The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-05-25
Trends
Highlights of News
During Last
Week.
by FREDERICK MATSON-
Tines Financial Writer

OUTSTANDING event Of the
~ week in the business and f.
nanciaI world was President Rose
velts masterful address to Con-
gress explaining his veto Of the
Fatmsn bonus bill Although
the House promptly and over
Whelmingly OVERRIDE the veto. the
Senate. as was expected. sustained
o.. The vote in the Senate vas 40
for and 81 against the Presidents
action. The necessary tWO-thirds
OF the majority did not materia-
lie. and the Patman Dill may nov
be considered quite dead The
Presidents message, for which
there is no precedent. was en-
thusiastcally received and genu-
inelv admired by foes as well as
friends 0f the Administration
In the meantime. although the ma
ton for the present Is safe from
printing press money. indications
point TO an experiment IN green
backs in the Middle West. Gov.
Philip La Toilette. leader OF Wis
consln's Progressive party. went be
fore the Joint finance committee Of
the Legisstur and explained the
plan. A proposed Federal grant OF
100000 900 would be turned over TO
a state finance corporation empOw-
cred 10 issue money for pay rolls
and materials on work projects.
Constant turnover Of these notes,
which viii not circulate outside the
state. will leac 10 more business.
greater employment and increased
tax revenues" Gov. La Toilette
said.
ID ESTORATION Of the So a day
IN minimum wage was an
nounced by the Ford Motor Co.
The company thus returns to It's
1929 wage level and increases its
pay roll BY $1,000 600 monthly.
Both Ford and Lincoln shops
are included in the increase. The
raise from the present minimum of
s. q day amounts TO 20 per
cent. Wage brackets above the
new minimum viii also be given
hourly rate advances from 5 cents
upward. The average wage paid
viii be above So a day, It was
stated. =. OF particular interest to
indianapolis residents IS the petit
ton TO reOrganize the MarmOn
Motor Car Co. under the amended
bankruptcy act filed III Federal
Court this week. A receivership is
now under process Of liquidation IN
the Marion County Superior Court.
where Judge Marley has instruct
ed receivers to confer with a COM
mittee representing stockholders,
bondholders and creditors 10 form
some plan to close the reCeivershlp
and reopen the factory If possible.
The present Federal Court petit
ton asserted that reorganization
was sought in order 10 prevent a
forced or immediate sale of The
assets by the county court receiv-
ers and TO minimize the receiver
ship cost.
FACING a six billion-franc bud
Il getary deficit for 1885 and an
alaFmingly steady drain on her
gold reserves. France is planning
a stiff program to defend her cur
rency. The plan contemplated in
dicates that that nation Is prepar-
ing for a desperate last-ditch fight
to save the franc and prevent a
repetition of the bitter experiences
of the early l920s. The Bank of
France raised the discount rate from
% to per cent earlier in the week.
and again to per cent today. The
immediate cause OF the act. II vas
announced. is the outflow of gold
which has continued at an increas-
ing rate since May l. Sixteen tons
of gold are now on the ocean en-
route from Havre to New York.
Total value of gold lost by the
Bank of France since March % ex-
CeedS $4,000, 600. .. Hog prices at
the indianapolis Stockyards scared
above the $40 mark for the first time
since October. 1880. Yesterday the
top price for choice classes stood
at SlO15. The advance here was
duplicated at Chicago, the nations
largest livestock center.
TNDIANA'S plan for works-relief.
Il together with that Of Alabama.
received special distinction this
week. The two programs we're cit
ed bv President Roosevelt as be-
ing examples for other states 70
follow. Wayne Coy state I'M
employment relief director. was
hOnCred with the request to at
tend a White House conference.
He had a twO-hour conference with
the President. IN company with
Harry L. Hopkins. national relief
administrator. and Harold S. IckeS.
Secretary Of the Interior Be
cause of the perfection Of the IN
diana plan. the state is virtually
assured Of SlOOOOOOOO from the
$500 900 600 workS-relief fund .
Another state official is q, wash
inCtOn for conference with gov-
eminent officials. r. Earl Peters,
Indiana director of the Federal
Housing Corp. conferred with ma
tional authorities IN regard 10 new
regulations He was able 10 report
a marked improvement Of conStruc-
ton in Indiana. More building is
now under way than in any three
years since the depression started
10 eafT