The New York herald., 1922-06-03
HUGE MOTOR TRUCK
MERGER UNDER WAY
Consolidation of Selden and
Atlas Is First Move in
W Extensive Plan.

y huge consolidation of truck manu-
featuring companies, which the pro-
,noters hope to make as important in
that field as the General Motors Cor
poration is in the passenger car field.
is contemplated in plan. the first step
rf which will be the merger of the Sell
den Truck Corporation and the Atlas
Truck Corporation. These two. capital
lied at several millions OF dollars each.
ere TO be consolidated into new COM
pany known as the Industrial Motors
Corporation with an authorized capital
ization of 100000 shares of no par
value. Stockholders of these two COM
panies will get shares of the new COM
iany in exchange for those now owned
on the following basis:
One hundred and twenty thousand
shares of new stock exchanged. two for
one, for $1,000 shares of Atlas; 10000
shares of new stock exchanged. two for
cne. for 80, 900 common shares of Selden;
$4,000 shares of new stock exchanged,
eight for one. for 5000 shares " first
preferred shares OF Selden; $4,000 shares
of new stock exchanged. eight for one.
for 10000 shares of second preferred
shares of Selden. or the balance 10000
shares are to be issued for promotion
purposes and $4,000 shares will remain
in the treasury for use from time to
tir~ for corporate purposes.
Interests arranging the merger are ne
gotiatng with half dozen other COM
panies, including truck and parts
makers in an effort to bring them
into the group. Among those now un-
der consideration is the MartinParry
Corporation, a maker of truck bodies,
which is closely affiliated with the Atlas
Truck Corporation. The latter was at
one time a division of the MartinParry
Y Corporation, but because of the en-
barrassment entailed in the selling OF
truck bodies to competing truck build
ers the corporation decided to divorce
these two branches. The Atlas company
was then formed and half of its stock
was given to Martn-Parry stockholders.
The committee in charge of the con-
solidation plan consists of John j.
Watson. Jr., chairman; FREDERICK NJ.
Small, George G. Gordon. Robert II.
Salmons and Reeve Schley. Mr.. Wat
son is president of the Lee Tire and
Rubber Corporation and of the Atlas
Truck Corporation. as well as di'
rector and official of a number of other
companies, and one of the largest
stockholders Of the Martin-Parry Cor
poration. Mr.. Schley is n vice-president
of the Chase National Bank and 1t is
believed that the financing incidental
to the big merger will be handled
through that institution.
The organization meeting OF the new
Industrial Motors Corporation VIII De
held in New York next week, wnen
officers and directors will be elected.
No companies except those making gas
trucks and accessories will be taken
into the merger, and no effort will be
made to go out and bid high for a
concern unless it is badly needed 10
round out complete organization.
Reports that the Lee Tire and Rubber
Company is being considered as Us
sible unit of the merger were not con-
firmed. Directors of the Atlas com
pany. owning or representing more thar
two-thirds of the outstanding cappai
stock. have approved the plan.