The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-03-22

JOHN w. OGDEN, Supt
The foreign trade of the component
companies was stated at $3,0O000O, and
the expectation was to increase IL I'M
der the consolidation to $4,000, 900 or
$lG. 900 900
inc new company has acquired, be-
sizes the properties of the oid. the
Wasnpurn and MOen compauys plants
at Worcester, Mass. and Waukegan.
III; the Cleveland Rolling mill. the
worcester Wire company OF Worces-
Ter, OllVef and Snyder Steel company Of
T2ltsburg, New Castle Wire Nail com
pahy Of New Castle. Pa; Plttsburg
Wire company and Oliver Wire COM
pany of Pittsburg, Cincinnati Barbed
Wire Fence company of Cincinnati,
Laidiaw Bale and Tie company of Jol-
let. LII, and Kansas City, Nc. Consoli-
dated Barbed Wire company of Law
renee, Kan, and Joliet. Ill and
the NewbuCg Wire and Nail COM
pany of Newburs, n. Y. There
We're, outside Of the old company, last
spring, besides these companies, the
following: The John \. Roebling's Sons
company of Jersey City and Chicago,
capital 100000; Trenton Iron COM
pany of Trenton, capital $4,000, OG0; Gil
pany of Georgetown, Conn, and Blue
Island. Ill, capital $20OO,OO0: Dillon
GrisWOld Wire company OF Sterling
ILL.,, capital 100000, and the Grand
Crossing Tack company Of Chicago,
capital $300.000 1t had been the origin
al idea of the old American Steel and
Wire company to take in ali of these
together, under capitalization of $751;,
100000. The company's properties in
clude also the plants Of the Allegheny
Furnace company and the Pennsly-
vanfa and Lake Erie Dock company.
The value of the plants owned by the
company at present is put at $23, APT, 600
Its products in 1898 We're valued at be-
tween S52, 100000 and $50 00000 The
material bought during the year for
use in the manufacture of it's wares
amounted to more than 100000 tons
1t controls the wire trade of the coun-
try, and as in its properly are included
some iron mines, it has been said that
the company would manufacture pig
iron and steel other than that required
in its own operations.
The earnings of all the companies
consolidated were last year about 81
500 900, which is equal to per cent on
the new preferred stock and 81 per
cent on the common; and as the old
company in August and November
1898, paid dividends Of IA per cent, the
new company expects to pay regularly
quarterly dividends of that amount
this year on the preferred stock. Be
fore the end of last January there had
been heavy dealings in the preferred
shares at SO and a. and in the common
at AZ and al. At that time it was re-
ported that the net earnings of the
company were about goo day. On
Feb. the $3S, 900 of preferred and
SAT. 100, 600 of common stock issued were
admitted to the unlisted department OF
the stock exchange.
The company maintains an ONCE IN
Wall street, but the principal office is
in Chicago. The announcement was
made from Chicago lately that the
company had determined to advance
the wages of it's employees from to
10 per cent, the higher percentage Of
increase being to those earning the
smallest wages. The new schedule went
into effect at the beginning OF thiS
month and il has been estimated tnat
If means a total increase of payments
amounting to $750,00O or $l0oo,000
vear This is divided among $4,000 en-
nlovees. The officers and directors or
The company are as follows: P,esldent,
John Lambert; vice presidents, WI
Iian, Fdenhorn, ]. l.. EllWotd, 5. H.
Chisholm and z. W. Moeh; tTt@sol .t.,,
W A Green; secretary G. S. Roberts;
directors. John w. Gates, Isaac l.. ElI-
Wood William Edenhorn, Henry Selig-
man John Lambert, Stewart II. CHS
holm Frederick P. VOORHEES,. w. r.
palmer, r. w. Moen, Frederick Strauss
c.eoree r, oliver, Francis M. Drake
charles T. Boynton, James Hopkins
and Charles G. Howard.
II has occasioned comment to learn
that certain banking houses in Boston
and New York have been discrlmlnal-
ing somewhat against steel d WIRE
stocks. Borrowers are said to nave
hoan refused who made applications FOR
si1 months money at Az per cent. one
of the most prominent bankers in WoI-
cester stated to The Spy man, and II
ie what must. of course, be accepted
&c a logical explanation Of the situa-
+iou that the discrimination is not
wade against American Steel Il WIRE
AT ALI but that 1T is the pursuance o. d
safe and conservative pollcy III inc
matter of loans on the whole ilne on N
dustrials. So extreme a cdpit @t''ot :
bae characterized the organization OIL
tl,e different Industrial combines dur
mo The last few months, that this has
become a matter Of absolute necessity
and fine only real discrimination lhat
could he brought against the American
SteaI a. Wire would DO in its favor
rather than the reverse,
-, the face of the decline of the last
for. davs. a prominent worcester IN
xestor walked into brokers' once on
Main street Saturday ana iald down
his check for 30 shares OF common
stoclx This was done On the belief that
i,,osp,,,ch as the preferred stock had
l'.,.,sad lie f,1II wears dividend already,
~ - ,t,,,,,o-, e+ocls should be o dividend