Indianapolis Times, Volume 38, Number 245, Indianapolis, Marion County, 18 January 1927 — Page 11

JAN. 18, 1927

HOG PRICES DROP 10 TO 15 CENTS—SUGAR CUT ANNOUNCED

lIP IN BROKER’S LOANS IS BLAMED IN SPOTTY TRADE Lehigh Valley Issues Are Watched by Stock Traders. Average Stock Prices Average of twenty industrials Monday was 153.91, off 1.08. Average of twenty ails. 123.313, up .09. Averages of forty )onds, 06.62. up .08. 3u United Press NEW YORK. Jan. 18—The Wall Street Journal’s financial review tolay says: A decline of $27,426,000 in brokerage loans reported by the Federal reserve board for the week ended_ fan. 12, was looked upon as evidence hat some distribution of stocks had >een effected since the first of the . ear affording a possible explanation for the recent spottiness of the market. Price movements in the early dealngs on the Stock Exchange today v|A characterized by continued irefPßirity. Considerable interest .vas attached to Lehigh Valley in view of the annual meeting this morning, from which it was hoped that Borne hint would be obtainable is to the character of the buying which caused last week’s sensational riseRenewed selling broke out in the industrial leaders around noon and principal stocks of this group dropped to new lows on the movement. Steel common declined to 155%, off 7 /g from the previous close; General Motors to 146%, off 1%, and Baldwin to 146y 8 , off 2%. However, selling failed to spread to the railroad group and further advances were scored as various carrier issues.

Banks and Exchange

—Jan. 18— Local bank clcaringa were 3*4,185,000; debits, *8,330.000. NEW YORK STATEMENT NEW YORK, Jan. 18.—Clearings, SI,133.000,000; balances. $113,000,000. tin i'jiited l’rrss VIENNA. Jan. 18 —The bank rate was •educed today from 7 to 6% per cent. LIBERTY BONDS NEW YORK. Jan. 18.—Liberty bonds >pened 2 to 4 points higher. Second 4’, , 00.25. up 4; thirds, 101.23, Up 2; ourths, 103.27. up 3. FOREIGN EXCHANGE tin ! nited Press NEW YORK. Jan. 18.—Foreign ex■hangp opened steady. Demand sterling, BUMS-I 0; francs, 3.97%c. off .01c; %o. off .01c; belga. 13.80 c; 23.72 c. FALL CREEK FLOWS ON, REGARDLESS Vlany Stop and View Scene Where Two Lost Their Lives. Fall Greek lay motionless after its Sunday death orgy. The cold rays of the wintry moon shone down on the snow-laden landscape and reflected on tho icy surface of the creek. The menacing blackness of the waters were revealed through the thin layer of Ice. mocking the world and the moon's brightness. A dark figure walked onto the bridge at Illinois St. and stopped. It was a woman, who peered over the idge of the bridge as though she were in quest of something. Her sobbing resounded in the seemingly muffled atmosphere. Tears coursed down her cheeks. "I just had to com© and look at the waters that took the lives of ;hose boys,'’ she wailed. “The tragdy of it is so terrible. O, God!’’ Two Lose Lives Sunday afternoon Barton Bradley, a valiant, but unsuccessful attempt to save Hadley Hull, 10, of >3O N. Pennsylvania St., who crashed through the ice and drowned near (ho Central Ave., bridge while coasting. In the dim light of the distant i treet lamp, the woman appeared to >e about middle age. She was Iressed entirely in black and was of hort stature. This necessitated her handing on tip-toe to see over the 'ridge railing. “It's just the idea of the water, seemingly so harmless, fairly devouring youth,” she cried. “The hought of it shakes me through and di rough.” Efforts to console her or learn her (name were of no avail. , “My name means nothing, but I 1 ime here believing it would reconile me.” Disappears Into Shadows She turned and slipped away just 's she came, losing herself in the Shadows cast from an apartment building on Fall Creek Blvd. On the other side of the bridge two nurses, apparently from St. Vincent’s, were gazing at the creek. Neither said a word. On Meridian St., people slowed heir autos and drove close to the urb for a glimpse of the creek. For over half an hour, the reporter watched the bridges and noticed how tersons who passed on foot stopped tnd looked over the railing. At the time when persons were observing the waters, people were in and out of the mortuary on the south side of the creek. vXTRA DIVIDEND DECLARED United Press NEW YORK, Jan. 18.— The Texas orporation today declared an exra dividend of 10 per cent In stock n addition to the regularly quarerly cash dividend of 75 cents.

