The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-06-08
THE CAMBRIA STEEL DEAL
A New Pennsylvania Company
With S5O,O0O,O0O Capital.
The Lines on Which the Corpora
ton Is to Be 9rSanized-Other
Keystone State Concerns May BE
AbSOrbed-oGcr to stockholders.

The Lines on Which the Corpora
ton Is to Be erSanized-0ther
Keystone State Concerns May BE
AbSOrbed-OTer to Stockholders
PHILADELPHIA June S--The Cone
maugh Steel Company is to be the title
of the new $50, COG, 900 corporation which
is to take over the property and fran
chises of the Cambria Steel Company
and provide the additional capital for
the extension and enlargement OF the
present works and business. Notice
that application will be made on July
to the Governor Of Pennsylvania for
charter for the company has been
published. together with the names of
the proposed incorporators. who are
Powell Stackhouse, John w. Townsend.
r. Francis Wood. David Reeves. Ef-
fingham b Morris, John Lowber Welsh,
and Edward T. Stotesbury.
circular letter signed by Powell
Stackhouse, President of the Cambria
Iron Company, was mailed to the
stockholders last evening setting forth
the plan Of the proposed merger and
consolidation of the two companies and
the terms upon which the securities are
to be exchanged.
To raise the additional capital with
out resort to frequent calls upon the
shareholders the Conemaugh Steel
Company is to be organized, with a
capital of $4,000. 900, divided into LOCO
900 shares OF par value Of $50 OF this
capital $4,000, 600 is to be reserved and
s45, 900, 600 is to be issued upon the fol-
lowing basis: The Conemaugh Steel
Company will issue to the Cambria
Steel Company. in payment for the
property transferred, $1,000, 900 in the
fuII-paid shares of the Conemaugh Steel
Company, and $$29, 900, 600 in the shares
of Conemaugh Steel Company. $3.50
paid; the last-named shares being sub
ject to a further call of 81 80 per share,
which viii be at once paid under the
plan.
The transfer by the Cambria Steel
Company Of its property and assets to
the COnemaugh Steel Company will be
subject to the payment, on June %.
1901, to stockholders Of record on Satur-
day, June Is, at noon. of dividend of
S1-5G per share declared as a dividend
by order Of the board on June / 1901
The Cambria Steel Company viii
then be prepared to exchange the 320,
600 fulI-paid shares of the CSnemaugh
Steel Company of the par value Of $16,-
000, geo, for the $1,000 shares heretofore
issued by the Cambria Steel Company,
upon which 1880 have been paid
The Cambria Steel Company will en-
ter into a contract with syndicate to
take and pay for. at So 80. such of the
remaining $4,000 shares Of the Cone
maugh Steel Company which may not
be taken by the stockholders of the
Cambria Steel Company The holder
of each ten shares of the Cambria Steel
Company, after receiving ten shares Of
full-Paid stock IN exchange for ten
shares, $3.50 paid, viii be entitled to
purchase eighteen shares of the Cone
maugh Steel Company, $3.50 paid, at
$3.50 ger share, receiving upon such
payment the SHARES as full paid Of the
par value OF $50
of the proceeds Of the subscription Of
the shares of the C0nemaugh Steel
Company 81 So, O0g viii be appropri-
ated to the needs OF the business and
the balance VII cover the commissions
Of DrexeI & Co, 5000, 900. and the COM
pensa ton of the underwriting syndi-
cate, 81, 100000. When the transaction is
completed the property and assets of
both companies win be merged and con-
SOIldated- and the business ontinued
under the name Of the Cambria Steel
Company.
Stockholders approving the plan may
deposit. on or before June -, 1901, their
certificates OF stock. accompanied by an
executed power OF attorney with Drexel
& Co, who viii issue transferable re-
ceipts, salabIe on the Philadelphia Stock
Exchange, convertible upon the accom-
plishment Of the plan, into full-paid
shares of the Cambria Steel Company
In anticipation of the plan going
through special meetings OF the stock
holders of the Cambria Steel Company
have been called for July s. to take ac-
ton upon the proposition to sell the
property and assets Of the company to
the ConemaUgh Steel Company, and on
August Is to vote for or against a
proposition to merge and consolidate
with the property and franchises of the
COnemaugh Steel Company.
While the leaders in this movement
decline to give out any information
other than that set forth in the circular
there is a well-foundad belief in fnan-
eiaI circles that the syndicate holdings
in Pennsylvania steel stock have been
bought in the interests of Cambria and
that several other concerns in the State
viii be eventually absorbed.