The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1921-12-29
PAGE FIVE

$3.50, for each share of Brass stock.
Accordingly, on the 18th instant, such
proposal was definitely made to an
informal meeting of Brass shareholders
representing large proportion of the
outstanding stock, The proposal re-
suited in the organization of a stock
holders committee, which will repre-
sent the stockholders of the Brass COM
pany.
Procedure to Be Followed.
The procedure which will be followed
IN connection with the matter is sub
stantially as follows:
The Anaconda Copper Mining com
pany has an authorized capital of $780,
100000, divided into 100000 shares
OF the par value of s5e each. Of this
amount, 1881, $50 shares have hereto
fore been issued, leaving a balance I'M
issued of 66S, $50 shares.
To provide part of the payment which
will be required, 233, 125 of the unis-
sued shares of stock of this company
will be offered to the stockholders of
record as at the close of business on
January 8, 1922, for subscription in the
ratio of one share of new stock to each
ten shares of the stock owned as of
said date by the said stockholders of
record. subscription warrants will be
mailed in due course, as soon as an
opportunity to compile the above list
has been afforded. Such subscriptions
| and payment therefor in full will have
to be made and the funds deposited to
credit of the Anaconda Copper Mining
company with the National City Bank
of New York, on or before the close
of business on Wednesday, January 25,
1922.
The plan could not be carried into
effect without the assistance of a syn
dicate to underwrite, at $50 per share,
the 233,125 shares of stock that will
be offered to the compny's shareholders
for subscription and also to furnish
the additional cash that will be re-
CURED to pay the shareholders of the
Brass company for such of their shares
as will be acquired under the COM
pany's offer to purchase. The maxi
mum obligation thus imposed upon the
syndicate is $22 ,500,000 upon which it
| will receive a usual commission of sc.
The present market quotation for the
stock of the Anaconda company is be-
low the par value, To make it posi-
Bile to organize and complete the syn
dictate under this condition, it is neees-
sary that some of the directors should
undertake part of the syndicate OBJ
legation.
If the amount of Brass shares which
may be deposited and acquired by the
Anaconda shall require payment in
cash in excess of the $11, $50, $50, which
will be realized upon the underwritten
offer of stock to shareholders of the
company, the United Metals Selling
company will assume an obligation to
reimburse the syndicate for such ex-
! cess of cash so to be furnished by it
on or before the list day of February,
1928, with interest, and the Selling
company will receive from Anaconda
an equivalent of such obligation in
shares of Brass company acquired by
Anaconda, valued at $500 per share, or
other securities of equal value.
Attached hereto you will find a copy
of teh balance sheet as certified to by
Price, Waterhouse & Co., of the Ameri-
can Brass company, as of December 81,
1920, and balance sheet, checked, but
not audited, as of September 80, 1921,
showing changes occurring between the
above dates.-John D. Ryan, chairman
of the board; Cornelius F, Kelley,
president.
The American Brass Company.
Dec. 81, 1920 Sept. 80, 1921
ng of year. $18,512,175.17 $19,42O, 1898
) during the
3,4Os, 554.51 2,032,406.27