New York Stocks (By Thomson 4k McKinnon)

Railroads— . Prev. High. Low. 1:00 close. Atchison ..167% 166% 10% 130% At C Li.. .101 ... 100 101 Hi B & 0..,. 110J4 ... 109% 109% Can Pac ..168% ... 108% 108 C & O ...160% ... 159% 100 C & N W. . 83 ... 83 83 % CR & P.. 74% ... 73% 74% Del AH.. .178% ... 176 H 177% Del & Lac. .145 ... 144% 146 Erie 41% 41% 41% 41% Eric ft pfd .55 % 55 55 % 54 % GtNopld.. 88% 87 87 87% Leh Val ..120% 119 120 119% Kan C So.. 44 % ... 43 % 44 % L & N . 131 % M K & T.. 35% 35 35% 35 Ml Pa pfd.. 96 04% 05 04 NY Con... 143% 142% 142% 142% N YNH&H. 44% 44 44 44% No Pao . . 84 % ... 84 % 84 % No & W ..160% ... 160% 161 Per Mar ..121 129% 121 110 Penn 58 ... 58 58 Road 102% ... 100% 100% Sou Ra ...125% ... 124% 125 Sou Pac... 110 ... 100% 100 St Paul ..11 ... 11 10% St Pa pfd 20% St L&SW 64 % ... 64 % 64 % St LA S F.105% 105 105% 105% Un Pac ...103% /163 163% 163% Wabash ... 45% 44% 45 45% Wab pfd . . 80 79 % 79 % 70 % Rubbers— Ajax 10 ... 10 0% Fisk 16% ... 10% 16% Goodrich .. 47 46% 47 46% Gdy pfd ..100 Vi ... 100% 100% Kei-Spirfd . . 10% ... 10% 45% US Rub... 50% 58% 59 70% Eqiupments— Am C&F... ... ... 100 Am Lo 107% ... 106 107% Am Stl F ... ... 45 Baldw Lo .148% 146 Vi 146% 148% Gen El ... 84 ... 83% 83% Lima 03' ... 03 03% N Y A 8.. 40% ... 40% 40 Pr St] C.. 41% ... 41% 41% Pullman ..183% 182 182% 183 Wosth A B 137% 130 Vi 137 137 Westh Elec. 69 ... 08% 00% Steels— Bethlehem . 47 40% 47 47% Colo Fuel . 40 44% 46 44% Crucible . . 79 % 70 79 % 78 % Gulf St Stl 56% PRC& 1.'43% ... 43% 43% Rep Steel.. 61% ... 61% 61% Sloes Sheff. .. ... ... 127 IT S Steel .150% 155% 150 150% Alloy 27% ... 27% Vanadium. ~ ... ... 38% Motors— Am Bosch.. 16% 15% 10 ('handler .. 22% ... 22% 23% Chrysler ..40% 40% 40% 40% Cont Motor 12% ... 12% 12% Dodge 24% 23% 24 24 Peerless ... 27 % ... 27 % 28 % Gabriel ... 30 ... 30 30 % Gen Motor 147% 148% 140% 147% Hudson ... 40 % 48 % 4040 % Hupp 21 % ... 21 % 21 % Jordan ...10% 18% 19 19% Mack 93% 92% 93% 92% Martin Par. .. ... ... 21 % Moon 11 ... 11 11% Nash 67% 60% 60% 87 Packard .. 34% 34% 34 % 34% Pierce Arw 10 % ... 19% 10% Studebaker. 53% 53% 63% 5.3% Stew Warn. 64% ... 84% 04% Timken ... 83% 81% 82 83 4 Willys Over 21% 20% 20% 21% White Mot. 65% 5514 -65% 55% Mining— Am Smelts 137% ... 136% 138 Anaconda .47% ... 47% 47% Cer De Pas. 01% ... 61% 01% Inspiration. 24% ... 24% 24% Int Nickel .40% ... 40% 40% Kennecott.. 01% ... 01% 01% Tex G& S 51% 50% 50% 61% U S Smltg. .. ... ... 34% Oils— Allan Refg . . ... ... 114 Cal Petrol. .32 % ... 32 % 32 % Freept Tex 38 37 37 % 38 % Houston ..04% ... 64% 64% Ind Oil 31% ... 30% 31% Mariand Oil 58 % 57% 57% 57% Mid-Cont P. 38 Vi 38 38% 38% P-Am P ( B) 03 % ... 03 % 03 % Pacific Oil.. 1 % ... 1 % 1 % Phillips P.. 58% 57% 57% 67% Union Oil.. 55% ... 54% 55% Pure Oil. . . 29 % 29 % 29 % 20 % Royal Dut . 51% Shell 2011 ... 29% 29% Sinclair .. 20% 20% ;,0% 20% $ kelly 35% 35% 35% 35% S Oil of Cal 00 59 59% 50% S Oil of N J .30 % ... 39% 39 Vi Tex Com. . 68 ... 67 % 58 Trans Petrol 4% ... 4% 4% Industrials — Ad Rumely 10% ... 10% 10% Allis Chal ... ... ... 89% Allied Ch.. 135 ... 133% 134 Arm (A).. 15% 15% 15% 15% Amer Can.. 40 4 ... 46 % 40 4 Am Woolen 28% 28 28% 29 A H&L pfd 50 Am S Raz ... ... ... 53 Cen Leath ... ... ... 9 % Coco Cola 171 ... 170 170 Cont Can.... ... ... 72 4 Certalntecd ... 42 4 Dav Chem ... ... ... 29% Dupont ..171 ... 109% 177% Fam Play. 112 111% 111% 1114 G Asphalt. 83% ... 81% 83 In Comb F, 46 % ... 45 % 46 Int Paper ... ... ... 57 In Harv.. 138% ... 135% 130 Vi May D Stor 08 Mont Ward. 05% ... 04% 05% Natl Lead 107. Owen Bot.. 70 ... 70 70% Radio 49 % 48 4 49 , 49% Rem Type 120 118 119% 120% Real Silk. . 41% ... 41% 41% Sears-Roe... 51% ... 51 % 61% Un Dr 108% U S C I P. 222 Vi 218 219 20 US I A... 82% 82% 82 81% Woolw 179% 178 178 Vi 177% Utilities— Am TANARUS& T. 153 Vi ... 153% 153% Am Exp ... ... 127 AWa Wks. 64% ... 84% 65% Bk Man 08% C Gas & El 01 % ... 91 91% Cons Gas ..105% 104% 104% 105% Interb ... ... 45 No Am Cos. . 48 47 47 % 47 Peo Gas ... ... 128 Phila Cos 80% St G & El. 54% 54 % 54% 54 4 West Un 144% Shipping— A In Cp’... 39 * ... 39 39% Am S & C 6 Atl Ou 40% In MMa pfd 38% ... 38% 37% Ull Fr 110% Foods— Am Suit .. 82 % ... 82 82 % Am B Su . . . . ... ... 22 % Aus Nie .. 9 ... 9 8% B N Pkg 57 Cal Pkg . . 00 ... 08 68 % Cll Pds .... 47 % ... 47 Vi 47 % Oil Ca pfd.. 49 ... 48 40% Cu A Su . . 27 28 27 27 % Fleisehm ..47% ... 47 47% Jew Tea .. 54 . .*. 54 54% Nat Bise . . 99 ... 98 % 99 Pun Ale . . 44 . . 44 44 % i Postum ...100% 99% 100 100% Wd Bk B .... ... 30% Tobaccos— Am Su ... 48% 4040% 48% Am Tob ..121% ... 121'% 121% A Tob B. .12a , 120% 121 121%

