Indianapolis Times, Volume 38, Number 269, Indianapolis, Marion County, 15 February 1927 — Page 13

FEB. 15, 1927

LOCAL TRADE IN PORKERS STEADY TO 15 CENTS LOWER

M’S REGAINING LEAD ENCOURAGES NEW YORK BOURSE Federal Reserve Report on Brokerage Loans Gives Added Strength.

Average Stock Prices

Average of twenty industrials Monday was 157156, up 1.51. Average of twenty rails was id 4.85. up .05. Average of forty bonds was 96.41. up .05. Bu United Press NEW YORK, Feb. 15—The United States Steel's resumption of leadership in the industrial group did much yesterday to restore, confidence regarding fundamental strength in the market. This feeling was strengthened overnight by publication of Federal reserve figures on brokerage loans at this center as of Feb. 9, showing a decrease of $9,423,000 from the previous week. This reduction brought the aggregate down to $2,720,578,000, or more •i $400,000,000 less than the total his time last year. This evidence of improved technical position of the general list, encouraged further aggressive buying in early dealings. Steel common continued to bead the forward movement reaching new high gornud on the current advance at 160%, compared with its high record of 160%, established last year. Call money tightened to 4% per cent from the renewal rate of 4 per cent, a development which accelerated profit-taking among industrial leaders. However, the tightening failed to check the various bullish demonstrations in oil shares, which went ahead in various representative issues on a large volume of dealings. Mai land duplicated its year’s high at 58%. up % from the previous close, while Philllips achieved a record level at 60, up Hi, and new highs on the movement were reached by pure Oil at 30%.

APPEARS GRAINS TOBEREDUCED Lower Range Expected With Little Speculation. Press Feb. 15. —Grain futures lack active speculative interest and seem scheduled for a lower range of prices, reflecting the influence of a weak cash situation. With Liverpool about as due, wheat opened %c lower to %c higher than yesterday's close on the Chicago Board of Trade today. Export business continues slow with ‘the southern hemisphere and Canada receiving the bulk of orders from abroad. Trade in corn is not large and mainly of a local character. Opening prices were %c lower than Monday's close. The greater part of local receipts are o fa poor quality with a very slow cash demand. Oats opened unchanged from the previous close. The undertone continues fairly easy with cash interests inclined to the selling side. Provisions opened lower.

