The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-26
ReUie7V
Highlights Of the
News During This
Week.
by VINCENT LYONS
Times Financial Editor


II Hartford Railroad petitioned
the court for permission to reor-
ganize under Section 77-B Of the
Federal Bankruptcy Act following
the action Of the Interstate Com
merce Commission in refusing to
sanction a 100000 loan from
the Reconstruction Finance Corp.
Wall Street, which can see some
good in everything, when it wants
TO, inwardly applauded the devel-
opment.
Reorganization proceedings it
was reasoned, brings the road into
the position Of having everything
TO gain and little to lose since it
has been unable to procure addi-
tiOnal credit In the last few weeks
miscellaneous securities Of the car
rlcr have been buffeted about and
are well Debated as a result. On
Aug 81 long-term bonds in the
hands Of the public amounted to
S257, Sal 900, exclusive of indebted
4ito9 w tNlCI al dEtIIItS-
Spurred by peace gestures abroad
stock values moved ahead impress
slvely during the week, with the
oils and the motors the leaders.
The DOW-JOnes industrial average
climbed to a four-year peak before
slipping Volume Of trading con-
tlnued at a fast pace. Meanwhile,
the peace maneuvers had the OPP
pOsite effect on commodities, which
declined.
A PROPOSAL Of Indianapolis
L N Railways. Inc, to issue securi-
ties for d $3,12O,000 PWA loan oc-
cupied much of the attention Of
the attention of the Public Service
Commission this week. Repre-
sentatiVes Of organized labor urged
the granting of the petition in or
der to create jobs and provide bet
ter service for the patrons Of the
road
Secretary of the Treasury Nor
genthau returned to his desk at
Washington this week after a trip
abroad. One of the first things he
did was to spike reports that tax
collections are running behind es-
Inmates He stated that all COllec-
tons, other than on processing
taxes, are slightly above forecasts
the slump in processing taxes is
due to the fact that some $81 ,000,-
900 has been impounded by courts
pending a test of the law
Corporation news was again IA
yorable Packard Motor Car Co.
reported $486,413 net income for
the third quarter, which brought
net FOR the first nine months to
$776,873. In the corresponding
period last year the company
showed a loss of SIS ,348 400. Divi-
dend announcements included re-
symptoms by Chile Copper and
Bunker Hill and Sullivan Mining
and Concentrating Co, a usual eX-
Colgate PalmOlime -Peet, Hobart
Manufacturing and MonSanto
Chemical.
II
CENERAL MOTORS ACCEPT
~ ANCE CORP. and CONNER
cial Investment Trust, Inc, which
together handle most of the auto
mobile financing, stepped out with
new plans. Both new schedules
provide for simplification and re-
duced cost and are seen as an at
tempt to cope with the entrance
into the field of many banks
throughout the country.
An optimistic announcement
came from Secretary of Labor
Frances Perkins. She estimated
that $4,000 persons were added to
the employment ranks of the coun-
try during September, and that
an accompanying increase in
weekly pay rolls made them
$12,0O0000 larger than in August.
Factory employment rose to the
highest level since November, 1890,
while factory pay rolls climbed to
the best figure since May, 1881.
Il
Italy's gold reserves were reduced
26,100000 lire in the first 10 days Of
October. according TO the latest
condition statement of the bank of
Italy. Since the end of July the
loss has amounted to 1892 $4,000
lire, or 234 per cent. Meanwhile,
the Bank of the Netherlands re-
duCed its discount rate from 5 to
A. per cent as a result of the
gradual amelioration of the recent
monetary crisis How the inter
national situation has affected Hol-
land, however. is seen from the fact
that 10 changes have been made in
the discount rate since April 4.
NnI n OIIDDEMNN O(AIE .