The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-06-13
TIE REPORTED STEEL DBAIl
Pennsylvania Railroad Officials
Continue Reticent.

Ramors That the Sparrovys Point
Nd, PInHt VIII BE Enlarged Tn
der Hallway acknowledgements
en- the Natter in philadelphia.
BALTIMORE. June 13-T. ". Wood.
President Of the Maryland Steel Com
pany, was asked last night as to the
H-uth of the reports from Philadelphia
that the Pennsylvania Railroad Com
pauy, or interests friendly TO i, had Sc
cured control Of the Pennsylvania Steel
Company. but he asked to be excused
from making any statement Nearly
all the reports referred to include the
statement that the Maryland Steel
Company's plant at Sparrows Point is
to be enlarged.
1t is said that the Pennsylvania and
Baltimore and Ohio railroads viii use
over SCI, coo tons of steel rails a year
BY ConuoIlinS a producing plant and
placing themselves outside the grasp Of
a combination they viii have a distinct
advantage over roads not 50 we'll sit
uated.
\ special despatch from Philadelphia
says
While officials Of the Pennsylvania
Railroad Company denied today that it
secured control Of the Pennsylvania
Steel Company, financial circles firmly
believe that the majority Of the stock
of the big steel plant at SteeIton has
either been acquired by the railroad
company or by interests which It dom
mates Officials of both companies
were extremely rcticent when asked
about the reported purchase President
CaSsatt would not talk about the deal
at all
John P, Green. first vice president,
at first refused to talk on the subject,
but when he was informed that he had
been quoted as affirming the truthful
ness of the report and then denying it,
he said: have neither affirmed nor de
MED the rumoEs concerning the reported
acquisition by the Pennsylvania Rail
road Of the steel company, and / am not
inclined 70 dc so now When pressed
for an answer. and after the sugges-
ton was made that the Pennsylvania
might have acquired the Pennsylvania
Steel Company through outside inter
=. l. j ] y
this much: The Pennsylvania Railroad
has not acquired control OF the Penn
syivania steel Company
E Z. FELTON,. President Of the Penn
sylvania Steel Company. was not at his
Office IN the GiTard Life and Trust
Building yesterday. II was reported
that he was IN New York.
''Efiugham p. Morris. a director Of
the Pennsylvania Railroad Company,
who Is chairman Of the executive board
Of directors Of the steel company, would
throw no light on the matter All he
would say was: It has been reported
OF late that the Pennsylvania Steel
Company has been purchased by three
different conceTnS-the Cambria Steel,
the Pennsylvania and an English firm
1t would be manifestly improper for me
to say whether OF not there Is any truth
IN any Of these reports, and at the
present time must decline to discuss
the subject
The TeOrganized Pennsylvania Steel
Company was incorporated under the
laws Of New Jersey on April %, with an
authorized capital Of 50000.0 GOO. divided
into $50, coo shares of common and 250. 600
shares Of preferred stock. The prefer
red stock Is to bear per cent n0n-cu-
uulative.
The Pennsylvania Steel Company
has large plant at SJeelIon, near
Harrisburg, which produces steel rails,
railway material Of various kinds. and
structural material It also owns the
entire stock OF the Maryland Steel Com
pany at Sparrows Point Md. which
has a capacity Of turning out zoo, 900
tons Of steel rails per year. and Op-
crates large shipbuiIding plant
ION June DreXeI &. Co, bankers,
who were at the head Of the recent or
ganizatiOn Of the PENNSYLVANIA Steel
~ 10 E.
ment: The stock Of the Pennsylvania
Steel Company, both preferred and
common. in the hands of Drexel & Co,
for the underwriting syndicate has all
been sold 10 investors The control of
the company has not passed TO the Uni
ted States Steel Corporation, but has
not been bought with any view Of an
tagonizing its interests TIE new own
ers will operate in harmony with the
general interests Of the steel trade
In the last ten days there has been
no end Of speculation as to the identity
of the investors referred to IN the
DTeXeI statement Now il Is generally
believed that the purchasers are men
very close 70 the Pennsylvania Railroad
Company
1t is assumed that the acquisition by
Pennsylvania Railroad interests was a
shrewd movement by which in a sense
the great railroad placed itself in DO
StuOn Of independence of the United
States Steel Corporation in supplies Of
rails. bridge beams, and other railway
material The Pennsylvania manage
ment has always been closely allied
with the Pennsylvania Steel Company,
a large owner Of its stock. and in re-
cent years took q lively interest in the
various efforts made for its re0rganiza-
ton when it had got into financial diff
cuIties
The Pennsylvania Railroad Com
pany naturally favoTs the great indus
trial establishments along its own lines
and would hardly welcome their pass
ing under control Of a foreign CORPORA
ton
There were hints yesterday that con
troll Of the Cambria Steel Company. also
on the Pennsylvania main line. NAV u
timately land with the same investors /