The morning news., 1889-05-05
TO MAKE TIN PLATH.
One OF the Aims of the Iron and Steel
Consolida alton.


CHICAGO, May 4.-The consolidation Of
the North Chicago Rolling Mills, the Union
Steel Company and the Joliet Steel Com
pany turns out to be not only TO facilitate
production of all sorts of iron and steel
forms but also to develop a new industry
in this country--the manufacture of tin
plate. 1--WE are much nearer the manu-
facture Of tin plate than you suppose" said
Oran Potter, the president Of the North
Chicago Rolling Mill Company in the
course Of a conversation on the subject
AMERICAS FIRST STEEL RAIL
THE first steel rail made IN America was
made in Chicago" said Mr.. Potter. IL was
present at the ceremony. Iexpect the first
tin plate turned out in America to be turned
out in Chicago, and expect to be present at
the cersmony, The North Chicago Rolling
Mill Company, or rather its legal predeces-
sor. made the one, and it, or rather it's
legal successor, will turn out the other
The difficulties which confronted it
at the first epoch we're incomparably greater
than those which confront it now.
1t succeeded then. and 1T will all the more
easily succeed now"
Ii ten days Mr.. Potter, accompa MED by
party of tin-plate men and an expert
famil ar with European mills, will visit
the Black Hills, in Dakota, to gain full in
formation as to the extent of the block tin
deposit there, investigA Ate tie attempts
already made to reduce the ore, and secure
specimens for a more scientific experiment.
THE MOST NOTABLE CONSEQUENCES,
"What are the most notable consequences
which would follow the establishment of
this industry in American was asked.
"ro begin with, the country would keep
among her own inhabitants from $20, 0,000,-
600 to $25, 900, 900 year, constantly in
creasiug amount, which she now sends
abroad, the moment she can supply ner
own demand. Then there would be an
awakening in the steel business incident
upon the demand for steel plates on which
to veneer tin. The commercial imnortance
of these two items can hardly be esti-
mated"
How soon do you expect to make your
first Tin pateW
Our experiments will begin as soon as
our Consolidation is complete. 1t may be-
years before we obtain successful results,
but IL viii not be many
THE CONSOLIDATION ACCOMPLISHED.
CHICAGO, May 4, II p. M.-The last
formality in the much talked of merging of
the three great steel manufacturing con
Germs Of Illinois was completed to-day
without hitch. The new corporation is
called the Illinois Steel CompanY, and CON
stitutes the largest combination of
steel interests in America. Tho
capital stock is 5000, 600, of
which $4,000, ,000 have been paid in.
At a joint meeting of the directors Of the
three old compa les today the fixed valua-
tion of each Of the ditfe ent concerns was
was Announced to have been agreed upon,
and all Of the properties were formally
turned over. The capi al stock of the new
company is held as follows: Percentage rep
representing also the percentage of the val
uation Of the three old plants as agreed upon
by the joint directors: North Chicago
Rolling Mill Company "a per cent, Joliet
Steel Company 26 per cent, Union Steel
Company 20 per cent The new directors
are: William j. Rotch of New Bedford,
Mass, Nathaniel Thayer of East Bost N,
Francis Blodgett OF Boston, O. w. Potter,
e. c. Potter, II, II. Porter, J. c. Morse,
w. K. Sterling, John Creerar and Marshal
Field, Of Chicago, aud Alexander
j. Leith Of New York. Rich
and G. Hanna will be secretary and treas
urer. The business Of the company will be
managed ehtirsly by an executive commit
tee, CHOSEN by the directors, following the
Vanderbilt idea Of ves1ing control in the
hands Of several instead of one man. This
executive committee is composed of o. w.
Potter, charm; A. j. Leith. j G. Morse,
w. x. K Sterling and Il. c. Potter. Toe
capital OF S&o,OOO,OUO Is DaSed on the valua-
ton of the three companies Of about $l5,-
000, 900 the remainder consisting of
cash working capital and uniSsued stock to
be used in emergencies or improvements
Besides various mills in Chicago and Joliet,
the consolidated plant includes mills at
Milwaukee and mines inDodge county, Wis,
besides much other property. altogether
fourteen blast furnaces. Chairman q. w,
Potter said this eveding that the company
proposed to keep all the plants running,
avoiding glut of the market by gradually
diverslfying more aud more the companys
product.