The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-03-05
WIREMAKERS TO COMBINE.
a CORPORATION WITH 100000 OF
CAPITAL DECIDED ON.

Nest or the Great wira wallis or the Courtrs
to ne Acquired TOR cssh or stook-Bx'
pected Benent er Consolidation = Actieu
Taken By . Meeting 1t tho waiderf-Asterin
About fifty men interested In the manufac
ture Of wire and wire products held q meeting
yesterday afternoon at the Waldorf Astoria for
the purpose OF combining their plants and form
ing a new corporation with q capital STOCK OF
$4,000, 900. There were present John w.
Gates, John Lambert, William Edenoorn,
Judge E. II. Gary, and Alfred Clifford, repre-
sentinR tho seven mills owned and controlled
by the Consolidated Steel and Wire COMPANY;
Isaac L. Ellwood. representing two wire mills
at Dc Kalb. ILL.,: George T. Oliver and Harry W.
Oliver. representing tho Pittsburg Wire Mills
and the Olivcr-Schneider Mills; Messrs. Patter-
son. King and Cunningham. representing the
Newcastle Wire Company Of Newcastle, Pa; 8.
IL. Chisholm. representing tho Cleveland Roll.
ing Mills and tho Horse Power Nail Company of
Cleveland, o.; T.. j. burlington and j. Garbey,
representing the American Wire Nail Company
Of Anderson, ILL.,: Messrs. Dempsey. Otis and An.
drews, representing the AmoricanWi Company
Of Cleveland; II. Belmar and ID. Rankin Jones,
representing the Cincinnati Barb Wire Com
pany; o. NJ. Gregg, representing tho Indiana
Fence Company of Charlottesville Ind; Mr..
Henley Of Lawrence. Kan. representing the En-
~tcrprise Manufacturing Company Of that city;
Messrs. Moen. Rice. and Dewey. representing
the washburn.Moen Mills Of Worcester. Mass,
and Frank Baackes. representing the Salem
Wire Company of Salem. o.. together with rep
resentatives Of corporations controlling mines
in the region Of Lake Superior.
The meeting was called to order by George I.
Oliver, who presided. A committee consisting
of Messrs. Gates. Chisholm. Oliver. and Gary.
reported n plan of organization, but tho plan
will not be adopted until April 1, when the COM
bination will be incorporated In the State OF
Illinois.
1t was a harmonious meeting. The wire mon
the details OF the general plan Of or.
Ranization and the various details arising out
OF the contamination of tho plan and then ad.
journed until to-day.
A report was received frcm the firm OF ]. P.
g. Co.. who are directing the organiza-
tion of the new corporation and whose expert
have examined tho books Of all the
concerns interested. This report was based
upon the earning capacity Of the several mills
and seemed satisfactory to those interested.
When seen last night at the Waldorf-Astoria.
Judge Gary said that the meeting had proved
satisfactory to those who had called 1t. and
that everything was now in shape for incorpo-
ration. He said that the capital stock Of
the new corporation would be $4,000. 900. and
the outside capital which would
be introduced into the concern would DO used
for 70 ri the so purpose Of b. pur cambimgs, the small Al plants amt.
resentatives Of the larger plants would
though some of them would sell their plants
for cash. AT any ratio all the stockhold.
ers in the old companies would be literally paid
the transfer OF their interest. The new cor
p%oration would purchase the patent rights GOV.
ering barbed wire and articles manufactured
from steel wire rods. The concern would have
of the manufacture OF wiro nails and.
consequently, would be able to produce them at
q lower cost than they are produced now.
The combining of many plants under one cen.
direction, Judge Gary said, would
enable the new company to manufacture wiro
and wire products at a reasonable profit to the
while at the same time giving the
to the public much cheaper than can
be done at present. The reason for this was the
saving in the executive. departments OF the
the fact that the new corporation would own
the mines directly. The new corporation would
own nearly all the mills in Ohio. Illinois. Massa-
Kansas. Missouri and Pennsylvania,
Judge Gary said. 1t would also control the
mines OF the Cleveland Rolling Mill
Company and the Diver Carnegie purchases on
the Mesaba range, together with the Norrie and
Tilden mines.
After to.day's meeting at the Waldorf-Astoria
the Representatives Of the various wire mills
return to their homes and prepare for the
transfer OF theirp property to the new corporation.
The next meeting after to.day's will be held at
the Waldorf Astoria on April l. and on that date
the permanent organization will be effected.