The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-15
Trends
Highlights of the
News During the
Last Week.
BY VINCENT S. LYONS
Times Financial Editor

Times FINANCIAL koitoT
Z EXTENSION Of the National In
Ldustrial Recovery Act beyond
its expiration date next June or
substitution Of new legislation to
succeed it Is urged by the Con-
sumers' Industries Committee. &.
Agriculture must continue to adjust
its production to the market if
farm income is TO remain high,
President Roosevelt told the Amer
lean Farm Bureau Federation. &.
Henry Ford announced that he
will spend an additional $4,000 900
on additions and Improvements for
his River Rouge plant. =. The De-
partment of Agriculture estimated
this years cotton crop at 9,73l 900
bales, contrasted with 1901 900
bales last year. . While the
nations total income last year
reached a new low since 1915,
millionaires increased from % to
As, the Bureau of Internal
Revenue reported. The Con-
sumers Council of the Agricultural
Adjustment Administration voiced
the opinion that November rep
resented the high point Of food
prices and that a gradual decline
may be expected from now until
April. D.. E. Kirk Mckinney, state
manager Of the Home Owners Loan
Corp. discloses that 34,628 loans
have been granted in Indiana in
volving property of s7S.832. 440. {.
November automobile production in
the United States and Canada in
creased 90 per cent over the cor
responding month last year, accord
ing to the Automobile Man
ufacturers Association. Albeit he
praised present assistance by the
Administration, William I. Myers,
Governor of the Farm Credit Ad-
ministration, said enforcement OF
farmer credit from the Government
will make for agricultural sound
ness.
EXPANDING consumer needs
Z have lifted steel production to
the best level since mid-July, &C
cording to the Iron Age. The
agricultural adjustment program
was backed as an economic democ-
racy aimed at balanced abundance
by Henry A. Wallace, Secretary OF
Agriculture. In the first fore
cast of the 1885 outlook for busl-
ness and industry. Col. Leonard P:
Ayres, Cleveland bank official and
economist, painted rather dis
NAL picture of prospects. Reports
from washington said that auto
mobile. steel and textile workers
were proposing an amalgamatlon
of interests to combat employer re-
sistance. The Standard Gas ana
Electric Co. omitted dividends on
the Sc and ST prior preference
stocks in order to pave the way
for the redunding of the SIS, OOO,-
600 of 6 per cent notes, which ma
ture next october. j. F. I. OCon-
nor. Controller of the Currency,
gave bankers something to be
thankful for with his statement
that there will be no wild banking
legislation adopted by the next
CONGRESS. Gen. Charles @. Dawes,
former vice president under Hoover,
and now a bank executive, eX-
pressed the view that year OF
full prosperity will be inaugurated
in June or July. Production OF
electric power a week ago reached
1.743. 427 900 kilowatt hours, the
best level since December OF 1881.
Alfred P. Sloan, Jr., president OF
General Motors Corp, urged
longer work week, -ather than
short one.
COMMITTING new and different
- in the way of a barometer OF
business was presented to Indian
apolis Thursday when 400 tractors,
taking up AZ cars, arrived mere
from the Chicago office OF the IN
ternational Harvester Co. De-
partment store sales throughout
the country registered an increase
of IL per cent in November over the
corresponding month last year, ac-
cording to the Federal Reserve
Board Overseas sales of the Gen
eral Motors Corp. in the first eleven
months gained 814 per cent over a
wear ago. James A. Moffett, Fed
eraI Housing Administrator, eX-
messed the view that corporations
If 1885 will spend 81 OOO,00O.OOO for
capital improvements. John II.
Fahey, chairman of the Home
Owners Loan Corp. declared the
public will not let the agency ex-
pire until it is evident that private
lenders will carry on. Bank clear
ings in % leading cities during the
week ended Dec. II increased lo.i
per cent over the same week last
wear. according to Dun d Brad
street. Inc. William Green, preSl-
dent of the American Federation
of Labor. urges all affiliated unions
to press for legislation providing
national and state unemployment
insurance. Engineering construc-
ton awards last week gained 10 per
cent over the preceding week ana
12.5 per cent over the December