Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1889-03-23
THREE JOINED in ONE.
THREE CHICAGO ROLLING MILLS UNITE IN
A GIGANTIC CORPORATION.
Controlled By the North Chicago Company Over
production, It IS Claimed, Made i Ne'a-
ary-Ihs New Company VIII
Diversity Products

CHICAGO, March p. Circulars TO the
stockholders OF the North Chicago Rolling
Mill Company, the Union Steel Company
and the Joliet Steel Company. csliug
special meeting for May, with q view 20
their consolidation into one concern, have
been issued.
Mr.. o. W. Potter, President Of the fret
named company, gave some additional
particulars about the matter TO a reporter
He said that the consolidation was pactic
ally effected; that il bad received the as.
sent Of a majority OF the holders OF the
stock OF all the companies, and that the
preliminaries were so well forwarded That.
within two days after the formal vote t0
consolidate, the three concerns would Dee
working ~ one
Will Il be really consolidation ora
purchase Of the Union and Joliet Cempa-
mics by the North Chicago askei the re.
porter
The Joliet will be bought lu au
likelihood the Union will also he bought
The purchaser will not be the North Cl-
cago but the new concern, which is ta re-
place all three OF course the N.ah Chi
cago stockholders will be the punapsl
owners Of the new concern
How will the capital stock of the new
company be represented
Fifteen million dollars OF it VIII ralro.
sent the combined plants Of the three C,.l.
panies. Five million dollars will Boz in
cash as a working capital Five nNIoa
dollars will remain unissufd .n tis h.r..
OF the treasurer, TO be used in makmrsusa
changes as occasion may requio The
total capital stock will thus be t25 600.
600 "
Does the amount allow any wat.r-
ine27
Not bit The Issue of stock VIII ho
based on n strict valuation of the M nfs of
the companies. II il 10 be an hone ro.r-
Ranization and is backed by the best men
IN America
"But are the plants Of the three compa-
nies worth SO, 900, ,OOOg'
/. ''Nes, when you include an tfeIr prop.
} critics. For instance, the North Chicagoh hs.
a capital of So 00O 900. bat IL has aocnmu
lAAth NAAANNN NAAuNUAN AuAfNNH.H
rot covered by this figure. Tire North Chl
cago will surrender It's plant 0n ihe n0rth
branch Of the Chicago river, lfs plant in
South ChicaRo, IL plant in Milwnukre ald
its mines In Dodge countt We tn. laloa
and Joliet likewise, M addition o. The aIo
OF their plants on the south branch Of fho
Chicago river and also at joliet wiil.
aided by the North Chicago, pni iufo COM
troll Of the new company iut r WHirn
enable IL TO command eyery'h.. m tho
raw material 20 the inl-hei p-. duct
What IL the moving pufp's of thi8 pro-
posed com bination2'
Economy. ! isaselfegident pron0si-
l tion that one managemement vii. bo
cheaper than three. Certain improved
conditions in the supply of raw material
will also bring about large ayines The
main economy, however, will De- e1,ctd
by new departure OF q somewhat radical
nature
What is thai?n
Nothing less than
the output of the plan
corns as now Gvrd are
clusiyely 10 the manuf
Jointly they have a ca
a day in this product
/ bla-t every day they GO
steel rails which will D., ... .a..,u
States this year Necessarily, since th.g
cannot monopoils the market, ifef mut
| lie idle a large part Of the time. The
l seriousness OF idleness 10 the caIinI
interested will be understood when
/ say that the contingent expenses
OF an iron and steel plant arc
twice as heavy when not ~ when running
Limitation of product to steel Ais Dr..
further, precarous matter, OWING to tnD
extreme huctuation in their consumI iDl.
Now It is proposed 10 ohyiai- ihH great
danger by multiplying the number o.
products. There is no rgerUu why u
should not make all classes 0i roD .Ul
steel work sent hare and over ths NoUl.
wect generally from Pttsbnrg, Wh0o inr
and other points. Iron end -tc.i ship ..n
be huilt at South Chcsgl or MIH.u.r
well az At Cleveland, Buffalo or D.I0It
and confidently expect the Establishment
of such an industry 40 one or tho other oi
the former points as a consequence oi ihe
consolidation. TIE enormous amount of
boiler and tank plate now imported o. lnis
market may unquestionably boz made fere.
Another result OF the coDsolidanou ] do
not heeitate 10 predict, ~ the manufacture
in Chicago Of TN plate.