Indianapolis Times, Volume 37, Number 189, Indianapolis, Marion County, 9 December 1925 — Page 13

WEDNESDAY, jJjttU. 9,1925

PORKERS STEADY TO 15 CENTS HIGHER

Heavy Hogs Are Unchanged / While Light Swine Soars. —Hoc Prices Day by Day— Ae Bulk. Tod Receipts IV 11.50@ 11.70 11.90 6.500 T 11.60 a 11.76 11.85 9.500 5. 11 25 all 65 11 90 9.000 t. 11.55® 11.90 12 00 7.000 8. 11.25 @ll.OO 11 75 12.000 9. 11.40® 11.80 11.90 8.500 Hog prices were steady to 16c higher in the mid-week session at the Indianapolis Livestock Exchange. In the early trading, bidding was higner, but later the trend shifted lower and finally ended steady. Heavy hogs were unchanged and light varieties were 15c higher. Light receipts, estimated at 8,500 and 820 holdovers from the previous session, were probably responsible for the rise. Light weight matured hogs commanded the top price of $11.90 while pigs were sold at $12.15. The bulk of the sales for the morning were made from $11.40 to $ll.BO. Hog Price Scale Trading was done over the following range of value: heavies were sold at $11.25; medium weight hogs averaged [email protected]; light stuff moved at [email protected]; light lights brought $11.90 @ 12; pigs commanded a price of [email protected]: smooth packing sows sold at slo@ 10.50; roughs were [email protected], and stags were $9 @10.50. A heavy run of material in the cattle market, estimated at 1,200, slowed trading slightly and prices led weak. About 800 head were Id over from the day before and caused an over-suppply. Steers were priced from $6 to sll. A degression of about 50c was seen on this grade of stuff. Heifers were sold in volume from $5 to sll. Cows were fully steady and were quoted from $4 to $7.50. Stocker and feeder brands were a. little lower and v/ere priced from $7 down. Calves Lower A heavy run of sheep and lambs, estimated at 1,000, was absorbed readily at steady prices. Choice lambs were sold from $15.50 to $16.50. Sheep were quoted at ss@7. Poor quality of material offered for sale in the calf division of the exchange lowered prices fully 50c. Best veals were sold at $14.50 and the bulk of the transactions for the morning were made from sl4 to $14.50. Receipts were estimated at 900 and the run moved scaleward early. —Hogs— Heavies $11.25 Mediums [email protected] I.igrht hors 11.80® 11 90 bipht lights 11.90® 12.00 Pirs 11.90® 12.15 Smooth sows 10.00® 10.50 Hourh sows 9.50® 0.75 Stags i).oo@ 10.50 —Cattle— Good to ehoiee fat steers. . .$ [email protected] Medium steers 5.00® H 00 Choice heifers 5 OO® 11.00 Common to fat heifers .... 3.00® 5.01 Prime fat cows 4.00® 7.50 Canners and eiltter cows . . 2.75® 3.75 —Calves— Fancy veals $14.50 Good veals 14.00® 14.50 Mid!urn calves B.oo® 11.00 veals . , 5.00® 700 / —Sheep and Lambs—tWblce lambs s .$15.50® 16.56 Good J I.oo® 14.50 Good to ehoiee sheep 5.00 (c 7.00 Fair to medium 3.50® 5.00 * Other Live Stock CINCINNATI. Dec. 9.—Cattle—Receipts. 475: market weak; shipping steers, rood to choice. #9@ll. Calves —Market active; good to choice. sl3® 14. Hots—Receipts. 4,100; market steady to 10@25c higher; rood to choice packers and butchers. 811.55 ®ll 05. Sheep—Receipts. 650; market strong: rood to choice, s6®B. I.sunbs—Market strong; good to choice, sl6® 16.50. BAST BUFFALO. Dec. 9.—Cattle—Receipts. 525: market, very slow, steady: shipping steers. $9.50® 11.50 butcher grades, so® 9; cows. s2® 6.60. Calves— Receipts, 100: market, slow, steady; cull to choice. S3 50® 15. Sheep and lambs— Receipts, 1,600; market, slow, lambs 25c lower, chole.' lambs, sl7®) 17.25: cull t<> lair. slo® 16; .yearlings. s9® 14: sheep, $3.50® 10.50. Hogs—Reeein's, 3.500: market. light active, strong: Yorkers, $12.25 @12.50: pigs. sl3® 13.25: mixed. $11.75 @l2; heavies. sll® 11.50; roughs. $9.76 @10; stags, $6 @B. EAST ST. LOUIS. Dec. 9.—Cattle—Receipts. 4.500: market lower: cows, $4.75 @5.50: canners an I cutters, $3.50® 4: calves. sl3: stockers and feeders. $6.50® 7 50. Hors—Receipts. 