The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-01-13
To the Preferred and Common
Stockholders of the
MERICAN STEEL
WIRE CO. PANY

land WIKI CU
During several months past the holders Of al,,,,
portion Of the shares of tho American steel ~
Wire Company have been carefully considering N,
advisability of obtaining by purchase or reorganI,,.
ton other leading wire concerns in the tn;t.a
States, among them the Cleveland Rolling Mil Com.
pany Of Cleveland, Ohio. manufacturers Of pig iror
Bessemer steel, and open-hearth steel. as well Al,
wire In its various forms. aud the washburn 4 Mo.,
Manufacturing Company Of Worcester, Mass, Ana
waukegan. Ill.
1t lie believed that there would result ere.,.,
economy in management and operation, aud therein,
be Of advantage to all the stockholders Of the several
companies. After q thorough investigation Of IN,
several properties and their values. actual as well
rs relative, the acquisition of the following plant,
has been assured upon a just and fair basis;
wnshburn s. Noon ManufacturinE Com.
Dany of Worcester, Mass, and waukerap.
Ill.
Worcester Wire Company of worce,tsr.
Mass.
Cleveland Rolling Mill company of Cleve.
land, Ohio.
oliver 8 Snyder Steel Co. of Pittsburgh,
Pa.
oliver Wire Company of Pittsburgh, Pa,
Newcastle Wire Nail Company of Now.
castle, Pa.
Pittsburgh Wire Company of Pittsburgh.
Pa.
Cincinnati Barbed-Wire Fence 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.
Newburgh Wire and Nail Company OF
Newburgh, N. ".
To accomplish the object suggested, the following
plan has been agreed upon:
HAVE BEEN ENTERED INTO
FOR THE ORGANIZATION OF A CORPORATION
d THE LAW OF THE STATE OF NEW
JERSEY, TO BE KNOWN AS TIL AMERICAN
STEEL AND WIRE COMPANY. THIS CoRPo.
RATION WILL HAVE AN AUTHORIZED CAPITAL
STOCK OF $780, 900, 900. OF WHICH ~ ,oOO.on
WILL BE SEVEN PER CENT. CUMULATIVE PRE-,
ERRED STOCK AND $50, 100000 WILL BE COM.
MON STOCK.
This corporation will acquire the above properties
either by direct ownership or through the ownership
of not less than n majority of the capital stock,
where it is not practicable to purchase the proper
ties themselves.
A SYNDICATE las BEE FoRMED WHICH
WILL FURNISH THE NECESSARY CAPITAL FOR
Fl ABOVE PURCHASE. AND IN ADDITION
THERETO PROVIDING THE NEW COMPANY
WITH A wORKIN CAPITAL OF ABOUT
100000. EXCLUSIVE OF Fl WORKING
CAPITAL OF H CONCERNS
"hiNh liz az TN 1hH IA 'phIblA
TON. WHATEVER MAY BE NECESSARY Of
oRKING CAPITAL MAY BE USED FOR
H OF OTHER PROPERTIES
WHICH MAY BE AGREED UPON HEREAFTER,
H ENTIRE AMOUNT OF CAPITAL TO Be
FURNISHED BY H SYNDICATE BEING ses..
900. 900.
The syndicate agreements will provide that tho
New Jersey company shall acquire such Of the capl.
tai stock of the American Steel and Wire Company
of Illinois, not less than a majority thereof, how.
ever. as may be offered. on tho 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 add.
ton thereto six-tenths of one share Of
the common stock of the New DER
sey corporations; for each share Of
the common stock of the Illinois corpora
ton the holder thereof shall receive ono
and two-tenths. shares of the common
stock of the New Jersey corporation. 1t is
further arranged that the clearinghouse of
j. e w. SELIGMAN q co. OF NEW YORK
CITY. or it's agent for that purpose CTHE
TRUST AND SAVINGS BANK
CHICAGO. ILL.), will exchange the
of the American Steel and
Wire Company, of Illinois, on the above
basis, provided the same arc
presented and deposited at either of
the offices above named on or be-
fore TUESDAY,, JANUARY II, 1899; that
In event Of delay in issuing the cer-
tifcates of the New Jersey corporation in
term certificates will he issued exchange.
for the engraved certificates when is
sued. The interim certificates will be issued
by either j.. & w. Seligman & Co. or their
agents tthe Illinois Trust and Savings Bank
Mt Chicago.
1t is very desirable that the fiscal year of the New
Jersey corporation commence on January l. 1929.
md to that end the plan must be m at
he earliest possible date; therefore. the stockholders
n the American Steel and Wire Company OF Illinois
ire requested to present and deposit their stock
so that the same may be speedily and
delay exchanged. and tho organization Of
he New Jersey company facilitated.
Books of transfer of the American Steel and Wire
of Illinois were closed on Wednesday,
January Ath. 1899, and will not he reopened until
bout January 25th, 1899. and the books Of the
New Jersey corporation will be opened as soon as
he engraved certificates are ready for delivery, not
alter. however. it ID believed, than January 25th,
500.
1T Is PROPOSED THAT THE NEW
WILL DECLARE REGULAR
QUARTERLY DIVIDENDS ON THE PRE-
PER CENT, BEGINNING
APRIL 1ST, 1899.
The undersigned. comprising the entire Board of
Of the American Steel and Wire COMPANY.
Z Illinois, after a careful consideration, believing
hat the of the plan proposed will in.
rease earnings, decrease expenses. result in a mora
table cost OF manufacture. and more satiafactory ro-
to the Stockholders, have decided to exchange
own shares in the Illinois corporation for
hAres in the New Jersey corporation, upon the
basis:
j. w. GATES,
A. CLIFFORD.
1. l.. ELLwOOD,
CHAS. DOUGLASS.
VIM. EDENBORS,
s. II. CHISHOLM,
JOHN LAMBERT,
r. BAACKES,
Il. II. GARY,
L. j.. BURLINGTON,
w. II. ROWE.