davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
GRAIN MEN AWAIT
REPORTS ON CROP
Early Trading at Chicago
Unusually Quiet.
By United Press

By United Press
CHICAGO, Aug. 2.-Early trad
ing in all grain futures on the Board
of Trade was unusually quiet to-
day as traders awaited the release
of the crop reports by private ex-
perts.
At the start wheat was unchanged
to % cent lower, corn was % cent
lower to u cent higher, oats were
unchanged to % cent lower, and rye
was off 1s to % cent.
Wheat traders were not inclined
to take definite stand on either
side until the publication of the pri-
vate reports The daily quota of
rust news from the Northwest and
f1rmneSs at Liverpool had little eff
feet on the trade.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02


The PWA order, issued in May,
but just now protested by Eugene
Grace of Bethlehem, requires do
nestle steel to be used unless for
eign steel is more than Is per cent
lower in price. AS President RooSe-
welt points out, this is a preferen-
tial in favor of American steel.
added to the import duty imposed
on foreign steel for the same pur-
pose.
How Aliens Compete
Here is how foreign steel may
compete:
Steel used in construction is
priced now at 1.8 cents a pound in
Pittsburgh. Bethlehem makes steel
at Bethlehem, Pa, and SparrowS
Point, Md. But in selling it at New
York, under the baSing- point sys-
tenn, railroad freight from Pitts
burgh to New York is added. al
though it is much more than water
freight from either of the actual
points of production.
Hence girderS, joints, I-beams,
ETC., are priced at 2.0625 cents a
pound in New York, steel bars at
215 cents, and heavy steel plates
at 200 cents.
In the case of steel bars, for in
stance, the Is per cent protection
amounts to about 32-100 of cent
pound. In addition, the tariff
protects American steel to the ex-
tent of 25-100 of a cent. If this
combined protection-57-1 of a
CENTS deducted from the present
New York price, it appears that
foreign steel could compete with
Bethlehem if it could be delivered
Steel trade publications report
that Belgian and other continental
European steel may be purchased
f. o. b. channel and North Sea
points at LA to 119 cents. Ocean
freight is a small charge. Hence it
appears that foreigners could COM
pete fo supplying PWA contractors.
English Don't Compete
English steel producers could not
compete, for their present price at
English ports is 1856 cents.
If the surcharge for railroad
freight, once denounced by the Fed
eral Trade Commission as "phan-
tom freight" were dropped by Beth
lehem, prices at New York could be
cut to an equality with European
prices. In the case of steel bars,
the actual water haul would be a
mere fraction of the .35 cents added
for rail freight. This would make
the American price in New York
slightly more than 1.8 cents. A Is
per cent protection would make the
foreign equivalent 1853 and the 25-
| 100 cents tariff would reduce the
competitive figure to 1913.
And European steel at lis, after
paying ocean freight, could not un-
dersell American steel, according tC
this calculation.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
FOREIGN
HUDSON NET AT PEAK
Half Year Profit S560,977 Before
Federal Income Taxes.
By Times Special

ny IlmeS SpFcldI
NEW YORK, Aug. 2.-Operations
of the Hudson Motor Car Co. and
subsidiaries for the first six months
resulted in a consolidated net
profit of S56O,977, compared with
net loss of $618,160 for the same
period last year. the company an
nounced today. This profit. largest
for any similar period in the last
five years, is after all charges. in
Guiding reserve for depreciation of
$G15 .227. but before provision for
Federal income taxes.
For the three months ended June
so. consolidated net profit amounted
to S325 .3S7 after all charges. in
Guiding reserve for depreciation of
S450,476, but before Federal income
taxes. against s184.685 for the sec
ond quarter of 1884
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
BUDD GETS LARGE LOAN
Federal Reserve Grant of $4,000, 900
Awaits Holders Approval.
By Times Special


PHILADELPHIA, Aug. 2.-Ap-
proval of a s5,OOO,OO0 loan to the
Edward G. Budd Manufacturing
Co. under the provisions of Section
13b of the Federal Reserve Act. as
amended, was announced today,
This is one of the largest loans thus
far made under this provision.
The loan, payable in five years.
is secured by a first mortgage on
the company's real property and
the pledge of certain other assets.
A meeting in order to obtain the
consent Of the common and pre-
ferred stockholders is being called
for October 81. Pending the receipt
of such consent, the Federal Reserve
Bank of Philadelphia, in participa-
ton with local banks. will grant the
loan on a temporary basis, when
approved by the debenture holders.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
Other livestock
~ Times Snecial1

