The evening world. Newspaper, June 8, 1922, Page 20

THE EVENING WORLD, THURSDAY, JUNE 8, i922. = Net | manufacturer, living at 4708” Sheri- viyeovertand oe “aay “PPR | dan Road, when notified to-day that MilysOver pe .. 40% 45% 46% — ty] for the third time Mra. Pauline Gtb- flwon & € HH 44% 40 — 2 ‘ z ai Woolwortn pf. 18) 429 aso fon Burnham had filed suit for di- | - Ps Chee. ‘Total sales, 804,900. vorce against him,*based on habitual { Baxprene. = 4 P ek Co Ly t IBERTY BONDS. drunkenness and cruelty, marking the Ajax Rubler + % a te cir ie latest chapter in the long turbulent Y|Tex & Pac Coat ~ %] Liberty 8%s openéd 100, off .o8; 2a} '*' vf An Ane, Chem. = | Mo. tacific nt =*# mcrae Ol £ f]Ath, 99.98; Victory 4%'s, 100.62, up |i901 fell heir to $400,000 and some ¥) Pi m Beet Sugar. jont Ward - 50 Produ " (Continued from Third Page.) BRITISH BATTLE —— an Beal ppd A + Pa Tsctina PENG = Witenes a 2 Hd mares CD PORUION SKOHARGH years thereafter was divorced by Mrs. ens 5 i ‘Ata Cat § = National Acme Trai will % P IGN Be 5. a " Royance due to his having been obliged (Continued trom First RMGe yt can pt > RY Sac re Mex ad — Witwin Oly Nand { £1 opened easier, Sterling, demand, | "the! 8. Burnham, SAIL Wthan without even pretend = ae Garik SOR An, National Conduit, Uh Bag & Paper + ¥,|4.50; cables, 4.50 3-8, off 1-16. French] In 1912 Burnham met and married H ing to tell the authorities the whole cent, vocational training and, should |Am Cotten, OF sul el Le Baay * e beeeelh nerfed i aeilh oe Cables, [his present wife at South Haven; y m Drew ne - atlona 7 Pact w]. i. . . . 5 Mais to , all the veterans select the certificate |Am express + Hovde consol — || unitea ‘ations... + Ky osat; cables, .06%1 1-2, oft .oo00 L2,| four years later sho filed autt tor } Pete OE LBLAV ING: plan the total cost would be $4,486,-)Am 1 & b = FIN = Ny | United Drug = | Belgian francs, demand, .0848 1.2,|1!vorce, a reconciliation was effected | BURKE DECLARES, £46,078 ae be = = Wl Galed pone ied + 14 J cables, .0844, unchanged. Marks de-Jand the suit was dismissed. . } Mr. Burke added that he had not Sai ee tional = - % bod Fro mand, 0085 3-4; cables .0035 8-4, up| On Jan. 1919, Mrs. Burnham been ut the Ward home since two MMR Lah il RAIS te abba ou = MlUn ty inv ce pe eo Mm + te {-000014. Drachma, demand, .0428;]amain filed suit for divorce. j weeks before the body of Peters was ae ar legistation, Chairman MeCumber's | jiieg chem eG = x Un Retail Stores, 6 4 — y]eables, .0430, unchanged. Swiss] At that time both agreed that the | found and had no first-hand infor- (Continued @ r ri report suid it was hoped that the re- | Am safety Razor. + & 4% U8'C 1 Pipe francs, demand, .1914; cables, separation was final and “forever. mation he could give the District led trom First Page:) duetion in governmental expenditures} At Ship & Com —\% U 8 Ind Alcohol off .0001. Guilders, demand, Bight months later friends were sur- { Attorney. He and his wife had met a ‘i ett of inteneae TO da peelibe Oed —% %| US Realty & Imp + %|cables, .3910, unchanged. Pesetas,| prised to learn_of a remarriage, “for i the Wards through Mrs, Hook, he|a# a screen in a rebel attack on Lon-| Plus the paymen per ue & Het pe + 4% %|U 8 Rubber .. + ‘}demand, .1583; cables, .1585, off} the same reason we got married the | said, and had been at parties with | donderry." refunded foreign obligations would tt = % porpheum 1%] U 8 Rub ist pt. 0001. Sweden kroner, demand, .2605; | first time.” y i 1 rt a U 8 Smeiters ww] . + +2605; | therm and knew them well enough sol DUBLIN, June 8.—The four retir-] te sufficient to obviate the imposi- ays : a eRe dl i 8 Steet y|cables, .2610, off .0005. Norway| * — — : j hat they all called each other by|ing members for Trinity College.