18.000; market 35 @4oe lewer: heavies. sll @11.35; mediums. $11.20 @11.35: light. $11.26® 11.05: light lights $11.35® 1 1.75; parking sows, $9.50® 10; pigs. sll @41.75: bulk. $11.25®! 11.50. Sheep—Receipts, li.500: market steady: ewes, $6.50®9: canners and cutters. $1.50@5; wooled lambs. $14.75® 15. CLEVELAND, Dec. 9.—Hogs—Receipts. -.000: market. 10® 15c lower: Yorkers, $11.70%12: mixed. $11.50; pigs. $12.50; roughs. $9.75; Btags, $6.75. Cattle—Receipts, 300; marmot, steady; good txv choice bulls. s6® 7.60: good to choice eteers, [email protected]: good to choice heifers, [email protected]: good to choice cows. ss@6; fair to good cows. $4% 5: common cows. s2®4: milehers. soo@sloo. Sheep and lambs —Receipts. 3,000; market. 50c lower: top. sl7. Calves—Receipts. 300; market, steady; top, $15.50. PITTSBURGH, Dec. 9. "Catlie —Roceipts. light; market, slow; choice. sll® 1fc.60; good. $0.50® 10.40: fair. $7 @8.2-5: Ml calves, [email protected]. Sheep and la.in.bs light; market, steady; prime wethers, $lOJi 10.5 O: good. s9® 9.50: fair mixed. s7J>[email protected]: lambs. sl3@ 17.25. Hogs—Receipts. 20 double deckers; market steady, lower; prime heavy, $11.40® 11.50 mediums. sl2® 12.25: heavy Yorkers. sl2i@ 12.25: lis-ht Yorkers. $12.50® 12.75; pigs. $12.50® 12.75; roughs. $9.50® 10.25: stags. $6®7.60. TOLEDO, Dec. 9.—Hogs Receipts. 1.500; market 15c lower on heavies and steady on lights: heavies. [email protected]; mediums. $11.40® 11.50: Yorkers. $11.75® 11.90; good pigs, $12.25. Calves—Market steady. Sheep and lajjfbs—Market steady. Produce Markets Eggs—Strictly fresh oeltvered at fndi anapollg, 46® 48c, loss off. Poultry—Hens 22 @ 24c Leghorns. 15c; springers. 20® 23c: Leghorns and blacks. 15c: young turkeys 35c: old turkeys. 26c cocks and stags 11c: ducas, 18c. Butlei Jobbers selling price, loi creamery butter fresh prints. 50@53c. Cheese—Selling prices Lomesut awns* 32@43c. imported 53@69c. New York brick 28c. Wisconsin limhurger 27% @ 28VjC Wisconsin Daisies 20%c: Lone Horns, 27® 28c: American loaf ?4r Dlmenti loaf 160 CHICAGO. Dec. 9.—Butter Receipts. 6.718i creamery. 49 %c: standards, 46c; firsts. I 43 %@ 44 %c: seconds. 41 @42'i c. Eggs-LReceiptß. 1.569; ordinaries, 40 @ 46c: firsts. 47@50e. Cheese Twins. 23 4ic: Americas, 24 tic. Poultry—Receipts. 5 cars: fowls. 1,8@25c; springs, 25c; ducks. 20® 23c; geest'. 17® 19c; titrkeys 32c: roosters. 16c. Potatoes Receipts. 420 cars: Wisconsin and Minnesota whites. [email protected]; idaho russets. $3.75 @3.65. CLEVELAND. Ohio, Dec. 9.—Express fowls. 27 & 29c: light stock. 16® 17c: springers. 26®27c: roosters, 15@16c; ducks. 20 @ 26c: geese. 20® 22c: turkeys. Kr Butter—Extra in tubs. 53® 54c; Htra first, 51® 52c, first. 47%@400: backing stock, 35c. Eggs—Northern Ohio extra, 65c: extra firsts. 52c; Ohio firsts. 49® 60c- western first, 49c. Potatoes— Onto. $2 0 2.05; Indiana. $5; Idaho, $5 per 100 pounds sack. NEW YORK, Dec. 9.—Flour, dull and easy. Pord—Steady: moss. $38.50. Lara —Firmer; midwest. $14.60® 14.70. Sugar —Easy: 96 teet, $4.08. Refined—Quiet:' franulated. ss® 5 50. Coffee —Rio No. 7, 6 %c: Santos No. 4. 22 Vi @22%. Tallow •*—Dull: special to extra. lo@lo%c. Hay —Quiet: No. 1. $1.40® 1.45: No. 3, $1.05 @1.15: clover. [email protected]. Dressed poultry —Firm; turkeys. 2.)@53c: chickens. 22 @ 42c: qapons, 30055; fowls. 15® 33c: ducks. 16c: Long Islands, 29®31c. Live poultry—Firm; geese, 12®29c: ducks. 14 @34c: lewis, 29®35c: turkeys, 30@32c: roosters. 18c: Chix. 27®30c bnlers. 35® 42c. Cheese —Firm: State milk common to sperial. 28 'Ac; young Americas. 28 % 0 28 \o. Butter—Firm: receipts, 10.346: creamery extras. 50%c: special market. 61 @sl %c. Eggs—Easier: receipts, 8.925; "nearby white fancy. 67c; nearby State whitsf 46 @66: fresh lirsts, 54 & 63c: ‘Pacific coast first to extras. 46® 66% e; western whites. 45® 66c.

