davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
BROKERS OPEN
BRANCH OFFICE
IN INDIANAPOLIS
HemphiII, Noyes & Co. Are
Located in Fletcher
Trust Building.

Indianapolis Offices of Hemph!il
Noyes 81 Co., members of the New
York Stock Exchange, were opened
formally today on the tenth floor of
the Fletcher Trust Building.
Roger G. Wolcott, who recently
completed his duties as receiver Of
the Citizens National Bank of Terre
Haute, and who has been associated
with investment firms in Indianap-
oils for several years, is manager of
the local Offices. He is graduate
of Wabash College and attended the
Harvard School of Business Admin
istration.
Firm Established in 1915
Associated with Mr.. Wolcott in
the stock and bond departments are
E. E. Bollinger, who has long been
connected with the investment bust
ness in Indiana and Ohio, and
Harry T. Hession and Yale Rice.
Harry Gillie, who comes from the
New York office, is cashier.
Hemphill, Noyes g. Co. was es-
tablished in 1915. The main officers
are located at IS Broad-st, New
York, and in addition to Indianap-
oils, the firm has branch Offices in
Albany, N. Y; Altoona, Pa; Bridge
port, Conn; Camden, N. j.; Detroit,
Mich; Harrisburg, Philadelphia
Pittsburgh and Pottsville, Pa;
Trenton, N. j., and Washington.
D. c., together with private wire
connections to Binghamton, Elmira,
Ithaca, Rochester and Watertown,
N. Y, and New Haven, Conn.
Maintains Statistical Division
The firm maintains large trading
departments in the corporate, NUM-
cipal, United States government and
unlisted stock divisions. The facili-
ties include statistical and analytical
departments. The company is also
a member of the New York Curb
Exchange, the Pittsburgh Stock Ex-
change and the New York Com
modify Exchange.
Jansen Noyes, senior member of
the firm, is brother of Nicholas
H. Moves. who is secretary treasurer
of the Eli Lilly Co.
Other partners of the firm include
Clifford Hemphill, Stanton Griffis,
L. M. Blanke, Harold G. Strong,
Kenneth K. Ward, Walter T. Collins,
Charles L. Morse Jr, Percy H. John
ston Jr., Willard I. Emerson and
Claude F. Leaman.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
Produce Markets

The prices quoted are paid for stock
in indianapolis the price is cent higher.
Heavy breed hens. i8c: Leghorn breed
hens. lsc: Leghorn springers, lac; old
stays. l5c old cocks, &C. Ducks white &
lbs. and over, ilc geese, full feathered
all sizes. loo: all gpineas ia lbs and IN
l5c:. No. l strictly fresh eggs loss OF, ne.
Each fun case must weigh IS lbs. gross A
deduction OF 10 cents a pound under SIS
RS. viii be made. No. I butter. 37ei38c.
20. ?. asa sc. Butterfat. ale.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
HUDSON SALES RISE

IlMts NpocldI
CHICAGO, March 9.-Sales IF
Hudson and Terraplane cars during
February amounted to 510o units,
the largest volume for that month
since 1880. William r. Tracy. vice
president in charge of sales for the
Hudson Motor Car Co., announced
today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
Trends
Tax Reform Closes
One Door, Opens
Another.
BY JOHN 7. Flynn

NEW YORK, March 8. The
4 Presidents proposed tax "re-
form" touches and disturbs so
many dangerous spots in the whole
corporation income tax scheme
that it should be approached with
the gravest caution.
Corporation taxes are really part
of our personal income tax plan.
All within certain brackets pay
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09

taxes on their
incomes. T h e
earnings of a
corporation be-
! o n g to the
stockh oil d e rs.
T h e earnings,
therefore, are a
part of the in
come of t h e
stockholders.
Let us sup
pose that a COR
poration earns
$40 a share in
a year and that
you own a share
of that stock.
The present law
imposes a tax
on those earn
ings graduating
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
STOCK MARKET
WEEK IN REVIEW

