The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-13
Trends
Highlights of the
News During
This Week.
BY FREDERICK MATSON.
Times Financial Writer

came back into the Admins
tration's power program fold
Thursday when it approved the
Tennessee Valley Authority amend
ments extending the scope of the
New Deals electric rate yardstick'
project. The final vote, DIT to 100,
came after the House rejected a
Republican motion to recommit the
bill to the Military Affairs Com
mittee TO insert a provision which
would have prevented IVA from
selling surplus power below prcduc-
ton costs after July l, 1888. The
measure now goes to the Senate
Tor conference.
A s500,000,000 loan was asked by
the Treasury Department in the
nrst government borrowing since
the 1896 fiscal year opened July !.
The securities put on sale were
four year five month notes matur-
ing Dec. IS, 1899.
The offering is considered sig
niflcant not so much from the fact
that the interest rate is only Ia
per cent, but, because the citation
represents the first time that re-
strictions have been placed upon
buyers. Secretary Morgenthau
ruled that cash deposits in full &C
company all orders up to $4,000
worth, and a 5 per cent deposit for
all instances exceeding $4,000, thus
dealing a sharp blow to possible
padding Of subscriptions.
a 10 TO 12-cent increase in the
"a Marion County tax rate was
forecast for the 1886 budget by
county administration officials this
week. This represents an increase
of more than 80 per cent over the
present 30-cent rate on each 500
of taxable property. Independent
organizations did not take this
news lying down. 1t was vigorously
challenged by the Indianapolis
Chamber of Commerce in a state
ment sent to the County Council
yesterday. The Indiana Taxpay-
ers Association, as we'll as the
Chamber, promised thorough in
VestigatiOn of the new budget.
The indianapolis Power and Light
Co. in 1884 showed net income of
S9484 after charges, taxes, pre-
ferred dividends and bond inter-
est, but before common dividends,
according to the annual report of
the company. filed with the Sec
rotary of State. This compares
with a deficit of SOB. ITO in 1888
The local utility dipped into sur
plus to pay 100000 in dividends on
the common stock to the parent
company-Harlev L. Clarke's Utih-
ties Power and Light Co. This was
the first distribution on the JUNO"
shares since June. 1881.
CENATOR CARTER GLASS led
~ others of his Democratic COL
leagues in denouncing the Admin
istration's proposal to outlaw gold
clause suits. Speaking before the
Senate Banking Committee, where
Atty. Gen. Homer S. Cummings was
defending the legality of the pro-
posed action. the gentleman from
Virginia denounced it as calculated
to impair if not destroy the credit
of the United States" Mr.. Cum
mings said that the move would
gree the government from limita-
tions of the actions of individuals
in dealing with it's currency"
Word comes from Belgium OF a
new law draStically revising that
nations banking acts and creating
an all-powerful committee of seven
to supervise the banks. Industry
and banking are propelled upon di-
Vergent tacks under the program,
which is designed to insure COM
plete independence of banking from
industry and commerce.
These rules, applying to all banks,
domestic and foreign, follow the
recent creation of the rediscount
and guarantee institute, and con-
form with Premier Paul van Zee
lands Belgian New Deal" banking
reform act to restore confidence in
the belga'S stability following its
% per cent devaluation. The die
tatorial body of seven will be ap-
pointed by the king and will I'M
dertake general supervision with
the aid of auditors permanently at
tached to each bank.
q
INTERNAL revenue collections in