Commission Row

(.'KICKS TO UKTAU.EBB FRUITS Apples—Box apples. Jonathans. $2.25(31 ‘-’.50: Grimes. SI.BO (32.25: Spitzbera. $2.50: Staymens. $2.75: Delicious. $3.50. Kxtra fancy barrel apples—Jonathans. s•”>.so: Grimes, $4.50: Greenings. $4.50: Cherry Red Baldwins. $4.50: Virginia IVmesaps. $5: Stayman, $5: Delicious $7: $4(115: Staymen. $4.25 0 4.50: Rome Beautys. $4.25; New York Baldwin. $3.25 (it 4: Delicious. $0: Winesape. $4.25: Basket apples (40.1 b.) baskets—Jonathans, [email protected]: Staymen Winesaps. $1.50: Delicious. $1.75(3.2.25: baking. $1.50: "agners. $1.35: New York Baldwins. 81.40; Grim.'s. $1.5001.75: New York Kings. 51.50. Bananas (Jobbing Price) — 4 % @ sc lb. Cranberries—Jerse' Bowes. oOi. jßltes— Bulk. 10(31 lc lb.: Fards 12 $2.40: Dromedary. $0.10: unpitted. $t5.00 Grapefruit—Extra fancy. $4.25@5; fancy. [email protected]. Honey—24-case crate. $4.50@0. Kumquats—Florida. 15c qt. Demons—California. [email protected]. Oranges—Florida. $3.75 @0.50: California navels. $3.75 @6. Pears—Oregon DAnjours. $0 box. Pineapples—Cuba, crate. $5 @5.50. Tangerines—Florida. 53.7a. Strawberries—Florida. $1.25 qt. SEA FOODS. Oysters—Gal.. $2.4002.76 VEGETABLES Artichokes—California. 51.26 dozen Brussels Sprouts—Fancy California. 30c poiuid. Cabbage—Holland seed. 2c lb.: new Texas. 3c. Cauliflower—Crate. $2.25. Celery—California. $5 orate: Florida. 4 @6-doz. crate. $3.25: B@lo-doz. crate. $2.75-: Mammoth (washed). $1.25 doz.; Jumbo (washed). 81 doz. Celery Cabbage—Box, $2.25. Cucumbers—Hothouse. $3.50. Eggplant—Florida. $2.60 per doz Garne—-California, 12 Ho lb Kale—Virginia Broeoll. $2.35. Lettuce—lseberg. crt., $3.50; H. G. hothouse. $2.10. 15-lb. basket: Texas endive. 75c doz. Mangoes—Florida peppers, $7.50 crate. $1.75 peck. Mushrooms—Pennsylvania. $1.75 @2 for 3-lb. basket. Onions— H. G. yellow. 100 lbs, $3.25: H. G. red. $3: Spanish, crt.. $1.90: Indiana white, $2. Oyster Plant —H. G., 50c dozen. Parsley—H G. 60c per bunch: southern, 75c doz. Peas—s7.so a hamper. Potatoes—Michigan round white, “ark $3.85: Idaho russets. $3.75 cwt.: Idaho bakers. $4: Texas triumphs. $4.25. Radishes—Southern long reds 30035c■othouse buttons. sl. Rhubarb—H. G.. 60@85e. Boot Vegetables turnips, ou., $1; parsnips, bu., $1.76: carrots, bu.. $1.50: new Texas, bu.. $2: Louisiana carrots, 7pc doz.; Canadian rutabagas. $2 cwt.: H. G. beets, bu.. $1.50; Texas beets. $6 bu.: Louisiana beets. 75c doz. Shallots—Louisiana. 50 e dozen. Spinach—Texas. $1.35 bu. Sweet Potatoes—lndiana Jersey. $2.25 bu.: Nancy Halls. $1.50; Indiana mediums, $1.75 bu. Tomatoes—Six-basket crt.. $6 @7. |g| BOOK SHELF GROWS Feb. 15.—The British Museum library has been growing out of bounds. Containing about 4,* 000,000 books and increasing by 35,000 ty 40,000 books a year, the decentralization of the library is deemed necessary. It is the duty of the British Museum to publish and preserve every book published in Great Britain.

New York Stocks

-(By Thomson & McKinnon) -

Railroads— , Prey. High. Low. 1 :00 dose. Atchison ..169 168 Is 168 Vs 168 1 Ati CLi •••, ]B7 C B & O ...113% H3Vi 112% 111% Can Pac ..175% ... Jljj L?-, C& O ....150% ... 1 .5% 1 >.,'s C&NW..B2 81% 82 81 % C R & I’.. 77% 76 "8 76% 76% Del & Hud.l7s % ... 1 ;o% 1,6 Del & Lac.l47 ... 14/ 148 Erie 4:114 43 4:1 43% Eric fi pfd.. 56 ... ' ! *5 - Gt No nfd. 87, ... 86 % 80. U Leh Val ..121% ... 121 121 Kan C So. 47V4 46% 47 47 L A- N ...13.3 ... 13d 132 , M K & T. . 37% ... 37% 7 % Mis Pac pfd 98 00 97% N Y Cen. . 145 % 144 144% 14.>% N Y NH&H 50 55% 55% 55 s No Pac 85% S.>% B*i 85% Nor & W.. 16514 165 165% 105 Pere Mar .... •• • . •• • , 124.1s Penn 57% 57 -. p7Vi 57% Reading- ...10915 108’- 108% 108% Sou Rail ~122% ... 122% 122% Sou Pnc ..109 ... 108% 108% St Paul.... 15 1414 14% 14% St Paul pfd. 23 % .. . 23 23 St L & S W 00 ... 00 6614 St L & 5P.105 % ... 105% 105% T.Tn Pac ..160% . . . 166 V> J Oil % Wabash .. 61% 58% 61V. 58% Wab pfd... 83% 82% . 83% S3 Rubbers— Ajax 12 11% 12 111; Fisk 17% 17% 17%. 17% Goodrich .. 54% ... 54 55% Good pfd .... ... ... 1|)0% Kel-Spgfd .... ... ... 10 U S Rub.. . 67 % 64% 64% 64% Equipments— Am C & P. 115 104% 105 104% Am Lo ...111% 110% 111 110'. Am St F. . 40 ... 4040 % Baldw Lo .177 174 170 17i>% Gen El ... 84 Vi ... 84 84 %• Lima 73% ... 72% 74% NYA B. . 47% .. . 46% 47 ,Pr Stl C. . . 51 ... 49% 5014 Pullman ~185 ... 18414 185 ’ Westh A B 145 144 145 * 144 Westb Elec. 73% 72 72 72% Stee’s— Bethlehem . 47 % ... 40% 40% Co'.o Fuel . 00% 57% 59% 5714 Crucible . . 80 ... 81 % 85 % Gulf St Stl 63% 62% 63 02 4:. P R C & I. 45 ... 44% 44%' Rep Steel. . 64 % ... 64 64 % Sloss Sheff. . . ... ... 131 U S Steel .160% 159% 159% 159% Alloy . . . ’ ... 26 % Vanadium . 3914... 39% 39% Motors— Am Bosch. 14% ... 14% 14 Chandler . . 22% .. . 22 22% Cont Motor 12% 12% 12% 12% Chrysler .. 43% ... 42% 42% Dodge .... 27 % 26 % . 27 26 %