New York Stocks (By I'homsn, A- McKinnon i

All Quotations New York Time —Dec. 9 Railrcadss— „„ P rev High. Low. 1 :00. dostAtchisno ..127 126% 126% 137^ Atl CSt L. .246% 243 246% 243 B & O ... 92 91% 91% 2% Canad Pac 148 ... 146 140 C l| O ...117 116% 117 116% C & NW.. 74% 74 74% % CRI &P. 47% ... 40% 47% Del & Hud.146% ... 148% 146% Del & Lac.l4C% 140 140% 141 Erie . .... 37% Erie Ist pfd 43% 43% 43% 43% Gt North pf 78% ... 78 78% Lehigh Val. 83% ... 83% 84% L & N ...143 142 143 143 Mo Pac pfd 88% ... 88% 89% N Y Cent. 128% ... *27 % 128 NY NH & H 44% ... 43 % 44 % North Pac. 74% ... 74% 76 Nor & Wn 148 147% 147% 147% Penney ... 53% ... 63 53% Reading .. . 87 % .. .' 86 % 87 % 30-Railway 116% 115% 116% 116% Sou Pacific 99 T s . . . 90% 99% St Paul .... ... ... 9 % St Paul pfd 18% 18% 18% 'lB% St L 4- SW 61 60% 61 61% St L&SF 98 % .. . ’ 98 % 98 % Union Pac 147% 147% 147% 148% Wabash ... 41 ... 40% 41 % Wabash pf. 72% ... 72 72% Rubbers— Fisk Rubber 23 ... 23 23 Goodrich R. 00 ... 65% 06% Goodyer iif . . ... ... 106% Kelly-Spend 16% 16 16% 16% U S Rubber 88% 87% 88% 88% Equipments— A C and F 110 ... 109% HO Am Stl Fdy . . ... ... 43 % Amer Loco 123% ... 122% 122% Bald Loco 127% 126% 127% 126% Gen E1ec..319 ... 317% 819% N Y Airbrk 36 % Pullman ..161% 161 161% 161% Ry Stl Spg 109% West Abk 123% ... 123% 128% Westh Elec 73% 73% 73% 74 Steels— Bethlehem .- 50% 48% 60% 49 Colo Fuel 38 % Crucible .. 82% 81% 82% 82 Gulf State. 91% 90 91% 90% P R C * 1 41% R I and Stl 61% 69% 61% 58% Sloss-Shef. 159 138 139 138% Unit S S. .135% 134% 134% 135% Vanadium.. 32% 31% 32% 31% Motors— Am 805... 34 33% 33% 33% Chand Mot 47% 47% 47 Gen Mot. ,111% 1116% 117% 119 Martin Pary 21 % Mack Mot. 218 216 218 217 Chrysler ..217 211% 215 210 (/ Hudson ...109% 106% 108% 107% Moon Mot. 35% 35 35% Studebaker. 57% ... 57% 67% GRAIN ThADE STARTS WEAK Wheat Selling Resumed at Opening. Bu United Press CHICAGO, Dec. 9.—Grain trading started with a weak undertone on the Chicago Board of Trade today. The entire list was fractionally under last night’s finish. Wheat opened with a resumption of selling. Disappointing cables and lack of buying incentives kept bulls out of the pit. Corn reflected weakness in the leading cereal. Oats followed other grains. Steady provisions reflected steady hogs. Chicago Grain Table —Dec. 9 WHEAT— „ Prev. High. Low. 12:00. close. Dee 1.76% 1.73 1.75 1.76 Dec (old) ..1.74 1.71% 1.73 1.73 W May 1.70% 1.67% 1.70 1.71 May (old) .1.68% 1.66 1.67% 1.69 July ......1.49% 1.46% 1.48% 1.50 CORN Dec 80% .77% .80% .78% May 86% .83% .86 .84 July 88% .85% .87% .85% oats Dec 42 .41 % .42 .41 % May 46 .45% .46 .45% Dec .......1.05 ... 1.03 1.05 May * 1.13% l.li 1.13 1.13 LARD— Dec 14.20 14.17 14.20 14.05 May 14.10 14.00 14.10 13.95 CHICAGO. Dec. 9.—Primary receipts: Wheat. 148.700 against 1,187.000; com. 015 000 against 740.000: oats 663,000 against 667.000. Shipments: Wheat. 1.020.000 against 841.000: corn, 500.000 aganist 448.000: oats. 794.000 against 444.000. CHICAGO, Dec. 9—Carlot receipts were: Wheat. 38: corn. 203: oats. 52: rye. 1. CROP VALUE DECREASES Com Yield Worth §15,000,000 Less Than Last Year. Bit United Press DES MOINES, lowa, Dec. 9. — lowa’s 1925 corn crop is worth $15,000,000 lesn than the poorest crop produced during the last twenty-five years. The value of the 1925 crops in Idwa Is $54,000,000 less than those of 1924, said Charles D. Reed, director of the lowa crop bureau, in his annual summary presented to the lowa Agricultural Society today. ■ Commission Row | Prices to Retailers Fruits Apples—Jonathan 49-pound basket $1.75@2- Grimes Golden. 40-pound bas ket, $175@2: Delicious 40-poundT basket $2.75: W Bananas 40-pound basket $1 75: Kir.g Davids 40-pound bsskri $1.50: Northern Spy 40-pound basket. $1.76: Baldwins t(f-pound baskets $1 75 @2 Staymen Winesap box $3.00 Bananas— -he a pound. Cocoanuts—Jamaica $6 @0 26 lor 100 Cron berries—Box 50 pound. $8.50@9. Grapefruit—Florida. [email protected]. Grapes— Empertor. ct $1 oO ®> 1.75 Lemons—California, 30Os. $4 @5 Limes—slso® 2 2-i a hundred Oranges California Navels. $4.50® 5.25: Florida. $4.25®5. Pineapples—Cuba. crt. $5 @6. Pomegranates—California crt. $2.26 -A 2.50. Satsumas—Fey Alabama $2.7504.50 Vegetables Artichokes—Fey California. $1,500 1.75 dozen. Beans—Green, stringlesa. $2.50. Beets—H tj tm.. *i Brussels Sprouts—Fey California 200 26c. Cabbage—Fey. H. G.. 3@40 a pound Carrots—H H bu.. $1.26 01.50. Cauliflower—Colorado, crt.. $303 26 Celery—Michigan. $1.5001.75: Call for nia, crt., 36.25 @7. Cucnm,<crs—Florins namper $4,600 4.75; H. G„ doz.. $3.75. \ Eggplant—Florida doz. s2® 2.25 Garlic —Fey California. 16c lb. . Kale— H G bu. 75® 90c ' Lettuce—Western Iceberg, ovate $6.50 ®0; H G. leaf 16-pound basket $2.2r ® 2.50. Endive—Doz.. 45 0 50c Mangoes—Florida, trunk. $4 50 04 76 Mushrooms Fey.. 3-pound basket $1.25®1.60. Onions—H. O. white bu. $2: Spanish crt. $1.60® 1.00. Oyster Plant—fey H. G. 60c doz Parsley—Fey H G.. doz.. 40@45c Potatoes—Michigan white 150-)b sack $5.50®5.75; Idaho per ewt., $4.5004.75: Ohio, 120-lb. sack. $5 @5.25. Ratlishes—Doz . 50c Rutabagas—l'cy $1.60 cwt. Spinach—H Q.. bu $1.60 01.76. Squash—Hubbard, hbl. $2.50 W 276 Sweet Potatoes—Jersey, Du.. $30350 Tom a if,i .‘- Case $0 2r>@>o 75 Turnips—New H. G.. $101.40. Peas—California, crt., $5.00. Wholesale Meat Prices (Beef —Native steers 500 to 800 lbs. 19@ 20c: fores under carcass. 2c: hinds over carcass 4c: native heifers 300 Ic 450 ibs 17@20o: fores under carcase lc hinds over carcass. 2c: native cows 400 to 700 lbs. 12® 13c: fore* under arcass. le: hinds over carcass lc Pork —Dressed hogs—l4o to 200 lbs.. 19 %e. regular picnic hams. 4 to 14 lbs., 10@19%c: fresh tenderloins. 55c, Veal —Carcasses 70 to 200 ibs 18@24c hinds aid saddles over carcass. 7c: fore* under carcass oc. Mutton—Spring lamps 25 to 40 lbs. 31c Local Wagon Wheat Indianapolis mills and grain elevators are paying $1.73 for No. 2 rsd wheat Other urad. $ 01 i heir merit-*

