Evening journal., 1899-07-13
TUBE TRUST ORGANIZES
1t Controls the Iron Plant at
New Castle.
A FULL LIST OF ITS PROPERTIES

VARIOUS PLANTS-LARGEST OF
THE KIND IN THE woRLD-CAP-
ITAL STOCK OF sSO,OOO,OOO.
Consolidation of the wrought steel
and iron tube industries of the country
were affected in New York yesterday
by William Nelson Cromwell and Ed
mund c. Converse. the consolidated
purchasers. It is the purchaser of the
Delaware Iron Works at New Castle
The new company will be known as the
National Tube Company. 1t is the
largest of the kind in the world, and
is the third in rank as a steel and iron
corporation. 1t is exceeded only by the
Krupp and Carnegie interests. The
plants controlled are:
National Tube Works Company, Nc
Keesport, Pa; Riverside Iron Works,
blast furnaces. rolling mills and pipe
works, Wheeling, w. Va; United States
Seamless Tube Company, Christy Park,
Va; National Rolling Mills, McKees-
port, Pa: American Tube and Iron
ICompany's plants, Youngstown, o., and
Middletown, Pa: National Forge and
Iron Company, McKeesport, Pa; Penn
sylvania Tube Works, Pittsburg; Bos-
ton Iron and Steel Company, McKees-
port, Pa; Allison Manufacturing Com
lpany's tube mill, Philadelphia; Monon-
gahela Furnaces, McKeesport, Pa. !;
Morris, Tasker & Co.'s Delaware iron
plant, New Castle, Del; Republic Iron
Works, Pittsburg; Oil Well Supply
lCompany's Continental tube works and
Elba Iron Works, Of Pittsburg,; Ma
tional Galvanizing Works, Versailles,
Pa; Chester Pipe and Tube Company
Chester Pa; Monongahela Steel
Works, MeKeesDort. Pa; Hooven
plant, Norristown, Pa; Oil City Tube
Works, Oil City, Pa; Syracuse Tube
Works, Syracuse, N. Y; Ohio Tube
Company, Warren, O.. and Western
Tube Company, contract until 1902
and one-third stock ownership, Ke.
vance, Ill.
Beside controlling the domestic bust
ness the new combine will invade the
Russian, Bulgarian. Japanese and Ca
madam market, where it already sup
plies tubular goods for the oil wells o
Those countries. 1t will sell merchan
pipes to all the other nations of th'
world. Twenty-Five thousand men ar
lemployed. William Nelson Cromwell
general counsel for the combine, sale
that the net earnings of the curren
year will be between $4,000, 900 and 81,
loco 900 while the annual saving in gen
eral expenses will be from 100000 Il
50, 100000. The capitalization is $50,
lOOO, 900, divided into per cent. cumu
llative preferred stock of s4000000O
land common stock of the same amount
lThe preferred stock dividend is $2,S00,
OOO, and is limited to that amount ant
is made cumulative. There is m
mortgage lien on any of the properties
and none can ever be placed upon an
realty of the company without the con
sent of so per cent. of the stock, com
mon and preferred. All dividends ex
= ceeding s2,SOO,OOo so to the common
stockholders and now equal about 1
, per cent.
The heads of the old concerns be
, come directors in the new one. Tn
board of directors chosen yesterday !
as follows: Joshua Rhodes, j. ]. Vande
grift, Charles II. Coster, William I
Rhodes, F. ]. Hearn, J. N. Vance, job
Eaton, Francis Potts. E. r. Tobel
Jonathan Rowland, Daniel O'Day, o.
= Barber, Henry Aird, John Don, Ed
mund c. Converse, w. n. Cromwell
William S. Eaton, A. F. Luke, Williar
X. Curtis. William P. Hamilton an
2 A. H. Gillard.
The executive officers are: Presiden
Edmund c. Converse; chairman Of tn
board, Joshua Rhodes; first vice-pres
dent, in charge of manufacturing, e. .
Hearn; second vice-president, in charg
of mercantile affairs Horace Crosby
. third vice-president, financial, Franci
. L. Potts; general manager Of mani
j.. featuring department, A. S. Matheson
/. treasurer, Arthur F. Lukes; assistar
e treasurer at Pittsburg, William I
Latshaw; general counsel. Sullivan
Cromwell
The official and financial headquai
S ters will be in New York; the mani
e featuring headquarters in Pittsburg.
t Only few days ago the deed for II
: New Castle plant was filed for recor
d at the Court House.