Evening star., 1936-08-30
CORPORATION
REPORTS
TRENDS AND PROSPECTS OF
LEADING ORGANIZATIONS

NEW YORK, August 29.-The fois
lowing Is today's summary Of corpora
tion news prepared by Standard Sta
tistics Co., Inc, New York:
Willys-Overland Co.-Federal Judge
Hahn, Toledo, approved reorganiza-
ton plan for company as filed under
A section 77b Of bankruptcy act by
Empire Securities, Inc, owner Of over
10 per cent Of 6h per cent bonds and
more than 81 per cent Of unsecured
indebtedness Judge Hahn ruled that
common and preferred stockholders in
the old company are to have no rights
in the new unless they exercise the
stock subscription rights provided for
in the reorganization plan.
Scovill Manufacturing Co.-De-
clared dividend Of rs cents on capi-
tai stock, payable October /; on July
/, 1896, a dividend of Is cents a
share was paid.
Peerless Corp.-Company filed
registration statement with Securities
and Exchange Commission covering
265,210 shares Of SO par capital stock.
Stock is to be offered through war
rants which expire October 26. to
stockholders Of record October 6, in
ratio of three-fifths of one share for
each share held, at 50 a share. Pro-
ceeds are to be turned over to Brew
ing Corp. Of America and will be ap-
piled by that company to payment
Of Indebtedness and to purchase Of
new equipment.
Socony-Vacuum Oil Co., Inc
Colnpany's subsidiary, Socony Vacu-
UNI Oil Co. of Venezuela, has con-
tracted with Venezuelan government
for exploration and exploitation rights
in over 100000 hectares. Total price
paid for the rights amounts 10 about
1000 900.
Associated Gas & Electric Co.-Net
electric output Of system for week
ended August %, 1886, established
new weekly high record, an increase
Of 144 per cent over like 1885 week.
Indiana Hydroelectric Power Co.
Declared a dividend of S71s cents on
the 7 per cent preferred stock, pay
able September IS. This is one-half
the regular rate and has been paid
quarterly for several years. Giving
effect to this distribution, arrears on
this issue amounted to s12.25 a share
Minneapolis Gas Light Co-Pre-
ferred combined share earnings, II
months, June 80, was s27o7 against
S25.59.
National Public Service Corp.-An-
nouncement was made that counsel
for Protective Committee represent
ing holders Of debentures of National
Public Service Corp. and counsel for
Associated Gas & Electric Co. have
reached an agreement to postpone
auction Of 7l2,41l shares of Jersey
Central Power e. Light Co. common
stock from September 10 to a date
tentatively set at September %. Fur
ther time extensions were provided.
however. to permit negotiations for
reorganization of National Public
Service Corp. to continue Stock in
question represents control Of Jersey
Central Power & Light Co. and is held
as collateral behind the debentures.
Pennsylvania Gas & Electric Corp.
Combined preferred share earn
ings. II months ended July 81, was
sl4.43 against $15.35.
Pennsylvania Power & Light Co.
Combined preferred share earnings.
IL months ended July 81, was $l3.44
against S1402.
Philadelphia Rapid Transit CO.
Special master, in report to Federal
Court, Philadelphia, recommended
that company be directed to make
payment of s3,5O0.o00 to underliers
for use and occupancy of their prop
critics. This Is in addition to the
S1,300,000 underliers received in 1885.
Budd Wheel Cot was reported
that proposed sale of $2,00o,000 AZ
per cent convertible bonds Of company
would be delayed until October or
November.