davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
SHARES DIP IN
DULL TRADE ON
STOCK MARKET
Sales During First Hour
Total Only 10000 on
Big Board.
ByUHifed Prose

BY tniffd Press
NEW YORK. Feb. I1.-Stocks,
with a few exceptions. declined
fractions TO more than a point in
dull trading during the morning
dealings on the Stock Exchange.
Most losses were at the opening.
After that the market made little
change in extremely dull trading
Sales the first hour totaled only
so. 600 shares, against 10000 shares
in the first hour Friday.
Among the few issues to make
gains were Tricontinental Corp.
preferred, which reached 81, up
points on a single sale; American
Chain preferred, which made a new
high at a., up 81, and the COM
mon which sold at 10, up l; Com
mOnwealth q Southern preferred
81. up Il: United States Tobacco
126;s. up 2i4, and Glidden 25A,
up =.
United states Steel declined to
35iz, of = on the first sale and
held around that level. American
Telephone was dull at 104 off j..
Du Pont declined to 93l2, of IA;
Libby-Owens Glass 277l, off l;
Chrysler 377s. of l; Celanese 3O1s,
of =, and Sears Roebuck 349s, of
e..
Railroad shares resumed their de-
cline in the initial trading, but
steadied later, they we're fractions
10 a point lower around noon.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
On Commission ROIO

Quotations below sre average wholesale
Prices beinr offered 20 BUYERS bv local
Commission dealers
Fruits-Grlpes. California Emperors. -
irdisns Jorathsns' 81 S.. Golden Deli
cious. e. 15H i-sS- lemons. Sunkist. 26os.
81 IS. Grapefruit. Texas seecless. 50,
ARIZONA. cas- los and sos s2so Lines.
less rer hundred So Pears OreEon
Ris sa-s Rsif srstss. $50 Arosaeos.
Forida- box s. 81 straweerTTs.es EloIiaa
vssstsbIss-Csbbszs, Northern Danish.
s0-lb. 6aE si-25. red. 5o-l5. box. sl25.
SsE TeX2s Saoesss I'D ,io.., sas, 81 ~ ~
u. bag. s. MichiEan yellovs. j. Us. sl-4o.
western Ehite Sob bas. s., MiehiFan
YeiioE. 81 IS Potatoes. Green Mount aims
1888 1888 s Ss sio oRios ico-is BAG. = SIS
rdahn REssefs 1oo-i1. bag 81 60 New
TsEaz.- Irlumsphs- SOB bsss g. New Flo5-
tsfoes Indiana JERSEYS hushel. si65.
Bss lrss's ssrin sfis hansen. IS. ceierS.
FLORIDA s. So a crate. California. 81 50 a
a0c. Cucumbers. nor house dozen. 81 40.
: dozen box So So Encive. Calfnrnia.
dozen zoe. peek basket. 8 Esq Plant
s. IS dozen. kals. uusheL l5c. Lettuce. hot
bere head lettuce SIS Manages. florida.
crate $40. Mint. bunch. l,c. PARSLEY.
dozen. 1sc. Peas hampers. 50. Spinach.
Texas, busheL 81. Radishs.s eozen &c.
0riEinal s31s. Turnips. busheL sc. Pars-
nlrs busnei, SIS Bee-s, bushel. 81 p
carrots hushel SIS. ioo-lb. sack. 81. IS
Rhunarb. hot house. S-lb. carton. 6oc.
All SSoistioas subject TO ehsnEe ID OF
coEn-
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
RURAL RETAIL SALES
FOR NATION UNIFORM
South Reports Largest Gain With
23.5 Per Cent Increase.
By Tim es Special

NEW YORK, Feb. 1.-THE rela-
tive increases in sales of general
merchandise in small towns and
rural areas were fairly uniform in
the different regions of the country
for the year 1884, as compared with
1888, according to estimates just
released by the Bureau of Foreign
and Domestic Commerce.
These estimates are based upon
sample representing about one-ffth
of the retail business of this type
transacted in places less than 10000
population.
The largest gain was recorded in
the South, where sales were 235 per
cent higher in dollar volume for the
year 1884 than for 1888. compared
with an increase Of 81 per cent for
the country as whole. The small
est gain for the year was in the East,
which showed an increase of POS per
cent over 1888.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
CANADIAN TRADE WITH
u. S. UP 35 PER CENT
Export Business to Other Nations
Also Higher During Year.