Hupp 28 27% 27% 27% Stew-War.. 88% 87% 87% 87% Timken... 63 % .... 63 % 53 % WiUy-O ... 27% 27 27% 27% Uierce Ar . 37% 36% 38% 37% Minings— Dome M 17% Gt Na Ore. 25% 25% 25% lilt Nick. ..45% 45 45% 48 T G and 8 110 ... 115% 110% Coppers— Am Smelt. .127% 120% 128% 127% Ajfaeonda. . 49 .... 48% 49% Inspiration. 20 % .... 26 % 20 % Kennecott. . 64% .... 64 64% Ray Cop 12% 12% 12% U S Smelt. 46 .... 4040 Oils— Pet Petif4 % % fit fig Hout 0i1... 71% 71% 7i% Ind Oil 33 .... 33 30% Marl Oil.. :58 % 53U 58% 58 Pan-A Pete 75 % 75 % 75 % 78 P-A P 8... 77% 77% 77% 78 Pac Oil. . . 00 % 00 % 60 % 00 % Phil Pete.. 45% 44% 45 45% Gen Pete.. 64 52% 53% 62% Pure 0i1... 38 % 27 % 28 % 27 Royal Dut. 54 % .... 54 % 54 % Std O of C. 55% ..... 55% 56% S O of N J. 43% 43% 43% 43% Sinclair ... 20% 20% 20% Tex Cos 62% 62% 62% Industrials— Allied C. ..113% 113 113% 112% Adv Rum.. . 17 % Allis-Chalm. 6i % ... 90% 91 Amer Can. 255 % 2*1% 263% 262 A H&L pfd ... 62 Amer Ice. 133 ... i.33 134 Am Woolen 40 ... 45% 40% Ten Leath. 20 ... 20 20 % Coca Cola. 152 ... 152 152% Congoleura. 18% ... JB% 18% Cont. Can.. 85% 83% 85% 83% Dupont ..230 232 235 236% Fam Play. 10f% ... 108% 109% G Asphalt.. 03% 04% 03% 02% Int Paper.. 03% 61% 82% 62 Hit Hsrv. 127 ... 127 127% May Stores 13r> . . . 135 135 % Mont & W.. 80% ... 80% 81 Nat Lead ... ... 103., Owen Bot. . 86 ... 06 67 % Radoi 40 44% 45 45% Sears-Roe. 228 .. . 228 228 % United Drg 151 ... 151 151% r XT Sln Al. 75% ... 75% 75 Wool worth 201% 20i 201% 200% Utilities— Am T A T 145 ... 146 144% Con Gas... 90% ... 90% 96 Columbia G 81 ... 80% 81% People’s G 118 ... 118 118% Wes Union 137% ... 137 138 Shipping— Am Int Cor 42% 42 42 42% Am 9 A C.. 0 6 6 0 Atlanta G. .. . ... ~ . 68% In M M pid 37% j.. 37% 37% United Fr. 234 &28% 233 % 229 Foods— Am Sugar. 70% —. 76% 70% Am Bt Sug ... ... •... 33 % Austin N.. ... ... 30% Corn Prod, 46% .38% 38% ,40% Fleischman 147 143 147 144 C-Am Sugar 26% ... 25% 2b% Jewell Tea. 21% ... 21% 20% Punta Ale 39% ... 39% 40 Ward Bak. 85% 81% 83% 85% Tobaccos— Am Suma. ... .... .11% Am Tob Cos 115% ... 114% 116 Gen Cigar ... ... ... IQ?,, Tob P (B) 96% ... 95 96% Lorrillard. . 80 % ... 30 % 36 % UCtgStorloß% 105% 100 108% Sch R S.. 133 130% 132 132 Average Stock Prices Averege price of twenty industrial stocks for Wednesday was 153.84. off .37. Average nriee of twenty rails for Wednesday was 108.98. eff .31.

