The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-11-15
GARYS RIVAL IN PA.
IS At A STANDSTILL
Gives Rise to Report That
U. S. Steel Co. Will Take
Over Concern.
A LARGE CITY IS LAID OUT
Jones & Laughlin, Builders of ALE.
quippa on Ohio River, Order all
Work Stopped.

New York. Nov. 14.-Again has the
financial stringency worked well for
the United States Steel corporation
The stringency threw the Tennessee
Coal and Iron company, with all it's
subsidiary concerns, into the posses
sion Of the steel corporation, the hold
ers of Tennessee stock receiving what
many of them loudly complained was
only nominal price for their prop
erty. Now, according to reports com
ing from good sources the steel cor
poration IS about to take over the i'm
mense Jones & Laughlin concern, a
company with capitalization of $780,
100000 the biggest Independent steel
producing corporation in the country.
The rumor of the absorption was ac-
copied as a statement of fact today
when word was given to stop all work
on the great new plant that Jones &
| Laughlin were building at Alequippa
on the Ohio river. just west of Pitts
burg. This plant was to cost $1O,-
000,000 in its first stage, and many
more millions were to be spent upon
it in an endeavor to make it the most
complete steel producing enterprise in
the country. The intention of Jones &
Laughlin was to make the new plant
so complete in every respect that the
new steel town of Gary would be only
a village as compared with it.
Large City Laid Out.
A large sized city was laid out al
Allequippa and the erection of the
mills and furnaces and dwelling houses
for the wOrkmen was begun and pushed
rapidly. But today 1000 men at Allie
quippa received word that all work
would be suspended at once. These
men, besides builders, include iron ant
steel workers of various grades, fo
Jones & Laughlin were already turn
ing out some of their product at tn,
new works.
When the news of the suspension o
work became known the financial
stringency was blamed. and Wilt
King, vice president of the company
was quoted as admitting that tn
scarcity Of money at the present tim
had caused the cessation of work
Asked if building would be resume,
and the original plans carried out, h
said that in a short time everything
would go on as before. He refuse
to admit that the steel corporation wa
in a deal to absorb Jones & Laughlir
but others close to the company sal
negotiations were on.
Jones & Laughlin have a capita
stock of $40, 100000 and a funded deb
of at least $4,000, 600. In March, 100;
it was rumored that the steel trust wa
going to absorb Jones & Laughlin.
Pittsburg, Nov. 14.-The Unite
States Steel corporation. through tn
H. c. Fricke Coke company, has &C
quired a one-half interest, held b
George I. Whitney. in the Hostetter
Connellsville Coke company. This
said to be the largest single transaC
ton in coking properties for years.
When running at its normal capaC
ity the company employees more tina
1000 men at it's mines and ovens nea
+ the towns of Whitney and Hostette
Westmoreland county. The norm;
output of the ovens is about LIZ
tons a day.
The capitalization consists of $1,000
600 bonds and s1,50OO00 stock 1t wa
organized in 1888 by Mr.. Whitney, wi
since that time has been president.