The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1914-07-02
WHEELING sHEtr q TIN PLATE
co. PLANT TO BE ACQUIRED.
Decided 20 Increase Capital Stock TO
$500. ooo-Mr. I. N. Scott Will
Probably Be New Head.

The directors OF the Wheeling Steel
4 Iron Company. at a meeting yester-
day afternoon. ratified the proposition
OF Issuing an Increase OF s., 50O.O0O OF
capital stock for the purpose OF ac-
qutr1ng the plant OF the Wheeling
Sheet & Tin Plate Company. at York
Vile. o., and OF making extensive i'm
Provements TO its present holdings.
That the consolidation OF the Wheel
ing Steel a Iron Company and the
Wheeling Sheet a Tin Plate Company
will be contaminated Is now certain.
The proposition has been unanimous
ly accepted By the board OF directors
OF each company, and has been re-
ferred TO the stockholders for ratifica-
ton
A meeting OF the stockholders of the
Wheeling Steel a Iron Company has
been called for Friday. July II, when
the proposition viii be submitted to
them for acceptance. In the mean
time, arrangements will have been
made for the immediate issuance OF
the increase OF stock. The consolida-
ton Is practically as good IA com
pleted. az there Is no doubt that the
action of the directors will be ap-
proved by the stockholders.
With the completion of the deal. the
wheeling Steel a. Iron Company will
be seven and a half million dollar
concern. IL isnow capitalized at S.
100000. and the proposition carries
with IL a provision for an Increase of
S2.5OO,OOO. After the purchase of the
Wheeling Sheet a. Tin Plate Compa-
nys plant the remainder of this in
crease will be expended on improve
ments.
Improve 6enwood Plant.
Especially extensive improvements
Will be made 20 the Benwood plant,
and additions and improvements will
be made TO the Wheeling plant, so that
the output will be materially I'm
creased. II Is planned TO double the
output OF the steel plant at Benwood
IN addition TO this, there will be In
stalled several bar mills for the roll
ing OF sheet bars 90 supply the plant
OF the wheeling Sheet a. Tin Plate
Company at Norkville II is then
planned TO Increase the tin plate ca.
raeity OF the Yorkville plant. which
VIII enable 10 to consume all the raw
material now produced by the plants
OF this big concern.
heretofore, more raw material has
Deen produced than could be- turned
into tubes by the company. II has
now found growing customer for all
excessive raw materials This arrange
ment VIII grove mutually advan-
tageous,. and II is planned to concen-
ttale an overhead expenses so that
the company will be able to compete
IN cost OF production with the largest
independent concerns in the country
mated
Il is intended TO modernize all prop
critics. The Yorkville plant. which
was completed but a few months ago
Is regarded by steel men as one OF the
most modern and best equipped plants
In the country. When the plants N
the reorganized company are running
In full, between 5000 and 4. 600 msn
viii be given employment
IL was learned yesterday that Mr.. |
M. Scott, formerly president of the
la Belle Iron company, now president
OF the Wheeling Sheet and Tin Plate
company. Is slated to head the reor-
ganized concern. which will be known
as the Wheeling Steel and Iron com
pany. The present program includes
the election of an executive commit
tee TO be made up OF persons most
active In the management OF both
companies. The personnel of the ex-
ecutive committee will probably be az
follows: l. NJ. Scott. j. J. Holloway.
Edward Hazlett. c. r. Hubbard. r W
Ewing and w. NJ. Sufel.
OF course, this will be in the hands
OF the stockholders. but persons pro
noting the consolidation anticipate no
objection. All stockholders who have
been approached for an opinion are
ton.
Mr.. C. r. Hubbard has for many
years been the active head OF the
wheeling Steel and Iron company
and deserves great credit for Ms 81.
forts In making II a valuable plant