davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
WHEAT VALUES OFF
IN INITIAL DEALINGS
Corn, However, Is lndepend-
emily Strong at Start.
BIZ UMitcd Press

By United Press
CHICAGO, May 13.-Bearish
sentiment predominated and wheat
prices turned lower today on the
Board lof Trade Corn showed in
dependent strength to hold about
steady.
At the start wheat was 4 to &
cent lower, corn was unchanged to
q cent higher, oats were % cent
lower to y cent higher, and rye de-
clined 4 to p cent.
Reports of scattered rain in the
Southwest and continued favorable
weather reports from the spring
wheat belt were the main causes for
lower wheat prices. Buoyancy in
the stock market and the constant
threat of imitation helped to check
the decline.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
Other livestock


oo SeH lSts7- Nay so,o l3-Hoss- Receipts IA
sslo $50 TOD 50 IS Tor choice fS m medium iTH
v,slchts. 290-3f0 lbs. s9G9I5: light lights.
Sse2ns 20 sou so0d d 2isS g @Gs
Ugh, .s weight. 10000 lbs, good and choice
5000 and eRoice 81 % 5 Gs1'O he i9S
weightS 250-SS0 lbs good and choice.
S 3 2 3 80. packing Sows. 275-55O lbs.
PIGS lO0-l40 lbs. good and choice. S775a
90. Cattle Receipts 10 600. calves 1000.
on better grades. with kinds of a value to
sell al SO 5on p pIedominatins. not much
m Ssg sGn 20 se 9eio% SI9 Ign steers
SlSa $50; common killers and stockers
snd FEEDERS firm end fairly active. on
loc % i5c higher. Slaughter cattle. steers.
$4,000 lbs. good and choice Sl0H - so.
9a9 81 Pa ,oo 5000 S snd choice siC75
m soSl'e9 soi e 5000 common anq 6ho and
medium IS 5oail IS. heifeis $3.50 ibs'
GOOD and choice 50 so p II IS. common and
medium. S5.15u 9.75. COWS good. 81 so
low cutter and cutter. $500 5.25: bulls
lvesrlings excluded GOOD beef $3.50
rs. cutter. common and medium, IS Soa
dunn. S. I. Gull and common. s4a 5.
Stocker and feeder cattle steers 550-l050
medium S57Sa7as sheeo-Receiots. To-
COO fat lambs active 25c 10 soc higher.
sheep fTm: mesd.iumg % heoiee Sheorn lambs.
ward 20 SO. best held hlgher: California
SDrinEerS as vet unSold. few Shorn native
s1rine lambs 5000 ana choice ss55@ss5
medium s. 2Sns25; lambs 90 lbs down.
5000 and :, choice 81 5ssa go common snd
choice $ So 20. ss-li0 lbs. good and
choice s. 50 s2s ewes. s0-iSo lbs. good
mon ana medium. 81 20 ~ : -
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
GAS CONTRACT SIGNED

To fuel its feet Of f1fty-lve twin
engined transports flying approx
mately 100000 miles year on
its New York Chicago-Pacif1c Coast
and other routes. United Air Lines
has Just contracted for approx
mately S.500,O00 gallons of gasoline
as a years requirement. w. A. Pat
terson. president, announced today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
Wall St.
Initiation Bug Bites
Financial District
Again.

by RALPH MISUNDERSTOOD
Times Special Writer

NEW YORK. May I3-The in
~ hauon bug has bitten Wall
Street again The Senate vote on
the bonus bin was accountable for
30 all Il indicated beyond a doubt,
according 20 the Streets version.
that Congress is eager 10 put more
money into circulation and Wheth-
or o. not the bonus measure Is en-
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
CAPITAL, LABOR
HELD IN NEED
OF EACH OTHER
Distributing Accumulated
Wealth Will Change All
Standards, Review Says.

