Ogden Daily Standard | 1916-10-18 | Page 5 | Refinancing Scheme for Copper Company

Refinancing Scheme For Copper Company New York, Oct, 17. A re-financing plan for the Tennessee Copper company, com-pany, involving the formation of a new company to be known as the Tennessee Copper and Chemical corporation, cor-poration, was submitted today to stockholders by bankers who have underwritten the plan. It Is proposed that the new company com-pany have an issue of $400,000 shares of capital stock of no par value, of which 200,000 would bp held for ox-change ox-change for shares of the old com-pany, com-pany, the rest to be offered to stockholders stock-holders of that company at $16 a share. The sum of $2,750,000 is needed, need-ed, it is stated, to develop the company's com-pany's business. It is planned eventually to merge the new. company with the old, with Adolph Lewisohn as president and to place its stock in a five-year voting 'rust