Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1897-12-11
PULLING THE WIRES.
For One Of Those Gigantic"
Combinations Of Great
Corporations.
SIXTY MILLIONS IN THE DEAL.
Steel Wire al Nail Concerns Getting Into
Line. About Twenty of Them. for u
Grand Consolidation of Interests for the
Purpose of Economical Production-No
Raise OF Prices Expectcd-Sewer Pipe
Deal or This Year.

Deal on This Year.
New York. Dec. 1.-the representa-
.ives Of the steel wire and nail manu-
featuring firms OF the United States.
who have for months been negotiating
TO form steel wire ard nail pool. are
nearing n conclusion Of their work. 1t
is said that about twenty of the larg-
est steel wire and nail manufacturers
viii enter the pool, and that the capital
involved will exceed SG0,000O0o. 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. TenbrouE, and
others Interested. the combine Will not
result In raising the prices to the pur-
chlsers Of wire and nails, but will en-
able the manufacturers to operate the
plants upon more economical basis.
The only meeting in connection with
the combine held yesterday was that Cf
the directors of the Illinois Steel COM
r3ny. 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 great portion Of the session.
News They Have at Philadelphia.
Philadelphia, Dec. liza 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 10 have been the chief subjects OF
discussion. Among those present were
Presidents Stackhouse of the Cambria
Iron company: Linderman. of the Beth
lchem Iron company: FELTON,, OF the
Pennsylvania and Maryland Steel COM
rany. and Secretay Kennedy. Of the
Bessemcr Steel company. None of these
from this city who were present at the
meeting would discuss the matter but
IL was stated On what Is considered re-
liable authority that the two above
mentioned subjects were discussed and
decided upon. In relation TO tine divis-
ion OF territory II is believed that the
district east of the Alleghenies was CIV
en- to the Pennsylvania ard Maryland
Steel company, the Lackawanna COM
pany and the Bethlehem Iron company.
II is also said that under the new man.
agcmcnt many Of the features of the old
steel pool are Incorporated. Another
important question said to have been
settled was that Of a percentage allot-
nent To- each of the companies with q
penalty for iufraction thereof. In ad.
dition 20 this 1t is understood that the
Maryland company is to handle the en-
tire export trade.
Experts Selected as Appraisers.
Cleveland. Dec. lis. T. Wellrinan
OF Cleveland. a furnace and rolling mill
engineer Of International reputation is
one of three experts selected as ap-
praisers by the American Steel and
Wire company. which is to be the name
of the S50.000.0O0 corporation taking in
the American wire industry. They will
appralse the different properties be-
:-sca :h!s and March I. when the new
company win begin business. The other
experts are Julian Kennedy. of Pitts
burg. and Robert Forsythe. Of Chicago
Tke prices at which II is reported three
Cleveland establishments are offered &c
the new company are: For the Cleve-
land Rolling Mill company. rolling
mills. Bessemer oonverters, blast fur
naccs and iron mine. S5.0G0.OO0: II. p
Nall company. sS00.0o0: American Wire
comrany. Ss00.Oco. 1t is believed here
that Harry w. Oliver. of Pittsburg will
be the official head Of the company.