The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1915-07-01
BOND ISSUE RATIFIED BY
W. s. & |. STOCKHOLDERS
PROPOSITION TO RAISE IS 900 600
UNANIMOUSLY ENDORSED.
Sheet Bar ard sseip MIN VIII be Con
strueted At 6en~ood-other i'm
prosements Planned


stockholders In special meeting ye-ter-
day. unanimously adopted a resolution
calling for the issuance OF a IS OOO .
600 bond issue. or this Issue. So
100000 will be used as soon a. prac-
ticable for the improvement OF the
company's property.
The meeting was held IN the offices
OF the company az South and Main
streets The bulk OF the stock was
represented. Mr.. J G Brady was
elected chairman. and Mr.. Charles II
Henry acted secretary OF the meet
Ing. With the organization perfected.
the statement from the board OF di-
rectors was read. This statement out
lined the purpose OF the meeting. and
that Intelligent action might be taken
the scope OF the improvements was
given.
IL showed that the company's Besse-
mer steel plant is capable OF produc.
Ing from 200. 900 TO 225.O0O tons OF
slabs and billets per annum. The
Belmont skelp mills. when operating
continuously require from 100 600 10
l25. 600 tons OF slabs and bfllets per
annum.-the production OF this depart
ment being utilized in the tube plant
located at Benwood. The statement
further shows that the company does
not possess any other finishing mills
on which the slabs and billets may be
utilized. and that this makes Il necces-
sary for the company to market the
excess steel production In the shape
OF billets.
Especial mention was made OF the
plant at Yorkville which needs so 600
tons OF bars per annum. which are
now purchased in the open market.
the company possessing no facilities
10 role them. The company is in a
position 20 produce 100. 900 tons or
raw steel per annum. which is more
than IL Is able TO finish. while at the
same time purchasing $4,000 tons OF
sheet bars. II was further shown that
I'm late years the demand for billet
and slab forms has decreased. and
this apathy OF the market oftentimes
causes frequent Interruptions to the
operation of that department.
The Proposition Included.
In adopting the bond issue. the
stockholders provided for the follow
ing three things. namely:
(a) To construct at Benwood a
combination sheet. bar and skeIp mill.
on which both skelp for the company'e
use at Benwood, and the necessary
bars for use at Yorkville would be
manufactured.
(b) To remodel in part. and en-
large the tube mill so as to increase
the output OF this department by about
10000 tons per annum.
(c) To enlarge the TIN plate de-
partment at Yorkville 10 a point that
would permit OF Its using the remand
er Of the output OF the steel works
The statement further said that with
these recommendations perfected, IL
would allow the company TO finish in
Its own plants the entire output OF the
steel works. Furthermore. that the
board was assured that $500. 900 or
the bonds could be underwritten at
this time. which would allow for the
suggested improvements and the pay
ment OF the company's present in
debtedness. both bonded and floating
The unsold portion OF the issue would
be retained for the future use of the
company.
Unanimously Adopted.
Mr.. Charles Brady offered a resolu-
tion authorizing the issuance OF the
bonds as called for in the statement.
A general discussion followed Gen
eral Alfred Caldwell offered an amend
ment. such amendment to cover GER
tain restrictions on the issue. After
further discussion. General Caldwell
withdrew his amendment. Tho reso-
luton authorizing the issuance of
the bonds was then unanimously
adopted
Hon. Earl W. Oglebay, one OF the
large stockholders. in letter of
proxy. authorized the affirmative vot-
Ing OF his stock on the bond issue
Mr.. Ogiebay discussed the steel stu
alton at length. II is understood that
the directors OF the company have
under way negotiations which prom
ise to result in the satisfactory sale
OF the bonds. and as soon as the le-
gal details are completed work on
the improvements will be started.