The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-08

Highlights of the
News During the
Last Week.
. BY VINCENT S. LYONS,
Times Financial Editor

warned tnat states must Cooperate
closely in solving tax problems or
see the Federal Government take
charge .. The Agricultural Adjust
ment Administration announced
that total of S522 ,426. l89 had been
disbursed TO farmers up to the end
of November In an endeavor TO
promote public understanding and
confidence. the American Bankers
Assn. inaugurated a campaign to
stimulate wider use of newspaper
advertising The National City
Bank Of New York, in its monthly
letter, stated that business men in
their calculations for 1885 are Civ
ing little weight to the much dis
cussed possibility of initiation .
A platform for economic recovery
was submitted to the country's i'll
dustralists by the National Asso-
citation of Manufacturers meeting
in New York City November
business failures aggregated 923,
against 1901 in the preceding month
and 1897 in November. 1888, &C
cording to Dun e. Bradstreet, Inc.
-. Permanent replacement Of the
present NRA setup through Federal
incorporation of large industries
and trade associations under char
tiers embracing principles of Blue
Eagle codes is receiving serious con-
sideration by Administration OIL
Gals. the United Press reports
Henry L. Hartman, president OF the
United States Chamber Of Com
MERGE, in a speech at Los Angeles
declared there is much ground for
encouragement in present business
conditions.
A LII the evidence indicates the
n people are in a greater spend
ing mood, John Dickinson, As
sistant Secretary of Commerce,
said in appraising Christmas trade
Winthrop w. Aldrich, chair
man of the Chase National Bank,
warned municipalities That they
can not long continue the practice
of having the Federal Government
shoulder the bulk of the relief
problem and urged them to find
new sources of taxation The
United States Treasury offering OF
5000 5000 of bonds and notes was
oversubscribed six times on the
first day of offering. Books were
closed the second day on the ex-
change offer made in connection
with the 1892 ,OOO0 900 of certificates
maturing on Dec. IS =. Americas
foreign trade for the first ten
n q
favorable balance of nearly $780,
600 900, against slightly more than
500 900 900 in the same 1888 period
November engineering con-
struction awards totaled $134.-
415,0O0, an increase of 10 per cent
over the october record Farm
land sold by the Federal Land
Bank of Louisville increased 22O
per cent over a year ago with
prices $40 to SIS an acre higher -.
November sales of Montgomery,
Ward 81 Co. aggregated $4,000, 806,
the highest figure for that month
since 1929 and 1872 per cent ahead
of the corresponding month last
year.
OORN, both in the cash and flu
~ lures markets. continued It's
startling rise, the No. white prod
uct climbing to Sill. the best level
in six years. Other grains also
moved forward impreSsively.
Dow-Jones industrial and railroad
stock averages attained the best
quotations in several months. q.
Corporation benevolence continued
to lavish extra and increased divi-
dend payments upon stockholders.
Production of electricity last
week rose "a per cent over the
corresponding period last year, the
best percentage gain since March.
Discard your fears and Coop
crate in the recovery program,
Daniel Roper, Secretary of Com
merce, told business leaders in an
address before the congress of
American industry. Monetary
gold stocks of the nation rose
SAC 900 900 during the week ended
Dec. to a fresh peak of $751;
100000. according to Federal Re-
serve Board figures. .. The Ameri-
can consumer spent 81 5000 900
on legahzed liquor in the first year
of repeal. the League of Distilled
Spirits RectifierS declares e. Con-
Stitutionality of the National Re-
covery Act was upheld by a Federal
judge in Philadelphia, who denied
the petition of two drug compa-
MES to restrain the Government
from enforcing the tobacco code.
.. West Virginia has filed notice
of its intention to intervene in the
Government suit against a private
company in which the United
States is seeking to require the
company to accept a Federal Ii
cenSe for its Sl1.000.O00 Hawks Nest
hydroelectric project on New River.
4 LMOST without exception the
N reports received from all parts
OF the country on consumer buy
ing this week indicated a sharp
rise from the preceding weeks
sales totals, according to Dun &
Bradstreet. Inc. Revenue freight
car loadingS last week aggregated
4SS.118 cars. reduction of 1875
cars from the preceding week.
No. heavy smelling scrap was
advanced 81 a ton at Pittsburgh,
the sbarpest rise in some time. -.
Sales Of Sears. Roebuck & Co. for
the period Nov. 6 TO Dec. 8, totaled
S30.S78.320. an increase of IA per
cent over the 1888 period. Sec
rotary Of Agriculture Wallace de-
clares that if the railroads per-
sist in seeking increased freight
rates on farm products, they will
prolong the depression and lose
much business they now have.
A slow forward movement Of bust
ness was reported in November by
-