| tion of additional taxation, 4 SS LS ad + %/UB Beet pt. 4, | kroner, demand, .1763; cables, .1768, HOTELS AND RESTAURANTS, ' their first names or nicknames, Dublin, in the Southern Parliament] “Tf {t does become necessary to !m- — 1% — 4] Utah Copper 1 Joff .0009. Denmark kroner, demand, |--——~ | James J, Cunningham, the man of] were returned unopposed to-day. | pose additional t "the report con- + M]Vanadium Steel. M% | .2210; cables, .2215, off .0003. ALWAYS COOL, Kaleidoscopic statements, was used|T! are all Unionists. tinued, “it is believed we can better | Am Tob pf new — W]V¥a-Car Chemical. “ ————s for two hours this morning to take] The Dail eann met at 8:40! determine the amount of the neces- | Am Toh ctx Hi ~ Va-Car Chem pt Bs ’ ancin up the time of the Grand Jury, Then] o'clock thin afternoon with Michael] gary levy and the methods of dis- | 4m hile a Pac Ot (w 1) TF hye tren c ac... e Won t Wed That New Rochelle policemen who have| Collins acting as leader of the Housel ¢trinuting such burdens for the future |S" "010" “a FE Ee Ey ane rie Wats) NO COVER CHARGE been on duty near the Ward home—|/and Bamon De Valera leading the|at a tater date, when the future con-| Ai, wwe ns OLE ae oe % we A . a9 AMERICAN Al Cornelius O'Brien, Jolin Hovitey, Les. opposition. Suter ana Sraanuiy, ath bar iuere| ture uth : Perea wa “| Woman Again, Eererota ter Condon, Edward Houlihan and] ‘The first item was the resumption] accurately established. ‘Am Wool - My ast aa COURSE DINNER ry | Robert Jones—were callei to prove| of consideration of the Army Depart-| an to the refunded foreign obliga-|Am Wool pe Fi 4 [West Ma 24 pe x Says Burnham that Cunningham had becn making] ment report, on which Richard Mul-[tonn the hope was expressed that | Am Writ Pan pe + rapes eee LUNCHEON 50: statements not all of which were true.| cahly, Minister of Defense, was ex-| these soon would be obtained and|A™ 7” vee me Phillips Pet . — 4 [West Pac Cor pt. y pecta’ te fiw eveling Word. BANQUET HALL FOR CLUBS @ LODGES: Frank Adams, at Ormonk, who did] pected to make « statement regarding | «that it will be possible for the for- | Auscunt™ + Wloterce Actow + wilWateen Gaba, BT tSnectal ne vening World.) SPECIAL MENU POR THEATRE PARTIES hot hear any shots on th» morning] progress in negotiations for ariny| jen Governments to provide for the| et emia Z ce Arrow, pf. + % | Westinghouse i], CHICAGO): Sune 4! Thatisettion when Ward says he killed Peters in} unity. immediate payment of Interest there- | Assciated Oll ce OM ssseees + %| Wheel @ L sit, I'l never marry that woman § zrovonsta revolver paces near the The attendance was, smaller thAN| G5, a0 that such) Inteteatonn be: Wie a | Pitstureh, Cont ra) Paes % | again," was the laconic response of ts lams home, was called. usual, many members being detained} toward defraying the ex : = Mp Se ‘i i TH A man recognized by several per-| at home in preparation for the com-|tnorina under thi acto’ “Yond = 4 | White on Daniel _M. Burnham, wealthy cizar! §,E.COR. 49T & BWAY (tg heal the Net tik as onal ing election, » Senator McCumber explained that = a Pullman Co... = A ~ a a Pe Cas = tm > aie ee D. Ward, brother of Walter Ward,| Shortly after the Dail assembled the/ on attempt had been made to reduce = iff runta Atcy Sugar + 2% BANKING AND FINANCIAL. | BANKING AND FINANCIAL. | BANKING AND FINANCIAL, came out of the District Attorney's|urmy report was unanimously adopted) t, minimum actual cash, paymeats 4 | pure Olt % H No ih RR RA ae office (which communicates with the| without debate. index the bitte Carlie: Setnese thee Prod & Het —% Grand Jury room) soon after the last} J, J. Walsh, Postmaster General in years while the ‘Treasury Is engaged 4 | policeman was excused. Nobody