LOUISVILLE Aug -Cattle-Receipts.
275 dependable demand for most slaugh-
ter classes: market generally steady at
weeks upturn; bulk common to medium
grass steers and heiefrs. s5d 7.25; better
finlshed grain on grass offerings quotable
to SO, and strictly dryfeds eligible higher:
bulk beef cows, s4d5; practical top. IS so:
most low cutters and cutter cows t2.501
$50: Calves-Receipts, $50: including 125
stock calves; vealer market not fully estab-
hshed some interests asking strong to
slightly higher on best vealers; most bids
steady at So down. Hogs-Receipts, 500:
steady: top and bulk. 160-225 lbs. Sill:
23o-275 lbs. 5000: 28o lbs. up. $40 l40-
155 lbs. $3.50: l20-135 lbs. S8.S5; sows.
1855. Sheep-Receipts. $500. including 500
stock ewes; generally quality of lamb sup
ply improved; demand fairly broad: mar
ket not esta blished: some sellers asking
fully Is to so cents higher on better lambs
or SO. 75GS for closely. sorted; fat ewes
81 so down; run includes 500 head pur-
chased Hampshire Idaho yearling ewes
for Mondays market. Receipts Thursday:
Cattle. 1874: calves. 407: hogs, 397: sheep
23l5. Shipments Thursday: Cattle. 81:
calves. SAG; hogs. IA; sheep. 1888.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
ASSETS REGISTER GAIN

o y IHt8 SpecIuI
NEW YORK, Aug. 2.-Quartsriy
Income Shares. Inc, an investment
fund supervised by Administrative
and Research Corp, today reported
total gross assets of 35,000.312 for
the quarter ended July Is. This
compares with s31 ,574,947 at the end
of the preceding quarter, gain Of
s3.525. 1854.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
ARGENTINE EXPORTS
TO U. S. Squirt 100 P. C.
First Six Months Volume Placed al
SS9,S93,74S.
By Times Special

BIZ Times Special
WASHINGTON. Aug. 2.-During
the first half of 1885 Argentine ex-
ports to the United States were
more than double the total for the
corresponding period of 1884, a
Commerce Department survey re-
ported today.
Exports during the first six
months of the present year totaleo
sS9.S93, 74S. compared with sl5,592,-
96S for the same period in 1884.
The report said few difficulties
are met where exchange is desired
for importations of lumber, pitch
pine, turpentine. roSin. paraggine
and, generally, for agricultural ma
chinery.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
MACHINERY BUYERS
WAITING ON EXHIBIT
Satisfactory Volume Shown by
Trade in July, Paper Says.

Iraue III July, Fdper says.
By Times Special
NEW YORK, Aug. "A Slight
let-down in the demand for machine
tools during the closing half of the
current month, is ascribed chiefly
to a disposition on the part of users
to await the machine tool show, the
American Machinist reported today
The volume of business for July
as whole, however. was a pleasant
surprise to most interests in the in
duStry, and there is a tendency to
anticipate a continued satisfactory
volume for August.
New England volume was not fully
up to the June level, but the scope
and activity of current inquiry is re-
garded as promising for August.
Most of the real activity in the New
York area is reported to have GEN.
tered around the Amtorg (Soviet
buying agency.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
LAWYERS FILE
APPEAL ON FEE
IN BANKRUPTCY
Federal Judge Martins De-
CiSion Goes to Circuit
Court of Appeals.
By Times SpecfaI

By Times Special
MEMPHIS, Aug. 2. A blow
struck by a Federal Judge against
the big fees of lawyers IN corpora
ton bankruptcies is being carried
to the United States Circuit Court
of Appeals at Cincinnati by a law
firm whose demand for S47, 500 was
turned down by United States Dis
trict Judge John d. Martin here.
Judge Martins opinion, delivered
after hearings on fees asked in
reOrganiza ton of the Memphis
Street Railway Company. con-
demned the practice of sundry
creditor groups and their counsel
saddling their costs on the debtor
corporation. 1t also ignored the
custom among lawyers of coming
into court to approve as "just and
reasonable" the fees sought by fell
low barristers.
Judge Martin allowed only $4,000
out of $4,000 in additional allow
ances sought.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
UNITED CORP. FILES

~ Times Spfcfct
NEW YORK, Aug. 1.-The United
Corp It was disclosed today. has
filed its permanent registration with
the SEC in accordance with Section
II Of the Securities Exchange. act Of
1884.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
HEADS AGFA ANsCo CORP.

