AMERICAN TRUSTS.
A HEAVY BLOW FROM THE COURTS. WATERED STOCK RECEIVES A SETBACK. Prew Association—By Telegraph—Copyright. "LONDON, June 17. (Received June 18, at 9.41 a.m.) The Chancery Court of New Jersey (U.S.A) forbid the retirement of forty millions sterling of Steel Trust prepared Btock by the issue of fifty million pounds' worth of bonds as impairing the interests of those not desiring to exchange. The Court uphold the preferred shareholders' rights, vested prior to a special statute which was rushed through the New Jersey Legislature in 1902. The directors are therefore unable to alter the stock without the consent of the shareholders. An appeal against the decision has been entered.
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Bibliographic details
Evening Star, Issue 11607, 18 June 1902, Page 6
Word Count
110AMERICAN TRUSTS. Evening Star, Issue 11607, 18 June 1902, Page 6
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