By United Press
NEW YORK, March 9. Wall
Streets favorable Interpretation of
President Roosevelt's proposal for
a tax on corporate SURPRISES turned
the stock market upward last week
Gains ranged to Is points in AL
lied Chemical. Some issues were
whirled up, suggesting that only
small amounts were available for
the market. However, while some
favorites were making new highs,
there was selling elsewhere under
cover of this strength, asfactor that
led to caution warnings.
While the Street felt the stock
market would benefit, at least tenn
porarily, by tax that would force
corporations to distribute greater
amounts in dividends to escape
what otherwise would be a confis-
catory tax on SURPRISES, business
men were worried over the trend
at Washington. They argued that
such a tax might prevent corpora
tions from building up SURPRISES in
good times to carry on in poor
times.
Bonds Floated Early
Aside from the tax proposal. there
was little to influence markets. The
government floated 81 100000 in
bonds with seemingly phenomenal
success.
The offerings were oversubscribed
more than five times, but much of
that bulge was what is called pad
ding doubling or trebling the
amount actually wanted so that in
event of proration the person
placing the order would receive what
he originally wanted The recep-
ton given the bonds had a good in
fiuence on the bond market, espe-
cially for United States issues.
Business continued good with
gains outbalancing declines. Auto
mobile production rallied sharply.
So did car loadings. Steel opera
lions made a small gain, as did
bank clearingS and retail trade. De-
clines from the preceding week were
noted in building and in electricity
output. Commodity prices in the
main were highly irregular.
Silver Stocks Advance
While silver metal declined in The
London and Montreal markets, sill
yer shares advanced substantially
on the Stock Exchange. The gains
began when Secretary Morgenthau
announced the Treasury had turned
its buying operations to the primary
markets such as Peru, Mexico and
Canada. He would not say whether
the Treasury had ceased operations
in the major trading markets such
as London and Montreal.
Numerous issues were carried to
new highs for many years. Chrys-
Ter and General Motors made new
tops since 1929. U. S. Steel was at
its best level since 1881. Other steels
and motors strengthened. favorably
influenced by heavier output of
motor cars which meant larger
orders for steel companies.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
SHIPMENTS INCREASE
Times SpeciaI

DETROIT, March e.-Februar,l
shipments of Kelvinator household
refrigeration units increased by ap-
proximately lot per cent over the
corresponding 1885 month, v. J.
Mcintyre, domestic sales manager
announced today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
BOND INVESTORS
MAKE SWITCHES
ON FARE RULING.
New Haven Is Held Hardest
Hit; Otter Issues
Seen Benefited.
BY CHARLES HI. HUFF
Times Special Writer

NEW YORK, March 9.-Second
grade rail bonds have developed q
somewhat spectacular two-way mar
ket as direct product of the pas
senger fare reduction ordered by the
Interstate Commerce Commission. to
become effective in June.
Pencils and comptometers have
been pushed into overtime service
in an effort to separate the carriers
into two main clasSifications-th
that will benefit and those that will
suffer as result of the new fare
schedule.
The influence of such calculations
already has made itself felt notice.
ably in the market. Bond houses
report that traders have engaged in
a brisk activity of switching as an
outcome of their findings. The price
column of the rail group, with its
mlngling of plus and minus signs,
provides a graphic measure of both
the nature of the switching and its
effect.
Hit Cross Current
The New Haven, up to date. has
been, perhaps, hardest hit by this
advance speculative acumen in I'M
dertaking to discount specific results
of the lower passenger fares. The
loss of speculative affection by the
bonds of the New Haven has come
at a time when hope was running
high in many quarters in anticipa-
ting the impending reorganization
plan.
Most of the issues had been act
ing particularly we'll marketwise un-
til they hit this unexpected cross
current. Bond house opinion is
somewhat divided as to the extent
of damage to earnings to be ex-
pected, but SPECTATORS have acted
in unison in the first stages of re-
versed sentiment.
While several other Eastern roads
have been classed along with the
New Haven and received moderate
treatment of the same order in the
bond market, the swing to roads of
the West and Southwest has been
noticeable in substantial price mark
ups since the fare decision became
a trading factor.
Studied Switches Made
AS an example of some of the
finer calculations entering into rail
bond operations induced by prelim-
mary consideration of the effects of
the new passenger fares, some bond
houses mention considerable
amount of switching from New York
Central AIS to Nickelplate AIS.
When the I. G. G. announced it's
order the Central bonds were slight
ly more than points above the
Nickelplate issue of that same cou-
pom rate. At pace that was grad
ual, but nevertheless noticeable, the
spread has been narrowed to about
point. Traders are assuming. &C.
cording to the word in bond centers,
thai the New York Central will be
hurt by the lower fares, while no
unfavorable results are expected for
the Nickelplate.
Some of the more astute project
ors OF potential statistics advance
the estimate that the fare reduc-
ton will reduce Central earnings So
cents share.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
REAL ESTATE TRADED
Deals Totaling $4,000 Reported by
American Estates Co.

