The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-01-19

Highlights of the
News During the
Last Week.
by VINCENT s. LYONS
Times Financial Editor

THE Securities and Exchange
i Commission drafted new regu-
lations for the issuance of securl-
ties by registered corporations.
Joseph Kennedy. chairman Of the
SEC. pointed out that the rules are
liberal and are expected TO allow
the undertaking of approximately
$4,000 600 900 Of financing.
The indianapolis Federation of
Civic Community Clubs will seek
legislation al the current General
Assembly to fix a per cent inter-
est limit on all mortgage obliga-
tions William Green. presi-
dent Of the American Federation OF
Labor. inaugurated a campaign
to bring about a 30-hour work week
in industry. Frank z. Nc
Kinney. who will become treasurer
Of Marion County next January,
has been elected president Of the
Fidelity Trust Co. following the
absorption of control of the insti-
tuition last week. Timothy P. Sex
ton. former president, will remain
with the bank as vice president.
The Department Of Agriculture
blamed the drought in the early
planting season and cold weather
around the middle Of December
for a reduction in the Florida cit
rus crop for 1934-35 from 26,O0O,0OO
to $4,000 900 boxes. Clarence
Z. ManiOn. professor Of law at No
tire Dame University, has been rec
commended by Senator Sherman
Minton as Indiana's member Of the
National Emergency Council to
succeed Fred Hoke, who recently
resigned. The United states
Senate called upon Secretary OF
Agriculture Wallace to furnish all
available information regarding
the corner" which developed in
sugar futures last month IN the
New York market.
A SHARP squirt in steel opera
N tions during the week brought
the national average Al points
higher to AIS per cent Of capacity
the American Iron and Steel InStl-
tute declared. w. l. Myers,
governor of the Farm Credit Ad-
ministration, declared that CO.
operative credit institutions have
been setting the pace in bringing
about more reasonable interest
rates and better credit practices TO
farmers in an address before the
annual agricultural conference at
q
and and repairs to buildings IN IN
dianapolis last year gained $1,000
600 over the preceding year, Will
liam F. Hurd, building commission
er reoprts. Uncertainty over
the impending decision of the
United States Supreme Court on
the validity of the gold clause IN
bond contracts unsettled the stock
and commodity markets. Inc
Bell system added $4,000 tele-
phones during 1884, cOntrasted with
a loss of $4,000 stations in the
preceding - months, the Amerl-
can Telephone and Telegraph Co.
revealed. The alternative to
voluntary collective bargaining Is
increased political control of wages
and hours. Donald Richberg, ex-
ecutive director of the National
Emergency Council, declared in an
address at Chicago. Cattle on
feed for market in corn belt states
on Jan. l were 46 per cent below a
year ago, the Bureau of Agrlcul-
tural Economies reported. The de-
crease was the sharpest since the
reports were inaugurated IL years
ago.
TOHN p. COLLETT, president OF
y the investment banking firm OF
Collett & Co., Inc, has been APP
pointed chairman of the Board OF
Governors of the Investment Deal
ers and Brokers Association.
Production of electricity for the
week ended Jan. u aggregated
1.772 500 900 kilowatt hours, COM
reared with sos, 781 900 kilowatt
hours in the preceding week, the
Edison Electric Institute reported.
Credit sales and collections in
December registered general i'm
provement throughout the country,
according to the National Retail
Credit Association. Evans
Woollen Jr. was elected president
of the Fletcher Trust Co. at the
annual meeting of directors to sue
coed his father, who has held that
post since the bank was established
in 1912. Feb. was set by
County Commissioners as the date
for a rehearing on the recent petit
ton Of the Users Gas Co. to supply
natural gas in Marion County out
side of indianapolis. Secre-
tary of Agriculture Henry A. Wal
lace set a Bankhead tax-free cot
ton production limit for 1885 OF
10000. 900 bales of 500 pounds each.
virtually the same as in the pre-
ceding year. A membership on
the New York Stock Exchange has
been sold for 100000. a reduction
of $1,000 from the last previous
transfer.