Indianapolis Times, Indianapolis, Marion County, 25 November 1940 — Page 13
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MONDAY, NOV. 25, 1940
. BUSINESS
( Flour | That
Manufacturer ‘Humanizes’
Complicated Annual Report]
— ee By ROGER BUDROW MOST CORPORATIONS SEND OUT annual reports
to their stockho S.
But to a good many persons these
handsome booklets are nothing but page after page of cold
incomprehensible statistics. Many stockholders know little, ; if any, more about their company after leafing through the
+ report,
Another thing is the annual stockholders meeting. They are often held in out-of-the-way places but even if they were held in a big city it wouldn't be possible for all the
stockholders to attend.
Some huge corporations in this
county have several hundred thousand stockholders.
POWER & LIGHT REFUNDS STOCK
New Shares Sell for 1072; Exchange Offer Open Until Wednesday.
" Refunding of Indianapolis Power & Light Cos preferred stock got under way today with the offering of 140,591 shares of 5% per cent cumulative preferred stock, $100 par, at $107.50 per share. By exchanging this new stock for the present 6 and 62 per cent stock, it is estimated the company will save $163,331 in dividend requirements each year. The plan was first proposed last spring but was halted in May because financial markets were demoralized by Hitler’s invasion of the Low Countries. There are 115,777 shares of 6% per cent preferred and 24,814 shares’ of 6 per cent preferred, stock now | outstanding, The local utility is offering one share of the new 5% per cent preferred stock for one] share of the old preferred. In addition, it is offering $4.12%; in cash| for each 6’; per cent share and $4 for each 6 per cent share now held. The cash is equal to the excess of the redemption price of the old stock ($110), including accrued dividends, over the offering price of the new—§$107.50.
Expect Many to Exchange
The -exchange offer will be open until 2 p. m. Wednesday. Brokers here estimate that from 85 to 95 per cent of the present preferred stock will be exchanged for the new. The remaining shares will be sold to the public after the exchange offer closes. The price will depend on how well the exchange offer is received and the condition of the market at that time, according to investment authorities. : Upon completion of the rresent offering, outstanding capitalization of the company will consist of $32,000,000 first mortgage 34% bonds, due in 1970; | $5,400,000 of 2:9 notes, due 1941-1947; 140,591 shares of 5% % preferred stock and 714,835 shares of no par common stock.
Redeemable at $112
Léhman Brothers, Sachs & Co. and the First Boston Corp. head the underwriting group. Others among the 64 underwriters are Glore, Forgan & Co.; Stone & Webster and Blodget, Inc.; Blyth & Co., Inc.; Harirman Ripley & Co, Inc.; Lazard Freres & Co. Blair & Co., Inc., Hemphill, Noyes & Co.; A. G. Becker & Co. ,Inc.; Paul H. Davis & Co.; F. S. Mosoley & Co.; Indianapolis Bond and Share Corp.; City Securities| Corp.; Kiser, Cohn & Shumaker, Inc, and Gavin L. Payne & Co., Inc. . The new 5Y%7 preferred stock is redeemable in whole or in part at $112 per share, plus dividends accrued or in arrears to the redemption date. The present preferred stock is held by about 6000 investors, half of whom live in Indiana, according to company officials.
MAHONEY TO SPEAK * T0 TRANSPORT CLUB
| Claude A. Mahoney, Washington correspondent for the Wall Street Journal and former reporter on the Indianapolis Star, will be principal speaker at the Indianapolis Motor Transportation Club's second anpul dinner Dec. 5. Albert ‘Stump will be toastmaster. Fred Landon, iretiring club president, will be succeeded by Edward @. Lipp. Other new officers are W. ¢. Hellender, vice president; J. L. Gedig, secretary; Jack Kohl, treasurer, and Earl F., Throm, 'L. E. Herty and H. E. Tardy, directors,
THREE-YEAR BURLEY QUOTAS APPROVED
{ Wor WASHINGTON, Nov. 25 (U. P).|P
—The Africulture ‘Department announced plans today to restrict the marketing of hurley, dark fire-cured and dark air-cured tobacco for the next three years under quotas approved Saturday by growers. A virtually complete tabulation of votes from 15 states showed 76.4 per cent of the burley growers, 86.6 per cent of the fire-cured and 85.7 * per cent of the air-cured growers favoring quota restriction for 1941, 1942 and 1943.
