New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-09
financial.

Net earnings II mos. s665697 s9I2,l43 *ii'''"
financial.
DO the Preferred and Common
Stockholders of the
AMERICAN STEEL
AND WIRE COMPANY
During several months past the holders of large por-
ton OF the shares OF the Steel and Wire Com
pany been carefully considering the advsaoiity
obtaining by purchase reorganization other ieas
wire concerns In the United States among them the
Cleveland Rolling Mil Company. OF Cleveland. Ohio. man
ufactures Of pig iron Bessemer steel and open-hearh
steel well as wire various forms. and the wash
burn G. Moen Manufacturing Company. OF worcester
Mass. and waukegan H.
II is believed that would result greater economy
gemen, operation and thereby be OF advan-
ags all the stockholders OF the several companies
After a thorough investigation OF the several properties
their values actual as we'll relative the acqus
OF the following plants has been assured upon
Just a fair basis:
washburn & Moen Manufacturing Com
pnny of Worcester. Mass and Waukegan'
III.
Worcester Wire Company Of Worcester.
Mass.
Cleveland RorIing-M MIL Company Of CIeve-
land, Ohio.
oliver & Snyder steel Co. Of Pittsburgh.
Pa.
oliver Wire Company of Pittsburgh. Pa
Newcastle Wire Nail Company or New
castle. Pm.
Pittsburgh Wire Company of Pittsburgh.
Pm.
Cincinnati Bnrbed-wire Fence Company of
Cincinnati. Ohio.
Laidlnw Bale and Tie Company OF joliet
ILL.,. and kansas City. Mo.
Consolidated Barb-Wfre Company or Law
renee. Kan, md Joliet, ILL.,
Newburgh Wire and Nail Company OF
Newburgh. n. Y.
To accomplish he object suggested the foIowns plan
has been agreed upon:
AGREEMENTS HAVE BEEN ENTERED INTO FOR
THE ORGANIZATION OF CORPORATION UNDER
THE LAWS OF THE STATE OF NEW JERSEY. TO
BE KNOWN AS THE AMERICAN STEEL AND WIRE
COMPANY THIS CORPORATION WILL HAVE AN
AUTHORIZED CAPITAL STOCK OF s9ooooOOo OF
WHICH $4,000 600 WILL BE SEVEN PER CENT
CUMULATIVE PREFERRED STOCK AND s5o,oooco
WILL BE COMMON STOCK.
This corporation will acquire the above properties either
by ownership through the ownership OF not less
than a majority OF the capital stock. where 1t Is not
practicable purchase the properties themselves.
A SYNDICATE HAS BEEN FORMED WHICH Will
FURNISH THE NECESSARY CAPITAL FOR THE
ABOVE PURCHASE. AND IN ADDITION THERETO
PROVIDING THE NEW COMPANY WITH WORK
ING CAPITAL OF ABOUT sl3 COO EXCLUSIVE OF
THE WORKING CAPITAL OF THE SEVERAL CON
Germs WHICH WILL. ENTER THE NEW CORPORA
TON WHATEVER MAY BE NECESSARY OF THIS
WORKING CAPITAL MAY BE Used FOR THE PCR-
CHASE OF OTHER PROPERTIES WHICH MAY BE
AGREED UPON HEREAFTER. THE ENTIRE AMOUNT
OF CAPITAL TO BE FURNISHED BY THE SfNDl-
CATE BEING s2s.000GOO
The syndicate agreements will provide that the New
Jersey company shall acquire such OF the capital STOCK OF
the American Steel and Company OF Illinois. not
the American steel and Wire Company. OF 'ihnois not
IN the following basis
For ench shnre of the preferred stock OF
the Illinois corporation the holder thereof
shall receive share OF the seven per
cent. cumulative preferred stock Of the new
jersey corporation. md In addition thereto
sfx-tenths Of one share of the common stock
Of the New Jersey corporation; for e"ch
share Of the common stock or the Hhhois
corporation the holder thereon sh"H receive
one md two-tenths shares OF the commo"
stock OF the New jersey corporation. 10 IL
further arranged that the banking mouse
Of j. & w. sELIGMAN & co. OF NEW fOHN
CITY or Its agent for that purpose tIhE
ILLINOIS TRUST AND SAVINGS BANK or
CHICAGO. lib. will exchange the certih-
cntcs Of the American Steel ana wire '""-
pnny Of Illinois, on the nbOve-nnmed oasis
provided the same are presented anu "e-
matted Mt either Of the Offices above named
an ar before TUESDAY. JANUARY II. 1900;
TINT in event of delay In issuing the GER
tincntes of the New Jersey corporation IN
t.rtur certIdcates will he issued exchahge-
abIc for the engraved certificates when ~
sued. The interim certificates VIII ne is-
sued by either j. w. Seh0mnn n 20. or
their agents Uhe Illinois Trust ana savings
Bank mt ChicngO).
:, T., .rv desirable that the fiscal year OF the New
rsrsev CORPORATION commence January l. 1892 and 10
h., and tho Man must be contaminated AT the earliest
nossbe date therefore the stockholders IN the America"
steel and Wire Company. Of Illinois are requested ~
present and deposit their promptly that the same
della
organization Of the New Jersey company facilitated
Books Of transfer OF the American Steel and Wire
connany of Illinois closed Wednesday January
4th 1890 and will be reopened until about January
9th 1899 and the New Jersey corporation
Will be opened as soon engraved certificates are
ready for delivery not later, however 1t Is oeileved
than January o5th. 1899.
TT IS PROPOSED THAT THE NEW COM
PANY WILL DECLARE REGULAR QUAR-
TERLY DIVIDENDS on THE PREFERRED
STOCK OF ONE AND THREE-QCARTERs
PER CENT, BEGINNING ABOUT APRIL 1sT.
1890.
The undersigned. comprising the entire Board OF
Directors Of the Steel and Wire Company. OF
Illinois after careful consideration. believing that the
contamination Of plan proposed will increase earnings
result IN stable OF manu-
fac,ure and more satisfactory the stockholders
have decided to exchange in the Illinois
corporation for shares in New Jersey corporation.
upon the above named basis:
J. w. GATES.
A. CLIFFORD.
.. L.. ELLWOOD,
CHAS. DOUGLASS
WM. EDENBORN.
II. CHISHOLM.