Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-06-27

NEW YORK. Juno 2s-Detais In
regard to the much talked of S30.-
100000 MAGAZINE Tool Combination
were made public last night. Articles
Of incorporation have been nled for
the Consolidated Machine Tool Cor
porat!on OF America. under tho laws
OF Delaware, the name or the new
enterprise. which Will acquire the
Belts Machine Company. whose plant
a located In Rochester; Colburn Ma
cline Tool Company. of Cleveland,
Hilles & Jones Company, OF whining
ton. Del; Modern Tool Company, OF
Philadelphia. and the Newton Machine
Too! Works, Inc, OF Newton, Pa.ms
To Name Officers Soon.
Permanent organization Will be
perfected by the election of officers
and directors in the course OF few
weeks. II is stated on reliable 'au-
thori;y that ". II. Marshall. former
~ head OF the American Locomotive
Company, WIN be chairman OF the
board OF directors, and c. X. I.assiter.
who has been vice president OF the
American Locomotive Company. N
charge Of manufacture. will he prcs-
dent. BESIDES these men thu board
II the present program Is carried out,
viii include Il. II. Inglc, H. w. Breck-
elI ItEt, II. j. bclAeS, - w . He ana
II. W. Champion, all Of whom have
been activ. in the companies that go
To make up the combine. Il is be-
licyed that several other well-knoWn
men will be added to the directorate
The capital stock OF the ConSoli-
dated company is made mp OF 100000
shares OF no par value and Sl0,0o0000
: per cent noncumulative preferred
stock. The fact that the combined
stock capitalization is given at $780,.
100000. according TO statement
made in Wall Street, is for the pur-
pose of taxation. The headquarters
OF the new enterprise will he at II
East Forty-second Street. New York.
IT is pointed out that all financing
plans have been completed.
Significant D, Kali Field.
Mr.. Lassitcr who has been in At
lantic city. is expected TO return TO
the city today. Negotiations looking
to the merging OF these properties
have been under consideration for
some time. In this connection one
authority says. in part: The flinS
OF Incorporation papers FOR the Con
solidatcd Machine Tool Corporation
Is highly significant To the railway
field. as IL brings under the head Of
"A single concern a wide variety of
railway shop use. The new comb
nation viii handle heavy duty and
wheel and axle latheS, boring mills.
shapes, slottcrs. planners, including
crank and plate erge; heavy duty
drilling machines. internal and ex-
ternal cylindrical grinding machines.
horizontal and vertical milling ma
chimes. horizontal and vertical
punches, shears OF various types, cold
saws, bending and straightenin =
rolls. automatic die heads. miscel-
laneous small tools and n complete
line OF shop equipment"
Although no official Information is
obtainable regarding the matter. it
is assumed in the financial district
that the promoters OF the consolidated
company intend TO make application
to list the shares on the New York
Curb Exchange. and eventually on
the New York Stock Exchange. Init
nations are made in some quarters
that IL is possible other machine tool
concerns may he taken over during
the next few months, but SO far as
can be learned there il nothing TO
warrant any such impression.