AOtHH1II6 pUOjVVU 1VCPOI tCu d
American Estates Co.
Sale of five residences and an
apartment building at aggregate cost
of $4,000 has been announced by
the American Estates Co., Inc, real
tors, whose offices are at 1872
Circle Tower.
All of the properties are located
in exclusive residential sections of
North Side Indianapolis. The deals
were made during the last 80 days,
the company reported.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
RFC SELLS HUGE ISSUE
Sanitary District of Chicago Bonds
Sold to Banking Group.
By United Press

By United Press
WASHINGTON, March 9.-The
Reconstruction Finance Corp. has
sold to a group headed by the Har-
riS Trust and Savings Bank, Chi
cago, SAL 100000 issue of per
cent bonds of the Sanitary District
OF Chicago.
The bonds had been acquired by
the RFC from the PWA at par. The
sale was at 10l, giving the RFC a
premium of S4l4,690.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
Rail Rates Reduced

After setting records in many
lines in 1885, the household appli-
ance industry is out to make the
most of the 1886 market. Washing
machine manufacturers started the
year with SO per cent margin over
last. Frigidaire is backing its 1886
line of refrigerators with the
heaviest advertising campaign in it's
history. Kelvinator reports that its
February factory shipments of
household refrigerators were double
those of year ago.
The Eastern railroads which
have fought the passenger rate re-
duction proposals were dismayed
when the Interstate Commerce
Commerce Commission approved the
2-cent-a mile rate, to replace the
basic 3.6-cent rate.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09


from 1914 to Is per cent.
One way for the government to
collect this tax would be to wait
until you received your share of
the earnings from the corporation
and then count that part of your
income and tax it. Another way
is to have the corporation pay the
tax out of the earnings and then
deduct it from the dividends paid
to you. This is called collecting
taxes at the source. This is what
is done now.
nNE great difficulty grows out of
~ this. In this corporation re-
ferred to, which made $40 in earn
ings, the corporation may decide
to pay out SIS in dividends to you
and keep the other SIS as surplus.
If you earned this $40 as a private,
unincorporated business you would
have to pay tax not only on the
SO but the $40 would help to swell
your personal income and hence to
increase your surtaX.
But in the case of the corpora
ton, while the $40 is taxed, only
So is paid as dividend to you and
your personal income is increased
by only SIS and hence your surtax
is held down.
The practice of piling up sur
pluses by corporations for the pur-
pose of defeating the surtax is a
common one, and an undeniable
evil. The trouble is that in at
hacking it, the President proposes
to pull down the whole structure
of corporation income taxes.
This means that he will do away
with the excess profits tax and the
more or less new capital stock tax
which is an extremely important
feature Of the present tax system.
nNE wonders why it is neces-
~ sary, in order to tax undis-
tributed SURPRISES, to do away with
all the other corporation income
taxes. The Presidents objective
could be attained quite as effect
lively by imposing a proper tax on
undistributed SURPRISES and per-
hitting the other corporation lev
les to stand.
Loss of taxes through undis-
tributed corporation SURPRISES is
one evil but it is only one evil in
the tax system. There are others
equally as grave and causing as
much loss to the government. One
of them is the indefensible writing
up of assets in order to make the
rate of profit seem smaller.
This evil was attacked in 1888 bv
passage of the capital stock tax.
That tax alone ought to save the
government countless millions in
taxes. Yet the President proposes
to wipe it out and thus, while clos
ing one door to the tax evaders,
open another almost as large.
Copyright, 1896, by NEA Service. Incl
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
Chicago Grain Futures
(By James E. Bennett g. CO..
LOCAL CASH MARKET

City grain elevators are paying 95 cents
for No. 2 soft wheat. other grades on
their merits Cash corn new No. yellow
so cents and oats 81 cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
TRADE RECOUPS
FROM GRIP OF
COLD WEATHER
RooSevelt'S Income Tax
Plan HighIight of
Weeks Action.

