Evening Star Newspaper, October 9, 1925, Page 29

[ FINANCIAL > INING ASHINGTON, D. C., ]BALTIMORE-FLORIDA NEW ST PAULPLAN NOW N OPERATION Great Railroad’s Finances Are Completely Overhauled. End of Receivership Seen. Ry tie Associatad Press. NEW YORK, October orzanization plan of the C wauke ind St. Paul Railway, provid- ing for a complete overhauling of the financial has been ed operative by the reor Loeh & Co. and he action i early termination of hip into which the road d last March of £410.000,000 St, Paul se- itiex, out of a total of more than 150,000,000, b ented to the re. als outlined last nnounced. Other S 1d stocks will be permitted to deposit their securities without penalty until November 20, after which time penaities will be im- posed recrgan structure, niza- ' managers, Kuhn, National City ¢ Provisions of New Plan. The reorganization plan provides for fuction of the St. Paul's fixe g debt from $469, th unding of mol 185,000,000 o hort-term bol term obligations wiih in it u tiau t con United arni States Government ts of §28 stock and § t the writies which have nted to the plan, the reorgan cers stated, approxi ) represent bonds., o the aggregate amoun bonds : ed by the reorganiza The total includes over $19.00¢ Puget Sound extension ob- pproximately per and more than 15 per cent of the vari red under the general mortgage. In addition value of stock has been Wl 1 the re on tl ing tion 000 of the cent ¥z fons, of that 0, and refundin $80.800,000 par deposit Answer to Opposition. The announcement that the original reorgani n plan had been declared ed threats of an op. headed by George E. loosevel alternative plan upon fa tain nodifation of the Kuhn Loeb-National City pro posal. Regarding Roosevelt cor tion mana fleations prop the statements the stated that sed were 1 behul of the niza- modi reor th retully the chairman in the slders or preferr were nilar proposa kholders of ed megotiations < represent » Kk that prec of the plar iffort to Curtail Expense. ‘It was their conviction.” added, “that the full the past few weeks fatled to develop any sound cricticims of the plan or a rovements in its structure, together with the hroad suppc had received from secu s t npted the | plan_opera furtk would only co additional expense incident to receivership, estimated at more t $1.000.000 a vear, all to the detrir )T the bondholder: In commenting on the changes in the plan proposed on behalf of the Roosevelt group, the managers pointed out that the most radical change pro. posed was that the Gover of $55.000.000 should not by but should be extended, thereby r: leving the stockholders of the greater part of the cas sessment provided for in the existing plan. It was further proposed that the extended Government notes shall be secured by and eventusliv pa m o the pr. ceads of, nd refunc mort ge bonds, all of which unlder the existing plan are reserved for fuiure inancing. Proposal Turned Down. “This proposal.” the serted, “was wholly 1 the bondhold wisted that in holders nmitte ds: they discussion of had tive at t the reorgar tinue the lay bankers as- ptable to who in irn for the bond- in accepting in- come bonds in the place of fixed inter- est bearing bonds, the stockholders should provide the money to liquidate the Government debt and accept for this money new § per cent bonds Junior to the new financing mort e “The bondholders commitige . o pressed themselves as unalterably op- nosed to we: ng the financial structure of the company by ex panding the issue of first and refund. ing bonds by bonds of that 188110 0 Secure the Government deht nd subjecting them to heing sold to pay it. “Such a course would reduce 1he investmen: value of the bonds of that {ssue and increase the cost of finaneing future capltal expenditures thereby reducing the income avallable for interest upon the new income honds.” Approval Is Widespread. Asserting that the plan had met with widespread approval, the reor- zanization managers said it was doubt 0l if in any previous reorganization of similar 1 e, =0 large u vol- nma of securities had been deposited in so short a time after the promulga- tion of the plan. “The dep: actually made only partially reflect the support that has been assured,” thev added. It is ignificant that of the 4,700,000 Londs held by 36 savings banks in the State of New York, over 3,400,000 held by 5 savings bunks alreadv have been deposited. All the known holdings