The Inter Ocean, Chicago, April 4, 1903

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The Inter Ocean, Chicago, April 4, 1903 - lle-121 STOCKS AND BONDS Statement of the...
lle-121 STOCKS AND BONDS Statement of the Situation of the International Salt Company. BREAK IN BOX BOARD Price of Preferred Goes to 20 and Recovers to 23 3-4. 3-4. 3-4. Cannl and Dock .Re-elects .Re-elects .Re-elects Officers Fair Disk Statement Expected Financial Xesra. . Chicago stockholders of the International Salt company yesterday received, the first statement given out by the company since ita formation. The statement does not give the figures of operation for the year and a half the company has been in existence, but Is devoted to setting forth the present standing standing of the company and the condition of its subsidiary companies. The statement conveys conveys the Information that the International Salt company owns the entire capital stock of the International Salt Company of Illinois, Illinois, formerly Joy Morton Co. Following is the text of the communication: "Tour company was organized in August. 1901, and within a few months acquired majorities majorities of the stocks of the National Salt company and the Retsof Mining company. A sufficient amount of the securities of the International International Salt company was used for that purpose, and also to provide $1,000,000 cash working capital. The balance of the securities securities remained in Its treasury for future extension extension of its business. "The Retsof Mining company was incorporated incorporated in New York state in 1SS5. Its business business is mining and distributing rock salt, for which purpose It owns and operates valuable valuable salt deposits in New York state and has also a profitable plant and property in Louisiana. Louisiana. "The National Salt company. Incorporated in New Jersey In 1899, was placed in the hands of receivers during September, 1902, by order order of the Court of Chancery of New Jersey. Jersey. Its difficulties arose mainly from contracts contracts which proved impossible of fulfillment. Incumbering it with embarrassing litigation litigation and greatly impairing its resources. .atloaaI Salt Lillaratloa. "The most Important suit in which it is at present Involved was brought by the National National Salt company, to set aside, as illegal, a contract into which it bad entered for the purchase of the United Salt Company of Ohio. By the. terms of this contract it was to pay to the stockholders of the United Salt company for each share of that company's slock one and one-quarter one-quarter one-quarter shares of preferred preferred stock of the National Salt company, and In addition thereto a so-called so-called so-called "certificate "certificate of Indebtedness" for $106.25. payable in ten semi-annual semi-annual semi-annual equal installments. This certificate was, in fact, a guarantee of 7 per cent on the preferred and 10 percent on the common stock of the National Salt company, so paid for the United Salt company for five years. The certificates so Issued aggregate $1,055,000. Of this amount about $320,000 has been paid to the American Trust company of Cleveland, the trustee, leaving a balance due of about $735,000. "If this suit Is successful it will wipe out this indebtedness and will retire $2,500,000 of now outstanding stock of the National Salt company. The receivers saj that they have been operating the New York property at a small profit, but have found it expedient to shut down the plants in Michigan indefinitely." indefinitely." So much depends upon this outcome of pending litigations that it l impossible to predict at thlatlme what this company may expect to receive from the National Salt company or what would eventually be done with that company. "In March, 1902, your company acquired the entire capital stock ($1,000,000) of the International Salt company of Illinois. This company Is essentially a distributing company, company, bundling the products of the National Salt company and Retsof Mining company, and to some extent of other concerns, covering covering the middle West'. It has a well-eatab-Ushed well-eatab-Ushed well-eatab-Ushed well-eatab-Ushed well-eatab-Ushed business, which showa substantial increase increase each year. '.'The success of your company depends on the earnings of the Retsof Mining company, the National Salt company,' and the International International Salt company of Illinois." -

Clipped from The Inter Ocean04 Apr 1903, SatPage 8

The Inter Ocean (Chicago, Illinois)04 Apr 1903, SatPage 8
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  • The Inter Ocean, Chicago, April 4, 1903

    bill_goodman – 12 Sep 2013

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