davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
n. Y. JUSTICE
HITS SECURITY
SALES SYSTEM
Rosenman Terms Present
Methods as Unjust
in Ruling.
By United Press

By THfted Press
NEW YORK. April 16.-Mod-
ern methods of selling securities
are unjust" and possess fraudulent
despite their legality.
said the opinion of New York SUI
preme Court Justice Samuel l. Ros-
enman, studied by investment
huoses and investors today.
He denounced the trust indenture
plan when he reluctantly absolved
the Chase National Bank of liabil-
ity in a S10,000.000 suit brought
against it by 125 security holders
of the National Electric Power Co,
a former insult utility holding COM
pany. Prospective investors were in
duced to buy debentures by the
name and prestige of the trustee
rather than by the terms OF the
bond contract, he said.
Indenture Held Unjust
1.-THE facts o. this case show
Justice Rosenman said. &c. how
utterly unjust to the investing pubs
lie is the modern trust indenture.
'It is safe to assume that many
investors in these debentures of the
National Electric Power Co. we're led
to purchase them, in large measure.
by the fact that the Chase National
Bank. or its predecessor (the Equit-
able Trust Coz, with all its power
and prestige in the financial COM
munity. was named as trustee.
Reliance is placed almost COM
pletely upon belief that experience,
power. financial acumen and integ-
rity of the trustee will serve as
protection.
Sad Picture of Finance
1.-THE cruel fact is that not only
is the trustee not required to ex-
ercise that greater skill and watch
fulness and prudence which it has,
but it is even absolved from ex-
ercising merely the ordinary care
which single individual should ex-
ercise as to his own affairs"
The plaintiffs charged the bank
with bad faith and gross negligence
in permitting substitution of now
valueless holding company secur-
tiles for operating company secur-
tiles as collateral for their deben-
lures.
In what he termed "a sad picture
of high finance" Justice Rosenman
held that under the terms of the
trust indentUre under which the
debentures were issued, the trustee
was not guilty of negligence. He
added, however, that under the
standards of care imposed upon
common-law trustee the bank would
have been held negligent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
PORKERS AGAIN
REMAIN STEADY
Cattle Market Irregular;
VeaIers Stationary;
Lambs Strong.

With both trading and receipts
around normal, the pork market set
tied down to a steady price range
today at the Indianapolis Union
Stockyards. Receipts were estimated
at 1000, while holdovers numbered
224.
Interest was light at the opening,
but picked up as the session pro-
crossed. Outside demand was limit
ed due mostly to liberal supplies re-
ported at surrounding livestock CEN
tiers. The top price paid for good
and choice hogs held at $1105.
General bulk of 100 to 225 pounds
cashed in at $1,000 to $ll. Medium
heavy classes, scaling 225 to $50
pounds, brought 5000 to $1,000.
Heavy slaughter classes. from 300 to
400 pounds, were salable at $40 to
Stops. Lightweights. from 140 to
100 pounds, brought $1,000 to $10.75.
Pasking sows held at 1925 to $685..
Trading was slightly irregular in
the cattle market. Practically all
classes of cows remained steady,
while best grades of slaughter steers
were weak to unevenly lower than
yesterdays average. Bulk of steers
sold from $3.50 down. Heifers
ranged from 81 to $3.50. Beef cows
sold at $575 to 1925. Receipts were
700.
Veals continued unchanged. The
bulk of good and choice held at SO
to $3.50. Receipts numbered 500.
The lamb market was active and
steady to strong. Bulk of desirable
clipped lambs, weighing from 81 to
104 pounds, sold at $975. Few
good and choice native wooded skins
brought Sill Spring lambs and sheep
were scarce and steady. Receipts
were 1000.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
CREDIT ACCOUNTS IN
MONTH SHOW DROP
Collections in February at
46.9 Per Cent.
Times Special

hMfS SpCciUI
WASHINGTON, April 49, -
Open-credit accounts receivable of
department stores were paid at a
higher rate in February than in the
corresponding 1885 month. but I'M
der the rate of January ti.is year,
according TO report releaced to-
day by the Bureau of Foreign and
Domestic Commerce.
The collection figures on these
accounts were 446 per cent for
February and 46.9 per cent for
January this year, and AIS er cent
for February, 1885.
Payments on inStallment credit
accounts receivable were made at
slightly higher rate in February
than in the same month year ago
and January this year, the change
from January to February being of a
contra seasonal character. The COL
lection figures on these accounts
were III per cent for February;
1T per cent for January and 1863
per cent for February last year.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
lNDlANAP0LIS-N. Y. RUN
TO BE CUT Is MINUTES
Pennsy Announces New Schedule
Effective April IS.

