The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-06-15
earnings before dividends. were f.57.-

earnings. before dividends were "'''''-
1901. nroduc-
Cd for the year was: Pig iron, t62'S9.,:
,"pnis G37.a5a: finished goods: 679.-H8:
Won ore SS6.O33, coal. S"4'ooS' cS on
,hy-producD. 35l.S33 tar; 80 ~
Irolrum. 4.""N."00 barrels.
Total outstanding capital stock
(sl0O par) Of La Belle Iron Wonk nS
Wheeling Steel and Iron company ano
Whitaker Glcssner company at the close
Of 1919. AS shown by statements isueu'
aggregated s@i,3o7, $50. BASED upon
outstanding shares and net surplus at at
end Of 1918. surplus available per share
was arrroXimately $40.
Comment Of HaElstt Son.
Howard hazlctt & Son. Iocat Soc o"al
ming setting forth the terms OF me
nronosed merger Of the Wheeling steer
G Iron company. tho Whltaker-Eiessne
company and the LaBclle Iron Morks.
In brief it ~ held that the consol'nae I'm
holders in all three companies Tor me
new organization will not only take is
place among the first nail dozen 6,ca'
steel manufacturing companies IN Am
erica but attention is also calico 20 q
"a bic OF comparison showing that tne
new concern will be perhaps the strong,
eat organization of its kind In the
United states. The bulletin follows,
I'VE are able To-Day ~ set lp' ~
out violating any condolences; me de
tails OF the long contemplated conSoh-
dation OF the Wheeling Steel Iron
company, LaBclle Iron Works and Inc
Whitakcr-Glessncr company.
Before we so into the hgureS' Iet
us rxprcss our firm belief that the PRO
posed consolidation is a most desirable
hing. First OF all We are convinced
that the several values that nave pecn
fixed upon the various STOCK issues were
NlN n
the affairs Of each OF the three com.
panics concerned. Upon the face or
the figures offered there may seem 10
be grounds for DISPUTE. 1t must be re-
mcmhcred that certified public account
ants from the firm of Price Waterhouse
& CO. made a thorough inquiry into the
finances OF each of the organizations
and further than this, an executive
board composed Of three men from eacn
Of the three directorates collaborated
with each other thus eliminating idC-
Upon the whole 1t would seem that
justice has been found and onered ana
that such variations OF values as may
seem apparent are nothing more than
the slight imperfections that must at
tach to any gigantic thing. financial.
political or social.
One of the strongest arguments
which We can see in favor OF the plan
is the fact that the resultant organi-
IA ton will be able to compete with
good advantage with any or all OF the
five other Lending steel companies IN
America.
Costs will be low. organization. sales
and otherwise. will be good and those
other advantages Of union too many
for mention here are certain 10 accrue
with profit to the stockholders.
I'VE had rather the reader would
study the comparative condensed state
ments published elsewhere on this page
than to attempt TO digest the full i'm
port Of this plan from anything we
We are pleased that the name Of
Wheeling will not be dropped for tho
new company. II such there will result
will be known As THE WHEELING
STEEL CORPORATION"
ReIoy are the terms OF settlement |
as they now stand and on page one Is
a table Of comparative. figures taking
as basis the FIVE lgrger steel COM
pa MES now doing business in the United !
States, prepared by Hazett & Son:
The Proposed Settlement.
/. Incorporate holding company.
., Holding company present PROPOSE
ton n writing To stockholders and di-
rcctors Of underlying companies.
2 Directors call stockholders meet
ings where necessary to increase au-
thorizpd capital stock.
Directors recommend to individual
stockholders acceptance OF holding
offer.
as follows: |
La Belle Iron Works.
(a) Stockholders increase authorized !
ranital stock from 100000 In ST.
Don 900. i
th) Directors declare stock dividend !
of &C. 20 per cent. bringing IN" out i
standing capital stock I" S9.9l5.40o /,
preferred and s1s.525. 666.67 common.
(I Individual stockholders exchange |
unon tho following basis; One share :
IN no NOT
nmnYry rreferrcd "R" One share La |
Eelle common for enc share new COM
pany common.
(a) Directors declare Is per cent !
stock dividend. bringing the outstand- |
Ing "a initial stock to Sl,311.s00 preferred |
and ScoIs7.n2h common.
th) individual stockholders exchange