Indianapolis Times, Indianapolis, Marion County, 3 August 1938 — Page 5

SDAY. AUC

SEC AWAITING - POWER & LIGHT SECURITIES BIDS

Approval of Refinancing to Determine Action on Exemption Plea.

1175000 HALF-PRIGE [I . FAIR TICKETS $0 |

Many Bought in Big Blocks; ‘1937 Mark Beaten.

The entire supply of 175,000 halfprice tickets for the State Fair, Sept. 3 to. 9, costing 25 cents each, has been. sold, - according to Lieut. Gov. Henry PF. Schricker, State Agriculture Commissioner. The sale exceeds last year’s record of 150,000 half-price tickets, disposed of 20 days before the Fair

opened. ; Many of the tickets have been sold | in large blocks to farm groups and department and.drug stores, who are reselling them to members and customers as a courtesy service.

RE-ELECT WINE JUDGE HEAD LAFAYETTE, Aug. 3.—Arthur Tomson, Wabash, y had been re-elected president of the Indiana Association of Expert Wine Judges. He was named at the closing of the 50h nual meeting and judging schoo,

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WASHINGTON, Aug. 3.—Securities and Exchange Commission officials today awaited price offers on the proposed $37,500,000 refinancing of | the * Indianapolis Power & Light Co. before taking final action on the company’s petition for exemption under Section 6B of the Federal Securities Act. The plan already has been ape proved by the Indiana Public Service - Commission, which is one of the requirements for exemption. SEC, however, may or may not require certain modifications in the setup| before granting exemption. Such exemption would save the company from further filings with SEC. Company directors met in New York today to learn the best offer obtainable for the new securities, which are being handled-by Lehman Brothers, representing a group of underwriters, it was explained.

Times Photo. Mr. and Mrs. Louis Henry, 410 N. State Ave. and Nurse Hortense Wilson holding Ann Grayson Egbert and Sue Pendleton Egbert, daughters of Mr. and Mrs. Herbert Egbert, 425 W. 39th St. The two boys of Mr. and ‘Mrs. Stanley DeLong, Speedway City, are in an incubator.. They were unusual in that they

For the second time in the history of Methodist Hospital, the nursery there has three sets of twins registered. The nurses had almost ceased to believe The proposed securities issue will | in twins since there had been none there since May include $32,000,000 of First Mortgage | 22. There are three girls and three boys. Left to Bonds and $5,500,000 in serial notes.| right are Nurse Mary Bernice Ellis holding Mary

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SEC Studies Write-up

At the public hearing on the proposal, conducted by SEC yesterday, the so-called “$12,000,000 write-up” made through the merger by which the company was formed in 1927 and ‘the estimated cost of $326, 890 for present refinancing was studied.

Particular stress was placed on legal fees estimated at $77,243. These included estimates of $38,050 for Thompson, Rabb & Stevenson, Indianapolis, and $10,500 for Clyde Jones. The latter, former Democratic member of the Indiana Public Service Commission, handled the case before their body, ¥ was explained by company representatives. A. L. Jackson, New York City attorney and company direNor, was listed for $37,000 in estimated legal fees. This included aid in a refinancing plan launched, but uncompleted in 1937, it was explained. Explamation of the legal fees was made by C. F. Springer, company attorney from Chicago. His firm’s estimated charges were $15,000.

Commission Asks Fees

The largest single item in the refinancing estimate was $93,755 for the Indiana Public Service Commission services. SEC costs were listed at $3821. Continental Illinois National Bank

& Trust Co. Chicago, was named trustee for the bonds and the Bankers Trust Co. Chicago, the notes. Trustee fees were estimated at $32,250. Other items of expense included printing and reporting and a miscellaneous charge of $20,000. Robert P. Reeder, SEC examiner, heard the case and Dan Reaugh, SEC attorney, conducted the questioning for the Commission. Principal witness for the company was Fred Spitznagle, an accountant for Central Service Co., Chicago, which performs certain services for the

Indianapalis' company and other |

subsidiaries of Utilities Power & Light Co. The latter is the holding company for the Harley L. Clarke group. Payments Are Limited Mr. Spitznagle testified that no additional charge, other than the regular monthly payments, were being made by Central Service Co.

for its part in connection with the |

proposed refinancing. He explained that the new securities will effect a saving through lower interest rates by redeeming issues now outstanding. Total assets of the Indianapolis Power & Light Co. were listed by him at $72,735,739. They included the electric system, on which the Indiana Commission established a $50,000,000 value for rate making June 1, 1937; steam heating plant and distribution system; real estate, and Radio Station WFBM. Gross operating revenues of the company were listed as follows: 1933, $8,732,423; 1934, $8,865,313; 1935, $9,689,904; 1936, $10, vis, 544; 1937, $11,478,943. During the five months of this year, through May 31, the gross operating revenue was $4,754,810. as

- compared with $4,965,141 for the |.

same period in 1937.