FOREIGN EXCHANGE
YORK, Nov. 25 (U. P.).—Following
N are noon cable rates on major currencies: Cable Sates Net Chg. (pound) ......$4.0 ( ollar)
LOCAL PRODUCE
Heavy breed hens, 12c: Leghorn hens, "8c; éns, Tc; Barred and White Rock spring- . ers, 13¢; other colored heavy breed springers, 12¢; Leg sprin ers, 9c; old roosters, 6c Indiana na hg A Yerade 4 A and No.
utter — No. 1, athe: utterfat, |No. 1, untry pickup price Wadley € Co.).
a Darehack hens,
medium e8es, 2 eggs, 15c;
ell Vac: No. 2 30c: No. 3/ quot;
small
ze
AMERICAN TRUSS i
oh S AVE |
ELASTIC HOSIERY
3 htweight, sheer weaves, riably fitted. USSES
Made to order or repaired. PRICES RFASONABLE
Goldman,
horn springers, 1lc; bareback Grade a gage egos; is Indine grade,
Br “the
The big flour manufacturing company, General Mills, Inc., has gone a long way toward cutting these two Gordian knots. Last year, in-/ stead of holding
one annual meeting over in Wilmington, Del, the company held seven of them in big cities through the country. Between 300 and : 400 stockholders went to each of Roger Budrow {hese meetings. This year the compatiy’ ‘is “humanizing” the annulal report itself. It made moving | pictures, using cartoons and simple explanations to describe technical financial terms. The $125,000,000 in sales is shown in terms of housewives buying flour, breakfast foods and some of their products. That bugaboo—*cost of sales”’—is shown to be farmers harvesting wheat, taking it to market and millers feeding the grain into the mills.
company takes in. These little fig{ures take the “cartwheels” to Uncle Sam for taxes, to “old man depre|ciation” and other cost factors, and, lat the end, to a small pile marked ‘profits, y
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LEAD POISONING will be a growing industrial hazard, according to the magazine Factory, because many defense concerns will be plunging into new (to them) metal-working tasks. Briggs Manufacturing Co., Detroit auto bcdy firm, hasn’t had a case of lead poisoning in more than three years, the magazine says. Workers are required to wear respirators, wash well before leaving any department where dust was a hazard, have monthly blood tests. Grinding is confined to specially-ventilated booths and vacuum cleaners are used constantly to remove dust as soon as possible,
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LARD PRICES may advance sharply in late winter and next spring, the Agriculture Department reports. And plentiful supplies of truck crops for the late fall and winter markets are likely to result in less-than-normal seasonal rise in prices despite an improvement in consumer purchasing power, the de-|€ partment says.
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ODDS AND ENDS: Fifty-one new! Indiana corporations and 10 out-of-state corporations were granted charters in October and 22 Indiana! corporations and five out-of-state ones quit business. London newspapers are charging that Portugal is shipping gold to U. S. and replacing its holdings with gold confiscated by Germany from defeated European nations. . American Telephone & Telegraph is expected to sell more than 100 million dollars of bonds to a group of insurance companies. . . . The Canadian Government will take delivery on all of the 1940 wheat crop. . . . Railroad repair shops in Indiana had the greatest percentage increase in employment during October (22 per|A cent over September) compared to other types of business, according to the State Employment’ Service.
