The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-12

Hig hlig h is of the
News During the
Last Week.
by VINCENT s. LYONS
Times Financial Editor

Tines Financial Editor
A T the present time only five Of
L n all the national banks closed
at the time of the National Bank
ing Holiday have yet to reopen,
JET. O'Connor. Controller Of the
Currency, reported. Advising Sc
rious consideration of an earlier
Federal Trade Commission recon-
mendation that the concentration
Of wealth in the hands Of large
corporations be halted, the NRA's
Consumers Advisory Board urged
extension Of the Government s
power to prevent monopoly. d.
Setting expenses for the fiscal year
at So 520413 609. President ROose-
welt in MS budget message asked
for s4OOO,O0OOOO for relief. .
The National Automobile Show,
being held at New York City. con-
tinued 70 attract large crowds
made up Of potential buyers and
Just lockers" Rep. Allen T..
TreadWay Of Massachusetts has
proposed a constitutional amend
ment TO tax all future Federal ana
state tax-eXempt securities. q.
The annual report OF the Federal
Power Commission declares that
Federal regulation and control Of
electric utility holding companies
is a necessity for the protection OF
consumers and investors as well as
for the protection of public rights.
-. The dollar volume OF retail
sales last year registered an av-
eragee increase Of IS per cent over
the preceding year with the agri-
cultural areas displaying the widest
gains, according to latest statistics.
Steel output for the current
week was estimated at 43.4 per
cent. against 1872 per cent the
week before, according to the
American Iron and Steel Institute.
THhe first real test of the Ma
L tional Industrial Recovery act
before the United States Supreme
Court was a defeat for the Admin
istration when the tribunal ruled
against the legality of the oil sec
ton of the act. Meanwhile,
Atty. Gen. Homer Cummings
pleaded the case of the Govern
ment in arguments before the
court on the validity Of the Admin
istration's action in devaluing gold.
Livestock values continued to
move forward at the Indianapo-
lis Union Stockyards and in other
markets Of the country, with hog
prices blazing the way. In
ternal rcvnue taxes collected by the
United States Treasury in the year
ended June were 81. 300 ,616 BOB. an
increase of s66O,977O04 over the
preceding year. John Tay-
lor. head of the Bureau Of Dairy
Products Of the Indiana Public
Health Department. declared that
Frankfort has a better milk sup
ply than indianapolis. An
expenditure of at least $4,000 900
for renovation and repair of homes
as we'll as for new construction
was set as the goal by Percy Will
son Of Chicago. regional director
of the Federal Housing Admins
tration. Eli Lilly & Co. of IN
dianapolis have purchased 448
acres of dairy farm from John
Owen. The tract is one of the
largest dairy farms in central In
diana. Electric power pro-
duction last week totaled 1863 731,
600 kilowatt hours, against 1850
467 900 kilowatt hours in the pre-
cedinf1g week.
II EP. GREENWOOD ID, Ind
N reintroduced a measure to
create a Wabash Valley Author
ity" patterned after the Tennessee
Valley Authority. The project calls
for an appropriation of s60000,OOO.
The NRA's Consumers Ad-
visory Board gave eight reasons for
the abolition of price fixing and
the co,,e1f1,7ars' division Of the