~ Z mrs NptCtut
NEW YORK, Aug. DIR. Ernst
Schwartz has been elected president
of the Agfa Ansco Corp. 20 succeed
General Herman A. Mertz, it was
announced today. DR.. Schwartz has
been chairman of the executive
committee for more than year.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
Produce Markets

me prices quoted below ARE PAID for
stock gathered IN the country. while de-
iivered in Indianapolis the price will De 3
cent hfgher Heavy breed hens i3c: Leg
horn bred mems Toe: heavv breed cocks
SC: Leghorn breeo cocks. &c: colored
erS. iis lbs and up lie: bareback broilers
inc. ducks fun feathered and fat. &c
geese. fun scaSs,sred and fat Sc. guineas,
f5c each No. l strictly fresh eggs. loss Of
iec Zach fun case must weight SIS lbs
gross. a deduction OF iOc a pound under IS
lbs viii be made Butter-No J. 27izG
2ssae: hutteTfat. zoe. quoted By the Wad-
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
ST. PAUL LOADINGs DIP

NEW YORK. Aug. 1.-THE Chi
cago. Milwaukee. st. Paul and
Pacific Railroad last week handled
23,342 revenue freight cars. against
3,729 in the previous week and &c.
S76 in the like 1884 period, it was
reported today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
RESUMES FIvE-DAY WEEK

q 2 fWto NpttIHt
NEW YORK, Aug. 1.-THE Lee
Rubber and Tire Corp. is now oper-
ating on a five-day week basis. as
compared with the four-day week
maintained during June. A. A.
Garthwaite. vice president, said to-
day.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
REICH SETS NEW RULE
TO CUT TRADE DEBTS
Forbids Passage of Imports Not
Fully Financed With Exchange.

BIZ DNItfd PTess
BERLIN. Aug. 2.-The German
Ministry of Economics today issued
a decree forbidding imports to pass
customs unless importers possessed
sufficient foreign exchange, allotted
by the ReichSbank. to pay for them.
The new order was aimed at re-
moving discrepancy between pur-
chases and payments, preventing
accumulation of commercial debts.
1T forecast further drop in inn
ports and a larger shortage of raw
materials, experts said.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
Phantom Freight Rates
Held ExboSingU. S. Steel
Mills to Alien RiUalfy
Seaboard Producers Say Threat Could Be Removed If
InduStry'S BaSng Point Freight SurCharge
Were Waived.


WASHINGTON Aug 2see comparing American and foreign
might both the tariff barrier
the Atlantic seaboard.
other seaboard pointed
possibility the ndusys
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
LOCAL CASH MARKET

City grain elevators are paying SO cents
for No soft RED wheat. Other grades on
their merits. Cash corn No. yellow
u cents and oats 81 cents
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02

BIZ IIWfs NptcfnI
NEW YORK, Aug. 1.-THE Amer
lean Car and Foundry Motors Co.,
subsidiary of American Car and
Foundry Co. today received an order
from the Worcester Street Railway
Co, of Worcester, Mass. for twelve
a. c. F. H. It's coaches.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
BONDS DRAW PREMIUM

Again Proves Successful.
By United Press
WASHINGTON, Aug. .. The
Treasury received a premium of
81 ,663 1888 on a s106, 4S3 900 issue of
27sper cent 20 to 25-year bonds Of
fered at auction Monday, it was an
nounced today.
The average price to the highest
bidders was 101 1882, or 1 1882
points above par. Several weeks
ago a similar offering drew an aver
age bid Of 101 1882.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
Appeal Notice Filed

