The Providence news. (Providence [R.I.]) 1891-1906, 1903-10-23
LOCAL
men HIT
BY STOCKS
About 100000 Worth Of In.
tsraailonaI Fire Engine Stocks
Held In This State.

Fred W. shibley of this city. one OF
the reorganization committee OF the In
ternaronal Fire Engine company. said
yesterday he believed the plans proposed
were sure 10 be unsuccessful. As the
large stockholders have signifed their In
tention of depositing stock under this plan
II is generally believed that the smaller
stockholders will follow.
Mr.. Shibley states that the value os
the plants OF the company were over
estimated at the time the company was
formed, and II would have been impos-
sble TO have dividends on the old capt.
talization. No promoters are to gain on
the proposed transa action, as all stocks
and bonds not insured 10 stockholders
will remain in the treasury.
Mr. Shibley said: Our committee 10
working simply with the object Of put:
ting the company on paying basis. ana
although there has been a shrtnkaGe OF
value. owing TO overestmating,, resulting
In the reduction OF the capitalization q
over eight millions 10 three millions. stil
the company has practical control OF the
flre engine business and with other lines
OF fire apparatus manufacturer IL ought
10 be profitable on a reasonable amount
OF capital. II handled honestly Rhode
Island people are interested In the pro-
posed rejuvenation. and though there are
few stockholders in this city. considerable
OF the company's securities are held In
the northern part OF the state. II 10 said
that 100000 worth or preferred stock is
when the stock was low. after the pay
rnent OF a dividend.
The holdings OF stock in woonsocket
and vicinity constitute the greater part
held In Rhode Island. according 70 the
statement OK Mr.. Shibley. He said there
were only two or three stockholders In
this city and they did not have very large
blocks One OF the members Of the or
ganization committee Is George II. Robin
son. the treasurer OF the Gorham Manu-
featuring company.
Senator Charles II. Horton Of Woon-
socket is member OF the company's
board OF directors. The International
Fire Engine company was organised two
years ago and controls and operates .
large percentage of the fire engine fac
tories OF the country, at Elmira. ~. T.;
Seneca Falls. ~. Y: Cincinnati. Chicago.
St Paul and Baltimore. Up to three
months ago the corporation paid ,divi-
dends at the rate Of per cent. per
annum on the preferred stock. $4,000. 900
Of which was issued with "a. 900. 900 paid
In. with $4,000. 900 In common stock. Plans
for this reorganization have been under
way since the last dividend was passed.
and last week. Mr.. j. r. Clarke Of Bos-
ton, the vice president attended q meet
ing OF the stockholders at Woonsocket
and explained the present state OF affAirs
and gave information supplementary to
that sent out by the reorganization COM
mittee.
Under the reorganization plan Il Is
proposed to issue Sl.000000 in 6 per cent.
2o-year bonds, $1,000. 900 In preferred
stock and 81. 900. 600 in common stock all
OF this 10 take the place OF the "a. 900 900
in preferred and the 81. .0O0. 900 In common
stock. II is proposed to reorganise the
company under the name of the Amer
lean La France Fire Engine company