The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-07-13
Is NOW READY TO DO BUSINESS.
WITH THE ENORMOUS CAPITAL
OF $sO,ooO,oOo
is LARGEST IN THE WORLD
AMONG STEEL AND IRON COMBINA-
T1oNS THERE ARE BUT TWO
THAT ARE GREATER
EMPLOYS AN ARMY OF MEN

Has Twenty-Five Thousand Names
Upon It's Pay Observation-Disclosures
Will Enable New Company tn
Save 100000 Per Annum in
Expenditures-Heads of Old Com
Germs Become Directors in New.
NEW YORK, July decentralization Of
the wrought iron and steel tubular in
dustries Of the country was effected to-
day by w. Nelson Cromwell and c. Con-
verse, the consolidation purchasers The
new company will be known as the Ma
honal Tube company. 1t Is the largest of
its kind in the world, and is the third in
rank Of steel and iron corporations It is
exceeded by only the Krupp and Carnegie
industries. The plants controlled are the
National Tube Works, McKeesport, Pa;
Riverside Iron Works blast furnaces. roll
Ing mills and pipe works, Wheeling, w.
Va; United States Seamless Tube COM
pany, Virginia; National Rolling mills
McKeesport, Pa; American Tube & Iron
companys plants, Youngstown, O., and
Middletown, Pa; National Forge &. Iron
comapny, McKeesport, Pa; Pennsylvania
tube works, Pittsburg; Boston Iron &
Steel company, McKeesport; Allison Man
ufactHring company's tube mill, PhiladeI-
phia; Monongahela furnaces, McKees-
port; Morris Tasker & Co.'s Delaware
Iron plant, Newcastle, Del; Republic
Iron works, PittsbuFg; OilweI Supply
company's continental tube works, and
Elba Iron works, of Pittsburg; National
Galvanizing works, Versailles, Pa; Ches-
ter Pipe and Tube company Chester, Pa;
Monongahela Steel works, McKeesport;
Hooven plant. Morristown, Pa; OIL City
Tube works, Oil City, Pa; Syracuse Tube
works, Syracuse N. Y; Ohio Tube COM
pany, Warren, o., and Western Tube
company contract until 1902, and one
third stock ownership, Kewanee, ILL.,
Beside controlling the domestic business
the new combine will invade the Russian,
Bulgarian, Japanese and Canadian mar
kets, where 1T already supplies tubular
goods for the oil wells of those coun-
tries. 1t will sell merchant pipes to all
the other nations Of the world. Twenty-
five thousand men are employed
ENORMOUS CAPITAL.
w. Nelson Cromwell, general counsel
for the combine said tonight that the net
tween $500 900 and $1,000, 900. while the an
nual saving in general expenses will be
from 81, 100000 to $S,0OO0O0. The capitaIiza-E
tion is $S0,0000O0, divided into Z per cent
cumulative preferred stock of $4,000 000,i
and common stock of same amount The
preferred stock, dividend is $2800,000 and
is limited to that amount, and is made
cumulative. There is no mortgage lien on
any of the properties and none can be
placed upon any realty of the company
without consent of so per cent of the
stock, common and preferred.
All dividends exceeding $28OO0OO go to
the common stockholders, and now equal
about 10 per cent The heads of the old
concerns become directors in the new one.
The board of directors chosen today Is
as follows: Joshua Rhodes, ]. ]. Van
dergrift. Charles H. Coster, William B.
Rhodes, F. J. Hearne, J. N. Vance John
Eaton, Francis Potts. e. R. Tobey, Jona-
than Rowland, Daniel O'Day o. c. Bar
ber, Henry Aird, John Don, Edmund C.
Converse, William Nelson Cromwell, Will
liam S. Easton, A. F. Luke, William K.
Curtice, William P. Hamilton and A H.
Gillard
The executive officers are: President,
Edmund c. Converse; chairman of the
board, Johua Rhodes; first vice president
in charge of manufacturing, E. ]. Hearn;
second vice president in charge of mer-
camille affairs Horace Crosby; third wee
president, financial, Francis L. Potts;
general manager of manufacturing de-
partment, A. S. Matheson; treasurer, Ar
thur S. Luke; assistant treasurer at Pitts
burg William L. T. Shaw; general ccun-
sci, Sullivan & Cromwell.
The financial headquarters will be in
New York, the manufacturing headquar-
ters In Pittsburg.