The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-09
Trends
Highlights of News
During Last
Week.
by FREDERICK MATSoN-
Times Financial Writer

DRESIDENT ROOSEVELT shift
Il cd fun responsibility for the sue
cess Of the NRA squarely upon
Congress Thursday in l7-pOint
program designed 20 safeguard the
New Deal project from criticism
and court attacks. The Admins
tration's stand was presented 10 the
Senate Finance Committee by Don
aid r. Richberg. recovery co-or-
dinator Il came some a hours
AFR announcement Of the resig-
naC0- OF S. Clay Williams as
chairman OF the National Indus
trial Recovery Board Mr.. VIII
uamy. who was drafted by
President Roosevelt TO head the
seven-man board when Gen. Hugh
S. johnson resigned. offered his
resignation in a letter 10 the PreSi-
dent. Asked that he be relieved
"iust as soon as possible he is ex-
pected 70 remain as head Of the
board for another two weeks upon
request Of Mr.. Roosevelt Federal
taxpayers viii save S30.O00,O0O an
nuauy through reduced interest
charges under terms Of the Treas
urv's S2378. 600. 900 rcfnanCing pro-
gram beginning March IS, made
public this week D.. The operations
provide exchange Of Sl85O,OOO OF
Fourth Liberty Loan bonds carry
ing a. per cent interest for new
Treasury bonds maturing IN 20 70 .
years at ,. per cent interest. In
addition. the Treasury viii ex-
change $4,000. 900 OF its 3. per
cent notes for new five-year notes
carrying l.. per cent interest q
The business Of Brown Bros, long
established indianapolis meat pack
ers. has been acquired by Armour
q, Co. Samuel 7. Brown. president
Of the local company. announced.
THE spectacle Of an industrial
Il corporation borrowing money
for IS years at 81 per cent interest
was afforded Yesterday in the ap-
plcation Of Swift & Co. one Of the
nations leading packers. to the Sc
curities and Exchange Commission
for registration of a new $4,000
600 bond issue This represents
the largest fiOtatiOn Of bonds TO be
arranged by a domestic corporation
since the SEC was created The is
sue Will consist Of 15-year 81 per
cent first mortgage bonds 10 re-
fund outstanding first mortgage
5 per cent sinking fund bonds
due July /. 1914. and 1O-year ) Pc
cent notes due Sept. l, 1910
Joseph p. Kennedy. chairman OF
SEC. said the Swift issue indicates
the beginning of the break in the
frozen capital market" The
average cost OF food purchased by
the families of wage earnerS and
l0w-Salaried workers. during the
five-month period ended Nov. 80,
1884. increased IN all of 81 cities
surveyed except one. The excep-
ton was indianapolis, where a de-
crease Of l per cent was registered.
The statistics. announced after an
extensive survey. were compiled by
the United States Department OF
Labor Net income of the Indi-
ana Bell Telephone Co. for 1884
totaled S1,568. 48O, compared with
81 .495 .161 in 1923, according to the
annual report of the company is
sued by James F. Carroll, president.
EOREIGN exchange markets ex-
Il perienced wide swings during
the last week. Gold scared 10 a new
all-time high in London and Ster-
ling broke approximately 3 cents
further in dollar terms before rally
ing With sterling at S4.7lis the
dollar equivalent was $500. but the
subsequent rally for sterling pushed
the dollar equivalent to new high
of approximately 1858 In the
meantime. the Department of Com
merce reported the United States
balance Of trade in January fell 10
S9.2I7. 900. compared with S3S.32l.-
600 for December and S36.515 900 in
January. 1884. The decline was
partly attributed to large imports
Of grain and Philippine sugar q.
The Department Of Justice entered
the natural gas scene Wednesday.
IN a suit filed in the Wilmington
tDeIl Federal Court. the govern
ment charged that the Columbia
Gas & Electric Corp had violated
antitrust laws-the Clayton Act in
particular-in an effort 10 prevent
the entrance of the Panhandle
Eastern Pipe Line Corp. into the
retail natural gas field in Indiana.
Kansas. Missouri, Illinois and
Michigan The judicial assault
on the MIRA was renewed this
week when. in New Orleans. United
States District Judge Wayne G..
Borah orally expressed belief that
the act Is unconstitutional He de-
MED a government petition seeking
to compel a box manufacturer TO
comply with the maximum hour
and minimum wage provisions Of
the lumber code.