The Saint Paul globe., 1900-03-27
FINANCING STEEL.

The Iron Age of Feb. % gives complete
list of the recent consultations in the
steel and iron trade and its allied indus
tries. The list gives the amounts OF capital
stock authorized, amounts issued, amounts
of bonded indebtedness, and In general
statements OF the properties includedin the
consultations The list is an interest ng
one, as going to show how Americans are
financing their greatest Industrial inter
ests preparatory to entering the markets
of the world. The G 0 regrets that
the same sort of statement cannot be had
in the matter of cotton mills though it IS
true that no such gigantic consultations
have been effected in the textile indus
tries, probably because no such courageous
spirits have yet entered that line of
manufacturing as those who have won
out In iron and steel. Yet very respect
able fortunes have been amassed in the
New England factories. Iron and steel
are evidently the basic element in the fu-
ture foreign trade of the United States.
though leather. cotton goods and copper
made goods will figure largely, unless our
to enter and hold too strongly competi-
tive markets like those OF Europe.
The list furnished by the Iron Age COM
pletes the prospect that is ahead Of US
for the coming twenty years. for the au-
thorized capital of the several corpora
tions organized in the process Of consou-
Gation is expressed in the articles of in
corporation, as we'll as the actual stock
capital Is the prophecy of what the flnan-
ciers expect to do within at least two
decades.
The railways of the United States are
capitalized at about $12, ,OOO, ,OOO,eOO The list
of the Iron Age shows that steel and iron
establishments that have consolidated are
capitalized at over $S00000.0O0 in stocks
actually issued, not counting bouded
debts. Probably $4OO, 900 would about
cover the unconsoldated concerns. So
that we have as a net result OF the late
expansion of conquest ideas In iron man
ufacturing circles, iron and steel con-
Germs financed at over one-twelfth of tho
total valuation of all the railways OF the
country. The record is a magnificent
one from any point of view, for it involves
In its horoscope supreme efforts by cur
masters of finance to make dividends out
of the markets of the world.
1t will be observed In the list Of the
Iron Age. which is given below, that he
Carnegie-Frick companies are rot inc,ud-
ed. and they are now reported to be about
to reorganlze at 5000 100000 capitalization,
without bonded debts of any kind. A sum
so splendid that 1t contemplates the need
ed carrying of new enterprises in rail
ways in any part of the world until such
time as the company can dispose of the
railway debentures which 1t may be com
PEELED to take in payment Of iron o. steel
supplies
The constituent companies going to
make up the consultations Indicated be-
low, listed as assets of the new compa-
nies, number S57. That is, there were ,'57
concerns taken into the new corporations.
The list is a most astonishing one when
examined. and the properties Included
are productive in the highest de-
gree. In remaining the corporations, pa
triotism had it's sway, and the pat oaym-
ic American" won out in the adoption OF
flag name. The main list is as follows.
the column of figures indicating the capt
tai stock actually issued and the bonded
debts. combined:
Alabama Consolidated Coal and
Iron company ..................... So. 900 600
American Bicycle company. ...... 80. .019 001
pany ................................ 5S.O9O.OoO
American Iron and Steel Manu-
featuring company ........... 4.7e0geO
American Shipbui ding company. 15.200 090
american Smelling and ReGGinE
company ACKNOWLEDGEMENTS. 5l,sc0. 900