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

n - - 4 nv ANAaHAl HHNtHA "a
~ week in the business and f.
nancial world was President Rose
vets masterful address TO Con-
gress explaining mis- veto Of the
Patmsn bonus Dill Although
the House promptly and over
whelmingly OVERRIDE the veto, the
Senate. as ne expected. sustained
II. The vote IN the Senate was 20
for and 81 against the Presidents
action. The necessary two-thircs
Of the majority did not materia-
lie. and the Patman Dill may now
be considered quite dead The
Presidents message. for which
there is no precedent, was en-
thusiastcally received and genu-
ineIv admired by foes as well as
friends Of the Administration
From a political standpoint, II was
extremely courageous thing for the
chief executive 70 do In the
meantime. although the nation ior
the present is safe from printing
press money. indications point 70
an experiment in greenbacks IN the
Middle West. Gov. Phillip La Fol-
lette. leader Of WlscOnSln'S Pro-
gressive party. went before ne
joint finance committee Of he
Legislature and explained the plan.
A proposed Federal grant OF $780,
900 900 would be turned Over TO a
state finance corporation enpOw-
cred 20 issue money" for pay rolls
and materials on work projects.
Constant turnover Of these notes,
which viii not circulate outside the
state. VIII lead 10 more business,
greater employment and increased
tax revenues" Gov. La Toilette
said.
ID ESTORATION Of the So a day
N minimum wage was an
nounced by ne Ford Motor Co.
The company thus returns TO its
1929 wage level and increases its
pay roll by 100000 monthly.
Both Ford and Lincoln shops
are included in the increase. The
raise from the present minimum Of
IS a day Is 20 per cent boost,
officials said. Wage brackets above
the new minimum will also be given
hourly rate advances from ) cents
upward. The average wage paid
Will be above Sc a day. 1t was
state. OF particular Interest o
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 Markey has instruct
ed receivers to confer with a COM
mittee representing stockholders.
bondholders and creditors TO 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 TO prevent a
forced or immediate sale of me
assets by the county court recelv-
ers and TO minimize the receiver
ship cost.
TAGGING a six-billiOn-franc bud
Il getary deficit for 1885 and an
alarmingly steady drain on her
gold reserves, France Is planning
a stiff program TO defend her cur
rency. The plan contemplated in
lrr,Fr- ffaf sf-af nation sc r0Fpr1or-
ing for a desperate laSt-dltch fight
to save the franc and prevent
repetition of the bitter experiences
of the early l920S. The OPEN
ing gun of the battle was fired
Thursday. when the Bank OF
France raised the discount rate
from o. to 3 per cent. The imme-
diate cause OF the act, 1t was an
nounCed. Is the outflow of gold
which has continued at an inCTeaS-
ing rate since May 1. 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 $50 100000 About 0,000.-
600 has been shipped in the last
week. Hog prices at the Indi-
annapolis StOCkyards scared above
the $40 mark for the first time
since October, 1890 Yesterday the
top price for choice classes stood
at S10I5. The advance here was
duplicated az Chicago, the nations
largest livestock center.