Notice of appeal has been filed
by Larkin, Rathbone & Perry, New
York law firm, heaviest loser in the
case. Judge Martin disallowed in
its entirety this firms fee of SAT-
900 for services to the bondholders'
protective and reorganization COM
mittee, as well as $4,000 asked by
members of the committee.
1t was this committee that pre-
pared a reorganization plan finally
approved by the court. Judge Mar
tin said in throwing the two re-
quests out of court:
ANY benefits realized through
this committee and its counsel were
for the advantage of the bondhold-
ers, and should be paid for by the
bOndhOlders out of their own pock-
cts, and not by the debtor corpora
ton"
He quoted a unanimous Supreme
Court decision. written by Justice
Cardozo, denouncing exorbitant ad-
ministratiVe costs in insolvency, as
"a crying evil"
When petitioning attorneys pa
raded their fellow lawyers past the
bench to testify that the requested
fees were reasonable, Judge Martin
said that it is the courts function
to adjudge these fees and protect
the estate"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
Will Determine Costs

The appeal of the case will de-
termine to what extent, if any, a
distressed corporation must bear
the costs of creditors groups seek
ing to salvage the most possible
for themselves out of a reorganiza-
ton
This issue is also involved in the
reorganization of the Paramount
PubliX Corp, in which $3,200,000 in
fees and allowances has been re-
quested. Federal Judge Alfred c.
Coke, at New York, recently ordered
complete intemization of expenses
and has criticised the application
for additional fees by protective and
Gebenture committees, whose activ-
tiles were carried on for their own
personal benefit.
In regard to one requested fee,
Judge Coke said he saw nothing to
justify the payment of lone dollar"
although S150,0O0 was asked.
1t was brought out that the law
yers in this instance represented
debenture bonds totaling only
$4,000, but their spokesman in
sisted that it was their duty to act
in the interest of all the bondhold-
ers.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
STUDY TRACES
ITINERARY OF
AAA DOLLAR
Robin Hood Character of
Act Denied by Officials
at Washington.
BY HERBERT LITTLE
Times Special Writer

WASHINGTON, Aug. 1.-THE
itinerary of an AAA dollar was
traced today by AAA officials to an
swer charges that the processing
taxes, in Robin Hood manner, take
from the rich states and give to the
poor.
In New York, for instance, $780,
528,119 has been collected in AAA
processing taxes, and only $384,519
paid to New York farmers in AAA
benefit payments. Other industrial
states show the same sort of con-
trast in lesser degree.
In agricultural states the reverse
is true. In Texas, for example, only
$21 1914 1882 in processing taxes was
collected while benefit payments
totaled S90,765 ,3O7 These figures
cover nearly two years, up to last
May /.
Consumers Pay Bulk
But the course of the AAA dollar
must be traced all the way to give
an accurate picture, according to
officials.
In the first place, they explain,
the processing tax is paid largely
by consumers, to whom the process
sors-millers, packers and the like
pass on the increased costs of
their products.
The tax is paid by the first pro-
cessor. This means that Chicago
and East st. Louis packers, st. Paul
and Buffalor Millers paid huge sums
to the Federal Treausry. But their
products were sold in every state of
the Union. The ultimate purchasers
in all states paid the tax, in the
final analysis, after the tax had
been passed down through whole
saler, jobber and retailer.
Secondly, a large part of the dol
lar received by the farmer from
AAA is spent in buying goods in the
industrial East.
The AAA has made study of the
movement of commodities from the
16 Northeastern states, which con-
tain most of Americas industries,
into the 10 Southeastern states,
which are mostly agricultural, dur
ing two 12-month test periods. One
was the period ending in June, 1888.
The second ended in June, 1884
In the 10 Southeastern states,
cash income of farmers increased
nearly so per cent, due to higher
prices plus benefit payments. in the
second period. Shipments of COM
modities used primarily by farmers
wagons, tractors. harness, steel
fence posts-increased in the same
period by rs per cent, measured in
pounds.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
Household Goods Move