Produce Markets

Butter iwholesale price)—Creamery beet grade, a pound. 51@53e. Butterfat—Bocal dealers pay. 50 ®slc a pound. Eggs—Strictly fresh delivered at Indianapolis, 34® 36c. Poultry—Hens. 22® 23c: Leghorns. 16 @18c: ducks. 17@ 22c NEW YORK, Jan. IH.—Flour —Dull but steady. Pork—-Dull; mess, $35.50. Lard —Firm; Middle West, $12.95ft 13.05. Sugar—Raw firm; 00 test. 4.09 c; refined easier; granulated, 6.20 ft6.soc. Coffee — Rio No. 7, jo>4c: Santos No. 4. 19% @ 10sic. Tallow—Firm: specials to extra. ?“liL®7’}ic- Hay—Firm; No. 1, $1.30® 1.35; No. 3, SI @1.175; clover, $1.06 @ 1 Dressed poultry—Firm; turkeys. 30 fts4c; chickens. 20@48e: capons, 28ft 50c: fowls, 17® 33c; ducks. 28 @ 32c; Long Island ducks, 30@ 33c. Live poultry —Quiet; geese. 14® 30c; ducks. 18® 3.>c: fowls, 26 @ 30c: turkeys, 30c; roosters. 17c: chickens. 22®30c; broilers. 32® doc. Cheese—-Fin: State milk common f.9L. *9?!?.?!?• 27 ft 28c; Y'oung Americas, 37 Vi ®, -8 %e. Butter—Steady: receipts. 3.621; ere ame O’ extras, 48%® 40c; special market. 40 % ® 50c. Eggs—-Firm; receipts. 23.422: nearby white fancy, 48®) ode; nearby State white, 43@47c; fresh firsts. 44® 4. >c; Pacific coast firsts to extras. 43® 47c; Western whites. 42® 45c; nearby browns. 50®52c. Potatoes-3-Long Island, *3.2.>ft 0 2o; States. $3.36 @4.76: Maine, [email protected]: Bermudas. *6.60® L>- Bjyeetss—New Jersey, per basket, 50c to $.1.76; Southern, per basket. 90c to CHICAGO, Jan. 18.—Butter—Receipts. : cwanleiy, 47@47%c: standards. 41 %c: firsts, 40@46c; seconds. 42®44e. Egg—Receipts. 13.192; ordinaries, 37® 40c: firsts. 41 @4O lie: seconds, 41c. Cheese—r-Twitis, 25 %e: Americas. 20%®) 21 c. “Poultry—Receipts. 6 cars; fowls heavy, 27c; small, 22c; springs! 24c; ducks, heavy 31c; geeses. 21c; turks, No. 2,30 c; roosters. 10c. Potatoes—Receipts, arrivais 72 ears; on tracks. 276: in transit, 674: Wisconsin sacked round whites. *2.25 ®2.40; mostly. $2.30@2,35: Idaho sacked Russets, *2.75ft3.00: mostly. *k.o<f< 4.p0 Sweef potatoes—*l.so @: 2.20. CLEVELAND, Jan. 18.—Butter Extras, 48 %c in tub lots: standards, 48c. Eggs—Extras 47%e: exti firsts. 44%c: firsts, 43® 43 %c: ordinary. 36c: pullets, 31c: refrigerator extras. 34c. Poultry— Heavy fowls, 28c; medium. 23@25e; Leghorns. 20 @ 22c: ducks. 30 ft 33c; geese 23 ft 25c; cocks, 16® 17c. Potatoes—lso-lb. sacks round whit)- Maine. $4.85; New York range. [email protected]; Michigan. *4.10 ft 4.15: Minnesota and Wiseonsij. $4 Ohio, bushel sacks. $1.65 @1.75: 120-lb. sacks Idaho russets, selected, *4.50; ordi-n-s” $4.25

