Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-07-13

NEW YORK, July 12.-Consolldatlon
of theAwrought steel and iron tube in
dustries of the country was effected to-
day by William Nelson Crom-
well and Edmund c. Converse,
the consolidation purchasers. 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, McKeesport, Pa;
Riverside Iron Works, blast furnaces,
rolling mills and pipe works, Wheel
ing, w. Va; United States Seamless
Tube Company, Christy Park, Va;
National Rolling Mills, McKeesport,
Pa; American Tube and Iron Com
pany's plant, Youngstown, Ohio, and
Middletown, Pa; National Forge and
Iron Company, McKeesport, Pa; Penn
sylvania Tube Works, Pittsburg, Pa;
Boston Iron and Steel Company, Nc
Keesport, Pa; Allison Manufacturing
Company's tube mill, Philadelphia;
Monongahela furnaces, McKeesport,
Pa; Norris Tasker & Company's Del
aware iron plant, New Castle, Del;
Republic Iron Works, Pittsburg, Pa.
oil yKyalI Cupplx, Compoov,c Continental
tube works and Elba Iron Works, of
Pittsburg, Pa; National Galvanizing
Works, Versailles, Pa; Chester Pipe
and Tube Company, Chester, Pa, Mon
ongahela Steel Works, McKeesport,
Pa; Hoover Plant, Morristown, Pa;
Oil City Tube Works, Oil City, Pa;
Syracuse Tube Works, Syracuse, N. Y
Ohio Tube Company, Warren, Ohio;
Western Tube Company, Contract I'M
til 1902 and one-third stock ownership,
Kewanee, Ills.
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 mer-
chant pipes to all the other nations of
the world Twenty-Five thousand men
are employed.
VIM. Nelson Cromwell, general
counsel for the combine, said tonight
that the net earnings of the current
million dollars, while the annual saving
in general expenses will be from two to
three millions. The capitalization is
eighty millions, divided into seven per
cent cumulative preferred stock of forty
millions and common stock of the
same amount. The preferred stock
divided is $2,S00,000, and is limited to
that amount and is made cumulative.
There is no mortgage or lien on any OF
the properties, and none can ever be
placed upon any realty of the company
without the consent of eighty per cent
u.
All dividends exceeding $500 900 go
to the common stockholders, and now
equal about ten per cent.
The heads of old concerns become
directors in the new one. The board of
directors chosen to-day is as follows:
Joshua Rhodes. j. j. Vandergrift,
Charles H. Coster. VIM. B. Rhodes, f.
j. Hearne, ]. N. Vance, John Eaton,
Francis Potts. E. R. Tobey, Jonathan
Rowland, Daniel O'Day, o. c.. Barber,
Henry Arid, John Don, Edmund C.
Converse, VIM. Nelson Cromwell, VIM.
S. Eaton, A. f. Luke, VIM. X. Curtis,
VIM. p. Hamilton and A. H. Gillard.
The executive officers are:
President, Edmund C. Converse;
chairman of the board, Joshua Rhodes;
first vice president in charge of manu-
featuring, f. j. Hearne; second vice
president in charge of mercantile
affairs, Horace Crosby; third vice
president, financial, Francis l.. Potts:
general manager of manufacturing de-
partment, A. S. Matheson; treasurer,
Arthur f. Lake; assistant treasurer at
Pittsburg, VIM. H. Latshaw; general
counsel, Sullivan & Cromwell
The official and financial headquar-
.ers will be in New York; the manufac-
turing headquarters in Pittsburg.