The Richmond Virginian. (Richmond, Va.) 1910-1920, 1910-04-06
.RUMORED THAT
c. NJ. SCHWAD
BUYS SH|PYARD
Big Steel Magnate Said to
Have Acquired Newport
News Plant
BUILD SHIPS AND
MANUFACTURE STEEL
Seaport Fine Place for Purpose.
Steel Magnate Recently De-
clared--Officials of Company 4
Make Denial of Report. II

w
Il rumnrs.-t that have been wfriDs
pered among only the most prnminant.
and discreet citizens of Newport News,
are substantiated, the good people o<
that promising seaport ctty will wake
up one morning sooa to find its prin,-
cipal industry and support, the niAm-
moth shipbaildtng and drydock com.
pany. in the hands of one OF the big
gest steel nagnates In the world.
II has been passed around among
the leading men OF the city thA&
Charles M. Schwab, the great stee1
magnate of PittsburB, has purchased
the big Newport News concern st an
enormous figure, and will at once es-
tablish large steel plant on the site,
to be run in conjunction with the ship.
building business. - 80
Schwab, 1t II said, has been visits
ing Newport News, incognito. for thu
past two weeks, looking over the ship
yard. sizing UP the possibilities OF ea-
tablishtng an immense industry and
famAiartzing himself with existing
conditions in genera. 1t Is said fur
Their that he has been In conferences
with the big men of the shipbuild-
ing company and that they have CONS
to an agreement
shipbuilding Officials There.
1t is known that n. e. Huntingtcns
son of the late Coils p. Huntington.
who. with his mother. holds the prfn-
cipal interest in the big plant, and
President G. B. circuit. OF the come
pany. have been In Newport News g.
tensibly to witness the launching Of
the steamship City of St Louis, which
took place several days ago. Mr..
Huntington has large interests In Cat-
hornia. and this is his first visit Ia
Newport News In years. 1t Is regards
ed as q strange coincidence that thu
magnate should have travelled Al the
way from the Western coast to tn
Eastern to witness the launching and
| to BE- there at the exact time tflA4 -
big steel magnat6 wan said to be ~
the city.
Il Is said that Bchwab WIN pa4
! SIS, 0Be, 200 for the plant OF the ship
building company, and that a. soon
as he acquires the property he VIII
at once begin to invest additional
money to perfect his plans. II b re-
ported that he has been seen In conn
| shipyard and that they have gotten
together on the price and terms
Wei Equipped Plant.
II Is generally conceded that the
Newport News shipyard Is the best
equipped plant OF its kind on the
Atlantic coast. There can be no doubt
that 1t would be a NEST pFehtabie iH-s
dustry II they could have steady work.
but such Is not the case. Under the
present conditions In the shipbuiid.
ing industry. there Is not as much
work as is desired, and the company
| finds 1t necessary to pay out large
sums Of money in the DUH season to:
retain Its force OF skilled mechanics
busy times
II Schwab owns the plant how
ever, he will manufacture cars in ad-
dttion to the shipbuildtng bustncas.
and may probably manufacture loco
motives, thus innuring plenty OF steady
work and greatly increasing the sis1
of the plant
Far from portending any loss to
the city or Newport News, the rus
mors will have the effect OF delights
ing the citizens who will with to sea
the change made. The business Of
the city has always fiuctuatcd In ac-
| cordance with the amount Of work
on hand at the yard and q big tn~
dustry with Meady work viii be wel-
coined with open hands.
Schwabs Plans.
Some weeks ago the papers ~
the country were full, Of accounts ot
a speech made by Schwab.' In which
| no stated that In the near future one
would be q great steel center. He
did not name Newport News. but the
chances are That he had that city
In mind.
Newport News IL the logical point
for the purpose and 1t Is believed that
Schwab's purpose Ia to begin his buss-
ness there along with the shipbuildtn0
business. II is the best place In the
tcountry to assembly all the necessary
materials for the manufacture Of steetT
Domestic iron ores and the CubAM
ores. which II IL said Schwab WIN uee,
can be brought N easily and m0xo
conveniently than 20 any other aeaA
port city. Coal II within easy reach.
and dolomtte. the sandstone rock tha4
n used In the manufacture or stocl and
which II In such great demand, It0a u
great deposits In West Virginia and
can be brought to Newport News IN
| = few hours. This rock can b. secured
lat low royalties and viii be brought ~
at cheap rates. It II, believed tha41
SohwNb realizes that he can 9ot tn
materials aSsembled 1t Newport News
cheaper than IT any other point IN IL
country, hence his desire to iooaes
there, n
q. = o. Favorable.
The Chesapeake and Ohio railfoaA
has been anxious for : long tuna ~
i the establishment OF q steel plant ~.
Newport News and the news th&1
Sohwab might locate there VIII ~ yx
ceived with pleasure by the railruo
ofliciaia. II was stated ~ IT, aenGn
officss OF the company "Wednesday sA
they had heard persistent ruIAcxn ce
oerninG the deal bstweAn he
LmagnafA and thu NaWpoEt Mara 1EtD
building ana Dry Dock Company -
that they had NOT reoefvsd asay OG1G6
as Ri
Mr.. rust NEakca Den1al "A
General Manager walter o
| OK the 6htphujl ding GaHpaH3
That therA u aha0 fn1Aly M I0iiH
for the rpmorA yat they con13nm4 IT.
Ipsrsistentiy - Aef0ee ~ deni21
In taking shout tAs bN14een1 81
plant some tfzne ag0 - - xx1
1csasiAns4 - - -