The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1901-05-10

There has been much speculation In
the press and among tnanciers of late
regarding the combination of the loco
motive manufacturers. Some OF that
which has gone out to the general pub
lie is true and more OF 1T is the rericst
conjecture. The truth OF the matter
The Tribune Is able to give this morn
ing. with assurance of it's authenticity.
There has been a strong move to-
wards the consolidation of the loconio-
tive manufacturing interests. and all
the manufacturers have been invited
to participate. Up to the present time
the Baldwin Locomotive works of
Philadelphia. has stcadfastly refused
to consider the matter. but. as far as
is known Just now. the other eight
companies have either given options
or are figuring on what they will sell
for with a view of giving options.
These eight companies are the Dick
son Locomotive works of this city. the
Pittsburgh Locomotive works. of Pitts
bursh. the Brooks Locomotive works.
of Dunkirk, \. T., the Schenectady
Locomotive works. of Schnectadv. ~
y: the Richmond Locomotive works.
Of Richmond. Va. the Cooke Locomo-
live works. of Patrrsoh y. j.: the
Manchester locomotive works. Of
Manchester. y. H.. and the Rhode
Island Locomotive works, of the In
Il ernational Power company. of Provi-
dcnce. Il. |.
The latter company is an active fac
tor in the proposed combination.
NEGOTIATIONS IN PROGRESS.
The negotiations have not reached
a final stage. by any means. but are in
progress. such large Geals. involving
vast sums of money. require considers
able time to perfect thcm even under
the most favorable circumstances. but
it would not be surprising il everything
goes faVorably. that inside Of a few
weeks We shall see a successful cul-
mination of the project.
Concerning the financing of the COM
hination the New York Journal. yes
tsr1ay. had the following:
contracts We're formed on Monday
night for the formation of a corpora
tion which will consolidate all of the
locomotive plants in the United States
outside of the Baldwin works. in Phia-
dclphia. The combined output of the
various plants which will be included
in this new trade combination is about
two-thrds of the total number OF To-
Comotives built in :hiS country.
"A careful valuation has been made
of all the properties which are to he
acquired. and inst rad OF selling to the
underwriters Il certain amount of pre-
fcrred and. as bonus. a similar
amount of common. at par. the cash
paid in will be at the rate Of sIl0 for
each share of preferred. with the
regulation common bonus. The plan
will be declared operative in a few
days.
PROMOTERS OF DEAL.
"Interests identified with the Inter-
national Power company We're the pro-
moters of the deal. As International
Power stock is the only one of the
combined concerns which has an actual
market in an exchange. persons who
desired to buy into the consolidation
in advance of the underwriting We're
compelled to purchase Information
Power stock. As ii will receive par in
the new corporation. the present price
is more inviting than subscriptions to
the underwriting at 10. This is one
explanation of the recent steady ad-
vance in the stock and the absolute
elimination of the preferred which was
dealt in only "on curb
STANDARD Oil and Vanderbilt repre-
sentatives are included in the transac-
ton. 1t was from the National City
Bark. which the Rockefelers control,
that $4,000 TOO was obtained as pur-
chase money for the Cooke Locomotive
works of Paterson. The Richmond
Locomotive works We're purchased for
So, 600 900 by the International, Power
company. this transaction also being
financed by the National city Bank.
w. seward Webb, who represents the
Nanderbilts. was yesterday elected a
director of the International Power
company. as well as George II. Long
bottom, who was formerly president
# the Rogers Locomotive works at
Paterson"
= g2"dng the sale Of the machinery
plants of the Dickson company, it was