The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1897-12-15
PULLING THE WIRES.
For Ono of Those Gigantic"
Combinations of Greet
Corporations.
SIXTY MILLIONS IN tt CEAL.

Steel Wire and Nall Concerns Getting Into
Line, About Twenty of Them. for n
Grand Consolidation of Interests for the
Purpose of Economical Production-No
Raise of Prices Expected-sewer Pipe
Deal ON This Year.
New York, Dec. 1.-THE representa-
tives OF the steel wire and nail manu-
featuring firms of the United States
who have for months been negotiating
to form a steel wire and nail pool, are
nearing a conclusion of their work. 1t
is said that about twenty of the larg-
est steel wire and nail manufacturers
will enter the pool. and that the capital
involved will exceed $50, 900 OO0 The le-
gal formalities for forming the pool will
probably not be completed until after
the holidays. Already many of the
small wire and nail concerns through
out the country have been bought up,
and negotiations are pending for the
purchase OF others. According to Judge
Gary, of Chicago; G.. III. Tenbrouk, and
others interested, the combine will not
result in raising the prices to the pur-
chasers OF wire and nails, but will en-
able the manufacturers TO operate the
plants upon "A more economical basis.
The only meeting in connection with
the combine held yesterday was that of
the directors of the Illinois Steel COM
pany. The business of the meeting was
such as usually comes before the men
who are interested in the company. 1t
was admitted, however, that discussions
of the proposed wire and nail pool took
up a great portion of the session.
News They Have at Philadelphia
Philadelphia, Dec. ia meeting of
the representatives of nearly all the
steel companies In the United States
was held yesterday in New York city
at which the harmonizing Of their in
terests and the division of territory are
said to have been the chief subjects of
discussion. Among those present were
Presidents StackhouSe Of the Cambria
Iron company: Linderman, Of the Beth
lehem Iron company; FELTON,, Of the
Pennsylvania and Maryland Steel COM
pany and Secretay Kennedy, Of the
Bessemer Steel company. None of those
from this city who were present at the
meeting would discuss the matter, but
ii was stated on what is considered re-
liable authority that the two above
mentioned subjects were discussed and
decided upon. In relation to the divis-
ion OF territory II is believed that the
district east Of the Alleghenies was CIV
en- to the Pennsylvania and Maryland
Steel company. the Lackawanna com
pany and the Bethlehem Iron company
1t is also said that under the new man
q ma nv Of 10 faa ~ the old
steel pool are incorporated. Another
important question said to have been
settled was that OF a percentage allot-
ment to each OF the companies with
penalty for infraction thereof In adj
dtion to this il is understood that the
Maryland company is to handle the en-
tire export trade.
Experts Selected as Appraisers.
Cleveland, Dec. lis. T. Wellman,
of Cleveland, furnace and rolling mill
engineer OF international reputation is
one Of three experts selected as APP
praisers by the American Steel and
Wire company, which is TO be the name
of the $4,000. 900 corporation taking in
the American wire industry. They will
appraise the different properties be-
tween this and March 1, when the new
company will begin business. The other
experts are Julian Kennedy, of Pitts
burg, and Robert Forsythe, of Chicago.
The prices at which ii is reported three
Cleveland establishments are offered to
the new company are: For the Cleve-
land Rolling Mill company rolling
mills, Bessemer converters, blast fur
naces and iron mine. s5.D0,O00; II. p.
Nail company, 100000; American Wire