Buckley Securities Corporation
1420 Walnut Street Philadelphia 2
September 7, 1948
.to the Holders of Preferred Stock, Class A Stock and Common Stock of Tacony-Palmyra Bridge Company:
We have received from The Sarjem Corporation, of Chicago, Illinois, for the information of our customers and other interested persons, a form of agreement, three copies of which are enclosed, which embodies an offer on the part of Sarjem to purchase, on the terms and conditions therein expressed, (1) all shares of 5% Cumulative Convertible Preferred Stock ($ 100 par value) of the Bridge Company owned by each security holder at a price of $ 154.87 1/2 per share (the equivalent of $ 88.50 per share for the Class A Stock into which each such share is convertible -- said Preferred Stock being callable at $ 107 per share between May 1, 1948 and May 1, 1949) and (2) all shares of the 75 cent Cumulative Participating Class A Stock (without par value) and Common Stock (without par value) of the Bridge Company owned by each security holder at a price of $ 88.50 per share. As provided in said agreement, dividends declared on August 17, 1948, belong to the existing stockholders and, in addition, the prices mentioned above increase proportionately if the Date of Closing is later than September 30, 1948.
We are informed that the holders of approximately 35% of the aforesaid Class A Stock, and 60% of the Common Stock have heretofore entered into agreements with The Sarjem Corporation (identical in form to the agreement enclosed herewith) for the sale of their shares to Sarjem.
Under the plan of procedure which is contemplated by said agreement, it is not necessary for you to deposit your securities in escrow. All that is necessary at this time to accept the aforesaid offer is to fill out and execute in duplicate the enclosed agreement, have your signature guaranteed, and return it to the undersigned in the self-addressed envelope which requires no postage. We will arrange to have The Sarjem Corporation sign the acceptance thereof and return your copy to you.
We are familiar with the financial condition of the Bridge Company and with its prospects. In our opinion, the prices offered for its securities are fair and adequate and we feel that it is to the distinct advantage of each holder of securities of the Bridge Company to accept the offer explained above. Therefore, we recommend that you fill out and sign, in duplicate, (with signature guaranteed as indicated thereon) and return to us in the enclosed envelope, the form of letter agreement transmitted herewith. You will be advised later of any further steps required to be taken by you in order to obtain final payment for your securities under said agreement.
Yours very truly, Buckley Securities Corporation By Edward S. Buckley Assistant Secretary