in| the Provisional Government and Min- |? HUN ead LN: + Yl reana x authority would say R. D. Ward had] ister of Sports in the Dall, offered ull fgiuy of maturing Gevorament = dese caprer 2 To the Stockholders of Dom ee ee ee eotcad in connection with the Aonach| oulgations. | The estimated cost of Meine are Midvale Steel and Ordnance Company . ye ust onael Py Ta Reading 2d pf..... +1 Oran tie Giraud duty ndjouried ie [reeechr oe TUGRUArear ten tae mice] Rua, HOEAN ton thous LhrSellgT ire wks i frenainn 20 $242,000,000. This measure differs somewhat from the House bill and very widely from the Bonus Bill that was reported to the Senate inst year and Iater sent buck to the Finance Committee at the request of President Harding. The most important change from the orig- inal measure ts the elimination of the cash bonus and reclamation features A» now drafted, the legislation would give euch veterun the right to select any one of the following plans: Remington Rep Iron & Ste R Iron & Steel pf til =onext =Tuesday. Mr. Weeks/in August. answered questions as to the halting Se a NN CONTENET, BUT IS FREED BY FAM Bkiyn Rap BR T ctfa ., Bklyn Union Ga Brown Shoe. Burns Bros Av... Burns Bros B Butte Cop & Butterick Brunawick Caddo Cent O11 Cal Packing Cal Petroleum... Inland Steel Company Republic Iron and Steel Company Sere ere this inquiry in our own way and in our own time." Several of his hearers laughed. Mr. Weeks walked away from them. If George 8. Ward, head of ‘Ward Bakery Company, who sent & radio message to Walter Ward just After careful negotiations and consideration, the respective Boards of Directors of the three above named Compamies have approved the outline of a plan for the unification of the properties of the three Companies and have authorized the undersigned to formulate a final plan to be submitted to the respective Boards of Direetors and when approved by them to be submitted to the stockholders of the different Companies. So much erroneous interpretation of the proposed plan has been given publicity during the last few days that, pend ing preparation of the final plan, the undersigned make the following statement, which is based upon the reports of Messrs * Raicre the’ killing saying Whatsto Ac juated waco ea: payy Bue GET ie tied Can sles ee + Price, Waterhouse & Co. and ey Arthur Young & Co., Public Accountants, and upon other documents und data whic $50,000 was available for blackmailers adjusted service credit did not exceed [Cent Leather % clair Ol % “4 ‘i 7 f * ‘ ‘ F . but $100,000 would be spent to put $50. Cent Leathyr pl 7% % 2 All steps that will be taken in formulating the plan and in consummating the same will be subject to the advice o them in jail, has been subpoenaed (Continued from First Page.) Adjusted service certificate with {Gon RR GUN 3 18 i 80% x | the respective counsel of the different Companies. ; . there are no indications that his ob- a bank and Government loan provisions. mente. Spin 70% =. i Southern Ry ..... 24% Me tH It is proj osed that the Midvale and Inland Companies will consolidate and merge and take the name NORTH AMERI Vious desire to remain in seclusion has! |. 444 merger, He told Mr. Unter-| Vocational training aid. Ches @ Ohto 06 {Stand Of of NJ. 194% 1914 198 — %1CAN STEEL CORPORATION. This Corporation, hereinafter called the Company, will acquire, subject to its liabilities Rot met with the acqulésence of the} On he merger He it to delve into} Farm and home aid. Chic & Alton Ry. 11% m, [St Ol of NJ pt. 115% 115° 115% + % | the assets of the Republic Company. Before the unification of the properties, Midvale will pltce its Nieetown plant and @uthorities. He has been In seclusion pen frairs of the banking syndicate} Land settlement aid. Ch & Alton