The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-24
Big STEEL MERGER
NEAR CONCLUSION
Control Of Cambria and Mid
vale Companies in New
Hands.
OTHER PLANTS FOLLOW

PHILADELPHIA. Sept. 23.-Two Of the
great Independent steel companies OF
Pennsylvania are In the process of
changing ownership. one is the cam
bria, with works at J~ohnstown. The
other Is the Midvale. the principal plant
OF which is near Nlcetown. in Philadel-
pha. There Is no relationship between
the two deals. even though they are
being negotiated simultaneously. The
purchasing interests arc distinct.
Arrangements were made to-day for
a cash settlement of some s25 900. 900.
IL is understood, in the Cambria transac-
ton. Tomorrow the owners OF the
s9.750.0O Midvale steel Company viii
turn over their stock to the purchasers.
who are to pay $lSj per share, or a
total OF SlS.O37.5O0. About half Of this
will 10 to the Harrah interest. which IL
TO receive payment in New York. The
remainder will be settled for In Phila-
delphia. the Sellers family being the
chief shareholders here.
The transaction was negnt atcd by
Roland l.. Taylor OF this city. II Is
understood hat he. his partners In the
barking firm of William \. Read a Co.
and Robert l.. Montgomery Il MOntgom-
cry. Clothicr n Tyler. are the prirc.pals
in khe purchase ~ the Midvale company.
They are expected to recaptalize II to
facilitate enlarged operations.
The Midvale plant covers nearly tf-
ty-two acres. The Company's latest bal
ance sheet valued this plant at ST.
1+3,7S2 and showed total assets II Sij.-
SOL .504. The business dates back ~
1866. The Midvale Is one OF the three
nTTnnr Mate D1aMuflRtnrfpa ri.z
In the United States. II also makes
ordnance, heavy steel forgings and loco-
motive tires. About $500 men ~. en-
ploycd now. the works running To ca
pacity.
During the last few weeks there has
been much activity in Cambria stock.
the price rising to q high point of SEQ
a share to-day. Many rumors have
been afoat. but the best information
Is that the company will Ice taken
into a new steel corporation. which is
likely tn acquire control Of the Penn
sylvania Steel Company and perhaps
som" other independent concerns.
The Mechanics and Metals National
Bank Of New York inquired among
Philadelphia banks to-day as to whether
they could arrange to take up to S2j,-
100000 OF New York funds in part
settlement OF the purcha-e price of the
>hiii'l' COMPANY R0OtItr method
was later suggested. and presumably
followed.
II Is thought this bank was selected
IN order TO cover for "a time the iden-
tity of the real purchasers. There were
Indications that the deal is being en-
gineeicd by Interests in the Bankers
Trust Company. T.. g. Converse. chair
man Of the board OF the Bankers Trust
COMPANY; A. Barton Hepburn and
Francis L. Hine. all of New York. were
mentioned as likely to he active in the
matter.
The crIptic statement issued yester.
ia! at Philadelphia by the directors of
the cambria Steel Company that "Presi-
deht Bonner desired to bring some i'm
portant matters before the board and
mat ms would be done as soon as they
could he formulated for uroper com
alteration stirred renewed interest i'm
the stories of a merger of Cambria.
pennsylvania, Maryland and Bethlehem
Steel.
IT was learned unoficially that direc-
tors of Bethlehem Steel were i'm fact
considering "A union with Cambria, OF
all the companies mentioned AS about
10 be taken over by Bethlehem. il il
Sid that cambria is the only one that
has received real attention by the board
Reports Of steel mergers are becoming
more general. Sale Of Midyale con-
troll To the Read syndicate is now said
10 have been for CruCible Steel interests
Standard oil Interests are being prom-
inenily mentioned as the centre of steel
merging efforts.