The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-13
Trends
Highlights of News
During Last
Week.
BY MATSC
Times Financial Writer

OLIVER has occupied the center
- Of the stage in Washington.
several western capitals and mar
ket circles the last few days. The
Administration is seeking 10 speed
advancing commodity prices By
paying more for the domestically
mined product. Over night Sill
yer prices were boosted from 6464
cents 70 I'LL cents al ounce. The
movement carried definite Infia-
tionary possibilities. Treasury Of
hcials said the rise was likely 10
carry up the price Of various COM
mOdities, stimulate new silver pro-
duction and lead to issuance Of
additional money against the in
creased amount Of newly mined
silver turned in. The New YORK
price for foreign bar silver was
fixed at 68tz cents an ounce yes
terday. an advance Of % cents
over the previous level and the
highest since Jan. 9, 1926. The sill
yer bloc. flushed with victory,
sought to gain further advantage
by mandatory buying legislation
and force the 16-to-1 ration. At
the same time Henry MOrgenthau,
Jr.. Secretary Of the Treasury
warned the bloc not to tamper,
limiting at possible crises in inter
national exchange. lndlanas
share in the 887.5l2,2 55 Of Argi-
cultural Adjustment Administra-
ton expenditures TO March /,
amounted 10 $50, 861 ,381, Admins
traitor Chester G. Davis reported.
n n 4
II ETENTION Of the profit mo-
N tive was advocated by Daniel
c. Roper. Secretary OF Commerce,
in an address delivered Wednesday
at the luncheon meeting Of the In
dianapOlis Chamber Of Commerce
in the Claypool. Unless business
prospcrs, such earnings must fall'
he said. and hence. successful bust
ness is the keystone in the arch OF
our national welfare. A thin
ming out Of financial houses in In
dianapOlis during recent weeks was
again evidenced Monday by the
filing in Federal Court of a volun-
tarv petition in bankruptcy by
Pfan 81 Hughcl, local investment
securities firm. Scarcely two weeks
ago the nationally known broker
age firm Of Fenner e. Beane closed
its indianapolis agency and merged
with the local branch Of Abbott,
Proctor e. Paine. Following
close on Pfaf & Hughel's bank
ruptcy petition, the state Securities
Commission revoked the firms Ii
cense and announced it would
launch an investigation into the
Company's affairs. An inquiry also
is expected to be made by the Mar
ion County prosecutors office.
For the first time since 1925 an in
crease over the preceding year was
shown last year IN the number and
value of buildings for which per-
mits were issued. the bureau Of Ia
Dor statistics of the Department Of
Labor reported.
A few strokes Of President
"A Roosevelt's pen on the
1890. OOO. 900 work-relief bill Sun
day released history's largest lump
sum appropriation. MI. Roosevelt
signed the resolution aboard train
en- route from Florida to New York.
The peak load in the program will
be reached in mid-November, he
indicated. Meanwhile. he ordered
immediate expenditure of Sl55,-
100000 by the Federal Emergency
Relief Administration and the Civ
ilian Conservation Corps.
Farmers in western Kansas this
week gave up hopes of a wheat
crop. A new dust storm. denser
and more destructive than the doz-
n which already have swept their
fields. tugged at what vegetation
remained and threatened to leave
a third of the state virtually bar
rem. Effects Of the adverse weather
reports were felt daily in the grain
markets. Income tax cOllec-
tons from Ga districts at the end
Of March amounted to 1921. 726.346,
and increase of 1871 per cent over
the corresponding month in 1884,
according to a Treasury report. In
Indiana. a 81 per cent increase
in Federal income tax collections
during last month over March,
1884. was indicated in figures COM
piled by Will H. Smith, internal
revenue collector.
TINE Marion County Council au-
i thorized the County Commits
sioners to issue poor relief bonds IN
the amount of S1.25O,000. for deliv-
erv MAY /. The money from the
bonds will be used to pay out
standing obligations and to finance
poor relief until the end of June.
Their issuance is provided for in a
law passed by the last General As
Sembly. Under the former
system Of paying for relief pur-
chaseS. no method was provided for
issuing bonds. The practice then
was for vendors of food and other
supplies to credit the bill and even
tually bring a friendly suit
against the township for the
amount involved. with interest
accruing at as high as 6 per cent.
With the bond issue method now in
force. prompt payment of bills is
assured. Legal notice of the
$4,000 revenue bond issue TO be
used by the utility district of Indi-
apolis in acquiring the Citizens
Gas Co. was published in all three
indianapolis newspapers Monday.
Yesterday. that notice was strapped
and a new stipulation advertised.
Directors OF the utility district said
the changes are TO facilitate the
sale and make the issue more at
tractive." Most important revision
in the new advertisement provides
that the bonds TO be sold will ma
ture in not more than 40 years.
TIE original announcement stated
that the life of the contemplated
bonds would be limited TO not more
than 20 years.