The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-07-13
ANOTHER GREAT TRUST
CONSOLIDATION OF WROUGHT STEEL,
IRON AND TUBE INTERESTS.
Will Control Domestic Business and
Invade Other COuntries-To Be Cap
ftalixed Mt SsO,OOO,OOO.

NEW YORK. July Decentralization of
the wrought steel. iron and tube interests
of the country was effected to-day by
W. n. Cromwell and L. c. Converse, the
consolidation purchasers. The new COM
pany will be known as the National Tube
Company. Ii is the largest of the kind In
the world and is the third in rank as steel
and iron corporation. 1t is exceeded by only
the Krupp and Carnegie interests. The
plants controlled are the National Tube
Works Company, McKeesport, Pa; the
Riverside iron works blast furnaces, rolling
mills and pipe works, Wheeling, w. Va;
the United States Seamless Tube Company.
Christy Park, Va: the National rolling
mills, McKeesport, Pa; the American Tube
and Iron Company's plants, Youngstown,
o., and Middletown, Pa; the National
Forge and Iron Company. McKeesport, Pa;
the Pennsylvania tube works, Pittsburg:
the Boston Iron and Steel Company, Nc
Keesport, Pa; the Allison Manufacturing
Company's tube mill, Philadelphia; the
Monongahela furnaces, McKeesport; the
Morris. Tasker & Co.'S Delaware iron plant.
New Castle, Del. the Republic iron
works. Pittsburg; the Oil Wells Supply
Company's Continental tube works and
Elba iron works, of Pittsburg; the Ma
tional galvanizing works. Versailles. Pa;
the Chester Pipe and Tube Company,
Chester, Pa; the Monongahela steel works
McKeesport, Pa; the Hoover plant. Nor
ristown. Pa; the Oil City tube works, Oil
City, Pa: the Syracuse tube works, SYRIA
cuse, N. Y; the Ohio Tube Company, War
rem, o.. and the Western Tube Company
Contract until 1902 and one-third stock
ownership, Keewanee, Ill.
Besides controlling the domestic business,
the new combine will invade the Russian,
Bulgarian, japanese and Canadian markets,
where it already supplies tubular goods for
the oil wells of those countries. 1t will sell
merchant pipes to all the other nations Of
the world. Twenty-Five thousand men are
employed.
William Nelson Cromwell, general coun-
sci for the combine, said tonight the net
earnings of the current year will be between
six and seven million dollars, while the
rn saying VI in general viii be
ton is $S0.000O0O. divided into per cent.
cumulative preferred stock of $40 900 and
Preferred stock divided is S. soocoo and i is
limited TO that amount and is made cumu-
lative. There is no mortgage lien on any
of the property and none can ever be placed
on any realty of the company without the
consent of so per cent. of the stock, COM
mon and preferred All dividends exceed
>,
and now equal about 10 per cent.
The heads of the old concerns become
directors in the new one. The board of d-
rectors chosen to-day Is as follows: Joshua
Rhodes, j. j. Vandergrift, Charles II. Cos
ter. William b. Rhodes, F. ]. Hearne, j. n.
Vance, John Eaton, Francis Potts, z. r.
Tobey. Jonathan Rowland, Daniel O'Day.
o. c. Barber. Henry Arid, John Don, Ed
mund c. Converse, William Nelson Crom-
we'll, William S. Eaton. A. F. Luke, Will
liam X. Curtis. William p. Hamilton and
A. H. Gillard
The executive officers are: President, Ed
mund c. Converse: chairman of the board
Joshua Rhodes; first vice president in
charge OF manufacturing, Z. j. Hearne:
second vice president in charge of mercan-
tile affairs, Horace Crosby; third vice pres
ident, financial, Francis l.. Potts; general
manager of manufacturing department, A.
,. Matheson; treasurer, Arthur F. Luke
assistant treasurer, at Pittsburg William
II. Latshaw: general counsel, Sullivan &
Cromwell.
The official and financial headquarters
will be in New York. the manufacturing
headquarters in Pittsburg.