The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1913-09-25
CAMBRIA STEEL CO.
SALE STILL PENDING
Negotiations No Longer
Said to Include Inland
in Possible Deal.

The reported offer of the Block !
Pollak interests to purchase the Penn !
sylvania railroads control. s22.5o4,0O0
of the stock of the Cambria Steel COM
pany Is still the absorbing topic of In
terest In steel circles. According to
the rumors now current In the trade
there is strong competition between
the Block-Pollak and the Frick- Don
ner interests to secure control of the
company.
The Inland steel-Bethlehem Steel
angle of the reported steel merger.
however, apparently has been dropped
from discussions of the subject. Lead
ing authorities say a big combination
of independent steel interests now is
not logical proposition. and nothing
of the sort would be encouraged by
bankers until the legal status OF the
United States Steel corporation has
been defined In the governments pro-
ceedings against that Institution.
Frick Largest Holder.
Henry c. Prick is credited with being
the largest stakeholder of Cambria
steel and he is q director of the Penn
sylvania railroad, which should give
him more voice in the control of the
company than any one else. 1t is sug
gested. however. that he has long de-
sired to secure personal control of tho
Cambria company and that he will
fight against this control being obtain
ed by others.
Allied with Mr.. Frick, It is under
stood is President Bonner OF the Cam
bria Steel company. II the reports
alluded to are correct 1t is obvious that
the Frick- Bonner interests have one
important advantage-even II the rail-
road were to sell the stock to the
Block Pollak people. Mr.. Frick, by re-
fusing to sell his holdings, and 1t Is
claimed that he would certainly follow
this course. could still demand a voice
In the affairs of the company.
Premium For Cambria Shares.
Meanwhile, it Is suggested. the
pennsylvania is benefited by the COM
petition for the stock. Cambria Steel
stock has a par value of $50 share.
and If the reported offer of $50 share
! is correct. this would give the road
| $27, 10000 In round figures for It's con-
troll Competition for the stock would
also strengthen the roads position in
demanding a high price for it's hold
Iings.
The name of the Cambria Steel COM
pany has been connected with every
report of a contemplated steel merger,
| and there have been many, within the
past few years. This was probably due
| to its being taken for granted that the
Pennsylvania railroad would be glad
| to sell its holdings Of Cambria at
| fair price The company pays divi-
ldends at the rate of per cent on Its
Outstanding capital and the net profit
applicable to dividends for the past
three years has averaged little over
6 per cent. This is after all deductions,
Including depreciation charges and a
| 81 oeO. 900 appropriation for betterme Mt
fund. Earnings in 1912 were more than
I71s per cent on the stock. The com
pany had assets on Dec. 81. 1912, of
NEARLY $4,000. 900. Included in Its liza
Utilities were $4,000, 900 for general de-
ipreciation fund s11,69o, 900 betterment
and improvement funds and nearly s4,-
00o, 900 profit and loss surplus. The
100000 notes mentioned IN the last
balance sheet have since been paid off
Its current assets on Dec. 81 last were
Approximately $4,000. 600.
Earnings in the current year have
been good, the company having shared
In the general trade betterment- ord
ers now on hand are sufficient to keen
1.-The mills working until near the close
of the year.
A dispatch from Philadelphia says
THAT certain Pittsburgh interests have
asked for an opportunity to bid for the
ls22504 900 stock of the Cambria Steel
lcompany owned by the Pennsylvania
railroad before the deal that is report
ed to be on with certain Ohio interests
is completed.
Henry c. Frick yesterday afternoon
denied the report that he was connect
ed with deal to purchase the control
ling stock of the Cambria Steel com
lpany from the Pennsylvania railroad
l"I know nothing of the matter except
what 1 have read in the newspapers
said Mr.. Prick.