davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
STOCKS RENEW
CLIMB IN WEEK
Rise Ranges From Fractions
to 7 Points; Turnover
Increases.
BY ELMER G. WALLER
United Press Financial Editor

NEW YORK, Oct. 12.-Stocks re-
Sumed their advance this week and
closed fractions to more than 7
points above levels of last Saturday.
Trading picked up steadily, but light
volume early in the week held the
total down to 6,929,012 shares,
against 7,773,897 shares in the first
five days last week.
There was no sensational pickup
in business, although the stock mar
ket would seem to be rejecting
such change. The latter's recovery
was based partly on ability of in
dustry to maintain a high operating
rate; on outlook for keeping the
Italian Ethiopian war isolated; and
further talk of an imitation boom
ahead.
Steel operations slipped off some
what on slowness of automobile
orders to develop. Steel stocks,
however, gained with U. S. Steel
common up Ia at 447s at the end
of the week. Chemical issues made
the widest gains. Monsanto closed
at 90A, up IL; Allied 17OA, ex-
dividend, up 5l4; and Du Pont 1874,
up Az.
Chrysler led the automobile group,
reaching a new high since 1929 at
78&. General Motors made a new
high for the year. Other motors
We're higher and so were the motor
equipments.
Mail order shares and other
mercantile issues responded to the
gains in trade. Westinghouse led
the electrical equipments with T.
point gain. Consolidated Gas was
up more than points on the week
in the utilities.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
COAL STRIKE HALT
AIDS CAR L0AD|NCS
Total for Oct. 5 Week
Climbs by 1906 Units.

By OHited Press
WASHINGTON, Oct. 12-Aided
by the resumption of activities in
the bituminous coal field, freight car
loadings for the week ended Oct. s
increased 76,106 cars to a total of
706,877, the American Association of
Railroads announced today.
The total was 74,471 cars ahead
Of the corresponding week last year.
Coal traffic for the week expanded
65,524 cars over the preceding week
when the coal strike was in effect.
The aggregate also was 10,O77 cars
ahead of the same 1884 week.
Miscellaneous freight loadings
totalled 279,287, or 1912 cars above
the preceding week and 80 1924 ahead
OF a year ago. Loading of merchan-
disc less than-carload lots aggrc
gated 168,75O cars, or 1922 above the
week previous and 3642 ahead of the
1884 period.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
COPPER TRADE
OUTLOOK BEST
IN FEW YEARS
Total World Supply Off
7 Per Cent From Start
of Year.
BIZ Times Special

By Times Special
NEW YORK, Oct. 12.-With cop
per selling at 81 cents a pound,
the highest since early 1881, the
outlook for the industry seems the
best in three years, from a domestic
and world standpoint, check of
leading authorities revealed today.
To forestall re-entry of high cost
producers into the situation, the
major producers are hoping that
the marked demand will not lift
the price much higher At the pre-
vailing price 80 per cent or more
of the domestic producers can oper-
ate profitably
Recently domestic output has
moved up from about 20 per cent
of rated capacity to q per cent.
Since June domestic consumption
has been exceeding production
Similarly, European demand has
been running high, with war pre-
paredness a conspicuous influence.
According to the Daily Metal Re-
porter, total world visible supply
at the end of August Appropriated
$4,000 tons, 7 per cent less than at
the beginning of the year.
Visible Supply Cut
The United States visible supply
apprOXimated 248OOO tons at the
end of August, contrasted with 1885,
600 tons at the beginning of 1885,
and high of $4,000 tons at the
end of 1888.
In January domestic producers
held 226,000 tons. BY Sept. l this
had shrunk to 10000 tons of re-
fined copper in producers hands
ready for sale.
With domestic consumption cur
rently running at from $4,000 to
$4,000 tons a month, three
months supply is indicated in pro-
ducers' hands At the start of 1885
consumption was running at about
$4,000 tons a month. Indications
are that by the end of the year do
nestle consumption should be run
ming at the rate of $4,000 tons a
month.
Three Factors at Work
Three main influences are said to
be expanding demand. They are
the marked increase in needs of in
dustry, probability of higher prices
and bullish foreign price situation.
A meeting of foreign producers
and the Fascist monopoly Monday
was called off because of the Ethi-
opian war. Italy has $4,000 tons of
copper orders yet untitled. In the
event of economic sanctions being
applied, how Italy will obtain this
copper remains a question.
In July the European consumption
of copper Appropriated $4,000 tons,
and in August it was $4,000 tons.
Since June foreign producers have
curtailed production by 30 per cent,
while the American producers were
working at 20 per cent of capacity
until recently. This curtailment was
caused by improbable operation at
low prices.
Competition and price difficulties
here and abroad have been we'll ad-
justed, spokesman in the American
industry assert.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
STOCKHOLDERS ATTACK
NEW DEAL LEGISLATION
Congressman Urged TO Protect
Interests of Utility,