Household goods moving from the
Northeast to the Southeast in this
period, also measured in pounds,
rose 81 per cent. The general in
crease in shipment of all industrial
commodities from North to South in
these areas was 1873 per cent. Iron
and steel shipments increased 113
per cent, automobiles So per cent.
The AAA admitted that not all of
this was due to the AAA. They cited
the Farm Credit Administration
loans, the monetary policy, and pub
lie works. But the statistics, they
said, ''show in a general way what
happens when purchasing power is
increased in region in which the
dominant industry is agriculture.
The disparity between processing
taxes and benefit payments in in
duStrial states, however, has fire.
quently been cited in Congress as a
disability to the industrial states.
and senators and congressman from
those states in general have voted
against the program. The Is Sena-
tors who voted against the AAA
amendments last week included two
each from Ohio, New Jersey and
Rhode Island and one each from
Pennsylvania, Maine, Maryland,
New York, Michigan, Massachu-
sets, Connecticut, Arizona and Min
nesota.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
Money and Exchange
TREASURY STATEMENT
Last Year

cal year to July 81 compared with a year
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
Trends
A Drama of Long
Standing Draws
an Epilogue.
by VINCENT LYONS,
Times Financial Editor

ONCE upon time man who
~ knew Edison built up one OF
the greatest public utility empires
in the history of the country.
Through an intricate maze Of oper-
sting companies. holding COM
panies, investment companies and
all the other methods Of corporate
legerdemain this one mans influ-
ence spread to all corners of the
nation. Many pointed TO MIN as
the living American success story
Millions Of dollars we're poured
into his miscellaneous enterprises
by persons in all walks of life. Each
day new riders jumped on MS
financial caroussel searching for
the brass ring. The calliope blared
out songs of riches to come.
But in the background, subtly but
surely. the strains of a dirge were
heard. The few that heard ended
their ride. took their brass-rings
and moved on.
Securities of this mans far-flung
enterprises, in company with all
issues whether "gilt-edge" or cats
and dogs" continued to plod for
ward The ticker-tape was the
open Sesame" to riches. The
tabled goose that laid the golden
egg was sterile contrasted to the
stock market as 1t poured out
fabulous paper profits to all its
followers.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
Durable Goods Firms Profit

significantly optimistic note in the parade of good
earnings reports is the fact that important manufac
the first siT months compared loith the 1884
period.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02

THEN suddenly the drama rush
Il ed toward its climax; a eli
max totally unexpected. Up TO
this point all the characters in the
play had been guided entirely by
noble motives. Each wave of buy
ing lifted stocks another notch.
Then, the villain appeared. He be-
gan to sell securities, meanwhile
drawing looks of reproach from the
heroes for his temerity. Another
villain was added TO the cast. A
bit later one more.
Villains continued TO move into
the piece. Becoming holder, they
sold heavily and finally the we'll
earned denOuement came in Oc-
tober, 1929, as the stock market
tumbled recklessly. The Morgans
and the Rockefellers were written
into the play so that their assets
could be utilized in an endeavor
to restore the equilibrium of the
market. Too much momentum had
been gathered, however, for brakes
TO do any good.
Holders of the securities of the
far-hung companies dominated by
the man who knew Edison were
hard hit A handsome paper profit,
which vivid imagination a week be-
fore had translated into a new au-
tomObile. now actually was bur-
densome obligation that threatened
ruin. Securities bought at skyhigh
prices descended much more rapid
ly than they rose.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
CBy Abbott. Proctor & P
Unlisted Stocks

(By Blyth & Co.. Incl
NEW YORK BANK STOCK,
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02

Mooney, the one thing needed
1V1 to maintain the public utility
empire, was timid. Banks. the Gre
atorS of credit, we're reluctant to
loan funds to companies already
burdened with debt. The man
who knew Edison flew here. there
and everywhere vainly seeking help.
UnSuspecting security-owners had
no way of knowing what difficult
ties were being encountered or
what was going on in the mind of
the man who stood at the head of
their enterprises.
Then, suddenly, like a house of
cards the structure collapsed. But,
unlike the house of cards. the noise
of the fall reverberated through
out the entire country. -time'
savings of many individuals were
dissipated. A tide of resentment
arose against the man who knew
Edison. He fled the country when
confronted with the task of telling
his story to the courts. Subse-
quently, he returned and was ex-
onerated of charges of defrauding
stockholders in his utility empire.
This week Chicago'S La Sale
Street placed much credence in
reports that three of the original
operating companies of the once
proud utility empire are weighing
the possibility of giving total Of
$4,000 annually for life to the man
who knew EdiSon-Samuel insult.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-02
". 7. Bonds

tBy Abbott. Proctor d Panel
tReprinted From Yesterday
DAILY BOND INDEX