Evening Star Newspaper, September 2, 1924, Page 20

NEW RALNERGER FERED HOLDERS Vanw‘ Sweringen Brothers Submit Plan to Unite 9,000 Miles of Eastern Roads. Br the Associated Press. NEW YORK, September 2.— O. P. and M. J. Van Sweringen of Cleve- land last night submitted to the stockholders of the ckel Plate,” | eake and Ohio, Hocking Val- their formal proposal for the ntrol and operation of the ion of their plans, already virtually assured, will resuit in the ereation of the third largest trunk | line system in the KEast, with total assets of $1,500,000,000. More than! 9,000 miles of actual roadway and| 16,000 miles of total trackaz= will provide a network of transportation lines extending from St. Louis to New York and from Bayview, Mich., to Norfolk. which will comb 10 States, the District of Columbia and rt the southern edge of Ontario, Canada. The size and scope of the project mark the consolidation as| perhaps the most pretentious in rail- road history Conceived and executed within the shortest period of time ever allotted r of similar proportions, steps in the plan have with a view of obtain- e ratification. Officials, directors and the largest stoc ers of the roais already have their approval. and if final authoriz tion is forthcoming from the Inter state Commerce Commission, the new system probably will be in operation before the end of the year. Backed by Morgan. The proposal dispatched to stock- holders tonight was the first official statement by the Van Sweringen | brothers regarding the merger, which they have engineered with the bank- | ing support of J. P. Morgan & Co and the First National Bank of New York. Terms were semi-officially out- lined through the Morgan firm early last month, following several week of preliminary negotiations. Approval by the various boards of director: followed, their recommendations t accept the Van Sweringens' offer be rded to stockholders simul with the official propos: Formation of a new company thorized capital 0, to acquire all the ra ways and properties of the five r either through acquisition of a n jority of capital stock or negotiation the basis of the plan proposed by the Van Sweringens, who express the opinion that unified | control and operation of the proper- | ties will be beneficial to the several, companies and the public which they i serve. Stock of the new ration will be divided into $15. S of & per cent cumulative preferred shares and $1§9.773,061 of common shares, on which annual dividends of & per cent) will be placed. Present plans call for | the issuance of only $252.468.642 in stock at the outset. New Stock Insuex. Terms of exchange provide that holders of 100 shares of Chesapeake and Ohio first, second and cumulative | preferred stock will receive 115 shares | mon stock will be exchanged for 55 shar J Holders of 100 sh; i and second preferred stock of new preferred, while holders of the same amount of e common will be given 40 shares of new common., Hocking Valley stockholders will re- ceive for each 100 shares. 50 shares each of preferred and common stock of the new company. In exchanging 100-share blocks Pere Marquette prior preference stockholders will re- ceive an equal amount of new pre- ferred shares, preferred stockholder: 90 ghares of new preferred, and com- | mon stockholders 85 shares of new ! res of the new company will ed for stock of the Hocking Railway Co. owned by the| peake & Ohio Railway Co. i ¢ Plate” stockholders will not exchange their stock, but the road itself, remaining a holding com- | ' receive the same number | of preferred und common shares that it has outstanding in addition to shares in exchange for its holdings of Chesapeake and Ohio and Pere Marquette stock. No alteration is made in the con- | version rights of Chesapeake and | Ohio and Erie bondholde i being made for con securities into the new company’s stock in accordance with the bases of exchange outlined Rail Heads on Committee. The committee named to carry out the plan is headed by J. J. Bernet. president of the New York. Chicago and St. Louis Railroad Company (“Nickel Plate”), and includes W. J Harahan, president of the Chesapeake | and Ohio and Hocking Valley rail- | roads: W. L. Ross, president of the Detroit and Toledo Shore Line: F. D. Underwood. president of the Erie; E. N. Brown, chairman of the Pere | Marquette, and O. P. and M. J. Van gen the entire plan becomes the Van Sweringens stated proposal, “the new company will operate, dir or through sub- approximately 9,145 miles d. including leased and con- trolled lines. Its main lines will ex- tend from the ports of New York and_Newport News to connections “When I'm racin’ with a train for a crossin’ [ don’t care who wins jest so it hain’t a tie,” re- marked Tell Binkley t'day. Speakin’ o’ hidden stills, who's seen or heard Sen, Hi Johnson this summer? i b right, John F. Dille Co.) with the principal Western, North- western and Southwestern roads at Chicago, Peoria and gateways of and Indian- portant Rochester, Buffalo. Erie, R ky. Toledo. ayne