Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-10-07
MERGER
YIELDS GIGANTIC
STEEL COMBINE
War Munitions to Be I'M
portant Output of $780,
100000 Concern
FOUR COMPANIES JOINED

The Pennsylvania Steel Company will
he united with the Bethlehem Steel Cor
poration and the Crucible Steel Company
TO form a third gigantic steel combine, 1t
was declared In financial circles this aft
ernoon, when magnates met in New York
for the third day of conference Re
ports that the merger was at last taking
definite shape were received from sources
regarded as authentic.
Bethlehem Steel advanced 50 points on
the Stock Exchange in spectacular fash
ion and Crucible Steel showed sudden
strength.
Charles NJ. Schwab. chairman of the
board OF Bethlehem Steel and leader of
the group which, it is thought, will pur-
chase control of Pennsylvania Steel from
the Pennsylvania Railroad, would say
only that matters were "still in abey-
ance."
The new big merger is reported to in
clude:
bethlehem Steel Corporation;
capital ....,,....,...........,... $50 1000
Pennsylvania Steel Company 81, 100000
Crucible Steel Company........ 100000
OTHER TWO COMBINES.
The United States Steel Corporation,
the first of the great steel concerns, has
a capitalization of nearly billion dollars.
The second great organization, the Mid
vale Steel and Ordnance Company, with
500, 100000 capital, after two days of eX-
iStence, already bids fair to become one
of the strongest industrial combines i'm
the country and such factor in the
making of war munitions that it may be
termed, popularity, the war trust"
A vast steel-malSing organization will
be formed by the holding, company as a
result of the acquisition of four impor-
tant corporations, announced by William
p. Barba, vice president and general
manager of the Midvale Steel Company.
with other concerns which possibly will
be absorbed. The starting point of the
great expansion was the purchase of the
Nicetown plant by William e. Corey,
Percy A. Rockefeller and business asso-
ciatcs.
BIG ORDERS FROM START.
Contracts for 100000 rifles and options
on 800 100000 tons OF iron ore are part of
the advantages with which the new
merger starts business. The properties
bought by the holding company are:
The Remington Arms Company,
bringing with 1t contracts for $1,000, 900
Enfield rifles for the British Govern
ment.
The company is an offshoot of the Rem
ington Arms and Union Metallic Cart
ridge companies, which owned part of the
stock, the emainder until yesterday hav-
ing been held by large stockholders Of
the Remington-U. NJ. G. combine. 1t has
no plant. but it's contracts for muni-
tions have been made at the Eddystone
plant of the Baldwin Locomotive
Works under friendly agreement.
Fifteen thousand men are employed
there.
The MidvaIe Steel Company, the Nice
town concern which passed into the hands
of william f. Corey and capitalists of
New York and other cities. IL employs
5000 men.
Worth Brothers Company, of Coates
vile, a big manufacturer of unfinished
steel. It's plant is larger than that of
the Midvale of this city and produces a
greater tonnage. Owing TO the character
of the product, however, 1t employs only
5000 hands. The output of the Worth
Company will be taken by the Midvale
Company which. in turn, Will supply the
Remington Arms Company.
The CoateSville Rolling Mills Com
pany.
STRONG DIRECTORATE.
The directorate OF tne nolulnB company
is one of the strongest combinations of
banking, capitalistic and steel and indus
trial operating strength that has been
seen in some time IN new aggregations in
this country.
The heads Of three Of the biggest bank
ing institutions In the country are on
the board. They are Frank A. Vanderlip,
president of the National City Bank
Charles H. sabin, president Of the Guar
anty Trust Company. and Albert H. Wig
gin. president Of the Chase National
Bank, all of New York.
Other directors are William T.. Corey,
Samuel II. Pryor, vice president and gen.
eral manager of the Remington Arms
Company. and a director Of Baldwins
and the Midvale Steel Company; Ambrose
Mcneil, president OF the International
Nickel Company; Alva c. Dinkey. presi-
dent OF the Midvale Steel Company,
known as the operating company; viii
| liam +. Barba, vice president and gen
eral manager OF the Midvale Steel Com
pany; Percy Rockefeller, Mareellus Hart
| ley Dodge, president OF the Remington
| Arms Company and vice president Of the
| Union Metallic Cartridge Company. and
Frederick W Allen. formerly a vice pres.
ident OF the Mechanics and Metals Ma
| flouaI Rank.