Indianapolis Stocks

—Feb. 14— —Stocks— Bid Ask Amer Central Life 435 Amer Creosotiug Cos pfd... 101 103 Ad Rumely Cos com 11 % . 11% Ad Rumely Cos pfd 37 3814 Belt R R eo m 60 70 Belt R R pfd 57 61 Cent Ind Power Cos pfd .... 89 91 Cities Service Cos com .... 57 % ... Cities Service Cos pfd 92 ... Citizens Gas Cos com 49% ... Citizens Gas Cos 106% ... Commonwealth Loan Cos pfd 99 Finntabie Securities Cos com 51 ... Hook Drug Cos com 29 ... Indiana Hotel com 120 ... Indiana Hotel pfd 100 ... Indiana Pipe Line Cos 08 ... Indianapolis Gas 59% 6014 Indpls & Northwestern pfd. . 50 Indianapolis St Ry 3814 10 Interstate P Ser pr lien pfd 99% 100 Merchants Pub Util Cos pfd. 100 . . . Progress Laundry com .... 22 Vi Pub Sav Ins Cos 16 Rauh Fertilizer pfd 48% ... Real Silk Hosiery pfd 92 98 Standard Oil Cos fnd 7114 ... Sterling Fire ins Cos ie T H I & E com 3 13 T H I & E pfd 24 20 J? H T & L Cos pfd 89 ... Onion Trae of Ind com ... Union Trae of fnd Ist pfd .... 10 Onion Trae ot Ind 2nd Did. ... 2 Onion Title Cos com . . 88 Van Camp Pack Cos pfd. ... 16 ... Van Camp Prod Ist pfd ... 91 97% Van Camp Prod 2nd...... . 95 Wabash Ry Cos com 59 .... Wabash Ry Cos pfd 83 ... —Bank Stoiki— Aetna Trust and Sav Cos. . . .115 Bankers Trust Cos ........132 ... City Trust Cos 140 ... Continental National 116 ... Farmers Trust Cos 240 . A Fidelity Trust Cos 162 Fletcher American 170 ... Fletcher Sav and Trust C0.,260 Indiana National Bank ....270 272 Indiana Trust Cos 230 250 Livestock Ex Bank 162 Marion County Bank 190 Merchants Nat Bank 325 . . Peoples State Bank 186 ... Security Trust Cos . 275 State Savings and Trust ... 84 94 Union Trust Company ....410 ... Wash Bank and Trust C0...168 ... —Bonds— Belt R R and Stockyards 4s 90% ... Broad Ripple 5s 79 % ... Central Indiana Gas 55.... 98 ... Cent Ind Power Cos 6s 105 ... Cent Ind Power Cos ts 100 Citizens Gas Cos 5s 102% 103% Citizens St R R 5s 84 % 86 Home T and T of W 6s 103, 104 Indiana Coke and Gas 65..102% Indiana Hotel 5s 98% ... Indiara Northern 6s 2 Ind Ry and Lt 6s 95 ... Ind Service Corn 5s 92% ... Ind Union Trae 5s 4 ... Indpls Col &So 6s 98% 100% Indpls Gas Cos 5s 99% 100% Indpls Lt and Ht 5s ..... .101% 102 Indpls & Martinsville os ... 73% 74% Indpls Northern 5s 21 % 23 % Indpls & Northwestern 5s .. 73% 74% indpls & S. E. 6s 2 ... Indpls Shelby &S E 65.... 2 ... Indpls St Ry 4s 64 o.j Indpls Trae and Term ss. . . 95 90 Indpls Union R.v 5s 101 ... rndpls Water Wks Se C0..100 . .. Indpls Water 5%s 103% 194'., Indpls Water 4 '/■• s 94 % 95 % interstate Public Serv 65.. 102 . Tnterstate Pub SBs 6 % s.. .103 % ... T H T and Lt 5s 93 TH T &Ltss , 93 % ... Union Trae of Ind 6s 19 20 —Liberty Bondß—--Ist 314s 101.36 10148 Ist 4%S .... 103.36 11)3.40 2d 4% s 100 60 100.74 3d 4% s 101.30 101.48 4th 4 %s 103.70 103.82 U S Tr 4%s 110.70 110.86 U S Tr 4s 100.52 106.70 U S Tr 3Vis 103.80 103.90