Export Business to other Nations
Also Higher During Year.
b. Tunes special
TORONTO. Feb. 11.-Canadian
business transacted with the United
States during 1894 showed an in
crease OF approximately IS per cent
over the preceding year. according
10 an analysis Of trade statistics.
released here today.
In addition TO the increase in ex-
ports 20 the United States and
smaller gains 70 Japan and Argen-
tina. demand from empire countries
accounted for a rise Of 22.S per cent
in 1884 exports over those Of 1888.
Price levels during the year were
approximately ! per cent higher
than in the preceding period. the
report showed. This was credited
largely 10 me increase in exports.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
Stock Studies

The North American Aviation Co.
is primarily an air transportation
organization. The company in the
past acted largely as holding COM
pany so that several readjustments
have been necessary in order to en-
able it to bid on government air
mail contracts.
AS a result Of this reorganization
the firm distributed its stock hold
ings of Transcontinental and West
ern Air among its own stockholders.
North American Aviation is con-
trolled by General Motors Corp.
which holds So per cent Of the capt.
tai stock. Below We give the adj
justed financial data after giving ef-
feet to transactions necessary to
complete the reorganization, such as
distribution and sale of certain
stocks and payment Of inter-com-
pany notes.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
INTEREST IN CHICAGO
WILL STAY UNCHANGED
Reduction Not Expected for Some
Time, Bankers Say.
By Tim Is Special


CHICAGO, Feb. 1.-THE inter-
est rate on savings deposits in Chi
cago banks will be continued at
per cent, it was unofficially learned
here today. Predictions were that
the rate would be reduced on July
l, which is the time that a change
could be made.
The clearing house committee,
which governs the policy of Chicago
banks, refused to discuss the matter
before July l, but it has leaked out
that consideration has been given
the matter by individual members.
With the general opinion divided,
various bankers believe that the
vote will favor maintenance of the
present rate. 1t was pointed out
that for several years Chicago banks
enjoyed a profit on per cent
rate while in other sections of the
country banks were paying a higher
rate.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
GLASS UNITS NET OFF
Libbey- Owens-FOrd Affected by
Lower Prices.
By Times Special

TOLEDO, O., Feb. 11-Although
it's 1884 volume of business was
greater than in 1893, earnings Of the
Libbey- Owens-Ford Glass co. we-s
less than me previous year, the Az
nual report to stockholders revealed
today.
Selling prices for all types Of
building glass were lower, the re-
port shows, while wages and en-
ployment were higher. Payrolls in
creased S1,9O3, 706, while earnings
declined s1,038,710, equaling $124
per share, compared with S1.e5 per
share in 1888.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
GRAIN PRICES DROP
SHARPLY AT CHICAGO
Supreme Court Announce
ment Causes Heavy Selling.
BV United Press

BIZ United Press
CHICAGO, Feb. 11.-DiSappoint-
ment over announcement the SUI
preme Court vas not yet prepared
to hand down gold decision
brought heavy selling into grain flu
lures on the Chicago Board OF
Trade today. Prices moved sharply
lower.
At the start wheat was = to IA
cents lower, corn was off q to rs
cents. oats were off q to s cent
and rye was a cent lower. The
market was active with Saturdays
buyers moving over to the selling
side.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
MOTOR TRADE
REVIVAL LEADS
OTHER TRADES
Recovery to Date Indicates
Slowing Down of Rate
in Future.
By Times Special