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NEW YORK, Nov. 25 (U. P.).— LD & Bradstreet’s daily weighted | I price index of 30 basic commodities, compiled for United Press (1930-32 average equals 100); : |
Saturday .....c.cece0ve0e0000.123.74] Week AZO .ecossosssns esses 123.09 Month AZO ....vssecesresess.120.29 Year ABO .......cvcasessness 117.62 1940 High (Nov. 23) ..eceses.123.74 1940 Low (Aug. 19) ....c.00...112.42
U. S. STATEMENT
WASHINGTON, Nov. 2&¢ (U. P.).-——Gov-ernment expenses and receipts for the current fiscal year through Nov. 22, compared with a year ago: This Year Last Year $3,80%,317,945.94 $3,693,182,882.49
Expenses .. Ri 2,105,164,964.95
17.245.372.874.89
Customs .. 121,424,007.10 141,239,425.29
Disney-like figures é&xplain just Po iwhat happens to the dollars the
DAILY PRICE INDEX|
THE INDIANAPOLIS TIMES Indiana's Electricity Output Rises
~~
Q
80
1932 1933
1934
Electricity production in Indiana, Illinois, Ohio and Michigan during cent over September, according to estimates of Indiana University’s business is greater than the usual one at this time of year and is about 7 per cent a
1935 1936 1937
1939 1940
tober advanced about 9 per tch bureau, The gain e that in October last year.
1938
PROFIT-TAKING LOWERS STOCKS
Most Early Gains Erased; Steel Operating Rate Unchanged.
‘NEW YORK, Nov. 25 (U. P.).— Stocks ran into profit-taking today and gave up most of an early advance of fractions to more than 2 ints. Steel shares, early leaders, met bulk of the realizing soon after it was announced that steel operations for this week would hold unchanged from last week at 96.6 per cent of capacity. Some traders evidently were disappointed when the rate failed to increase. ‘Bethlehem gave up all but about 3% point of an earlier 2% point gain to 88, and U. S. Steel lost all but
point rise. vance and General Motors replaced
However, Allied Chemical, American an, chines, Loew’s and Warner Bros. Preferred held gains of 1 to 3 points. Warner Bros. common was active on a small gain, reflecting a good earnings report. "Building shares, oils, rails and electrical equipments recorded small losses. ‘With business news largely favorable, it was apparent that profittaking was based on the list’s inability to attract follow- through support earlier,
EARLY DEMAND FOR
about one-third of an early 1%|S
Chrysler gave up a 1% point ad-|g
International Business Ma-|S
utilities, |
Net Last Change
7% 168 = a a ..e0 60%, 87% 40 -
Ts os Corp « bY%
of.. Cent Ill Lt >. .114
Certain-td of 37% hes & Ol io «41%
a small gain with a moderate loss.| SO
Cig pr “nt 90a Cibvernms 2 a
Curtiss Wr ...
Deere & Co 21% Dixie Vortex ‘A 36 Douglas Airc .. 82 82 on 156% 15634 Du Pont pf ...128%. 128% —— East alr] Lines. 34%
adn
21% 36 82 156% 128% 34% i 5, . 32% 1s 30%
WHEAT SHORT-LIVED z
«CHICAGO, Nov, 25 (U, P.). — Initial demand in wheat futures was short-lived on the Board of Trade today as the market came under the influence of declining corn prices afd dipped about a cent from early highs. eat the end of an hour, wheat was off % to 3% cent from the previous clpse, December, 877% cents. Corn was 1 to 1% cents lower, oats off| 1, cent and rye 3% to 2 cent-down. Sey beans were off 1% %o 2% cents. -Commission house offerings in the wheat pit were followed by a modte wave of local selling which carried prices downward. Minne- | apolis wheat followed the decline at Chicago and lost about 5% cent net in the first hour but Kansas City was more resistant and lost only around 1 cent. Winnipeg futures! dropped as much as % cent a bushel,
ON WHEAT Indianapolis gr elevators are payin for No. 1 wheat, 8 subject to marke
change: other grades on their merits. Cash corn: New No. 4 new vel shelled corn, 55¢; new No. 4 white shel corn, 58c; No. 2 white oats. 33c. =
LOCAL ISSUES.
