Complex sentence: One report in the "New York Times" claims that Michigan-Peninsular had issued $3,000,000 in common stock and $5,000,000 in preferred stock and that during this time Col. Frank J. Hecker and Charles L. Freer gained a controlling interest in the company.
Split into simpler sentences: One report in the "New York Times" valued Michigan-Peninsular at $3,000,000 common and $5,000,000 preferred stock. During this time Col. Frank J. Hecker and Charles L. Freer gained a controlling interest in the company.