of the large life insurance companies have been deposited Biggest Railroad Failure. The St. Paul was thrown into re- cefvership March 18, wh 1 suit to property was filed 1 s capital the largest inds bE receivers. I1. fent of the road; and ard J. Brun- dage, former attorney general of Il- linols, were appointed receivers, The Dhankers, speeding up the operation of their plan, sald the receivership was costing $1,000,000 a year. in | ed at | ever FLOATIKNG STEEL STOCK SUPPLY LITTLE CHANGED NEW YORIK, October ). —The floating supply of United States Steel | common _ stock on stember 20 nounted to 1,201.0 per cent of the total xtocks in the hand rok i pared with 1,293.742 shares, per cent, on 50, and phares, or 2252 per cent, on Septem- ber 1824, Investors' holdings are raloulated at 950 shares, or 74.61 ind applied to the expenses of | {thon | News Service Bureau of | di {reached a total of $4: 2, Seat on Exchange Brings $125,000; Highest Price Ever By the Associated Press. W YORK. Octohe 1 high price of § & seat on the New Exchange was pald by Kerrigan of New York City day for the membership of Hugo Blumenthal. This was $3.000 above the previous high level and £5,000 more than the preceding transaction. The membership of the Charles T1. Leland also was for $122,000 to Louis Gross of New York. UYING S LIVELY AT GENTER MARKET Retailers Plan for Influx of Base Ball Fans—Few Changes in Prices. Wel weather this morning made conditions about the market unples ant, but did not keep buyers away. Many buyers were on hand early to increased supplies to feed the of visitors expected here ces in the to et ands fir tie championship ittsburgh and other | State to game scheduled for Keystone witness day There were commodities of all kinds and descriptions quantities more than suff to accommodate all buyers. In addition to getting supplies for today’s retail trade, it is stated, many buvers got supplies for tomor- row’s trade, making business fairly good. This morning's prices were substan- tially the same as prices that prevailed vesterday. Today's Wholesale Prices Butter—Faney, tub, 53; prints, 55 store packed. 85. Lggs—Fancy, 16: average receipts, white, 35. Poultry Alive — Spring ch. large. 30a31; Leghorn chicken: heavy hens. 28; medium hen turkeys. 35a38; ducks, 12415, Dressed large, ad fow] H0a Livestock—Calves, 14 16: hogs, 13. Meat—Beef, 15: veal mbs, 30a32: he d shoulders, Fruit and Vegetable Review. Today's market report on fruits and zetables (compiled by the Market gricultural in ient lected, candled, 45a 42a43; hennery, chickens, turkeys, ; lambs, Spring, Sconom Ap Supplies liberal: demand moderate. market steady boxes, W ston, extra fancy Delicious. me. m to large size, mostly 3.50: extra fancy Jonathans and Winter Banana medium to large size, mostly g bushel baskets, Marvland and Vir- ginfa. No. 1. various varieties, medium e, 1.25a1.50. Cabbage—supplies moderat moderate, market stead: per ton Dome: les— demand New York, Round type, upplies moderate: demand rket dull; New York, es Golden Self-bla; best mostly 1.75, few Grape Market Firm. apes--Supplies liberal: demand oderute, market firm: New York, Concords, 12-quart climax baskets, 1.00a1.05: 2-quart climax baskets, 420 some, fair condition, 18a 2-guart climax baskets Delawares and Niagaras. 20a California, crates, Flame Tokeys, 50al ; few high 0. tuce—Supplies moderate; de. mand moderate, market fairly steady California, crates, Iceberg type, 4 dozen. mostly 0; Colorado. crates, Ireberg type, 4-5 dozen, best, 4 3-3'; dozen, best, 4:.00a450; e ordinary condition, all sizes, 50:44.00, Liberal Onion Supplies. Onions—Supplies liberal: demand moderate, market steady: Massa- chusetts and New York, 100-1b. sacks Yellows, U. No. 1, 2.50a2.65; few low as 2.25, Pears—Supplies moderate: demand moderate, market steady; Washing- ton, boxes, Bartletts, fancy, medium to large sizes, 3.50a3.75; New York bushel baskets, Bartletts No. 1, 3.2 bushel kegs, Seckels, 3.00a3.25. Potatoes—Supplies liberal; demand moderate, market firm; New York, 150- pound sacks Round Whites, 17. § mostly 3.85; Michigan, 15 Russet Rurals, U. Melon Demand' Limited. Sweet potatoes—Supplies limited; demand moderate, market steady; Vir ginia. Bast Shore, cloth-top stave bar- rels, Yellow: 1, 5.00a5. Cantaloupes—Supplies lig] Dews. supplies moderate: demand market steady: Colorad: Dews, standard crates, 12, 1 mostly around 1.50: jumbo crates, §s and 95, 1.75: standurd cant. loupe flats, 12 and 1 sal Iy around 1.00 auliflower—Supplies moderate: de. mand good. market steady; New Yorl, Long Island, crates, mostly 3.50; other New York, crates, most Lima beans—Supplies moderate; de- mand limited, market steady: Mary- land, East Shore, bushel hampers, 1.50a1.76. : Honey COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY WASHINGTON. Pa., October 9.