Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-02-19
c. L.8N. RAILWAY FIGURES
IN The GREAT STEEL DEAL.
1T is ONE OF THE COAL AND IRON
RAILROADS THAT is TO BE
CONTROLLED.
DETAILS NEARLY FINISHED.
HENRY c. Prick, 1T rs SAID. WILL
ASSIST IN THE NEW COM
PANY'S MANAGEMENT.

NEW IORh, FeDruary lS.-The
Times tomorrow will say:
One important step has been taken
incidental TO the formation of the great
steel combination. That colossal I'M
dertaking proposes more than merely
the consolidation of leading iron and
steel making plants. That is most
important and 10y far the biggest thing
in view, but the plans under way are
comprehensive enough to include the
requirement of control of certain coal
and iron railways operating in what
will be the iron and steel territory.
THIS first reported accomplishment APP
pears in the purchase of control of the
Cleveand, Lorain & Wheeling railroad.
Final details in this transaction were
completed on Saturday and yesterday
monday a. the banking offices of
Blair & Co. and ]. P. Morgan & Co.
The Cleveland, Lorain & Wheeling
road runs from Wheeling, ". Va. up
to Lake Erie with termini at both
Cleveand and Lorain. covering about
200 miles 1t is capitalized for sS.000,-
goo common stock and $1,000 600 pre-
ferred, and official reports show divi-
dend upon the preferred stock.
The road at one time was owned by
the late Henry A Taylor and 'asso-
ciates, and from them was taken over
by a group of Wall street bankers, OF
wnom Messrs. Blair & Co., were the
most conspicuous. Negotiations, ac-
conding to Wall street rumor, were I'M
der way a year ago for the transfer of
the railroad 10 the Federal Steel Com
pany. which has plant at Lorain and
which, it was pointed out, could find
immediate profitable use for the rail-
way.
In the syndicate which now acquires
the property, Federal steel interests
are prominent The most important
members of this syndicate are Norman
B. Ream and H. Fl. Porter, of Chicago,
and Arson r. Flower and ]. P. Nor
gan.
Taking the stock in block, the syndi-
cate is said to have been willing to
pay substantial premium above stock
exchange quotations for both the COM
mon and preferred issues.
To some extent in some way, Bal
timore & Ohio railroad interests may
have noteworthy part in the Cleve
land, Lorain & Wheeling railroad pur-
chase. Norman B. Ream is one of the
most active and influential directors
of the Baltimore & Ohio,and at Wheel
ing the coal and iron road meets the
trunk line system and by the use of
about sixty miles of Baltimore & Ohio
tracks is able to run into Pittsburg.
The new syndicate negotiations
completed. H. H. Porter has left New
York for Chicago. Mr. Norman B.
Ream attended to some final details
yesterday (Monday) forenoon at the
banking offices of Messrs. Blair and
Morgan.
NEW YORK, February 1S.-The Mail
and Express says:
1T was reported in Wall street to-
day that the final papers in the new
steel consolidation would be signed
this evening. The capital will consist
of $400,000,000 seven per cent. preferred
stock and s4O0 600 common stock,
besides which $500 600 900 five per cent.
first mortgage bonds will be issued
"All the present stocks and bonds OF
the constituent companies are to be
cancelled.
"Bondholders of the Carnegie COM
pdDy TIC w ICSCINt DOHu5 VI tiiI nov
company, bond for bond, and Mr.. Car
negie himself is to receive bonds in
exchange for his sS5 90 coo stock at $50,
giving him S124, 100000, and leaving
about $4,000 000 of bonds to be used
for organizations and bankers commits
sions. Mr.. Carnegie will have no stock
in the new company, but. will hold
S207 500, 600 of the new bonds.
1.-THE earnings of the constituent COM
panies last year amounted TO sos 900, 0oo
The interest on the new issue of bonds
/ will be s15000.000 and other charges will
increase this to $lsoO9,000 Add this to the
$46,000000 due per annum on the preferred
stock and there remains about 13 per cent.
possible to be paid as dividends on the
common stock, if last years earnings
should be maintained"
PITTSBURG. Pa. February 1s-It was
said here to-day that Mr.. Frick has been
offered the Craftsmanship Of the big con-
| Germ and will work in harmony with Pres
| ident Schwab. should he accept. This Of
| flee. 1t is said, has been offered to him
| and if he accepts he will be almost iden-
| tically in the same position he was before
/ his resignation was handed to Mr. Car
/ negie. Former Secretary Lovejoy's inter-