New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-28
STRICKEN FROM LIST.
STOCK EXCHANGE ACTS.
Ameyican Steel Foundries Securities
Ordered Removed.

Al tha close of session OF the Stock Ex-
change governing committee yesterday after-
noon. which lasted nearly four hours formal
announcement was made by Secretary Mcclure
chat IN the recommendation OF the committee on
stock list the common and preferred stocks of the
American Steel Foundries Company, Of which
.Toseph E. Schwab is president. had been stricken
from the list OF securities traded in on the Ex-
change. Efforts 10 learn from Mr.. Mcclure and
from President Thomas Of the Stock Exchange
the reason for this action, which has had few
precedents, were unavailing. The only director
Of the company who could be found last night
was Max Pam, VINO declined 10 make any state
inent whatever regarding the striking OF the
stock from the list.
One Of the large stockholders said that he
had known that the directors were purposing
70 apply for the listing OF additional stock, is
sued or about be issued, for the acquisition Of
certain new properties by the company, and
that possibly the application might have been
before the stock list committee, which might
have found some irregularity 10 which it had
called the attention of the governing commit
tee Another stakeholder said that the irreg-
ularity had been discovered in the original
statement, on which the governing committee
on November &C. 1902. admitted the S15.500OO0
per cent cumulative preferred stock and the
Sl5OOOO00 common stock OF the Steel Foun-
dries Company TO the list.
The American Steel Foundries Company was
incorporated at Trenton on June &c, 1902. In
its statement 10 the Stock Exchange under date
Of November g. 1902, il said that it owned the
plant Of the Sargent Company. of Chicago; the
plant Of the Reliance Steel Casting Company.
Limited, Of Pittsburg; the plant of the Frank
lin Steel Casting Company. OF Franklin. Penn;
the plant Of the Leighton & Howard Steel Com
pany Of East St Louis. H.; the plant of the
American Steel Foundry Company. of Granite
City, Ill, and q 900 OF the Fiji shares Of
common stock and II, 1S6 Of the 1857 shares Of
preferred stock of the American Steel Castings
Company, owning three plants, known as the
ThuroW Alliance and Sharon plants.
The American Steel Castings Company, It was
added also owned a plant at Norristown. PENN
which was operated under lease to another COM
pany at S2.336 yearly rental The property OF
the American Steel Castings Company it was
said, was subject TO a mortgage OF S4Il,O0 II
was certified in the statement that 'all the
plants and properties above stated as belonging
10 the American Steel Foundries are owned
by it, free and clear from all liens and encum-
frances OF every kind and nature whatsoever
an estimate was given of the total profits Of tbs
subsidiary companies exclusive OF the American
Steel Castings Company. which put them at the
annual rate of 81 .2S2, 300.
In the report of the American Steel Foundries
for the year ended July 10, 1903 the net in
come Of these constituent companies, 10 which
pany. was stated At S1,5J6,953. Deducting S23.-
$50 paid interest bonds, 500 dividends on
outstanding stock of constituent companies and
IA per cent dividends amounting to S697 800
on the preferred stock OF the American Steel
Foundries, there remained a surplus of SS3J, BOB
The authorized capital stock Of the company is
S40.O00OO0. equally divided between common
and preferred. The common stock in Deem
Der. 1902 the first month IN which it was traded
n on the Exchange, ranged between 10 and -
IN 1903 il sold between 20 on January j., and
o+z on December 4. This year there has been
only one sale 100 shares at 3, on January Z;
and the current quotation for the stock is bid
o asked The preferred stock in December 1902
sod between J05z and 30. It's highest price in
ast5 was 69ls. on February s. and its lowest
~. on December 4. There were sold this month
70 shares at a. on January %. and 100 shares
a. osz, on January %. The preferred stock
N1s quoted yesterday at "a bid. AZ asked. II
az pald ~ per cent quarterly dividends.
Ihe officers and directors Of the American
80 toundries. according 10 recent list, are:
rSssloeEt Joseph 2 Schwab Cb-O.her Of Charles
-. ocnNao); first vice-president, Daniel Eagan;
oeOIIO wee president. Clarence H. Howard; sec
e--ty aha treasurer. 7. Z. Patterson: general
TO.l.SSl; max Pam. Directors-Joseph L. Schwsb,
a--ieI hegans George 2. Leighton. W. X. Bixby.
= q q Lnomas' William c. Brown. c. II. Howard.
-. CoITa, W. D. Sargent, Arthur J. Eddy.
rs NiNon, 5. R. Galloway, Charles Miller,
S.,,s s- ,Scnoonnaker. Donald II. Mann, Alfred
O''--O'u' howard X. Wood and X. X. McLaren.