The following quotations v the 103i apolis Bond & Share Corp. do not re sent actual price of offerings. indicate the approximate et lev based on buying and selling Quotations of recent transactions. Stocks Bid Ask
ol m ey
Central Ind Pow i" Hook Drug Inc co Home T&T Ft Wayne 19% pid. $6, pfd . id
6% pid
N Ind Pub Serv 5%% N Ind Pub Serv 6% i N d Serv 1% pid Progress Laundry com . . Pub Serv Co of Ind 6% ‘oid. ve Pub Serv Co of Ind 7% pfd... 93
Van Camp Milk com Bonds
American Loan 5s 51 American Loan 5s 46 yes Citizens Ind Tel 4Yss 61 1 Crabbs-Reynolds-Taylor 55 42.. Home T&T Ft Wayne 5'28 ... Home T&T Ft Wayne 6s 43. Ini Assoc Ie, Co 31.8 10 Indpls ‘P&L 3%s 170 . ndpls Railway Inc 5s 67 ndpls Water ge 3%s 66 .... nterstate T&T 5's 53 Kokomo Water Works 5s 32. Kuhner Packing Co 42s 59. Morris 5&10 Stores 5s 50 Muncie Water Works 5s 65..
INDIANAPOLIS CLEARING HOUSE gs $3 Bg oe
Debits
British Steel
CLEVELAND, Nov, 25 (U. P— The severe bombing of British industrial centers is expected to increase British purchases of steel in the United States, the magazine Steel said today. The authority stated that at the present Britain is reported actively negotiating for between 300,000 and 400,000 tons of iron and steel. Shipments to Canada, it added, are estimated at 100,000. tons per month, with South America counted on for purchase of 100,000 tons monthly over the near future. “Steel experts for 1940 to date,” the magazine said, “are estimated to have closely approached, or exceeded, the 6,300,000 tons in all of 1917.” The magazine said that many steel men expect the beginning of the second quarter next year to be the “zero hour” of a tense situation. At that time, it continued, stocks of pig iron, ingots and semifinished, steel may have been ex{hausted and consumption supplied
: ey by current production.
“Some of the anticipated bottlenecks have failed to. materialize,” Steel declared, “and the industry is fairly well balanced from the standpoint. of sinplies, character of de‘mand and dates of delivery.”
Richmond Water Trac Term Corp 5s §
Bombing Expected to Boost
Buying in U.
The publication reported steel production up one point last week to, the highest level since May, 1929 at 97 per cent of capacity. Steel said that consumers have become more reconciled to late deliveries and are showing more willingness to submit to rationing and other measures to promote the greatest] good for the largest number. De for railroad steel has been r slow in comparison with steel items; the magazine stated, although this season is usually the main rail buying season of the year. The magazine's steel scrap, iron and steel, and finished steel composites all held unchanged last week at $20.71, $38.07 and $56.60 respec-
Fed L&T pf Flintkote Francisco Sug..
Gen Am Tr .... | Gen Electric ... Gen Foods
Goodyear Grahams Paige . North of...
at Wet su . Greyhd 5% pf..
Homestake Houston Oil ...
Int Ag pr P- . Int Hyd El A.. Int Micke: ain Int Pah Df... Int Silver
Johns-Man ....
JOBLESS INSURANGE PAYMENTS DECLINE
Unemployment insurance payments in Indiana during October were the lowest this year, reflect-
ployment Compensation Division announced today. A
apolis area. August payments were $1,050,529 ($124,507 in Indianapolis) and September payments were $586,455 ($89,142 in Indianapolis). Average number of claims paid per week in the state was 11,780 in October, 14,340 in September and 22,850 in August. In Indianapolis the average was 1765 in October,
August.
Postal Telegraph
106, Workers Insured
Postal Telegraph Co. announced
2|today a new group life insurance
plan for employees which provides a $1000 policy to each regular worker earning $30 or more a week and a $500 policy to those earning less. In case of total or permanent disability, employees in the $30 a week class would Yeceive $26.25 a month for 40 months. would be entitled to $25.52 a month for 20 months. Premiums of 60 cents a month are to be paid by employees in the higher income bracket and 30 cents monthly by
those in the lower bracket.
