The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-01-27
7HE CONSOLIDATION
otThroo Loading Local Iron Mills
Apparently ig u Go.
TWO COMPANIES STOCKHOLDERS
bpnroyc the Proposition, aud tho
Third One Meets to Act on 1t To-day.
Aot Nluch of IN Alternative Left to
the storkholdcrs...Nie,hod of Pro.
ccdurc. -si

II looks as II the muth-lalked.of con.
,glAaion Of the Belmont, Top aud Bon
wood iron works was TO be n goa once.
Two Of the meetings OF stockholders
were held yesterday, and tho third, the
Toy mill, or more correctly speaking,
:.s Wheeling Iron and Nail Company,
viii nave lis annual meeting to-day.
There is little ii any room for doubt,
however, that the three viii be ono con-
cern Al soon rs the necessary steps can
Icrakan to formally carry out tho dc.
tail. oi the plan.
The belmont companEs stockholders
met Yesterday afternoon. There were
about .hrcc.iourths ot'tRc shares Of tho
rymplny represented i'll person or by
pnNy. The old directors were rc.clcct-
Ell, tie board thus agan consisting OF
Nrssrs. 4. Wilson Kelly, Thomas
O'Brien, Edward Reed, W. f. Stiicl, John
G. Hoffman, jr., and Joseph Ijell.
The proposition to sell the stock OF
The company to n ncwcumpNny formed
ui the rlocknolders OF tho three mills
above named was then taken up and
unanimously endorsed By the stock
AolJggs represented at the meeting.
THE rrSwooD APPROVES ALSO.
Last evening the annual meeting Of
tie stockholders OF The Bcnwood iron
WORKS was held at the office OF the COM
many on Fourteenth street. There was
considerably over threc-fourths OF the
stock represented. The old board OF di.
rertora was reelected, rs follows: John
L. Hoffman, ST., A.W. Campbell, George
/. Caldwell, J.. S. DclAplain, Jacob Wise,
I. W. Paxton, l.. q. StiIci.
On the question OF consolidation he
vote was, like that at the Belmont meet
iwg, unanimous in favor OF the COM
liur.
There ia no doubt expressed by those
most Interested in the result OF the
vote ihat ut the Top mill meeting to-
day the outcome will be the same rs ut
the two meetings yesterday. Where
the majority oil the stock votes in favor
OF the consolidation the proposition is
settled. All that remains to be done is
ior the individual stockholders to carry
ont the will OF the majority us expressed
in the vote.
METHOD OF PROCEDURE.
Tie stockholders must, oil course, act
rs individuals in the transfer Of their
shares into the stool; OF the new cor
porgilon. In the meetings the action
taken is merely the expression OF each
company in its corporate capacity. In
order TO carry out the consolidation
thus approved each stakeholder will
execute apOwcr OF attorney constitutin.
Mr. \. J. Clarke his attorney in fact, to
make Tor him the transfer oil his stock.
This done, and the new charter secured
by the gentlemen selected to act as in
rorpOratOrs, each OF the former stock
holders will receive Il number OF shares
ul the capital stock of tho new corpora
ton in proportion TO his holding in the
old enc.
tits we'll understood that in the case
la: least one OF the companies there
was little option given the stockholders.
II had come to be regarded rs simple
question OF entering the combination
with the other two concerns or wind
IN: up the separate corporations
affairs, surrendcring the charter and
selling the property to the highest bid
der This would in the end amount to
the same thing as entering the combine,
Us the other two companies stock
holders would no doubt have bought
the concern 10 protect their own inter-
ecsi5 in the Wheeling steel plant, which
NaIrcad y owned jointly by the three
Companies, having been built by them.