Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-05-02
S146,0OO,OlO CHECK
IS HANDED DODGES
Trust Company Acts for For
mer Stockholders in Huge
Auto Plant Sale.
BY the Associated Press.

BY the Associated Press.
DETROIT. May 2-The last step in
the sale of Dodge Brothers, lncor-
porated, to Dillon, Read < Co, New
York bankers, was taken here Nester-
day when representatives. of the own
ers of the automobile company turned
over to the purchasers the deeds,
bills of sale and other papers in
Volved in the transfer of title.
The transfer was made upon tele-
phone notification from New York
that Charles p. Spicer, vice president
of the Detroit Trust Co, representing
the Dodge stockholders. had received
from Dillon. Read & Co. a check for
S146, 600 900. representing the total
net purchasing price.
Management Unchanged.
The papers were handed over by
representatives of the stockholders to
Frederick J. Haynes. president of the
new corporation organized by the
purchasers under the laws of Mary
land, known as Dodge Brothers, In
corporated The name of the old
Dodge corporation, to which the pur-
chase price was paid, has been
changed to the Dodge Estate Cor
poration.
With the transfer, Dodge Brothers
went under new ownership. although
there has been no change in its
management.
Trustees for Mrs. John F. and Mrs.
Horace l.. Dodge. widows of the
brothers. who builded gigantic
automobile industry on the founda-
tionS OF a small machine shop. have
been negotiating the sale of the
property since early this year. MI
merous conferences We're held be-
tween the trustees and New York
banking houses until the final offer
ingS were made by j. =. Morgan &
Co, and Dillon, Read & Co, March 81.
Then followed an epochal piece of
industrial financing and the prompt
sale, several times oversuhscribed. of
Sl60 600 600 par value securities, con-
sisting of S75,O00,0O0 of debentures
and SS5, 900 600 of preference stock.
All Goes to Families.
1t is understood that the Sl46,000 600
proceeds of the sale will he deposited
i'm banks here and elsewhere. Some
part Of it will he held awaiting settle
ment of Government taxes and certain
other matters. and the balance even
tually will be distributed among the
stockholders of the old company for
investment by them-Mrs. John f.
Dodge, the Detroit Trust Co. and Mrs.
John F. Dodge, trustees. under the
lantyne and Mrs. Horace f. Dodge,
trustees under the will of Horace T..
Dodge
Mrs John f. Dodge at the time of
the sale held a part interest in the
company in her own right as heir-at-
law of her daughter, Anna Margaret.
Under the wills of the Dodge broth
ers the automobile property was be-
uueathed as follows:
Detroit TrlIST Co and Mrs John
f. Dodge. trustees under the will of
John +. Dodge, 1886.
John BaIlantyne and Mrs. Horace
T.. Dodge. trustees under the will of
Horace l.. Dodge, 1886.
AIRS. John f. Dodge. in her own
right as heu-at-law OF her daughter,
Anna Margaret. $50.
The trust under the John F. Dodge
will continues until the death of the
survivor of his four children. The
trust then terminates, and the prin
cipal goes to the grandchildren of
John +. Dodge. In the meantime the
net income from the trust fund is TO
be paid in equal shares to the four
children. A fifth child, John Duval
Dodge, was cut off with $3.50 a month
under his fathers will. but the heirs
settled his suit for full share by pay
ing him $1,600000.
Form Estates Corporation.
Under the Horace Dodge will the
trust continues during the life of his
widow. upon whose death it is to be
paid to the two children of this union.
\ suit recently was started by John
Duval Dodge for a share of the estate
of his sister Anna Margaret, who was
years old at the time of her death
a year ago. The suit is directed
against the child's mother, Mrs. John
+. Dodge. foster mother of John Duval
Dodge.
Officers of the old Dodge Corpora