08 . Architects Hear itd” Greene Tonight
E. E. Greene, architectural counsel of Curtis Co., Clinton, Iowa, is to speak at the Indianapolis chapter meeting of the Indiana Society of Architects at the Spink Arms Hotel tonight. A business meeting will follow the dinner meeting.
Cadman to Address ‘State C. of C.
Paul F. Cadman, American Bankers Association economist, will be principal speaker at the State Chamber of Commerce annual meeting at the Indianapolis Athletic Club Dec. 6. A business session will follow the luncheon.
FOOD PRICES
CHICAGO, Nov. 25 Michigan Jonathans, eo ery—Michig; an, Squares 5@175¢. To Zalifornis, 3.25. SpinachTilinois, bu., sheaf I Sai howes Rac York, crates, $1.40. rots—California, crates, 3378603 20, .50. Lettuce Caliioraia, Sai crates, $3 $1.30@1 0. Onions (50-1b. s: acks) pM —Minnesota Yellows, 62%c; Indians Yellows, 0c;
‘$1. 1013 Ben: Calc
tively.
Colorado Sweet Spanish, $
Oldest Loan Brokers ‘in the ERtate
LOANS
The CHICAG
146 EAST WASHINGTON ST.___
on on Everything!
Diamonds, Watches, Watches, _ Autes, Cameras, Clothing, Shotguns, Ete.
JEWELRY CO. Ine.
N. Y. STOCKS
By UNITED PRESS
| Month Ago ... s Year Ago -
Al Month AZO ......ceoeeensin.. 28.46
a | Month Age ...
tv, Renneco tt
Pen R Phelps moore,
, | Roan Antel .
ing job increases, the State Unem- | gn ©
total of $502,176 was paid of Un /| which $74,284 was in the Indian-
2195 in September and 2930 in|
Those earning less|
DOW-JONES STOCK AVERAGES 30 INDUSTRIALS
Saturday ......c0c0000000000 131.47 Week Ago 134.74 131.77
—0.27 +0.01 —0.49 —0.05
Setter entatsNs ne. Bisse vo. 148.59 High, 1940, 152.80; Low, 111.84. High, 1939 155.92: Low, 121.44. 20 RAILROADS
eer 29.38
Saturday ...
Week ALO ...ecieececessiore 20.49
Year Ago Ceertsvniee 32.86 High, 1940, 32.67; Low, 22.14. High, 1939, 35.90; Low, 2414. 15 UTILITIES SANPABY ...eivieeriinninanen Week Ago
20.42 eissscersssssnceses 2L15 . 22.33
tees tsssesnaes
Year Ago High, 1940 2,6.45; Low, 18.03. High, 1939, 27.10; Low, 20.71.
Net High Low Change —r
Kelsey-Hayes A 15% sees - . a
167% -35%2 sone 29 esse
Kroger G & B. Hi Leh ]RRBR.. 2%
Lion oi Ref.. 12% 12% Sockha Aircraft 31 31 Loew 29 29
“see seve esce seve see sce sees cece sesso seen seen
Biscuit. . Cash Reg.
Na t Dair: Nas Distillers. Nat Ph
Nat Nat
Phila
5% 5%
St Jos Lead . Schenley Dist. . mons
Sunshine. "Min.
Texas Corp .... Thomp Star ... Tide A Oil. . Transamerica .. Tri-Cont
Union Carb ... Un Pacific .... Un Aircraft ... arbon .... United Corp ... Pnited Druk “ei (Un E Xr...
US Tob ........ 3 Un Stores A... 1%
Vanadium 35Ys 35Y% Va IC&C nf ... 12 12 —We Warner Bros .. 3% Warner Br pf . 4 Oil & 8S . 20% $ nf 10115
S330 ss Woe
Worthington ...
| them itself?
?|be reduced below present levels in 4 OL qu
? | now south of the border. " Discussions are in progress in
4| partly British and partly American.
| facturers have of arguing with
, | creased numbers in instances 50 cents ab:
WAR WORK IN CANADA AIDING EMPLOYMENT
Arms Makers Standardize Parts With American Models.