Cons Cig .. 81 80% 80% 80% Gen Clg ... ... 55 % Liggett ...102% 101% 101% 101% Lorillard ..31% 31% 31% 31% RJ Reyn..122% ... 122 123 Tb Pd 8..109V4 ... 109% 109% Un Cig St . 97% 90 97 97 Sch R 5... 49 48% 48% 49 GRAIN FUTURES SCORESLIGHTLY Wheat Brokers Awaiting Developments. 811 United Press CHICAGO, Jan. 18.—The situation in wheat here apparently did not change overnight and prices opened %o to %c higher on the Chicago Board of Trade today. Traders continue to await developments, and meanwhile prices are expected to move in a very narrow range. Corn opened %c to %c higher. This grain has developed considerable strength In the cash market recently and the consistency it usually displays tends to attract investments. Oats opened %c to %c higher than Monday’s prices. Oats are not attracting outside interests, but are coming in for increased hedging pressure as movement from the country is being enlarged. Provisions opened higher. Chicago Grain Table —Jan. 18WHEAT— Prev. . High. Low. 11:00. close. May 1.40% 1.39% 1.40 1.39% July 1.31% 1.30% 1.30% 1.30% Se 'CORN— " 1-27 '* I ’ 27 ' 4 127 - i 1-27% May . 82% .82% .80% .81% July 86% .85% .86% .84% Sopt 87 Vi .87% .87% .86% OATS— May 49% .48% .49 .48% July 47% .47% .47% .47% ** * ‘ 4tt 43 % ’ 4tt Ab% May 1.03% 1.02% 1.03% 1.02% July 99% v .99% .99% .9.8% Hwr* - 97, ' 4 V 07V * *** Jan 1245 12.42 12.45 12.37 Mar 12.65 12.65 12.55 Jan 15.25 May 15.15 15.15 15.25 CHICAGO. Jan. 17.—Carlots: Wheat, 31; com. 314; oats. 102; rye, 8. CH:*C AGO, Jan. 18.—Primary receipts: Wheat. 700.000 against 604.000: corn 063,000 against 1.530.000; oats 414.000 against 584,000. Shipments—Wheat. 472 - 000 against 524.000: corn. 326.000 against 380,000: oats. 331,000 against 374,000. GRANDJURYON ROUTINE CASES Tike Marlon County grand jury considered jail cases today, it was announced by Deputy Prosecutor William H. Sheaffer. The jury was sworn in Monday when Claude A. Achey, 641 E. Thirty-Third St., was selected as the sixth juror. The Jury inspected the county jail Monday and will continue with institutional visits before its probe of political graft and corruption charges. This is in compliance with the order of Criminal Judge James A. Collins. Judge Collins has the testimony gathered by the former grand jury which will be turned over to the probe body. CANDY MAKERS MERGE I). A. Schulte Interests Purchase Huyler’s, Inc. 811 United Press NEW YORK, Jan. 18.—Another prominent unit has been added to the holdings of the D. A. Schulte Retail Stores Corporation by the purchase of Huyler’s, Inc., which operates sixty candy stores east of the Mississippi. Tho Schulte interests acquired Huyler’s from a syndicate headed by Irvin Fuerst. The firm passed out of the hands of the Huyler family more than a year ago. The financial extent of the new purchase was not announced. Other large Schulte holdings include V. Vlvaudou, Inc.; A. N. Smith and Park & Tilford. MINE CLOSING LOOMS Indiana Among Four States Where Shutdown Is Imminent. Bn United Press TOLEDO, Ohio, Jan. 18.—Coal mines of the central competitive field will close March 31 unless miners accept a 20 per cent wage slash, operators declared today, as they gathered here for the meeting tom'orrrow which will determine the stand of their scale committee In the approaching conference with union representatives. The meeting will he attended by operators’ representatives from Ohio, Illinois, Pennsylvania and Indiana. Operators, delaring they are fighting a losing battle against nonunion competitors, will demand that the men take the wage reduction or that mines be closed for a time. CLEAN POLITICS, FLEA A plea for “clean politics” was made by Harry D. Leslie, Speaker of the Indiana House of Representatives, in an address before the Irvington Republican Club Monday night. He told the audience that he didn’t mind a man coming to the Legislature to look after the business interests of his group, provided he did it honestly and openly. TOBACCO MAKET STRONG Bv Times Rvrrial NEW ALBANY. Jan. 18.—With the market strong and receipts fairly heavy, burley sales at the loose leaf warehouse here totaled 106,940 pounds at prices ranging from $3 to $34 per hundred for an average of $14.92.

