AMERICAN INSTITUTE
for ECONOMIC RESEARCH
1200 Massachusetts Avenue
Cambridge, Massachusetts
RESEARCH
To SUBSCRIBERS: Believing that clients may wish to
have a list of all the important bills passed at the recent
session of Congress, we have devoted most of this issue
to such a compilation. Since the vacation season has
taken its toll of the Research Section staff during the
present week, compilation of this list as a substitute for
the usual report comes at an opportune time.
Principal AcU of the Seventy-Fourth Congress
A summary of the various measures passed during
the congressional session just closed is presented below.
Many of these bills have been commented upon in our
Research Reports, and in such cases the date of the
issues concerned are given in parentheses.
The AAA Amendment Act
This is intended to save the original Act which the
Supreme Court may nevertheless throw into the discard. (July 22, 1935.)
The Farm Credit Act of 1935
Clarifies, enlarges the scope, and extends the life of
several agricultural credit measures passed during the
previous session of Congress.
The Tobacco Inspection Act
A bill intended to improve the marketing methods
of tobacco.
The AAA Rice Amendment Act
Brought forward the date allowing a processing tax
to be levied on this crop.
The Farm Research Act
A bill eventually appropriating $17,000,000 annually
for the benefit of agriculture in all its aspects.
The Air-Mail Act of 1935
The Air-Mail Contract Act
Both these measures contain various amendments and
additions to the Air-Mail Act of 1934.
The Banking Act of 1935
Senator Glass, almost single-handed, prevented the
enactment of the bill in its original form. It does not
cure the weaknesses of our banking system. (July 8
and 22, 1935.)
The Deposit Insurance Extension Act
This law provides that the Government's guaranty of
bank deposits of $5,000 or less shall be continued to
August 31, 1935.
The Livestock Bankruptcy Act
Through an amendment to the National Bankruptcy
WEEKLY
BULLETIN
September 2
1935
REPORTS
Act of July, 1898, this bill enlarges the definition of
"farmer" which has been in the past strictly interpreted
by the courts.
The Frazier-Lemke Farm Mortgage Act
A congressional effort to get around the Supreme
Court's ruling on the Frazier-Lemke five year moratorium.
(June 3, 1935.)
The Telephone Inquiry Act
The Federal Communication Commission is instructed
to investigate all companies engaged directly or indirectly in the telephone communication busineas in
interstate commerce. Upon completion of this inquiry,
a complete report of the findings is to be given to Congress.
The Soil Erosion Act
The Secretary of Agriculture is empowered to coordinate the activities of the several departments of the
Government in the control and prevention of soil erosion.
The Federal Marshals Act
The Prison Escape Act
The Poultry Racket Act
These bills increase the Government's power by various measures for law enforcement.
The National Theatre Act
Governmental support and encouragement of the
drama.
The Foreign Service Appointment Act
Carries several amendments to the Foreign Service
Act of February, 1931, returning to the President the
power to appoint and promote officers in the Foreign
Service.
The Mexican Claims Act
Provides for the formation of a Special Mexican
Claims Commission to examine and adjudicate all claims
of United States citizens within the terms of the convention between the United States and Mexico in April,
1934.
The Game and Wild Life Act of 1935
A bill to further the protection of game and wild life.
The National Forests Contract Act
Of interest primarily to purchasers of National
Forest lumber.
The Home Mortgage Relief Act
By means of various amendments to present laws, this
bill liberalizes and clarifies previous acts in relation to
the home owner. (December 17, 1934.)
(over)
The Omnibus Judgeship Act
Provides for the filling of various existing vacancies
in fourteen temporary Federal district judgeships and
makes these offices permanent.
The Wagner-Conner y Labor Relation Act
(July 8, 1935.)
The Employment Service Act
This law provides for aid in the establishment of
local employment offices in each state.
The Guffey-Snyder Coal Act
This is an attempt to restore the discredited NRA
practices and price-fixing. It is probably unconstitutional. (July 17 and 22, 1935.)
