Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-10-16


assets of the company, at its founda-
ton, between $1o,000O00 and s12,0o0,-
600. The price paid for .lese plants
is said to have been SlS,000,000 of
common and $1S,000,000 of preferred
stock The promoter retained $4,000
300 of common stock for his services
and $2000000 of each kind of stock
remains in the company's treasury.
The present market value of the stock
is So for the preferred and 50 for the
common. The total value of the out
standing stock is, therefore. $4,000
900.
While this company may not be
legally trust, in the original sense OF
the word, its executive committee is
cleverly constructed to perform the
work of actual trustees. The members
cannot be removed by the board OF
directors, and have almost absolute
control. Stockholders cannot examine
the books of the company.
This trust now owns practically
every mill in the country making tin
plates for the general trade.
The only mills, either built or build
ing, which it does not own are the
following:
New York Enamelling and Stamping
Co., reported will have 40 mills at
~ Ciru poar CT T0uiS
Albania Tin Plate Co., Avonmore,
Pa, was building two mills when the
trust was formed. AS it is a poor CO.
operative company, the trust refused to
nay the high figures asked for it by
the working men.
Lelance Grosgrean Co. has five or six
mills for making plates for granite
ware. Does not sell tin plate to the
public.
At Muskegon, Mich, eight mills now
building will be ready to produce in
six or eight months. Even if these
mills ever succeed in making tin plates
it is expected that the greater part of
their product will be taken by the
Champion Chemical Works, of Chi
cago and other companies interested in
the building of these mills.
At Washington, Pa, two or three
mills to manufacture tin plates with
charcoal are being constructed.
Thus the more important outside
mills either make plates only for their
own use or make specialties and do not
compete in the general market. Not
one per cent. of all plates sold to the
public are made outside the trust.
If, as it expects to do, the American
Tin Plate Co. holds its present tight
grip on the tin plate bar market, none
of the above mills can ever make tin
plates except by the grace of the trust.
It's present policy is to permit no COM
pany to make tin plates except for its
own USE
NEITHER MILLS NOR BARS FOR
OUTSIDERS.
To maintain its monopoly it is said
to have five-year agreements with the
six or eight manufacturers of tin plate
machinery which prevent them from
making mills for outsiders. 1t is,
therefore, nearly impossible for outsid-
ers to obtain equipments for tin plate
plants. Furthermore, the trust is so
interlocked with the other trusts which
produce tin plate bars that it is doubt
full If any real competitor could OBJ
tain bars and other raw materials.
Thus the National Steel Co-capital
$4,000 000-was organized in the in
terest of the American Tin Plate Co.
and for the purpose of controlling the
production of tin plate bars. The close
connection between the two great trusts
is evident from the fact that the presi-
dent, D. G. Reid, Vice Presidents VIM
F. Leeds, VIM. T. Graham and Warner
Arms, and the treasurer, Fred. S.
Wheeler, of the American Tin Plate Co.,
are all directors of the National Steel
Co. Similar though not such close con-
nections exist with some of the other
steel producing trusts. On this point
the American Metal Market of May 8
said:
Cup to the present the trust owning
every mill in the United States has had
to compete with the resale of plates
purchased at low prices. AS
regards new mills, all the talk and eff
forts in this direction seem to be dying
out.