THE INDIANAPOLIS TIMES

Heavier Receipts Send Porkers Down —Veals Score Advance. —ll ok Brice Range— Jnn. Bulk Top. Receipts. 11. 12.35 ($12.50 12.60 7.600 12. 12.30 tol 12.40 12.50 7.000 13. 12.00® 12.25 12.25 0.000 14. 12.10 Si 12.50 12.50 5.500 15. 12.10W12.50 12.50 4.000 17. 12.25 @ 12.05 12.05 4.500 18. 12.10® 12.25 12.60 8.000 Under heavy receipts and a feeling among traders that prices were too high, hog quotations at the local livestock exchange were forced 10 @ 15c lower today. The drop was not as large as some had anticipated, but it brought prices more in line with those prevailing at other market centers. The receipts were esat [email protected]. Holdovers numtimated at 8,000 and the bulk moved bered 151. Lighter weights were shown preference and in some cases bid up to $12.50. Traders bought generally along a schedule of $12.25 @12.50 for stock weighing 140 to 200 pounds; [email protected] for 200 to 250 pounders, and [email protected] for hogs 250 pounds and up. Packing sows were quoted at [email protected]. The bulk [email protected] over a weight scale of of hogs at Chicago selling around 180 to 250 pounds, in the local decline, traders agreed. Veal Prices I p Cattle trade held fairly steady with recent values. There were five loads of steers weighing 1,050 to 1,250 pounds that sold over a range of [email protected]. Odd head and small lots brought [email protected]. Most heifers cleared at [email protected], while beef cows were quoted at [email protected]. Cutters averaged $3.75@4. Receipts were estimated at 1,300. Brisk demand Jor vealers sent values 50c a hund.-K* higher, with good to choice stock moving at sl6 down. It was apparent in the early trade that the 700 head in the pens would scarcely fill demand. Fat lambs sold strong to 25c higher, with several decks of fed westerns bringing sl3. Natives sold generally at $12.50- down. Brisk demand characterized the trade. Receipts were estimated at 700. —Horn—- „ Receipts, 8,000: market. lower. 140-200 lbs *12.25<!i 12.1 H) 200-250 lbs 12.10® 12.30 —tattle—- • Receipts. 1,300: market, steadv. Beet steers 8.00 ® 10.25 Bulk stock and letder steers 6.50® 7.00 Beef cows 5.00® 0.75 Low cutters and cutter cows 3.75® 4.00 —Calve* Receipts, 700; market, higher. Best vealers sis.oo® 16.00 Heavy calves 0.50® 9.00 —SheepReceipts. 700: market, nominal. Ton tat lambs $13.00 Bulk fat lambs 11.00® 12.50 Bulk cull lambs 0 00® 9.00 Ewea 6.00 down Bucks 2.00® 4.00 Other Livestock LOUISVILLE. Ky.. Jan. 13. eeipts, 500: market steady: top, $12.25. Cattle—Receipts. 100; market steady. Calves—Receipts, 200; market ete.ady; good to choice. sl2 \ 13.50; medium to good, s9® 11; outs. $9 down. Sheep—Receipts. 50: market steady; top lambs. $10.50® 11; seconds. $7®7.50; sheep. $5 ® 5.50. CINCINNATI. Jan. 18.—Hog—Receipts. 3.200; holdovers. 1.121: market, dull steady: 250-350 lbs, $11.75® 12.25• 200250 lbs.. $12.40® 12.00; 100-200’ lbs.. $12.50® 12.60; 130-100 lbs.. 812.50® 12.00; 90 130 lbs., slo.oo® 11.20; packing sows. $9.75® 11.00. Cattle—Receipts, 300; calves. 3BO; market, steady: beef steers $7.00® 9.50; light yearlings steers and heifers, $0.50® 10.00; beef cows, $4.75 (o 0.75; low cutter and cutter cows. $3.75 (£4.60: vealers. slo® 15; heavy calves. sß® 10: bulk stock and leeder steers. 