hW iNtS Nptclul
NEW YORK, oct. 12.-Believing
that the utility holding company act
might destroy their investments,
Electric Bond and Share Co. stock
holders today attacked the New Deal
Administration for passing the
death sentence" provision.
Holders urged officers and direc-
tors to ask the cooperation of more
than $4,000 equity holders in TAX
ing steps to see that representatives
in Congress act to preserve their in
terest. 1t was reported.
Investors attending the meeting
VI ID negatively on the resolution,
of red by Hamilton c. Pell, former
congressman, to prevent the COM
pay from using funds to inform
S stockholders the state of affairs on
arv legislation which might, directly
o. lairectly, infiYence their political
yo.e.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
FOREIGN GOLD LIFTS
AMERICAS HOLDINGS
Government Hoard Almost Equal TO
Half World Supply.
BIZ UHifPd Press


WASHINGTON, Oct. II. The
governments huge gold hoard rap
idly approached half the size of the
worlds stocks today when officials
reported record breaking holdings of
SO 1853 100000 Since Sept. l the
hoard has increased by $3.50 900 900
as the result of a hurried flight of
the metal from Europe.
Because of the huge imports and
the Roosevelt monetary program,
gold stocks have been increased
from $4,000 900 to S9,463 900 900
in less than three years.
With the mounting government
stocks and no indications of a
Stemming of the inflow Treasury of
flcialS rushed construction of 6 new
gold vault to be built at Fort Knox.
Ky. This depository is expected to
furnish safekeeping for billions of
dollars worth of metal.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
SHELTERS REOPEN
Murray Unit to Employ 300 Men for
Winter Operations.


SALT LACE CITY, Oct. H.
Formal announcement of the re-
opening Of two major smelters in
this district was made here today.
The Murray lead smelter of the
American Smelling and Refining
Co. resumed operations on Oct. l
after being closed since April l, &C
cording to w. j. O'Connor, general
manager.
The other, the International
Smelling Refining Co., Utah unit Of
the Anaconda Copper Co., will re-
open its plant smelter early this
month after four years of idleness.
The Murray plant will employ ap-
proximately 300 men, the largest
pay roll in several years, it was
said.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
FARM CREDIT UNITS
PARE LOAN VOLUME
Department of Agriculture Cites
Cut in Report.
By United Press

By CHtfd Press
WASHINGTON, Oct. 12.-Federal
farm credit agencies made few new
loans during the summer months,
the Department of Agriculture re-
ported today. Credit extended by
Federal Land Banks amounted to
$14,000000 in July and S19.000,0O0 in
August, compared with $4,000 900
and S6000O,000 for the same months
in 1884.
Land bank commissioner loans
amounted to $11 100000 for July and
S13,000,000 for August, against $50
100000 and $47,0O0000 last year.
Federal intermediate Credit Bank
loans were $3O,OOOOO0 for June and
S28,0O0OOO for July, slightly below
the 1884 figures of $35,OO0000 and
$31 100000.
New leans in June and July by
regional agricultural credit corpora
tions amounted to S11,000,0 900,
against $15,000OOO in 1884. Produc-
ton credit association loans for the
same two months were S29,000,000
as compared with S24,00000O year
ago.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12

