The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-06
$5o,OOO,OOo WIRE COMBINE.
j. p. MORGAN SAID TO BE AT n
HEAD OF THE NEW coMPANT.

To Control the wire output or the Country
and the supply or Materials USED, ss
weII-LaEe Superior Hron Mines Purchased
~. w. Gates or FittsburE rSr President.
CLEVELAND. Doc. 5.-The consolidation OF the
entire wire industry Of the country into one
corporation has been 30 fhr as II
possible in advance Of tho appraisal. All OF the
interests have agreed to tho proposal. Each has
stated that it will sell its property at q figure In
accord with the verdict OF tho eppraisers. This
agreement means that one Of the most remarka-
bio industrial organizations in the history OF
manufacturing win b como an accomplished
fact within n few months. Cleveland and Its
neighborhood will have the greatest proportion
of the works OF the hugo company. The Cleve-
land Rolling MIL Company. 1t can be stated pos
itively. will pass into tho control Of the new
combine in its entirety. rolling mills. Bessemer
converter, blast furnaces and all, as well as the
rod mill. The great modern Johnson Steel
Works at Lorain. just out Of Cleveland. Is also
to DO bought In its entirety.
1t il maintained that tho new $4,000, 900
company will greatly develop the iron industry
about this centre. A nest of blast furnaces will
be erected without delay on the banks Of
the Black River. The new organization reaches
to the worry roots Of the industry. including all
the wire rod capacity in tho country. and hav-
ing control OF tn: supply Of materials from the
orc In tho ground to tho wire nails and the
finely spun wire, used for all purposes from the
manufacture of cloth to the erection of q tele-
graph line. the finished product Of the industry.
The company will own iron mines about Lake
Superior. Some Of those are the jackson
mine Of the Cleveland Rolling Mill Company.
the Oliver interest in the ollver-CarneEie pu--
chases on the Mesaba range, and the Tilden and
Eorrie mines. Like the Carnegie Company. In
its limo OF structural material, rails. and other
heavy stun. tho wire consolidation, in its own
line, will be able, 1t is claimed. without the posi-.
bility Of successful competition from any source
whatsoever, to supply whatever markets 1t do.
pires to enter.
1T means America united industrially
against tho world and American supremacy in
the industrial field" q manufactures said to-day.
Tho President of the corporation, It is now un-
derstood. is to BIO W. p. Snyder of Pittsburg.
At first 1t was understood that John w. Gates,
who has been working for the accomplishment
OF the end now almost within reach for the past
ten years, was to be tho President, with J. Pier
pont Morgan as Chairman. A few weeks ago It
was given out that Mr.. Gates had withdrawn
his name from consideration. regarding 1t as tho
best policy for certain reasons to do this. Tho
designation Of Mr.. Snyder il understood to
be agreeable to him. II tho Chairman 10
not MT. morgan himBelt Nc Will DO some man
of his naming. and indeed tho whole organiza-
ton will DO subject to his control. 1t Is he, it 10
said. who raised tho S35. 200. 900 with which
the two-thirds interest in the corporation is to
be acquired by purchase. the remaining ono
third being paid for In stock Of tho company.
Mr.. Parks, the organiser of tho wire nail pool.
will come in for an important office.
Tho works of tho wire industry are in Ohio.
Pennsylvania. Illinois. Massachusetts, and Mis-
souri,. and the Importance of tho Statos In this
field is in about the order given. The largest
centres of the industry are Cleveland and Pitts-
burg. The concerns about Cleveland that arc
to DO taken into tho corporation are moro
numerous and moro important than those Of
Pittsburg, and this city has been here
tofore and is now considered tho head.
quarters Of the wire industry. The con-
Germs at or near Pittsburg are the Oliver
Snyder works. the works Of the Pittsburg Wire
Company. the two works of the Consolidated
Steel and Wire Company, the Rankin and the
Beaver Falls works. Cleveland supplies the FIVE
great interests, tho II. p. Nail Company, the
American Wire Company. the Cleveland Rolling
Mill Company. the Baackes Works of the Con-
solidated Steel and Wire Company, and tho
Johnson Steel Company.