The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-07-08
JOIN $1OO,OOO,OOO
STEEL COMPANIES
New Corporation Will Include
Several Large Producing
Properties.

BY a merger of several important
steel producing properties, official an
nouncement OF which will be made soon,
the Steel and Tube Company OF America,
with capitalization of probably $780,
100000 will be formed. Plans for &C
QUESTION by the new company of i'm
portant iron ore. finished steel and
coke properties are progressing rapidly,
according to bankers connected with the
merger. Among the companies which
II Will take over are the Northwestern
Iron Company, the ore properties Of the
Newport Mining Company and the Sell
met-Solvay Byproducts Coke plant at
Indiana Harbor. Ind. Through the ac-
QUESTION OF these properties, II is as
serted. the Steel and Tube Company Of
America will become entirely self-con-
tained and independent owning and
operating all units from raw materials
to finished product The financial de-
tails Of the consolidation have not been
announced. A syndicate OF bankers in
preparing to handle the new company.
The present Steel and Tube Company
or america, which will form the basis
OF the consolidation. was formed a year
ago In a merger of the Mark Manu-
iacturing Company and the Iroquois
iron Company. 1t Is one OF the three
largest manufacturers Of steel pipe and
steel tubular goods In this country. II
mas six blast furnaces at the mouth Of
the Calumet River in South chicar
with an annual capacity OF about I. 600
oVO tons OF pig iron. The company
owns steel plant said to have
cost sls.00o.ooo, recently completed, at
indiana Harbor. Ind, and pipe mills at
evanston. ILL.,. and GAINESVILLE, Ohio. hay-
ing $4,000 tons Of pipe annual total
capacity.
The Newport Mining Company, which
VIII become part Of the consolidation.
mas group OF five mines at Ironwood
ana Bessemer, Mich, with an estimated
content OF 100000 tons OF iron ore.
The mines are said to have a production
capacity, operating on double shin
basis. Of s.65o.000 tons to 1000. 900, tons
annually. The Northwestern Iron Com
pany owns large properties in wIscon-
SIN, which are estimated to contain
100000 tons Of iron ore. 1t has also
Two blast furnaces, coke oven plant
with 1os byproduct coke ovens and bril-
quoting plants. In addition It owns an
iron ore plant, an electric light and
power plant and fully equipped lime
stone quarries at Mayvllle, wis. The
total value of the equipment Is estimated
at S4.9O0.000.
The other member OF the consoiida-
ton' the Selmet-Solvay Byproducts Coke
plant is on the site of the steel rlant
Of the Steel and Tube Company of Amer
lea at Indiana Harbor, Ind. There are
l2o Selmet-Solvay regenerative type
coke ovens with a capacity OF more than
100000 net tons of coke a year. There
Is also coke byproduct plant for the
recovery OF ammonIacal liquor, tar and
light oil.
1t was reported yesterday thnt Will
lam A. Read & Co. had purchased the
sl75O0.o00 new issue OF per cent
cumulative preferred stock Of the Steel
and Tube Company OF America. That
money will be used in the company's
consolidation plans. The stock, It is un-
derstood. is to be offered for public sale
1t is preferred as TO assets and divi-
dends and Is redeemable at 10 and ac-
crued dividends on thirty days notice.
An annual sinking fund Of per cent. Of
the total amount Of preferred stock is
sued provides for the purchase of the
Issue UP TO redemption price.