
purchase the physical equipment
and other assets Of the Washing
ton Rapid Transit Company, for
a fair and reasonable price,"
The $843,000 was offered last
September, but the commission
diSapproved and the company ap-
pealed to the court.
Dismissal Of the complaint is
preliminary to the presentation
by the street car company of a
new proposal for purchase of the
Sixteenth Street bus lines.
Authority to act on purchase
of the bus company was vested in
the Utilities Commission by Con.
gress, since the price paid by the
street car company would be
charged against street car riders.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1935-06-28
Protests Radio Use
OF Church Service

To the Editor of The Times:
wish to protest against what
I consider one of the most awful
pieces of sacrilege I have ever
heard.
Listening to a program on the
radio the other night, I heard
the entire marriage service Of
the Protestant Episcopal Church
read as part Of a radio play.
considered this Sacrilegious
and the worst Of taste, for only
a priest of the church has any
right to read this service and
give the benediction to this holy
rite. which the actor did in this
case.
When radio goes so far as to
do a thing Of this sort, I believe
it is high time for the Federal
authorities to step in.
The rites and services of any
church should not be used in
such a manner. C. P.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1935-06-28
Lawyer Wants Privacy
LoW Passed
To the Editor of The Times:

To the Editor Of The Times:
want, if you please, belatedly,
due to my absence from the city,
to call attention to a most able
editorial in your paper of the
eighteenth instant, on the pro
posed Presidential primary law
for the District of Columbia. That
editorial most admirably and
forcibly expressed the desire of
local residents and questioned
most clearly the reason, If any,
action on this bill has been de.
liberately delayed.
No action has been taken in
either house since its introduction
more than six months ago. This
is indeed most difficult to under
stand by the civic leaders and
organizations that have backed
this measure and urged it's pass.
age.
The people want it. They have
given expression to this in as
many ways as the peculiar condi.
ton of their citizenship permits,
that is to say. through the citi.
zens' associations, the various pc.
lltical clubs, the associations Of
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1935-06-28
Shrine Mascot
GiUen Zoo In
Baltimore

BALTIMORE, Md, June %.
Shorne Of his role as mascot Of
Almas Temple Of the Shrine, q
South American ocelot has been
added to the collection at Bal.
timore's zoo. ...
The kitty, is months old, is
tawny yellow, mixed with red
dish gay. He was presented
to the Druid Hill Park Zoo by
Allen H. Potts, Washington ar
chitect, who formerly lived here.
Mr.. Potts said the cat was
given to him last winter by an
aviator who found him in the
South American Andes. AS
chairman Of the hospitality com.
mittee Of the Shrine convention
held in Washington three
weeks ago, Mr.. Potts loaned his
ocelot IS a mascot. When full
grown the animal will be about
four feet long, he said.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1935-06-28
WAGNER BILL Up
TOPRES|DENT

Congress completed action yes
terday on the Wagner-Connery
labor disputes bill when House and
Senate approved the conference
report. The bill today goes to the
White House.
The Senate action took less than
five minutes. There was no debate
and no record vote. Chairman
David I. walsh, Of the Labor Com
mittee, merely explained the report
briefly.
The bill creates quasi-judicial
national labor relations board for
settling industrial disputes, guar
anteeS collective bargaining to
labor, and outlaws the company
dominated union.
AS finally passed, the bill pro-
vided that the labor board may
not arbitrate disputes unless work
ers complain that employers are
INDUCING in unfair practices Speci.
fled in the bill. In such case the
board may turn the case over to
the Department of Justice for
prosecution.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1935-06-28

government employees and other
organizations and local leaders.
The daily newspapers have all
at one time or another editorially
endorsed this bill, which is in
tended to, and which they be-
lieve, will correct the. deplorable
condition existing in the Nations
Capital, by which it's residents,
already deprived of legislative
representation, are condemned to
Misrepresentation in the national
political conventions. In a word,
public opinion demands the relief
sought by this bill.
It is a matter of common knoWl-
edge around the city that certain
pSeudo-politicians are exerting
every effort to prevent the pass
age Of this bill, which is conclu-
siVe evidence of the iniquity Of
the system they represent and
hope to perpetuate, and the rea-
son Of course is, that the enact
ment Of this vitality needed legis-
lation will sound their local po.
litical doom.
However. if given an opening its
passage would be, I am sure, but
routine matter.
To insure its passage at this
session action must be taken at
once, otherwise, the same de-
plorable condition of the hand
picking Of District delegates will