The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-23

Highlights of News
During Last
Week.
by FREDERICK MATSON
Times Financial Writer

THE Supreme Court last Mon
Il day gave the New Deal a
sweeping victory in the mOmentous
gold clause cases. IN three dis
tirct cases the court held. ID
that Congress had ample authority
10 abrogate the gold clause n pr
vate securities. % that Congress
exceeded its authority IN abrogat-
ing the gold clause IN government
bonds. but IN the case at issue no
damage was shown ana the suit
vas thrown out OF court, % that
Congress had authority 70 seize
gold certificates and replace them
with devalued currency. IN
each case al bar the decision was
fve-to-four. Justice James c. Nc
Reynolds giving the minority opin-
ion. When word OF the rul-
inps reached Wall Street trading on
the stock Exchange resumed It's
predepressi0n speed. Prices leaped
2 10 10 points and tickers were as
much as Il minutes late
Tremendous activity prevailed IN
grain markets also. necesSltating
suspension OF trading in those at
Indianapolis. Chicago. Kansas City
and s. Louis. United States
government securities swept TO rec
ord high prices IN the bond mar
ket in a heavy investment demand
caused by removal Of the gold
clause uncertainties. BY
Thursday, however, the last VeStlge
Of gains made IN Wall-st after an
nolIncement Of the decisions was
wiped out. With trading becoming
steadily lighter, shares slipped BACK
TO their old lows. lndlanapo-
lis Railways. Inc. received an al
Iotment Of s3.12O.OOO from the Pub
lie Works Administration for re-
habilitation and modernlzatlon OF
its street car and bus system.
DRESIDENT ROOSEVELT asked
continuance Of the NRA Tor
two wears more and put up 10 Con-
cress the problem Of writing the
exact provisions OF the new law.
At the same time the PreSi-
dent. IN a press conference, refer
ated his desire for State-NRA
legislation and said publicly that
he would ask for II. Mean
while the status of the Indiana
S-NRA bill continues 70 De very
uncertain. Several proposed amend
ments are the subject OF much dis
rrssion. Indiana produced
ala nOC tons Of coal during the
week ended Feb. ?. the United
States Bureau of Mines reported
This was a seasonal increase OF
26 600 tons over the production Tor
the previous week and was 56-OOO
IONS more than produced during
the same period a year ago. Inc
state produced more than per
cent OF the nations output.
Addition of approximately S25,OOO,-
200 in Marion County exempt IN
come-returning property TO the tax
rolls and an estimated SlOO,OOO,OOO
IN The state would be provided IN
a bill introduced in House by KEEP
/ Emory Carter ID SFalrmonO.
The measure would abolish tax
exempted properties earning IN
come and profit which IS held oy
schools. colleges. churches, fraternaI
examinations, cemeteries and be-
nevolent associations. Meat
packing firms and livestock trad
ers at the indianapolis stOckyardS
this week paid for the first time
since Nov. II. 1890. a top price OF
s915 a hundredweight for hogs.
The soaring prices were ATTRIBUTED
principally to a scarcity OF re-
ceipts throughout the country.
Security markets were closed yes
terday in observance Of Washing
tons birthday.