Federal government at the present
time exercise Federal spending
power without relation to revenue?
"3. Should there be government
competition with private enterprise
for regulatory and other purposes?
Il. Should all grants of author
ity by Congress to the executive de-
partment of the Federal government
be within clearly defined limits?'
The Chamber also gave its men,
bers a list of New Deal legislation
along with an outline of its aims
and purposes, including arguments
against action by Congress during
the Roosevelt Administration.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
FILM COMPANY FORMED
New Unit TO Develop Technicolor,
Has Prominent Backers.
By I imcS Specigf

HOLLYWOOD, Oct. 12.-Forma-
ton OF a large film producing COM
pany' headed by David and Myron
Selznick. with intentions of devel-
oping technicolor as one of its chief
contributions to the industry, was
announced here today.
The new film firm, it was said. will
probably take over the assets and
contracts of David o. Selznick Pro-
auctions, including contracts with
the United Artists distributors.
c. V. Whitney, job. Hay Whit
ney, and Robert Lehman, banker,
all OF New York. and DR.. A. H. Gian-
MIND California banker, will back
the Enterprise.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
All Major Markets
Closed for Holiday

Leading security and COM
modify exchanges throughout
the country suspended trading
operations today in observance
of Columbus Day. Miscellane-
GUS livestock and produce mar
kets, however, will be open.
All European and Canadian
exchanges, with the exception
of the London Stock Exchange
and the Paris Bourse, will be
open. The foreign exchange
market also will be closed.
Business in all markets will
be resumed Monday.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
NEW HAVEN SEEKS
LOAN OF 100000
Carrier Asks RFC to Furnish
Funds for Expenses.

By United Press
WASHINGTON, Oct. IL. - The
New York, New Haven & Hartford
Railroad today asked Jesse Jones
Reconstruction Finance Corp. for a
$5,0O0,OO0 loan to meet current ex-
penses and at the same time re-
quested the Interstate Commerce
Commission to approve the loan.
The railroad stated the funds
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
PRODUCTION AT PEAK
Delco- Remy Muncie Plant Pro-
ducing 10000 Batteries Daily.
BIZ Tim es Specie

BU Tlmes Npecl0F
MUNCIE, Ind, Oct. 12-The
highest production level in history
was reached here last week by the
branch plant of the Delco Remy
Corp, Roy L. Plummer, superin-
tendent, announced today Oper-
ations were placed at 10000 bat
teries daily.
AS a result of a new schedule
to meet increased operating re-
quirements, the plants pay roll has
been increased from 600 to TOO en-
ployes. The case plant at present
IS producing 5000 cases daily and
expects to increase that number to
5000 next week, it was said.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
BANK DEPOSITS CLIMB

EVANSVILLE, Ind, Oct. 12.-
Bank deposits here in September
showed an increase of approximate
ly $4,000 900, compared with the
corresponding month last year, the
Chamber of Commerce announced
today. Deposits on the last day Of
the month were 1876 per cent
higher, and debts were up 2S.8 per
cent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
SEES EMPLOYMENT GAIN
80 Per Cent of Evansville Workers
May Be Employed.

bY TWtS NVFCNUE
EVANSVILLE, Ind, Oct. Pap
proximately 80 per cent of this city's
workers will be given employment
when new factories are opened on
full-time schedule, Arthur P.
Eberlein, secretary of the Chamber
of Commerce, predicted this week.
Speaking at a meeting of the
Retail Credit Club, Mr.. Eberlein
said: This will mean an increase
of about $4,000 a week over the
present pay roll for about eight
months out of the year. In 1929
between 81 and IS per cent of
Evansville workers were employed"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
140 VISIT GAS PLANT
Representatives of Bond Houses
Guests at Luncheon.

The plant of the municipality
owned Citizens Gas and Coke
Utility was inspected by lao repre-
Sentatives of investment houses yes
terday. Cyrus S. Eaton of Otis &
Co, and A. E. Bryson and R. E.
Slmond, vice president of Halsey,
Stuart & Co., were among those
present.
The visitors were luncheon guests
at the Indianapolis Athletic Club.
Mayor Kern. City Controller Boet-:
cher. William j. Mooney, president
OF the Utility District trustees, and
Russell j. Ryan, director, spoke
at the gathering.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
BUDD co. GETS LOAN
Working Capital of Firm Increased
by S5,OOO,OOO, Report Says.