Newest Picture of Mrs. Edsel Ford

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This is the most recent published photograph of Mrs. Edsel Ford, Henry Ford’s daughter-in-law. It was taken at Detroit, her home.

Peerless .. 28'-'. ... 28% 28 % Gabriel ... 31% ... 31% 31 % Gen Motor 159% 158 158 158% Hudson ... 05% Ht% 6414 64% Hupp 21% ... 21% 21% •lordan .... 20 19% 20 1914 Mack 97% 96% 97 96% Martin Par. .. ... ~. 22% Moon 10 Vs Nash 68% 67% 68 68 Packard . . 55 % ... 35 % 35% Pierce Arv . 21% ... 21% 21% Studebaker. 54% 55 > 53% .>4 Stew-Wain. 65% 61/s 65% 64% Timken ... 93% ... 93% 93 Willys Over 22% ... 21 2'-% White. Mot. 57% ... .>6% 06% Mining— Am Smelts 144% 113% 343 % 143 J, Anaconda . 46% ... 16% 48% Cer De Pas. 61 % ... 61 61 % Inspiration... . —L. lilt Nickel . 45% 4.2 % 13 42% Kenneeott .61 ... 61 Sir,,/ Magma • %• . ••? Tex G & S. 54% 54 >4 .>4% U S Smeltg 35 Vi .■ • 3o 3. Allan Rcfg 115% 111 ll.’ , Iff Cal Petrol. .31 % ... 31 ; s 31 % Free,6 Tex . 46 45% 4e % 4o Houston .. 90 87 89% 86 Ind Oil. . . . 32% 51 % 52 % 31 % Marlaml Oil 58 1, f>.'% ->8 % .>7% Mid-Cont 1% 38 3i% 38 .17% P-Ani P (B) 65% 04 % 65 64% Pacific Oil ... • ■ _ ■■■ ~ 1 % Phillips Pet 50% .>B', ;>!•% 58% Union Oil.. 53 4, 55% 55% 63% Pure 0i1... 30% 29% 30 % 29 H Royal Out. 52% ■>'- % •;2’’i 62% Shell 31% ... 31% -1% Sinclair ... 22% '! % 22 . ; 1% Skelly .... 36 • >•> \ 36 3•> % S Oil of C. 59% 08% .>9 .>9% S Oil of N J 40% 39% 40% 39% Tex Com,. 57% ... 57 o 7 Trails Petrol 5 ... 4 % o Industrials — ... Ad Rumely. 12Vs ... 12% 13 Allis Chat . • ,92 Allied Ch. 110% 13814 139 138 Arm (A), 14% . . 14% 14% Amer Can, -17 % 47% 41 % 11% Am Wool , . ... ... 2.> % A H&L pfd , • 5014 Am S Rax, .>2 ... .>2 ;>1 % Cen Leather 9 u ~ “ 10% Coco Cola, 171'.- ... 177 177 A Cont Call, 69% ... 69% 6914 Certain feed. , . ... ... 47% Dav Cliem . ,29 Dupont 180 179 3,9 179% Earn. Plav. 109% 109 109% 108% G Asphalt. 86% 84 •% 86 % 84% In Comb En 51% 49 50% 48 % lilt Paper. , . , . ... ,56 Int Harv. i->7 155% lob 1-H% May D Stor 69% 69 68 1, 69% Mont Ward 67 66% 661, 65 li Natl Lead ... ... 171% Owen Bot . 80% Radio 54% 53 4*• ,n3 % Rt-rn Type 154 153 154,, 153% Real Silk. . 4714 47% 47% Sears-Roe, . 55 % 54 5., o3 % FIRST IN EGGS ST. LOUIS,/Feb. 15. —Missouri is the greatest egg producing state in the country, eccording to Gov. Sam A. Baker. More than 181 million eggs were laid in Missouri in 1925. The proceeds from the sale that year amounted to more than $47,000,000 and the income from the 4 sale of chickens for table use to about $22,368,000.

