The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-12-27
Business
and
Finance

Finance
BIZ Unitcd Press
CHICAGO, Dec. 27.-Notices have
been mailed to stockholders of the
Standard Gas and Electric Com
pany and the Standard Power and
Light Corporation of special meet
ing in Dover, Del, Jan. 7, to ap-
prove changes in the corporate
structures of the companies which
will unite them in a more COM
pact system and provide favorable
basis for further expansion"
silon, O.. is pushing plans for increased
productive facilities for Endure stainless
steel and present capacity output VIII be
nounced by F. J. GrifithS chairman.
Demand for the material is growing rap
idly and the company IS fourteen weeks
ton OF demand has resulted chiefly from
the adoption Of stainless for trim and
bright parts OF new S,d mo ooriSa n{ NUMBER
Commodity prices, on the average
after declining to the lowest levels since
August, 1927, have recently shown a
steadier tendency. Irving Fishers
weekly price index for the week ending
Dee. Is was 92.6, the same as month
ago. This compares with the 1929
high Of 99.2 at the end of July. "A year
ago the index was 96.8. Despite the
recent halt In the downward trend.
no conspicuous recovery is in immedi-
ate prospect. It Is probable that fur
Their saEging will be in evidence before
any real strength develops.
Ru Times Special
CHICAGO, Dec. 27.-Chili has placed a
large order for films with De Vry School
Films, Inc, subsidiary of Q. r. SIDE Vry
Corporation. At the same time it was
stated that the minister Of marine of Peru
from the company. The health depart
ment of the government of Mexico has
requested immediate delivery on health
and hygiene films to be used with De Vry
projectors.
The, Ohio. Oil Company has called a
special meeting of stockholders for Dec.
by the issuance of new per cent
preferred and. to exchange the new stock
for that Of ne Ili moi Pipe Line ne Com
ton Qf 100000 900 of per cent ,cumula55
tive preferred stock consisting Of 500 600
eTsd f 20 RaTp ps sqe Line T
share Of Illinois Pipe Line Company
900 shares of 500 par capital stock.
Illinois Pipe Line. Company, was organ
lied in, 1914 to take over the pip. line me
Shares being distributed ratably among
holders of the SOC, 900 shares. of Ohio Oil
stock outstanding at that aS6 ot time eh There
ohio eaS n 9 s SSa Of is par Tsue 'sS
Indiana Pipe Line Company has declared
an extra dividend of IS cents a share
So cents share both payable on, the
StG sai Of 4' record Jan. a. This is the
same regular and extra payment as de-
clared in the preceding quarter.
Automobile production In November
was radically curtailed to the lowest
rate of the year. The output in the
United States and Canada Is estimated
at e25 ZOO as compared with $4,000 in
October and 663, 900 In April, the record
month. For the third consecutive
month automobile production was
smaller than In the corresponding
month q year ago. In November last
year the output totaled 1890 ears.
Ru Times Special
NEW YORK, Dec. 27.-The holiday de-
during the past week, Hardware Age will
say In its weekly market summary:
Jobbe{s in many Of the principal dan o
the avalanche of rush orders for holiday
merchandise. Wholesalers in the middle
west have reported that their holiday sales
totals have been the largest in history.
Other sections advise that Christmas trade
was about on parity with last year.
Lumber prices were reduced during the
past month to the same level as year
ago. With demand for softwood smaller
than last. year and steadily decreasing,
its appearance Softwood lumber orders
in November showed further DECLINE OF
173, per cent under, year ago. Pro
wood lumber demand was considerably
curtailed in NoyembeIa with orders TO-, for
the month nc s0tsng sss FDs cent Of bs
decrease in the amount OF hardwood cut,
production in November was still far out
Of and sottWood stocf e 94 and
filed orders decreased.
The sugar market has recently. shown
a slightly firmer tendency the poSsi-
bility of some curtailment of the Cuban
sugar crop. Estimates of the Cuban
crop show considerable variation. The
Cuban department of agriculture re-
Gently estimated the yield at 4,545,0O0
long tons. while private estimates have
run as high as 4,9OO, 900 tons. The larg-
est estimate, however. is below the
1928 record production of 5,156, 00O tons.
Brooklyn Manhattan Transit's earnings
m a m nj
fiscal year ended Nov. 30. were equal to
$2.56 per share. and all indications are
that final net for. 1s2s-so will establish
new high record.
Domestic consumption Of cigarettes
continues to run considerably ahead OF
Cigars and smoking tobacco have de
clined, and the foreign demand for both
leaf tobacco and cigarettes also slumped
decrease in exports of cigarettes was the
drop Of SIS per cent in the Chinese
demand because of that country's ex-
ternal and internal strife.
National Transit, Company has started
work on a ten-mile loop of 6-inch pipe
line from its Duke Center station to
Of crude oil to $4,000 barrels daily. It
Is believed the loop vii be t completed Gdetsa
Station is being enlarged to handle $4,000
barrels day. The National Transit Pump
and Machine Company. wholly, owned
subsidiary, has received an order for
eighteen hot oil pumps. which with other
untitled orders, Is expected to keep the
Transit plant working full time during
the winter.
Commercial failures in the United States
will be somewhat less numerous in 1929
than they were either in 1928 or the year
prior to that time. according to the rec
ords OF r. G.. Dun & Co. Some increase
in the number of defaults will appear
for December, not only in comparison with
the preceding months, which is quite in
accordance with the usual custom. but
the number will also be slightly higher
than for the corresponding month of the
preceding year.
Liabilities too. will be heavy. especially
for December. in which month there have
the total for 1929 will be less than for
both of the preceding years. 800
With the closing month OF 1929 partly
estimated. insolvencies in commercial lines
for the year will number 22.e22, with