The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-10

TO ooNsoLIDATE WITH a oAPfE<L
sToQt OF $40, 200, 900.

-
Representative " the Largest Tanuno,ur,pr
Concerns IN se Country In Conference mere
Heaterday-t 10 Meeting Was escret. INIT
the Project A. said TO He We'll Under way.
Representative of a majority OF the steel wire.
rod, and nail manufacturer in this country
were In conference yesterday at the Hotel Wal.
uort'Astoria relative TO tho pending scheme OF
consolidation OF all their interests into one cor
poration. Tho result OF the conference was not
given out, those attending 1t refusing to SOC ro-
porters. There were at the meeting John w.
Gates Of tho Consolidated Steel and Wire
Company, J. II. Parks and ]. C. Pier
son Of b ston, Philip w. Moen, William
L. Rice and Judge Dewey of tho washburn &
Moen Manufacturing Company, Worcester.
Mass; Judge Gary OF Chicago. G. IL. Ten
Brock and d. J. Wolf OF st. Louis, George
Oliver and II. T. Oliver of Pittsburg. tho CHS.
holms Of Cleveland. representing the Horse
Power Nail Company and the Cleveland Roll.
Ing Mill Company; Frank Baackes of the Salem
wire Nail Company, and i. l.. Ellwood OF tho
Ellwood Manufacturing Company.
1t Is understood that tho whole scheme Of
consolidation is to bo underwrittcn by tho bank.
ing house of ]. p. Morgan & Co., and it was
stated yesterday that Mr.. Morgan would namo
the Chairman Of the Board of Directors OF tho
new corporation. Three appraisers have been
HiiN Ohs W. VI az
country. to whom the estimates of each firm as
to the value Of its establishment have been sub.
companies will sell out for cash. while others
will take stock in the new corporation:
1t is reported that tie now CORPORATION viii BE- =
named the american Steel and Wire Company;
that ta 1t will have q capital stock Of SO, 900 900.
initial steps have already been taken to Obtain
q charter under the laws of tho State of New
Jersey. 1t is thought that the policy of the
company Will De 10 Keep DrlCgS AT n COmDnr-
atively low basis. SO as to discourage outside
be completed Is not known, but 1t is expected to
be within the next two months.
be P]R9 pN.anx zee, K E. l. i,,I Dec q a.E ~ was lear learned led
among those to be taken into the new combine
ton Of yire.making interests. The Ansonia
the Bridgeport Brass COMPANY of bridgeport.
Compeny Of Waterbury. Conn; Coo Brass
Hayden Oh waterbury IieH it c"nn'; the eC %snnton
MISS; the Seymour Msnuiasturine company
Of Seymour; Conn, Washburn : Moen Of
], and tho American Electrical Works Of
phillipsdale. Il. The consolidation embraces
the manufacturers, of wire nails, barhed and
roofing wire. and the countless forms of screen
and netting wire. in addition to that used for
electrical and kindred purposes. In fact the
of The wire manufacture of the country.
WORCESTER. Mass; Dec. 9.-Philip w. Moen'
treasurer ana general manager OF tho w aShburn
& Moon Manufacturing Company, OH his return
from New York tonight gave out the following
statement relative to the consolidation:
Nc scheme looking TO a trust in the proper
use of the term has been under consideration,
but for the purposes of economy In administra-
ton and in the manufacture of wire and wire
products several Of the larger manufacturer
are proposing to form a new. corporation. un:
der the direction Of J. P. Morgan s. Co. of
New York, to take over as going con-
Germs several establishments that are engaged.
some in mining ore and coal and the manufac.
ture OF steel and others in the manufacture of
wire and wire products. with the expectation
that most beneficial results will cnsue. both to
the manufacturers and to tho buyers and con-
sumers.
"The Washburn s. Moen Manufacturing
Company has been approached with reference
to the purchasing Of the shares of the capital
stock of this corporation at a price which will
properly represent the value of the bust
ness conducted by it. 1t is quite posi-
Bile that negotiations now golng on may
be concluded to this end within a few
months. In this event. each share
holder may then look for an opportunity of re-
ceiving n price for his stock, which will repre-
sent the value of tho business conducted and
the large surplus which has gradually been ac-
cumulating during tho past years.
"Should the sale eventuate, there will be no
change in the continuance of the works under
the present general management. but simply a
transfer Of the ownership Of shares"