A faster and more convenient
schedule between Indianapolis and
New York on the American of tbs,
Pennsylvania Railroad was am
nounced today by H. w. Jones, In
dianapolis, general superintendent
of the Pennsylvania. The improved
running time will become effective
April 26 with the adoption of the
spring time tables and the change
TO daylight saving time by numer-
Gus cities.
On its new eastward schedule,
the American will leave Indian
apolis at :37 p. m. &C. S. IT,, five
minutes earlier than at present, but
will arrive in New York at 7::30
a. m. (E. S. IT, 20 minutes earlier
than on its present run.
No change will be made in the
westward schedule of the American,
which leaves New York at sos D. m.
tE. S. IT, and arrives in Indian
apolis at 10:43 a. m. &C. S. t..
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
LOCAL AGENT HONORED
John Burkhart Wins Recognition
for Production Record.

John Burkhart, Indianapolis gen.
eral agent for the Lincoln National
Life Insurance Co., won national
recognition for his personal pro-
duction record during March, &C
cording to word received here to-
day from the home Office in Fort
Wayne, Ind.
Mr.. Burkhart led all agents of
the company in number of paid ap-
plications secured during the
month. He also ranked fifth in
personal paid production for the
month.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
SEVENTH FURNACE Is
FIRED AT GARY WORKS
Current Production Rate Highest
for Last Five Years.
Times Special

fWfN NFttfNt
GARY, Ind. April 16.-The Gary
works OF the Carnegie Illinois Steel
Corp, to keep in line with the con-
tinued heavy demand for steel ma
terials, has fired its seventh blast
furnace, 1t was learned today.
Furnace No. was fired. being the
second to be added in less than two
months. The plant. which has II
furnaces, is enjoying a steady up
ward climb in operations. Firing of
the extra furnace last week gave the
Gary works, a production rate I'M
equaled since 1881.
Current operations at the plant
for the blast department are re-
ported at about 60 per cent of capac-
ity. The operating rate for the plant
as a whole is reported at SAT per
cent, new high for more than five
years.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
Produce Markets

The prices quoted are paid for stock
gathered in the country. while delivered
Heavy breed hens. lse. Leghorn breed
hsss. i5c: old cocks. lac Ducks white. S
Ihs. and over. lie; geese; full feathered.
~ M I strictly fresh eggs. loss of isc
5eiivered IN Indianapolis. lie. Each full
saae must weigh 81 lbs. Ffoss deoustion
~ II eentf 4 pound under IS lbs will he
mafe No ! butter 3eiz@s7lsc: No. 2, So
0f454c, EutteTfst, SAC
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
FURNITURE MAKERS
PREDICT BIG SEASON
May Market Prospects Reported
Best Since Boom Times.

Best Since Boom Times.
Times Special
CHICAGO. April Is. The ma
tons furniture makers, who found
demand for their goods in January
and February maintaining the high
level that prevailed through the lat
ter half of 1885, are preparing for
the coming spring markets with
high hopes that at least the first
half of this year will see the in
dustry's comeback continuing apace.
Three major factors are cited as
grounds for prediction of further
acceleration OF furniture production
this spring by George B. Atkinson,
manager of the furniture division
OF the Merchandise Mart.
They are: Payment of the
soldiers bonus, widespread need for
replacement merchandise in flood
stricken areas, and the persistent
depleted condition of retail stocks.
The May market is forecast to be
the most active the industry has
known since boom times.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
PREDICTS REVENUE GAIN
Railroad Official Sees Upturn of 5
Per Cent for 1886.
By United Press

