The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-27
CAPITAL CITY
CHIEF CENTER
FOR BUSINESS
Opposition to Pending Leg
iSIation Makes it Focal
Point.

NEW OfIA, May Gt.-OppOSlllOIl
to pending legislation is making
Washington a focal point for busi-
ness leaders these days, Business
Week states in its issue this week.
Bankers are now speaking up
against the banking bill. Power
producers and investors persist in
their disapproval of the public
utilities bill after its very slight re-
vision. Senator Wagner'S labor bill!
gets general condemnation from a.,
leading industries. And the Presi-
dent himself leads the protest
against a 'printin' press bonus.
"On the business front" the re-
view continues, there is a surpris
ing stability despite unsettling eff
fects of the NRA debate (compli-
Gated by the Schechter CASE, Of the
labor difficulties in West Coast lum-
Der regions and East Coast ship
yards, and of the familiar seasonal
slackening of the second quarter.
The Business Week index has point
ed upward for the past three weeks
as steel activity and electric power
have maintained a steadier space
than usual, construction has revived,
and coal production expanded under
the threat of labor trouble.
IF legislative uncertainties and
strike threats are clouds over the
business sun, as the market report
ers so frequently say they are, then
the hand mouth buying of re-
cent years should figure as some
thing close to a total eclipse. That
eclipse now shows some signs Of
passing. Rising commodity prices,
initiation talk, and growing con-
fidence in recovery are stimulating
an unusual amount of forward buy
ing.
Coal Upswing Normal
Increasing production in the BIZ
luminous coal fields is normal for
May and June; however, the sharp
pickup OF the first weeks of May is
a response to fears that activity will
be disrupted next month. Negotia-
tons for a renewal of the working
agreement between the United Mine
Workers and the soft coal operators
fell through this week. Unless salts
factory arrangements are concluded
before June Is, some 100000 miners
will stay away from their jobs the
next day.
Some look to action on the Cuff
fey bill supported by the union and
some of the operators to avert the
June crisis. Extension of The code,
even for two-year period, may not
forestall a break, for the price
structure which determines the coal
operators willingness and ability
to discuss union terms has collapsed.
Operators are divided in their opin-
ion as to the possibility of reviving
and sustaining the code price setup.
Automobile production mas in
creased a bit compared with the re-
cent weeks affected by the strike
and shutdoWnS, but, though further
small increases may be recorded in
the near future, the peak of motor
output has probably been passed.
The decline will be slow and orderly,
lasting until July or August. Inven-
tories are now being pared, as prep
arations go forward to wind up &C
tivity on the 1885 line of cars by
midsummer.
Forward Buying Expands
Whether the threat of imitation,
renewed in the bonus debate, is
getting under the skins of buyers or
whether current purchases repre-
sent confidence in future business
activity, there is definite indication
that forward commitments are be-
ginning to expand. Inquiries for
July, August, and September de-