CLEVELAND AUTO PLAN.
The New York Times
January 9, 1920
Stockholders to Vote on Increasing Capital Stock.
The Directors of the Cleveland Automobile Company have called a meeting of the stockholders for Jan. 22 to pass on a proposal to increase the common capitalization from 14,000 shares of no par value to 300,000 shares without nominal or par value. The move is a preliminary step toward splitting up the present common shares on a 20 for 1 basis, so that the outstanding capital will be 280,000 shares. The stock is now selling for about $1,050 a share, and on a subdivision basis the price would be reduced to something in the neighborhood of $55 a share.
The Cleveland Automobile Company was organized last February by Chandler Motor interests, and holders of stock in the latter company were given the right to subscribe to Cleveland 8 per cent. preferred stock on the basis of twenty shares of preferred for each share of Chandler. With each subscription to twenty Cleveland preferred went four shares of Cleveland common stock as a bonus.
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