By UMttcG PTess
NASHVILLE, Tenn. April 10
Fitzgerald Hall, president of the
Nashville, Chattanooga and st.
Louis Railway, has predicted
gross revenue increase of per cent
in 1886 over last year, in his quar-
terly report to the board of direc-
tors.
His prediction was made despite
deficit of sos, 799 for The quar-
ter. However, this figure repre-
sented reduction of $153 354 from
the net loss of the same quarter last
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
FINANCE CORP. REPORTS
Times Special

NEW YORK, April 16.-Net profit
of Seaboard Finance Corps for the
six months period ended March 81
amounted to SOL 97. The total in
clades all operating expenses and
reserves. OF the profit, $48,546 was
credited to the second quarter which
terminated March 81, and the re-
manning s43,151 to the preceding
quarter.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
DETROIT OFFICIALS HERE
Robert C. Graham, F. r. Valpey to
Preside at Meeting.

Robert c. Graham and F. r.
Valpey, executive vice president and
general sales manager. respectively,
of the Graham Paige Motors Corp,
Detroit, were to preside over
meeting of all Indiana Graham
dealers at the Lincoln today, Joe
B. Wiles, president of Wiles e.
Wilson Motor Service, Inc, Indian
apolis distributors, has announced.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
BUSINESS TREND UPWARD
By United Press

WASHINGTON, April 16.-Re-
newed activity in flooded areas, q
further increase in automobile pro-
duction and the pre-Easter expan-
sion in retail buying evidenced a
general improvement in business
during the two weeks ended April
T., the Commerce Department re-
ported today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
COTTON CONSUMPTION
INCREASES IN MARCH
54S,913 Bales Sold in u. S.. Against
482,37S Year Ago.


4S2,37S Year Ago.
By United Press
WASHINGTON, April 16.-Cotton
consumed in the United States dur
ing March totaled 548,913 bales, as
compared with 482,373 bales in
March a year ago.
Consumption for the eight-month
period ending March 81 totale A.
072,759 bales, as compared with 81
647,359 bales during the same period
a year ago.
Imports of foreign cotton during
March totaled 1852 bales as COM
pared to 9917 bales imported during
March, 1885. Total imports for the
eight months ending March 81 were
$3.50 bales, as compared to 74,437
bales for the same period year ago.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
Trends
Why Abandon Is
Per Cent Tax,
Asks Flynn.
by JOHN T. FLYNN

NEW YORK, April 16.-The
Senate Finance Committee
Is -sbout TO take up consideration
Of the new tax bill. AS it does,
so it may consider one or two very
fundamental factors in it. In
our income tax laws there is
what is known as a normal tax
and a surtax, or in the case of
corporations, an excess profits tax.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
BETTER COTTON
LOAN PLAN FOR
1886 is STUDIED
Agriculture Officials Seek to
Prevent Forced Dis
poSaI
By United Press


WASHINGTON, April 16.-Gov-
eminent agriculture officials today
studied methods to work out a 1886
cotton loan program to prevent rep
etition of forced disposal of Gotten
SURPRISES at loss to the govern
ment.
The Importance of such a policy
was emphasized by the opening of
the governments program to dis
pose of 100000 bales of cotton, held
under the 1884 12-cent loan, at a
loss expected to be approximately
2 cents a pound.
More than 1000 900 bales of cot
ton are held in storage under the
12-cent loan. The government is
trying to dispose of nearly one
fourth of the total in order to liqui-
date the large surplus as depress-
ing factor in the cotton market.
AAA, CCC Involved
The 12-cent loans were made on
the 1884 crop. Because the then
current market price was consider
ably lower than the loan rate, many
farmers accepted the governments
loan offer. Before the program was
concluded more than 100000 bales
were found to have been put up as
collateral for loans.
The newly inaugurated confer
ences to work out a program for the
1886 crop involved principally off,
Gals of the Department of Agricul-
ture, the AAA, and the Commodity
Credit Corp. The latter corporation
a. Reconstruction Finance Corp. sub
sidiary, was charged with the task
of administering the loan programs
under the New Deal.
Many Favor Stopping Loans
Many officials, it was understood,
were in favor of abandoning all
government loans on cotton. They
pointed to recent survey of the
Brookings Institute, which found
that government cotton loan poll
cies. both under the old Republican
Federal Farm Board and the New
Deals Commodity Credit Corp, had
proved dismal failures"
They said political fare-ups in
variably result from discussions of
a cotton loan policy. Last year, they
noted, premature announcement of
a Decent loan program resulted in
Congress being forced to stay in
session two days longer than it had
anticipated, until compromise was
worked out whereby the government
guaranteed 12-cents-a-pound re-
turn to growers.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
OUTLINES AID CAMPAIGNS
Times Special

