The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-06
Trends
Highlights of News
During Last
Week.
by FREDERICK MATsON-
Times Financial Writer


Times Financial Writer
TINE Senate last night approved,
= So to 10. the long-embattled
1880 O00.0O0 work-relief bill. Ear
ller in the day Vice President John
n. Garner. in his haste to push
through the measure, announced
adoption Of the conference report.
A few minutes later he was forced
to admot he he'd ordered a vote
without authority. During the
mixup Senator Elmer Thomas got
the floor and proceeded to prolong
the deadlock by asking why his
$1,000. 5000 imitation amendment
was eliminated. Thus tripped on
their own legislative strategy, the
New Deal Democrats again tempo
rarily blocked final action. All
this in spite Of a compromise
reached Thursday after a series of
high-tension conferences on the
measure which has been beset by
difficulties since 1t came to the
Senate late in January. The COM
promise reuires that Of the $780,
100000 set aside for loans and
grants on self-liquidating projects,
Is per cent must go for labor. in
stead of the 80 1-3 per cent quota
favored by Senator Carter Glass.
Rumors continue to grow that
Indiana is unlikely to have a spe-
cial session of the General Assem-
bly, this summer, although such
was virtually promised by Gov.
Paul " McNutt when the Assem-
bly, adjourned sine die last month.
The reason, according to many
Democratic leaders, is that to call
a special session to enact a sales
tax-and that admittedly is the
only piece of important pending
legislation-would mean political
suicide.
DRESIDENT ROOSEVELT has a
l. double barreled charge in sup
port of his Yankee trading policy,
now officially under way. First,
early this week he proclaimed the
recently negotiated reciprocal trade
agreement with Belgium which will
become effective May 1. This
treaty reduces the American tariff
on AZ products. Second, he
served notice upon a number of
foreign countries which have dis
eliminated against American prod
uctS that such discrimination must
cease or their own products will
not be granted the reductions in
the American import duties pro-
vided in the Belgian agreement. -.
Five countries we're given six
months in which to think over
their policies of discrimination and
to mend their ways. These are
Canada, the Netherlands and its
colonies, Spain, Switzerland and
Leichtenstein. Negotiations for
reciprocal treaties with these ma
lions have been announced.
A nationwide drive to rid the
country of stock swindlers who
reap an annual harvest of billions
from investors pocketbooks was
being prepared this week by the
Securities and Exchange Commits
sion. The campaign is expected to
be the most intensive ever made
against blue sky" promoters who
continued lawleSs activities to rob
the public despite the new string
ent securities laws.
HARLEY CLARK, Chicago utili-
l. Il ties magnate, was reelected
chairman of the board of the In
dianapolis Power and Light Co. at
the annual stockholders meeting
Tuesday. Contrary to rumors in
some quarters, no move was made
by the reconstruction Finance
Corp. to wrest control of the COM
pany from present interests be-
cause of RIGS relation to the
Clarke utilities empire. Pro-
duction of automobiles and trucks
last week totaled 103,286 units and
passed the peak established July II,
1880, when 100000 units we're man
ufactured, according to Grams
Reports, Inc. The United
States is keeping abreast of the
RESTRAINING nations of Europe and
Asia. A survey this week showed
that this country during the 1885,
SO fiscal year will spend larger
sums on its Army and Navy than
during any previous peacetime
year. 1t probably will spend
nearly a billion dollars on national
defense-S4O0.OO 0, 900 for the Army
and $475, 000, 900 for the Navy. This
does not include tn eallotment
which the Army is asking from the
Presidents 100000 work
relief fund. for "modernization" of
the Army. This sum exceeds the
national defense budget of every
other power for the 1856 period
with the possible exception of
Soviet Russia. The Treasury
sold s3S012,9S2 maturity value)
in baby bonds" to 10000 investors
during March, the first month in
which this method of financing was
attempted. Secretary Henry Nor
genthau Jr. announced.
.
directors of the utility dis
- trict of indianapolis yesterday
adopted a final resolution calling
for sealed written bids on an So
500, 999 revenue bond issue to be
received April IS. This marks the
first concrete move leading to &C
QUESTION by the city of the plant
and 0rOr Of the Citizens Gas