WALL STREET SENSATION
MEAT COMPANY EMBARRASSED. ACTION BY MINORITY SHAREHOLDERS. Press Association—By Telegraph—Copyright. NEW YORK .August 25. (Received August 26, at 7.35 p.m.) A sensation was caused in Wall street when the New Jersey court appointed a temporary receiver for the Wilson Company, meat packers. A minority stockholder brought equity proceedings against the concern, alleging that the company had an outstanding indebtedness of 77,000,000 dollars, and that on various occasions it had been unable to pay interest on its bonds and dividends on its stocks owing to a lack of ready cash. Mr Thomas Wilson, the company’s president, announced that he would stubbornly oppose the receivership, declaring that the company’s assets amounted to 121,000,000 dollars. The company’s affairs were actually extremely involved, and financial reorganisation had been several times attempted, principally by the issue of further capital.—A. and N.Z. Cable.
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Otago Daily Times, Issue 19261, 27 August 1924, Page 7
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140WALL STREET SENSATION Otago Daily Times, Issue 19261, 27 August 1924, Page 7
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