The Federal Alcohol Control Act
A Federal Alcohol Administration is set up as a
department of the Treasury to control the liquor traffic.
Also authorizes appointments without regard to Civil
Service laws.
The Federal Register Act
This creates a new Federal serial publication in which
will be published Federal documents having general application and legal effect. This serial publication is to
be known as the Federal Register. The custody of
original documents will be in the hands of the National
Archives Establishment.
The Central Statistical Act
A bill to co-ordinate Government statistical services.
The Gold Clause Act
(July 22, 1935.)
The War Department Supply Act
The Wilcox Air Base Act
Appropriates $401,998,170, provides other grants,
and directs that a survey of strategic areas be made for
possible Air Corps stations and depots for national defense purposes.
The Army Promotion Act
An act to stimulate the morale and raise the standards of the regular army by means of promotion provisions.
The West Point Cadet Act
Enlarges classes entering the Military Academy.
The National Guard Officers' Act
Increases the power of the President over the National
Guard of the United States for national defense purposes.
The Naval Supply Act
The Naval Line-Officer Act
The Naval Staff Corps Act
The Naval Aviation Cadet Act
The Naval Public Works Act
The Air Engineering Duty Act
These bills have appropriations, grants, and other
numerous provisions for the purpose of improving the
country's naval forces.
The Neutrality Act
This is an effort to "keep us out of war," providing
for no sales of arms, etc., to either belligerent.
The"Hot-Oü" Act
The Oil and Gas Prosperity Act
Both of these measures are efforts on the part of the
Government to regulate and provide for the orderly
production and distribution of oil produced in the
United States.
The McKellar·Mead 40-Hour Mail Act
Carries various labor provisions for postal employees, including the 40-hour week.
The Tennessee Valley Act
Clarifies and amends the original TVA Act, the latter
providing for a governmental "yardstick" of private
utility companies.
The RFC Extension Act
An extension of the powers of the RFC for two years.
The NRA Extension Act
A face-saving effort devoid of real significance.
The Work-Relief Act
This Act appropriated $4,000,000,000 plus unexpended balances of $880,000,000 to be used primarily
for work relief. (Feb. 4, March 25, April 15, May 6,
and Aug. 12, 1935.)
The Disaster Loan Act
The Coastwise Trade Act of 1935
The Social Security Act
We have already commented on this extensively.
(May 6, July 22, and the monthly bulletin for August,
1935.)
The Revenue Act of 1935
Finally included a graduated corporation tax varying from l 2 ½ % to 15%. (June 24, July 22, Aug. 5,
Aug. 19, 1935.)
The Nuisance Tax Act
This continues until 1937 nuisance taxes yielding
about $500,000,000.
The Rail Extension Act
The Wagner-Cfosser Rail Retirement Act
(July 22, 1935.)
The Railroad Reorganization Act
Apparently designed to expedite and facilitate reorganizations under the provisions of the Bankruptcy
Act as recently amended.
Supply, Demand, and Prices
It is possible that the unusual activity in the steel
industry has meant some accumulation of inventories.
During the past week, steel production has declined
slightly but trade reports indicate that another increase,
possibly of substantial proportions, will occur during the
next three months. Electric power production is the
star performer, this week's rise above the corresponding
week of 1934 being 11.6%. Car loadings are now beginning to reflect the increased production which began
some weeks ago.
Demand continues well above 1934 levels. More
irregularity has been evident recently and department
stores in some sections have reported no gains. However, it seems certain that demand will continue on an
expanding scale during the fall months with the help
of increased farm incomes and greater than expected
income to labor from industry during the summer.
Prices are at their high for the past four years, in
general. Furthermore, price disparities are now léss¯
than at any time since 1930. Elimination of the processing taxes by the Supreme Court would probably result
in greater consumption of many agricultural commodities and a sounder price basis.
American Institute for Economic Research is a nonpolitical, non-commercial organization engaged in impartial economic research.