The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-26
Trends
Highlights of the
News During the
Last Week.
by VINCENT S. LYONS.
Times Financial Editor


i Institute indicated, on the
basis OF reports received, that the
steel industry will display strong
opposition to a 30-hour week :.
The Federal Trade Commission de-
clared that state regulation of pub
lie utilities had failed to protect
the public g. The city of Jackson,
Miss, voted against a plan to bring
about municipal ownership of an
electric power plant which would
tie-in with the Tennessee Valley
Authority Feb 4 was set by
Judge Frank B. Baker as the ten
tative date for the trial of three
former officials of the defunct
Meyer-Kiser Bank. Lower fares
and the adoption of many changes
looking to the comfort of travellers
was urged upon the nations rail-
roads by the transportation service
section Of the Federal Co-ordinator
Of TranSpOrtation's Office. 9.
Marked increases and recessions in
individual lines of Indiana have
taken place since March 1894, but
the general level of business has
fuctuated within narrow limits,
according to the monthly review
Of the Bureau of Business Admin
istration of Indiana University =.
The rate Of production for the steel
industry during the current week
was 49.5 per cent of capacity, the
highest level since last June, &C
cording to the American Iron 81
Steel Institute. Release of mil
lions of dollars by Indiana banks
for the rehnancing of mortgages
and for the building of new homes
Is sought in a bill passed by the
House amending the 1888 financial
institutions act.
UTILIZATION Of the sale Of
- baby bonds" by the United
States Treasury, which would pro-
vide a wider distribution for Fed
eral securities. was proposed in a
bill introduced by Chairman Doug
las of the House Ways and Means
Committee. Members of the
House Banking Committee de-
clared the loans to industries &C
tivities of the Reconstruction
Finance Corp. has been
failure. Rep. Fish (R. N. "
stated that both the RFC and the
Federal Reserve Banks have failed
absolutely in carrying out our in
tent to make loans to private in
dustry" Hugh V. Brady was
elected treasurer of the Security
Trust Co. at the annual meeting
Of stockholders. Five OF In
dianapolis' banks are ranked among
the Nations first 300 institutions,
according to a compilation pre-
pared by the American Banker.
The Marion County Consumers
Council approved proposed inspec-
ton and regulation of the Indian
apolis milk supply at its source.
Henry I. Hartman, president
Of the United States Chamber of
Commerce. asserted that if public
utility holding companies are to es-
cape punitive legislation they must
recast their financial structures.
The Bureau of Agricultural
Economics predicted that next sum-
mer'S slaughter of hogs will be
the smallest since 1910. and that
higher hog prices are in prospect
for the rest of the year.
A BILL drafted to eliminate evils
IA in receivership litigation was
introduced in the state Senate by
Senators Leo x. Smith and Thomas
A. Hendricks. both Indianapolis
Democrats. Electric power pro-
duction in the week ended Jan. 10
established fOur-year peak,
reaching 1,778273.000 kilowatt
hours. an increase of "a per cent
over the corresponding week last
year, according to the Edison Elec-
trio Institute. w. E. Smith,
president of the Standard Oil Co.
of Kentucky, fatty denied rumorS
that the Standard Oil Co. of New
Jersey would take over properties
of his company. Internal reve-
nue. collections during the current
fiscal year Spurted to 81 ,674, 900 900.
which is S243, $4,000 ahead of the
collections in the same period last
year. An article in the monthly
bulletin of the National Industrial
Conference Board asserts that I'M
til rents rise or building costs de-
cline private capital will continue
to show a reluctance to invest in
new building. James E. Moffett,
Federal Housing Administrator, en-
visioned a long-range housing pro-
gram that would involve long
terms. easy payment mortgages
and eliminate present worries OF
home owners. Senator Burton
K. Wheeler Cd. Mont0 introduced
a Joint resolution to give the Fed
eraI Communications Commission
$4,000 to carry on its investiga-
ton of the American Telephone
and Telegraph Co.
THE Public Service Commission
IL of Indiana approved new rate
schedules calling for lower electric
charges for consumers in 200 cities
arc towns in 40 Northern and Gen.
trail Indiana counties. Fred
Hoke and Arthur Baxter have been
elected to the board of directors OF
the city utilities district. Directors
and trustees issued a statement in
which they declared that it is not
their intention to deprive Marion
County residents Of natural gas.
Meanwhile. the Senate passed
the House bill which haltS approval
of the franchise application Of the
Ill., q. ca r1-itlnnttt ,rornrnH-ol Of