17,500 Shares Hook Drug Company Participating Preference Class A Stock " No Par Value Noii-Callable % Under Present Laws Free From Normal Federal Income Tax In opinion of counsel based upon statements of the Company that all its tangible property is located in and taxed in Indiana, this stock is not subject to local taxation in Indiana if properly declared as provided by law. The Clast A Stock is entitled to cvmvlative dividend* from January 1, 1996, payable quarterly, at the rate of St.oo per thare per annum, before the Clatt B ttock receives any dividend, and after the Class a Stock has received tt.oo non-cumulaHve dividends for any one year, both classes of ttock shall share ratably In any additional extra dividends that may be declared. Upon liquidation or dissolution of the Company, Class A Stock shall receive SSO.OO a share and accrued dividends before Class B Stock shall receive any proceeds, and after Class B Stock ha* received f30.00 a share, any remaining assets shall be distributed equally share for shaie to the holders of both classes of stock. FLETCHER AMERICAN COMPANY, INDIANAPOLIS. INDIANA. REGISTRAR AND TRANSFER AGENT CAPITALIZATION , (Upon Completion of Present Financing) , To Be Authorized To Be Outstanding Participating Preference Class A Stock 35,000 Shares 17,500 Shares Class B Stock a 40,000 Shares 40,000 Shares It is expeoted that the Company, In due course, will make application to Hat If* Class A Stock on the Indianapolis Stock Exchange. HISTORY: The Hook Drug Company, a Delaware Corporation, operates a chain of eighteen drug stores in Indianapolis, and six neighboring cities. The business was founded in 1900 with one store. In 1912 the Company was incorporated and at that time owned seven stores. New stores have been opened or acquired at a rate consistent with conservative management. BUSINESS: This Company was among the first in this territory to apply modern chain store methods of merchandising to the retail drug business. All store locations are in downtown districts, under very favorable leases. The stores are operated on a strictly cash basis and inventories are extremely liquid. ASSETS: The balance sheet shows net tangible assets applicable to the Participating Class A Stock of $682,990 or more than $39.00 per share. The corporation has no funded debt, and no bank debt. EARNINGS: -Net profits, after depreciation and Federal Income Taxes, and available for dividends for the three years and ten months ended October 31, 1925, were at the annual rate of $8.77 per share of Class A Stock. For the year ended December 81, 1925, with two months estimated, such net V profits are at the annual rate of $12.88 per share on Class A Stock, or over six times its annual dividend requirements. MANAGEMENT: The present management, which has been responsible for the successful B™wth 0 f the business, will continue to direct its operations. The Fletcher American Company will be represented on the Company’s Board of Directors. DIVIDENDS: It is the intention of the management to inaugurate dividends on the Class A Stock at the rate of $2.00 per share, per annum, the first quarterly payments to be made April 1, 1926. Price, $25.00 Per Share To Not, at the Present Dividend Rate, *% All legal proceedings In ronneeffon tcflfh this financing have been supervised by Messrs. Smith. Rrmsftri". Born&roofc aud Smith for the Bankers, and Messrs. Matson, Carter, Ross and McCord for the Company. Books and accounts of the Cmp y have been audited by Messrs. Ernst and Ernst. Certified Public Accountants. THE INVESTOR OF SMALL MEANS AND LIMITED INCOME SHOULD CONFINE HIS PURCHASES TO THE MOST CONSERVATIVE TYPE OF BONDS. TO INVESTORS WHOSE FINANCIAL CONDITION IS SUCH THAT THEY ARE IN A POSITION TO INVEST IN SECURITIES OTHER THAN MUNICIPAL. GOV gRNMEOT AND OTHER SUCH LOW YIELD. ULTRA CONSERVATIVE BONDS, WE RECOMMEND THIS TAX EX EMPT, PARTICIPATING PREFERENCE COMMON STOCK. IT COMBINES THE ADVANAGEOUS FEATURES 0E BOTH PRE I- ERR E D STOCK AND COMMON STOfcK. WE BELIEVE THAT EVERY INVESTOR OF MEANS SHOULD OWN A CERTAIN PORTION OF PARTICIPATING SECURITIES AS A PROTECTION AGAINST THE DECREASING PURCHASING POWER AFFORDED BY A FIXED YIELD INVESTMENT. * Fletcher American Company SECOND FLOOR FLETCHER AMERICAN BANK BLDG. INDIANAPOLIS DETROIT LOUISVILLE ' 8319 Dime Bank Bldg. 511 Inter-Southern Bldg. CadiUao 5216 Main and City 2376 Orders may be telephoned or telegraphed at our expense. Registered Dealer Indiana Securities Commission No. t All statements herein are official or based on Information we regard as reliable, and while we do not guarantee them, they are the data upon which we have acted in the purchase and valuation of thU issue.

