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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