St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-11-22
ANOTHER OCTOPUS BORN.
The Federal Steel Company, a
Gigantic Monopoly, Is Organ

The Federal Steel Company, a
Gigantic Monopoly, Is Organ
lied.
CLEVELAND, o., Nov. 2l.-The Fed
eral Steel company, the gigantic cor
poration formed for the purpose of
combining all the wire. wire nail, and
barbed wire manufacturing plants of
the country and controlling these three
great industries, has been formally Or
ganized, and the directors and stock
holders are now in session In this city
closing the contracts with producers of
raw material, and accepting the OPP
tons held upon the stock of the
companies which will form part Of the
consolidation. The meeting are being
held at the Weddell. Among the gen.
tlemen present are John w. Gates, of
the st. Louis Wire company, st. Louis:
T. McCOsh, of the McC0sh Iron and
Steel company, Burlington, To-; Joel
Sharpe, of the Salem Wire Nail COM
pany, Salem. o.; James Larmon, of the
Cincinnati Barb Wire Fence company,
Cincinnati; John +. HaZen, of the Gin
cinnati Wire Nail company. Cincinnati;
E. Burlington, of the American Wire
Nail company, Coyington, KY, and An
dersOn, Ind; A. B. Whitney, of the
Brook yn Wire Nail company. Brook
lyn. N. y; George Il. Oliver, of
the Oliver & Roberts Wire COM
pany, Pittsburg: W. Douglass, of
the Iowa Barb Wire company
Altoona, Pa, and New York; G. B.
Beach and S. 3. Chisholm. of the Fl. p.
Nail company, Cleveland; E. S. Page,
of the Cleveland Rolling Mill company,
Cleveland; and Thomas JOpling and
William Arkless, of the American Wire
company, Cleveland. 1t is understood,
that during the morning session a tive
year contract was made with Cleve-
land Rolling Mill company to furnish
the Federal Steel company with steel
bilets and wire rods. The barbed
fence business eff the Cleveland Rolling
Mill company, under the contract, will
be suspended, and that department of
the company's large plant closed.
1t is also said that the absorption of the
American Wire company was practically
completed. The American Wire com-
pany is close corporation. the stock
being held. as far as known. by g. A.
Otis. Thomas Jopling. E. B. Thomas. W.
T. Wellman, Samuel Andrews, William
Arkless and j. K. BOle, of this city. All
of the shareholders, it is said, favor the
consolidation project and have eX-
changed their holdings for stock in the
Federal Steel company through trustees
appointed for that purpose. The plant
of the wire works. it is said, was valued
at S600,00O, and the good will
at 5000, 900, so that the wire company
will be ri presented by $500, 900 worth of
stock in the consolidated corporation.
The owners of the Fl. p. nail works
We're not so unanimous in regard to en-
tering the new company, but later on
agreed to do so. Another meeting will
be held tomorrow. and Ii time is found
the officers of the new company may he
chosen. 1t is generally conceded that
j. w. Gates, of st. Louis, will be
elected president and George T. Oliver,
of Pittsburg, vice president. The
directors said tonight that the
other officers had not been decided
upon as yet. There are number of
concerns. which have not yet been in
duced to enter the fold. One reason for
holding aloof is that the offers made
them will give them only all insight
ficant. position in the combination.
They feel that they may be forced to
suspend operations temporarily, at
least. for lack OF raw material. the nine
rod mills of America being either con-
solidated with the nail and fence manu-
1facturerS in the combination. or being
under contract to furnish the Federal
Steel company their entire product.
They say that already the new concern
has such hold that the rod mills will
take no orders to be filled after Jan. 1.