The evening times., 1900-03-02
CREATING AN iron TRUST
A Gigantic Scheme to Control The
American Market.
Manufacturing. Raw Materials, and
sources of supply to BE shared by
Three Immense Concerns-Carne-
g.e and Standard OIL Interests
TO Dominate-DetaiIs of the Plan.

] WHEELING, w. Va, March 2.-'What
am about to tell you will be denied, ridi-
| culed. and laughed at but it will be borne
out by the consummation Of the plans.
This was said yesterday by man who
| helped to organize the Tin and National
Steel trusts and who is one Of the chlef
parties TO the new Sheet Steel Trust now
| forming His story is to the effect that
| there is now maturing a gigantic combina-
| tion or iron and steel industries, and that
all the steel and iron plants of the coun-
| try. including the raw materials and
sources of supply, will be controlled by
! three concerns.
This trust will include the National Steel
| Company. the American Tin Plate COM
pany. American Hoop and Wire Company,
the National Sheet Steel Company and
one more combination already in exist
ence and as large as any named, but which
for personal reasons, be said, he was not
! yet ready to divulge.
This combination will be capitalized at
| 81. .0OO OOO. 600. When the deal is complet-
ed the entire iron and steel industry will
be then divided into three parts and held
| by three interests. These three are the
new trust referred to. the Carnegie inter-
ests, and the Standard Oil interests.
There will then be nothing independent
| of sufficient size to affect the market and
the understanding among the three inter-
ests will regulate all points that may need
| looking after.
As an evidence that the deal is on, the
| National Sheet Steel Company will elect
! only temporary officers at the meeting soon
to be held John A. Topping, of this city,
will be temporary president OF the Sheet
| Trust He was formerly secretary OF the
| Aetna Standard and was with ". I. Gra-
! ham the original protector OF the TN
! Plate Trust and the National Steel Com
| panv.
This trust of trusts is not an new idea.
! but was a part of the original project OF
the promoters. Their plan since carried
out was 10 segregate the various branches
| OF the business into separate trusts, and
| then to combine them all.
The American Tin Plate Company was
the first in the list. followed by the others
! In regular succession, and all controlled
! In a measure by the same men and inter-
| ests-
Fear that such a large financial scheme
| II attempted at one move would fan. caused
| the slower process of forming separate
J trusts. Now, with the lEclNluUdI t@E -
! capitalized. il is not believed that trouble
will be experienced in obtaining any addi-
tional capital that may be needed.
PITTSRURG, March 2.-Further details
in the orsaniZation Of the sheet steel COM
bination have been completed. A report
on the work accomplished was made to
meeting OF manufacturers last night by
the organization committee. Representa-
tives were present for the S55, 0oo which
will be included in the combination.
The new concern will be known as the
American Sheet Steel Company. The capi-
tai stock will be s52 000. .000 divided equal
" into common and preferred stock A
charter will shortly be applied for in
New Jersey. Since the meeting in this
city a couple of weeks ago. when the con-
solidation was practically affected. prices
on steel sheets nave advanced about 81
a ton.