The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-06
Trends
Highlights of the
News During
This Week.
BY FREDERICK WATSON
Tines Financial Writer


TN open revolt. the House Of Rep
= resentatives last Monday reject
ed President Roosevelt's demand
for a death sentence" on al I'M
Necessary utility holding COM
rsnies. The action was re
corded by the nov famous teller
vote" which doesn't record very
much. and next day the House
again rebellsd by passing the rlodi-
fed Wheeler-Rsyburn oil calling
for regulation instead Of elimina-
ton. Repercussions of the
teller count we're reflected IN
charges and coUnter-charges Of
pover company and Administrst ton
lobhvnc activities which resulted
IN an unanimous vote of the lower
branch n conduct an investigation
Of the matter. Wall Streets
first reaction to the demise Of the
death clause was swell If buying
orders IN utility stocks The dem
onstration did not last long, how
ever. and gave Vsv to dizziness and
modification of gains. A tenn
porarv restraining order prohibit
ING VIII n Smith, internal reye-
nue. collector, from collecting pro-
cessinG taxes from seven meat
packers and millers IN Indiana was
issued by Federal Judge Walter G
Ilndlev If Illinois. sitting IN In
dianspolis IN the absence Of Judge
Robert G. Balt0ell. Constitution
alltv of the Agricultural Adjust
ment Administration and the pro-
oessinF tax IN particular was at
tackled IN each of the suits.
A GRANT Of S44. l94. S62 for 1l43
~ Indiana works-rehef projects
which will give employment to
g. 7O9 persons within the next ID
DAYS. was approved by President
Roosevelt. Indiana was one OF
three states to share IN the So
100000 Works-rehef fund allot-
ment lust approved. Harry l..
Hopkins. works progress director,
announced. The state and local
subdivisions will provide s7141,-
$50 TO augment the Federal fund.
The program will be launched
early next week. Wayne Coy, state
and regional works progress di-
rector. said A tentative agree
nent between the city Park Board
and the Indianapolis Power and
Light CO. was made whereby the
board will be supplied with cleo
trio power at an annual cost of
s33.4O0 Heretofore the cost has
been $4,000 annually. A new five
wear contract is to be drawn up
within few days, providing for
both meter and for park and boule-
ward lighting service. A 10-year
contract has just expired. e.. Gus
toms revenue amounting to So
800. $50 for the fiscal year ending
June 81 place Indiana at the head
of all United States districts IN
point Of increase. Wray Fleming.
collector. revealed Attributing the
unusual increase to the importa-
ton Of liquors. Mr.. Fleming dis
closed that collections totaled
1888 O0o for the year ending June
so. 1884. and for the period ending
June 30. 1855. only $4,000.
TINE Wagner labor relations bill
/ was signed by The President
Yesterday Fundamentally, the new
act attempts. by national law, to
guarantee labor the right to organ
lie as it pleases and to bargain col
lectivelv. 1t clarifies and expands
the guarantees formerly contained
III NRA codes under Section IA OF
the Recovery Act. Warning
against expecting too much from
the law, Mr.. Roosevelt pointed out
that the new Labor Relations Board
will enforce the law, and will not
act as 2 mediator or COnCihstor-
That work will remain in the Labor
Department.. he emphasized.
The nations monetary stocks
reached an all-time high of SIS.
1t2 $50. 773 at the end Of June. as
the result of heavy gold and silver
imports. according to 4 Treasury
DepT. ment report A month ear
ller total money stocks we're Sl4,-
sl1.740. SS7. the report said
At the end Of June total of
s. ST.. osS. 4oS IN money was III the
hands Of the public. compared with
s.. $50 .536.2s6 on MAY 81. Included
III the total monetary CtoCks as Of
June 20 was gold valued at $9115.-
$50. en9 and Federal Reserve notes
amounting to s.. 492 .653620.