The Sun and the New York herald., 1920-09-11
CHEMICAL MERGER
PLAN ANNOUNCED
New Corporation VIII IIav0
Authorized capitalization o,
S05, ZOO, 900 Preferred.

The new chemical COMPANY which ,,.
grown out Of the merger Of tlg five Ie,l
Ing chemical and dye manutacrur,n.
companies In the country win hr Fpo.'
as the Allied Chemical and Dye coruo,.
tlon, according 10 announcement mad.
yeaterday The new CORPORATION an
have an authorized capitalization o,
iG5, 100000 OF preferred stock and q nOo
900 shares Of common stock al ma ,..
value, based on basis M Cll"
share for the common stock. a, wILH
figure II has sold on the curb ON , ubo, "
an and II Issued basis, the compnnys ,n
thorlsed capitalization will hr more lhan
t252,OOO,0O0, OF which il7lSslllg w'W
be outstanding In addition lbr borI',
indebtedness OF tho Consolidating co,.
panlea, aggregatlng i0,iN2,OO0 Wlu y.
main undisturbed and become am obl
gatlon OF tho new corporation.
The merger has been effected lhr,,s,
the consolidation OF the General Chan
icnl Company, the Barrett Companv m.
Somet'Solyay Company tho solyay
Process Company and the National AVi
line and Chemical Company. The shor,
holders OF those five companies wiu n.
given stock In the new company in Az.
change for their present shares, the bagl,
OF exchange varying In the cases OF N.
different companies, Announcement n,
that plan OF exchange Of stock WAS mad,
several days ago by Dr. William n
Nichols, chairman OF the board OF dlras.
tors Of the General Chemical Company
II shows that the shares Of the oonsol,
dating companies are 10 be- exehangad
for shares In tho new company aa fol'
lows! General Chemical Company M,
cent preferred and National Anlllne
per cent. preferred. exchanged for r,,,
preferred stock share for share pa,.
rett 7 per cent preferred stock. liIe
shares OF new preferred for a share a,
old, Holders OF common atocm v1,
receive comehon shares In the new eor'
poratlon on the following basis. Cen.
eral Chemical. 30 shares for one; solyay
Process, 3,l6 shares for one, Semet.soi.
way, 2,GG shares for one: Barrett Com.
pany, 2,29 shares for one, and Nailon,,
Anlllne, Ia for one.
Tho announcement OF the detail, a,
the new company's capitalization. m,d,
yesterday by Dr. Nichols, follows n
part!
THE authorized capital stock viii mn
exceed S65,000,000 7 per cent. cumuh,
tive preferred stock, shares 500 ma,
value. and 100000 shares OF common
stock without par value,
1T IL estimated that the outstanding
capitalization OF the new company
based on the deposit OF all outstanding
stock OF the consolidating compane,
and after elimination Of inter.conpany
holdings, will be: Bonded indebtedness
OF consolidating companies undsturbed
so. 900. per cent, cumulative pre-,
ferred stock, S39,S7l,3 ,3OO common
stock. without nominal or par value
2,l19,677 shares.
III current earnings should be sub
stantially maintained. az the committee
believes they Will be. and II substan.
TALLY half OF such earnings In exec"
OF preferred dividend Requirements
should be distributed In regular quar-
terly cash dividends on tho common
stock Of the new company, NJ the com
mlttee would favor. holders OF such
common stock may expect 10 receive
regular quarterly cash dividends thereon
at the rate OF SO per share per annum,
"The committee OF stockholders OF The
consolidating companies In charge OF The
consolidation will be composed OF d.
william II. Nichols. chairman OF The
General Chemical Company; W. II
Nichols, Jr. president OF the General
Chemical Company; u. L. Pierce, presl'
dent of the Solvay Process Company
r. w. Swift, treasurer OF the SolNN
Process Company; II. II. S, Handy
president OF the Semet-Solvay Com
pany; A. w. Hudson, vice-president Of
the semet-Solvay Company; Eyersley
Childs, chairman Of the Barrett COM
pany: william Hamlin Childs, presiden
OF the Barrett Company; Orlando
weber, chairman OF the National AM
line and Chemical Company, Inc. ana
william j. Matheson, director OF NV
National Aniline and Chemical Company
Inc"
DIR. William II. Nichols is the char
man of the committee and Clinton >
Lutkins, Is Broad street, Is us seor''
tary. m.,
The Guaranty Trust Company VIII oe
the depositary for all classes OF NV
company's securities and VIII l%u,
deposit certificates aSaln'
deposits Of stock under the plan iw
BANKERS Trust Company Will act rs ""
registrar OF It's deposit certificates