D Y TWtS NpCCINT
PHILADELPHIA, Oct. 12.-Work-
ing capital of the Edward c. Budd
Manufacturing Co. was increased
S5,000,000 through a loan of that
amount by Philadelphia bankers,
Edward G. Budd, president, an
nounced today.
Proceeds of the loan will be used
to retire certain matured obliga-
tinos and current bank loans, and
to provide additional working CAPT.
tai to finance the substantial in
crease in the companys volume of
business
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12

$3.50 900 900 to
S35O.000.000 Of
the wartime ho-
tationS. TIL c S e
will be paid OF
in cash Tues
day.
Although this
operation Will
e n d another
phase of the
wartime fnanc-
ing, it does not
mean that the
United States
has paid off its
war debts. Many
of the Liberties
were refunded
INTO n4ho~
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
WARTIME BOND
ISSUES OF U. S.
ARE OFF BOOKS
Retirement of Liberties viii
Remove Last of Old
Loans.
By United Press

WASHINGTON. Oct. 12.-The
Federal government completed
plans today for elimination of war
time bonds from its books with re-
tirement next week .of the last on
the Liberty and Victory Loan issues.
The Treasury either has refunded
into lower interest bearing securi-
ties, or paid off in cash. all but
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
REQ STARTS ON CARS
By Times Special

ID y WFtS NVfCFUE
LANSING, Mich, Oct. 12.-The
REQ Motor Car Co. will start produc-
ton of its 1886 models next week,
Don E. Bates, president, announced
today. The company is beginning
the new season, which is predicted
to be a banner year, in excellent
financial condition, it was said.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
NET LOSS REPORTED
By Tim es Special

Y tF7ttH y VttIUt
CHICAGO, Oct. 12-Net loss of
Continental Motors Corp. and sub
salaries for the nine months end
ed July 81 amounted to s529,5l
after depreciation, taxes. etc, is
was repnrted today. A net loss also
was reported for the quarter end
ing the same date.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12

indications were that legislation
would be introduced in Congress
early in January. The bill is eX-
pected to be based on knowledge
gained from series of SEC inves-
legations. The present inquiry in.
wolves the ninth organization to be
taken up, and the first committee
for foreign obligations to be studied.
Final Session Held
Todays hearing, scheduled to be
the final session on the Salvadorian
bonds, is expected to bring to light
exactly how much money the COM
mittee has deducted from remit
tances of the Ell Salvador govern
ment, for interest and sinking funds,
since the committee was organized
in 1922 after defalcations by the
government.
w. O. Douglas, commission attor-
ney directing the inquiry, brought
out yesterday that while the original
deposit agreement called for a maxi
mum of per cent of the face value
of e bonds for committee expenses,
a dbsequent amendment to the
as cement permitted the committee
to withhold IS per cent of all remit
tances from Ell Salvador to meet ex-
penses and compensation for men,
berS.
F. ]. Lisman TestifieS
F. j. Lisman, president of the New
York investment house which foated
the three bond issues now in default,
testified that from March, 1882,
when the committee was organized,
to March, 1885, he received S14.25O
for services as a member of the
committee.
Irving B. Brunstrom, commission
investigator who examined the COM
mittee's records, testified that j.
Lawrence Gilman, who served as
committee chairman from its organ
ization until his death in October,
1884. received $16,250 for his services.
Total payments to committee
members during the three years, Mr..
Brunstrom said, were $80,250.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12

were needed for
payment of taxes
in several states
and municipali-
ties t hrou g h
which it operates
and to meet in
stallments of
prin CT p a | on
equipment trust
certificates, fall
ing due ! a t e r
this year.
A tot al of
$8,399,000 a l.
ready has been
borrowed from
the RFC by the
New Haven, and
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
DIVIDEND DECLARED

By Times Special
NEW YORK, Oct. 12-Directors
of the Continent Petroleum
Corp. voted a dividend of 25 cents.
payable Dec. 2 to holders of rec
ord Nov. l, it was announced to-
day. On June l, IS cents was paid.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12