and will industrial Michigan through the Toledo and Detroit gateways. Serves Important Fields. “It will serve the great Mahoning Valley steel district, particularly the nd mills ‘at Sharon and Youngsto the rubber industry at Akron and vicinity. It will serve the extensive bituminous and an- thracite coal fields of northern Penn- ylvania and the bituminous fields of . West Virginia and Kentucky, and afford outlets from them to tide- water. to the Great Lakes and to he North and West. It will afford to he industrial territory of the Great Lakes continuous transportation over originating rails.” Deposits of stock will be received by J. P. Morgan & Co in New York, the Continental and Commercial Trust and Savings Bank in Chicago. the Union Trust Co. in Cleveland and the Old Colony Trust Co. in Boston. Ar- rangements in Burope, where many f Erie are held, will be h gh Morgan. Grenfell & Co. Earnings $15.47 a share in 1924, An analysis of the combined earn- ings of the five roads for the first six months of 1924 xhows net income of $15.612,208, indicating annual earnings on the common stock, after deducting preferred dividends, of $15.47 a share. { Combined net income of $29.163.618 in 1 923 would have given a return of $14.10 for each common share. Reservations are made in the de- posit agreement submitted to stock- holders for abandonment of the entire plan if it 1d be or become im- possible. impracticable or undesirable of accomplishment.” The committee at the same time reserves the right to modify or formulate a substitute plan which may seem desirable or necessary to meet the requirements of “ommission © lawe. Fail- ure of a modified plan to provide for acquisition of any of the roads sought, however, will entitle any dissenting depositor to the return of his stock. TIGER! TIGER!! None Better!!! | THE More Attractive Dresses At $25.00 —This Twenty-five Dollar line has proved remarkably attractive. It is easy to judge why: We have endeavored to secure the very best in point of style. in quality of materials, and in workmanship that could be put into a dress to sell for so little. In fact, we really consider them worth decidedly more than-the sale price. —They are shown in satin crepe, with smart silk fringe trimming, in straightline models of Canton crepe, with inset of fine tucks and trimmed with pretty collars. Some in straightline effect with pleating insets: and many other novel styles. Those described are illustrated. There are many others. Kann's—Second Floor. Three Popular Lines of Smart Fur Coats —All indications point to a fur season. Now is the time to buy advantageously, as these examples prove. Hudson Seal Coats (Dyed Muskrat) $245.00 —lLuxurious coats, beautifully fashioned, 48 inches long, have large crush collar, new style sleeves and are richly lined with fine quality crepe. —The s del. b vith beautiful he same model; but with beautifu skunk @9QQ collar and cuffs. A Sealine Coats (Dyed Coney) $118.00 !! If You Want to Buy or Sell I In Chevy Chase | | QUINTER, THOMAS & CO. | | Main 8416 | Priced Low at $6,950 EASY TERMS i{OMFS in ihe% Northeast —that embody all you could desire in a most expensive house—at the most moder- ate cost and the easiest terms! That is what you'll $99.50 48-inch models, made of choice quality lustrous pelts, carefully matched, and lined with crepe. Muskrat Coats —Full length coats, of which we were able to secure a limited quantity only. Are 48 inches long, of fine du- rable pelts, in herringbone design. Tunic Blouses Many New Smart Models Arrive Women’s $1.00 Silk and Rayon Hosiery At the Special Price 69¢ Pr. EVENING STAR, WASHINGTON, D. €, TUESDAY, SEPTEMBER 2, 1924 Three FaVored Weaves In Silks for Fall Wear Yard, $2.00 —40-inch All-silk Satin Charmeuse, in 18 shades. A material that is in great demand for dresses and outer garments, as lustrous surfaced silks seem to be still greatly in demand. $2.00 yard. —39-inch Satin Canton Crepes, very serviceable ‘materials, yet unusually smart for the new Fall frocks. All the new Fall shades are shown, with plenty of navy, brown and black. $2.00 yard. —39-inch Plain Canton Crepe, standard quality, of good weight, heavy, all-silk grade, and offered in an excellent color range from which to select, including plenty of brown, navy and black. $2.00 yard. $3.95 Silk and Wool Matelasse Specially Priced Tomorrow, Yard......._.. $2.5O —This new 40-inch crepy finished fabric, of excellent weight and very serviceable. This is quite an ideal material for the new coat dress, one-piece dress, or the new long tunic blouse, as it combines well with plain materials. Four different pat- terns to select from in taupe—brown, navy and black. Kann's—Street Floor. Mill Remnants of $2.50 to $6.00 Woolen Dress Goods and Coatings Wednesday Special, Yard, $1.98 —Any number of new, striking smart weaves and colors to choose from. There are— —Poiret Twills, Hairline Stripes, Repps —Broadcloths, Plaids and Stripes —Velours, Soft Pile Coatings —Plaid Coatings, Bolivias, —Serges, Checks, Crepes, Etc. —Shown