Ry pf 19% — 14 |Stewart-Warner., 44 44 44 + 4 | certain assets and liabilities connected with the operation of it in a separate Corporation, stock of which will be distributed ince he arrived on the Majestic the nah pea float the merger, He} The estimated cont for each of|Ch M & St P RR 20% = & [etrombers 4 ~~ %|pro rata among the stockholders of the Midvale Company, as hereinafter stated. This separate Corporation will there pate of the day the body of Grieve ueaoned: aay Sohbeatlon eeetween| these plans is $16,000,000 for the|@ 44S P RR pt SG jcmenanen + % | after wee as a separate enterprise for the manufacture of the ordnance, armor plate and special steel produets to whic! eters was found—just a week before i Chic RI & Pac. a | brent it is adapte the affairs of the syndicate and the| cash payments; §3,364,909,481 for the |on t 4'p'g ye ot =i 1 — . tent Riley brian eer r e housing situation and apealed to| adjusted service certificates; $412,-]o p11 7 pe pt =o CAPITALIZATION Die ees hi failed to} Chatrman Lockwood, who sustained | 425,000 for farm, home and land set-} chic, Grt Went... =e GUE ly vs =e ; . Pow that thy attendance of wit. | Me Untermyer. tlement ald, and $52,325,000 for vo-| chi, at West pf.. = B|renn cop & ch — % Upon the consummation of the plan, the issued eapital will be as follows: sd ” .| cational training. The expenses under | Chi & North Ry.. = 2 « s fesse from the telegraph companies} |" The question of the price of struc: | ae onal training and the adjusted | Chile. Copper Ee Bonds and other Fixed Charge Obligations: ... ... +++ ++$79,173,500 h hi tural steel enters largely into the ie BANKING AND FINANCIAL, os who migi t teatity as to messages housing situation,’ said Senator Lock- | #ervice plan would end in 1925 under | Chto Copper —- * N pe eae New Preferred Stock of $100 par value,......... + 50,331,479 Ababigeay Wart, Foters one Sup- | wood, “and from what we understand] this estimate, and those for farm, Slane tees 27 ||| een renee mmmenpnemnemernennees Shares of New Common Stock without par value. 3,309,612 ma b: the Sputriee “Attorne i aceniea © new steel corporation will to a| home and land settlement ald in 1929. | Corn-coln i Meatetnente of his Tntantieds to Tea large extent manufacture structural] xpenses under the certifleate plan} col, Fuel & Iron M ‘The $79,173,600 Bonds and Fixed Charge Obligations will consist of $60,599,500 Bonds and guaranteed obligations fuch persons. No one has brought] steel. Therefore the committee is in-| Would continue to 1986, with a total} Gol & Southern .. —% of the Midvale Company, or its subsidiaries: $19,357,000 bonds and other obligations of the Republie Company or its sub to the court house any of the bank terested and counsel's question is sus-] Of $655.991.670 to 1948, when the} Col Gas & iect.. — %1] sidiaries: and $5,217,000 Bonds and other obligations of the Inland Company, all of which, in addition to the other liabilitie. yo! tained." certificates would begin to fall due. | Columbia Graph... | of the three corporations, are to be assumed by the Company. ee et ee a eet] “One of the duties of this commit-| Explaining the bill, Chairman Me-| Comp Tab & Rec. Fil bes i ing end ‘The 860,891,475 Preferred Stock is to be 7% cumulative and is to be convertible until July 1, 1984, into Commou Rents on the payment ot $20,000 to] tee" said Mr, Untermyer, ‘is to lay|Cumber sald in his report that the| Con! Cigar Iy| | Of, the most interesting and | |. at the rate of four shares of Preferred Stock for five shares of Common. It is to be redeemable at the option of the blackmefiers: en °F $99,000 tol hare the details of this merger. We |*mount of the adjusted service credit} ont rrextiie . 