86 ®7. Sheep—Receipts. 150; market, steady; top fat lambs. sl3: bulk fat lambs. $9.50® 13.00; bulk cull lambs. s4®6; bulk fat ewes. *3.00®5.50. EAST BUFFALO. Jan. 18.—Hog—Receipts, 2,000; holdovers. 1,432; market steady to 15c off; 250-850 lbs.. $12.40® 12.00: 200-250 lbs.. $12.50® 12.75; 100200 lbs, $12.00® 12.85; 130-160 lbs $12.65® 12.90; 90-130 lbs. sl2 05® 12.85: packing sows, $10.2511.00. Cat-tle—-Receipts. 200: colves, 500; market. Steady: calves, steady: vealers. sl6,oo®' 1 0-50. Sheep—Receipts. 3.500; market steady; top fat lambs. $13.25:: bulk fat lambs. $13.00 (ff 13.25: bulk cull lambs $10.60® 11.25; bulk fat ewes, s6®7. EAST ST. LOUIS. Jan. 18.—Hoga—Rc. empts 14..>00; market steady: 250 to 350 lbs.. $11.90® 12.10 200 to 250 lbs *l2 ® 12.35; 160 to 200 lbs . $12.10® 12,40130 to 100 lbs.. sl2 15® 12.40; 90 to smU'i i s ll [email protected]: Packing sows, $10.40® 11. tattle—Receipts. 4.509steers steady: beef steers. *B®-9.76- light yearling steers and heifers. $0®8; beef cows, $.,.25® 0; low cutters and cutter cows. s3.o.j® 4.75; vealers. $14.25; heavy calves, s6®9; bulk Stocker and feeder maSL B ', Sheep—Re.eipts, 2.000; market steady: tendency lower: toil fat lambs. sl3: bulk fat lambs, $8.50; bulk cull lambs, ss® 6. PITTSBURGH, Jan. 18 —Hogs Receipts. 1.000: market, fairly active and steady; „00-,150 lbs.. $12.40® 12.50: 200S't’ o-"2 B in l- 12 "’'.'^ 1 . 2 05 : 100-200 lbs., fiV- 1 -’® i2-fo; 100-100 lbs., *12.75® i2.8.>; 90-130 lbs $12.75® 12.85; packing sows, slo® 11.25. Cattle—Receipts. ;'d- calves. 100; market steady; beef steers ton. $10: vealers. $15.60® 16.50; heavy mind; *d®l2. Sheen—Receipts. 3,000: market steady: top fat lambs. *13.25; bulk cull lambs. $8 @lO. J an 18.—Hogs Receipts. 800 market steady. 20®25c higher: heavies, $11.7.)® 12: medium. sl2® 12.25; Yorkers, sl2 ® 12.75: good pigs. $12.25®} 1.-75. Calves—Receipts, light; market. Steady. Sheep and lambs—Receipts, light; market, steady. L. A. WHITE TO SPEAK Detroit Newspaper Official Will Address Advertising Club. Lee A. White of Detroit, assistant to the president of the Detroit News, will address the open luncheon meeting of the Advertising Club Thursday noon at the Spink-Arms. Indiana newspaper men have been invited to the meeting in observance of “Newspaper Day,” honoring Benjamin Franklin as a "pioneer printer and advertising man.” Indianapolis newspaper executives asked to serve on a reception commute are: Boyd Gurley, The Times; B. F. Lawrence, The Star; Curtis Hodges, the News; Albert O. Evans, the Commercial, and H. P. Pagani, The Indiana Catholic and Record. FILE BANKRUPT WRIT Three Wholesale Firms Declare Claims Unsecured. Three wholesale dealers filed a petition in Federal Court Monday against Martin J. Shane, confectioner at 301 N. Illinois St., and 102 S. Illinois St., for involuntary bankruptcy, declaring unsecured claims amounting to $1,272.93. Hibben-Hollweg & Cos., list a bill of 931.68; Kiefer Stewart Company, $275.85, and the Mutual China Company, $65.40. Shane has been in the hands of Receiver Wilbur A. Royse since Jan. 10, the petition states.