— The Pittsburgh Coal Co. will start operations at its Midland No. 1 mine under the 1917 wage scale next week. | The company store has becn reopened and is being restocked, YORKVILLE, Ohio, October The Wheeling Steel Corporatio: plate plant here is storing coal, hav- ing 5,000 tons on hand. Its boflers and furnaces use 400 tons dally, PORTLAND, Oreg., October 9.—Es. timates of the 1925 Oregon onion crop show revisions downward, according to the Confederated Onfon Growers' Assocfation. The present estimate places the yleld at 650 cars. JOPLIN, Mo., October 9.—The value of lead and zinc ore shipments from the tri-State fleld o far this yvear has or more or shipment all than was received "1 last vear. JACKSON, Mich,, October 9.—The sparks-Withington ~ Co.. makers of automobile horns, is piling up a rec- ord vear. The concern has earned $£11.40 a share on its common stock in the last elght months. yer cent of the total, against 3,7 2, or 74.55 per cent, on June 30, 4 2.922,852 shares, or 77.1% per cent, & year ago. GRAND RAPIDS, October 9.—The southern Michigan grape crop. which was very lzht this vear, practically . has all been shipped. ching | FRIDAY, DEMAND FOR FURS . USESFULL SuPPLY Industry Must Expand or Prices May Eventually Become Prohibitive. BY J. C. ROY] I Dispateh to The Star. EW YORK, October and offerings the fur sales now in progress here show plainly that the industry must turn to fur farming if it is to supply the faxhion demund at anything like rea- sonable prices. Bleven millfon musk- rat pelts were used by furrlers in the last year, of which 6,196,000, came from Loulslana alone. But demand for Southern rat stll is in rices ragnging (rom Spec —Prices uction Titerest also has heen acute in opos sum, ermine, bndger and fox. The old system of trapping, which was the foundation of the Astor and other for- tunes, no longer is vielding the former results. The silver fox producers have already beaten the other fur men to sclentific raising and marketing of fur-bearing animals and it is notice able that the silver fox offerings at the present sales have been few and b i fact that animals are proving more { vuluable as breeders than when their pvelts are sold. Better Fox Furs Sought. According to Louis Edward Rusch of Washington. president of the Amer n Fox Institute, there now are between 120,000 and 130,000 silver s than 12 per cent of this num- e u standard perfection of fur Justifies their retention as breeding stock. It is the object of the institute, which is an organization of breeders, to promote the scientitic scoring of live foxes for points, to | elevate the whole industry to a high | grade pelt-producing basis. Sales of silver foxes in London showed « top price of about $400 a pelt. The Lampson sales there show ed few offerings which brought over $200. In recent sales in this country pelts brought $210 to $300. Many sold for as low as §15 to $20. This did not indicate lowering of prices for the best furs, since silver fox searfs still are quoted 4t around $450 and up at retail. 1t simply indicates that the best animals are not being killed for their skins, but ure being kept for breeding purposes. What skins now are coming on the market of prime quality are from those animals which die naturally. It fs the standing praver of the fox breeder that if a fox has to die, it do so in November or December, when the fur attains its best condition. $30,000,000 Ts Invested. Leading silver fox men the United States represent 3,000 ranches nd about @ $30,000.000 investment This investment has been encouraged by the activity of the American I Institute, and its work is to pre dealers and breeders from low-grade pelts thrown on the market and to sure purity of breeding stocks. So minutely does the score card of the institute detail the merits and demer its of each animal that breeders can depend on it in mating foxes and breeding out defects from a strain. Canada is active in promotion of fox breeding. but few Canadian pelts come on this market, owing to