The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-07
ReOie7O
Highlights of the
News During
This Week.
by FREDERICK MATSON.
Times Financial Writer

A FTER several weeks OF argu-
L n ments. counter arguments and
bitter protest the indianapolis City
and Marion County Councils fixed
their respective tax levies for 1896.
Next years civil city budget. passed
by the City Council. calls for an
assessment Of Sl1566. an increase
Of So cents on each 500 Of taxable
property over this years rate II
also provides for the long-awaited
$4,000 track elevation project.
The 1886 county levy was fixed at
40 cents, a 10-cent increase over
the 1885 rate Final action came
after appropriations we're slashed
from the 50-cent rate indicated by
figures previously approved by
County Commissioners. County
Court attaches threaten a legal
fight against reduction of their
salary appropriations. In any
event. both the city and county
budgets are due for attacks by local
taxpayers organizations before
they are considered by the Marion
County Tax Adjustment Board,
which is to meet Sept. 16.
The two budgets. considered to-
gethCr, increase the tax rate upon
indianapolis property by 5826 cents.
Broken down. here Is the way 1t
goes. FOrty-seven cents increase in
the Center Township rate. 10 cents
increase IN the county rate, and
60 cents increase IN the Indianap-
oils civil city rate.
TN contrast to the dlscouragiEg
i news last week that the Treas
ury Department failed TO obtain
a full subscription on a $780,
100000 farm mortgage issue, Sec
rotary Henry Morgenthau Jr. an
nounced that a $500 100000 issue
of three and One-hal year IL per
cent notes had been well Oversuo-
scribed." The announcement
came as Treasury figures showed
that. collecting as cents for every
dollar spent. a deficit of S662,5s4,-
O78 had been accumulated in the
first two months of the financial
year.
CJncurrently with Mr.. MOrgen-
thau's statement came proposal
by the Foreign Policy Association
for a provisional international cur
rency sterilization agreement in
vOlving the dollar, franc and pound
ana looking toward restoration OF
the gold standard. Asserting that
the currency situation IS retarding
recovery. the report said that other
currenCleS should be left free from
tn trial agreement in order TO
adjust themselves
Promise of distribution of $780,
600 1000 of the S4,0O0O 100000 works
relief appropriation to states,
counties and cities in final drive
to end the dole was made by Harry
l. Hopkins. wOrkS-rellef admlnlStra-
tor. MIR. Hopkins said the money
would be allocated by Oct. D, the
deadline set by President Roose-
velt for all his works progress prof.
ects to be under way.
directors of the indianapolis
- Utilities District, making maj
PREPARATIONS to take over the Cltl-
zens Gas Co. next week, met with
Mayor John w. Kern and, alter
due elaboration, announced that
the project would be named the
Citizens Gas and Coke Utility.
Just why the word coke was in
serted in the tile has aroused COM
ment, particularly among those
conversant with the history of the
Citizens firm and the long negOtia-
lions preceding the acquisition
about to take place by the city.
The Citizens Gas Co. has always
manufactured coke as a by-prOduct
to its production of gas. But coke.
it is pointed out, never has been
and is not now considered a public
utility. 1t is no more a utility than
wood or charcoal. 1t is a by-prod-
uct.
Why the city should include
coke in its designation of a munich
pal utility Is pulling to some OBJ
servers, unless, as they point out,
it is an indication that the city in
tends to perpetuate the use OF
manufactured gas and coke and
forsake its announced intention OF
installing natural gas for general
use.
4 n impressive account OF con-
IN ditiOnS in the livestock and
packing industries is contained III
two reports from Chicago. An an
nouncement from the Chicago
stockyardS states that during Au-
gust only 1896 carloads of cattle,
calves. hogs. sheep and horses were
received. the lowest in the Organl-
zatiOn'S history.
This compares with 17,475 car
loads year ago and 1S.4l6 in 1888.
The previous low for August was IN
1898 years agO-when the run
was 1910 carloads. The alarming
decrease III hog receipts was again
emphasized with the statement
that OF the total receipts laSJ
month. hogs comprised but IS per
cent. The StCckyardS are Operat-
ing on part time schedule.
July statistics were issued by the
Chicago Federal Reserve District.
The report shows that employment,
hours worked and wage payments
IN the StockyardS are Is per cent
lower than they were a year ago.
The report goes on to show that
wholesale meat prices are 40 per
cent higher than last year. (HouSe-
wives probably know that already)
No new reasons for the decrease
in receipts are offered by livestock
experts. either in Chicago or in the
local market. They all attribute it
to last years and this years
drought and to the restricted pro-