The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-06-15

CAPITAL To Be
S100,000,009
New Concern Will Have
Annual lngot Capacity
of One Million Tons

The ACCOMPANYING very interesting
compara,iY" statement showing the p"-
Sit!on og the proposed new WhecllnS
steel corporation In relation 20 the 1--WE
larger steel companies in tho United
States WAS issued yesterday afternoon
from the brokerage offices Of Howard
Hazlett & Son.
The basis upon which tn" proposed
company La Belle Iron works and
Whit company Into tho
500. .000. 900 Wheeling Steel corporation
has been practically determined by the
directors of the three concerns involved.
J. D. MsrrirnAn Co. Announcement.
Concerning the merger plans. }. ID.
Merriman & Co. Yesterday issued the
following announcement, which this
brokerage firm says - complied from
SOURCES regarded "a trustworthy.
wheeling Steel Corporation
We are given to understand" says
Co. that the basis upon which La
Belle Iron works Wheeling Steel and
Iron company and Whitaker-Glessner
company will be mergsd has been praGI
have an authorized capitalization OF
500. 900 900. and he Incorporated under
the laws OF Delaware as wheeling
Steel Corporation. This is the most
taken in the Wheeling district. and will
he notable in that probably not more
than - per cent Of the appraised value
OF assets 10 he absorbed will he capital
ized the remainder hcinS carried "a
surplus The annual ingot capacity
will be 1000. 900 tons.
Acquisition OF assets OF the COM
panies embracing the combination iS 70
he effected by issu" OF stock In the new
corporation We are Informed that the
basis OF exchange are to be substantial
~ as follows:
At a Meeting Of stockholders called by
la Belle Iron works for July next
to act upon a proposal 10 increase mo
authorized caDital stock from $4,000
600 10 So .OOn. 900. a stock dividend OF
approximately Sc "a per cent will he
declared upon the common shares. TAX
ing Il for granted that stock Increase
will be authorized Common and pro
farrcd stockholders will than have the
privilege TO exchange their holdings
share fo- share. FOR common ana pre-.
rerrsd "B" stocks in the Wheeling Steel
wheeling steel & Iron company will
shortly call u special meeting or Stock-
holders for the purpose ~ authdt!zing
a stock increase from Slo.on0.o00 TO
s,4 600 600 and declare stock divI-
dend OF 45 per cent Holders OF this
stock will then be given the right to
exchange their holdings for shares or
Wheeling steel Corporation In the APP
share OF preferred "B" and fve-eighths
OF a share OF common for each share or
wheeling Steel-& Iron company held. o.
"The whitekerGles company
whose present issued capital Is $l.3ll.-
goo preferred snd Sla.55s,S00 common.
Ir is understood. will declare STOCK
dividend on their common shares OF an
proxtmately IT percent. and the hasi
upon which the common and preterred
holdings will be exchanged for Wheel
ing Steel Corporation stock will be a.
follows: One share ~ old preferred
will he exchanged for one share or hcS
preferred -" and one share OF Oh
| common. after the II per cent stock
dividend has been made ehective. will
! be exchanged for ono third share or
Irew preferred "R'' and two-thirds OF a
share Of new common.
The bulletin tabulates the following
! probab bic stock issued and funded debt
OF Wheeling Steel Corporation:
CapitaI "a ation-Sl00. 100000.
Pnr Talue-sl00.
Preferred a. 8 per cont cumulative
and conNertible-to be authorized. S3O,-
| OOO. 900: to be issued t2+.000.00n.
Preferred "B" 10 per cent cumulative
and convertible-to be authorised S'o'-
O00, 900: TO be Issued $40 900. 600.
! TrI~dNd debt-s7.555.0T4.
LaEelle Iron Works S2.t21 900.
Wheeling Steel K Iron company "
3oS.574
whitaker Glessner Co. S2S25.5o0
The bulletin recites the fact that the
properties and capacity or "heeilnB
Steel Corporation will include six blast
furnaces with an annual capacity OF
! |. .0On. 900 tons: Bessemer plant with ca
pacity in excess Of 225.000 tons. Tube
mills Of :25,Oo0 capacity: tin plate g.