Business & Finance: Pierce Oil Upheaval

Owing to the default of four quarterly payments on its preferred stock, the control of the Pierce Oil Co. has passed from its common to its preferred stockholders. The latter, organized by H. H. Lehman as a Stockholders' Committee, have elected a new Board of Directors, including among them H. L. Doherty, and will undertake to raise new capital for the concern. Mr. Doherty holds a demand note against the Company for $1,200,000, secured by $3,000,000 worth of pipe line and tank cars.

The old management, represented by Alton B. Parker (who was...

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