Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-11-22

CLEVELAND, November 21.-The Fed
eral Steel Company, the gigantic corpora
ton 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 organized, and the directors
and stockholders are now in session in this
city closing the contracts with producers of
raw material and accepting the options
held upon the stocks Of the companies which
will form part of the consolidation. The
meetings are being held at the Weddell.
Among the gentlemen present were the fol-
lowing:
John w. Gates, of the st. Louis Wire Com
pany St. Louis; L. McCosh, of the McCosh
Iron and Steel Company & Burli&1gton, & Ia; Joel
Salem, O.; James Larmon, of the Cincinnati
Barb Wire Fence Company, Cincinnati John
F. Hazen, of the Cincinnati Wire Nail Com
pany Cincinnati; T. Burlington, OF the Ameri-
can Wire Nail Company, Covington, KY, and
Anderson Ind; A. r. Whitney, of the Brook
lyn Wire Nail Company, Brooklyn; George I.
Oliver, Of the Oliver q Roberts Wire Company,
Company, Altoona and New York; Q: B. Beach
and s. d. Chisholm, of the II. Z. Nail Com
pany, Cleveland; F. 8. Page, of the Cleveland
Rolling Mill Company, Cleveland, and Thomas
Jopline and William Arkless, of the American
Wire Company, Cleveland.
PLANS OF THE CORPORATION.
It is understood that during the session a
fve-year contract was made with the Cleve-
land Rolling Mill Company to furnish the
Federal Steel Company with steel billets
and wire rods. The barbed fence business
of 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 ab-
sorption of the American Wire Company
was practically completed. The American
Wire Company is a close corporation, the
stock being held, as far as known, by G. A.
Otis Thomas Jopling, f. 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 Fed
eraI Steel Company, through trustees ap-
pointed for that purpose. The plant of the
wire works, it is said. was valued at $780,
900 and the good will at $500. 900, SO that the
wire company will be represented by $780,
900 worth of stock in the consolidated cor
poration.
The owners of the d. P. Nail Works were
not so unanimous in regard to entering the
new cOmpauYi puL 1dLeE Oh dREeeu tOuo SV'
oLIvER'S POSITION.
Another meeting will be held tomorrow,
and if time is found the officers Of the new
company may be chosen. It is generally
conceded that Mr.. ]. W. Gates, of st. Louis,
will be elected President and Mr.. 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 induced to enter the fold.t One
reason for holding aloof is that the offers
made them will give them only an insignif-
cant 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 consolidated with
the nail and fence manufacturers 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 a hold that the rod
mills will take no orders to be filed after
January /.