Business & Finance: Downtown

¶ Ten years ago Peerless was a good automobile. Last year Peerless became a shut-down automobile factory. Last June Peerless decided to become a beer. So Peerless Motor Car Corp. changed its name to Peerless Corp., gave its stockholders rights to purchase one new share of stock at $5 for each five shares they held, announced that Redmond & Co. of the New York Stock Exchange had agreed to underwrite the sale of all shares not subscribed by stockholders. Of the 92,348 shares offered, stockholders subscribed just 277. Last week Redmond & Co....

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