thh; INDIANAPOLIS TIMES

RECESSIONS IN WALL STREET LIST CONTINUE Profit Taking on Coolidge Speech Causes Reaction. Bu United Press NEW YORK. Deo. 9.—Tuesday’s reaction was generally set down as the outcome of profit taking on President Coolldge’s constructive message and of selling by professionals who figured the general list was entitled to a technical setback after its substantial recovery last week. This judgment was mostly based on the absence of any unfavorable developments In the outside news to account for the rather abrupt declines which, occurred among the high priced Industrials just before the close. Overnight reports regarding business and Industrial conditions continued favorable, particularly freight loading for the week ending Nov. 26 which showed a 44,000 car Increase over the same week last year, demonstrating that the trade turnover was holding up in gratifying stylp. However, transactions on the stock market were still under corrective influences and further recessions occurred among the speculative leaders. United States Steel lost % to 134%; General Motors a point to 118, Hudson a half to 107. and Studebaker a quarter to 67%. American Can and Chrysler however, were bid strong and a point and more higher. Stocks staged a brisk rally In the late morning under the leadership of U. S. Steel, which rebounded about a point from Its early low to 134%, on reports that the corporations unfilled tonnage statement for November which will be Issued at noon tomorrow will show a substantial Increase In orders. Independent shares spurted vigorously In the wake of their leaders’ recovery and Republic Iron and Steel advanced 3% to 61% while Bethlehem was up 1% at 50%. Local Bank Clearings —Dec. 0— Indtarapolls bank clearing* for today amounted to $3,852,000. Debits. SO,575.000.