By Times Special
NEW YORK. May l3.-Time was
wasted learning the lessons OF his
tory If distribution of wealth is ex-
pected to provide civilization with
the peace and comfort of depend
able prosperity. c. F. Childs & Co.,
government bond specialists. de-
ella. Cd today in their June invest
nent bulletin.
During the last two years capital,
upon which industry depends for
recovery and prosperity. it is point
ed out. has been threatened and
subjected to disturbing political poll
cieS, Apparently capitalism is on
trial and, if so. freedom Of .ndiN-
dual initiative Is also on trial.
Responsibility Traced
IF the latter is destroyed" the
bulletin continues. "the chief re-
sponsibility for its destruction will
lie with those who professed to he
lieve in it but were too remiss to
/ object vociferouSly to fantastic ex-
| perimentS. heroic measures. and IN
| geneouS short cuts as substitutes for
economic principles which the world
has developed
Distributing or diSsipating ac-
/ cumulated wealth will change all
| standards of values and living.
Our salvation and escape from a
drift toward embarrassment to our
nations credit is work. not govern
/ ment contributions to idleneSS or re-
wards for unproductiveneSS. Instead
/ o. searching for fanciful standards
OF unearned prosperity, nations
must seek recovery by creating and
! earning new wealth. There is no
such thing as unearned prosperity.
No UtopiaS can be obtained by leg
islation or confscation of savings
which represent former labor.
Entitled to Reward
Capital being the preserved prod
uct of labor is entitled to a reward
for service. Capital, with claim for
interest is as necessary as labor
with claim for wages Both are es-
Sential for production. Either when
unproductive is wasting its value
and Importance.
The capitalistic system may be
nearly kicked to death by a bureau
cratic, socialistic government, but it
must be relied upon in the end TO
keep the government alive. The
productivity of capital is the major
basis for taxation.
"Unproductiye expenditures put a
staggering load on industry, sta
Billie the depression. and retard
progress by leveling off the profits
of industry and production. Inter
est called for upon unproductive
/ capital is a drain upon capital
needed in a country's trade"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
Ask Check of Dog Victims

Police and health authorities to-
day asked West Side owners Of dogs
to examine their dogs to see If they
had been bitten by large police
dog which was found to have rabies
yesterday. Several dogs were at
tackled by the rabid animal, police
said.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
LUCAS SUCCEEDS sCHIFF

NEW YORK. Nal 13-Julian Lu-
cas-. president Of Davis, Dorland 81
Co. has been elected president OF
the National Association of Insur-
ance Brokers, succeeding William
Schiff Of Schiff, Terhune g. Co., it
was announced today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
Other livestock
BY United Press

(By United Press
LAFAYETTE. Nav Hogs-Marksst
steady. to Csc higher 2o07250 lbs 50 $40 10;
325 lbs So go 10000 lbs. s905 l60-i8O
lbs, So l5O-l6O lbs. .ss.75: 12O-15o lbs.
sows Sc down Calf market 50cn 81
higher; TOD. $3.50; lambs. 81 spring lambs.
ssG9.
FIT. WAYNE. Nav 13.-Hogs-steadv TO
l5c higher 225125o i5s 50 % So 2qo-225 lbs os
ise--iso1 lbs ss.o5: soo-s5o lbs. SIS: 15o-
$50 lbs. $685. l4o-15o lbs. $3.50. I3o-l4o
81 IS: roughs So stays Sc. Calves So So
wooled lambs SO so. clipped lambs $3.50.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
NEW TYPEWRITERS OUT

BIZ Times Special
NEW YORK. May 13-The Elec-
tromatic Typewriters division Of In
ternational Business Machines Corp.
has placed on the market an all
electric typewriter embodying many
improvements and advances over
the previous model, it was officially
announced today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
FOOD PRICE INDEX UP
BIZ Times Special

BIZ 7 Imcs HpccinI
WASHINGTON. May 49, - The
Bureau of Labor's retail food price
index as of April % was 1852, an
increase of eight-tenths Of l per
cent. it was disclosed today. This
compares with 1918 year ago.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
Produce Market

Delivered N Indianapolis prices; Hesvy
hreed hens isc Leghorn hens. lic.
- : is and up fun feathered. lsc. Leg
horn hroilers lbs and up fun feathereo
rs. bareback broiiers lie. cocks and
e. eeNse' fun feathered and fat &C. All
classes OF guiness lsc. No. strictly fresh
country run eEsS. loss OF zoe zach full
~ roc a pound under IS lbs viN be made
prttrr-No 1aIS0c butteriat. 2Se
Quoted BY the Wadley CO.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13

