The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-03-20
Germs.


the situation and workings OF the plants
OF the Standard Iron Company and the
Etna Iron & Steel Company, at Bridge
port, have long seen and appreciatedthe
economic advantages that would result
from a consolidation OF these two big
corporations. The officials and direc-
tors Of both the Etna and Standard
have not been slow in perceiYing these
advantages, and as a result a tangible
scheme for uniting the two companies
into ono concern has been formulated
and presented for consideration by the
stockholders OF both. The particulars
OF the deal were learned from q gentle
man who is on the inside. The plan
for consolidation evolved from the
deliberations OF aloint committee repre-
senting the boards Of directors Of the
AItna and Standard.
1t provides Tor the incorporation I'M
der the laws Of West Virginia OF a new
company to be called the Etna-SAnd-
ard Iron K Steel Company, with a cap.
ital stock OF S. 800, 900, divided into
$4,000 shares OIL preferred stock repre-
s%enting $500, 900, AMI 5000 common
stock 100000.
OF the capital OF the new company,
81, 100000 preferred and 100000 com.
mon stock is to be issued in payment
OF the assets of the two existing com.
panies; $500, 900 preferred stock will be
reserved for sale at not less than par, il
Mt any time it is thought advisable to
provide funds for improvements and
additions 10 the works, and for addi-
tional cash capital.
Preferred stock in the consolidated
company is to be entitled to dividends
OF eight per cent; common stock to be
entitled 10 dividends from the surplus
profits after the claims OF the preferred
are satisfied, and an amount deemed
proper by tho directors, not to exceed
two and a half per cent OF capital stock,
for each year, is 10 be set aside as u
contingent fund, which will not be less
than $4,000 o more than 100000.
Tho appraised values OF the assets OF
the two companies MS they existed July,
1892, and their average annual earnings
for three years preceding, are to be
taken as the basis Of division OF the
$l,20O,00D preferred, and 100000 COM
mon stock.
In addition to the enhanced value OF
the stock, other immediate benefits will
be derived from the consolidation, in.
Guiding a considerable reduction in the
operating expenses OF both tho produc-
ing and selling departments, and releas.
ing capital now wasted in duplicate
stocks Of material, supplies and pro-
duct. Should the scheme for conaolida-
tion 60 through successfully, and there
seems no doubt that it will, tho pud-
ding department at the Standard will
be discontinued, and very probably q
steel plant will be erected and operated
by the new company.
The directors and officers OF both the
Standard and Ntna companies, owning
nearly a controlling interest, have given
the plan their unanimous approval,
thus seeming TO insure its success.
The proposed consolidation will make
the Etna-Standard company one Of the
largest iron works in this part OF the
country.
The Etna company was established
in 1872. Its works are situated in that
part OF Bridgeport known as Etnaviiie,
and were completed in 1874. The design
oil the promoters OF the company was to
manufacture nails along with bar iron,
but that purpose was abandoned, and
in their place sheet iron was manufac-
tured. The works have been added to
aud changed at various times, and are
now in q complete and almost unex-
celled condition. The annual capacity
is over 10000 tons, and the pro.
duct consists OF sheets, plates, bars and
small 7 rails and street rails. As early
Us 1884 the sheet product OF the Ntna
achieved a distinction; in that year its
sheet iron was first successfully used in
the Bellaire stamping works.
The first board Of directors consisted
OF W. W. Holloway, A. G. Robinson,
Lewis Jones, T. r. Mofiat, 4. p. Rhodes,
Daniel Davis and L. Spence. The pres.
ent board includes W. w. Holloway,
Lewis Jones, L. Spence, Joseph Bell,
William b. Simpson, A. j. Baggs, and
W. II. Tallman. The officers are, Pres.
ident, W. II. Tallman; secretary and
manager, John A. Topping.
The Standard Iron Company is the
latest accession to the iron industry in
this section Of the Ohio Valley, and
was organized in 1889. It's mills arc
located in Ntnaville, adjoining the
4HItna mill properties. 1t has been a
success from the start, when it only
made common sheet iron Of light
weight for use in manufacturing stove
pipes and similar articles. Roofing iron
was Don added and now constitutes one
OF the largest branches OF the business
Of the company.
The Standards board OF directors in
cludes the names OF many men we'll
known in commercial and iron circles.
L. s. Delaplaln, L. Spence. A. Loring,
j. K. Mitchell, A. p. Mllman, W, 4.
Graham. The last named gentleman Is
president.
The growth OF both concerns in re-.
cont years has been something marvel.
Gus. They seemed 10 vie with each
other In booming toward the front.
Addition after addition has been built
by each and department aiter depart
ment added.
Two or thrce years ago n British syn
dictate attempted TO purchase both mills
aud consolidate them. but for sotno tcO.
son tho deal fell through.
PROF, ADAMS, of tho ohio wesleyan
UniNNtAltyt n mugIpF ui iIin ntnu urUnu.