The star. (Reynoldsville, Pa.) 1892-1946, 1899-10-25
EARNINGS OF A TRUST PROMOTER.
Representatives Of Great Combinations Appear
Before The Industrial Commission
soIldaiion Prevented Bankruptcy.

The industrial commission at wash
ington continued its inquiry into the
trust question Wednesday, the witness
ses being President Daniel q. Reid OF
Chicago. Of the American Tin Plate
Company; William Refs OF Chicago
president of the National Steel Com
pany; Charles s. Guthrie of Pittsburg,
president of the American Steel Hoop
Company, and Judge William Moore,
the promoter of these and other trusts.
Mr. Guthrie said that he found the
combination interests represented In
the steel company OF vast advantage In
many ways, and especially In securing
a foreign market. He hoped to see the
time when the export steel trade OF this
country would be ten times as great
in volume as at present The United
states had n vast advantage over other
countries I'm the plenitude of Its raw
materials and the inland water haul
furnished by the great lakes. These
advantages would enable this country
TO beat all the European countries In
the orient and In all other places where
there Is fair competition. The steel
hoop company was composed OF nine
different plants with s14,000,000 of pre-
ferred and $19,000,000 OF common stock.
He considered the tariff Of very mater
ial advantage to the industry.
Judge William II. Moore OF Chicago,
who had organized the American Tin
Plate Company. the National Steel
company and the American Steel Hoop
Company, and also other combinations.
explained his methods at length. Thee
organization of the tin plate company
had been undertaken at the request
the owners of a number of tin platY
establishments
He bought each OF the 80 concerns In
terested In the combination and the
gave the owners the privilege OF ac
cepting cash at the valuation agreed
upon or stock at the rate of one share
of common and one share of preferred
for each 800 I'm valuation, the par
value OF the stock being 500 per share.
lie said that the promotion of this and
the other combinations had required a
great deal Of capital and he had bor-
rowed two or three million dollars to
put the tin plate combination through.
lie defended the New Jersey corpora
ton law as fair and liberal; said II was
modelled largely after the English law.
lie hoped to see many of its features
adopted by the other states
Mr. Reid In reply to a question as to
whether the books OF the company are
open to the inspection of stockholders,
produced series OF resolutions adopt
ed by the stockholders at their first
meeting. but not heretofore made pub
lic' providing thatsthe books in which
the transfers of stock shall be register
ed and the books containing the names,
addresses and number OF shares respec-
lively of the shareholders shall be at
all times during the usual hours of
business open to the examination OF
every stockholder at said principal Of
flee.
He said that Judge Moore had or
ganized the combination and had re-
ceived for his services $4,000, 900 worth
or the common stock. The consolida-
ton had been made to prevent absolute
FAILURE as many of the tin plate estab-
lishments were rapidly drifting into
bankruptcy.
The prices of the product have in
creased rapidly since the organization,
and there had been corresponding ad-
vance In wages. He said that the in
crease In wages and in employees would
100000 annually.