The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-12-03

SSNeEhL WHEELING peuPtS aIbFh9eH
the meeting Of tin-plate manufacturers
held at the Hotel Lincoln, in Pitts
burgh yesterday, among them Presl-
dent w. 7. Graham, OF the Aetna
Standard Iron & Steel Company; B, n.
Caldwell, general manager Of the Act
na-standard; Cecil A. Robinson, presI-
dent OF the LIZ Belle iron works, and
others.
The manufacturers began their ses-
sion in the banquet room OF the Hotel
Lincoln, about II o. m. No important
business was transacted during the
forenoon, as the members were awaiting
the arrival Of Mr.. w. H. Wells. Of New
York, who represents the eastern eapi-
talists interested in the Consolidated
1l:30 q, M, from Beaver Falls, here he
had spent a little time yesterday morn
Ing.
II IS said that large part Of the
operations OF the corporation will cen-
ter in Pittsburgh, although Chicago
has been named as the headqarters.
The concern will operate, 1t is said, all
but three Of the plants thai have been
taken into the corporation. These are
the IrOndale mill, Of Bandeid e Co.,
at Richmond, Ind, six mills; the Ball
timore Tin-Plate Company, four mills,
and Marshall Bros, six mills, OF Phila-
delphia. The first named, 1t is report
ed, VIII be operated as a sheet mill. The
reason for not operating these three
plants Is said to be the cost Of raw ma
terial and the high freight, which
would be avoided by locating in the
neighborhood Of steel plants.
The total capital stock OF the corpor-
alton will be S60,O00,O00, Of which there
will be $4,000 600 preferred and $30,G00,-
900 common. The options on plants
amount to about ZOO, 900. and about
$500, 900 is desired for working capl-
tai, 80 that &lS,0OO.OOO preferred stock
Is to be issued at once, each share car
rylng share OF common stock with
It. This Will leave S2,000,0O0 preferred
stock In the treasury. OF the $S0,0OO,-
QUO common stock, $2.OOO0O0 is to remain
In the treasury, 100000 will go out
In company with preferred stock, and
S10,O00,Cvv goes to the promoters as
reward for their laborers. The prefer
red stock Is to have per cent cumula-
tive dividends all over this, II any, go
ing 20 the common stock.
To pay the dividends on preferred
stock will therefore require $l,2OO,0OO
and to pay only per cent on the COM
mon stock will require $l,6SO,OOO, or a
total of $2,940,O00. The promoters claim,
however. that the. common stock Will
earn more than the preferred, since
the latter Is limited to per cent. Al
lowing, however, only per cent for the
common stock 1t would require about
80 cents q box profit on 6,OOO,OG0 boxes
q year to earn these dividends. 1t Is
doubted, says the Pittsburgh Chronicle
Telegraph, whether the total consump-
ton for domestic use has ever reached
Representatives OF all of the tin
plate manufacturing concerns In Amer
lea were Apresent at the Pittsburgh
meeting for the purpose OF arranging
preliminary details of the combination.
The combine will be formed on lines en-
tirely different from any yet eIected IN
the United States.
OF $4,000. 900, divided into O,OOO,0OO
preferred stock and $50, 0OO,vJ0 common
stock. The greater part OF this VIII be
represented by the value OF the plants
which are to be taken into the combine,
but there will be left enough stock over
and above the value OF the plants 70
provide a working capital OF So 0,OOO'
and this latter will be furnished IN
cash by men not interested in the tln-
plate business
The work OF nppraIsement will com.
mence next Monday when twenty OF
elephants Will shut down Cten OF thsm
being iOcated in the west and ten IN me
east) on the following Monday twenty
other plants WIN be shut down anu
an invoice OF their value taken IN the
same manner.
When the appraisements have been
completed, a general meeting OF stock
holders will be held to elect directors
and FIX upon city for the location OF
the general Offices of the company. Al
present Pittsburgh seems 10 be IN the
lead for this honor. -,
The intImatlOn in yesterdays intel
NEencer that President Graham. OF the
Aetna. Standard, would become vice.
presidents ,of the combination, Is the
text OF the evening sheet for a screed
that Is really iaughabte. It viii be re-
membered the sheet printed story.
few days ago, In which II stated unCer
flarlng headlines that Mr.. Graham
would likely become the head OF the
combine. Now that the Vice-preslden-
cy Is likely to be given TO Mr.. Graham.
according to press repOrts). the paper
ments verified. and proceeds to misrep-
resent. as usual, now stating that 1t
said Mr., Graham would be given one
Of the Important positions" in the
combine. The story was denied by
Mr.. Graham, and the sheet does not at
tempt to make him president OF the
new company-yei It finds its story OF
q few days ago verified. Notification OF
the News sanity would be about as
difficult.
A6GTTCTJN Mills