AKRON, o., April 16.-The B. F.
Goodrich Co., one of the worlds old
est rubber manufacturers has out
lined the largest advertising cam
paign in history of the company
which will be conducted during the
current year, principally in news
papers, j. D. Tew, president, said
today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
Local Securities
(By Indianapolis l

tBy indianapolis Bond a. Share Corp)
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
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16

IN all our
tax laws from
the beginning,
under Demo-
cratic and Re-
m in istrations,
the normal tax
on the earnings
OF individuals
has been lower
than the nor
NAL tax on the
earnings Of COR
porations.
Under the
Coolidge tax
billS-and Mr..
Coolidge was
in divi d u a /,
W h e t her IS in
wages or prof
its, was from
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
Standard Oil Reports
Best Year Since 1880
Profits Total s3o,OOO,0o0 or s1.9S Share, Indiana
Concern DiScIoSeS.

CHICAGO, April sThe pamphlet Standard Oil Co of
stockholders that
subsidiaries enjoyed 1885 the best business 1890
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16


IL to per cent. But on cor
porations it was 1874 per cent.
Under our existing tax laws the
normal tax Is per cent on indi-
viduals, on corporations it is Is
per cent, save for very small con-
Germs.
CUPPOSE that, under Repub-
~ lican Administration, Mr..
Hoover or Mr.. Coolidge had pro-
posed to do away with this differ
ence and to make the normal tax
on corporation dividends the same
as individual and personal earn
ings. What would the Democrats
have said? They would have made
the ceilings ring with their de-
nunciations of the plunderbund"
and the plot of big business to es-
cape its real burden of taxation.
Whatever else is or is not done in
taxation, the fact remains that this
distinction between the rate on
the earnings Of individuals and the
rate on what the individual collects
from corporation dividends has
been established. And this is a gain
for the liberals in taxation which
ought not to be thrown away. Yet
1t is precisely this which the new
Roosevelt tax plan proposes TO
abandon.
The argument for it is that I'M
der the new plan undistributed sur
pluses will bear heavily on the COR
porationS and offset the loss re-
sulting from the Abandonment Of
the Is per cent normal tax
DUT against this at least two
- seemingly conclusive argu-
ments can be made.
First, it is not necessary to aban-
don the Is per cent rate in order
TO tax undisturbed earnings. Why
not keep the present normal rate
of Is per cent and the excess
profits tax on earnings over 10 per
cent and add a milder tax on I'M
disturbed earnings?
The reason for a tax on undis-
turbed earnings is to force distri-
button and by this means force the
earnings into the hands of the
stockholders where they will be
subjected to the surtaX. The chief
object is to tax them. This can be
done by working out a series of
schedules on undisturbed earnings
which will equal what would be
gained from the surtax. But why
abandon the Is per cent corpora
ton tax in order to gain this? 1t is
unnecessary.
Second, there is grave reason
to believe that the House tax plan
will not increase the yield Most
experts seem to agree it won't.
Copyright. 1896. by NEA Service Inc.l
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
LOCAL CASH MARKET
tBy Thomas D. sheerin & Coz

City grain elevators are PAVING ~ cents
fSs No. soft wheat other grades on
thek merits. Cash corn new No. & yellow
81 cents and cats "a cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
Oil Prospects

Oil Prospects
The Wall Street Journal announces that the OIL IN
dustrv is expected to spend betices s75000O00 and
100000 this gear construction and moderniza-
ton.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
Unlisted Stocks

