OCR Text |
Show BINGHAMS IN 5IG MERGER So persistent and credible were rumors ru-mors on the street today of a consolidation consoli-dation betwaen Bingham Standard and Bingham Central that the report may almost be termed authentic. Denials were made by those close to the inside of both companies, but they were weak and lacked emphasis. It is safe, therefore, to announce the merging of the two concerns, rumors of which transaction have been flying around for some weeks. It has long been known that Samuel Newhouse, president of Bingham Central, has favored fa-vored a consolidation, and it is stated that it is mainly due to his efforts that the merging was brought about. According to the story, details of the transaction were worked out both in New York and in Boston, within the last three or four dsys. The new company will have a capitalization capi-talization of 1,000,000 shares, all of which, it is said, have already been underwritten by Eastern parties. The new companv is, therefore, fully financed, and its progress and prosperity prosper-ity assured. In the transfer two shares of Central were exchanged for one share in the new company, and two and one-half shares in Standard for one share in the consolidation. Merger stories had immediate im-mediate effect upon stock of the two companies on exenange this morning. At the close of business yesterday CentraJ stock was quoted at $2 in New York, Standard at $l'0 here. Hardly were the stocks of the latter company mentioned this morning, than they Quickly climbed to $1.27'- and then to $1.3.). with jjreat demand. Claims of both companies are in Bingham and lie close to each other. Both properties are considered high class, and results up to the present have been satisfactory in every respect. |