The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-02-08
Instead Of Being Absorbed He
Will Absorb.
$4OO,OOO,OOO COMBINATION
Most Gigantic Consolidation of
Iron and Steel.
INTERESTS EVER ATTEMPTED
INTERESTS EVER ATTEMPTED
The Moore Brothers of Chicago, Who
Formed the Tin Plate Trust, Are
:. Largely Interested in This
Enormous Financial Deal

New York dispatches to The Age-Herald
bring the intelligence of the formation of
one of the most gigantic financial combines
ever attempted.
Andrew Carnegie has declared war on
the Federal Steel company and instead of
being absorbed by that combine he pro-
poses to do some absorbing on his own ac-
count. The full details of the proposed con-
solidation are set forth in the following
dispatch:
New York, February 7.-(Special)-The
Moore Brothers, of Chicago, whose genius
for organization resulted in the formation
of the tin plate trust, are now engaged in
effecting the most gigantic consolidation of
financial interests ever attempted. This is
a combination of all the iron, steel and tin
companies in the country with a capital of
$780, 0O0,0 O0
When the Federal Steel company was or-
ganized by Judge Gary, of Chicago, backed
by the resources of J. p. Morgan & Co., of
this city, it's $2OO,oOO0O0 of authorized capt.
tai caused sensation. The company is
sued less than $10O,OOO,0OO of its authorized
capital, however, and the story went around
that Andrew Carnegie, the only considera-
BILE iron power not in the trust would be in
vited to take the other 100000 900 of Fed
eral Steel stock in exchange for his enorm-
Gus steel and iron works in Pennsylvania.
Mr.. Carnegie, however was in no hurry TO
embrace the trust. AT first it is said, he
flirted with the Federal Steel people a lit
tie.
Carnegie to Enter Field
Then finding that they were buying up
some iron mines and negotiating for the
entire product of others, he himself entered
the field of active competition for iron ore.
In this way it is alleged that he found the
Moores, of Chicago, very useful as the tin
plate people and Mr.. Carnegie. The
method of the organizers was first to make
arrangements for the entire product of a
mine for a period of two or three years.
Then having thus removed the mine from
the ranks of their enemies they next pro-
ceeded to secure If possible controlling
interest in it by the purchase of securities.
The reason of the activity has been a
great development of iron mining and few
If any mines in this country, except in
Birmingham, Ala, which are not under
trust or Carnegie and the tin plate trust
VIII Turn Tables
Now Mr.. Carnegie Is prepared by the
organization of a 10000, 900 steel and iron
company to turn the tables on the Federal
Steel company. He permits them to come
in or stay out, as they please, but whether
they came in or stay out Andrew Carnegie
and the tin plate trust will be the formi-
dable interest with which they will have
to deal, either as friends or foes. In other
words instead of being absorbed by the
Federal Steel company, Mr.. Carnegie pro-
poses to do the absorbing himself.
All but minor details were settled in this
city today. Among those engaged in ef-'
fecting the consolidation were d. G. Reid,
president of the American Tin Plate COM
pany; w. r. Leeds, chairman of the execu-
tive committee of this company; Henry
Wick, president of the Ohio Steel COM
pany President w. E. Refs, of Shenango;
CHER, and James Wilson, of Bellaire. o., and
Earle w. Ogleby, of Cleveland, o.
The National takes In the following plants
which control the tin plate bar supply and
which were spoken of by one of the con-
tracing parties as Gin splendid condition
all money makers:" Ohio Steel company,
of Youngstown, o.; King, Gilbert & War
ner, of Columbus, o.; Aetna Standard Iron
and Steel company, of Mingo Junction, o.;
Shenango valley Steel company, of New
castle. Pa; Bull Steel Co., of Sharon, Pa;
Wheeling Steel and Iron company, Wheel
ing, W. Va, and the Bellaire Steel COM
pany. of Bellaire, o.
The American Steel and Wire company
consummated today two deals by which 1t
acquires two important auxiliary proper
ties. One was the purchase from John D.
Rockefeller of his interest in the Puget
Sound Wire Nail and Steel company, of
Everett, WASH Mr.. Rockefeller's inter
est was rs per cent. The capitalize ton of
the company was $4,000. The other prop
erty was the concern of A. r. Whitney e.
Co., of Duncansville, Pa. 1t is wire mill
and the capitalization was 100000