The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-06-01
Trends
Highlights Of News
During Last
Week.
by FREDERICK MATSOS-
Times Financial Writer

Times Financial Writer
IN a unanimous decision Monday,
Il the Supreme Court killed the
NRA. T. cid so bv ruling that the
code making authority - tunda-
mental basis upon which the re-
cOvery act has operatcd-ua5 an
improper delegation o. power.
Congress. the tribunal declared. had
exceeded its authority when y dele
gated 70 the executive branch o.
the government power 70 promul-
eating codes o. fair competition
having the force Of law because =
did not SGT Up standards 70 guide
the executive More important was
thep ruling that the Federal GOV
eminent has no power 70 regulate
hpours and wages IN transa Ct.oL5
affecting interstate commerce.
The issue ar bar was the Schechter
sick chicken case Chief Justice
Charles Evans Hughes read the
opinion. and justices Harlan r.
Sptone and BENJAMIN =. Cardozo
c0nduTred in separate opinion
Commenting on the decision
at a prpess conference yesterday,
President Roosevelt said that It's
implications are far more important
that any IN peaCetime since the
bred Scott case. and that as re-
spulte OF the ourts alton the peo-
Die we're diretly onfronted with the
qupestion whether the OutlaWcd
powers should bt restored. The IN
timation. OF curse. was that a con-
stitutional amendment might be
proposed TO assign the Federal gov
erpnment such authority.
NEW DEALERS suffered two
~ more setbacks from the high
court this week. The Frazer
Lemcke farm mortgage moratorium
act, providing Federal Court ma
chinery 70 scale down farm debts
and halt the foreclosure Of farm
MORTGAGES. was held invalid as "A
violation Of the Constitution IN
that it took away rights Of mort
gage holders without due process
go. President Ro05evelt's action IN
removing the late William Z.
Humphrey. a Republican appOlntee,
from the Federal Trade Com
mission also was held improper.
Mr.. Roosevelt asked for Mr. Hum
phrey's resignation shortly after
the former took Office. saying he
believed the post could be filled by
those of his own choosing. Mr.
Humphrey refused TO resign and
ne was removed. The court ruled
that the President had no such
authority except where inefiCicnCy
neglect Of duty or malfcasance
was shown. Approximately 5000
fewer poor relief cases IN Indiana
were cared for IN April than IN
March. the Governors Unemploy-
mcnt Relief Commission reported.
The total dropped from 129O75 in
March TO 1879 IN April These
figures compared with 1880 cases
in January. Nine counties showed
slight increases. but Marion was
among those recording q drop.
TINE Indianapolis Utility Dis
Il triCt awarded the 100000 Is
sue Of revenue bonds. with which
II Will acquire the plant and prop
erty Of the Citizens Gas Co. to a
syndicate composed 10 Otis & Co,
OF Cleveland. and Halsey Stuart &
Co Of Chicago &C.. The borrowing
operation viii cost the city APP
prOXimatcly AS per cent annually
and Is prediCared on the winning
bid Of 90 for the bonds as A..
per cent obligations. Under the
scale OF matTltiC5 ACCOMPANYING
the bid 10 Is computed that all OF
the bond Will be retired IN -
years. Two other tenders were sub
mitted. but both insisted upon GER
tain conditions being met before
the offers would become bona hdc
o.. Henry MOrEenthaU Jr.. SCCrc-
tary Of the Treasury. asked the
country for a $1,000 600 0o0 loan IN
a security offering which invoked
the seldom used privilege Of SELL
Ing bonds 70 the highest bidders"
80. In announcing the new borrow
Ing. designed 10 build up a shrink
inC Treasury cash balance. he Of
ferS the huge issue az the rate Of
3 per cent. due June IS. 1913. with
the call date set for June Is. 1886.
Mr. MorCcnthau declined 20 discuss
officially his reasons for selling the
bonds on a bid basis. so infreQucnt
in government issues. bur the cut
come OF the attempt Will be watch
ed with interest.
FRANCIS BOUISSON. new pre-
Il mier of France. since the gov
eminent OF Pierre Etenne FlandIn
collapsed early yesterday. APP
pointed Joseph Cailloux as minister
Of finance. former premier and
former finance minister. The
new coalition cabinet. pledged TO
save the franc. was virtually as
Sured the dictatorial financial pow
ers requested by NJ Flandin NJ.
BouiSSon completed his ministry
only today eFrc- r;~su-rr1c~ consent