The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-22
Trends
HighlightS of the
News During the
Last Week.
BY VINCENT s. LYONS
Times Financial Editor

- BY VINCENT s. LYONS
Times Financial Editor
THE Federal Reserve Board and
Il the Federal Deposit Insurance
Corp. jointly announced that be-
aiming Feb. /. the maximum inter-
est payable on time and savings
deposits throughout the country
will be reduced from to D. per
cent. The NRA Labor Advisory
Board. which IS headed BY William
Green, president Of the American
Federation Of Labor. urged more
teeth in NRA Current steel oper-
atiOns, according 10 the American
Ion & Steel Institute. are at 346
per cent, the best level since the
summer Rejecting the proceeds
from the bond sale. the Govern
mentS cash working balance on
Dec. IS rose from S729 .944. $50 10
81 ,692. 347359 Total sales Of Swift
81 Co. for the fiscal year ended
Oct. D. increased $4,000. 900 over
the preceding year and the profit
was 525 per cent on the share
holders investment Creation of a
system Of unemployment insurance
under Government supervision will
be one Of the most important pieces
of legislation coming up for study
at the next Congress, Senator Van
Mugs declared Frank n. BelgranO
Jr, national commander, urges the
American Legion to Obstruct any
move for a bonus march on the
Capital this year Governor Nc
Nuts special committee on taxa
ton has voted to recommend to the
1885 Legislature that a moratorium
be declared on the sale of property
for delinquent taxes Until July,
1927.
THE Department of Agriculture
4 reported that the total value
of all farm crops this year is s4,-
1872 626 600, cOntrasted with revised
figures Of s4.1I4265, 900 for last
year and 1882 $4,000 tor 1882.
Chicago bankers bought from
the Reconstruction Finance Corp.
SD 300. 600 of board of education
Al per cent bonds and paid pre-
MUM of a full point COR the issues.
In a survey of availability of
bank credit in the Chicago Federal
Reserve District. conducted by DR..
Jacob Viner and Dr.. Charles o.
Hardy. private banks we're criCi-
cized for making inadequate loans
and government agencies were rs
sailed for their red tape.
American industry dug into surplus
for S9500.000 of finance losses and
pay taxes and dividends, according
to an analysis of corporation in
come tax returns with the Bureau
of Internal Revenue. The
Bethlehem Steel Corp. announced
the completion of plans for the
erection of new sheet mill to cost
between $4,000 900 and SIS 100000.
The battle between the Gov
eminent and the public utility in
terests reached new heights with
the disclosure that the Public
Works Administration might
finance a municipally-owne power
plant in New York City. The
trend of electricity production con-
jinued upward in the week end
ed Dec. Is. showing an increase Of
rs per cent over the corresponding
week last year.
CHARP reduction of appropria-
- tions for Federal relief and
public works for the purpose Of
balancing the National budget was
advocated by the nations leading
industrial and financial leaders
meeting at White Sulphur Springs,
w. Va, under the auspices of the
United States Chamber of Com
MERGE and the National Assn. of
Manufacturers Former Sec
rotary Of the Treasury Ogden Mills
warned against uncontrolled inf1a-
ton in a speech at Scranton, Pa.
The Assn. of Life Insurance
presidents reported that new life
insurance production for the first
eleven months of the year was "a
per cent ahead of the correspond
ing period last year, although a
slight decline was noted in NOvem-
@ Der The Oil & Gas Journal
estimated that the oil industry in
1885 will spend S4.56l $4,000 for
equipment. leaSehOldS. royalties la
Dor and taxes Sol A. ROSenblatt,
NRA compliance and enforcement
director, promised quick prosecution
of code viOlatOrS following removal
of Blue Eagles The National
Lead Co. featured dividend news
with the distribution of a IA per
cent stock payment Federal Re-
serve member banks in New York
City and Chicago increased their
holdings of United States Govern
ment securities by 100000 dur
ing the week ended Dec. 10, indi-
eating their part in the Dec. Is fl
nancing operation of the Treas.
ury.
THE Illinois Supreme Court. in
Il a reversal of a lower court,
ruled that sale of electricity. gas
and water are not subject TO the
per cent sales levy . Acreage
SOwn to winter wheat this fall was
t4At AuA -Ncl III ANAAA NN0ACs dNAOA
ing TO the Department of Agricul-
ture The widest gain in sew
eral years was reported by depart
ment stores in New York City in
the first half Of December. The
Reconstruction Finance Corp. as
sumed management of the Denver
& Salt Lake Railway which has
received large loans from the Gov
eminent agency. Car lOadingS
Spurted 26.924 cars last week to
make the best December week in the
- last three years Issuance b.
the Securities and Exchange Com
mission OF permanent registration
: provisions drew the praise Of the
New York and Chicago Stock Ex-
changes. Christmas bonuses to
employees Of corporations have been