The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-27
ReOie7O
Highlights of the
News During
This Week.
BY FREDERICK MATSON-
Times Financial Writer

=
on Tuesday IN a manner calculated
to bolster the New Deals farm
program against a Supreme Court
test next fall. A second prime
purpose Of the measure was 10 pro-
vide the Secretary Of Agriculture
With new weapons 70 push farm
prices up 10 a parity With prices
Of other commodities, either by
the processing tax method or
through marketing and crop con-
troll agreements.
Chief provisions Of the bill we're
threefold All processing taxes
heretofore imposed were validated
and ratified at the present levels,
eli benefit contracts under which
matcly 500 100000 we're legalized.
and suits against the government
for recovery Of processing taxes
paid in the past unless the
professor proves he has not shoul-
dered them off upon the consumer
or producer, we're Outlawed.
President Roosevelt approved eX-
penditure Of s1,92l296 of Federal
funds for orks-relief projects in
Indiana. s697 695 Of which viii go
to Indianapolis and Marion County.
The approval is part of the second
batch OF projects recommended to
the President by the Works Allot-
ment Board.
"uU ,,,t,,voT day,otod for goods
Il that has been piling up during
the depression years was manifest
in a striking and encouraging man
ner this week with the publication
OF production and earnings OF
many Of the nations leading in
dustries. Business is beginning to
make an impressive showing.
Here are some of the bright
sn0ts: General Motors Corp. re-
ported earnings for the first six
lAonths Of this year at S83, 729, 1893,
equivalent to S185 on the out
standing common shares-the larg-
est return for a corresponding pc
rod since 1881. Net profit OF
Chrvsler Corp. for the half-year
came to sI8.659 ,3O9, equivalent to
S431 on outstanding common
shares. and the best in the history
OF the organization. The two
leading mail order houses, Mont
coverv Ward IL Co. and Sears-Roe-
buck. reported sales far in excess of
& year ago.
Steel operations this week we're
nt rate of 42.2 per cent of ca
pacity. an increase of So per cent
over last week. Electric power
production scared to the highest
level in four and & half years.
Securities on the New York Stock
Exchange made new highs for the
wear and longer. e.. OF local inter-
est is the preliminary report OF the
Real SILK Hosiery Mills, which in
dicates that the firm will show a
proft in the first six months for
the first time in several years. A
loss of s4l3.459 was shown In the
corresponding 1884 period.
TINE foreign exchange market
/ ouiescent for some time. pro-
vided a little fireworks early IN
the last week. The Dutch guild
er confronted with a cabinet crisis,
broke sharply, neceSsitating the
Bank of Netherlands TO boost the
rate from 2 to per cent IN an
effort to halt the outflow OF GOLD
The situation provoked sympa-
thetic weakness in both the French
and Swiss francs. Fears accom-
panying the crisis were apparently
we'll founded. for the Holland
cabinet resigned yesterday.
Italy. in move obviously de-
signed to finance the impending
campaign against AbysSinia, ellml-
mated its obligation to maintain
a 40 per cent gold reserve backing
notes in circulation. AS a conse-
ouenCe the Ira lost 217i2 points in
trading at New York Tuesday. Or
ficials declared that their action
does not mean that Italy has
formally left the gold standard.
Observers on this side of the At
lantic. however. considered this as
begging the issue. since the Italian
governments OBJECTIONS from the
metallic base have been such that
1t long has not been considered a
member of the gold bloc.
Issuance of one-half cent pieces
Is proposed in a plan which Henry
MOrCenthau Jr. will offer Congress
soon. it was learned this week. II
the proposal is carried out, it will
be the first time that half-cent
coins have been minted since 1887,
when $3.50 we're placed in circu-
lstiOn.
A MEANS of reducing state
"a taxes was offered yesterday by
the indianapolis Chamber of Com
merce when that body recon-
mended the application of $4,000
600 of the Indiana state treasury as
an economy move. Virgil Shep-
pard. governmental research direc-
tor. declared that Indianapolis
property taxes would be cut $470.-
600 If the recommendations were
adopted
Pointing out another way in
which the surplus might be used,
the Chamber Endorsed distribution
of the surplus to the state public
schools on the basis of teaching
units. If 100000 of the fund is
applied to each of the suggested OBJ
jects. the state tax would be cut
from Is cents 10 cents and an
additional 500 could be distributed
TO all state schools for each teach
ing unit.
State relief a d m inistrator
throughout the wheat belt took
arbitrary action this week TO cut
from the dole all able bodied men
in a campaign 10 put them to work
in the harvest fields. Hundreds of
farmers have been unable to get
extra hands to help them during
the harvesting season, chiefly be-
cause relief clients apparently took
the attitude that work was unnec-