Times Special
NEW YORK, March g. The
Presidents proposal to revise cor
poration income tax procedure vir-
tually overshadowed last weeks
emergence of trade from the grip of
freezing temperatures, Business
Week reports in its issue today.
The stock markets leaped to the
conclusion that dividend distribu-
ton would be more liberal. Con-
struction interests specialized con-
corning the possible effect on ex-
panSion programs. Meanwhile
Business Week calculates that even
the 1885 tax rates, based on the
business volume of year as pros
porous as 1929, would yield an enor-
nous income, obliterating all fear
of inf1ationary expedients to solve
the budget problem.
"Milder weather over practically
all parts of the country except the
circle of northern states near the
Great Lakes is loosening up sales
and construction activity. With
Easter coming early in April, the
next six weeks should see the best
buying squirt in spring apparel since
1921
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
Local Securities

(By Indianapolis Bond g. Share CorpJ
The following quotations do not rep
resent actual bids or offerings, but
merely indicate the approximate market
level on buying and selling inquiries or
recent transactions
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
Motor Output Due to Climb

"The reluctance of buyers to
place orders Immediately after the
settlement of the threatened dress
strike is annoying to manufacturers,
who are confident that the delay
only means that orders will be
punched just before the Easter
season.
Motor manufacturers are going
ahead with spring business, in the
belief that the worst winter in dec
AIDES is about spent. Motor produc-
ton, which dipped to 380,554 cars
in January. as was forseen, and
shrank further in February, is now
expecter to climb to the 100000
level in March, and even higher in
April. -eta.....
"Steel operations in the first week
of March are estimated at 53.5 per
cent of capacity and destined to go
considerably higher now that the
motor industry is ready to expand
production. Railroad business con-
tinues to pile up. Agricultural
equipment, road machinery, machine
tool, refrigerator and tinplate max
ers are stepping up activity as spring
gets under way"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
Price of Curb Seat Drops

The price of membership the NeC York Curb
Exchange dropped $1,000 to $4,000 in sale an
nounced today The previous price Of $751; 0O on Feb
II, aUas q high since 1888.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-03-09
Money and Exchange
INDIANAPOLIS STATEMENT
Clearings S2146, 00o
TREASURY STATEMENT
(Ru IInifad prncA

WASHINGTON. March 9.-Government
expenses and receipts for the current fiscal
year to March 6, as compared with year
ago:
This Year Last Year
Expenses 4. $40 927 495 81 4647,8l3 GIT 48
Receipts 2415, 479. 1853 "a 2342 ABB 288 IS
Deficit 2425 447, 1927 2305. 375 629 10
Cash Bal. 1854 1923, 357.44 2,049 143 918. SO
Public
Debts. 30, $40, a45, 10000 2s,554, e42, 1926. 90
Gold
Reserve 10. 1s7. 226. 2410o 8.545. $50. 43s. 90
Customs 264 .055, 1881 226, 804, 500. 80
Evening star., 1936-06-23

penses, $11,500; clerk to county COM
missioners and assistants, $4,000;
contingent fund, $50, 900; county &C.
countant and assistants, $l4,700;
county commissioners, $1,000; county
home, $500; county treasurer and
assistants, $27,300; election fund,
$25, ,902; engineering department,
sic, ,260; extinguishing forest fires,
Sis; insolvency, $25, ,001. .78; insurance
and bond premium. $4,000: janitors
and elevator operators, $1,000.
Jail expense, $6,120; Juvenile Court,
$4.750; Circuit Court law library, $500;
lights and telephones. $7,500; Board
of Health, s18,540; Board of Public
Welfare, $20,754; Department of Pub
lie Welfare, 1889; cattle testing,
S2,700; Farm Bureau, $1,500; home
demonstration, $1.495; Orphans Court,
$4,000; Police Court fund, $500; Po-
lice Department, $69,581.50; printing
and publishing. $4,000; removed court
cases, $4,000; repairs, fuel and sup
plies, $4,000; sheriff and deputies,
$9,735; special clerk fund, s14,16O;
taxes in error, $2,331.2 rs; town of Rock
vile water supply, s1,050; volunteer
fire departments, $4,000.
The security issues to be used this
year include 100000 for bonds and
interest refunding, $3.50. 600 for public
school construction, and $4,000 for
purchase of property at delinquent tax
sale.
Evening star., 1936-06-23
Susan B. Anthony Voted Niche
On Rushmore, Despite Nays
ooh, My Goodness" Minority of Three
Dro'cned in Approuol by District
Federation Women.

short explanation of the significance
of Miss Anthony's life, the member
sank back into her seat with sigh
which sounded something like, "Oh,
my goodness"
She declined to discuss a motion to
have the District Federation support
a similar resolution, but when the
vote was taken the booming of noes"
was SO vigorous that the president;
Mrs. Lloyd w. Biddle, asked the
noes" to rise. The volume apparently
was deceptive, however, as only three
women responded, and the motion was
carried by large majority.
The federation also approved a mo.
ton to urge the District Commits
sioners to provide a substantial in
crease of funds for playground and
community center activities in the
1888 budget and authorized its Com.
Evening star., 1936-06-23

