The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1902-09-05
& = I. \, Z i! 81,
HE SIEEI1 r. 10 JSI'.s
IT IS Now 81 orth I Over one Billion
Dollars. s@s,s
HALE "A MILL ON DAILY.
The The Figures Made In tho a fiidayits
Arc slsyscrapers. It Has u rs
\ pIits 70 { i&ty. i've MI lltons. 8 SE$8
~
..!5sII (, 53l

At Trenton, IN .S D 6 w Ycdnesd lay, the
| United STA tcs steel corporat tlonSfiledS
in the court Of ciancory an answer to,
the amended bill Of complaint Of j q
| 4A'lsplnwalls Hodge, J, 1,ernard s;lnitfl5and5
GVilliam II.sC Curtiss, to- restrain 3 the
proposed conversion Of 5000, 900, 900 i
per; cent. preferred stock into 5000, ,-.s5
oOO, goo g + pc ent second ilnortg GO
bonds. 55i III sSfs s7s3al
The answer denies that the books Of
the corporation show CurtiSss To- be- tho
oWncr&Of any stocks or the concern. s.
Smith, it's avefred, I did note any
stock OF record until June I "a, j 9O2, ,lI@s
after tho planSof conversion had been
adopted, and thaJS the stock now
recordcdGih 6niLh'S name was voted |
IN favor Of tile plan. IS
Hodge, it is admitted owns SS 90
shares of stock, but it is alleged that;
he was not present at the stockholders
meeting when the plan was snbmitted8
and tllathis. stock was not voted either
by himself or proxy,
as 1t Is denied that fl fifteen Or more OF /
the directors OF the steel corporation
arc members of the syndicate throGgll6
which the preferred stock was to- be !
converted into bonds. # 3s:
1t is admitted that some OF Tho di-E
rectors are members Of the syndicate,
but tfatitlliS fact was communicated 4
to every stock hol Ter In the circular al VI
April i III 1902 In the following word Is VS.
10 further the success Of the plan
there has been formed O syndicate y ID -3
Guiding some direc tors, Wh Who wi II 4 res
ceiye four-iifths Of the A per cent,
commission to be paid under the con- -sE
tract with j. I, B Morgan s. co. me il IS
toned In the notice Of stockhold lders,
meetIng."' 'stg
The answer says that tile directors /
IN the corporations aTel o. ,ilinori itvsi n
tho board OF a directors, but they are
large stockholders md favored the
conversion plan because they believed q
1t would be adyantage eous to- them as
stockholders, 'ssS 3 VI SIS
ills denied that any stockholders
had been offered special terms In con =!
nectlon with converting Il tilelTS pre-
ferrcd stock into bonds In ordefsto jse-sS
cure their affirmative votes il for the
plan. s5l II II s.
1t is denied thats the $50 1000 900 OF {.
additional capital Which it was pro- B
posed to obtain was need ed for Npu
poses that3were cllarg BILE to the earn
tngS of the company. 4 "A a is.
The answer then y alses up the line Y
OF: argument made In the affldaviti OF n
/ George q y. Perk kins chairman iof the
finance ommittee, filed last wee u, iIrSils
which Mr., Perkins claimed n that this 4
additional 500, 900, 900 was \ needed to &
pay for improyemen and to give tho
company o large surplus to permitfitS &
to do a cash business and he protected i
against a money strlngency in the
event Of q business depression. The
answer says the earnings Of the cor-
pOratiOn for the year ending March
81, 1902, were \ $111 ,603, /, ,O64 for the;
month Of April, 1902, $l2, ,320,708;
May, S13,120, 800; June, i 2, ,220, 36G;;%s &
July, estimated at s11, ,900,0 ,0O0, Tor att
the rate of $3.50, 900, 900 q year 5.s
An inventory is filed to show that
the company's property is worth
81, 100000, 000-more than the COM
bincd par value Of the preferred and
common stocks. 1t is stated also that
the company's surplus is ,$86, 900, 900. 4
The answer en- phasizes the point
raised by Mr.. Perkins to the effect
that the conversion plan would reduce
the fixed charges OF the company and
be advantageous to all stockholders,
both preferred and common on.