CHICAGO Nav -Eggs-Market. weak.
receipts IS 800 caSvs. extra nrsts. - e
fresh Graded hrstS &c. current receipts.
go q cirties q sc checks. 2ic Butter
Market weak. receipts io2sI tubs extra
rrsfs $751; score. "a, IS &C. extras
fa1 score 1Sfsc. 6TstS $3.50 scorel.
"a. d &c. seconds tss-s7is score. 3 &C.
specials 26f 261sc, standards. 2o'1e-
Poultry-Msrket. steady: receipts. Is
trucks. hens. isa2oisc. brolers. 2ao. frey
ers 17I14c. old roCSterS l4m locs ducks
1irrTctsc. geese ICE turkeys 40 tsc.
Lrghorn hens lsc. spring chickens IS q
14Lc Cherse-TWins. IA sfl i4asc- daisies.
lsllsic. ionghorns f5H l5ise- Potatoes
Old STOCK supply liberal demand sno
trading SLOW. market cul. Wisconsin
Round Whites. 7Sa sos commercial. Toe
IDAHO Russet. 81 means. New stock
supply liberal. demand and trading mod
crate. market slightly weaker. Louisiana
Bliss Trlumphs. 81 90 Alseams Bliss
Trlumphs. s. IS Q 2 30. United states No
81 IS Arrivals is2 on track SIS. ship
ments ga saturday.
CLEv1.AND. Nav f7-Butter- Markst.
weak. extras. SOC standards = &C. Eggs
-Marke1 weak. extra white. 2fc. current
receipts. 13c Pculfry-maTket steady.
heavy fowls. 1ic mediums p y nc ducks
young. 20n7ic ducks ole isc Potatoes
Maine tfni 10 per ioo-ih bag Ohio
Best mostly 500 7sc Florida Haltlngs No
J. ts.seG3.7s per Dc.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13

acted into law
over the probable
veto Of President
Roosevelt the at
titude Of the leg
islative BODY has
been clearly de-
fined. Dc thinks
But the boys IN
Z nc downtown
district NAV be
taking the Sen
ate action a bit
too seriously.
There IS every
reason 10 be-
itcvc that the
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
Policy Loan RebaomentS
Up Sharply During 1884;
Ne7CL0anS off One Third
Survey Reveals Marked Decrease in Borrowing; CCnd-
ton Regarded as Sign OF Recovery, Although
Low Interest Rates Paid.

YORK May 13Lfe insurance policy loan rpaymen have
applications policies checkup
companies
repaymens improvement
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
By Times Special

ceipts 1900. light butcher steers and
helfers scarce. run includes y loads dis
tillery mash fed steers weighing 1000 lbs
down. most sales OF these 50 down 10
around 81 market moderately active.
steers and heifers fully steady with close
last week cows and bulls in light supply
and strong bulk common 10 medium steers
and heiferS s. 2SfecS better finished
mSotly So S0Ii0 50. strictly good around
lioo-lh. steers held al Sil. bulk beef COWS
S. 5on7. good beef bred COWS and smooth
heueF types cuotahle higher bulk low
cutters and cutter cows. SIS as sausage
bulls IS 50 down. desirable beef bulls 10
IS s and abov FOR yearlIng types stocker
trade moderately active. generally steady
bulk better Hereford stock calves sos
palmer grade SouthernS mostly 80 5oks
CaiveS-Receipts $50. including 375 stock
calves. market SOC higher than FRIDAY and
Saturday. bulk good 10 choice. Sos. me
dium and lower EradeS Sc down Hogs
Receipts l026 market SC higher than Fri-
dsy and SATURDAY. TOP and bulk oeSiraol
is0-7s0-lb weights So. 7S5 lbs up IS SIS.
l60-l7S lbSe SIS so. iso-iSS lbs IS I30-lS5
lbs sos seas weighing 400 lbs. down
S. IS heavier SONS discounted SOC Sheep
Receipts zoo run mostly spring lambs
market scttve fully STEADY on these as we'i
as old crop sheep and lambs. bulk good 10
choice sprinS lambs around 90 lbs down
So 50. strictly choice iong-haul and oTe--
night lambs quotahlr higher. heavy
springers and light medium Ersoes. s7soa
$50 clipped lambs mostly IS SOILS 50
choice higheE; bulk fat clipped ewes. s.. 80
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13

