The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-06-29

Highlights of News
During the Last
Week.
by FREDERICK MATSON-
lines Financial Writer

NNAANNA
THE Administrators tax-the-
II Tich program was IN trouble
this week. FIRST. President ROoSe-
welt demsnded-or at least gave
the impression. though he has
since denied THAI the measure
must Be drawn up and enacted be
fore July ]. Accordingly. an
effort was made IN the Senate 10
put the higher inheritance. income
and corporation taxes through as
an amendment 70 the nuisance tax
extension resolution Then q food
81 criticism set in. particularly
from the House WAYS and Means
Committee. Vhichs insisted the bill
originate in the lower branch
The initial idea was given up. but
A. the weeks end there are distinct
threats Of a congressional revolt
against remaining IN Washington
al summer 10 pass the bill
AntagOnism 70 Mr.. RoOsevelt's de-
mand was not confined 10 Wash
Incton. Business and financial cir
HaH" HAAANNNa AANNAM AAaF AAfAaA8AA 49, az
cd the rushing Of such an impOr-
tant and faT-reacning program
pell-mel through Congress.
The aforementioned $500 000, 900
nuisance tax resolution. already
approved by the House. was adopt
ed by the Senate Thursday and
signed BY the President yester-
day.
IN contrast TO the reaction against
4 the method Of procedure on the
Weslth-tax program was the APP
prevail manifested toward another
measure ordered by the President.
BY executive order he created the
National Youth ton. al
locating s50.OOO0O0 from he sf.-
1000 900 900 wOrks-relief fund Il
assist 10000 needy youths 10 OBJ
tain A decent start in lie. The
money will BE- spent during the
next year 10 find employment IN
private industry for unemployed
young men. 10 train youths for in
dustriaI. technical and professional
employment opportunities. TO pro-
vide for continued attendance IN
high schools and colleges. and 10
provide work relief upon projects
10 meet the needs Of youth. Edu-
Gators everywhere received the
news Of the project with en-husl-
aSw A decrease OF 1889 IN
the number Of resident Cases, rep
rCsenting 5O.730 persons. receiving
employment relief IN the state
since January was reported this
week BY the Governors COmmis-
sion on Unemployment Relief. The
figures are haSed on the case load
for NAV. as cOntraSted with that
for January.
MORE than $4,000 100000 in
vi gold clause obligations OF the
United States government. which
have been hanging over the heac
Of the Treasury like the sword Of
Damocles. would BE- placed def
nitelv on the same basis with nom
gold issue sin a recommendation
made Thursday by President
Roosevelt. The chief executive
seeks to put the gold bonds on
the same plane with other Obliga-
tions by the simple expedient Of
passing legislation withdrawing the
consent of the United States to be
sued on its securities. coins or
currencies-" Such a bill was intro
duced in the House yesterday.
The second sIOO.OOO.OOO fiotation of
3 per cent bonds. via the COMPETE
tive bid basis. were sold al an aver
age OF 1O3IS. equivalent to a yield
basis Of 2.62 per cent. The first
issue was sold p tan average price
Of lc304. %. Interesting figures on
production Of gold in Soviet Russia.
treated as a state secret in that
country. were made available to
Americans this week by the Engi-
neering and Mining Journal.
BasinC its estimates on reports
from American consular Offices in
Russia and other data. the publi--
cation reveals that in 1884 Russian
gold output was approximately
4262670 ounces. valued at
Sl50OO0 900. This represents a
Jump Of so per cent over the pre-
yiOus wear and places Russia in
second position as a world pro-
ducer. The first four ranking gold
producing nations IN 1884 were
South Africa. U. s. 6. R. United
States and the Philippines. and
Canada.
A FTER a stiff fight this week
n the House Of Representatives
passed the Copeland Bland ship
subsidy bill The vote was 1914 TO
i36- -. The measure provides for
direct construction and operation
subsidies based on the difference
between costs here and abroad. II
also sets up a Federal maritime
authority 10 supervise subsidies and
with virtually unlimited power TO
cXpend funds for shipping reha-
Utilization purposes. The bill also
provides for liability requirements
for American Shipowners to safe
guard passenger victims and their
estates in event OF disasters such
rs that ~ the Moro Castle.
Funds FOR the payment Of the
100000 common stock in the
Citizens Gas Co. VIII De available
Monday az the gas firm office. city
officials announced yesterday. The
sl.O00O0 in preferred stock viii be
called in on Sept. I and paid to-
eether with the quarterly dividend
due that day. This marks an
other step in the city's procedure
10 acquire the plant and property
Of the Citizens Company. In Chi
cagO last Monday the $1,000 000
Issue n A. nor cent revenue bonds