New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-01
G. III. MACKAY'S CIRCULAR.
ErpIains Formation of the Mackay
Companies.

Clarence H. Nackay. president OF the Commercial
Gable Company yesterday addressed circular let
ter to the stockholders OF that company inviting
the deposit Of their stock for exchange for shares
in a trlsteeship created under the laws OK Massa-
cbusetts under the name Of the Mackay Com
panles The capitalization OF the Commercial Ca
BILE Company. which also owns the Postal Tele-
graph Cable Company. IS S15.Ooo.ooo on which per
cent dividends paid.
The Mackay Companies has authorized for ex-
change for this stock s3oOoO00o par value Of It's
own per cent cumulative preferred shares and
Ike amount OF common shares. so that each stock
holder in the cable company will receive FOR his
holdings 200 per cent the preferred and 2l0 per
cent in the common shares OF the new concern.
The report that a plan OF this in prepara-
ton was confirmed by The Tribune IN an article
published last Thursday.
The Mackay Companies IS an investment trust
designed by Mr.. Mackay to perpetuats the name OF
his father to provide Tor the development Of the
companies which he founded and to safeguard on
an even basis with his own the interests OF those
who have invested capital IN the enterprises with
which John W. AIackay most consptcuously
identified. The agreement and declaration OF trust
were drawn by William ". Cook. counsel to the
Commercial Cable Company. and ex-Attorney Cen
eraI Richard OIney. under the statutes Of Massa-
chusetts which. IN their opinion, seemed TO afOrd
the most adequate protection 20 all parties IN
interest It Is similar TO the English investment
trusts. and continues for forty years unless Dis
solved BY the shareholders in the mean time
The trustees. with power % al vacancies arts
Ing from death resignation. are Clarence II.
Mackay. John l. Waterbury. president oct Man
haitian Trust Company; T. Jefferson Coolidge. r.,
president Of the Old Colony Trust Company OF
Boston both directors OF the Commercial Gable
Company and William W. Cook. counsel 10 the
company.
The plan IS practically accomplished fact.
large majority Of the Commercial Cable stock hav-
ing already been deposited under the agreement
Tho remaining outstanding shares will be received
for exchange on or before March 90. 1894. by the
Manhattan Trust Company. IN New-York. the old
Colony Trust Company. in Boston. and Barring
Brothers IN London According 70 the circular. the
arst dividend the preferred shares VIII be paid
or April O. lg0i
NJ Mackay when seen last night said that
the plan was 50 simple that explanation was I'M
necessary. that g. the outcome % his desire
70 put on n permanent basis the properties created
by his father and 20 provide for all contingencies
which might arise from death or changes in com
ruerCt7l conditions. WIKI these objects IN view he
had selected cotrustees men not only % e.
taHIisEed conservative reputation. but also Of
ages which tn the ordinary course Of nature would
obtain for the company the advantages OF long
continuous service and "a consistent policy. Per-
Fonally. he would continue 20 devote his entire time
70 tho active management OF the company