Indianapolis Times, Indianapolis, Marion County, 1 December 1936 — Page 6

ISTORALT FUNDING BOND ISSUES 2 YEARS

10,000,000 Indebtedness To Prevent Action, Says. Controller.

With an outstanding bonded inof more than $10,000,000, ‘officials do not plan to make ny refunding issues during the next two years, Controller Walter . Boetcher said today. Only twe Indianapolis city bond

issues have been refunded in recent |!

Bond refunding has been used by hundreds of municipalities ry the last two years tg lower interest rates on city and town indebtedness. Interest on $300,000 City Hall 1906 ‘bonds refunded here last July was reduced from 3'; per cent to 2 per . eent and earned a $1560 premium. An example of saving may be seen in Detroit, where an annual reduction in bond payment amounting to $779,000 was effected through refunding of a $55,357,000 issue,

Preparing for 1939

Mr. Boetcher pointed out that Indianapolis bond maturities are being met through the city general sinking fund, which now is preparing for 1939, when more than $1,000,000 in municipal bonds mature.

~The sinking fund, established by 8 tax levy-in the civil city budget, reserve of $180,000 this year. evy for 1937, bringing an esti $340,589, will be added to unexpended balance to meet maturities in January and July, ~ 1837, and January, 1938, the controller said. Refunded City Hall 1906 bonds are ~ being paid out in $10,000 installments each period. They are to be paid completely in 1952. ~ Where call bonds have been issued by 'municipalities, records show greater advantage has been taken of the lower money rate during the last few years. In Seattle, where call bonds earned 4 per cent, the city has refunded at 2.09 per cent, its 4'2 bonds now carry 2.4 per cent and 412 bonds bring 2.15 per cent. Almost $500,000 in Indianapolis City bonds mature next year, Mr. Boetcher’s records show. These in-

~~ clude fire department equipment,

track elevation, 1921; seven City Hospital issues, street improvement, fire station building and market etrigeration bonds.

Market Improving

The January 1937 payment due totals $210,500, with $4835 interest, while the July payment is $96,000 and $2061 interest. Two City Hall 1906 refunding payments of $10,000 are to be added to this total. The market for municipal bond issues is improving, most financial

Alberta Pierson Hannum, author of “Thursday April” and “The Hills Step Lightly,” is to present a sketch, ‘The Hidden Way,” before wives and members of the Indianapolls Rotary Club at a luncheon today in the Clay‘pool Hotel,

cxperts believe, since issues are more easily absorbed than at any time since 1931. More than 260 millions of new issues failed to sell throughout the country in 1932, while last year only 43 million dollars in municipal obligations went unsold. Included among these were numerous issues on Public Works Administration projects offered as a matter of form and later sold to the Federal government as agreed. The trend toward refunding throughout the nation may be seen in a tabulation recently compiled. In 1929, all issues refunded totaled 1.5 per cent. In 1933, the percentage had grown to 7.12, and in 1935 it jumped to 29.9 per cent of all issues. The average interest rate during the prosperity peak in 1929 was between 5 and 6 per cent on city and town bonds. Through refunding operations during the next four years, this was reduced to an average range of from 2 to 4 per cent. Only 4.7 per cent of all municipal bonds drew less than 4 per cent interest in 1929. Today more than 53 per cent are in this class. Other cities where refunding has improved the bond situation include Cincinnati, reduced from 4 and 4% per cent to 3 per cent on $3,000,000; Grand Rapids, Mich. where all bonds were refunded at 3.13 per cent, and in 100 Nebraska towns where $6,500,000 was refinanced at a saving of 1 to 1% per cent.

CHATTEL MORTGAGE PAYMENTS INCREASE

More than $208,800 was paid on chattel mortgages in Marion County during October and September, an increase of $124,794 over payments made during the same perjod a year ago, mortgage release statistics in County Recorder Ira P. Haymaker's office disclosed today. During September, $1,014,881 was paid on real estate mortgages, an increase of $134,509 over September

last year, records showed.

MERIT SYSTEM, (CONSOLIDATION|

ohool Needs _ Discussed * at Federation Session Here.

