From a letter of Mr. Howard Coonley, President of the Company, ire summarize as follows:
CAPITALIZATION
(After giving effect to present financing)
Authorized Outstanding
First Mortgage Sinking Fund Gold Bonds - $7,500,000
Series "A" (This issue) .... $2,500,000
Series "B" * 1,000,000
Preferred Stock ...... 1,000,000 1,000,000
Common Stock 4,000,000 4,000,000
?This entire issue of Series "B" bonds equally secured with the 7% bonds of Scries "A."
bearing interest at the rate of 5% per annum, and maturing $100,000 annually 1922-1911.
inclusive, will be owned by the United States Steel Corporation through its subsidiary, the
National Tube Company.
The Walworth Manufacturing Company had its beginning in 1842, in the firm of Walworth & Nason,
which introduced the steam heating industry into America, and established the first factory in the United
States for manufacture of fittings and valves. This business was incorporated in Massachusetts in 1872
as the Walworth Manufacturing Company. It is the originator of the famous Stillson wrench and for
many years was the exclusive manufacturer of this type of wrench.
Factories of the Company are located at South Boston, Massachusetts, and Kewanee, Illinois. These
plants cover a total area of 54 acres of ground and have an aggregate floor space of about 1,300,000 square
feet. They employ at capacity some 4,200 men.
SECURITY
In the opinion of counsel, these bonds will be secured by direct first mortgage on the entire fixed property
of the Company and by pledge of the Company's holdings in stock of certain subsidiaries.