Qany ORGANIZED
Dy the j. P.
Morgan firm in
1929 to own large
blocks of shares
in a number of
utility compan-
les in Va ich that
firm had been
interested. 1t has
been called an
investment trust
sometimes and
S o m e i m e S a
h OIL di n g COM
pany. Whatever
it is, it owns a
large interest in
the Public Serv-
ice Corp. of New
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
TIRE PRICE WAR ON
Bv Times SpecinI

% fWtS NpfCIHI
NEW YORK, Oct. II - tire
price war resulting in discounts up
to 10 per cent has started here,
Dow. Jones e. Co. announced to-
day. The war is attributed to sharp
price cutting last spring.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12

United S t a ties
Chamber of Com
merce, which is
headed by Har-
per Sibley, asked
business men to
answer t h e S e
questions:
81. Should there
be extension Of
Federal jurisdic-
ton into matters
of and local con-
Germ?
go ~ A.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12

curltleS still outstanding and nearly
three-quarter billion dollars are
used annually for war veteran BEN
efitS.
The long series of war debt re-
tlrements under the Harding Cool
idge-Hoover regimes carried the
governments debt to a postwar
low on Dec. 81, 1881, of Sl6.026 .087.-
OFT. The war peak was $26 ,596, 701,-
SAB.
1t was explained today that the
$14,744,0 42, TAI increase from the
figure of March 81, 1917-shortly be-
fore we entered the war-must be
considered unpaid obligations in
CURED during the war. Meanwhile,
the United States is holding the
bag" on nearly $1,000, 100000 of de-
faulted foreign debts owed it, al
though a large part of the Liberty
Loans was contracted to obtain
funds to lend to Europe.
The Treasury, headed by Secre-I
tary Henry Morgenthau Jr., tod1V
listed millions of investors among
the original purchasers of its liberty
and Victory Loan issues.
Amounts Compared
Treasury figures showed the orig
NAL Liberty and Victory Loan is
sues together with the number Of
individual subscribers as follows:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
UNITED CORP.
MAY OPEN CAP
IN UTILITY BILL
Company May Seek Status
Under Law as Invest
ment Unit.
BY JOHN T. FLYNN
Times Special Writer

NEW YORK, Oct. 12-The United
Corp. may petition the Securities
and Exchange Commission to be
exempted from the requirements OF
the Securities Exchange Act, be-
cause it is an investment company
and not a holding company.
The United Corp is large COM
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
RECOVERY LAW
VIEWS SOUGHT
u. S. Chamber of Commerce
Poll to Determine
Reaction.
By United Press

By Cnited Press
WASHINGTON, Oct. 12.-Organ-
lied business today began its poll to
determine reaction to President
Roosevelt's far-reaching recovery
laws"
In a QUESTIONABLE sent to its
1900 member organizations, the
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
La7O to Regulate Bond
Committees Is Forecast
Possibility Advanced as SEC Resumes Probe of Salvador
Protective Group.
By United Press


WASHINGTON regulatory
advanced today Securities Exchange Commission
to delve bondholde
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
RFC CITES POSITION
Opposed to Ownership of Newspaper
Securities.

By United Press
WASHINGTON, Oct. 12.-Recon-
struction Finance Corp. officials re-
iterated today that they were OPP
posed to ownership by the corpora
ton of newspaper securities.
In answer to charges concerning
influence on the press, it was stated
that the RFC sold holdings of
newspaper securities today are
100000 in bonds of the Knoxville
Journal,
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12
BuSigrabhS

September freight car Ioadings
were the best in four years. Com
pared with a year ago. shipments
of grains, ores, coal and miscellan-
eOus freight increased. Less than
car lot shipments remained about
the same, indicating a continuance
of hand-to- mouth buying.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-12

The interest rates on these huge
bond isues ranged from 81 per cent
on the First Liberties to Al per
cent on the Victory notes, the high
est interest rate paid on a govern
ment security in recent times. Back
in Civil War days the government
on one occasion sold an issue bear
ing 7.3 per cent interest. Because Of
low money rates it successfully sold
an issue recently bearing only 27l
per cent interest.