The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1917-01-11
INCREASE IN CAPITAL OF WIG.
MOLD { FOUNDRY IS PROPOSED
RESOLUTION WILL BE SUBMITTED
AT STOCKHOLDERS MEETING
JANUARY 90.
would Issue 100000 In Preferred STOCK
In Nature Of Dividend to present
Holders Of Common STOCK.

In another column OF tuday'S ISSUE 81
tho lutcllgcncer Will be 1ouhu q H otiGo
calling the annual meeting ~ StuEN
hOlucrs OF the Wheeling Mold fou!-
dry company fur Thursday. January 20,
and also Il notice announcing th"t
this meeting resolution VII! DC HltLu
duced. proposing 10 increase tilc auH"
lied capital stock Ut the corporation W
the issuance OF Sao"'oVo prele''e"
stock
This notice does not state the motive
prompting the proposed increase IN Gat- -
ital Stock through the Issuance % ILL.,
terred stock. but from Il urge shAiS-
holder, who is also director ~ IN /;
company the lntell!Senccr was lhloFIli'G
yesterday that the proposed rrcIe'iT
stock wUulG pay per- cent ana "H ;'i
lie issued in the form or Il Slock Wv :, =,
dcnd 10 present holders or common
stock. ~
At present. the capitalization or inc
Wheeling Mold x Foundry conleth! ~
$l,uuu.UuU IN common Stock. -A!tho"b, !,
The company has done SatlStnvapnL,! '
prruls during the past two years, uil
account OF The lurgc volume o. bus iheS,'
requiring all the available cNpltal' !,
has not been possible To declare lnp
dividends In cash That me GtrI i,,ars "
felt were fairly coming to Stockho!ders.
II is proposed therefore, TO declare 4
dividend IN the nature OF pTelcfrc4
stock to the present stockholders. 81,
From director Of the company: an u.
lntclligcurcr reporter learned that II
Is the belief OF directors that the COM
puuy will be easily ahin 10 pay tlS
eight per cent dividend rate on inc pre-
fcrrcd stock. and probably In The not
far distant future. dividends on cohn'oI.:
Tho issuance Of S500.0UU preferred stq<ii
void mean dividend charges amounting
10 $4,000 per year which Is Il modest
sum, in view OF the handsome earnings
made by the Mold X Foundry company
the past several months. $3.50,
l, is commonly known That me Mn.u
& Foundry company. during 194" anu
1914 was IN severe straits. owing 10 u
lack Of working capital FOR repairs ''u
the purchase of needed machinery. ~
has been the policy Of the company 10
nut into me business practically all Of
the earnings, with the result that the
plant today is in better shape and cap
able. Of handling larger orders lhun ever
before. The stockholders have been
patient. their investment having
brought them practically nothing the
nnst three Years. Those who favor tn"
plan argue that 1t is the most taH"rah'n
way of distributing profits 10 the stock
holders and at the same time preserving
thd working capital
Prospects Are Good.
According TO member Of the board
when interviewed yesterday. tho COM
pany has disposed Of part OF It's she'll
making machinery, making an adran-
tarcous sale TO q Canadian concern.
practically all shell contracts Will BE-
completed by the end Of February" he
said. AS TO the shel contracts, one
or two Of the first received were profit
able, but the later ones, owing 10 the
severity Of inspection and the difficulty
experienced in securing supplies. were
not so satisfactory. On the other hand.
the general foundry business has been
successful and the prospects ar" good.
Enough rs have been booked to In
suro profitable run for several months
to come"
Wheeling Mold and Foundry stock
continued In demand on the local stock
exchange, yesterday. and was hid at the
close at 63. The sales were not large.
however.