The times. [volume] (Richmond, Va.) 1890-1903, 1902-04-10
COMBINATION
o. MILLIONS
Hardware Interests 9 Of Country TO.
Consolidate.
| NAME NOT DETERMINED ON.
capital Win Be One Hundred and
Twenty Millions Of oollars-Home
Rule 10 Be Allowed
Local Plants.
NAME NOT DETERMINED ON
f.r Associated Press. }

4
,.Eu- YORK. April 3.-Authorita tive an
reinforcement of a consolidation OF the great
ha-c ware interests of the country IN "a, d
Z comhsnaiion, capitalized at $40, 0fD.oeo VIII
2 he made by the Iron Age IN; Its current IS
sue to-morTow. e,n,.
a The consolidation embraces the SIM
mons Hardware Company, at ST. L ,s,..s
] burg: William Bingham Company, oa
= cleveland; Supple Hardware Company, OF
. PHILADELPHIA: Pacific Hardware ana steer
COMPANY of San Francisco; Marshaii-
Wells Hardware Company. OF Duiuth'
BtEelow and Dowse Company. OF Boston
svanCamp Hardware and Iron COMPANY,
Of Indianapolis. George itch HardNaIe
Company of Denver; Janne!, SeinPie,
3IIiu and Company. of Minneapolis, ana
forty other houses. representing near!
revery important trade center OF the coun-
gfry. Negotiations are still pending VIII
: other houses. and It IS said there WIN pc
further accessions To the number already
named in the combination.
The Iron Ago will say:
Several names have been suggested
Tor the consolidation, such as the IN
Sensational Hardware Company. National
Hardware and Metal Company. Inter
national Hardware and Metal Company,
and there is little doubt that one Of these
VIII be chosen.
THE OFFICERS.
..Tt is plrposed that tho officials shall
be rs follows:
'.E c. Simmons. president.
John Bindley, vice-president.
cry. D. Simmons, chairman of the Elk
ecutive Committee
There will be a. board Of directors.
consisting OF from twenty-five to thirty
persons. representing the different sec
lions Of the country. There will also be
an executive committee of nine
The financing of the company is at
tended TO by Moore and SchleE. OF Ne"
York. and George B. Hill and Company,
OF Pittsburg. Pa. It is intended TO IN
corporate under the laws of New Jersey
auf;th q, oapi,al of sac0000, 00D-S10. 05o, 0oo
preferred and ssn0o0.1oo common stock.
The preferred Will be six per cent.
cumulative stock preferred both Tor
liquidation and dividends. The general
headquarters Dor buying and selling and
transports ton of goods will be IN St
Louis: the eastern headquarters will be
In New York city.
HOME RULE
1.-THE principle of home rule VII be rec
ognized in connection with the local
houses, who will make their own selling
prices. except SO far as this may inter-
Sere with the buying department or The
EXPRESSED wishes of the msnufa ctuTers.
which it w.ll be the policy of the company
to respect Each house will be held re-
epcnsii,de for the results of its business.
ana if these are not satisfa c.cry the. house
viii be closed up: 4
Apart from the fact that the COMPANY
naturally expects to purchase goods on
The most favorable terms. in view of the
1erge So!ume they will handle. various
economics will be secured as the direct
I 6a3i ion,
AS at present constituted. it is esti-
mated by the company that they en-
brace something like two-thirds of the
distributing efficiency OF the iobbirg trade
of the courtr-- in the hardware line. They
pro content that the other third should
yenlsin competitors. as 1t is not intended
TO monopol;ze the jobhing business