The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-01
Trends
Highlights of the
News During the
Last Week.
. BY VINCENT s. LYONS
Times Financial Editor


when congress convenes on Jan 3,
delegates 10 the fall conference of
the Indiana department we're told.
Frank N. Belgrano Jr., declared he
would be in Washington at that
time 10 lead the battle. Settle
ment of the war debts question via
small lump payments. repeal Of the
johnson act. which forbids loans to
defaulting nations and United
States leadership in promoting
world foreign trade was advocated
by the Hutchins commission on in
ternational economic relations.
NRA supervisors of some 400 basic
and supplemental codes are re-
ported to be drafting recommended
lions for a uniform forty-hour
week. The Edison Electric In
stitute, reputedly the mouthpiece
for the public utility industry. in
timated that a court issue would be
mate of the governments Ten
neSsee Valley Authority project.
-. Unofficial utterances of admin
istration officials declared there
would be no increased taxes
voted at the next session of con-
gress. Instead. efforts would be
made to close the loopholes exist
ing in the present set-up. .. Sen
ator Elmer Thomas Dem., Okla),
leader of the inflationary forces.
cautioned his band to move slow
~ with their demands until bust
ness has had a chance to help it
self out of the depression.
CECRETARY of the Treasury
- Morgenthau announces that
the government, on Dec. 10, will
not take any action on the $780,
100000 of Home Owners Loan Cor
poration per cent bonds and the
called portion of fourth Liberty'S.
The treasury will on that date meet
1892, 10000 of maturing certifi-
Gates and, it is believed, raise
about $500, 100000 or S6G0,000,000 of
new funds for winter relief. In
diana's insurance laws must be sub
jected to revision and some COM
panies in business should be barred
from the state, Philip Lutz, attor-
ney-general, declared in an address
before the annual convention Of
the Indiana Fraternal Congress. -.
October insurance sales in Marion
county rose ia per cent over the
preceding month, according to the
General Agents Association of In
dianapolis. Attorneys for the
Users Gas Company were granted
a change of venue in their efforts to
gain franchise for the piping and
sale of gas in the county after
Judge Russell J. Ryan of superior
court had issued a temporary re-
straining order forbidding MEM
bers of the Marion county board of
commissioners from granting the
franchise. The Atchison, To-
peka 81 Santa Fe railway board of
directors approved the expenditure
of S21. DAB 645 for improvements dur
ing 1885. The milk price con-
troversy in Indianapolis was set
tied after a series of conferences,
with producers getting $i-67ls per
hundred pounds of per cent milk.
The new agreement will be in eff
feet Jan. l. when any necessary
adjustments will be made.
A MEXICAN Can Company vot-
Il ed an extra dividend of 81 on
the common shares. along with the
regular quarterly payment of the
same amount. This is the first
extra disbursement to be made by
the company since 1881. PRO
duction of crude oil throughout the
country last week declined Al 900
barrels daily to total of 1858. 100
barrels. Senator Pat Harrison
(Dem., Miss, emerging from a
parley with President Roosevelt
offered compromise plan for pay
ment of the bonus. National Com
mander Belgrano Immediately re-
taliated with full rejection.
Hopes for further gains in steel
tonnage in coming weeks are based
on the expectation that direct
orders from motor car makers will
mount as soon as the last kinks
in their new model programs have
been Strengthened out, the Iron
Age AYERS. A federal judge at
Birmingham denied a motion of
the Tennessee Valley Authority for
dismissal of a suit by preferred
shareholders of the Alabama Power
Company to prevent the sale of
properties to the IVA. Public
utility shares listed on the new
York Stock Exchange responded ag-
greSSively to this ruling. Fed
eral Housing Administrator Moi
felt rendered private capital an
invitation to make loans on low
cost urban construction with fed
eral insurance of mortgages up to
the full cost OF the buildings.
A WORLD drive on the depres-
4 n sion will get under way in
Paris next June, the United States
Chamber of Commerce announces.
Business leaders in all countries
viii participate in the discussions.
The American Federation of
Labor estimates that the country
is entering the winter with $4,000
more unemployed than at this time
last year. =. Production OF. cleo
tricity lest week aggregated l,T05,-
$4,000 kilowatt hours. the highest
level in four years. Giving ef-
feet TO the smallest crop in forty
years, corn prices in Chicago
reached the highest price in four
years, and the best quotation for
this season in ten years. =. Gold
stocks of the nation, enhanced by
the inflow from abroad, spurted to
q new all-time record of $8,112,-
100000 Bank failures declined
TO the lowest level in fourteen years,
only fifty-seven institutions being
closed this year, the federal reserve
board announces. Total savings