Indianapolis Stocks

- -Dec. 8— —Stocks— Bid. Ask. American Central Life ....200 ... Am Creosotlnr Cos pfd ....100 ... Advanoe-Rumely Cos com... 17% 18 Advanee-Rumely Cos pfd. ... 57% 58% Belt RR com 09 72 Belt R R pfd 54 Cent Ind Power Cos pfd 87 93 Century Bldg pfd 99 ... Citizens Gas Cos com 40% 41% Citizens Gas Cos pfd 105% ... Commonwealth Loan pfd... 98 ... Equitable Securities com... 5! ... Indiana Hotel com 100 ... Indiana Hotel pfd 100 ... Indianapolis Gas 58 58 % Indpls i Northw pfd 25 ... Indple & Southeast pfd 20 Indpls Street Railway 33 88 Interstate Pub 8 prior lien.. 98 103 Merchants P Util oC pfd. .98 ... Public Service In Cos 10 ... Rauh Fertilizer pfd 48 ... Standard Oil of Ind 65% 67% Sterling Fire Ins 11% ... T H I & E com 2 5 T H I ic E pfd 38 38 T H I & L 93 100 Union Trac of Ind com Union Trac of Ind Ist pfd.. .. 10 Union Trac of Ind 2d pfd.. 2 Van Camp Pkg Cos pfd 14 ... Van Camp Prod Ist pfd. .... 99 Van Camp Prod 2nd pfd. . . 91 97 Wabaah Ry Cos com. 40% 43 Wabash Ry Cos pfd 71% 74 —Bt nds— Belt R R and Stk Yds 45.. 87 Broad Ripple 5s 70 ... Citizens Gas 5s 90 97 Citizens St Ry 5s 78% 82 Indiana Coke and Gas 6s .. 94 % 96% Indiana Hotel 6s 65 % indpls Northern 5s 24 26 Lid Ry and Light 6s 92% ••• Ind Union 5s 3 ... Ind Col & So 6s 96 100 Indpls Gas os ... 90 97% Indpls Lt and Ht 5h 98% 100 %> Indpls & Martiusvfile 6s. .. 88 43 Indpls Northren 6s 23% 26% Inapis & Northwestern 55.. 66 ... mm-i-fM*:: :: it indpls St Ry 4es . . . 66 68 Indnls Trac and Term 55... 90 03 Ir.dols Union Ky os' 98 ... Indpls Uuion Ry 4%* .... 98 ... Irdpls Water War Sec .... 96 Indpls Water 6%s 102 103% Indpls Water 4%a 92 Interstate Pub Serv 0a .... 90 101 % Interstate Pub Serv o%s . .101 ... T H I A B 5# 70 74 T H T and Light 89 Union Trac of Ind 8s 19 23 —Bank Stocks— Aetna Trust and Sav Cos. .110 ... Bar kers Trust Cos 125 ... City Trust Comoany 150 ... Contiental Trust Cos 100 ... Farmers Trust o 210 ... Fidelity Tr Cos 154 ... Fletcher Amer . .152 168 Fletcher Sav and Trust Cos 225 ~. Indiana Natl Bank 259 269 Indiana Trust Cos 220 ... Live Stock Ex Bank 100 ... Merchants Nat Bank 305 ... Marion County State Bank..loo ... Peoples State Bank 204 ... Security Trust 215 ... State Sav and Trust 69 66 Union Trust Company ....341 400 Tin Lab Bk and Tr Cos ... Wash Bank and Tr Cos ... .150 —Liberty Bonds— Liberty Loan Ist 3%5. .. 99.04 99 80 Liberty Loan Ist 4 %s. ... 101.72 101.80 Liberty Loan 2d 4%s 100.04 100.70 Liberty Loan 3d 4% s. ... 101.06 101.14 Liberty Loan 4th 4%5. . . .102.02 1 03.10 U S Treasury 4%s 10$ 40 106.60 U. 8. Treasury 4s 103.90 103.00 $3,000 Liberty oLan 4th 4%s at.. 102.02 In the Sugar Market (By Thomson and McKinnon) NEW YORK. Dec. 9.—With another year of heavy over-production in the sugar industry, what Utile bullish enthusiasm remains Is gradually disappearing. Premature reports of possible heavy damage to the Cuban o-op has built up a tremendous public interest In the futures and as tired disappointed longs begin to liquidate, we will need exceptionally large supporting orders to maintain values.

SCHOOL DELAY TO BE SHORT, SAYS DIRECTOR Meanwhile Old Shortridge Is to Be Advertised for Sale. School Business Director William H. Book today said that the action of the school board Tuesday night In not setting dates for receiving bids on the $1,200,000 bond issue for the new Shortridge High School and on the construction work, will not delay the erection of Shortridge more than a few weeks. He said that because four of the five votes necessary to suspend the rules could not be obtained, the resolution on the dates will be brought befo-e the board In regular procedure Dec. 28. At this time only a majority of the votes will be needed to pass the resolution. With Adolph Emhardt and Dr. Marie Haslep forming the minority and Charles R. Yoke, president: Charles L. Barry, vice president, and Fred Bates Johnson composing the majority faction in favor of the resolution. It is thought it will be passed and the dates set. It was learned today that the architects. A. Edward Kopf and Herbert Foltz, will submit the plans to the board Dec. 17. ' Book prepared to advertise the old Shortridge High School for sale today. / Defeat of the move means first definite Bteps for construction of the new Shortridge will be left to the new school board which takes office in January. Steps now cannot be taken until the State .ax board rules on the remonstrance ta the $1,200,000 bond issue for the new school. Resolution Passed The resolution authorizing sale of the old Shortridge site was passed by the board. From this sale the board expects to derive money for its $858,000 elementary school building program. Architects for six new grade school buildings were selected. The schools and architects are: School 9, McGuire & Shook: School 14, Bass Knowlton & Company; School 33, Bohlen and Son; School 37, Robetr F. Daggett: School 42, Osier & Burns and School 72, Herbert Foltz. Emhardt and Dr. Haslep also opposed the selection of architects. Contract Let The general construction contract for School 46 was let to the W. L.

