Jasper County Democrat, Volume 1, Number 20, Rensselaer, Jasper County, 27 August 1898 — BIG CONCERNS UNITE. [ARTICLE]

BIG CONCERNS UNITE.

hllnols Steal and Minnesota Iron Companies Consolidate. As the result of meetings that have been in progress in New York City for several days, the consolidation of the Minnesota Iron Company and the Illinois Steel Company waa definitely agreed upon. Conference committees of five directors from each company were appointed Wednesday, and following the meeting in Joint session, at which they failed to reach a final understanding as to the basis for consolidation, the matter was referred to n smaller committee. This committee was made up of President D. H. Bacon of the Minnesota Iron Company, W. L. Browa of the Illinois Steel Company and 11. H. Rogers, who is largely interested in both companies. He was on the smaller committee in the character of arbiter. As a result it was decided that the new corporation shall be organized, and that 45 per cent of the capital stock of this new company shall go to the stockholders of the Illinois Steel Compnny and 55 per cent to the stockholders of the Minnesota company. The stock of the old companies will be surrendered. This basis of consolidation was formally agreed to by the representatives es both companies. The details of the incorporation have not yet been decided on, and may not be for several days. The capital stock of the new concern is $29,500,000. Roswell P. Flower, H. P. Rogers, P. M. Flagler, H. P. Porter and Marshall Field of Chicago are among those interested in the consolidated concerns.