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4 zv agage and Loan Proposals To 8¢ Submitted at Annual Meeting April. powrt proposals sone]? 3 of the Marioals 4 ‘Co. will come bel of the company! re eting here April l.|¢ ce a voluntary|t hange of preferred|! mon shares and thefy for approval of aja 3 company manager sew funds. xf provides for ¢x-: p to onexhalf the pute] - 3 serred shares forli 0 f. The number of carts to be offered for[s at shares will be de-[¢ he time the offer to nade, company of}} wo seckholders E. G.]: of New York City board, points 0 ages on the pre on amount toll or a total of $2. te necessity, off] -¢ company’s plant, equipment to re these arrearage or continues. the common stock i ze for the preferred | wee stockholders also will agreed to approve an increase | sm 100,000 to 400, ase is authorized the ize shares will be| agn as possible. explanation of the reason sack exchange plan, Mr. points on that com e plan will enable the face the future with et capital structure at Prostate Grand Trouble? each man end for over 5 teaty working her due to Fromate Tindes's formula at henatit and before rath have sold them Suppoaliorles m and others the Fine tertimonisle and fam shew the rood @s. Backache, gattine a reren indicate an jeed Prowtate Ulaod, 1 Ruaranter iE Le ty tack Hoot given relief] totam Watt's area for Prog, aes lag enjoyed in years. The pose ieiey of rehabilita our plant, machinery, and equi ny of our company should m ove with resulting benefits to US stockholders.” Years of Arrearage: The preferred stock dividend arrearages have been accumulati ng since July 1, 1940. No divid ends on this sock has been paid ince that date with the exception at $1.74 a share paid July 1, 1943. On the question of borrowings,’ welders of preferred shares will be asked 9 vote on a proposed amendment to the articles of in corporation to permit the man agement to obtain from banks of i nsurance companies loans mat ‘ng in not more than 10 years. The present preferred stock’ s revisions restricting Sorrwings were adapted at a time when the company had a funded indebted ness of $3,800,000. This amount has been reduced to a short-term $1,000,000 than from a bank. 1 The letter to stockholders points out approval of the proposal will permit the company to convert this loan to a long-term basis at low interest rates and other fa vorable terms now prevailing. Would Change Same Another matter for stockhold ers’ consideration will be a pro posal to change the name of the company from the Marion Steam Shovel Co. to the Marion Power Shovel Co. It is pointed out that the word “steam” in the com pany's name has become obsolet The word dates back to the be ginning of the company when all its machines were flowered by steam. In an occasional ma chine is so powered, the majority being operated by gasoline, diesel or electric engines and motors.
Newspaper Details
Marion Star
Marion, Ohio, US
Wed, Mar 22, 1916
Page 13
Full Page
Clipped by
Anonymous
USA 01 Feb 2026
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