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May Reduce Capital Stock

May Reduce Capital Stock image
Parent Issue
Day
30
Month
July
Year
1897
Copyright
Public Domain
OCR Text

Detroit, July 27.- Holders of preferred stock in the Michigan-Peninsular Car company are anxious on account of a threatened reduction of the capital stock of the big car building concern. The Corporation which was formed in 1892 by consolidation of ftve car building and iron working concerns has been doing little business the past three years in proportion to its capital stock, which consists of $3,000,000 common and $5,000,000 preferred stock. The latter guarantees dividends but has no voting power. Senator McMillan and associates are heavy holders of the preferred securities. Colonel F. J. Hecker and Charles L. Freer are said to have gained a controlling interest in the common stock and in the $2,000,000 of bonds issued by the company. The plant is said to inventory perhaps $3,000,000.

Article

Subjects
Ann Arbor Argus
Old News