The must important fact contained in Mr. Keely's report was suppressed. The part that was not read to the meeting informed the stockholders that he had in contemplation the formation of a new company and that he had already, sold a number of obligations for the new issue of stock, in order to raise money to prosecute his experiments. In an interview to-night Mr. Keely said that these obligations called for between 30,000 and 50,000 shares of stock, and that the new capitalization would be on a bases of $15,000,000. He says the old shareholders will receive share for share of the new issue. Mr. Keely himself will retain about 40,000 shares. [The New York Times 12/15/1887]
See Also