The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-05-16
Withdrawal of the Simmons Com.
pany Said to Have Caused
Collapse.
NOT SATISFIED WITH PLANS.
George Simmons Says His Firm
Found That individuality Would
BE More Preferable
Than Combination.

Plans for the proposed si2t,eD,Vco hard
ware trust, in which the Simmons Hard
ware Company was heavily interested, are
said TO have gone awry. That there is a
serious hitcf. in the formation OF the giant
organization officers did not deny. but they
were reticent as to the cause of the hitch
and its probable result.
The general opinion among hardware
men Is that the various stockholders have
found their position in the trust would not
be as satisfactory as they at first imagined.
In the event of money panic similar to
the one of 1923. their positions as individual
firms would be much more enviable than as
members of huge trust.
Isaac W. Morton, advisory director of the
simmons Hardware Company, stated last
night that the deal was OFF; that a hitch
had come up in the formation of the COM
bine which would permanently prevent the
getting together of the principal hardware
companies of the United States The exact
cause of the hitch he refused to state.
f. c. Simmons. also an advisory director,
refused to discuss the situation. He did
not deny that the plan TO form ID hardware
trust had fallen through. but refused to
give the details incident TO the collapse
Position Was Not Desirable.
George Simmons. a son, said that the
Simmons Hardware Company had found
their position in the new trust not de-
sirable one, and consequently hac decided
TO withdraw.
The withdrawal of the Simmons Hardware
Company and other large firms is said to be
responsible for the collapse. This trust was
to have been capitalized for S120.O00.0G0 and
Edward G.. simmons of ST. Louis was slated
for the presidency of the organization AS
the Simmons Hardware Company OF st.
Louis was one of the largest hrms in the
new trust Its withdrawal meant the prac-
tical collapse of the trust. Auoed 10 this i'll
the last two weeks several other large nrms
decided to leave the trust and only the pres
ence of the simmons Hardware Company
held the tottefing organization together.
A telegram from New orK iast nignt said
that it was positively stated in commerc':N
circles that the Simmons Hardware Com
pany CT ST. Louis had withdrawn from the
trust. II was reported that the cause Of
the withdrawal was that Edward G. SEi-
mons. the proposed president, had demand
cd 81, COO, 600 Tor the interest which he repre-
sented.
~feiegrams from Kansas City, No. and
Nashville. Tenn. announced that the report
of The collapse of the trust WIS known Ia
| the prominent hardware companies at these
places. telegram from Nashville sad:
X. NJ. Dudley. president of the Gray Dud-
ley hardware Company and a director IL:
the National HARDWARE and Metal Com
pany. announces the collapse of the Fro
posea hardware trust.
Dema nd for u 100000 Denied.
In regard to the demand for sl,UooD,O re-
ported to have been made by Mr.. Simmons,
both Mr.. simmons and Mr. Morton entered
denials. .-..--. .-...-,s.. ......
A person In position to know said last
night that in the last ten days three prom
tncnt hardware companies had withdrawn
he OF haI n ted
the collapse whicn the withdrawal of the
Simmons Hardware Company made an
sured fact
The firms which have withdrawn are:
Farweil. Ozmun. Kirk & Co.. of St Paul;
William Bingham of Cleveland. and Straus-
ser, Eshleman G Co. OF New Orleans.
The withdrawal of these large firms is
said TO have been responsible for Moore,
Schley & Co. of New York. the under
writer's. deciding to withdraw their back
ing OF the enterprise.
Isnnc w. Morton Talks.
In regard to the collapse of the COM
bine. Isaac ". Morton. advisory di-
rector said: There has been Il hitch in
| the negotiations which will prevent its
| formation. l can state positively that
| neither Mr.. Simmons nor the Simmons
| Hardware Company ever made demand
| for 81. 10000 for the compary's interest in
the new enterprise
George Simmons said: The Simmons
| Hardware Company has Withdrawn from
| the new trust because have found that
| the situation was not what was imagined
| earlier. When the idea of the formation OF
! the trust was first discussed the position of
| the various companies was thought to be
| different. but now it is realized that work
| ing independently would be much more
| for our interest. can state positively that
| neither the company nor my father ever
made a demand for 81 1,Oo0.eJO for the Simmons
Hardware Company's interest in the new
! organization