4 informative matter ever | {Company at 116% and accrued dividends. Of the amount to be presently issued, $25,000,000 par value is to be issued to ‘The suggestion has been made to} Ate here to expose this transaction and} Wowld be at the rate of $1 a day for) con inter-Cal atin % Prepared on New York | | provide in part for the sequisition of the properties of the Hepublig Company, and 825.851.475 par value is to be iasued and lomestic service an 25 for foreign} Consol Distrib %] | x thereof, amounting to $24,064,901, is to be paid by tue Company to the stockholders of the Inland C the District Attorney that the state-| eport what we have found to the] oo ic. “ieus the $60 bonus paid when] con inmeanee i Curb Exchange stocks. the proceeds a lompany fs ro ment of Walter Ward accepting re-| Legislature. Nothing shall stand in sponsibility for the death of Peters is| the way of our investigation.” fm itself an open charge that the] When directed to answer Mr. Unter- crime of extortion was practised ex-| myter's question, which was whether ftensively in Westchester County, and| Kuhn, Loeb & Co. intended to form a the Grand Jury is just as much en- | syndicate to meet cash requirements fitled to look Into the blackmatl phase| for the new steel corporation, Mr. @f the case as into the homicide. No] Schiff said he didn't know, He made enthusiasm along these lines has been} \t clear, however, that there wus noted. nothing in the agreement which made the formation of such a syndicate mandatory on the banking firm. When Mr. Schiff produced the pa- pers on the merger, Mr. Untermyer Said they were absolutely worthless as @ basis for “any intelligent conclu- sion.’ After looking over the documents Mr. Untermyer asked if there were any reports of experts on physical valuations. “There wasn't any physical valua- tion made,” was the reply of Mr. Schiff, ‘except In regard to the oil lands and the coal properties." “I understand," pursued Mr, Un- termyer, ‘‘that certain representations Tong time delay the formation of a]are being made as a basis for the definite policy outside Russia. stocks of the new corporation with Of the two elements in the Russian] Te4pect to the physical values of these properties," regime, Lenin represented a more|” «1 don't so understand It,"" replied conservative tendency, a willingness] Mr. Schiff. {0 go far toward recognizing the sanc-| “How many reports were made on ity of private property. The Com-| the three companies that entered the Munists have been admittedly re-] ew Corporation?’ asked Mr. Unter- straining Lenin, whose speeches filrt- | ™Y' ing with the outside world have been jere were two reports,"’ replied the subject of bitter controversy|the witness. “It was not got at in within Russia. that way. There were various ‘yard There is the possibility that Lenin] sticks’ used, such as past earnings may try to hold on even in an en-| and book values, What we were try- feebled condition, just as Woodrow | ing to arrive at were relative values." ‘Wilson did in the last year of his} ‘Then in listing this stock on the Administration. But with the ele-| Mxchange,” went on Mr, Untermye: ments in Russia clamoring for action] ‘‘ls it not proposed to make reprose! it is more likely that @ serious illness | tations as to value?" will mean his immediate elimination from the Government, PREMIER LENIN _ HASBREAKDOWN JUST LIKE WILSO (Continued from First Page.) will come France in ples in advance, which permit of lit-] values" were mentioned, tle flexibility, and the tendency of Bel- Btates holds aloof from The Hague] about meeting altogether will make an In- ‘book valties'’ It is possible that betweén now and the time of The Hague meeting a erties. I understand it," replied Mr. p ebange in personne! will be effected] Schiff, “the