BAILS FEATURE STOCK MARKET FORM MOVE Great Northern Merger News Expected—Oils Improve. By E. Walter Mockler NEW YORK. Jan. 18.—While the market was rather colorless, the main body of stocks moved forward consistently. During the better part of the day rails were In the lead and served as the steadying influence for the ndustrials. Naturally the weighty developments pending in the railway world added to the interest in this group, with important news expected within the next day or so in the merger field, it was only natural that traders who are still interested in the long side of the market should swing out of the industrials into the rails. However even with the ponderance of buying power on this side of the ledger, the industrials held their own nnd before the close this evidence of stability attracted new buying into the group. It is likely that considerably more

All these bonds have been sol(f January 18, 1927. New Issue $30,000,000 Indianapolis Power & Light Company (INDIANA CORPORATION) First Mortgage Qold Bonds, Series A, 5% Dared Janaary 1, 1927 Due January 1, 1957 • Principal and interest payable at The Chase National Bank of the City of New York; interest also payable at the Continental and Commercial Trust and Savings Bank, Chicago. Interest payable semi-annually, January 1 and July 1. Coupon bonds in interchangeable denominations of SI,OOO (registerable as to principal), SSOO and SIOO. Fully registered bonds in denominations of SI,OOO, $5,000, SIO,OOO and $25,000 or a multiple thereof. Coupon bonds of SI,OOO denomination and registered bonds are Interchangeable. Redeemable as a whole at any time, or in part on any interest date, on 60 days’ published notice, at 105 prior to January 1, 1933, at 104 on said date and thereafter prior to January 1, 1939, at 103 ou said date and thereafter prior to January 1, 1945, at 102 on said date and thereafter prior to January 1, 1951, and at 101 on said date and thereafter prior to maturity, plus accrued interest in each case, THE CHASE NATIONAL BANK OP THE CITY OF NEW YORK, CORPORATE TRUSTEE Interest payable without deduction for Federal income tax up to 2%. Pennsylrania 4 mills and California 5 mills taxes, and Massachusetts 6% income tax on interest, refundable upon application within 90 days after payment. Issue Authorized by Public Service Commission of Indiana The fotlouing information regarding the Company has been summarized by Mr. Norman A. Perry, President of the Company, from his letter of January 14, 1927: Business and Property: Indianapolis Power & Light Company has been organized under the laws — *-— s - of Indiana to acquire the electric light and power and heating properties of Indianapolis Light and Heat Company and Merchants Heat and Light Company. The new Company will supply without competition all the electric power and light service in the City of Indianapolis and surrounding territory, except that supplied to the Indianapolis electric railway systems. The total territory which will be served by the Company covers more than 390 square miles, and has an estimated population in excess of 500,000. The Company will own a modern and efficient electrical plant (including five principal steam power generating stations) with a total station capacity of 105,000 K.W. which provides an ample margin of capacity over present demand and makes possible increased revenue without the necessity of expenditure for additional generating plant. Over 88% of the gross revenue of the system is derived from the sale of electricity. More than 52% of this gross revenue is derived from power contracts. The output of electric energy of the combined properties for the twelve months ended June 30, 1926, was 325,000,000 K.W.H. Capitalization: (Upon completion of present financing) it ' Authorized Outstanding First Mortgage Gold Bond*, Series A, 5% (this issue) . . (a) $30,000,000 6Vi% Cumulative Preferred Stock (SIOO par) $15,000,000 * 12,000,000 Common Stock (no par) 600,000 Sha. 600,000 Shs. (a) luuance of additional bonds restricted by provisions of mortgage indenture. Security: F‘ rst Mortgage Gold Bonds will be secured, in the opinion of counsel, by a direct first mortgage on all of the fixed properties presently to be acquired by the Company. These properties have recently been examined by Stone H Webster, Inc., who estimate the cost to reproduce new to be in excess of $52,000,000, which includes allowance of $6,000,000 for going concern value. Earnings: consolidated earnings of the properties to be acquired by Indianapolis Power H Light Company, as certified to by Messrs. Haskins W Sells, Certified Public Accountants, for the years ended June 30, 1924, 1925 and 1926, and as per books for the twelve months ended November 30, 1926, were as follows: Twelve Months Ended: June .W, 1924 June JO, 192.1 June 20,1926 November 30,1924 Gross Revenue $7,550,007 $7,612,016 $8,375,456 $8,633,388 * Operating Expenses, Maintenance and Taxes (other than Federal Income) 4,343,309 4,370,766 4,831,040 4,962,184 Net Earnings (before Interest, Federal Income Taxes and Depreciation Reserves) $3,206,698 $3,241,250 $3,544,416 $3,671,204 Annual Interest Requirements on $30,000,000 First Mortgage Gold Bonds, Series A, 5% (this issue) . $1,500,000 •Adjusted to include 8% of gross operating revenue for maintenance in accordance with requirements of the mortgage and to exclude estimated amounts applicable to capital accounts for 1926. Net earnings available for interest for the twelve months ended November 30, 1926, as shown above, were equal to about 2.45 times the annual interest requirements of this issue, and for each of the three twelve months’ periods ending June 30 were substantially over twice such interest charges. Management : operation of Indianapolis Power & Light Company will be under the supervision ful experience in the management of public utility properties) in association with men who have managed the predecessor companies over a long period. Application will b* made in due course to list these Bonds on the New York Stock Exchange. All information given herein ii from official sources which we regard as rellabla; but in nc. event are the statements herein contained to be regarded as representations of the undersigned. Ltgol frocetdlnts relating to the issue of these bonds and the form of the Indenture are being passed upon by Messrs. Sushmore. Bisbee 6* Stern, Mew York City, who have associated with themselves as Indiana counsel Messrs. Smith, Remster, Hornbrooh 6* Smith, Indianapolis, for the Bankers ; and by Messrs. Matthews dr* Koegel, Chicago, for the Company, We offer these bonds if, as and when issued and received by us and subject to approval of our counsel, and to prior sale. It is expected that delivery will be made in the form of Temporary Bonds or Interim Receipts. Price 98 and accrued interest, to yield over 5.13% Blair & Cos., inc. Federal Securities Corporation Blyth, Witter & Cos. H. M. Byllesby & Cos. Pynchon & Cos. West & Cos. John Nickerson & Cos. A. B. Leach & Cos., inc. W. S. Hammons & Cos. Fletcher American Company The Indiana National Bank The Union Trust Company < * Meyer-Kiser Bank

