The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-06-08
Trends
Highlights of News
During the Last
Week.
by FREDERICK MATSON-
Tines Financial Writer

AAnra Nt@AAetNA WANNA
FOLLOWING a hectic week Of
IT conferences between President
Roosevelt. his Cabinet and leaders
Of Congress. the House 81 Repre-
sentatives voted 70 extend an
emasculated MIRA until next April
1. This "stOp-gap' measure.
in conformanCe with last weeks
momentous Supreme Court deci-
sion. strips the President Of power
10 approve. impose or enforce
codes. The resolution. which would
enable the chief executive TO main
tain a skeleton force at NRA while
he works out a permanent suDsti-
tute program. was sent 20 The
Senate. which has eight days 10
act before the present Law expires
June is. Earlier IN the week.
Mr.. Roosevelt stated that he viii
propose. before the end Of ne pres
ent session Of Congress, a bill for
permanent government supervision
Of industrial working conditions
and trade practices. This substi-
tute may call for the use Of the
Federal taxing power in an effort
10 force both interstate and intra-
state business 70 meet minimum
wage and hour. child labor and
collective bargaining requirements
Of the original NRA codes.
Donald Richberg resigned as chair
man of the National Industrial
Recovery Board yesterday. His res
ignstion was accepted BY President
A FTER twice refusing the re-
IA quest Of President Albert Ie-
brun Of France 70 form a cabinet,
Pierre Laval. independent senator,
formed a colition ministry which
hoped to save the franc and solve
the nations financial and political
crisis. The new cabinet was given
a vote Of confidence by the Cham
Der Of Deputies NJ. Laval was
the sixth man NJ. Lebrun had
designated since Fernand Bouts
sons government was overthrow
in the chamber Tuesday on the n
nanciaI dictatorship issue. Five
others-M. BOuisson. Jules jean
neney. president Of the senate; for
mer Premier HerriOtt. Francis
Pietri. former minister of marine,
and won DelbOs. Radical Socialist
leader-cOuldn't make the grade.
Marcel Regnier Is the new minister
Of finance The French franc IN
the international money markets,
reflected the jittery political Situa-
ton by moving upward and down.
ward senate and House con-
ferees on the Patman bonus bill
decided TO abandon all effort TO
enact veterans legislation at this
session of Congress.
FINANCIAL houses throughout
Il the state were represented at
the thirty-ninth annual conven-
ton Of the Indiana Bankers As
ISOLATION in indianapolis this week.
Making the keynote address.
Magnus j. Kreisle Of Tell City.
association president. warned
against government control Of the
country's banking structure as
embodied in the Federal banking
bill now pending in the Senate.
Although the bill. as passed by
the House. does not include the
provision making it mandatory for
state banks to Join the Federal
Reserve System" Mr.. KreiSle de-
clared. there is still danger that
this provision again will be in
corp0rated before the bill reaches
final passage" o.. The state aSsO-
ciaticn is composed of $50 banks.
Of which 125 are national and 427
a.e state institutions. Of the 427
state banks. only eight are men,
bers Of the Federal Reserve Sys-
TEN. Federal control over the
nations security markets is within
constitutional limits. despite the
Supreme Courts NRA decision. ac-
cording to a finding by the Securi-
ties and Exchange Commission.
The SEC ConStitutiOnality claim
was made in an opinion on the
Brooklyn Manhattan Transit Corp.
case IN which the company sought
TO avoid registration of an
100000 issue Of new 15-year
bonds. II commended the sale Of
the securities to underwriters was
an intrastate transaction and not
subject to Federal control.
A ONE-DAY strike Of electrical
N workers Of the Toledo Edison
Co. threatened to stop virtually all
business and industry IN Toledo
and surrounding territory. Fortu-
natelv. less than "a hours after the
walkOut began. union workers voted
in favor OF returning TO work I'M
medistely. pending outcome Of ne
gotiations on a 20 per cent wage
increase. The walkout started
early Wednesday and by nightfall
zoe. 900 persons in northwestern
Ohio were threatened with a suS-
pension OF electrical service. Sew
ersl factories shut down partially.
fearing a power failure would
damage their equipment j.. Wayne
Coy. director OF the Governors
Commission on Unemployment Re
lief. returned from Washington
after a series OF interviews with
Harry Hopkins. national relief
head. Mr.. Gov. who received the
personal commentator OF the
President. was assured by the Ad-
=