A TUBE COMPANY REORGANIZED.
|Topics: Consolidated Motor Vehicle Company
The New York Times
February 10, 1900
Now Controls All the Seamless Tube Plants of the Country.
Special to The New York Times.
CHICAGO, Feb. 9.—Frank O. Lowden to-day announced the details of the reorganization of the Shelby Steel Tube Company, which recently acquired the assets, patents, and processes of all of the plants in the country engaged in the manufacture of seamless tubing. The concerns are the Newcastle Tube Company, Auburn Nut and Bolt Works, Hercules Seamless Tube Company, the Pope Tube Company, Tubing Department of the United States Projectile Company, Tubing Department of the Mansfield Machine Works, the Ellwood Weldless Tube Company, the Greenville Tube Company, the American Weldless Tubing Company of Toledo, the Brewer Seamless Tubing Company of Toledo, the United States Standard Drawn Steel Company, the Shelby Tube Company of Ohio, and the Albany Manufacturing Company of Albany, Ind.
The reorganized company is authorized to issue $15,000,000 capital stock—$6,000,000 preferred and $9,000,000 common. Only $5,000,000 in preferred and $8,150,000 common stock is to be issued at this time. Stockholders of the old Shelby Company receive no cash, all taking new stock, the terms being one-half share of new preferred and three-quarters of a share of new common for one share of old stock. The capitalization of the old company is $7,376,400. The Directorate of the new company is as follows:
W. E. Miller, Cleveland; Albert A. Pope, Boston; R. L. Coleman, Chicago; H. A. Lozier, Cleveland; B. J. Williams, Shelby; E. W. Bliss, Brooklyn, L. S. Hovt, Newcastle; John L. McKinney, Titusville; F. J. Carolan, San Francisco; Frank O. Lowden, Chicago; James B. Dill, East Orange. The new company will be officered by those now holding executive positions with the old company. President—W. E. Miller; Treasurer—W. S. Miller; Secretary—H. H. Cockley. N. A. Gilbert will be general counsel.
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