The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-10-05
ReUie7O
Highlights Of the
News During
This Week.
by FREDERICK MATSON-
Times Financial Writer

MUssoLINIs invasion of Eth
AVA opia had repercussions on
security and commodity markets in
the United States. Reports that a
clash was imminent Wednesday
sent corporation shares tumbling
as much sS five points on the New
York Stock Exchange. Selling was
heavy in all departments and prices
suffered the worst break in IS
months.
With the first shock over, now
ever, and with news that fighting
had actually begun, the stock mar
ket pulled itself together and moved
forward. lading was light, but
war stool J., such as aircraft issues,
chemicn 5 and steels gained from
fractions to two points. Bonds,
both domestic and Italian, followed
the same general trend, slumping at
first and then Steadying.
Commodities, principally wheat
and cotton, enthused over the war
bulletins. A tremendous specula-
tive demand for wheat took place
in Chicago and values were pushed
over the dollar mark to the highest
level Of the season The markets
response TO the African conflict was
due largely to the fact that the
world already faces a moderate
scarcity in wheat supplies. Chicago
quotations are 18 cents a buShel
above the price prevailing at the
end OF August.
OF local interest is the fact that
wagon wheat was sold at 81 a
bushel in Indianapolis yesterday for
the first time in more than two
years. The last time farmers re-
ceived more than 81 a bushel here
was on July ID, 1888, when they
were piad S103, according to the
Acme-EVans Co., large city milling
concern.
T LITIGATION Of affairs of the
Il Indianapolis Water Co, pend
ing since 1892, was adjudicated in
Federal Court yesterday when
Judge Robert c. Baltzell fixed val
uation of the property at $21 1892
921 He also stipulated per cent
as a fair rate of return on the in
vestment His findings we're based
on figures submitted by Albert
Ward, master in ChanCery.
The case started two years ago
when the Public Service Commits
sion ordered a temporary rate adj
justment, pending an inventory.
The water company lost an iniunC-
ton suit. It has COntended that its
properties should be vealued at
approximately $28,000,000 for rate
making purposes as against the
$22, 100000 fixed by the Public Serv-
ice Commission The utility sought
a return of between 7 and per
cent.
Atty. Gen. Philip Lutz Jr,, repre-
senting the commission, declared
UIlt uGCiSIOH NdS d NlClOIy lOI lIlS
state and city in that Judge Bait
zell did not find the commission
rates confiScatOry as charged by
the water company.
AmiCable settlement of the lease
controversy between the City Util-
tiles District and the Indianapolis
Gas Co. was indicated this week
when directors of the gas company
accepted two checks from the city
to cover interest on outstanding
bonds and income tax payments
Acceptance of the checks meant
that default was avoided on the
semi-annual interest on the 6 per
cent bonds of the Indianapolis
firm Both checks had been sent
to the directors earlier, but had
been returned to the city without
comment. Newton d. Baker,
Cleveland attorney and Secretary
of War in the Wilson administra-
ton, has been retained by the In
dianapolis Gas Co. for negotiations
with the city over new lease.