New Britain herald., 1927-03-02
Organized on March 2, 1902, Under Law Eos tered by A. J. sioper, Then in State Senate.

The American Hardware corpora ton. the largest and strongest or ganization in it's line in the world, was organized on March ,, 1902, 25 years ago today. The corpora tion was formed by the combining of the P. (; F. Corbin Co, and the Russell X Erwin Mfg Co.,, two of the city's oldest concerns, for the purpose of eliminating duplication and competition in their products. This union of the two hardware companies was largely due to An drew J. Sloper, who not only car red on the negotiations for the combine but also as atGte senator rom New Britain, sccured the pas s SC tf the state law which made i. possible. MT. Sloper has an inter .sting story to tell of what went on Eayond the scenes as this great uerger of hardware interests was accomplished.
 \. J. slopcr Then in Senate
 At the legislative session of 1901 tl.s ll!tpI Dpi iilJI 'OliitIll ttfff oL tIi' legislature, Of which Mr. Slorer was the senate chairman. amended the old corporation law and substituted what became The Corporation aw Of 130l." This permitted the con- solidation of companies and the creation Of a holding company 10 own and control consolidated com- panies.
 Under this law the American Hardware corporation was created as a holding company, holding the entire stock Of the r. X r. corbin company and the Russell I& Er"in Mfg. Co. At meeting Of the Girec- tors of the two companies on Feb ruary .3. 1902. the subject of the consolidation was thoroughly con- sidcred and an agreement finally WAS entered into by which the ftock of the F. Ho r. Corbin Go. should be assigned to the new company at sit7.5o q share and the stock of the Russell (: Erwin Mfg. Co. should be assigned at $ao5o share. This agreement was assented 10 by the stockholders of the companies.
 The question had been under consideration for sometime. MT. Sio7er on the part of 'he Russell < Erwin directors and C. N. Jarvis for the P. & r. Corbin directors had urged this action for nearly year after the passing of the legislation act providing for q holding company, The directors Of both companies were anxious 10 preserve the iderii- " Of the two organizations, as both companies had built up large busi- resSes under their respective names and the good will that each com oany had established was of on siderable iuportgnce--aud of a con siderable money value. though hat paa not made an asset in the ya!ua- tion Of the stock Of either company.
 The capitalization Of r. x. r, Cor bin C. at that time was $500, 900 and that Of the Russell x Erwin Mfg. Co. was Sl.3ho,0oo. each year with q par value of s25 share The stock Of the holding company was w9l- stob par yaIan. so that there ~-rs issued 5o.oGD share of the }"crican Hardware Corporation in -.a.Hnge for 4G.GoO shares Of Rus ..l z, Erwin Mfg. Co. and 90,noo -e5 Q, r. & r. Corbln Co.
 Y vas estimated, under very 'o ls"rvat!v valuation. that the com lt0! assets Of inc Euesell & Er- in o.. and the r. X r. corbiu |, were at least s7.5G0, ,noO so that 'ha capitalization at 5,hGo.0Oo in fact represented q surplus, in addition 10 th" capital of s2. 500. o00.
 The underlying reasons for the consolidation was perfectly clear. Both companies made iull lines of builders hardware and both com panies made practically full lines of screw products. The COrbin people had 9 decided advantage in the builders hardware and the Russell S Erwin Co. had much larger in vestmont In screw products. and 4 fel' that in both lines large say. fngs could hc affected in the pur- chase Of raw materials and that each company would supplem ent tho