in black and colors, and lengths of 34 to 4 yards. Kann's—Street Floor. Three of the Specials From Our Lingerie Sale Cotton Gowns $1.39 Crepe Pajamas At $1.39 Regularly $1.95 —These are nice for the Regularly $1.95 girls who go Made as these. trimmed. away to school, especially when many are needed, and they are as attractive and inexpensive of fine voiles, batistes and Windsor Have crepes, with different shape necks, lace and embroidery —Charming little two-piece models, made of Windsor crepe, in pink, orchid and maize, with white blocks. square necks with white borders. These are favorites among college girls. Costume Slips at $1.39 Regularly $1.95 —Made of a fine quality English satinette, these are splendid for year-round wear. In white, flesh and dark shades. hemstitched tops. Are in fancy striped patterns, with These Are the Rugs You Want Seamed and Seamless Axminsters And Seamless Velvet Rugs $29.50 Ea. $37.95 to $52.45 grades, 9x12 ft..and 814x101, ft. sizes. The Higher Priced Ones Are Termed Seconds —The price is for one day only, but you may secure your selection for de- livery at a later date by paying a small deposit. . —The assortment is large enough to give a splendid range of selection, as there are nearly 50 different patterns from which to choose. Almost any color scheme ‘can be matched. The qualities are unquestionable as these rugs are from the teading carpet mills of the country and are guar- anteed to give satisfactory wear. Some are finished with linen fringe. Though the majority are perfect. The higher price ones are called sec- onds, but show oniy a skipped tuft or perhaps a slight fault in the shading. Kann’s—Third Floor, Just in From Over the Seas These $2.00 Weaves at $1.50 Yd. —All-silk Crepe de Chine, in 50 attractive colors. —All-silk Georgette Crepe, 50 different colors. —All-silk Radium, in 12 dif- ferent colors. —36 - inch Black Duchesse. Satin Book Shop’s Stock —Creates great interest among book lovers. Be- cause this sale of- fers opportunity to secure at— 14 to 1) Off Published Prices —the book you have probably long been wanting. —There are from one to five books of a title, therefore there is need for hurry. Kann's—Street Floor. Drapery Materials 66¢ Yd. Widths 36 to 48 in. Former Prices 75cto $1.45 —Heavy-weight Cre- tonnes. —Fine Nets. —Heavy Reps. —Woven Drapery Madras. —K. B. D. Sunfast Drapery Madras. —Reversible Terry Cloth. —Imported Cretonnes. —Rayon Casement Drapery. —Fine French Mar- quisettes. —Extra Fine Scotch Lace Material. Kann’s—Third Floor. Filet Lace Drapery $5.95 Is the Special Price Imported Household Novelties Three Items of Interest to Almost Every Housekeeper —“Household Reminders,” to help you ke‘ep track of the things needed in the food and other supplies. Just hang it on the wall and use 79 the indicator as a reminder. Special........ciiiiiiiiiiit C —Imported St. Denis Tea Cups —Imported Salad Sets, consist- e it Den ing of fork and spoon. and Saucers. Special, set ot Oe cde........ e Kann’s—Street Floor. Kann's—Third Floor. find at 611 to 629 Morton PL. N.E. These beautiful homes are located between 6th and 7th and L and M Streets N.E. Tapestry brick; 6 rooms and bath; hot-water heat; gas; electricity; built-in garage; laundry tubs; front porch— these are a few of the de- sirable features in each house. If You Want A Real Home —and yet do not want to” pay too much—inspect these houses today! Open and lighted from 2 p.m. to 6 p.m. daily. Only 2 blocks from Gallaudet College. —Perfect quality hose, neat in ap- pearance and serviceable. Made with seamless feet, seamed backs and in sizes-8%; to 10. Select from peach, light gray, amber, nude, brown, thrush, tanbark, dawn and -black.. Buy a dozen pairs and put them away for later use. It will certainly be worth while at this low. price. Women’s Glove Chemise Bodice $1.95 Ea. —These are in bodice style, with ribbon" shoulder straps; many are daintily trimmed with lace. Choice of peach, orchid and flesh. Sizes 36 to 40.. Kann's—Street Floor. —A great assortment of materials and colors to choose from, and two particularly ~ striking ‘styles are shown, one with a small boyish col- lar and tie, the other collarless, with novel tie ends at neck. One is illus- trated. Printed Roshanaras, in light and dark colors, attractively finished with plain colored borders at bottom of blouse and around the short sleeves, and flat crepes in any num- ber of styles, some beaded, others embroidered, are here to choose from. Sizes 36 to 4. ion Truck Tire. The only hollow-center cushion with asolid steel base—Goodyear patented. The only pneu- matic cushion with the powerful, tractive All- Weather Tread. The per- feet cushion that keeps its resilience right down to the last low-cost tire mile. It is one of the complete line of Goodyear ALLW eather Tread Truck Tires we sell. Mid-Washington Service Co. 1602 14th Street N.W. GOODSYEAR Pa. Ave. - 8th & D Streets The 9 C. H. Small & Co. OWNERS AND BUILDERS 1515 M St. NW. Main 6861 Kann's—Second Floor.