The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-20
Trends
Highlights of News
During Last
Week.
by FREDERICK MATSON-
Times Financial Writer

deemed OCT. 10, paving Ltle way
for a possible saving of more than
500 900. 900 annually in interest
charges. The Roosevelt Admins
tration has now called eight bill
hon dollars worth of Liberty
bonds. BY a vote of 372 to 33,
the House Yesterday passed the
social security bill. designed TO levy
upward Of s2783 200 900 in new
taxes and in return give financial
aid to the aged. jobless, children
and mothers. Liberals apparent
~ felt that their fight was lost in
the face Of Administration steam
roller" tactics They were beaten
down on 26 amendments. the
Townsend old-age plan and the
Lundeen unemployment insurance
plan suffering one-sided defeats.
James H. Moffett, Federal
Housing Administrator. rendered
his resignation to President Roose-
welt and expected to leave his post
within two weeks. His intention
Of leaving the government had
been indicated for a number of
weeks.
CEVERAL encouraging bits Of
- news regarding Indianapolis
and Indiana affairs we're disclosed
this week. OF an S34, 1853 increase
in gross revenues shown by the
indianapolis Water Co. last year
over 1888. a totai of S74,869 was
added to net income. according to
the 1884 annual report of the COM
pany filed with the Public Service
Commission. Total gross revenues
last year rose from S2,418,739 to
S4.503.5e while net income eX-
banded from s500.5O2 to s575,37l.
After payment of S52,745 dividends
on the preferred stock and S350,000
on the common. the company had
a balance of S172 ,626 available for
surplus. The cost Of the state
government was cut 11.6 per cent,
or S135 per capita in the last two
years. the State Board of Accounts
announced. There was reduction
of S4.348,614 for the fiscal year 1884
under the previous two fiscal years,
the figures show. Indiana'S
budget for the next two years is
blamed If there is no demand for
an increase in old-age pension pay
ments. Clarence A. Jackson, state
gross income tax division director.
declared at a meeting of the In
dianapoliS Real Estate Board. In
diana is one of the few states with
all bills paid. schools operating on
schedule and a balanced budget,
he said. D.. The Indiana State En-
ployment Service set record in
March by placing 1858 persons in
private industry jobs. The Indian
apoI:s office placed 500. In addi-
ton to private placements there
we're 1195 loWA Jobs found.
NNE OF the most important
~ pieces o: New Deal legisla-
ton received its baptism of fire
yesterday as the Senate Banking
and Currency Committee. headed
by Virginia'S Carter Glass, began
its hearings on the Administration
sponsored banking bill. Leo T.
Crowley, head of the Federal De-
post Insurance Corp. was the first
witness. who testified regarding
Title l the bill which makes
permane ~ the Federal bank de-
post insurance plan. The Sem
ate received the compromise bonus
plan worked out by Senator Pat
Harrison. an Administration lead
er. Mr.. Harrison would make bo-
nus certificates mature in 1888 in
steal of 1945. They could then be
Immediately converted into per
cent bonds. e. . Cash bonus advo-
Gates gave the compromise meas
ure a thoroughly hostile reception.
Rep. Wright Patman, author of
the $2.500,O00.0O0 "greenback" bo-
nus bill approved by the House,
asserted the former service men
would rather lose their battle than
to accept the Harrison proposal.
Money went begging this week as
result of lowering the official call
money rate to the all-time low rec
ord of one-quarter of l per cent.
Short-term bonds reacted by show
ing a decided stiffening in price.
TINE Federal government laid
Il down Is new rules for the
nations stock exchanges designed
to restrict excessive trading by
brokers and to discourage manipu-
lation of prices. The rules were
issued by the Securities and EX-
change Commission for adoption
by the exchanges. At the same
time the commission made public
Stockholdings of directors and Of
ficers of hundreds of American
corporations. Slaughter of hogs
at all markets under Federal in
Spection during March was 2.158.-
326. the smallest number record
ed this century. government fig
ureS showed. Pork prices have not
expanded in proportion to this
shortage for the reason that the
public balks as soon as prices reach
a level that pinches the pocket
book too hard. Federal income
for the current fiscal year ia date
is nearly double the low levels of
the depression. according to a
Treasury announcement. In the
nine months and Is days to April
Is. total Federal revenues amount
ed to 1902 100000. or "a per cent
ahead of the corresponding pc
Rod Of last year and 81 per cent
owe rthe $3.50, 900 900 collected in
like period of the 1888 fiscal
year. Major stock and COM
modify markets Of the world were
closed yesterday in observance Of
Good Friday. All British markets
will remain closed until next Tues
day 70 rthe Easter holidays.