THE STEEL TRUST AND ITS MAKERS i6i 



The Portage Iron company, plant at Duncansville, Penn- 

 sylvania. The Newburg Wire and Nail company, plant at 

 Newburg, New York. Tlie Alleghany Furnace company, })lant 

 at Alleghany, Pennsj'lvania. The Pittsburg Wire comi)any, 

 plant at Braddock, Pennsylvania. The Shenango Valley 

 Steel company, plant at Newcastle, Pennsylvania. Oliver 

 Wire company, plant at Pittsburg, Pennsylvania. Oliver and 

 Snyder Steel company, plant at Pittsburg, Pennsylvania. 

 Shoenberger Steel company, plant at Pittsburg, Pennsylvania, 

 and coal, lead and coke ovens in Westmoreland and Fayette 

 counties. The Puget Sound Wire, Nail and Steel company, 

 plant at Everett, Washington. The Edgar Zinc company, 

 plants at St. Louis, Missouri, and Cherryvale, Kansas. The 

 Puritan Coke company, plant and land at Baggaley, Penn- 

 sjdvania. The Puritan Store company, store at Baggaley, 

 Pennsylvania. The Clark & Sauntry mine at Virginia, Minn- 

 esota. The Alpena mine at Virginia, Minnesota. The Cuff 

 Iron company, mine at Iron Mountain, Michigan. The com- 

 pany controlled a large amount of ore and coke and also had 

 a line of steamers on the great lakes for transporting iron ore 

 to the blast furnaces at Cleveland. This property was bought 

 by the Steel and Wire company with the new securities, viz., 

 forty millions of preferred stock and fifty millions of common 

 stock. The preferred stock substantially represented the 

 property, and the common stock the thmgs hoped for. 



All the companies in the big new company were more or 

 less like the Steel and Wire company. Each had vast prop- 

 erties, in most cases widely scattered and in each case having 

 enormous issues of stock or stock and bonds outstandmg. The 

 task of the organizers of the new concern was to appraise 

 accurately the value of the constituent companies — either on 

 the basis of their earning power or their disturbing power — 

 and then allot to each its due proportion of the new securities. 

 This very difficult task was carried through successfully, and 

 the new securities determined on were three hundred and four 

 million dollars of five per cent gold bonds, five himdred and 

 fifty million dollars seven per cent cumulative preferred stock, 

 and five hundred and fifty million dollars common stock. The 

 bonds w^ent to acquire the bonds and stock of the Carnegie 



