The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-23
Trends
HighlightS of News
During Last
Week.
by FREDERICK MATSON-
Times Financial Writer

IMITATION sentiment received a
Il boost in washington late this
week The House Of Representa-
tives yesterday passed by one
sided vote the $1,000 100000 Pat
y man imitation bonus bill. The
measure now is before the Senate.
where DO undoubtedly VIII be held
up pending action on the work
relief bill In the latter case. at
tempts are being made 70 attack
an initiation rider. II the Pat
man bill should be approved BY
the Senate. % is understood that
President Roosevelt stands ready
To veto 10 on the grounds that 81
O00 600 900 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.
to remove all restrictions on the
1888 production Of spring wheat.
His announcement came amid ma
tionaI anxiety over rising food
prices. The government. Mr.. Wal
lace said. owed a duty 10 the con-
sumner and could not take a chance
on weather. In Chicago. the wheat
trade was little impressed oy 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 IN
many lines Of business were re-
ported by II. p. Kendall. chairman
Of the business advisory and plan
uinz council A department sur
vev gh0wed exports IN 1894 lncreas-
cd 2T. Del. cent over 1888. EX-
urndittire Of 81 .379 064 on Indiana
state highways since the first o.
the wear was announced by James
n Adams. State Highway Commls-
SION chairman. During February,
work totalng almost three
quarters Of a million dollars was
placed under contract By the State
Department.
FOREIGN exchange trading was
J. 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 NOvem-
bor IN was definitely pledged
to maintenance OF the gold stand
ard The way is now lett
omen for devaluatiOn Of the
beIea and the tenure Of the
gold bloc IS thereby threatened
seven prominent engineers and
contractors we're indicted this week
on charges Of plotting TO deiraud
the government on a S4813OOO
Texas irrigation project. the first
ma i0r. scandal in the Federal PUB
lie Works program. The indlct-
wcnt. returned by the first special
Federal grand jury called in Wash
incton since the Teapot Dome oil
scandals 10 wears ago. named
former high PWA official. three
wealthy California lumbermen anu
three Texans. They were accused
Of conspiring TO provide for use OF
$50 miles of California redwood
nine i'm the Willacv County Texas
irrigation project which under
plans originally approved by PWA
called for use OF no pipe al all
The first important corporation
bond Offering since the gold clause
decisions were handed down by the
Supreme Court last month were
made Yesterday with an issue OF
e. 600 600 first lien and refundlng
mortgage ST. per cent bonds Of the
Wisconsin Public Service CommlS-
sion. The bonds. which will ma
ture i'm 1859. are being offered by
croup n SIX firms headed By the
FIRST Boston Corp. Proceeds from
the sale Of the bonds Will be used
n nav s6.575. 900 Of the Public
Service Corp. s bank loans.
THE RFC Thursday elected SIX
of It's selections as directors
o. the Public Utility Securities
Corp. 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
may possibly extend its control 10
operating companies IN the Clarke
Setup. The Indianapolis Power
and Light Co. which Is directly
controlled BY Clarke'S Utilities
Power and Light Co. Is in no I'M
mediate prospect of coming under
direct RFC domination. as the first
opportunity for the Federal agency
to Get a voice in the management
Of tho local company viii not be
presented until a year from now
The United States has OH
CtaIlv invited the world 10 bid for
ITS huge gold stock. In the hrSt
r-,,-.~,,r,,0r,r iufTu1afi0O that 10 was