Breath of Gay Spring Color

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This breath of spring’s gay colors comes from Miami Beach, Fla., where many society folk have gone to greet the season on Its northwarti march. Mrs. A. Mitchell Palmer, wife of the former U. S. alien properly custodian, is wearing the sport sweater.

Leader of Army in China

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.■Marshal Wu Pei-fu is reported leading a counter-offensive against the Cantonese in China which may save Shanghai from capture- Wu Pei-fu is an ally of Marshal Chang Tso-lin; ruler of North China. He hopes by an attack on Hankow, now the Cantonese capital, to split the South China feirces moving oil Shanghai.

THE INDIANAPOLIS TIMES

Holdovers‘Drop Back Near Normal—Other Livestock Unchanged. —Hob Price Ranee— Feb. Bulk. Top. Receipts. 8. 3 2.50 @12.65 12.75 7.000 9. 12.35 @13.55 12.60 7.000 10. 12.35 @12.60 12.60 5.000 11. 12.20 @12.40 12.40 6 000 12. 12.00 @12.40 12.40 4.500 14. 12.10 tin 12.25 12.40 3.5(H) 15. 12.00 @12.35 12.35 4,000 After three days with holdovers far in excess of 1,000 hogs, the number dropped down to 275, a normal amount. As might have been expected, this did not tend to strengthen prices. Early sales were mainly light material to shippers at about steady rates. Other than this the trading was Steady to 15 cents lower than Monday. The bulk of it was at [email protected], while the extreme top paid for any material was $12.35. The lower tendency of the local market was in accord with activities at Chicago, where prices were 25 cents below the best ones the day preceding. Receipts at the Indianapolis Union Stockyards were 4,000. Hog Price Range The greater portion of the run weighed 160-225 pounds, to which the [email protected] and the $12.35 top applied. For the other weights the prices were: 225-250 pounds, $11.80@I2; 250 pounds up, $11.50@ 11.85. Pigs went at sl2 down and packing sows slo@ll. Prices in the cattle market, where 1,300 beeves were received, were unchnaged. Beef steers sold at s9@ 10.25; bes cows, [email protected]; low cutters and cutter coks, $3.75@5; bulk stock and feeder steers, $6.75@8. Active Trade Business was lively in the calf market, the new offering numbering 800. The market was steady to strong, the bulk selling at $15.50. Best vealers brought sl6. In the sheep and lamb division 400 head were received. The bulk of this run lacked quality and finish, but fat lambs were steady. A few westerns sjold at sl3. Other top fat lambs were sl3; bulk fat lambs, $11.5Q@13, and bulk cull lambs, $6 @9. —Hobs— Receipts, 4,000: market steady to lower. 130-160 lbs $12.0(1 @ 12.25 160-250 lbs 11.80 @12.35 250 lbs. up 11.50(811.85 —Cattle— Receipts. 1,300; market steady. Beef steers [email protected] Bulk stock and feeder steers. 6.75® 8.00 Beef cows 5.50@ 6.75 Low cutters and cutter cows 3.75® 500 * —Calves— Receipt*. 800: market steady to strong Best vealers $15.00M16.00 Heavy calves 6.50(8 9.00 —Slieep— Receipts, 400: market steady. Top fat lambs $13.00 .Bulk fat lambs 11.50® 13.00 Bulk cull lambs 6.00'8 9.00 Other Livestock Bn United Press PITTSBURGH. Feb. 15.—Hog* Receipts. 1,000: market slow: 250-350 lbs.. $1 1.90@ 12.1 5: 200.250 lbs.. $12.15@ 12.40: 160-200 lbs.. $12.40@ 12.65: 130160 lbs.. $12.40 @12.65: 90-130 lbs.. $12.40@> 12.65: packing sows. SlOflll Cattle—Receipts, none: calves, receipts 3 00: market steady: beef steer close Monday. $9 @10.65: vealers. sl6 @16.50. Sheep —Receipts. 300; market steady; top fat lambs. $13.5Q• I!n Times Snreiql LOUISVILLE. Feb. 15.—Hogs—Receipts. 700: market 15e lower: tops, $11.86. Cattle—Receipts. 100; market steady. Calves —Receipts. 100: market steady; good to choice. $11.50® 13.50: medium to good, $9.50@ 11.50: outs $9.50 down. Sheep Receipts. 50: market steady: top lambs, sll @l2: seconds, $7.50® 9; sheep. ss® 5.50.

