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

FOLLOWING a hectic week Of
Il conferences between President
Roosevelt. his Cabinet and leaders
Of Congress, the House Of Repre-
sentatives voted 10 extend an
emasculated MIRA until next April
/. This "stOp-zap' measure,
IN conformance with last week
momentous Supreme Court deci-
sion. strips the President Of power
70 approve. impose or enforce
codes. The resolution, which would
enable the chief executive 70 main
tain a skeleton force az NRA while
he works out a permanent suosti-
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 Dill for
permanent government supervision
OF industrial working conditions
and trade practices. This substi-
tute NAV call for the use Of the
Federal taxing power IN an effort
10 force both interstate and intra-
state business 10 meet minimum
wage and hour. child labor and
collective bargaining requirements
II the original NRA codes. d.
Donald Richberg resigned as chair
man Of the National Industrial
Recovery Board yesterday. His res
ignat.on was accepted BY President
Roosevelt, effective June is.
A FTER twice refusing the re-
n quest Of President Albert Le-
brtln OF France 70 form a cabinet,
Pierre Laval. independent senator,
formed a coalition ministry which
hoped to save the franc and solve
the nations financial and political
crisis. The new cabinet vas given
a vote of confidence by the Cham
Der Of Deputies NJ Laval was
the sixth man NJ. Lebrun had
designated since Fernand Bouls-
sons government was OveTthrOWn
IN the chamber Tuesday on the n
nancial dictatorship issue. Five
others-M. BouiSsOn. Jules Jean
neney. president OF the senate; for
mer Premier HerriOt; Francis
Pietri. former minister Of marine,
and won DeIbos. Radical Socialist
leader-couldn't make the grade.
Marcel Regnier is the new minister
If finance The French franc IN
the international money markets
reflected the tittery political situa-
ton by moving upward and down.
ward senate and House con-
ferees on the Patman bonus bill
decided TO abandon all effort 10
enact veterans legislation at this
session Of Congress.
FINANCIAL houses throughout
II the state we're represented at
the thirtv-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 1t mandatory for
state banks to ioin the Federal
Reserve system" Mr.. Kreisle de-
clared. there is still danger that
this provision again Will be in
corpOrated before the bill reaches
final passage" The state aSso-
citation is composed Of $50 banks,
Of which 125 are national and 42I
are state institutions OF the AT
state banks. only eight are mem
bers of the Federal Reserve Sys-
tenn. Federal control over the
l.ation's security markets is within
constitutional limits. despite the
Supreme Counts NRA decision. &C
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
10 avoid registration Of an
100000 issue Of new l5-yesr
bonds. II contended the sale of
the securities to underwriters was
an interstate transaction and not
subject to Federal control.
A ONE-DAY strike Of electrical
N workers Of the Toledo Edison
Co. threatened 10 stop virtually all
business and industry in Toledo
and surrounding territory. Fortu-
nately. less than "a hours after the
walkOut began. union workers voted
in favor OF returning to work im-
mediately. pending outcome of ne
gotiations on a 20 per cent wage
increase. The walkout started
early Wednesday and by nightfall
10000 persons in northwestern
Ohio were threatened with a sus-
pension Of electrical service. Sew
eral factories shut down partially.
fearing a power failure would
damage their equipment. . Wayne
Gov. director Of the Governor
Commission on Unemployment Re-
lief. returned from Washington
after a series Of interviews with
Harry Hopkins, national relief
head. Mr.. Coy. who received the
personal commentator Of the
President. was assured by the Ad-
ministration that the state would
be allotted sIOC cGc.0OO for Indians's
vorks-relief program.