a tar. iff of approximately 50 per cent im- posed in recent years. However, 323 fur farms were added to the Can- adian list last year. Mr. Rusch declares that it will be 30 years before there will be sufficient high-grade silver foxes® peited annu ally to meet the present demand for high-grade skins. Calls Methods Haphazard. “Haphazard methods have pre- vailed in the fox industry,” he added. “This 1s not to be wondered at when it is considered that the business of breeding silver foxes is less than a generation old. The atmosphere of adventure and romance naturally clings to an inquiry founded on the breeding in captivity of an animal which in the wild state was a ‘sport’ of nature. The persistent demand for llver fox furs and high prices paid have boomed the industry. The clamor for breeding stock has beer {<o great that unscrupulous ranche jhave sold scrub auimals to Wildcat promoters have « companies and stocked ranches with mongrel foxes purchased at ridicu lous prices. As a result, fur markets have been flooded with low-grade pelts. but high-grade pelts are as rare as ever and continue to command prices that overshadow ermine.” STUDEBAKER EXPECTED TO EARN $8 PER SHARE NEW YORK, October 9 (#).—With h holdings of approximately $2: 000,000, Studebaker Corporation is expected 1o show earnings of close to $8 a share on its 1,875,000 shares of common stock for the first nine months of 1925. The financial district hears that at the directors’ meeting this month retirement of the pre- ferred stock, of which $8.400,000 outstanding, will be considered. DAIRY PRODUCTS. BALTIMORE, Md., October 9.—Live poultry—Young chicken: 30 pound; 2R. Minorcas, B : old Leghorns, 18a20 ers, 16al17; ducks, 20a26; pigeons, p: 2] zuinea fowl 70a80. Eggs—Recelpts, cases; mative and nearby firsts, dozen, offered at 47. Butter — Good, fancy creame pound, 48a51; prints, 51a33; ladles, 4 ore packed, 40; dalry prints, Drocess butter, 4512a46; rolls, ALE! NONE BETTER A. G. HERRMANN 750 Tenth St. S.E. A Good Place To Do Business c—_— 1140 15th Street N.W, | of inferior grade. This is due to the! | Amer | foxes in North America. He estimates | Steel Advances On 79th Birthday -t H. Gary! YORK, did not October 8. - Wall overlook the fact bullish demon Siutes Steel the seventy Elbert 11, Gary, corporation. In buying w " ntiment, but thin coin Id have taken visit here of the corporation’s sul the periodic r onal progress of Street - cury ninth birth chairman some quarters the tributed to birthday it was considere eident that it ce during the dents of the ey, who mad t on the the steel industry RAPID TRANSIT C0. GETS FOREST GLEN PERMIT W. R. & E. Protests Are Overruled Public ice Commis al Dispateh t LTINOR ery Commiss permission to the Transit Co. to Forest Montgoner eoand W The appli catlon was protested by the Washing ton Railway and Electric Co. SEEKS CEMENT PLANT by Maryland Serv- ion Th . October 9. Th has gra on 1 eight m pid Special Dispateh to The Sta BALTINMORE, October n Cement Corporat acquired the th wi ecently prope of 'l ind’ Berkeley ased. subject to n ourt, the properiy of tl Portland Cement at Md., and the ass the receivers. The payment in cash o RECORD PRICE PAID . FOR MISSISSIPPI LAND | Special Dispateh GULFPORT, new record fol established here property the at the rate of Large sules residence, busin purposes contin ATLANTA BANKS REPORT JUMP IN DEPOSITS Special Dispatch to T ATLANTA, October 9 town banks here posits agsregating sared with $110,0¢ Clearing house neral prosperity Suvings deposits D n the nts W {he Va the hands of involves the nearly $3,000,000 to The Miss coast real est by the pu First National October % —A ‘hase of Bank fout hdivisi of daily oceurry Five down to respon last ¢ {cHICAGO LIVE STOCK MARKET CHICAGO, States 1 Hogs—I ately | than ing sows sho and_choice 11.75a12.00; top, 10.10a10.40 ht killing heavyweight hogs, 9 (United ultt 000 head: mode pound welght, { bulk packing Cattle—R, steers, slow ind_compar predomir strong to 15 uround 50 cents lo al3.00_to packer o0 13.50; stocke firm. heep—Receipts, e upward and feeders actlve, 13,000 head; gen- vy bulk fat native : one short dec five cars of good range la choice feeding lambs, 1 odd lots of fat native ewes, 7.00a7 d COKE BONDS ARE CALLED. YORK. Octoher () .—The Tucts Corporation Rl 2E 20 20 S0 R B BNt FURNACE BROKEN? Don’t worry! You can get the PARTS HERE WIE CARRY TN STOCK ALL PAR’ FOR —Steam —Hot Water —Hot Air Plants Stoves and Ranges Stove Department Second Floor Rear 2 €€ .9 .8 . €€ ¢ €344 € 4 €. 