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

ne mouse oi REPRESENTATIVES,
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 produc-
ton costs after July l, 1888. The
measure now goes to the Senate
for conference.
A $500 100000 loan was asked by
the Treasury Department in the
first government borrowing since
the 1886 fiscal year opened July l.
The securities put on sale we're
four year five month notes matur-
ing Dec IS. 1880
The Offering is considered sig
niicant not 50 much from the fact
that the interest rate is only la
per cent. but because the f1Otation
represents the first time that re-
strictions have been placed upon
buyers. Secretary Morgenthau
ruled that cash deposits in full ac-
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
L n Marion County tax rate was
forecast for the 1886 budget by
county administration officials this
week. This represents an increase
Of more than 30 per cent over the
present 30-cent rate on each 500
of taxable property. Independent
organizations did not take this
news lying down. It 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 well as the
Chamber. promised a 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 { vidends 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 S1O3,77O in 1888.
The local utility dipped into sur
plus to pay 100000 in dividends on
the common stock to the parent
Haley L. Clarke's Utili-
ties Power and Light Co. This was
the first distribution on the Junior
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 calCui led
to impair if not destroy the credit
of the United States" Mr.. Cum
mingS said that the move would
free the government from limita-
tons Of the actions of individuals
in dealing with its currency"
Word comes from Belgium of
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 APP
pointed by the king and will I'M
dertake general supervision with
the aid Of auditors permanently at
tached to each bank.
INTERNAL revenue collections in
i Indiana nearly doubled during
the 1885 fiscal year which ended
June 80, compared with the 1884
period, according to the internal
revenue division in Washington.
Total tax receipts from the state
for 1885 were S64.013.35 and
So. COS in 1884, an increase of
S3l.35T747.
Collections throughout the coun-
try aggregated SS.297 .3O0.578 in
1885. contraSted with S2,672, 239, 1874,
a gain of S625 ,O61 1874.
A half-million dollar increase IN
the value of building construction
and improvements in indianapolis
for the first six months of this
year over the corresponding inter-
val in 1884 was reported this week
by William f. Hurd. city building
commissioner A total of 1856
building permits were issued by the
city from January through June
this year as against 1884 during
the first half of last year. Indian
apolis citizens and industries spent
Sl,433.666 for new or improved
properties as compared with
S693.93S spent by this time last
year. Local real estate men predict
that an even greater increase will