The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-01-09
3inunrtnl.
To the Preferred and Common
Stockholders of the
AMERICAN STEEL
and WIRE co MPAH

WIKI CUAHI
During several months past the holders Of a large
portion Of the shares Of the American steel and
Wire Company have been carefully considering tho
adNisabiiity OF obtaining by purchase OF reorganiza.
tion other leading wire concerns in the United
States, among then the Cleveland Rolling Mill Com.
pany OF Cleveland. Ohio. manufacturer OF pig iron,
Bessomer steel. and open.hearth steel, rs we'll as
wire In its various forms. and the washburn,& Moen
Manufacturing Company OF Worcester, Macs, and
waukeeAn. Ill.
II is believed that there Womb result greater
economy In management and operation, and thereby
DO OF advantage to all the stockholders of the several
companies. After q thorough investigation OF the
several properties and their values. actual as well
A. relative. the acquisition OF the following plants
has been assured upon u Just and fair bssis'
washburn q Moen Manufacturing Com
pany of Worcester. Mass, and waukeEan,
Ill.
Worcester Wire Company of Worcester,
Mass,
Cleveland Rolling Mill company of Cieve-
land, Ohio.
Oliver q snyder Steel Co. of Pittsburgh,
Pa.
Oliver Wire Company of PittsburRh, Pa.
Newcastle Wire Nail Company of New
castle, Pa.
Pittsburgh wire Company of PittsburEh,
Pa.
Cincinnati Barbed-wire Fen &C Company
of Cincinnati, Ohio.
Laidlaw Bale and Tie Company of Joliet,
ILL.,, and Kansas City, Mo.
Consolidated Barb-wire Company of Law
renee. Kan, and Joliet. Ill.
NewburEh Wire and Nail Company of
NewburRh, N. v.
To accomplish the object suggested. tho following
plan has been agreed upon:
AGREEMENTS HAVE BEEN ENTERED INTO
o THE ORGANIZATION OF A CORPORATION
UNDER THE LAWS OF THE STATE OF NEW
JERSEY, TO BE KNOWN AS THE AMERICAN
STEEL AND WIRE MPAN THIS CoRPo.
RATION WILL HAVE AN AUTHORIZED CAPITAL
STOCK OF spO.Ooo.O 900. OF WHICH S4o,ooO.OOo
WILL BE SEVEN PEI CENT. CUMULATIVE PRE-.
FERRET STOCK M $50. ooo. 900 WILL BE CON.
MON STOCK.
This corporation will acquire the above properties
either by direct ownership or through the ownership
OF not less than a majority Of the capital stock.
where it Ia not practicable to purchase the proper.
ties themselves.
A SYNDICATE HAS BEEN FORMED WHICH
WILL FURNISH THE NECESSARY CAPITAL o
THE ABOVE PURCHASE, y IN ADDITION
HERETO PROVIDING THE NEW COMPANY
WITH A WORKING CAPITAL OF ABOUT
$l3. 100000 EXCLUSIVE OF THE wORKING
CAPITAL OF THE F. CONCERNS
WHICH WILL ENTER THE NEW %oRPoRA
lloN. NhhlEN EN- MAI Dr. NE,I%SSAh1 UT
WORKING CAPITAL MAY BE UsED FOR
II OF OTHER
WHICH MAY BE AGREED UPON HEREAFTER.
H ENTIRE AMOUNT OF CAPITAL TO BE
FURNISHED BY THE SYNDICATE BLING S2s,.
900, 900.
The syndicate agreements will provide that the
New Jersey company shall acquire such of the CAPT.
tai stock of the American Steel and Wire Company
of Illinois. not less than a majority thereof, how
ever. as may be offered. on the following basis:
For each share of the preferred stock
of the Illinois corporation the holder there
of shall receive one share of the seven per
cent. cumulative preferred stock of the
New jersey corporation. and in addi-
ton thereto six-tenths of one share of
the common stock OF the New Jer-
sey corporation; for ench share of
the common stock OF the Illinois corpora
ton the holder thereof shall receive one
and two-tenths shares of the Common
stock of the New Jersey corporation. 1t 10
further arranged that the clearinghouse of
j. & w. SELIGMAN & co. OF NEW YORK
CITY, or its agent for that purpose (THE
ILLINOIS TRUST AND SAVINGS BANK
OF ILL.,, will exchange the
certificates of the American Steel and
Wire Company. of Illinois, on the above
named basis, provided the same are
presented and deposited Mt either of
the offices above named on or be-
fore TUESDAY, JANUARY II. 1890; that
in event of delay In Issuing the GER
tiff cates of the New Jersey corporation in
term certificates will be issued exchange
able for the engraved certificates when is
sued. The interim certificates will he issued
either j. & w. SeliGman & Co. or their
agents uhe Illinois Trust and Savings Bank
at Chicago).
It is very desirable that the fiscal year Of the New
Jersey corporation commence on January !, 1929,
and To that end the plan must be at
- -. = -.e@r aHu |
in the American Steel and Wire Company of Illinois
are requested to present and deposit their stock
promptly, so that the same may he speedily and
delay exchanged, and the organization Of
the New Jersey company facilitated.
Books OF transfer Of the American Steel and Wire
of Illinois were closed on Wednesday,
January 4th. 1899. and will not be reopened until
about January 9th. 1899. and the books of the
Jersey corporation will be opened as soon as
the engraved certificates are ready for delivery. not
later. however. il is believed, than January 25th,
1900.
1T is PROPOSED THAT THE NEW
COMPANY WILL
DIVIDENDS ON THE PRE-
FERREE STOCK OF ONE AND THREE
PER CENT, BEGINNING
APRIL lST. 1900.
The undersigned. comprising the entire Board Of
of the American Steel and Wire Company.
Of Illinois. after a careful consideration, believing
that the contamination of the plan proposed will In
crease earnings. decrease expenses. result in n more
stable cost OF manufacture, and more satisfactory re-
suits to the stockholders. have decided to exchange
their own shares In the Illinois corporation for
shares in the New Jersey corporation. upon the
j. w. GATES,
A. CLIFFORD.
I. l.. ELLWOOD,
HAS. DOUGLASS,
WIN. EDENBORN,