The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-23

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

Times Financial Writer
IMITATION sentiment received a
Il boost in Washington late this
week. The House o. Representa-
tives yesterday passed by a one
sided vote the $4,000. OOOO 900 Pat
man imitation bonus bill The
measure nov is before the Senate.
where u undoubtedly VIII be held
UP pending action on the work.
relief bill. In the latter case. at
temps are being made % attack
an imitation rider. II the Pat
man bill should be approved BY
the Senate. % is understood that
President Roosevelt stands ready
70 veto 10 on the grounds that 81
O00O00OO0 Of printing press money
would undermine government
credit Menace Of drought and
a grain shortage. presaged by a
gigantic dust storm gripping the
Middle West. compelled Henry A.
Wallace. Secretary Of Agriculture,
10 remove all restrictions on the
1898 production Of spring wheat
His announcement came amid ma
ti0nal anxiety over rising food
prices. The government. Mr.. Wal
lace said. owed duty 10 the con-
sumner and could not take chance
on weather. In Chicago. the wheat
trade vas little impressed b. The
action. Two optimistic reports.
one covering domestic business and
the other foreign trade. we're made
bv the Department of Commerce
this week Substantial gains m
many lines Of business we're re-
ported by II. p. Kendall. chairman
of the business advisory and plan
nin- council. A department sur
vev showed exports IN 1884 increas-
cd q Per cent over 1888 EX-
penditIre Of 1873. O64 on Indiana
state highways since the first Of
the wear vas announced By James
u. Adams. State Highway Commits
sion chairman. During February.
work totallnC almost three
quarters Of a million dollars was
placed under contract by the State
Department.
FOREIGN exchange trading was
IT thrown into a turmoil IN the
financial capitals OF the world by
announcement Of the Belgian cabi-
net resignation Tuesday. When the
cabinet was formed last November
10 was definitely pledged 10 min
tenancc Of the gold standard. This
is nov left open for devaluation Of
the belga and the tenure OF the
gold bloc Is thereby threatened
seven prominent engineers and
contractors were indicted this week
on charges Of plotting 70 deiraud
the government on a S4.S53OOO
Texas irrigation project. the first
ma Tor scandal in the Federal Pub
lie Works program The lndict-
mer,t. returned by the first special
Federal grand jury called IN Wash
ngtOn since the Teapot Dome oil
scandals 10 years ago. named a
former high PWA official. three
wealthy California lumbermen and
three Texans. They were accused
Of conSpiring 10 provide for use OIL
$50 miles Of California redwood
nine in the WillaCv County Texas
irrigation project. which under
plans originally approved by PWA
called for use Of no pipe at all
The first important corporation
bond offering since the gold clause
decisions we're handed down by the
Supreme Court last month we're
made Yesterday with an issue OF
81 600 600 first lien and rounding
mortgage 81 per cent bonds OF the
Wisconsin Public Service Commits
sion. The bonds. which will ma
t1Ire in 1859. are being offered by a
crnup Of SIX firms headed by the
First Boston Corp. Proceeds from
the sale OF the bonds will be- used
to nav s6.375 600 Of the Public
Service Corp. bank loans
TUE RFC Thursday elected SIX
of its selections as directors
of the Public Utility Securities
Corr a Chicago holding company
Of Harley L. Clarke This marked
the entrance Of the government
agency into the direct manage
ment Of the Clarke empire.
Through this maneuver the RFC
NAV possibly extend its control 10
operating companies in the Clarke
setup. The indianapolis Power
and Light Co. whic his directly
controlled BY Clarke'S Utilities
-. - s~t,t 70 Is IL, no inn