4. ¢ 4 4 4 ¢ 4.4 .97 nee Complete stock of Andirons Fireplace Grates Spark Guards Oils, Gas and Electric Heaters 2 Rudolph & West Co.: 1332 New York Ave. Main 4870 Fatablished 1885 1 Would Be Carried to Miami IN RECEIVERS’ HANDS | | federal { bined. 76.0 per for| Lot Rt G (B PEN SN E R R R N Y N » Lol o R e ) Passenger, Freight * and Mail in 14 Hours. ot BALTIMOR tive plans for the establishment of afrline freight, mail ar service between Baltimor Fli., with at Charleston, S. (., 1 Jacksonville Fii., are now being completed by A. S ldsborough, executive secretury of the Baltin Association of Com merce, | ording to present with frelght, would leave The Star October i Raleigh and plans mafl Baltin 115 pm. Mianf, | That means a run of approximatelv hiours, If the plan is serviceable would start in each dircetion With o carrying capacity sengers., with u free ai pounds of bagzage per capacity of 200 pounds of 00 pounds of freight Mail vied on is of $1 a0 freight a cents per | ance of on, a [ mail and Pwonld be neund ! hound | RESERVE BANK STATEMENT. NEW YORK, October 9 (&), -The | statement of the condition of the Ied. | eral Reserve Bank of Ne vk at | the close of business Octobe Total gold reserves, $907,718.000 reserves, $932.569,000: bills dise secured by Govermment war obii $144.058.000; a1l other. $57 Bt in open market 5 assers (oimit 119.000 total | unted due 831, 000: federal ve notes culation, 3,669,000 I'atio of totul reserves to deposit and reserve note liabilities com cent. $872.837. in actual POSTUM CEREAL'S NET. NEW YORK. October 9 (#).— Net | protits of the Postum Cereal Co. for the nine months this vear increased 308, after preferred dividends re on the common stock red with $3.095.92 $7.09 a i shares, in the same pe of 1924 jes were $ . A $19 392 re red May 1, 1925. The third qu | eurnings were equal to $3.83 u shure the common ? For Mange and other ekin diseases of dogs apply SERGEANT'S MANGE MEDICINE. Safe and effective. 65c at drug,sports and seed stores, pet shops or by mail. Free Dog Book. Polk Miller'sfamous ‘book on diseases of Dogs with Symp- tom Chart and instructions on care, feeding and breeding: Senator Vest's celebrated “Tribute to Dog.” Our FREE ADVICE SERVICE will answer any question ebout your dog. Sergeant’s DOG MEDICINES Polk Miller Drug Co. Ine., 1300 B. Main St. Richmon! IWETE? FSE AN A ISt OCTOBER 9, NEW STOCK OUT TODAY. | NEW offerings today included . : "’"flll|!IllmlllllllflmllllfllflllllllmlllllIlIlI|IIHIIIIIIIIllllllllIIIllIlIlIIIlIIIIII!IIIHI!IIIINNIillfllllllllllmll!il.‘lIs!%" 1925. FINANCIAL. 29 stock o, of the North subsidiar alxo is bein to vield 6 vear 6 per cent sinking fund deben-|lat preferred f'”rlm of the American Type Founders ‘/\\_Hl." n F H\m'v. [he used to retire the $35%,000 deben- | K¢ at $97 a | cent s {tures due Mav 1. 1926, and to pay off |7 200.000 Shares. [ the floating debt and supply addi Al YORK O (P New | working capital 000,000 13- An issue of 200,000 shares of cumu- iy i3 per Wood ashes about cont potash ar October contain No trouble to get the family down to breakfast early when Auth’s Sausage Meat is on the menu. This pure pork sausage, spiced as only Auth knows how to spice it, puts everyone in the best of humor. It marks the beginning of a perfect day. It is healthful, too. A builder of strong muscles and a promoter of energy. Serve it tomorrow; and the family will vote for its reappearance at breakfast or dinner several times a week. Other Auth . Products An Invitation Pure Pork i,:‘:_- :'::3:'4 m"'}'.'o J‘-\'fi' Sausage e "Auth n?-‘fl::;.b’r"..., e B e T Scranple Ty, e o Smoked Ham Cooked Ham Bacon smabled to fornish Lard ‘Waash! lon with the cleanest, " purest and Braunschweiger Meat Loaf {aotiewt pork " products Visitors l?:'-:l welcome, N. AUTH Pro- vision Company 623 D St. S.W. 3 e e Cane Panel Karpen Group Three pieces in heaver velour. Ma- hogany finish. Cush- fons are reversible and sofa has three ex- tra pillows. $195 SPECIAL PRICE REDUCTIONS ON ALL KARPEN SUITES Every Karpen Suite and single Karpen Piece is reduced in price now. The pres ent exhibition includes Karpen’s new- est styles and latest upholstery fabrics. Special Karpen Week prices will save you a neat little sum, for Karpen Week prices are 'way low. Remember, two weeks only. MAYER & CO. Seventh St. Bet. D & E T