By JOHN W. LOVE Times Special Writer TORONTO, Ontario, Nov. 25.—To pick up hunches on what will happen in the United States as armament work increases, come to Ontario, where the industrial pressure has been growing for 14 months, Nearly all but the unemployable are now at work, shortages of skilled labor are increasing, buying power is boosting department store sales, the Christmas trade has opened earlier than usual and the automobile‘ business in the manufacturing cities is good despite the higher taxes. In Windsor the shortage of used care is so acute that dealers are using classified advertising to buy them from owners. A newspaper reported that automobile . display advertising had not diminished. Even the highest-priced cars are still advertised, - although the tax and tariff on a high-priced car assembled in Michigan practically is double its wholesale cost. In London, Ontario, that urbane provincial seat of military, academic and ecclesiastical tradition, all the available factory trained workers are now employed and nobody seems to know where men will be found for the aircraft plant built for the Fleet and Briggs Body companies. The Dominion Government is spending several millions on the new factory.
Discuss Future of New Plants
The future of the Governmentfinanced factories and factory additions is scarcely being discussed, but it begins to worry a few Ontario people. What will be done with the new facilities after the war? These modern plants will be better than the old, their machinery will all be of the finest. Will the Government throw them on the market for the highest bidder, or will it think of trying to operate c
The only way all this plant ca-
| pacity could be utilized would be|q
in making peacetime goods, and the prices of these goods would have to
r to move them in such great tities. Argue With British
Canada is building more new mills
in the region between Three
“5% Rivers on the east and Windsor on | Choi
dustrialized parts of Ohio and Pennsylvania, has been called “the arsenal of the empire,” although Canadians begin to admit that the real arsenal of the British Empire is
Ottawa and Washington looking toward the standardization of Canadian and American models of, arms and other material. Standards of Canadian armament have been
The tendency in the Dominion 1s again toward the American models, as in the last war. Canadian industrialists are showing the same trait American manu-
Britjsh - representatives over questions of design. They assert that many items in British specifications : could be changed, with resulting «| speed and economy in production.
OTHER LIVESTOCK
CINCINNATI, Nov. 26 (U. P.).—Hogs— Salable, 4000; total, 4000; weights from 160 lbs. up. 10 cents lower than Friday and steady with Saturday: 15 cents ower than F stead top 200-250 oe. lbs., $6: 100-140 lbs., [email protected]: Most packing sows, [email protected]; 0g. mainly 0d
CCattle—Salable, 1100; total, 1150; calves, salable, 400; active, stronger clearance on all grain fed steers and heifers, some sales 25 cents above week-end, grassers in de-
rain fed steers and heifers around, oo 00 1bs.. 9.50; good Dee} COWS, $9 sausage bulls, $5. vealers ese good and choice, Senn. 50, SLTICUY a scarce and mn demand at $12. 500; faitly active,
Sheep—=Salabl genPte tih 1 last week's close,
Srally steady ood oice trucked-in Hearby lambs, $9.25 @9.50; grain feds, 7 -85 1bs., common and medium grades,
TGs. .75; mixed lots, $9; culls down to 8h lightweights below
Young Sheet .. 41%
2
Colombia Sets Up
than ever before. Most of them are| Goo
the west. This area, so like the in-| G
Coffee Control
BOGOTA, Colombia, Nov. 25 (U. P.).—The Government has reorganized the coffee industry with a system of price controls and export licenses. A decree created an official organization to be called the National Coffee Fund, which will operate with revenues obtained from two new taxes placed on the coffee industry. It provides also for fixing prices at ports of embarkation and empowers the Government to conclude a contract with the Federation of Coffee Growers for domestic coffee bean markets. Coffee exports herealtel will be subjected to a system of licensing. The Bank of the Republic will facilitate the export trade with bills of exchange. Another decree authorized a loan to underwrite the operations. Another imposed a five-peso tax on each sack of coffee.
PRICES ON HOGS FALL 10 CENTS
Top Quoted Here Is $6.20; Vealers Half-Dollar Lower.