By Times Special
NEW YORK. Feb. 11.-Refecting
the extreme drop during the worst
of the depression and the rapid ex-
pansion in sales as soon as econo-
mic conditions permitted a portion
Of long deferred requirements, re-
covery in the motor trade has far
outdistanced that registered by
most other industries during the
past two years, the Standard Sta
tistics Co. declared today in q sur
vey of that field
Total unit vehicle production
gained SO per cent in 1898, followed
by a further rise of close to A per
cent in 1884 In contrast the
Standard Statistics index of gen.
eral industrial activity rose by
monthly average of less than AS
per cent.
The substantial automotive re-
covery to date, therefore," the sur
vey continued. suggests that future
years improvement in output
necessarily will be at a relatively
slower rate, conforming more nearly
than in 1888 and 1884 to the broad
trend of domestic and foreign BUSH
ness activity.
Latent Demand Good
'The industry's record of build
ing progressively better cars and
offering greater value per dollar Of
sales price provides good reason to
expect continued large latent de-
mand. The inherent vitality of the
industry and the potential replace
ment market suggest that the auto
mobile division will continue to be-
sensitive to general business trends.
Current indications of some in
termediate betterment in the do
nestle economic situation point at
least to a modest 1885 expansion in
car and truck assemblies. Over a
period of years, as world Business
conditions show large-scale i'm
proVement, motor vehicle produce
ton volume doubtless will register
further marked recovery to levels
equaling or exceeding those of pre-
depression years.
While the great bulk of motor
vehicle business over a long period
has gradually been concentrated in
the hands of a few strongly financed
units, the industry is rather pecu-
liarly situated in that one of the
leading producers is privately con-
trolled. Whereas the publicly owned
units owe certain obligations in the
form of dividends to their stock
holders, Ford is virtually free of
such limitation.
Style Is Emphasized
"The passenger car business has
increasingly stressed style, with
frequent changes of models. Con-
slant mechanical innovations fur
Their tend toward an almost unend-
ing modification of the product,
which, with the style factor, makes
for periodic shifts in sales appeal.
Accordingly, there is a high ele~
menc of instability inherent in the
manufacture of automobiles. The
cyclica1, seasonal and competitive
fluctuations cause unusually broaQ
and rapid changes in individual
company earnings, with concomitant
effects on dividends and equity VAL
ues."
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
ISSUE IS REGISTERED
Massachusetts, Investors Trust Files
for S29,88O 900.

Massachusetts, Investors Trust,
the Oldest mutual investment trust
Of the so-caIed Boston type, has
filed a registration statement with
the Securities Exchange Commits
sion for additional shares in the
amount of s29.89O,OOO. This is one
of the largest registrations since
the passing Of the Securities Act of
1888.
The last previous registration
statement fled by this trust was on
june u, 1884, for $685. 900.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
Wall St.
Records Show Gain
in Business Since
End of 1884.
by RALPH HENDERSHOT-
Tines Special Writer

NEW YORK. Feb. 1.-The Ma
~ tional City Bank Of New
York records an upward trend in
business since the first Of this
year IN its February trade bulle-
tin, but u regards the improve
ment as having originated IN the
everyday wants Of the individu-
ais IN the economic system" rather
than in the efforts Of the govern
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
FLICKINGER IN BOSTON

Dan w. Flickinger, general agent
for the John Hancock Mutual Life
Insurance Co. in Indiana, left Sat-
urday to attend the company's an
nual meeting at the home Office in
Boston.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
Hides and Skins

Hides-Green country cows and. steers
sisc nat; green country bulls and CLUES,
PIC nat: green country calf hides. &c
horse hides with fun heads. shanks.
names and tails. $3.50: medium size. 81
All No. 2 grade horse nioes, soc less: CLUES
fsIIov 464izc: No. at value. Yellow
erease. 81 94c: oarK grease. 81 931ze.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
A. t. g. t. WILL EXHIBIT

NEW YORK, Feb. 1.-THE
American Telephone and Telegraph
Co. has contracted for an exhibit
at the California Pacific Interna-
tional Exposition opening DAY %, at
San Diego, CAL, John Mills Of the
Bell Telephone Laboratories, an
nounced today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
Left Wing Ne7O Dealers
Aim Higher Tax to Tie in
With Central Bank Bill
Proposal Would Skim Cream From Individual Income and
Corporate SURPRISES to Keep Money
in Circulation.
DOWNRIGHT 1879 hv United Pressl