In the Sugar Market

(By Thomson & McKinnon) NEW YORK, Jan. 18.—President Machado is reported to have met urgent requests tor reconsideration of the Cuban crop limit with a firm refusal. Sugar futures continue unsettled, and as yet ne% business in the raw and granulated trade has been at low ebb. A turn for the better germs imminent. Further small recessions may occur in futures as well as in granulated, but they will be followed by a recovery sufficient finally to establish some new high records for the season, it is believed. information will be available on the Hill roads merger plans before the end of the week. President Ralph Budd of the Great Northern; Charles Donnelly, president of the Northern Pacific; Hale Holden, president of the Burlington, and Chairman Louis Hill of the Great Northern all are here and will meet today, Wednesday and Thursday. It will be the Thursday meeting which will create the greatest interest, as this is when it is believed tentative plans for the merger will be discussed. The street is following the Victor phonograph plan rather closely, as this is the third of the big privately owned companies which is being sold to the public. Stockholders approved the recapitalization plan today and the road is clear for the nation-wide offerings of the new share which should come before the week is out. Followers of the oils, especially those with properties in California, were encouraged by the latest production figures. These were for the week ended Jan. 15 and showed a decrease of 10,900 barrels per day for

the State. Considering that production is about evenly balanced with consumption, even though it is the off season, any decline in production is of the utmost importance to companies such as Barnsdall, Union Oil; Tidewater and other far western producers, Probably this decrease is partly the reason for the recent strong buying in many of the western oils. The lower level of production would mean a better balanced oil situation on the Pacific Coast. However, so many new wells are being drilled out there that a return to former production figures is anticipated before spring. oil Production "gains California Fields Decrease Covered by Oilier Districts. Bu United Press TULSA, Okla., Jan. 18—Domestic production of crude oil in the week* ended Jan. 13, despite the loss of 11,000 barrels daily in California, which has been a determining factor in the recent advance of production, increased 6,679 barrels daily, averaging 2,378,480 barrels daily, in the period, according to the oil and gas journal. Oklahoma fields showed an increase of 7,085 barrels, Kansas 2,305 daily, and Gulf Coast 4,952. The Panhandle field, which has been showing losses, remained practically steady.

T Central Indiana Power, Pfd. K . 3wtoi! SELL 415 Lemcke Bldg-. Todd

PAGE 11

SUGAR REFINERS j MAKEPRICE CUT Five Companies Quote 25 Point Drop. Bu United Press NEW YORK, Jan. 18.—Ftva leai' ing sugar refiners today announce?, price reductions from 15 to 25 pointr. The National Sugar Refining Colr.pany now quotes sugar at 6.25 c, off 25 points. Lowry & Cos., Warner Su gar Refining Company and the American Sugar Refining Companyannounced similar reductions. Arbuckle Brothers cut the price 15 points to 6.20 c. In Vie Cotton Market Bu United Press NEW YORK, Jan. 18.—Cotton opened to 0 points lower. January, IB.17: March. 13.30: May 13.50; July, 13.70; Octobt;. 13.88; December, 14.08.