The times., 1901-06-25
STEEL HARMONY ASSURED.
Pennsylvania Interests Acquire Con-
troll of the Cambria.

NEW YORK. June 24-Pennsylvania IN
terests, it was learned positively in wan
Street today have acquired control OF the
Cambria Steel Company. This gives TO
the interests connected with the railroad
company control of two important steer
companies which have been independent
of the United States Steel Corporation
control of the Pennsylvania Steel COM
pany having passed a short time ago
Both companies are large manufactur-
ers of steel products, although, OF course
their production in no way can compare
in it's total to the enormous output OF she
giant United States Steel Corporation. IN
steel rails, where the competition may be
said to have been the closest, the output
of the Cambria and the Pennsylvania ana
Maryland Steel Companies. the last named
being owned by the Pennsylvania steel
Company. is between one-quarter and one
fifth of the total of the companies COM
bined in the United States Steel Corpora
tion.
That there will be any fight between
the Pennsylvania Railroad interests anu
the United States Steel Corporation IN the
field of steel making was, however, ue-
MED positively today by f. H. Gary
Chairman of the United States Steel Cor
poration This is Mr.. Garys formal state
ment:
president A. ]. Cassatt, of the Penn
sylvanfa Railroad Company, voluntarily
stated to me a few days since that ms
people had purchased both the Cambria
Steel Company and the Pennsylvania steer
Company, and at the same time assured
me that it would be the disposition OF
these companies to operate in entire har-
mony with the United States Steel cor
poration. Basing my statement on pre-
vious British transactions with MT. Cas-
satt, L am pleased to say his assurances
are received with perfect confidence and
entire satisfaction. None of the interests
of any of the steel companies will be
preiudiced by reason of these purchases. "
The PENNSYLVANIA Railroad Company
has been a heavy buyer of steel rails and
other supplies from the United States
Steel CORPORATION. and these purchases
will continue. The Steel Corporation mas
been the heaviest patron OF the Penhsyl-
yania Railroad, sending more tonnage
over the lines of that company than any
other shipper. These shipments Will con-
| tinue.
| secured q check upon the steel Corpora
| tion, which could be used II necessary,
| but the very fact of this check having
! been secured will go to ensurfng harmony.
| The two steel companies will not be
operated merely as IeuilSJl INdlL- 80 =
| annexes but will continue to be operated
as before as independent concerns anu
/ will supIly old and new customers as
| heretofore with such steei products as
! they may order According to Phiiadei-
| phia adViees the control of the Cambria
! Steel Company was secured by the Penn
| sylvania interests by purchase in the
| open market OF stock and warrants.
| The Pennsylvania Railroad already mao
| representation on the boards OF ooth the
| Cambria and the Pennsylvania Steel Com
| panies
| Chairman Gary, of the United States
| the corporation had purchased the con-
| troll of the Shelby steel Tube Company
| heretofore the most formidable compeei-
| tor of the National Tube Company, al
| ready owned by the Steel Corporation.
| The purchase of the Shelby Company, II
was said today, means the entire control
| of the tube businesses by the Unlteo
| States Steel Corporation.