The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-06-01
Trends
Highlights of News
During Last
Week.
by FREDERICK MATSON-
Times Financial Writer

y a unanimous decision Monday.
Il the Supreme Court killed the
NRA. Il did 50 By ruling that the
oode-msking authority - funda-
mental basis upor which the re-
oovery act has operated-was an
improper delegation Of power.
Congress, the tribunal declared. had
exceeded its authority when Il dele
gated 20 the executive branch Of
the government power 70 promul-
gate codes OF fair competition
having the force OF law because It
did not set up standards TO guide
the executive. More important was
the ruling that the Federal gov
eminent has no power 70 regulate
hours and wages in transactions
affecting Interstate commerce.
The issue at bar was the SCheChter
sick chicken" case Chief Justice
Charles Evans Hughes read the
opinion. and Justices Harlan T.
Stone and Benjamin y. CaTdOzO
concuTed in a separate opinion.
Commenting on the decision
at a press conference yesterday,
President Roosevelt said that its
implications are far more important
that any in peacetime since the
bred Scott case. and that as re-
suit Of the courts action the peo-
pie were directly confronted with
the question whether the outlawed
powers should be restored. The IN
timation. Of course. was that a coz
stituuonal amendment might De
proposed 10 assign the Federal Gov
eminent such authority.
THE Frazier-Lemke act. prowd-
II ing Federal court machinery
to scale down farm debts and halt
the foreclosure Of farm mortgages
also vas held invalid as a viola
ton Of the Constitution in hat 1t
took away rights OF mortgage hold
ers without due process. APP
proximatcly 5000 fewer poor relief
cases in Indiana we're cared for in
April than in March. the Coz
ernor's Unemployment Relief Com
mission reported. The total dropped
from l29G7S in March to 123,749
in April. These figures compared
with 1880 cases in January. Nine
counties showed slight increases,
but Marion was among those re-
COrding a drop. A formal
order for bituminous coal miners to
60 on strike June Is was issued to-
day by John l.. Lewis. president Of
the United Mine Workers of Ameri-
ca. The call was made, Mr. Lewis
said. in accordance with the unions
decision following breakdown Of ne
gotiations for a new wage contract.
The current one expires on the
above date. the same day that the
NRA would have been terminated
had it rot already been declared
invalid by the Supreme Court.
THE Indianapolis Utility Dis
Il trict awarded the 100000 is
sue of revenue bonds. with which
it Will acquire the plant and prop
erty of the Citizens Gas Co. to a
syndicate composed to Otis 6, Co.
OF Cleveland and Halsey. Stuart &
Co. of Chicago o.. The borrowing
operation Will cost the city APP
proximately AIS per cent annually
and is prediCated on the winning
bid of 967s for the bonds as AZ
per cent obligations. Under the
scale OF maturities accompanying
the bid il is computed that all of
the bonds will be retired in 30
years. Two other tenders were sub
mitted. but both insisted upon GER
tain conditions being met before
the offers would become bona fide.
Henry Morgenthau Jr.. Secre-
tary of the Treasury. asked the
country for a S1OO,OO0000 loan N
a security offering which invoked
the seldom used privilege of sell
ing bonds to the highest bidders"
In announcing the new borrow
ing. designed to bul6 up a shrink
inC Treasury cash balance. he OF
fers the huge issue at the rate of
3 per cent. due June i, 1913, with
the optional call set for June Is,
1916. Mr.. Morgenthau declined to
discuss officially his reasons for
selling the bonds on a bid basis,
so infrequent in government issues,
but the outcome of the attempt
will be watched with interest.
FRANCIS BOUISSON. new pre-
Il mier Of France. since the gov
eminent Of Pierre Etienne Flandin
collapsed early yesterday. APP
pointed Joseph Caillaux as minister
OF finance. former premier and
former finance minister. The
new coalition cabinet. pledged TO
save the franc. was virtually as
sured the dictatorial financial pow
ers requested by NJ FIandin. NJ.
BouiSSOn completed his ministry
only today. after drawing consent
10 his program from the various
political parties because Of the
national emergency. The new min
iStry will so before Parliament on
Monday. An interesting and
ENCOURAGING business Sidelicht 10
the memorial Day 5O0-rile race
comes from indianapolis hotel and
restaurant managers. II is their
unanimous opinion that 1T was the
best Speedway crowd since 1929
Not only we're all hotels
damned. but tourist camps and
vacant furnished apartments were
fled. For the first time since 1929
the Indianapolis Convention and
Publicity Bureau conducted a
roominC headquarters and sent
hundreds Of persons 10 private
homes.
nnnnII0E MADT TDEMn