. Resolutions urging merit. system

| introduction in public service and

consolidation of governmental units were adopted last night at a Fed-

eration of Indianapolis Public School Teachers meeting in Caleb Mills Hall. More than 200 teachers attended the session, first of a proposed series to discuss school needs, Other resolutions «favored extension of the teacher tenure law. An adopted resolution urged retirement law modification to provide a $1200 annuity to teachers with 40 years’ service, and an actuarial

'| basis for fewer years’ service.

Federal Aid Favored

The teachers favored Federal aid to the states for public school support on a plan similar to the Har-rison-Fletcher bill provisions, which, they were told, would furnish Indiana with a minimum of $2,500,000 and a maximum of $7,000,000 a year. The resolution urging governmental unit consolidation was so worded as to advocate removing township school control and supervision from township trustees and placing it in the hands of -educators. A legal mandate to keep state contributions at a $600 teacher unit minimum was advocated. Ancther resolution urged “maintenance of a system of state taxation which results in broadening the tax base and enabling the state to contribute substantially to the support of public education.” The teachers also affirmed “our belief in a legal salary schedule for public school teachers with stich a minimum as will take account of the necesity for a reasonable standard of living for the beginning teacher and such advances for experience and training as will provide a reasonable monetary return on his investment for the experienced teacher. We believe that. within these broad principles the present rising cost of living should be acSampanied by a rising salary schedu e ”»

te etmmm——reeemeeeirma——— KORAN TEMPLE TO MEET Koran Temple, Daughters of the Nile, is to meet at 8 p. m. tomorrow in the Hotel Lincoln. A musicale is to follow.

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Is Rescued in Fire at Store

Rom % Meridian-st, when fire late yesterday caused approximately $15,000 damage 3 to the structure Meacham, 19, of 1110 a window which he had smashed with his hands. Firemen raised a ladder and brought him to safety.

Nicholson Warner; 1414 S. Rich- |

land-st, Engine House 13 fireman, also was overcome by smoke. Both men were treated at City Hospital. Fires yesterday caused $250 damage at the home of Edward Rose, 284 N, Harding-st, and $200 damage to a garage and shed in the rear of William Ryan's home, 1928 Cal-vin-st.

MODEL ‘ELECTRIFIED’ FARM TO BE VIEWED

By United Press LEBANON, Ind. Dec. 1.—James McCann's new “electrified” farm, sponsored by the Rural Electric Membership Corp.,: will. be opened for inspection Saturday, Indiana REMC officials announced today. The farm, located in Boone County, was the first in the nation to organize, contract and build rural power lines under the Federal program, Gov. Paul McNutt and Rural Electrification Administrator Morris L. Cooke, Washington, will be speakers.

DOCTOR TO SPEAK ON BIRTH CONTROL

Dr. J. C. Vaughan of Marion, advisory board member, is to speak at a meeting of the Maternal Health League of Indiana at All Souls Unitarian Church at 8 p. m. today. His

subject is “The Broadening Scope

of Birth Control.” Previous to the meeting, Mr. Louis Haerle, dianapolis Maternal Health Board chairman, is to en-

tertain Dr. Vaughan at dinner.)

Other guests at the dinner are to be Dr. Murray Hadley, gndianapolis clinic committee chairman; Dr. A. S, Johnson, in charge of the Indianapolis clinic, and Mrs. Johnson.

1 IN WHOLESALE

was one of 17 states making sales

GAIN SINCE "33

66 Per Cent Increase Shown In Indiana Distribution by U. S. Report.

Wholesale distribution in Indiana increased 66 per cent in 1935 over 1933; according to a report of a preliminary survey issued today by the; Bureau of Census of the United States Department of Commerce.

The report shows that Indiana

gain of 50 per cent or more and that only seven states made higher percentages. They are listed as Michigan, Delaware, Tennessee, Arizona,

Bale: gains for Thdians and the four other East North-Central states were given as 50 per cent. The percentage of gain for the entire country was reported at 41 per cent.

$42,203,815,000 in Sales

these establishments received in i a es. TeV an 391,000, the report showed. The value of stocks on hand by these Indiana firms at the end of year were valued at $41,857,000.

Awgregate mies by 176,062 whole-

sale establishments in the country during 1935 were eported at $42.203,815,000 sales of $30,005,157,000 for aed establishments in 1933, the last year for which comparable census data is available. The census includes sales and employment figures from . 4330 wholesale establishments in Indiana. Total sales of these establishments during 1935 climbed to $658,245,000, the repurt said. Operating expenses, including pay rolls, for

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