Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1892-07-21
AN ASSURED FACT.
THE BIG COMBINATION or LOCAL IRON AND
STEEL CONCERNS.
The Appraisers Present Their Report to the Cor
pOrators-Ths Valuation Of the
Different Plants.

The consolidation Of the Wheeling
Iron Company, the Belmont Iron Com
pany, the Benwood Iron Company, and
the Wheeling Steel Plant which is the
joint property of the three concerns
mentioned, is now an assured fact. 1t
will be remembered that the move to
effect combination grew out of the de-
sire to reduce the operating expenses,
thereby securing better profits. An
other consideration was the unSatisfac-
tory manner In which the steel plant
was operated, growing out of the clash
ing Of different interests. Two methods
by which the cost of operation could be
reduced, were presented-the reduction
In the Office force of each concern, and
the operation of the plants best suited
for certain lines of manufacture.
The matter was taken up oy COM
mittee made up Of two representatives
from each company, and composed as
follows: Joseph Bell, L. c. Stifel,
George B. Caldwell, G. r. Hubbard,
Henry H. Hornbrook and Henry NJ.
Russell. The first thing done was to
secure the written agreement OF every
stakeholder in each of the three COM
panies to the proposed combination,
and their agreement to accept the valu-
alton placed upon the different plants
by three disinterested appraisers. This
was accom- plished without much dif1-
Guilty.
The appraisers selected were J. r.
McCourtney of the Bellaire Iron and
Steel Company; j. n. Vance OF the
Riverside Iron Company, and Benson
Caldwell Of the Etna Iron Company.
Tie appraisers have been at work for
several months, and finished their la
bors a short time ago. The mills and
eauipments were carefully examined,
and real estate men and mathematical
experts were employed to assist them
In the work Of placing valuation upon
the different plants. Each company
furnished a complete list OF its assets
and liabilities, which were used by the
appraisers in fixing valuation. The
bonded debt Of two companies and the
floating debts OF all the companies were
taken into consideration, and the result
as finally determined represents the
assets OF each company.
At meeting of the corporators held
yesterday, the appraisers presented
their report, placing the valuation OF the
respective plants as follows: Top mill,
5000, 600. Belmont. $685. 600, and Ben
wood, S65s,OOO. This represents total
valuation of nearly 100000. The
new company assumes all the liabilities
Of the individual companies forming the
combination. The new valuation rep
reSents an increase Of about seven per
cent. in the stock Of the Belmont, and a
slight increase in the Benwood, while
the Wheeling remains about the
same. The new company Will
have capital stock equal
to the aggregate valuation of the three
companies, which includes the Wheel
ing steel ant. as determined by the
appraisers. Stock will be issued TO the
individual stockholders in the three
companies on the basis OF the new valu-
alton.
A general stockholders meeting has
been called for August 4th, by which
time everything will be in shape for the
new company TO proceed. The present
officers are President, Joseph Bell, Sec
rotary, Il. NJ. Russell. At the meeting
CT stockholders a new Board of Direc-
tors will be chosen, and other important
matters concerning the future policy of
the company will be considered.