WASHINGTON Feb 11.-Le wing Dealers proposed
higher supplement the
before bank bill itself Mariner
publicly the plan 1t would skim the ndv
the
circulation through Federal expenditures.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
AIR TRIPS LONGER
Timcs Special


CHICAGO. Feb. 1.-THE average
distance Travelled by l47.l39 passen-
gers Of the United Air Lines during
1884 was 500 miles. compared with
only 200 miles in 1890, it was re-
ported today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
FINANCIAL DATA tADJUsTEDl

North American Aviation was in
corporated in December, 1929, in
Delaware. The capital stock is
listed on the New York Stock Ex-
change. 1t is currently selling for
around 37s.
(Au Riehts Reserved Winchester Institute
OF Finance. Winchester. Msss.l
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11

IT is well known that the govern
Il ment was very lax in the Begin
ming Of the boom days. 1t permit
ted a great many fouls to be made.
T. is also well known that SO-called
big business asked for and received
many favors from the government,
and that when the breakdown
came in the economic structure
they were unwilling or unable 10
step into the breach.
Finally it became obvious to
most people that there was little
left for the government 20 do but
throw its support to the weaker
side in the economic argument. 1t
was obliged, also III an effort TO
keep the game going, to become an
actual participant on that side.
From all accounts, however, 1t de-
sires to step back into its old posi-
ton as umpire as soon as possible,
but il has promised TO watch the
play more carefully in the future.
The average man in the United
states undoubtedly is lOath 10 &C
cept the assistance Of the govern
ment. and the National City
Banks fears on that score would
appear to lack a very solid founda-
ton. But whether the govern
ment should receive much credit.
If any. for the betterment in trade
IS virtually impossible 10 deter
mine. II was in the game. though.
and its efforts must have had some
effect one way or another.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
Holds Reserves Key

"By these operations reserves may
be given to or taken away from
member banks; and it is on these
reserves that deposits are based. 1t
is not too much to say that the
power to control open market OPP
erations is the power to control the
expansion and contraction of bank
credit, and thus in large measure to
control the country's supply Of
money"
Open market operations are the
process by which the Federal Re-
serve Banks buy or sell Government
bonds. Governor Eccles said it was
necessary to concentrate authority
over open market operations in the
Federal Reserve Board - "a body
which has a national point Of
view"
This statement reflects Admins
tration feeling that the interests of
banks and public do not always
coincide and that government must
intervene to assure that in any
conflict Of interests the welfare of
the public will prevail over that of
the financial interests. Whether
this conflict actually exists is, of
course, a matter of debate.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11

make people believe that the gov
eminent is primarily responsible
for prosperity.
Under normal conditions, in
dustry. trade and business Of all
kinds are carried on b. the peo-
ole without much government IN
terveLtiOn.
THE relations involved are those
Of persons or groups TO other per
sons or groups and are determined
10 themselves.
The responsibility for ADJUST
ing the relations when they be-
come disturbed falls on individ-
uals. who. under the pressure OF
disaster. have the strongest posi-
bic incentive to make the neceS-
sary corrections.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11

ment. IN fact. it
seems 20 be rather
concerned over the
possibility that the
government may
b. given the
credit.
l. is regret
table" the bulletin
states, that one
effect Of the as
sumption Of au-
thOritv BIZ the
government over
economic relation
ships has been 10
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11

THE government undoubtedly
l. is in a position 10 facilitate the
adjustments and in times OF
great disorder should properly en-
deavor 20 do so. But when the
government assumes the respon-
sibilitv. and individuals count on
administrative policy TO get them
out Of their troubles. they are not
likely 10 make as effective efforts
on their own part TO get the sys-
TEN IN order"
II would. as the bank implies. be
an unfortunate thing If too many
people began to depend too much
on the government. And TO avoid
such a possibility IL might well be
conceded that the government act
only as an umpire IN the game OF
economics rather than as a partici-
pant.
But the umpire must adhere to
the rules If the game is to be
PLAYED fairly. Another condition is
that the game must go on irreSpec-
tive of the attitude of any of the
participants. II might reasonably
be asked. also, that when the UNI
pire fails to follow the game close
~. or shows Partially TO one side
or the other, that he take full re-
spOnsibility. ad perhaps make res
titUtiOn as far as possible.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
What Does 1t Mean?