Three women turned thumbs down
yesterday on the idea Of depicting a
woman-even Susan B. Anthony
along with Washington, Jefferson,
Lincoln and Theodore Roosevelt in
the Mount Rushmore National Me-
mortal, but their view did not prevail.
At the June meeting of the District
Federation of Women's Clubs, in Jel-
leff's Little Theater, resolution to
support the General Federation in a
move to include Miss Anthony in the
Dakota mountain memorial project
drew unexpected opposition when one
member, obviously disapproving, arose
to inquire:
docs that mean that woman's
face will be carved up there with
those men?"
Answered in the affirmative, with a
Evening star., 1936-06-23

mittee ON Recreation to appear In
support Of this plan.
A motion to urge the appointment
Of Mrs. Roberta Campbell Lawson,
General Federation president, as q
United States representative In the
forthcoming Buenos Aires Peace Con-
gress was unanimously adopted in
line with similar action recently taken
by the General Federation.
Evening star., 1936-06-23

with Paul Dolsey, jr, rs, also colored,
ssh Hanover street, according to
police. Dolsey, who was arrested to-
day, Is being held at the second.
precinct for investigation.
Evening star., 1936-06-23
Benefit Card Party Set.

A card party for the benefit Of the
organ fund of st. James Catholic
Church, Mount Rainier, Md, will be
hel6. in the church auditorium to-
night at $3.50 O'Clock.
Evening star., 1936-06-23
Dies of Fight Injuries.

Walter J. Holt, 81, colored, 81
Hanover street, died in Casualty
Hospital early today Of injuries re-
ceived last night In an alteration
Evening star., 1936-02-09

eat lots of butter and put it on every
thing" He, too, has cooked on camp
ing trips.
Senator Tydings of Maryland de-
clared emphatically:
why of course I've cooked! was
in the Army three years and had
to cook to live One native Maryland
dish that I'm very fond of IS diamond
back terrapin."
Senator Gibson of Vermont:
I'm eating very little Just now,
but when I am hungry I like a
good well-done rib roast of pork with
apple sauce, peas. apple pie and
cheese" That sounds like New Eng
land cooking, doesn't it? Senator Glib
son says he can get his own break
fast of toast, eggs and coffee If he
has to.
Senator Bankhead of Alabama:
my taste Is so varied it is hard to
say Just what is my favorite dish.
Lamb roast and trout, probably.
like anything q child likes. I really
haven't q favorite dish. I try to be
balanced in everything, including
eating. I eat everything that is put
on the table, enjoy it and digest it.
I'm afraid I'm too well balanced to
make good newspaper copy"
CENAToR GEORGE Of Georgia is
- the warm, friendly sort of person
who makes you feel he has time to
sit and chat with you, even when you
know his desk is piled sky-high with
work He gives this recipe for pre-
pairing mountain trout:
"Take a fiat, smooth rock, heat 1t
with oak or chestnut limbs: lay the
fish dressed side on the rock. Dress
it with salt and meal. It is the most
delicious fish you ever ate" Senator
George eats three-minute eggs for
breakfast, "one-eyed" eggs, he calls
them. He eats q very light dinner
and lu1cheon. II unusually hungry,
Evening star., 1936-02-09
sANTAYANA OFFERS A NOVEL
Philosophers Work Brings Intellectual to Grips With Life
With Latter Winning Long, Slow Moving Contest.
Weeks Authors Cover Wide Subj ject Range.

us q work of such all-significant
heights and depths as are to be ex-
perienced in Somerset Maughm's
great, dolorous "Of Human Bondage"
to which book "The Last Puritan"
even in its letters, bears dim resem-
blance. As it Is, we have a series Of
beautiful philosophical essays and q
group Of ironical pictures bound to-
gether by degrees Of geographical lat
itude, and a group Of characters who
are seen only dimly through the fogs
of the authors exquisitely composed
digressions.
1t can be summed up by saying that
1t is q philosophers attempt at q
novel rather than q novelist's express
sion Of philosophy. There Is q tre-
mendous difference.
UNPUBLISHED POEMS OF EMILY
DICKINSON. Edited by her niece,
Martha Dickinson Bianchi, and
Alfred Leete Hampson. Boston:
Little, Brown & Co.
TN INTRODUCING this new collec-
ton of the work Of the incom-
parable Dickinson. one cannot do bet
ter than to quote the statement Of