Evening Star Newspaper, September 13, 1937, Page 22

MISSOUR PACE PLANS CONPLETED Both Creditors and Debtors Ready to File Proposals for Reorganization. By the Associated Press NEW YORK, September 13.—Re- organization of the 13,000-mile Mis- souri Pacific Railroad trusteeship since 1933, closer with annou new plans for readjus capital structure wo the Interstate Coi tod; Filing of plans is the outgrowth of failure of debtors and to agree on “important part The one plan, put forth by the debtor companies, would give present bendholders financial control of the road, but would keep operating trol in the hands of pre: holders. The other, drawn by the Stedman Committee, for Pacific first and refunding cent bonds, would “squeeze ou ent common and preferred holders. It was indicated, however all other classes of security holders favored the debtors’ plan, the Sted- man group would abandon its pro- posal to eliminate present common and preferred holders and back the debtors’ proposal permitting present stockholders to subscribe to common stock of a new company at $25 per share for the first seven years and $30 for the next eight years. This contrasts with a proposal under a first plan of the Stedman group to permit holders to subscribe to stock | of the reorganized company at $62.50 & share. W. Lloyd Kitchel, counsel for the | Stedman Committee, said the debtor and Stedman plans are similar, ex- cept for treatment of present stock- holders and the matter of bond in- | terest. Under either plan, he pointed out, the first and refunding 5s would re- ceive 25 per cent of their principal amount in new first mortgage 4 per bonds, 10 per cent in a 4 per cent cumulative income bond, 55 per cent | in a 5 per cent convertible non-cumu- lative income bond, and 10 per cent, plus the earned and unpaid interest (approximately 20 per cent), in a prior preferred stock. But under the com- mittee’s plan, they would, in addition, receive the balance of their unpaid | interest (approximately 115 per cent) | in a participating preferred issue. | The debtors’ plan will be made pub- ’ so-called Missouri per * pres- stock- lic when filed with the I C. C. SAFEWAY STORES 4S USED IN BOND INDEX By the Associated Press NEW YORK, September 13. — Another change has become necessary | in the Associated Press industrial bond average because of the redemp- tion of Armstrong Cork 4s of 1950. | Bafeway Stores 4s of 1947 have been | substituted. ‘ The price of the new issue is suf- | ficiently close to the replaced bond | 8o that the continuity of the average | is preserved. | ARE THESE INVESTING COMPANIES NEW YORK. September 13 (#).—New York Security Dealers' Association: (Noon quotations.) Bid Admin Fd 2nd Inc 15.94 Am Business Shrs 8 Am "Gen Eq Inc Am 1Ins Stocks _____ Bancamer Blair Bankers Nat Inv Corp Basic Industry Boston Fund Inc Broad St Inv Bullock Fund 5 Corporate Trust Corpprate Trust A A Tr A A mod Tr Accum Ser Tr Acc Mod ¢ Agriculture”___ Bec Automobile Z__ Sec Building up Sec Chetnical Sec Food p Sec Invest Shrs - Merchandise Mining s c Petroleum __ R R Eauip_ " teel i Sec Tobacco Holding investors Bank Group Insurance d “C” Inc that if M Wide Voting England Fund ¥ Bk Tr Shr )\ c} teel North Am Bond Tr ctfs Nor Am _Tr_Shares n Tr Sh 195! lymouth Fund In Quarterly Income Sh Schoellkopf-Hutton & Pom Selected Am Sh_Inc Selected Income Sh Sovereign Invest Spencer Trask Pund Stand an nd d Trusteed Am Bk “B" _C Trusteed Industry Shrs Wellington Fund RUBBER FUTURES. NEW YORK. September 13 (%).—Crude rubber futures opened firm, 13 to 19 higher. ~Sepiember unquoted: December. 19.45;" March, 19.60-65. Many doctors recommend Nujol because of its gentle action on the bowels. Don’t confuse Nujol with unknown products. INSIST ON GENUINE_NUJO r. 1987, Stance lac. MEN YOUNG OR ARE THEY OLD? Elderly men walk slo wly with short steps; young men walk briskly with long strides. But unless you &an see the faces you can- not tell their ages. Unless you get the WHOLE picture you cannot answer the question. Those purchasing n for the promotion of ewspaper advertising their business cannot determine the value of advertising by see- ing circulation figures or rates per line; unless RESULTS can be shown, the WHOLE picture has not been presented. fore the calculation relatively speaking, « unless RESULT! ponent factor. S are Adve There- of advertising values, rannot be determined proved to be a com- rtising without results is sheer extravagance! ADVERTISING in he BRI Star NGS RESULTS THE EVENING STAR, WASHI INDUSTRIAL LAG ISHELD UNLIKELY Standard Statistics Predicts Production Will Hold Gains This Fall. Special Dispatch to The Star. NEW YORK, September 13.