The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-08-08
Business
and
Finance
Alleged irregularities in the $780,

Alleged irregularities in the $780,
100000 loan arranged by Dillon,
Read g. Co., for the City of Milan,
we're found to be totally inexistent
and having no foundation, the bank
ing firm was advised today by
Romolo Angelone, commercial at
tache of the Royal Italian embassy.
The bankers received the following
letter from Angeloue:
Il beg to confirm to you that from
cabled communications from Rome,
I have been assured that the
charges made against E. Belloni,
former Mayor of Milan, relating to
alleged irregularities to loan con-
tracted with your bank by that city,
we're found to be totally ineXistent
and having no foundation what
soever. The investigation has
brought out that the awarding of
the loan was most regular and in
accordance with the directions and
instructions of the Italian minister
of finance. who approved the f1nanc-
ing"
A remarkable new alloy steel,
whose use in the boilers of the
North German Lloyd liner Bre-
men helped her to break all trans
Atlantic speed records on her
maiden trip, is to be manufaC-
tured in America under Krupp
patents exclusively by the Central
Alloy Steel Corporation of Mas
silIon, o. Announcement that
the metal soon will be introduced
in this country is made by F. J.
Griffiths, chairman Of the COM
pany.
The City Ice and Fuel Company
announces further expansion in the
acquisition of the Bison Ice and Coal
Company and the Gould Ice Com
pany. both of Buffalo, giving the
company eight plants in that~Gity.
In addition to these plants, City
Ice has in recent months acquired
seven in Pittsburgh, three plants in
Dayton, O., and one each i'll Paines-
vile and Marion, o. 1t has also
acquired the Continental Ice Com
pany of Chicago, operating a num-
Der of car icing plants.
With these increases, City Ice and
Fuel Company now operates lis
ice plants, located in twenty-one
states and Canada.
Ru uitC1 Press
WASHINGTON, Aug. 8.-The in
terstate commerce commission ruled
today that the Cincinnati, Hamilton
& Dayton Railway Company did not
exceed the commissions authority
to acquire the Indiana, Columbus ~
Eastern Traction Company, and the
Lima Toledo Railroad Company.
or the 3o,99O 3O4 telephones in use
throughout the world as of Jan. |, 1928
16.552767 we're in the United States. The
United States and Canada Lead in tele-
phones per 100 inhabitants and the later.
1872 Chicago has more telephones than
all France, and New York City has nearly
as many as Great Britain.
ports MsrG SPoss sales Ss Of against
sSo8,29 for July 1928, an increase Of
$429.131 or AZ per cent Sales aaao for ne
So, 1874, 697 against $6181,834 for the same
period last year, all increase of $l,942,-
1868 or 31.4 per cent.
A report of Montgomery Ward & CO.:
emphasizes the need of mobility of
methods in the mail-ordcr business
automobiles and hard roads and spread
of modern ideas to rural districts have
greatly changed our merchandising prob
lens. Formerly VIC could put, goods IN
our catalogues and know that they would
life of the catalogue. Red Flannel I'M
derwear, for instance. used to be worn
the year round. Now we have to face
length socks) may be in demand one
month and plaid ones the next.
G. C. Murphy Company. for July re-
ports gross sales of S1.148.439 against $685.
ass for July. 1928, an increase of 1852
574 or 443 per cent. For the seven months
ended July 81. 1929. sales totaled $7.604;76!
year, an increase of $2,O42,753 or 36,7 per
cent.
Under contract signed with the South
nam the Hope Engineering Company an
nounces that it will shortly begin con-
Struc:ion Of pipe line from Pqino P {be fG Tst
natural nal its' gas to Atlanta, Ga, The line will
be twenty inches in diameter and APP
proxmately $50 miles in length and VIII pc
of bolted coupler construction. rms line
will take natural gas which will come from
the Northern Louisiana flelds, to Atlanxa
and other nearby cities. Ihe contract cans
for completion OF the project before Dec
of this year.
Net profits Of the Grand Union Com
pany for the six months ended June ~,
1929 amounted to SAL, 098 after all charges
taxes.
S192 597 for six months ended June ~,
1928. For the three months endeo June
$3.50 AGA as against s135, 594 for the second
quarter of 1923. Net earnings after fedeTal
taxes for the first six months OF ls29
were equivalent to s2.39. per share on the
average amount of preference stock out
standing during the period; as compaIed
with profits for the first half of 1928
equivalent to 81 90 per share on preference
stock.
At meeting O. directors Of the Borg
Warner Corporation Wednesday' b; A.
ing the meeting it was announced mat
negotiations have been practically com
pIeted for the acquisition of another com
pany but that details could not be made
Eckhart is a director and member of
the executive committee of the Con-
inentai-IIIinois Bank and Trust Com
pany and the Harris Trust and savings
Bank and director of the Chicago Cor
pOrat0n, Erie hallrOdu, AImout w.
and Montgomery, Ward & Co.
Edison Bros. Stores, Inc. operating
chain of shoe stores reports July sales
of s251 ,5s6 against s219,s48 for July. 1923
an increase of S3l,738 or 14.4 per cent.
For the first seven months Of 1929 sales
totaled $1,000 I'll against S1,579. 58l. for
the same period last year, an increase OF
S424 800 or 1858 per cent.
The purchase of an additional block OF
stock in the Square D Company Of Canada,
Ltd, by the Square D Company was an
nounced today by T. J. Kaufman, presl-
dent OF the later. who states that the &C
ouisition approximat ely doubles the Ameri-
can company's holdings in the Canadian
concern While actual figures were not
divuiged. Kaufman stated that the Square
D. Company's equity in earnings Of the
now owned. were at the rate of IS cents
a share annually on the parent company's
Glass 81 stock in the first half OF 1928