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Topic: Keely Chronology Stack
Section: Affairs of the Keely Motor Company
Table of Contents to this Topic
AFFAIRS OF THE KEELY MOTOR COMPANY.
PLAN FOR NEW ORGANIZATION WITH GREATER NUMBER OF SHAREHOLDERS.
Differences among those interested in theKeely Motor Company are said by the company's officer in this city to be in the way of spead adjustment. They had so retarded the work that recourse was had to the stockholders, about 2,000 in number, for relief. A plan for reorganization was devised which covered all points in dispute. Returnes from stochholders show that a majority approve the plan.
The Directors are thus authorized to smooth the way for future work by forming a new company, with 500,000 shares of stock in place of 100,000 shares. Mr. Keely will receive one-half the stock, out of which he will dispose of all claims against him for money advanced. The company will undertake to develop and utilize Mr. Keely's latest motor, which is said to be energized by vibration, in place of the old "etheric vapor."
President B. L. Ackerman says that a commercial engine is nearly ready, and thatit will porbably have its first public test on a street car. Official denial is given to the report that Astor or Vanderbilt money will be inverted in the company. Indications some time ago that this might happen came to nothing.