properties were valued in started with seven at Moscow and that a successor to]/this way: W: Lenin will be in power. This would] compani The #ix valued alter the whole face of things and] property of the seventh.” give the Allied powers a timely ex-| Mr, Untermyer smiled broadly al Mr. Schiff admitted he didn't know of any reports of independent experts Opinion here seems well defined|as te the valve of the properties, that The Hague Conference, called ax] Asked if he knew the public statement @ sequel to the Genoa meeting to in-] of the new merger in this morning's Vestigate the Russian situation, now| pupers contained supposed valuations ashen, ‘The policy of] of the properties, Mr. Schiff said it ing down certain princt-| was his recollection that only ‘book Mr. Untermyer was apparently so sium to join France, while the United] surprised at Mr. Schiff's explanation that he once more asked if he understood the wit- yestigation a purely perfunctory af-| ness correctly when he suid there had been no independent valuations of the the veterans were discharged from the service. In no event, however, could the total exceed $500 In the case of those who had only domestic service and $626 for those who had both do- mestic and foreign service. The adjusted Service Certificates, payable at the end of 20 years from the date of issue, or sooner upon death, would have a face value of 8.015 times the total amcunt of the adjusted Service Credit. Until Jan. 1, 1926, banks would be authorized to loan to the Veterans an amount equal to 50 per cent. of the adjusted Service Credit, plus interest at the rate of 4% per cent. compounded an- nually from the date of certificate. After Jan, 1, 19: the Government would mal joans on the certificates in varying amounts according to the time negotiated. Chairman McCumber sald in his report that the committee had recom- mended elimination of the reclama- tion provision of the House bill for three reasons: “Any reclamation scheme will be exceedingly expensive and will in the end necessitate the expenditure of millions of dollars; it will be many years before a veteran will be able to determine whether he could se- cure any rights under such plan and where the projecta will be located, and, in making an application for such aid the veteran would not know anything relative to the location, cost or advantage of the project As a land settlement provision tn place of the reclamation, veterans would be given preference in making entry on any public or Indian lands opened to entry. To pay for these lands they would be entitled to a sum equal to the adjusted service credit increased by 25 per cent. —— relatively valued, one Against the other, fairly?” Mr. Schiff didn't agree with Mr, Untermyer. “You can't say," asked Mr, Unter- myer, “whether your syndics r intends to sell the stock of this steel company?" “No, I cannot," answered Mr, Schiff. Mr. Schiff said there would be about 2,800,000 shares of common stock in the merger to be sold for about $50 a share, aggregating $144,- 000,000 and that the tentative arrange ment called for setting aside of $2 000,000 for them to purchase out- standing securities of the merger. “Why does the syndicate have this sum to buy stock unless its purpos is to help sell the stock?" Mr. Unter- t use for postponing the whole con-|this and deliberately winked at} myer asked. ference until it can be determined] Cha'rman Lockwood, ‘The witness insisted the $20,000,000 whether Russia will turn toward the ‘Don't you think,’ asked Mr.