The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-09

Highlights of News
During Last
Week.
by FREDERICK MATSON
linz. FInansIaI Writer

DRESIDENT ROOSEVELT shift
Il ed full responsibility for the sue
cess Of the NRA squarely upon
Congress Thursday in a l7-point
program designed 70 safeguard the
New Deal project from criticism
and court attacks. The Admins
tration's stand was presented TO the
Senate Finance Committee BY Don
aid r Richberg. recovery co-or-
dinator II came some "a hours
after announcement Of the reslg-
nation Of S. Clay Williams as
chairman Of the National Indus
trial Recovery Board Mr.. VIII
lang. who was drafted BY
President Roosevelt TO head the
seven-man board when Gen. Hugh
S. johnson resigned, offered his
resignation in a letter TO the Presi-
dent. Asked that he be relieved
"iust as soon as possible he Is ex-
pected 20 remain as head OF the
board for another Two weeks upon
request Of Mr.. Roosevelt 81. Federal
taxpayers will save $4,000. 900 an
nually through reduced interest
charges under terms Of the Treas
urv's s2378 900 900 refnancing pro-
gram beginning March 10, made
public this week =. The operations
provide exchange Of Sl55O,OOO OF
Fourth Liberty Loan bonds carry
ing a., per cent interest for new
Treasury bonds maturing in 20 10 .
years at D. per cent interest. In
addition. the Treasury will ex-
change S528. 100000 Of its 81 per
cent notes for new five-year notes
carrying L. per cent interest
The business of Brown Bros, long
established indianapolis meat pack
ers. has been acquired by Armour
& Co. Samuel T. Brown, president
OF the local company. announced.
THE spectacle Of an industrial
Il cooperation borrowing money
for IS years at 81 per cent interest
was afforded yesterday in the ap-
plication Of Swift & Co. one of the
nations leading packers. to the Sc
curities and Exchange Commission
for registration Of a new $4,000
900 bond issue This represents
the largest flOtatiOn Of bonds TO be
arranged by a domestic corporation
since the SEC was created. The is
sue will consist Of 15-year 3ss per
cent first mortgage bonds TO re-
fund outstanding first mortgage
S per cent sinking fund bonds
due July l. 1914. and 1O-year 5 per
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
low-salaried workers. during the
five-month period ended Nov 80.
1884. increased in all Of 80 cities
surveyed except one The excep-
ton was indianapolis, where a de-
crease Of 1 per cent was registered.
The statistics. announced after an
extensive survey. we're compiled by
the United States Department OF
Labor Net income Of the Indi-
ana Bell Telephone Co. for 1884
totaled sl.588. $50. compared with
SI.495. I6l in 1888. according to the
annual report of the company is
sued by James +. Carroll. president.
FOREIGN exchange markets eX-
Il perienced wide swings during
the last week. Gold scared to a new
all-time high in London and Ster-
ling broke approximately 3 cents
further in dollar terms before rally
ing With sterling at s47lA the
dollar equivalent was S35 %, but the
subsequent rally for sterling pushed
the dollar equivalent TO a new high
Of approximately S35-53 In the
meantime. the Department Of Com
merce reported the United States
balance Of trade IN January fell 70
Sq2l7.OOO. compared with S3S.32l--
600 for December and S36.5l5.OOO in
January. 1884. The decline was
partly attributed to large imports
Of grain and Philippine sugar
The Department Of Justice entered
the natural gas scene Wednesday.
In a suit fled in the Wilmington
tDell Federal Court. the govern
ment charged that the Columbia
Gas and Electric Corp. had violated
antitrust laws-the Clayton Act in
partiCular-in an effort TO 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 sct 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.