(By Blyth 81 Coz
NEW YORK BANK STOCKS
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1936-04-16
Chicago Stocks
tBy Atkins, Hamill & Gates)
NeW York Curb

CBy Atkins. HamiIl Il Gates>
Imperial Valley press., 1936-04-17
1IRL GIVES TESTIMONY IN BOMBING CASE
GOLD RUSH FILM
SCHEDULED FOR
UNITED ARTISTS

The most dramatic era in the
development of California, lead
ing to the great gold rush of 1849,
forms the background of Suffers
Cold Universal's screen narrative
which opens as the United Artists
theatre Sunday for a three days
engagement in a double bill with
Pat OBrien and Josephine Hutch,
inson in Il Married a Doctor.
Edward Arnold is starred as
John Sutter. who established the
empire" of New Helvetia in Cali
fornia On his land was discovered
the gold which brought 100000 wild
eyed treasure seekers to the Golden
State within a year. The opening
scene finds Sutter in his native
Switzerland. Then the story fol-
lows him to America, across the
continent to Oregon, to the Sand
wich Islands and finally to Cali
fornia, where most of the action
takes place.
The frenzied lawlessness of the
gold rush brings ruin to Suffer.
When his spirit has reached its
lowest ebb his wife gives him new
courage. Dramatic events follow
in swift succession, and the final
sequences show Sutter in Wash
ington, D. c., carrying on long
campaign to secure redress from
the Government
Heading Arnold's enormous sup
porting cast, Lee Tracy is seen as
Perkin, Binnie Barnes as the Rus
sian countess and Katharine Alex
ander as Mrs. Anna Sutter. Other
important roles are played by Ad-
Olson Richards, Montagu Love,
John MILAN, Harry Carey, Robert
Warwick and Mitchell Lewis. Many
thousands of extra players appear
in minor parts.
Director James Cruze, famous as
the maker df THE Covered Wag
on has filmed the picture on a
magnificent scale to fit the sweep
ing scope of the story. The
screenplay was adapted by Jack
Kirkland and Walter Woods from
the novel by Blise Cendrars.
Imperial Valley press., 1936-04-17
Grapefruit Officials
Back From Phoenix

Officials and members of the
Imperial Valley Grapefruit Grow
ers' association have just returned
from a trip to Phoenix, Arizona,
where they visited the grapefruit
packing plant there in order to
learn how the fruit is shipped in
that district.
The group left Wednesday morn
ing and stopped for a few hours
at the Yuma, Arizona, packing
house before going on to Phoenix.
Those in the group were Clarence
w. Pruitt, M. w. Bates, John F..
Waterman, R. c. Smith, o. j.
Bradshaw, E. T. Parker, Ray Bonn
er, J. M. Grafton, Kenneth Sharpe
and j. l.. Dubois.
Imperial Valley press., 1936-04-17
TODAYS-
Sports Parade
BY HENRY McLEMORE


.
hitting is only fair. he said.
"The players lack the build to
hit the ball like Babe Ruth, but
they are demons, simply demons,
on the base paths. Once they
get on base, nothing can hold
them back"
Not even the fact that the base
ahead of them is occupied, NJ.
Moulin Rouge?
The biggest problem of the
French teams, Mr.. Marcel said, was
lack of pitchers.
The pitchers seem more intent
upon speed than curves, and a good
batter has only to wait for one to
float up to the plate to lam it very
far, indeed. But the French pro-
moters will not be discouraged.
They have read of the tremendous
crowds and gate receipts of the
American world series, and are de-
termined to break in on the gold
mine"
If France does develop baseball
teams, a riot of color will be added
to the game. In fact, one might
almost say a colorful riot will be
added, for the French sports Gus
toner is probably the most bois-
ferrous in the world When he OBJ
jects he objects. Not SO long ago
French boxing crowd, displeased
with the decision of the referee,
displayed its wrath by completely
wrecking the stadium and then
setting fire to the ruins. Just what
the French bleacher boys would
do to an umpire who calls the
hometown favorite out at the plate
in a close play, is something only
a man who had been through the
third degree could imagine.