New-York tribune., 1910-10-21
MORGAN MAN PRESIDENT
r. Moron to Succeed Maxwell
in Atlas Portland Cement Co.
sNo CHANGE OF POLICY"
rs. Steel Corporation May Gain
Control, According to Re-
port in Street.


p,--lsnd Cement Company. the largest cor
,o-stion IL the country engaged in the
5,-rlsnd cement industry. and commonly
,-ov-n as the cement trust to the long
-r+ = important corporations In which
.Rsi- influence Is potent
--h,s became known yesterday. when Of
s-tsl announcement was made that J.
[orsrs Maxwell would resign as president
al the company. on account OF iu health.
"a meeting Of the directors next Monday.
md that his successor would be John R.
-5--on. oT Chicago. now president OF the
-e,er Cooper Glue Company, who, !t was
,,s-eS. haG been selected for the Office by
,ba Morgan firm. which had lately become
,,,erested IL the Atlas company. Mr.. Max
-su VII be made chairman OF the board Of
s-ec-o-s. a position that VIII be created for
tin.
TP. Morgan & Co. it was learned. have
sl-eady secured representation on the
,os-a q directors Of the company. through
,hs election several weeks ago Of F W
s-svens. M Stevens succeeded Francis L
Fz,-e. president Of the First National Bank.
~rho resigned 70 make room for him on the
hard A. the same time George F. Baker,
;. succeeded his father. George F. Baker,
IS 4
re extent OF the Morgan interest IN the
utlas company could not be learned yester-
5sv bur l- is believed in Wall Street 10 be
very suhsI sntial. although IL was denied
ny ofhcerz q the corporation and by repre-
ssutsrives of the Morgan firm that II con-
s.,,utea control. Mr.. Maxwell. II was said,
had not parted with his holdings. and con-
.-ol remained Just where i had been.
mo Change of Policy"
A member Of J. P. Morgan & Co said
-hs- ire frT1 had secured a portion of the
MARVEL family holdings" but how large
re -po--ion" was he declined to say. He
declared that no chsnge-in the policy and
- further changes in the management Of
.hs germany than those already mentioned
were contemplated at present
That the Morgan influence in the com
my mast be very powerful is shown by
ne ofHcial announcement that the Morgan
s-n hsd selected Mr.. MaxwelTs successor.
Il Is runored that the Morgan interests
hzre bought into the company with the in
ts--ion Ultimately OF turning II over TO the
United states Steel Corporation. which al
ready controls one big cement company
fbe Universal Portland Cement Company
end Is said 20 be desirous OF controlling the
cement trade as Il Is already the leading
factor II the steel and iron trade
Cement Is 4 big factor in the steel bust
ress Il these days OF reinforced concrete
Witch IS 50 largely used IN the construction
Of buildings. and that the Steel Corporation
:. after rnis trade Is indicated by the way
= hss been Increasing The capacity of its
subsidia-y. the Universal Portland Cement
Company. n 1905 the total output of this
oonparv was 45S5.30O barrels. last year #
was 5-Ss 40 barrels. and the company IS
now cons-rlcung a new plant at Burlington.
I'D which VIII bring its yearly production
up % l2naae10 barrels. The yearly output
q the Atlas Portland Cement Company
When t-s new plant a. Hudson, N Y, is
completed. will Re more than 100000 bar
-sIs- so 1hsr Il the Steel Corporation could
est control e This company Il would have
sTobabIv 9 dominating influence IL the
Portland cement business.
Rumors rrar 7 Rogers Maxwell was 70
rsii-e as president of the Atlas Portland
Cement Company have been current in
Wall Street FOR several months. but have
svsys been denied in Official quarters. As
result Cf the big slump in the stock
market ias- July II was learned he vas
:0roed . part with substantial amounts
q his holdings OF Lackawanna, Jersey
Central Eeading and other stocks. inclUd-
hg i vas said al the time, his holdings
u Auas Portland Cement
Maxwell in Poor Health.
NJ Maxwell has been in poor health
s0r several months, and his friends and
associates say that Is his only reason for
retiring from the head Of the company, in
T1ich Re l2s been the controlling interest
Ence -e11
The Atlas Portland Cement Company was
1co-pors1ed n Aday, 1899, under the laws
G Pennsylvania Its capital stock is Sl2-
bo19a, consisting Of sI1.O.0,oe0 common and
E58s1 s Der cent cumulative preferred 1
G. @ which IS issued. The company owns
seven plants. including the new plant beng
oonsJruCreG st HUDSON. y I. The others
6ie q CCU-a and Northampton, Penn. and
Esulital No The company has the
Panama Canal contract, which calls Tor
&5gng barrels Of Portland cement the 4
ages single contract IL the history OF
ne cement business. Il began making 4
sipnenrE under this contract n lSc6 at q 4
Fais va----E from 200 20 10,@a9 barrels 4
CAV
Last July tho company passed the divi- 4
ntnn or IFS common stock lne reason Tor 4
eqng 80 II was officially announced at the 4
Lme was that the company needed the I
ronev fr- improvements and extensions 70 /
sE p.sr-s a Northampton. Penn, anQ I
s-Annios-. No, and for the construction OF 1
Ee new plant a. Hudson. y \.
nc Offers OF the company, IN adoltlon 4
Sava--o and H ". Maxwell vice-presi- 4
e1ts, J. T. Maxwell, II, secretary and /
usssu-er, and II. L Maxwell assistant
cessurer