Bill,
The formula you are looking for can be found from a simple free-body diagram and applying Newton's Second Law...F=Ma. Remembering that F must be the net force, we can write the sum of the tensions in the wire rope as T2+T1. However, since they are pulling in opposite directions, this becomes T2-T1. Now, set this equal to Ma and we get,
T2-T1 = Ma
where,
T2 = tension from cylinder pulling from the right
T1 = tension from cylinder pulling from the left
M = mass of the string
a = acceleration of the string
(Refer to the attached drawing)
For an accelerating string the tension is not the same throughout the string. The front end of the string (T2) has a higher tension than the back end (in this drawing).
Mathematically stated as,
T2 = Ma + T1
This seems to be the case for your system. So the max tension in the wire is T2 given from the equation above.
In general the mass of the wire is much smaller than the mass of the other objects in a problem. Hence, the mass of the wire can be ignored. We often use a "massless" wire (or string) in real life for this reason. For a "massless" wire the tension is always the same in magnitude at both ends.
The way you have stated the problem it appears that the wire is accelerating (since there is a net force of 50 lbs in one direction), thus the tension will vary throughout the wire as previously stated. If it is not accelerating, then the tension in the wire is the lesser of T1 or T2 (the reactive force, or 100 lbs in this case).
CS