Pierce Construction Company, Michigan City, for $141,948. The building is to be completed July 31. The board considered the purchase of the present Butler University site for junior high school purposes. The minority faction unsuccessfully opposed having the site appraised. The site will be appraised if It does not cost more than $75. FARMERS SPLIT ABOUTPOLICIES Bu United Press CHICAGO. Dec. 9.—American Farm Bureau Federation convention delegates today attempted through the adoption of resolutions to bring harmony out of the maelstrom of contention that appeared In matters of policy. Bitter debate over the adoption of resolutions seemed certain but those who have been guiding the federation hope that peace will triumph so that a militant program can be carried out with full cooperation of all members. HEADS FURNITURE BODY Samuel Mueller Is new president of the B'urnlture Association of Indianapolis. The past year was reviewed at the annual meeting Tuesday night at the Claypool. Other officers: Jacob H. Wolf, and Charles L. Hartman, vice presidents! Nathan A. Kahn, secretary. Leslie Meyer, treasurer, and Miss Nellie M. Fritsch, office manager.

MOTION PICTURES HgMSfcDOUBLE PROGRAM ESTHER RALSTON WARNER BAXTER IN "THE BEST PEOPLE" HAROLD LLOYD IN "NEVER WEAKEN” CHARLIE DAVIS ORCHESTRA Novelty Presentation “Everybody Gone to Florida”

APOLLO THOMAS MEIGHAN And LOIS WILSON In “IRISH LUCK” Imperial Comedy "THE HEART BREAKER” Emil Heldel and His Orchestra

‘Circle tHe show place of Indiana

Milton Sills Doris Kenyon IN A DELIGHTFUL. COMEDY-DRAMA “THE UNGUARDED HOUR” y OVERTURE “Girl In the Spotlight” BAKALEINIKOFF CONDUCTING ON THE STAGE Miguel Galvan BANJO VIRTUOSO A PICTORIAL SONG “Save Your Sorrow” LUPINO LANE la “The Fighting Dude” Other Features Charleston Dancers Enter Now Circle harleston ontest

AMUSEMENTB TUFT* •TTrtTL J lf (ED HOT. SNAPPY BURLESQUE lj An Yon Like It THE SPEEDY STEPPERS Everything the Name Impllee With Mike Sachs, that Incomparable Comedian. A Nifty Chorus ON ILLUMINATED RUNWAY Exugireratlng Steps With PAPRIKA,

DAFFY I DICTIONARY A Funny Bird!!I Cm |a w So’s Byd Chaplin UCKOO: - So's Your Old Man So’g “Charley’s Aunt” So Are Weill You'll Laugh Like A Swiss Cuckoo Clock ' SYD CHAPLIN in HO “The Man On the Box” HA Copyright —C. T. Cos., ill*

Paramount Review of 17 Girls There will be continuous dancing and entertainment from this review from 9:00 to 1:00. Friday, December 11 Riverside Dance Palace On December 20 Bennie Kruger’s Brunswick Recording Orchestra Will Play Here, j In a Class With Isham Jones.

MOTION PICTURES THE KEEPER OF THE BEES A Rlotoo* Buster Hrown Comedy 10 American Harmonists -10 EXTRA FRIDAY NIGHT CHARLESTON CONTEST AMUSEMENTS Ona B. Talbot Fine Arts Enterprises MURAT n oav t atT I GOOD SEATS NOW i McCORMACK I Ona B. Talbot Office, 918 I Hume-Manaur Building.

JOYCE LANDO & CO^ FOUR SYMPHONISTS MAHON A CHOLET LAMBERTI ETHEL MARINE A CO. JONES & ELAINE S—AVALONS—S Lloyd Hamilton Comedy Pnthe Comedy-Klnoyrams

HFKEiths L/l. Keith y/lhr mk'i iUf

The W’orld’s Wonder Act SINGER’S MIDGETS Bigger and Better Than Ever Nervo &. Knox Valerie Bergere - A Cos. Paramounr Four Janet Adair & Cos. Holloway & Austin y ’ .eh Comedy O .itflNO LADIES

TONIGIiTI OO Others3ooo Best Seats 1 Matinees *lPricc

I AMERICA'S GLAD GIBL \ LAUREL LEE 1 THE CHUMMY CHATTERER SAX-O-TETTE Dorothea Sadlier & Cos. Mariettas Marionette* SPECIALI SPECIAL! A 4- rriVC CHIPS OF THE ruio OLD BLOCK PHOTOPLAY “THE PEOPLE vs. NANCY PRESTON” with JOHN BOWERS and MARGUERITE DE LA MOTTE

ENGLISH’S NIGHTS, sl.lO to $3.80. DIRECT FROM CHICAGO j In Hl* Eaufh-a-MAT. TODAY VHE wo to so. | GRAB bag N. T. CAST—CHORDS—TRODCCTION Mon. Dec. 14 ~ Red- I ONE WEEK ONLY N^". Hmin. Shobort rro*ont Monday Gay-Golden-Glorious - D °: 14 DL°fS9M 1 I SEAT SALE BEGINS I Tomorrow | With The Ideal Broadway Cast Rto SOo. $1.0(1, $1.50, $2.00, $2.50 sat. Mat 50c, SI.OO, $1.50, $2.00 Wed. Mat SOo, sl, $1.50, IMu* Tax

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