| was to protect small stockholders of left of ralicalism or the right of con- Untermyer, “that that might resul servatism and whether a conference in an arrangement by which they to inflate values on provided they were of the Alliee can ward off the one and would all ag: enoourege the other, their propertie: t] the merging concerns, and to see that they would be able to get a fair price for their securities in case they wished to sell them, Crucible Steel Cuba Cane Sugar Cuba Cane 8u Chic & EB Mn. Chi & Bill pt pts Cuban Amer Bu.. Davison Chem. Detroit Edison, Elec Stor Ba! Endicott-Johns Erle Erle Ist pf Erie 2d pt . Famous Fairbanks Fisher Body Fisk Rubber . General Motor General Goodrich Goodrich pf Granby Mining. Gray & Davis Great Nor Ore Guan Sugar Hartman Corp. Hydraulle Steel Hendee Houston Ol . Hupp Motors I Cent Indiahoma Indian Ret . Inapira Cop Inter GC Int Harvester Inter Paper « Int Mer Mar Int Mer Mar p Inter Nickel. Invine ON , Island O41 Iron Products Jewel Tea Kennecott Cop Keystone Tire Kronge ....5.+ Laclede Lacka Steel Lehigh Valley Loew's Inc Loone- Wiles Lima Loco . Manati Sugar Maxwell Mot Elkhorn Coal .,. Play pf. Famous Players... Freeport Texas . General Asphalt... General Cigar... General Motor pf eral Mot deb Mot 6 pe Great North pf.. Guif Staten Bteel, Habersham Elec . na Corp Int Cons Corp pt 4 Int Agr Corp pf pt Lake Erie & W.. Mackay Company Bletated Man 8! Martin Parry Matheison A Wks Maxwell Motor A B Mex Petroleum ., Miami Copper , 122% 137 0 ee ee cl HREKE FES TEKS SS KF LKKE | | +H ttt ti++4dt Baa ie + + a% 8% — 0 3 ‘ = a + + + 4 + t + a + a + + + + e This manual or guide should be in the hands of every man who is interested in America’s second largest stock market and the divi- | dend and market possibili- | ties of the leading stocks listed and traded thereon, Ask for “Investors & Traders Guide” free—Call, phone or write | eee er eeees Members New York Curb Exchange Three New York Offices 60 Broad St. - Broad 7150 505 Fifth Ave. =~ Mur. Hill7120 225 Fifth Ave. - Mad.Sq. 1377 Jones & Baker | HOLDERS OF ACME WHITE WORKS FIRST MORT- GOLD BONDS, Notion roby Arucle 8 of the Trust Mort 1, 1 tween the ACM. € COLOK WORKS, Detroit, SECURITY TRUBT Michigan, and CHA! § @ MOTOR CITY PAINT’ hag, elected to redeem and pay on July ay 102 ail outstanding ACME Wilts KAD’ & COLOR WORKS 6% Serial Goid Bonds, tesved under said Trust Mortgags, which, by thelr terms, have not matured by ate, at 102%% of par and accrued iaifolders of the above Bon: it them for payi Bi s 3 LBA! an, to trot, OH, Trus’ COM SF FF FFSS FS KKK SFE or after URITY TRU! gan, the FIRS ANK. Chicago, tlit- TRUST COMMANY, ea dctbcrerem an. ite, Bente Tala Gate’ will become ‘hull and void) fone due July 1, 1022, should” be Bod presented for’ payment in MANOTOR CITY PAINT COMPANY, Buceessor to eee TAM, WOODWAND, Secretary Dated way 20th, 1922 SAVINGS BANKS. EXCELSIOR SAVINGS BANK MOVED own new Feerers Fern" sf FEF Btory Fireproot Building, and will from July Ist next oredit and pay Interest on deposits quar- terly, October, January, April and duly. #Ferer (1) $@3.75 in cash and (2) qd) Shares at $10 yer share, and to Messrs. yer annum (which is (which is about 67c. per annum, Midyale, Plant) totals about 8284,000,000. The earnings ( ferred ad Common Stock, that is, ciation, as comriled and were as follows facilities, greatly Some of the essential reasons for (1) Inereased econom; together with the economic adyantage of better distribution for t necessary to provide for the then unpai i imated that upon the consummation of the Flan, the fixed charge: on Me inca (which is about 7ée, rer ton of rated ingot caracity) aud the Preferred Stock Dividends to 83,523,203 per annum fer ton of rated ingot capacity). The total rated ingot capacity of the Company will be 5,249,000 tons Since the year 1910 the three Compan DISTRIBUTION OF SECURITIES Seven-tenths of a share of the New Common Stock. Each holder of one share of stock of the Republic