Most hogs sold 10 cents lower at Indianapolis today, the Agricultural Marketing Service reported. The decline was made on weights over 160 pounds which pulled the top price paid down to $6.20 on 210 to 230-pounders. Vealers were weak to 50 cents lower with a top at $11. The Marketing Service reported
7
calves, 18,000 hogs and 3834 sheep.
Rov. Top Repts.|Nov.
. 3 013 16.900 3 hen 11,960 ee 6.25 12,500 . 6.30 5300 20 ees 6.15 11,700 5 6.20" 18,000
Barrows and Gilts vackin Sow 120- 140. 3 4.90- 330 270- 300. . : Be $3 160 .50- 300- 350.. 65-
5.65: : i 14 5.60
1 5.50- 5.65 5.40- 5.60
Top Repts,
5- 250- 4.75- 5.6 . 5.90 r Pigs - 4.50- 5.00 160- 200. 5.60- 5.90]
Siaughier Cattle & Vealers (Receipts, 1535)
ulls i “son. 32. 25- 3 sgl Years. exclude £00- 2.50-14.00'Goo ..8 & 2 - 1. 1100- 1108 3 75- 1 good a: » 50- 7. 1200-1500, 12.75-14. 25/ Medium. a 83 )- 6. an
IC 0. 10.25- 1Z 2) Aas 5.00- 5.50] & 0.25- alers
10: 25- 1 78 10.25-12.75 Good am . Common an 1.75-10.25 - 1300. i300 7.75-10.50 cull 5 2 - 39 750-1100. _6.25- 7.75) Feeder. stocker Steers, Heifers (Receipts, 534) ice
Choice— Cho 500- 750. 11.00-12.50 0.50-10.25 9.50-10.25
500- 300. . 9.50-11.00 ers
Soan—
1300- 1500. Medium oe 1100
9.00-11.00| &
800-1050. . 500- 800.. 800-1050. . i 9.50-11.00] 300-1000. 7.50-10.00 G
6.00- 7.50 30- 1.50
500- 750. Heif ce— 750- 950 11.00-12.00} 00d=— 750~ 900. Medium— 500- 900 Common — 500- 900
7.50- 8.50 6.00- 7.
8.00- 9.25
Calves (heifers) Good—
Canner..
Medium-— 500 down 17.50- 8.75/!
SHEEP AND LAMBS (Receipt, 3834) ood and Soles Sioaum and good Common ,. Yearling Wethers
Sood = and choice
6.50- 8.00
7.75- 8.25 7.00- 7.75
Ewes {vasisa)
Good and choice Common and medium
6.50- 8.25 3.00- 4.00
HEALTH DAY PROCLAIMED WASHINGTON, Nov. 25 (U, P).
1535 salable cattle were received, 534
9 538-0 320-1b.
8.50- 9.50]! 8.50 9.50 5
500 down 7.00- 8.25 32
$4.60. $4; calves, $11. 50; lambs, $9.2 0
—President Roosevelt today proclaimed Dec. 2 as Pan-American | Health Day. The date was selected, Mr. Roosevelt said, as the ‘“‘anni- | versary of the opening date of the first Pan-American sanitary con- |
ference in 1902. |
CONSTRUCTION EXCEEDS 1929 PAGE IN NATION
Magazine Predicts Gain of 80 Per Cent Over Last Year's Total.
NEW YORK, Nov. 25 (U. P).— Industrial building, spurred by de fense demands, already has reached 1929 levels and it is becoming ap-
parent that 1940 volume will exceed last year’s by at least 80 per cent, the magazine Architectural Forum asserted today. The magazine also predicted that industry’s 1941 construction bill will total $650,000,000, slightly higher than the 1926-29 average and again about 80 per cent ahead of 1940. “However, remembering. well the disastrous over-expansion of industrial production facilities which World War one provoked, the United States is proceeding more cautiously today,” the magazine observed. “An upturn in factory construc tion normally follows close on the heels of improved consumers goods business,” it added. “Last year, the consumers goods business peaked and flopped before industrial construction had time to get started. and expenditures for new factories totaled up to an unimpressive $200,~ 000,000. “This year, national defense has turned the tables.” With $220,000,000 already lent by the Reconstruction Finance Corp. for defense expansion, the building industry may be expected to benefit by a large part of the estimated $13,000,000,000 current cost of defense, the magazine declared, With world conditions unchanged from the present, it is “not unlikely” the periodical concluded, that the United States will spend $10.000,000,000 annually for defense dur« ing the 1940s. “If so, industrial building will have to hold its hat.”
