New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-08
f,nanriai.


AMERICAN STEEL
AND WIRE COMPANY
During ..v.,,I month. past the holders Of large por-
tion OF the shares the American Steel ana wire
pany have been carefully conciderfns the hoNra'."
Of obtaining by purchase reorganization other eaons
wire concerns in the United States among inc" '"'
Cleveland Rolling Mil Company. OF Cleveland ONO man
ufacurers Of pig iron. Bessemer steel ana open
STEEL as well wire In It's various forms ana 'ne "
burn Moen featuring Company OF "o'ces'e''
Mass, and weukesan III.
It is believed there would result greater economy
IN MANAGEMENT and operation and thereby be or adVan
.ase to all stockholders OF the several companies
After thorough investigation OF the several prop"
and their values actual we'll as relative the acdu''
ton Of tn. following plants has been assured upon
Just and fair bnsis:
washburn & Moen Manufacturing Com
pnny of Worcester, Mass. and Waukesan'
III.
Worcester Wire Company Of Worcester.
Cleveland RoIling-Min Company of Cieve-
land. Ohio.
oliver & Snyder steel Co. Of Pittsburgh.
oliver Wire Company of Pittsburgh. Pa
Newcastle Wfrc Nail Company OF New
castle. Pa.
Pittsburgh Wire Company Of Pittsburgh
Pm.
Cincinnati Barbed-Wire Fence Compan, Oh
Cincinnati. Ohio.
LaidInw Hale and Tie Company or Johet'
ILL.,, and Kansas City. Mo.
Consolidated BarbWire Company or Law
renee, Kan. md Joliet, Ill.
NcwburRh Wire and Nail Company OF
Newburgh. y. Y.
To accomplish he object suggested the following plan
has been agreed upon: 80
ny~rr
THE ORGANIZATION OF A 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 100000 OF
WHICH 100000 WILL Be SEVEN PER CENT
CUMULATIVE PREFERRED STOCK AND s5o'oooooo
WILL BE COMMON STOCK.
T corporation will acquire the above properties either
by ownership through the ownership OF not less
than a majority Of the capital stock where IL u not
practicable to purchase the properties themselves
SYNDICATE HAS BEEN FORMED WHICH WILL
FURNISH THE NECESSARY CAPITAL FOh Ihh
ABOVE PURCHASE AND IN ADDITION THEfEIo
PROVIDING THE NEW COMPANY WITH "ohh-
ING CAPITAL OF ABOUT si3. OOO. 900. EXCLUSIVE OF
TIE WORKING CAPITAL OF THE SEVERAL CON
Germs WHICH WILL ENTER THE NEW ohfokA-
TON WHATEVER MAY BE NECESSARY OF This
WORKING CAPITAL MAY BE USED FOR THE PUN
CHASE OF OTHER PROPERTIES WHICH MAY BE
AGREED UPON HEREAFTER THE ENTIRE AMOUNT
OF CAPITAL TO BE FURNISHED BY THE sfNDl-
CATE BEING f2s 900 900.
The syndicate agreements will provide that the New
Jersey company shall acquire Of the capital stock OF
the American Steel and Wire Company OF Illinois not
the American Steel Wire Company OF 1ilpos not
the following basis;
For each share of the preferred stock Of
tho Illinois corporation the holder thereof
shall receive one share of the seven per
cent cumulative preferred stock OF the Nc"
Jersey corporation. and I'm addition thereto
six-tenths OF one share Of the common stock
Of Ne
share of the common stock OF the Hhnos
corporation the holder thereof shall receive
one and two-tenths shares OF the common
stock Of the New Jersey corporation. IL -
eurthe, arranged that the banking house
Of j. q w. sELIGMAN co. OF NEW YUM
CITY. its agent for that purpose trhE
ILLINOIS TRUST AND SAVINGS bANh or
CHICAGO ILI.1. will exchange the certin-
cote. NJ tho American steel and Wire Com
many of Illinois. on the abOve-nnmed basis'
provided the same are presented "ho oe
posited at either Of the Offices nbove named
on or before TUESDAY. JANUARY H. ie"o'
TINT in event Of delay I'm issuing the GER
,tacotes Of the New jersey corporation IN
term certificates will he fssued eHchane@
able for the engraved cerffhcates whe"
sued. The interim cerdhcates VII. DC
.u.d NV either j. W. SeItgmnn Co. or
.hstr agent. uhe Illinois Trust and Savings
Bank Mt ChicagO).
I, Is very desirable that the fiscal year oil 'he Wv
Jersey corporation January l. 1871 ana 10
and he
posbe date therefore stockholders In the American
Steel and Company. OF Illinois are requested 70
nre.en and deposit promptly 20 that the same
NAV be speedIy and without delay exchanged and the
organization Of the New Jersey company facilitated
Books OF transfer OF the American Steel and WIZ
Company. OF Illinois were closed on "Wednesday January
1th 1899 and will be reopened until about January
18th 1890 and books OF the New Jersey corporation
will be opened the engraved certificates are
ready for delivery not later. however, Is believed
than January 25th 1899.
1T IS PROPOSED THAT THE NEW CON-
PANY WILL. DECLARE REGULAR QUAR-
TERLY DIVIDENDS on THE PREFERRED
STOCK OF ONE AND THREE-QUARTERs
PER CENT. BEGINNING ABOUT APRIL 1sT.
1899.
The undersigned comprising the entire Board OF
Director, OF the American Steel and Wire Company Of
Illinois after careful consideration believing that the
contamination Of the plan proposed will increase earnnss
expenses result in more stable cost OF manu-
facture satisfactory results to the stockholders
have decided exchange their shares In the Illinois
corporation shares the New Jersey corporation
the above named basis:
j. w. GATES.
A. CLIFFORD.
I. L. ELLWOOD,
CHAs. DOUGLASS,
VIM. EDENBORN.
- II. CHISHOLM.
JOHN LAMBERT.
r. BAACKES,
f.. II. GARY,
f. J. BURLINGTON.
W. II. ROWE.
January !. 1853
NEW YORK. JANUARY. T. 1899.