Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-09-23
Hand of United States Steel
Trust Seen In Consolidated
Lake Superior Failure
WAS ONLY DANGEROUS RIVAL
Able Financiers Who Tried to Get the
Company On Its Feet Have Always
Been Baked by Mysterious Influence
Which Prevented It's Proper Finan-
cling.
eing.

struetion of its one dangerous rival
solidated Lake Superior company,
which has become a hopeless wreck,
say yes and they quote much evi
dence to Dear out this assertion.
The properties and assets of this
SILT 600, 600 corporation. whose object
was TO develop the Sault Ste. Marie
section. its water power, its mineral
deposits, and the host Of kindred indus
tries. are to be old under the ham
mer because of inability of the com
pany 10 meet an Indebtedness OF So
050. 900 now long overdue.
Greater than the disaster which has
overcome the $500 employees of the
company by the shutting down of its
many Industries pending attempts II
settle its financial difficulties, IS the loss
to thousands of investors turnout this
ountry and Canada, many OF whom
have put the savings of u lifetime into
the stock.
~ it'ts d' hDh s'iiN1 NOta' -
laying the blame for all their troubles
on the United States steel corporation
They say the vast of the steel
trust We're brought into play to wreck
the new company II that money. in
iiuence and questionable methods have
accomplished their purpose.
Since disaster first threatened the
Consolidated the efforts of many of the
most able %financiers in this city have
been devoted to an attempt to get
it on its feet again, but all in vain.
When 1t seemed certain the needed
money was in sight some mysterious
influence interviewed and all was in the
air again. Reorganization several times
believed accomplished when one
or two of the men promising aid backed
out, making the scheme impossible.
Now. it is said. that at the auction
sale the United States Steel Corpora
ton will be on land with the millions
necessary to secure the property and
with so little opposition that the trust
will be certain of a bargain and will
made itself stronger than ever.
Even Francis II. Clerque. the original
promoter of the 500 enterprises. now
- osSNki - NoihluS III Tue INTERESTS
of the steel corporation, and his sud-
den appearance at the 500" Is con-
by many to confirm this idea.
The immediate advantages of the Sc
curing of the Consolidated by the trust
would be the gaining of control OF the
Canadian markets. Just at present the
Grand Trunk and Canadian Pacific are
heavy buyers of steel rails. With the
preferential tariff the American mills
OF the steel trust cannot compete with
rails made on the Canadian side. There
fore II is important for the trust TO have
mills across the border.
The foreclosure under the debt due
Speyer & Co. in this city will not be
unopposed.
Many OF the stockholders have Joined
and they promise to fight to a
finish before they allow the property
to go for what they deem only a small
of its real value.
Interest in philadelphia.
Philadelphia, Pa, Sept. 23.-The
greatest interest was aroused in stock
circles yesterday by the reported in
of the steel trust to absorb the
Consolidated Lake Superior company's
property. The hopelessness of any re-
organization scheme and the almost
certain sale of the properties by auc-
ton gives every reaso to believe the
steel people will lead in the bidding.
Spectators are doubtful regarding
the charge OF the steel trust being re-
sponsible for the wrecking of the Lake
Superior company, although it is freely
hat the situation gives the
steel trust a tremendous opportunity.
which it is not likely to overlook.
A Philadelphia director of the steel
trust. Mr.. Widener. has said that it Is
that the trust should seek
markets. Canada is a foreign
market, which, so far as steel rails go,
it is quite possible to capture entirely.
Can Secure Canada's Trade.
The reason the 500 company never
able to sell steel rails to the Cana
dian government in quantity was due
to the fact hat 1t never was able to
give all that was wanted. Consequently
the Canadians had to import from the
States. If the steel trust takes
the 500 properties it will be able toll
overcome his physical difficulty and
give the Canadian roads all the rails
they need, and by having the preferen-
tial tariff raised. completely shut out
all rails from the United States.
The Canadian legislators undoubted- /
~ would aid to make the 500 a strictly y
industry by raising the pres /
ent slight tariff on rails.