—In its weekly summary of the general busi- ‘| ness situation, the Standard Statistics Co. of New York currently comments as follows: “With both urban and rural pur- chasing power at high levels, employ- ment and pay rolls at recovery peaks, interest rates at abnormally low levels, the banking position strong and the potential demand for numerous products still large, the underlying causes of past depressions are largely absent. “Industry is now entering its nor- mally active Fall season facing a con- fused, but not unfavorable outlook. War threats, lagging tendencies in several basic industries, particularly building, textiles,and railroad equip- ment, sharply declining security prices, and the possibility of an extra session of Congress have tended to dampen sentiment considerably during recent weeks. However, at the risk of ap- pearing unduly optimistic, we again NGTON, express the belief that no important decline in aggregate industrial vol- umes is in prospect over the balance of 1937, at least. In fact, we believe that fourth-quarter industrial pro- duction will be moderately better than the two comparatively high third- quarter levels, even after making al- lowance for a full seasonal upturn. “Preliminary estimateg for Septem- ber indicate that the Standard Sta- tistics Co. index of industrial produc- tion for the month will be in the | [9D! neighborhood of 97.0 (1926 equals 100). This preliminary figure is slight- ly below the August index number, but is still more than 7 per cent ahead of year-earlier levels. Tenta- tive estimates for the fourth quarter Indicate that a number of the lead- Ing industries will enjoy at least sea- sonal improvement and should main- tain operations above last year’s levels. Industrial production for the current half year is still expected to be at least 5 per cent ahead of the com- parable 1936 period. “Although steel activity declined sharply because of the Labor day holi- day, prospects for the remainder of the year are favorable. For the first time since last April, a number of steel companies report that orders are about balancing shipments, and there are strong indications that operations will be maintained at a better than 80 per cent rate for some weeks.” MONTREAL SILVER. MONTREAL. September 13 (#.—S8ilver futures opened steady and unchanged. September, 44.25b; December. .85b: March, 43.10b. “b—Bid sty w y /f-\w = e AICAN MARCHES SHORT-TERM SECURITIES. (Reported by Chas. D. Barney Amer Tel 1 Aeraauto B0 85" 3880 Baldw_Loco 5s 1 WEF D coRa> S E3l i = Intl Tel & a5 1939 Laclede Gas Light 55 193 Lehigh Valley Coal 63 14 S532SEENER 8 »S253 Louis & Na: Mieh Cent R 106 08% 10913 1064 97 Pac R R of Mo 4s 1938 Benn-Dixie Cement 6s 1941 Penna R R Co 4s 1943 Rio Grande Westn 45 1939 Term RR Assn St L 4125 '39 Vanadium Corp 5s 1041 Vertientes Sugar Co 7s 1942 Wabash Rwy Co Bs 1039 ‘Warner Bros 6s 1939 90 Western N Y & Pa 45 1043 10674 Western Union Tel 58 1938 1007 . BOSTON WOOL MARKET. BOSTON, September 13 () (United States Department of _Agriculture).—The ~wool market was unsettled today as cable re- ports received by private concerns indi- cated & further decline in prices from the close of last week's auction series in Aus- tralia. Trade in Boston was practically at a standstill. Buyers and dealers awaited further developments in Australia in the domestic goods market and at London, where options are scheduled to open to- morrow. 168% 83 —_— Kennecott Copper Corp.—It is said August output of Utah Copper Co. was at highest level in its history. So far in September, it is understood, opera- tions are holding up well at high levels, PTEMBER 13, 1937 CRUDE OIL PRICES. orZULSA. ORia.. Septemper 13 (. —Base it srea—Oklshoms-Kansas, Fravity scale, 08¢ to $1.30; North, North ntral and 'West Central Texas. gravity ale. 90¢ to 31.20; East Texas $1.35: West Texas (Permian Basin), fravity scal i8¢ to $1.08; North Louisiana- Arkansas_gravity scale, 90c to $1.22. Rocky Rumtl area—=Salt Creek. Wyo., sravity scale, 98¢ to $1.30. tern area—Pennsylvania grade (Brad- lom-Allunm{». $2.60: same de in Bouthwest_Pennsylv srade in Eureka lines. $2.25: sai in Buckeve lines. $2.10; U. S. TREASURY POSiTION. By the Associated Press. The position of the Treasury on Sep- tember 10: Re 120.