TOMATO FIELDMEN,

-SALESMEN TO MEET

Times Special TRAFALGAR, Aug. 3.—Approximately 200 Indiana tomato fleldmen and fertilizer salesmen arrived here today for a three-day meeting. Problems common to both branches

,of agriculture will be giscussed at

the meeting, which is to be attended by Purdue University specialists. F. C. Gaylord of Purdue was to. speak on “The Fieldman and Fertilizer Salesman in the Improvement of the Tomato Industry.” Soil fertility problems are to be discussed tomorrow.

HIGH CUBAN OFFICIAL RESIGNS FROM POST

HAVANA, Cuba, Aug. 3 (U. P.)— Antonio Martinez Fraga, brother of the Cuban Ambassador to Washington, resigned today as president of the Chamber of Representatievs, He held the post for a year.

Katherine and Patrick Joseph Henry, children of

weighed and measured exactly the same.

LUDLOW PUSHES

Insists Justice Department Make Recommendations For Congress Action.

WASHINGTON, Aug. 3 (U. P.)— Rep. Louis Ludlow (D. Ind.) proposed a “compromise” antilynching bill today and insisted that Attorney General Homer S. Cummings conduct. studies with a view toward offering to Congress definite recommendations for antilynching legislation. Rep. Ludlow renewed his request

for a Justice Department study of possible antilynching legislation in

that responsibility for such legislation “is primarily and unmistakably upon Congress.” “The subject of lynching,” Mr. Cummings wrote to Mr. Ludlow, “has been so long under consideration by Congress . . . it would be presumptuous on my part to volunteer advice as to what course Congress should pursue.” Disregarding Mr. Cummings’ stand, Rep. Ludlow reiterated his

investigation of lynching because “the subject of lynching is one which sooner or later must be dealt with federally.” Mr. Ludlow submitted a proposed antilynching bill which, he said, might be used as the basis for Justice Department recommendations. Under the Ludlow suggestion, the Justice Department would investigate all Ilynchings to determine whether a Federal statute had been violated. Another section would make it a Federal offense for any person to use interstate communications to participate in or invite others to participate in a lynching. Violations could be punished by prison sentences of not less than five years.

INDIANA FARMERS TO HAVE FIELD DAY

Times Special LAFAYETTE, Aug. 3.—Southwestern Indiana growers of melons, sweet potatdes and other sandy-soil crops will attend a field day at the Southwestern Indiana horticultural experiment farm near Johnson, in Gibson Ceunty, Aug. 11. Tours of the farm will be in charge of Dr. John Hartman, with F. C. Gaylord, assistant chief of

horticulture, helping in a discussion off the farm program. Topics to be discussed include water melon and sweet potato tests, soil acidity and fertilizer tests with muskmelons and use and frequency of cover crops.

TRAIN KILLS HOOSIER

PETERSBURG, Aug. 3 (U. P.).— Funeral services were being completed today for William Nelson, 39, who was killed by a westbound

low yesterday.

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Shake’s Descendants, 24 Days To 78 Years Old, Set Reunion

When Adam R. Shake, Kentuckian, moved to an 80-acre farm in Morgan County, 100 years ago, he started a chain of events that will wind up in a picnic at Christian Park Sunday. - Picknickers will be 50 of Adam Shake’s descendants, age 24 days to 78 years, and scattered from Gary to Baltimore. The party will be the

- Four generations will be represented, from Mrs. Sarah Shake, 78, of 1105 N. Rural St., Adam Shake’s daughter-in-law, to Gail Dean Sherrill, infant daughter of Mr. and Mrs. Robert Sherrill of Logansport. Gail Dean was born July 14, and is a great-great-granddaughter of the pioneer settlei. Her mother says she’s going to attend, despite her tender age. She isn’t on the official program of music and readings which members of the clan will present, but is expected to “steal the show” anyway. Mr. and Mrs. Chester Shake of Mars Hill are in charge of the program.

tucky in 1821 and moved to Indiana when a young man. He was a farmer all his life. Judge Curtis G. Shake of the U.S. Circuit Court of Appeals in Chicago, a native Hoosier, is distantly related to the branch of the family that will have the reunion. Judge Shake would get an invitation to join the fun, but he isn’t in town.

MRS. DEHAVEN BENEFICIARY The estate of H. Walker DeHaven, Indianapolis insurance broker, who was injured fatally last week in Canada, was left to his widow, Mrs.

of the will on file in Probate Court

executor.

10th annual Shake family reunion. ¢

Adam Shake was born in Ken- |

Mabel A. DeHaven, under provisions |

today. Mrs. DeHaven was named

DIES AS TRAIN HITS SPEEDER SHELBYVILLE, Aug. 3 (U. P).— A heavy fog which covered this vicinity last night was blamed .today for the death of H. B. Sterrett, 55, Big Four Railroad employee, who was killed on a motor speeder that was. struck by an eastbound train which was three hours late due to the fog.

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