Evening star., 1936-09-27
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS

NEW YORK, September 26-Th?
following Is today's summary of corpo-
ration news prepared by Standar
Statistics Co., Inc, New York:
Worthington Pump g. Machinery
Corp.-Under date of September 2
company, now chartered under laws c.
Virginia, called a special meeting O.
stockholders for November 10 to ap.
prove reincorporation under laws of
Delaware as preliminary step toward
recapitalizing. 1t was pointed out that
Virginia laws would require approval
of any plan by holders of 80 per cent
in amount of each class Of stock af-
fected. a percentage deemed unob-
tainable; Delaware laws required ap-
proval by holders of two-thirds of
each class of stock. While directors
deemed it inadvisable to attempt t.
lay down precise terms of recapital
zation plan at this time, revisions nee
essary to attain the objective of elim..-
mating accumulated dividends on botl
classes of preferred stock and reducin
the total amount Of outstanding pre-
ferred stock were outlined as follows
Cd Merging of the two present issue5
of preferred into single issue; 20 re-
duction of annual dividend charge on
the aggregate of preferred stock out
standing to a figure within a reason
able estimate of probable earnings
applicable thereto; ~ issuance of new
common stock to holders of both
classes Of preferred stock for that por-
ton Of their present holdings which
would not be represented by new pre-
ferred stock, as well as for arrears Of
dividends on present preferred; a.
providing for the right of conversion
of such new preferred into common
stock at option of the holders; 80 is
suance of new common stock to pres
ent common stock holders.
Alabama Great Southern r. R
August net railway operating income
was s103, ,705, against s46,839 in Aug
ust, 1885; in eight months net railway .
operating income was s545,255,
against sl62,567.
Central r. r. of New Jersey-Aug-
ust net railway operating income was
sl55, 1872, against sl19,S37; in eight
months net railway operating income
was 1864 against s1,935, $40.
Delaware, Lackawanna g. Western
r. R.-August net railway operating
income of Delaware & Hudson r. r.
Corp, operating subsidiary. was sl91,-
2l9, against net railway operating
deficit Of $97 ,229; in eight months net
railway operating income was 81 ,508.-
528, against net railway operating in
come of s987.933.
International Great Northern r. R
August net railway operating in
come was s49,0l6 against net railway
operating income of S19,719; in eight
months net railway operating deficit
was sl0,574, against net railway
operating income of S341,019.
Lehigh Valley r. R.-August net
railway operating income was s777.9ls,
contrasted with net railway operating
deficit OF sll5,58S in August. 1885; in
eight months net railway operating
income was s5,25o,4sl, against
| s2,767,72O.
New Orleans. Texas g. Mexico Ry.-
August net railway operating income
was S22.309. against net railway oper-
ating deficit Of s26,820; In eight
months net railway operating income
was s68S,l7S, against net railway
| operating income of 1892 1872.
New York, Ontario g. Western Rail
way-AuguSt net railway operating
income was sl03,344, against s50.55S:
in eight months net railway operatinr
income was 1851, ,154, against S820.O1s.
st. Louis-San Francisco Railway
August net railway operating incon
Of system was $551,55 against s37l.-
458: in eight months net railway op-
Grating income was s2,358, 1866, agains
net railway operating deficit O.
$40,173.
Southern Railway Co.-August ne.
railway operating income was ST.
924.043. against $l.239, ,066 in Augus;.
1885; in eight months net railws~
operating income was $li,420,840.
against $7,496,612.
Armstrong Cork Cot was sal
that this company will purchase the
Rossman plant at Beaver Falls for
the manufacture of new products.
Ann Arbor acknowledgements net
railway operating income was $41 ,658.
against $50, ,224; in eight months net
railway operating income was $240,-
| 247. against $311,375.
Kansas City Southern Railway-Di-
rectors Of company gave tentative
approval to an equipment purchase
program involving about $4,000. 900;
included would be 10 freight loco
motives, 5 passenger cars and addi-
tional freight cars.
Wabash Railway Co-August net
railway operating income was $685.
684 against s245,673 in August, 1885;
in eight months net railway operating
income was $3,237 ,035 against s2,704,-
759; company plans to construct 425
steel hopper cars this Winter at its
Decatur shops.
Celanese Corp. OF America-Com-
mon share earnings, six months ended
June 30, were 86 cents; company filed
registration statement with Secretary
for $4,000 shares of per cent cumu-
lative prior preferred stock; Of the
shares registered 10000 are to be sold
by underwriters to London banking
house.
Associated Gas & Electric Co.-Net
electric output of system for week end
ed September 10 increased 169 per
cent over like 1885 period to a record
high.
Chicago & North Western Ry.-It
was stated the Treasury Department
notified company it will not sane
ton the proposed plan Of reorganiza-
ton for this road unless a clause
was inserted to the effect that the
railroad as reorganized assumed and
agreed to pay In full Federal tax na-
btlities running back TO 1o21. a