New-York tribune., 1907-09-05
STEEL COMPANY FAILS.
Reeeiccr appointed in Virginia for
Jru;ou Iron and Steel Company.

Union Iron and Steel Company OF Ne"
- u-ss placed in the hands of receiver yes
-, nv Judge Skeen, Of the feoeraI court si'
- ., T2ris1oi Va This acticn was taken upon
ha ne-ition Of the Moron Coal ConpahS- -
-. mas named as receiver The failure was re-
"a a. rnjn,portant in iron and steel ciTcies'
80 :. vas said that the company Was only
snafI factor in the trade
", cornnany ass incorporated in Delaware IN
,yoa and owns furnaces and manufacturing plan's
a. Ohio Virginia. Colorado and Alabama Inc
,itsI stock is S2.eaooD. consisting OF Sl""""
. csn- non-cunulative preferred and Aoeh"o
o,ornon stock The officers are William hoteh'
s,ds,t. Edward L. Harper. vice-president and
.,e-sl manager: Thomas S. Holmes. treasurer.
"a = Z Harper jr.. secretary The New York
.ecas are at No. Il Broadway, but none OF the
oecers could be found there yesterday and
,-o,ne woman stenographer who appeared to be In
charge said that none Of them was expected at
she Office during the day
The ITnior Iron and Steel Company IS the sue
osssor Of the Union Steel and Chain Company. a
$50 aoeep corporation that organized by Ed
ward L. Harper In 1899 TO combine. it was an
uounoed the time. on sn equitable basis oi-
ve-sfhed line of and steel plants rolling mills
blast furnaces, chain works and ore and coal
mines The company was reported TO nave an
ortion on thirty rolling mills. nineteen chain and
,yon works fifteen blast furnaces. six open hearth
steel furnaces four ore mines and FOUR cokins and
steam coal mines.
IN 1913 the company announced that II had de
ciaed 10 change its TO the Union Iron and
Steel Company and cut its capitalization 10
s2eeoon The reason given for the change was
that il had been decided that the steel chain
rIants Of the country. which the company had
purposed TO take over, not profitable Invest
rnents.
Edward L. Harper, who organized the company,
has had remarkable financial career He organ
.zed the Fidelity National Bank Of Cincinnati
for -s-ne
Harpers financial aspirations expanded his
business increased he engaged n wheat specu-
lation IN Chicago. In 1857 he succeeded in corner
ing the market: this was At the time Eugene Zin-
norman and other capitalists were active in that
tine: the board however. suspended certain of It's
rules. with disastrous results to Harper 1t de-
veloped later that he used about $4,000 of the
Fidelity Banks funds in efecting the.co
The bank. Of which he ice-president al the
time pres wrecked and Harper tried and con
y4cted of wreckins the institution and sentenced
ten years in the renitentiary. He served little
over six years. when he was pardoned and a.
turned Cincinnati to live. In 1922 he organized
and hoated the Union Steel and Chain Company.
opening Offices at No. n Broadway, in this city
He let il Re known the time that he was going
try pay Up all he owed and live down his
past record
In June. 1904 he fled petition IN bankruptcy
at Bristol with liabilities of more than $4,000
ana assets of only $50, and last year judgment
for S-2soSSS was entered against him in New York.
The judgment Of eighteen years standing and
the largest ever recorded in this city
Il was reported yesterday that Mr.. Harper was
his way to Big Stone Gap. Va, the home Of
L. C. Petit. and th7e in the time efforts would
he made TO bring about adjustment of the
claims and the discharge Of the receiver No in
formation as TO the amount of the claim against
the company could be obtained yesterday. II is
reputed 10 have assets of several million dollars
scsttered several states