CHICAGO LIVESTOCK
Hogs—Recelpts, 25, 000; | 10 coats lower; alive $6.25 free. b butchers, Ks.
generally 5 to all at decline; “foo ood And hoic [email protected] 10
lbs., generally, 0; Sas 2 300-400 3 pe te SH @5.90; most 400-550-nds, ttle — Receipts, 15,000; calves, 2000: one steers and yearlings firm, scarce, all other grades sieady on early round: slow, however, with bulk steer crop com-
$14.85; d
. 16@ 12.50; Srades getii ne dependable action on both stocker and killer accounts; stockere Selling ny fed heifers strong to 25 mixed offerings reaching $15. 5: 94 “Ib, * helters. $12.50; common and medium heifers in moderate Hy ing last week’s glut; slow ters steady; bulls vealers steady, he i050 ty salisage bulls 7 e Syus to 6000; fat lambs slow, ay Pa booant En asking prices, geal tered early ‘sales’ natives steady; scarce, strong; few Rood to choice BL bs, $9.50 to pac ers; choice natives 3nd fe igher: best lambweight yearlings, average 177-88 ahs few native slaughter ewes, [email protected]
OTHER LIVESTOCK
WAYNE., Ind, Nov. 26 (U, P,) lower;
down,
* 1b 35. 65; 150- 160 Ths. 8 60; $5 35; 130-140 lbs., $5.10; is os 100-120 1bs., Lo at Sa $> 25." st ags,
Speedy Shipping
Have you a package heavy featherweight? We'll call at on door and deliver itto any address at no extra charge in all cities and principal towns. For superspeed use 3-mile-a-minute Air Express, Special pick-up and Special delivery. Just phone.
RAILWAY@EXPRESS
NATION-WIDE RAIL-AIR SERVICE
INSURANCE RENTALS
Slaughter ewes common and medium,
REAL ESTATE JOHN R. WELCH & SONS
ESTABLISHED 1888
23 WEST OHIO STREET
For Service See—
Lawrence J. Welch Leo F. Welch Leo F. Welch Jr. Frank P. Rogers
——yy
Lehman Brothers Glore, Forgan &¢
Nevember 3g, 1940
Harriman Ripley &¢ Co. Incovernted : Hemphill, Noyes &¢ Co. F S. Moseley €2 Co. City Securities Corporation Kiser, Cohn €# Shumaker, Inc. GavinL. Payneés Company, Ine.
140,591 5% Cumulative
Shares Preferred Stock |
($100 par value)
Price $107.50 per Share
Goldman, Sachs € Co Stone €&¢ Webster and Blodget
Co.
Incorporated
Lazard
A. G. Becker € Co.
Freres £9 Co.
This advertisement appears as a matter of record only and is under no circumstances to be construed as an offering of these securities for sale, or as a solicitation of an offer to buy any of such securities. The offering is made only by the Prospectus.
Indianapolis Power € Light Company
The Prospectus offers these shares subject to the prior right of holders of the outstanding 6% and 6%% Cumulative Preferred Stocks of the Company to exchange their shares under the Company's exchange offer which is summarized tu the Proigestus,
Copies of the Prospectus may be obtained from such of the several underwriters, including the undersigned, as are registered dealers in securities in this State.
The First Boston Corporation Blyth £2 Co., Inc,
Blair €¢ Co., Inc.
Paul H. Davis & Co.
Indissavelis Bond and Share Corporation
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