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Fight Tire Stock Plan.

American Government Special Collections Reference Desk

Topics:  Kelly-Springfield

Fight Tire Stock Plan.

The New York Times
April 23, 1914


Stockholders of the Kelly-Springfield Tire Company are being asked for proxies by A. M. Polack & Co., a brokerage firm of 25 Broad Street, to be voted against a plan of the Directors for readjusting the company's capital.  A circular was sent out asking the consent of shareholders for an exchange of the outstanding $2,850,500 debenture bonds for 6 per cent. cumulative preferred stock.  The proposal was made also to fund the 78½ per cent. of back dividends on the stock into new 7 per cent. second preferred shares.  The brokerage house calls the plan "unsound financing," and asks that it be defeated.



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