The figures of the company with reference to its stock, as set forth in the Manual of Statistics for 1911, show that common stock to the sum of $49,931,735 has been issued and preferred to the value of $51,730,971, while $60,000,000 was the sum authorized for each. Par is $100.
The preferred stock is 6 percent, cumulative. It is provided that dividends upon the common stock of the company shall be limited to 10 percent a year as long as any of the collateral trust debenture 41/2 per cent bonds remain outstanding. These were created in 1902 and issued in 1902 and 1905, in connection with the plan for the formation of the company.
All but a small amount of the stocks are held in a voting trust, which was renewed in 1907, until Oct. 1, 1912, unless it is terminated sooner by the trustees, who are J. Pierpont Morgan, Charles Steele, J. Bruce Ismay, Peter A. B. Widener and Lord Pirrie. Ismay, who survived the Titanic disaster, is now being “investigated” by a senatorial committee. Mr. Widener’s son, George D. Widener, perished in the ship wreck.
Chicago Daily News, Saturday, April 20, 1912, p. 2, c. 5
Relates to Ship:
Leave a comment
Add a new story to Encyclopedia Titanica
Link and cite this article
Please link to this page using the following URL
Or copy the link text below
If you need to cite this page please copy the following and adapt as necessary for your referencing system:
(1912) Not All Stock IssuedChicago Daily News (ref: #19031, accessed 7th March 2014 02:07:32 PM)
URL : http://www.encyclopedia-titanica.org/not-all-stock-issued.html
Added to Encyclopedia Titanica Thursday 5th July 2012, last updated Friday 7th March 2014.