Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

The General Tire & Rubber Company Deal - Lehman Brothers Collection

The General Tire & Rubber Company

Company Dealsale of common stock
Transaction TypeCommon Stock
Deal DescriptionThe General Tire & Rubber Company added the proceeds from this transaction to its general funds. Such funds were to be used for one or more of the following purposes: to reduce the company's outstanding short-term bank loans, for the payment of accrued unpaid dividends on the 6% cumulative preferred stock series A of the company, or for additional working capital. The loans referred to were incurred in the ordinary course of business for the purpose of making working capital available to the company in connection with the acquisition of inventories, additions to equipment, and other general purposes. Increases in the volume of business of the company and its subsidiaries required the maintenance of additional amounts of working capital.
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