&. $35.440,072.49; e penditures, 81 s 001,27 tl or “the fiscal year (since July 3.163.490.96: expenditures, 1. 538 .97, Including $427.404.969.3 ney expenditures: excess of e: penditures. $423 943 gross debt, $37.212,49 an increase of the previous day: gold 761234 48, including $1.- of inactive gold MONEY MARKET. NEW YORK. September 13 (P).—Call Boney stegar: 1 per cent all day er. steady: 60-90 days, 115 per CHICAGO LIVE STOCK. CHICAGO. September 13 _(#.—(United States Department of Agriculture)—Hogs, 10.000. including 2,000 direct; market senerally 25-40 higher than Priday’s aver- age; medium-grade hoxs and packing sows, 33-50 up late; practical top, 12.50; part, load. 12.55: bulk good and choice, 190-23 pounds 191.14-121.45; 240-200 ‘Dounds, 2.00-12.40; 150-180 pounds, 11.80-12.40; most €00d pack s, 10.40-10.75. Cattle. 20,00 Iy trade active and fully grain-fed steers and yearlin, best early, 18.50 with 1X.75 bid; all she stock active, about 8,000 Western' grassers + stockers and feeders firm. 6.50a bulls and vealers fully steady; prime heifers scaling around 950 pounds, up_to 16.75. ‘Sheep. 11,000, including 3.300 direct: Spring lambs active. strong to 25 higher ®ood to choice natives, 10.50 down. erately sorted: limited numbers. others held higher: five doubles. 11.00: two doubles. good i sheep steady: slaughter i choice Western ewes at Washingtons. Montanas, ewes, 2 outside. RESORTS NATURAL BRIDGE, VA. FOREIGN MARKETS. AR g 13 st Tantle asses S50 viitcane stocks we auiet” and steady. ' Ger onds_Eep Alle ot and minine. sheres o about_even. wl lost fractions. nd shares w an oo the - Botirse” ioday. " Banking nd coal issues followed an un ist vernment ut at the close most of thy irm _tone. r find Bank of France ciosed 218 Dointa net STEEL QUOTATIONS. NEW YORK, September 13 Dmtael prices. per 100 pounds, f.0b. Pittsburgh: Blue annealed sheets, hot roiied, 2.40; gal. vanized sheets, 3. black sheets, hot rolled, 3.15; steel bars. 2.45, RESORTS OCEAN CITY, N. J. REN—323 Wesley A tside rooms—en, rates for Sept ATURAL BRIDGE, VA, Natural Bridge OF VIRGINIA One of the Seven Natural World Wonders @ eAccommodations FOR EVERY CLASS OF HOTEL: Ko 50 (TN cotTaces ]e0 IN THE SHENANDOAH VALLEY J. LEE DAVIS, Pres. & 0N, MaR. NATURAL BRIDGE, VA, An Improved and enlarged refinery . . . new equipment . . . new processes . . . - we've announced all this In the past few weeks. We've told how these Improve- ments enable us to bulld-in greater value in American Oll Company products. But we've saved the best part of the story till last —the story of the new Amoco-Gas. It's an Important story. And here It Is: ; L AMOCO-GAS has always been the world’s finest motor fuel—the very finest. But recently from the workshop of Science came word of a new and history-making triumph. Science had won another great victory in its struggle to wrest even bigger values from crude oil. New, revolution- ary, radically different refining processes had been invented. At a cost of many millions, American Oil Company de- signed and installed new equipment . . . incorporated these new patented processes into what was already the world’s greatest and most modern refining unit. And as a result, the new Amoco-Gas is better than ever before. In smoothness, performance; economy — in everything — it’s better. It’s the greatest Amoco-Gas in our history! And that’s saying a lot — because Amoco’s q'mw AMOCO-GAS Now on Sale history has been a glorious one. Amoco-Gas revolutionized the automotive and gasoline industries when it was first introduced . . . made possible the modern high compression motor. And now it makes history again. See for yourself that the new Amoco surpasses anything you’ve ever used! Fill your tank with the new Amoco-Gas. Then get out on the open highway. It will be an experience such as you've never had before! And the new Amoco-Gas actually costs less in the long run. it costs a little more per gallon, but much less per mile! The new Amoco-Gas is the greatest in our history. Always the best—now better than ever! Try it today! AMERICAN OIL COMPANY at “The Sign of Greater Values” AMERICAN Moco GAS