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Show ) LEAD MERGER CONTEMPLATED, ' Tlifc niucli-talked-of mcrpftr of the Iptul manufacturing plants of. tho .;.-Uonnl .;.-Uonnl nnd United Lend companies Is today nearer an accomplished task Uisin at any previous time In the history his-tory pC the negotiations, which have , neon extending over, a pprlocl of two Ii ygui's past, says the Lead and Zinc ) Tvs All the priillmlpnry steps hav i been nRrecd upon by Daniel Guggen heim, representing the United Lead company, and President L. A. Cole of the National Lead company. Formal ratification of the agreement arrived at by those gentlemen yot remains to be made, although it is understood that tho directors of the United Lead company com-pany have Informally sanctioned the agreement. The proposition was up be'foro the directors of the National , Lead company, who hold meetings on I Thursday and Friday last. At the con clusion of Friday's meeting President Cole announced that no statement would be given out regarding the progress pro-gress made during the meeting. If the directors approve the terms of the merger, the proposition must then be placed before the stockholders of the National company, who are about 4000 In number, and who are generally scattered scat-tered throughout the Investing world, rather than a majority of tho stock being be-ing closely held. A Wall street statement of the terms of the merger Is as follows: The present pres-ent capitalization of the National Lead company (?30,000,000)'i8 to be increased sufficiently to take over the various properties acquired by the United Lead company since its organization, with a capitalization of $15,000,000 preferred and $10,000,000 oommon stock, and a bond Issue of $9,000,000. The outstanding outstand-ing bonds of the United Lead company are to be exchanged for the new preferred pre-ferred stock of the National, what little lit-tle common stock of the United company com-pany now outstanding htivlnjr been I used as si bonus In the purchuse of the manufacturing plants acquired. The exchange of securities of the United Lead compmy will not bo a serious task, owing to the fact that very little of the slock has actually been Issued. Control of the United Lead company, then, Is to pass Into the hands of the National Lead company, according to the plans which have been In progress. The closo control of the United Lead by Interests connected with the American Sme'.ilng and Hollaing company Is such us to Insure ratification of the agreement agree-ment made through the agency of Mr. Daniel Guggenheim. Tho action to be taken by the directors of the National Lead company is unkiiuun at this writing (Saturday). Thursday und Friday's meetings were held without anything definite being made public as to progress accomplished. Directors of the United Lead company com-pany have held an informal meeting, however, at which the details of the proposed merger were discussed, and at , Its conclusion a statement was made rubllc, lu which It was declared that i Indications pointed to n sucees-sful enn- ' elusion of the merger. ' Pending the action by the directors j of the National Lead company, neither I party to the merger was willing to dis- , cuss ih subject. The report of the I committee appointed to appraise the i various plants of the United Is said to have placed the total value at $4,000,000. I exclusive of L2ad stoeks. cash on hand, quick assel3, gocd will and processes. It. ha6 been Intimated by a man fa miliar with the negotiations that the ! previous hitch in the plan had been due to the desire of some of the United Lead Interests to retire the 7 per cent preferred stock of the National Lend company, with fi per cent bonds, thus giving the merged company but one class of stock. . Common stock would thtn have liecn exchanged for the stock ( of the United Lead crmpany on a cer tain basis. This plan, It Is said, was not acceptable to the holders of National Nation-al Lead preferred and was abandoned. Tho plan agreed upon Is said to contemplate con-template the issuance of stock of tho National for that of the United, which Is now Slii.000,000. The terms on which this. will be difne are net known, ex- Icept to the parties to the negotiations. The preferred stock of the National company Is 7 per cent cumulative and hos paid the full dividends slnco March, H92. Dividends have been paid lrregu-".;!' lrregu-".;!' oVi the con,:non stork, but none sn.je March, IMv. Ir. WdS the compter's com-pter's ncr earnlmv, after ipproprlu- ''.oiia of $132,0W for ordinary repairs and $200,000 for Improvements, were $1,;"G9.-059, $1,;"G9.-059, and its surplus, after paying 7 per ( cent on the $23,S09,000 of preferred stock , outstanding, was S525.7S9. ' A sharp trade rivalry has been car- i rled on between the companies prat-ll- ! cully ever since the United Laad com- I pany was formed. The latter absorbed the Union Lead ami Oil Works, which I wned the Bailey process for the nmnu- ! facture of white lead, said to be su- , pcrior to und mire economical than the I methods commonly employed. The ( United company Is said tc have begun ,, the hnstlllties with a vut in the price ' nf white load, the National retaliating by underselling 'hi manufactured lead articles, which constituted the chief field of the rival concern. The United Lead company was formed by tho Guggenheiips and Thomas F. "Ryan, and Its relations with 1 the American Smelling 1 and Refining 1 company are, considered In give It great i trade ndvanfa'go's'oii account of the Int- J lev's position in, regard to lead produc- , tlort. The projected consolidation In conjunction with the Smelting company is expected in th trade t.o exercise , . practical control of tho production and. . ! manufacture of lead ami lead products ' In this country. |