Produce Markets

Butter (wholesale price)—Creamery best grade, a pound. 62® 54c. Butteriat —Local dealers pay. 51 @ 53c a pounds. Eggs—Strictly fresh delivered at Indianapolis. 23® 25c. Poultry (buying prices) Hena. large breed. 22@24c; Leghorn. 17® 18c; roosters and Leghorn stags. 14@i)-'c: stagev young springs 16@17c: soft meated springs. 19@20e: Leghorn springs. 15@ 16c: ducks. 17@20c-: geese. Il@l3c; turkeys. young toms. 30 @ 35c: hens, 30 @ 35c: old toms. 20®28e; guineas, young. 36c: old. 35e: capons. 8 lbs. up, 27c: 7 to 8 lbs.. 24® 26c: under 7 lbs., and red heads. 23® 24c.

MILLION GET FREE RIDE Oregon Ctyy Municipal Elevator Accommodates Populace. Bu United Press OREGON CITY, Ore., Feb. 15. Oregon City, located along the banks/ of the YVilliametto River, gave a million persons a free ride last year and will do as well or better in years to follow if the municipal elevator stands the strain. Oregon City’s business district is along the level land adjacent to the river. The residential district is on a high bluff back of the business section. At a convenient location an elevator shaft is located. It is a free municipal institution, operating eighteen hours per day in taking people to and from the peak of the bluff. MAY BECOME MOVIE LONDON, Feb. 15.—Because of the falling off in concert audiences,. Queen’s Hall, famous auditorium, may be turned into a moving picture theater.. Financial depression among concert halls is not general in London, however.

IISbIMIAI. SF.RVICf.I mt IN 19 STATES

*Middle ‘'West Utilities Company Notice of Dividend on Prior Lien Stock The Board of Directors of Middle West Utilities Company has declared a quarterly dividend of Two Dollars ($2.00) upon each share of the outstanding Prior Lien capital stock, payable March 15, 1927, to all Prior Lien stockholders of record on the company’s books at the do*e of business at 5:00 o'clock P- M-, February 28. 1927. EUSTACE J. KNIGHT. Secretary.