Call Loans-FundS borrowed 10hicb are subject to
repayment at any time call loans. Securities are
usually used as collateral Financing Of stock market
transactions is largely done ria call loans
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
Glass Contacted.

In an effort to ease opposition to
the works bill Mr.. Roosevelt tele-
phoned Senator Carter Glass 3D.,
Va), an outspoken critic of that
and the bank bill, urging his CO.
operation in saving the former from
attack in the Senate.
The bank bill evidently meets the
requirements Of credit and money
control. Gov. Eccles' statement ex-
planned that the Federal Reserve
Board as now empowered lacks au-
thority to tx the nations monetary
policies.
"An essential step in giving the
Board this authority is to give it a
controlling influence over the sys-
TENS open market operations" he
said, for these are by far the most
important instrument of reserve
policy.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
Retail Coal Prices

The following prices represent quota
lions from leading Indianapolis coal deal
ers: A 25-cent carrying charge per ton
will be added.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
Field Expanding

According to well-informed opin-
ion, the extraction of solvents from
petroleum by INCORPORATION is an
expanding field. The solvents, or
petroleum naphthas, are unique in
that they possess the good proper
ties of both the conventional coal
tar and petroleum solvents.
While their principal market thus
far is in the lacquer industry, larger
scale production may be expected to
promote these petroleum naphthas
in the dry cleaning, printing, rub
Der and other industries.
American experience with hydro
genation is confined to two 5000
barrel-a-day plants Of the Stand
ard Oil Co. New Jersey, which has
the American rights to the Bergius
process. Their production is con-
fined to upgrading lubricating oils
and manufacturing solvents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
by James z Bennett)
LOCAL. Cash MARKET

CITY grain elevators are paying 30 cents
for No. 2 soft red wheat. Other grades
on their merits. Cash corn NO. yellow
So cents and oats 45 cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11
Money and Exchange
TREASURY STATEMENT

NDs CAtttN AAtNot
WASHINGTON Feb. ll.-Government
expenses and receipts for the current
fiscal year TO Feb. g. compared with the
corresponding period Of the previous fiscal
year
This Year Last Year.
Expenses 81 205 ESQ si6 90 SO 7S5 223 s6l 26
Receipts. 2.if7 .055.05773 l.77I573. 7l9 81
Deficit 90. 2.O5S 1853 T5S 80 2.Ol3 649. 74l %
Cash bal 1925. 742 624l6 433ll66. 343 "a
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-11

Eastern bankers and conservative
Congressman of both parties chal-
lenge the bank bill - an unwar-
ranted extension of political con-
troll over the banking system. Gov.
EccleS' reply in the opening eX-
change of argument said the bill
would:
l. Accelerate the rate of econ
omic recovery.
2. Make the banking and none
tary systems responsive to present
and future economic needs, and
3. Prevent a recurrence of con-
ditions which closed the banks in
March, 1888.
Provisions Outlined
The United Press was informed,
however, by an official who repre-
sents the Administration group
which wants freer federal spending
that the bank bill may become a
part of 3-point program. AS out
lined to the United Press, the plan
to be developed if President Roose-
welt can be persuaded to 1t pro-
vides:
l. A high tax system to insure
what monetary experts call velocity
Of money turn over.
2. A bank system that controls
the volume of credit or money
available under any conditions.
3. Insurance of jobs for all en-
plovable persons.
Mr.. Roosevelt would not be ex-
pected TO experiment in all those
until the $4000,000 re-
covery and relief plan has had a
thorough test.
Money velocity would be obtained
by the process of heavy taxation.
The government, in turn, would
spend the tax proceeds on projects
which would create jobs. Employ
ment for every employable goes
considerably beyond Mr.. Roosevelts