Evening star., 1943-10-06

securities will be debated in oral ar
guments before the ICC November g..
Approximately Is briefs already
have been filed by various railroads.
investment houses, insurance COM
panies, securities dealers, the Asso-
citation of American Railroads and
the American Shortline Railroad As
sociation.
City Of Los Angeles has invited
municipal bond houses to bid on
S3,200,000 water revenue refunding
bonds maturing 1914 to 1859 and
name their own coupon rate. Bids
will be opened October 26.
Bids on Housing Notes totaling
S13,8l3000 have been invited by II
housing authorities in various parts
of the country Dates November 10,
the larger items were S5,107.O00 for
Providence, r. l.; Sl,099 900 for
Johnstown, Pa; ST 1856 900 for Mont
gomery, Ala, and 1891, 900 for Cor
puS Christi, Tex
Illinois Central Railroad is expect
ed to ask bids soon on a new issue
Of equipment trust certificates, prob
ably similar to the Sl5.000,0O0 block
which the road refused to award to
a single bidder last August. At that
time, HalSey Stuart g. Co. offered
9805l7 for the 2l2s. The road planned
to apply the proceeds from the
sale to retirement of other debts.
Sears, Roebuck e. Co. reported
September sales of s79,l4l $40, COM
pared with 80,527 208 in the same
1912 month. a drop of IT.. Sales
in eight months ended September
30 totaled s537 ,391 ,818 against $685.
3l7,70l year ago. a decline of 37c,
John MOrrell e. Co. voted two cash
dividends on capital stock and an
other payable in stock Cash pay
ments are 25 cents as a regular dlvi-
dend and so cents as an extra. both
payable October 80 to holders of
record October Is. The stock ulvi-
dend is one share for each 81 now
held In place of fractional shares.
payments on less than "a shares will
~
also payable October 80 to holders
of record October Is.
Southern Railway announced q
refunding plan for $40 900 900 of At
lanta & Charlotte Air Line Rail-
way Co. A. and So bonds matur-
ing next July l. The plan provides
for issuance Of 100000 of new
first mortgage bonds and an ad-
vance of about s5,000,000 by South
ern to the Atlanta Il Charlotte.
Stockholders Of the latter will vote
on the plan at meeting in Green
vile, S. c.. November 6. In return
for the advance, Southern would
accept second mortgage bonds of
the company and continue other
C'ntractual relationships.
North American Light & Power
Co., which is dLssolving asked the
Circuit Court Of Appeals at Phil
adelphia 70 set aside an SEC order
allowing group of preferred hold
ers to interiect itself into claim pro-
ceedings. The court will hear the
company petition FRIDAY.
Oklahoma Gas & Electric Co. pro
poses to refund s6.6O0.000 A. Ieoaa-
lures. DIE in 1916, through 1ne sac
OF $500 900 l0-year notes, accord
ing to reca pltalization plan filed
with the SEC.
Consolidated Natural Gas Co. le-
celved an SEC extension until NO
vember Of the period in which j.
may complete its registration unCer
tee Holding Company Act.
Great Lakes Transit Corp. and
Preferred Stockholders Committee
asked Federal Court at Buffalo to
approve plan permitting the COM
pany to establish fund of 81 200 600
for the purchase of preferred stock
at prices not to exceed Sl45 q share
A s3,000,000 Offering of 3i.cl
debentures OF Oscar Mayer d CO.
meat packing concern. was made al
1907 and interest by A. G.. Becker
& Co. Proceeds will be used 10 re-
tire other debts and provide add
tlonal working capital.
Shields & Co. marketed 1000
shares of American Chicle Co. capl-
tai stock a t sll0 share in a special
offering on the floor of the Stock
Exchange. A commission of sl.60 a
share was allowed
United Electric Coal Companies
may be able TO resume dividends
soon on the common stock. on which
no payments have been made since
1929, President F. F. Kobe lndI-
Gated