Company's Charter Amended to Permit Stock Readjustments Under New Plan
Providence, R. I., March 22.—An amendment to the charter of the Gorham Mfg. Co. was filed at the office of the Secretary of State this forenoon to enable the company to make stock readjustments as called for under the plan of reorganization announced early in February as the result of the long period of conferences that have been held by officials of the company and committees representing the various interests involved.
Before accepting the amendment for record it was submitted by Secretary of State Sprague to Attorney General Herbert L. Carpenter, by whom it was approved.
The plan, as previously announced in detail in these columns, consolidates all the interests formerly held by the Silversmiths Co. into the Gorham Mfg. Co. The companies affected by this consolidating plan are the Gorham Mfg. Co., the Silversmiths Co., the Whiting Mfg. Co., the William B. Durgin Co. and the William B. Kerr Co.
The charter amendment filed today authorizes the issue of $5,000,000 first preferred stock, of which $3,900,000 is to be issued under the reorganization plan. This compared with $6,300,000 preferred of the Gorham Mfg. Co. and the Silversmiths companies.
Eugene A. Kingman, of Edwards & Angell, attorneys, said this morning that the filing of the charter amendment is the first of a scries of legal steps which are to be taken before the completion of the reorganization process.
Source: The Jewelers' Circular - 26th March 1924