Show THE BIGGEST ON RECORD A Consolidation of Iron and Steel Works in Chicago PHILADELPHIA March 14A special to the Inquirer from Chicago says oThe most important deal in trade ever made in Chicago was announced today in the consolidation of the North Chicago Rolling Mill company and the Joliet Steel company all the Union Steel company Negotiations to this end have been going on for two months and will be practically concluded next eek prctc concu The news has been kept very quiet and only leaked out through trade circles The name of the company has not yet been decided nae cided on but the name will be an entirely new one The capital will be 20000000 of which between SoOOOOTOO and 50000000 will be issued for cash now in the treasuries of the respective companies aid the balance will gf it represent the valuatiou of the three plants The stock in the new company will be distributed to shareholders upon the basis agreed upon Their consolidation combine com-bine works will form the largest plants in this country and will probably rank second only to the establishment of Krupp in Ger many Steel rails are the product of the mills and in steel making the new company will have no competitor in the west worth speaking of The steel rail output of the country is turned out at nine mill or at least so much of it that the other concerns figure for very little There is only one west of Chicago the Colorado Coal and Iron companys mill at South Pueblo and that is not of much account In the consolidation of the three Chicago concerns local competition will be destroyed de-stroyed and better price realized for rails formed to secure Already the plans are being fore cure to the utmost advantage of the union and have been dividing work up among the mills of every department to the best advantage ad-vantage The reduction of expenses in other directions direc-tions will be estimated and the cost of producing pro-ducing rails will b cut down 1 as the combine manufacture onethird of the total output of country and can turnout turn-out 800 tons a year without much diM culty besides 150000 tons of other steel i material I I This saving is of great importance to stockholders Inventories of plants and assets of the three concerns are now being made Two iron furnaces of the North Chicago mills at Milwaukee which have a capacity of 50000 tons a year are included in the eal |