The Bridgeport evening farmer., 1914-03-25
IN FINANCIAL CIRCLES

New York March 25-The United States Express Go has a theoretical liquidation value of about s95. This valuation is arrived at 6rom a com prehensIve analysis of the companys g assets on the fgures at hand As has previously been indicated the stock and bonds owned by the compazfy at 1 their present market quotation make for distribution of $45 per share, and the real estate holdings would add about $39 to this distribution The remaining assets will contrfbute something like $11, making the total estimated distribution on per share basis about sS5. Some of the assets shown in the ba1afce sheet have a l doubtfuI Hquidafing value, while oth- CTS may be said to have practically none On the basis of 100000 shares Of United States Express stock out standing the distribution per share 1 shows a net excess of assets over Ha- lbi1ities of $1111- l The plan for the reorganization of the Wabash Railroad will be made public shortly. It will provide for | the raising Of something in excess of
 s30. .O00, 600 cash for reorganization pur-
 poses, instead of the $25. .000,000 orig IinalIy proposed. Instead of a. sale of 1 approximately s6, ,000,00 or s7,000.o00 new first and refunding mortgage five per cent bonds that would have been l necessary to bring reorganization cash up to $25, ,o00,oO0, it is now pro
 posed to sell s14ooo. 600 new refundang l five per cent bonds to provide for the
 Rayment of a ike amount Of receiv-
 CTS certificates outstanding. These 1 bonds will be underwritten by bank CTS at S5, and will, therefore, provide not less than $11, ,960. 600 for the retire ment of the receivers certificates. The balance necessary will be taken from
 
 sources. There will be an assessment of $20 per share on both the present ] common and preferred stocks. This l assessment will be underwrftten and
 will provide SIS, ,480,oo0-
 | It is probable that Corn Products | Refining Co., s80.o00, 900 capital will
 De reduced as soon as a plan can4.be
 worked: out that will prove satisfas- | tory to all the shareholders The 1 question was brought up at the san-
 nIaI meeting of the company by q resolution &ofered by a stockho1der l favoring the scaling down of the eap- l itaHzation It was suggested by this l stockhoIder that the company offer ! s5, ,O00, 900 of new preferred stock 10 be exchanged for $25, ,00o, 600 common l stock. but this plan was rejected be- cause under the charter it is provided
 that not more than two-thirds of the l company's capital stock shall be pre- | ferred
 Runners lately in circulation to the
 effect that the Central Leather Co.
 would declare another dividend on | the common stock fell fiat when di- l rectors failed to take action in this l connection at their meeting yeeter-
 day It is predicted in well informed quarters, however; that the stock will
 be on regular per cent. basis by | this time next year. The initial divi- dend of per cent. was declared early | in February.
 The plan for the reorganization of
 the SeaIshipt Oyster System. which
 has been assented to by holders of over 80 per cent. of bonds and pre- I ferred stocks, wipes out the old com
 mon stock while preferred stockhold- CTS payment up to $1o a share re- ceive first mortgage bonds of new l company equal in par value to amount of cash paid in with bonus of com mon stock having a par value equal l to twice the amount of cash paid in