Word: claughton
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Dates: during 1945-1945
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...directors of the Missouri-Kansas-Texas Railroad Co. ("Katy") feared that there would be wigs on the green at the annual stockholders' meeting in St. Louis last week. Edward N. Claughton, holder of the largest single block of Katy stock (11%), had loudly voiced his dissatisfaction with the way the Katy president, natty, gregarious Matthew S. Sloan, was treating his stockholders...
...Claughton's chief complaint: no dividends were paid out of the fat $6.1 million profit earned in 1944. Since 1941, Sloan has poured Katy earnings back into the system by making $89 million of improvements to physical property, and reducing funded debt by $36 million. Yearly fixed charges have been cut $1.8 million...
This astute management of the finances of a once shaky railroad did not appeal to dividend-hungry stockholders like Florida's Claughton. As spokesman for a stockholders' protective committee claiming 40% control of Katy common stock, Claughton cried, "If the Katy can't pay dividends when it is earning good money, then what can stockholders expect after...
...when the proxy votes were counted, 13 of Sloan's directors were still in office. Stockholder Claughton won only a small victory, i.e., two directors on the board...
...skillful infighter, he dug into Claughton's past when the proxy fight began to get hot, unearthed the fact that Claughton had run foul of Georgia banking regulations, landed in prison in 1934. (He was later pardoned by Governor Eugene Talmadge.) Bluntly Sloan told his stockholders that Claughton's was not the type of management they wanted...