vote was influenced 70 a very great
extent by politics The proposal 70
paw In "greenbacks. which was
the inflauOnary feature Of the de-
velOpmcnt. was tackled 20 an issue
the politicians found u difficult 10
oppose. Consequently, the vote
probably should not be taken en-
Etirely at its face value.
II has been quite definitely
known for some time that Mr..
Roosevelt was opposed to greenback
payments and that he undOubt-
edly would veto any such PROPOSE
ton. Indications were. also. that
such a measure could not be passed
over a veto. so the Senators prob
ably felt safe IN making the ges-
ture In fact. Washington advices
seem 20 indicate that many Con-
Rrcss'Nen would rather enjoy the
opportunity Of putting the Presi-
dent Ia a hole politically particu-
larry If they could improve their
own political standing BY so doing.
The bonus measure provided an eX-
cellent opportunity
THAT enactment Of the Patman
i bonus bill INFO law would con-
stitute an important step in the di-
rectiOn Of initiation is rather GER
tain But whether 10 would prove
infationary in a currency OF credit
sense Is open 10 discussion While
:. is true the certificates issued for
bonus payments would have no Of
fetal metallic backing. vet it is
doubtful that the disbursement
ucaid have the effect OF disturbing
the credit OF he country.
II IS important tC note that gov
eminent bonds were higher in
price yesterday despite the Senate
action on Tuesday. II currency in
fatiCn had been anticipated it is
reasonable TO suppose that the mar
ket action Of these bonds would
have been quite the opposite. The
Treasury Department has the
means with which to protect its
bond market. of course. and then,
too. the prospects of the bill being
enacted into law. as already stated.
are believed TO be slight
TINE increase in the amount of
a money placed in circulation by
reason of currency payments, how
ever. would tend to flood the banks
with additional funds. and. cOrSe-
quently. TO drive interest rates to
lower levels. The lower rates in
turn. would invite borrowing. which
might be regarded as credit infla-
ton
But II the bill is vetoed and the
veto is sustained when 1t Is returned
10 Congress the actual result prob
ably Will be to slow up passage OF
the bonus legislation. Congress
and the President might even be
unable to get together on suit
able compromise. and the POSSIBLE
itv exists that We might not get
any bonus legislation at all. In
that event the current imitation
ideas in Wall Street and elsewhere
might well prove TO be poorly sup
ported.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
SHARP CAIN IN
NEW FINANCING
VIEWED AHEAD
March Registrations at SEC
Were Greatest Since Unit
Was Created.

DU fWfs NUffiHA
NEW YORK, May 13-The most
development of the past
two months, not only in relation
to the future trend of bond prices
but also in its influence on the
course of economic recovery in this
country, is the marked expansion
in the volume of new financing, ac-
cording to a study of capital mar
kets contained in the May issue Of
Perspective, a bulletin issued
by the investment manage
ment department of Calvin Bullock.
The SEC reports that total Of
1921, 600, 900 of new issues were reg
istered in March, the greatest in
the life of the Commission, and
comparing with S68.500.000 in Feb
ruary and S45, 100000 in January, )"
says the firm.
Total Analysed
Moreover, in the first two month
of the year over 68 per cent in
amount of the issues registered were
for investment companies. only IT
per cent for refunding and about
10 per cent for working capital and
plant, whereas the great majority
of issues in March were for refund
ing purposes.
while it is true that this increase
in corporate financing is almost en-
tirely confined to refunding issues
and that it does not therefore rep
resent an increase in the supply of
bonds, nor any expansion of credit,
nor a flow of new capital into in
dustry, it is nevertheless an event
of major significance and encour-
aging implications. 1t has long been
recognized that sustained economic
recovery can proceed only from a
wholesome stimulation of the CAPT.
tai goods industries and that this
in turn is dependent primarily upon
the reopening of the capital markets.
A close correlation exists at any
given time between the volume Of
new long term financing and the
rate of activity in the heavy indus
tries. Our past recovery efforts dur
ing this depression have proved to
be abortive boomlets because they
have sprung from such artificial and
temporary stimuli as monetary
TfNrI lnt
spending, and have not been based
Oh a sound foundation Of expanding
private investment.
Represents Adjustment
"The true significance of this cur
rent expansion of corporate finan-
cling lies in the evidence that bust
ness men and banks, in spite of OBJ
stacles and hazards still prevailing,
have finally found it possible with
the helpful cooperation of real
istic Securities Commission, to adj
lust themselves to the requirements
of the revised Securities Act, and
that the stalemate N the capital
markets is therefore in the course
of being broken.
while major readjustments,
financial and operating, will have to
be made by many industries, notably
the railroads, before they will be in
a position to seek net capital for
rehabilitation and expansion of
plant, it is reasonable to expect as
a natural sequel to these refunding
issues. that a substantial volume of
financing for a new capital purposes
will be undertaken by the end OF
this year"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
Low Interest a Factor

During these critical months there
were q great many life insurance
policies allowed to lapse, all ol
which automatically Cancelled loans
thereon. The fact that this highly
abnormal situation which obtained
during 1882 is past is cited as one
reason why the percentage rise in
repaymelt5 since then is inordl-
nately high, according to one
spokesman.
While the substantial uptrend in
policy loan repayments is attribute
BILE to complication of causes, one
contributing factor may be the very
low interest rates prevailing on
bank savings. In view of this, a
man who borrowed several years
ago on his life insurance policy at
5 per cent, or thereabouts, is more
eager to pay off his insurance loan
than to lay money by in the saw
ings bank at such low interest, &C
cording to the view of one insur-
ance company spokesman.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13

