Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1897-12-19


men who are engaged in organizing a
combination of the wire manufacture
| Ing interests Of the country have is
sued the following explanation of the
enterprise and asked the Associated
Press to send it to the newspapers:
With a view Of largely increasing
the export trade in wire, wire nails
and other products, and also material
ly reducing the cost of their manu-
1acture and sale, certain gentlemen
VINO for many years have been identi-
ned with and successful in the busi-
ness, have, after careful study of the
situation, decided to organize a new
corporation which will Immediately
engage in these lines and will also &C
qulre, by purchase, the properties OF
the leading manufacturers Of wire
throughout the United States.
Inc new corporation has not yet
been organized, but steps will soon be
taken for that purpose The amount
OF this capital STOCK will be sufficient
to pay for the property to be ac-
qulred and also to furnish ample funds
for doing the business.
After negotiations covering a period
OF many months, agreements have
been made with the owners of the
largest and most prominent class for
the purchase of their properties, in
Guiding the lands, buildings, machin-
cry and patents at prices which are
considered reasonable, but which are
subject to examination and verificatlOn
by expert mechanical engineers and ac-
countants. Three OF the most compe-
tent engineers have been selected and
are now examining the different
plants; and one of the largest and
best known houses of expert account
ants in Europe and America are now
examining the books and auditing the
accounts of the different companies
for the purpose of accurately deter
mining their earning capacity. The
prices to be paid by the new company
will largely depend upon the reports
of these experts, but it is believed they
will fully justify the prices which have
already been named. AS soon as the
reports have been made and the prices
fixed and the titles examined, the pur-
chases will be closed and business
cOnG2 enced by the new company.
A laEge portion of the capital stock
of rhe new company will be subscribed
by those who are-,pow actively engag-
ed in the business. and who Will be per-
sonally connected with the management.
Arrangements will be made with
Messrs. J. P. Morgan & C6.>{o under
write the balance so that under an CON
tingencies the necessary cash capEal
shall be forthcoming. When the capt.
tai stock is all subscribed the stOckhold-
ers will meet and elect board of direc-
tors and the latter will designate a
president and other officers. 1t is in
tended to select officers generally who
have had the greatest experience and
produced the best results in the Elanu-
facture of wire and who will retain
large interests.
There are a few smaller concerns who
are DESTROYS of selling their Plants to
the new company and it is probable that
they will be purchased, if offered at fair
prices.
1t is not proposed to antagonize the
interests Of any other manufacturers in
any respect, nor to increase the manu-
facture of steel bilets; nor is il the in
tention to increase prices to the con-
sumner.
The new company will be managed on
an economical basis and it is expected
the large increase in manufacture and
trade will cheaper production and re-
suit in fair profits. There is no doubt
the United States can obtain and hold
the enormous foreign trade now enjoyed
by some of the foreign countries, and
this can be done only by manufacture
ing in unison and on such a large scale
as will reduce the cost of production