The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-06-22
WHITNEY NWHISKEY DEAL
WIDENER, ELKINS, BRADY AND r. p.
OLCOTT ALSO ~.

Terms on which the New 1925, 900 900
Company viii Take over Existing Bush
nesses-Expects to Control % Per Cent.
of the Whiskey and Alcohol Business.
The whitney Widener- Elkins syndicate
capitalists will have very large interest in
tho Distlllng Company of America. the new
combination OF distillery interests. AS TIE
SuN said Yesterday. the new company will
have IA capital Of S125. 100000.
1t will combine all tho various branches Of
the distiine business. 1t will tuke in the
American Spirits Manufacturing Company.
consisting OF eighty-hve separate concerns
and controlling the manufacture of alcohol and
spirits; the Spirits Distributing Company.
which owns the Riverdale and Shufedt con-
Germs distributors OF alcohol and spirits: the
Standard Dstilling and Distributing Company.
consisting OF fifteen concerns and represent
ing combination OF independent distillsrs:
the Kentucky Distilleries and Warehouse
Company. consisting of 1fty-six concerns
manufacturing Bourbon whiskey. andsa pum-
Der OF the most important rye whisksy con-
Germs.
II. ID. MacDona of the METROPOLITAN Street
Railway syndicate was one Of the organizers
OF the new company. and those interested In it
will include William C. Whitney. p. A. b.
Widener. w. J.. Ekins and the other membere
Of that syndicate Anthony n Brady and
President +. p Ocott of the Central Trust
COMPANY are also among the new controlling
interests OF the countrys whiskey business
The Central Trust Company and the state
conversion OF the old securities. '''O
. Unlike most OF the. recent trade combina-
tons In which there has been a considerable
templates contraction of the fS4 900. 900 OF
securities now out down to 17.oO0;OoO. for
ties. the new company will ecuure certain Of
the new mportant rye dlstileries-amonR
them the M the Hanns Dst,ling ,Gompany owning
critics. aud the difrerent distributing plants
Of those concerns. The work ing capital Of
the existing companies to be absorbed ia now
about S6.0OOOOO. The new company is &c
have an additional working capital of $1,000.
900. of which Sl.50O.OOO- will be supplied at
The total Capitalization of the new com
pany is S52.O0o.OOO ner cent, cumulative
stock. OF these amounts it will retain In IT'S
treasury treas for {he future acqusiions
stock and $23. 75O.OOO common stock 1t Is
expected that hy utilizing the treasury stock
other rye distilleries. upcn WHICH options are
not now held, Will be acquired. With tho plans
81 the comrany's organizers fully carried out
the new COMPANY will have !ti per cent. OF the
entire spirits and whiskey business OF thecoun-
The financing Of the new company. IT is
| stated is based on the fact that the present
earnings Of the properties to lie taken in. as
now operated under distinct managements.
and with active competition. show sufficient
preferred stock issued and handsome divi-
dend over that amount on the common. The
basis proposed 10y the organizers for the pur.
pies Is as follows: For preferred stock of the
Manufacturing Company. 30 Der cent. in pre-
Jared stock OF the hew.company for its com
mon stock. . per cent. in ne W com mon stock.
For preferred stock of the Kentucky Com
panv. 10 per cent. in preferred and 10 per cent.
IN common stock of the new company: for its
common stock. 40 per cent IN new common
stock. For preferred stock OF tbs Standard
Company. 30 per cent in preferred and Is per
cent. in common stock of the new company
Tor Its common stock. 80 per cent. in new
common stock. For first preferred stock OF
the Spirits Distributing Company. 80 per cent.
IN preferred and 20 per cent. in common stock
| OF the new COMPANY; for It's second preferred
/ stock ~ per cont i'll new preferred and 20
| per cent. in new common stock
| The time within which the stock Of the con-
| stltuent companies may Ire deposited with the
Central Trust Company expires on June .}l'
next. unless extended by the Central and
I State Trust companies and the organizers Of
! the new CORPORATION. The agreement of de-
| post will not become operative until the
owners OF a majority Of the issued CAPITAL stool
! OF the Manufacturing. Standard and Ken
tuckv COMPANIES and OF the issued preferred
/ stock Of the SPIRITS Distributing Compap Y
! shall agree to sell their holdings upon the
| basis outlined above. Numbers of the largo
shareholders are stated to have already de-
! posted their certificates and the proposed ba-
sis has received the approval of the officers
and directors OF each of the companies.