LOCAL CASH MARKET

CITY grain elevators are paying 90 cents
for No 2 soft RED wheat. Other grades
on their merits Cash corn No. yellow
sIizc and oats 42c-
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
VOLUME
UP is POINTS
FOR PAST WEEK
Index Of Activity Of Business
Week Climbs From SIS
TO 62.9 During Period.

b. 2 imes Speciat
NEW YORK. May 13.-Business
weeks index Of activity last week
rose from 613 TO 629. according 10
the publications weekly resume OF
business. In the corresponding
week OF last year the index was 66.4
The New Deal took a heavy blow
last week when the Supreme Court
declared the railroad pension act
unconstitutional. Business Week
declared, adding that in business
quarters this decision was viewed
as foreshadowing trouble at court
both for MIRA and for the social
security bill when enacted.
Auto Trade Watched
On the business front" the re-
port continues. interest centers in
the automobile labor situation. The
unions lack of strength seems to
preclude the possibility Of the trou-
bic spreading through the indus
try farther than it has gone. Out
side Of areas that have been af-
fected by the General Motors diff
cultieS the business situation re-
mains fairly encouraging
Steel ingot activity has declined
most moderately. Finished steel
departments have borne the greater
brunt Of the holdup in releases from
motor sources. Residential con-
structiOn IN April reached the high
est level for any month since No
vember. 1881. jumping 81 per cent
ahead Of March and 81 per cent
ahead of year ago.
Chain and mail order houses
made exceptional gains over April.
1894. despite the unfavorable wealth
er conditions in many parts of the
country. Check transactions for
the week ending May l reached a
new high for the year in the 40
centers outside of New York. crossed
the s4OG9 100000 mark for the first
time in over three years Even cleo
trio power deWated from its season.
ally downward path for another up
ward squirt. 8
Steel Merger Approved
Not only railroads but the steel
industry. too. could boast a favor
able court decision this week when
Republic and Corrigan. Mckinney
merger won judicial approval. Final
disposition OF the merger must
await action on a possible appeal
Compared with a 40 per cent
average in March. April STEEL pro-
ductiOn Stoou at As per cent of ca
pacity, a level that still yields a
profit to most companies. The in
dustry is prepared to see activity
slip below lie 40 per cent of capac-
ity line in the next few weeks.
though settlement of the motor
strike might bring a temporary re-
bound.
Machine tool makers have just
concluded the best April business in
five years Revival in the volume
of business purchases as represent
ed by the expansion of machine tool
sales is one of the most promising
aspects of the current revival. New
England plants of all types. except
textiles. are reported to be in the
market for new equipment"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13

WASHINGTON. Nav i3-Government
expenses and receipts for the current fiscal
year 70 Nav TO- compared with the cor
year
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
Money and Exchange
INDIANAPOLIS STATEMENT
TREASURY STATEMENT

Clearings Observation-Disclosures. 50. 800. 900 o
Debts --....-.-. .-.--....-..... 5 1855 900 0
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13

Duding 1884 the volume of policy
loans repaid in cash to the New
York Life Insurance Co. was 33 per
cent higher than 1888. During the
first three months of 1885 these re-
payments we're Is per cent above
the corresponding quarter of 1884.
New Loans of 80 Per Cent
AS for new life insurance policy
loans made during 1884, a decrease
of 80 per cent was noted from the
1888 figure by the same company.
During the first three months Of
this year the new loans dropped Il
per cent from those made in the
first three months last year.
Other life insurance executives
agreed that the New York Life In
Surance Co. percentages are prob
ably typical of the major companies.
At the Equitable Life Assurance So
cietv of the United States it was
learned that there has been a
steady. uninterrupted month by
month decrease in The total of out
standing life insurance policy loans
since January, 1894.
Old Loans Being Repaid
Not only has the number and
amount of new policy loans de-
creased appreciably, but the total
repayments of old loans has been in
substantial volume.
The same general situation pre-
walls with the Metropolitan Life In
surmance Co.. it was learned.
The peak in demand for life in
surance policy loans was during the
summer of 1882 and the critical
months leading up to the nation
wide banking holiday of March,
1888 During this critical period
many a citizen was in financial
straights and desperately needed
money, his savings having been ex-
hausted.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-13
SHEEP AND LAMBS
-Receipts. 1900
tSh0rn Ba sis)

Lambs 90 lbs. down. and
choice ..--...... 81 .85H 3. 30
Common and medium .....- s. l5T IS
90-l20 lbs good and choice 80. 3.00G 400
Sheep
il2O-l5Oi Good and choice o.. 250d 3.75
All weights common and me-
dunn ...... ..-...-...... % 2 40