OLD INDUSTRIAL LEADERS SWING BACK 10 FRONT Important Brokerage Loan and Railroad Merger Re* ports Made. By Elmer C. Walzer Manager United Press Financial Service. NEW YORK, Feb. 15.—The oldtime industrial leaders, United States Steel common and General Motors swung back into the front of an upward movement on the New York Stock Exchange as the new week was ushered in. This class of stocks gained sharply in active demand throughout (he day Monday, the average price of twenty industrials rising more than a point and a half. Steel was up 2% and General Motors at the end of the day and substantial gains were noted throughout the entire list. At the close of the market two important announcements were made. The first, published Monday, was the report of brokerage loans showing a reduction of more than $9,000,000 and the second far more important for Tuesday release, that of the unification plan for the vast merger of Great Northern and Northern Pacific which will soon be submitted to the Interstate Commerce Commission for approval. The latter may set off a horde of other railroad consolidations now in the making. Further gise The decline in brokerage loans shows the market in a better technical position with stocks more strongly held and will be a factor for a further rise today. However, today some 140 stocks sell ex-dividend which may bring apparent declines, on the other hand. 170 companies are to pay dividends, the funds of which will be available for stock and bond market purposes. Incidentally the bond market needs some incentive for it has been steadily declining for the past week or more and'on Mom day continued downward many foreign issues dropping more than % point. As the new leaders took their place at the front of the old ones of a week ago were relegated to the background. Wheeling & Lake Erie was so dull that not a single transaction in it was recorded until after 2 o'clock and then but 400 shares changed hands, the opening price being off TVs points from the previous close. Seasoned dividend rails of the class of Atchison. New Y'ork Central and Union Pacific were in demand at higher prices. Studebaker I p Baldwin today reported the best gains In its business since the war. The stock had discounted the showing and declined in the trading, closing at 17314, up %, after having reached 178 earlier. Studebaker. with an earning statement showing a considerable falling off over 1925, advanced on the belief that It 1927 showing would be vastly improved. American Can rose 1% points after it was reported it had earned hut $4.38 in 1926, compared with $5.45

Unification OF Northern Pacific Railway Company AND Great Northern Railway Company To the Stockholders of Northern Pacific Railway Company and Great Northern Railway Company: A Plan and Deposit Agreement, dated February 7, 1927, for Unification of Northern Pacific Railway Company and Great Northern Railway Company, have been adopted and approved by the undersigned Committee, which recommends your acceptance thereof and the prompt deposit of your stock. Reference to such Plan and Deposit Agreement, copies of which have been mailed to stockholders, discloses that it is proposed, subject to the approval of the Interstate Commerce Commission, that a railroad corporation now existing, or to be organized, called the New Company, will lease the properties of Spokane, Portland & Seattle Railway Company, all of whose stock is owned in equal shares by your Companies, and thereafter will exchange its stock, share for share, for stock of Northern Pacific Railway Company and Great Northern Railway Company. As soon as feasible, the New Company will also acquire by lease the railroads and properties of each of your Companies. Holders of stock of Northern Pacific Railway Company and of Great Northern Railway Company may assent to the Plan and become parties to the Deposit Agreement by depositing their stock on or before April 15, 1927 with the respective Depositaries. Each stockholder is requested to execute and mail to the Secretary of the Committee the proxy enclosed with the Plan and Deposit Agreement. The stock deposited must be endorsed in blank or accompanied by proper instruments of assignment in blank, for transfer, and must be properly witnessed. Signatures should be guaranteed by a Bank or Trust Company having a New York correspondent or by a New York Stock Exchange firm. Certificates of Deposit, transferable on the books of the issuing Depositary, will be issued for all stock deposited under the Plan. Application will be made to list such Certificates on the New York Stock Exchange. All dividends collected on deposited stock will be paid to the holders of record of Certificates of Deposit representing such stock. Deposits of stock Will be without expense to depositors.

IValker D. Hines, Davis, Polk, War dwell, Gardiner & Reed, Counsel. J. P. MORGAN A CO.. 23 Wall Street, New York City Depositary Northern Pacific Railway Company Stock February 15, 1927.

Thrill in Sail-Skating

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Sail-skating has the approval of Mildred Sahulka, of New York, unless her smile is as deceiving as beguiling. It’s the latest thriller on I-ake Mlnaussett, Pocono Manor, Pa-, where .Mildred was one of the many fair entrants in recent winter sports competition.

in 1925. Du Pont was placed on an $S dividend basis in line with expectations, thus passing to its holders the amount reajized from the General Motors dividend declaration. Cotton prices rose sharply early Monday when British misinterpreted the effect the farm legislation bills would have on acreage. A message from the floor of the cotton exchange to the effect that acreage might be increased rather than decreased with the bills getting at the wrong end of the situation brought selling and a decline, which also was noted in the grain markets. In foreign exchange pesetas rose further and sterling gained slightly. Curb prices rose further, with oil leading.