Company will be entitled to receive: with respect to each share of Preferred Stock, one share of new Preferred Stock and an a dividends on such Preferred Stock of the Republic (2) with respect to each share of Common Stock, one and seven-tenths shares of new Common Stock, It is intended that a syndicate will be formed to provide for the cash requirements of the flan. including the provision of $20,000,000 additional cash working capital, which will make the total working capital of the Company over $100,000,000. Messrs. Kuhn, Loeb & Co. have agreed to act as bankers for the plan, The flan contemrlates that the Comy any will stll Kuhn, Loeb FIXED CHARGES AND EARNINGS $7,435,421 10,164,892 » 3,379,545 13,702,110 52,595,325 ADVANTAGES OF THE PLAN 510,000 709,281 590,331 have expended more than $120,000,000 for improvement increasing capacity and reducing operating costs so that the earnings reported tor the past ten years do not iully reflect the earning power of the three Companies as now situated, ‘The 3,809,612 shares of no par value Common Stock are to be issued as follows: To Midvale shareholders ‘To provide in part for the acquisition of the properties of Republic Irch & Steel Company. To Inland shareholders. To be sold for cash.... 1,500,000 shares On completion of the Plan, each bolder of one share of Midvale Company will be entitled to receive: (1) Three-fourths of a share of the New Common Stock; and (2)! One-fourth of a share of stock of the ste n oration which is to take over the Nicetown flant. Each holder of one share of stock of the Ini: ‘ompany will be entitled to receive: mount of cash Company; to Mr. Thomas L. Chidbourne, for services rendered 25,500 C & Co., 59,500 Common Shares at ii 0) er share. 8 of the Company will amount to $3,913,085 vall of December 31, 1921 (which is far below the present replacement figures) of total net asset: Ore book Nhe oni Taland Companies, including the $20,000,000 new cash working capital (but excluding the Niooe these three Companies (exclusive of the Nicetown Plant earnings) applicable to dividend on th Se attar deduction of bond aud ether interest, Federal aad oo the Eom from the annual accounts for the ten years ending December 81, 1021, averaged $20,463, other taxes and adequate depre- 48 fer annum $60,257,399 « 34,598,221 11,612,487 + 22,429,534 (Loss) 11,552,446 and additions) the proposed unification of the properties of the Companies may be stated as follows esulting from the mining of # Incase tonnage ot ore, Soe and limestone un e use of such products, der one control, (2) Stronger management through the combined ability of the principal officers of the respective Companies to direct the operations. (3) With plants with facilities for steel located at Johnstown, Pa,, Coatesville, Pa., Youngstown, Ohio, Niles, Ohi production in the Southern field of Birmingham, Ala., the Company will be in and Chicago, Ill, and better position to serve the consuming trade with a larger diversity of products and to effect a substantial saving in the selling and administrative costs, The foregoing plan is subject to changes to meet conditions and circumstances and the opinion of counsel, Whi to be identified with its management. E, BABBITT & WALLACE eect WINTENSTEEN, Lei EVEN, AUBTRIAN. & PLATT, MAYER, MEVEN and. Btect Company. SIMPSON, THACHER & BARTL Counsei for Republic Iron New York, June 7, 1988, ‘Stoel and Ordnance Company TT, ‘Biel Company. W. E, COREY, L. ‘Chairman of the Board, Midvi the details of the organization of the Company have not been definitely settled, the undersigned will eontinue Bteel and’Ordnanee Company. . E. BLOCK, Chairman of ‘the Board, Inland Steel Company. JNO. A. TOPPING, ? Chairman of the Board, Republic Iron and Steel Company.