In the Cotton Market

(By Thomson & McKinnon) NEW YORK. Feb. 15.—1 expect the re. action in cotton to continue for a day or two, although there is much more optimism in tlie English marlot. The inlying' Is not as general in its nature as I would like to sec. Twenty or thirty points lower ought to rectify the present faults in the market which, at their worst, arc only technical in their nature.

Peppermint Oil

(B.v Thomson ft McKinnon) NEW YORK. Frb. 15.—Peppermint oil— Natural, $4.10® 4.25; U. S. P.. $4.40® 4.65.

Stock in Western Maryland Offered Bn t utted Press WASHINGTON, Feb. I'..—The alien property custodian’s office has received an offer from New Y'ork bankers, believed to be acting for the Baltimore & Ohio Railroad, to purchase its 65,000 share holdings in the Western Maryland Railroad. Custodian Sutherland Is In New Y'ork and intends to consult the bankers. The stock was received from German holders during the war.

In the Sugar Market

(By Thomson & McKinnon) NEW YORK. Feb. 15—The refined sugar market has been described as demoralized. This adjective is out of pl*<-e. First hand raws are resisting selling pressure during the present season of heavies supplies and it wont take much of an increase in demand to wipe out whatever pessimism may exist in regard to the refined or any of the sugar markets. Prepare for a recovery in futures, purchases at current levels. I believe., will prove profitable.

Local Wagon Wheat

Local grain elevators are paying 81.25 (or No. 2 red wheat. Other grade* an purchased on their merit*

GEO. F. BAKER, Chairman ARTHUR CURTISS JAMES, Deputy Chairman J. P. MORGAN LOUIS W. HILL HOWARD ELLIOTT Committee Francis T. Ward, Secretary 23 Wall Street, New York FIRST NATIONAL BANK, X Wall Street, New York City Depositary Great Northern Railway Company Stock

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RAILROAD MERGER OF NORTHWESTERN LINES PROGRESSES 15,000-Mile Route Involved in Great Northern, Northern Pacific Plan. Bn United Press NEW Y'ORK. Feb. 15.—The merger of 15.000 miles of railroad in the Northwest into one great system moved a step nearer realiation today with announcement of unification plans of the Northern Pacific and Great Northern Railroads. Against opposition of receivers f< r the Chicago, Mllwdukee & St. Paul, the merger committee of the Northern companies advertised their plans in the newspapers today, preparatory to seeking approval of the Interstate Commerce Commission. Northern Committee The C.. M. & St. P., receivers were expected to oppose the merger before the commission on the ground that the troubles of other Northwest lines should be settled before any consolidations or rcorganiations aro permitted. The committee handling the unification of the Northern lines is'-herul by George 1. Baker, of the First National Bank, and consists of L I’. Morgan, Arthur Curtiss James, Louis YV. Hill, and Howard W. Elliott. Tho plan is briefly as follows: Anew railroad company would be formed, which would exchange its stock for that of the Northern Pacific & Great Northern, share for share. The new company would assume control of the 11.400-mlle system of the Chicago, Burlington & Quincy, owned jointly by the two Northern companies. The new company would operate the Great Northern, the Northern Pacific and the Spokane. Portland and Seattle Railway as one system. The latter road, capitalize 1 at $40,000,000. also is owned jointly by the two Northern companies. MAKES REQUEST Wheeling Petitions Ohio Utility Hotly to Issue Capital Stock. Bu United Press COLUMBUS. Ohio, Feb. 15.—The Wheeling & I.uko Erio Railroad asked the public utilities commission of Ohio today for permission to issue $22,227,600 in common capital stock. Through attorneys the railroad asked authority to Issue 222,276 shares of common stock at SIOO par value. All of the railroad’s prior lien and preferred stock would bo absorbed by the new stock Issue. The railroad set forth in its petition that it lias an authorized capital stock of $55,870,000, divided at present into 336,424 shares of common, 118,826 of prior lien and 103,450 of preferred stock. Should the commission grant permission anew Issue of 222,276 shares of common stock would replace the latter Issues. In a note attached to the request, tlie attorneys asked the commission to delay action upon the petition until a decision by the Interstate Commerce Commission on a similar petition was handed down.