The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-23
NEW STEEL MERGER
is AGAIN REPORTED
Permission for Combine From
U. 3. Government Is Said
to Be First Move.

PHILADELPHIA. Sept. 2?--Tt IL re-
ported hero In financial centres that a
plan has been presented to the Attorney
General Of the United States looking TO
the constellation of a number ~ lnde-
pendent steel companies into n concern
which would be a formidable rival Of
the United States Steel Corporation. The
companies which might be embraced
In such a consolidation, provided no
objection Ia raised by the Government,
would include the Bethlehem steel ON
pany. Cambria Steel, Pennsylvania steel.
Mldvale Steel. Lackawanna Steel. cruo-
BILE Steel and Jones & Laughliu.
The recent victory OF tho steel Cor
poration in the suit brought for rs dts
solution by the Federal Government has
encouraged steel and financial inter
ests to press forward with thelr plans
for a new coinbine If the plans ma
ture the steel business Of the country
will be controlled virtually 10y two COM
panics, United States Steel and the new
concern.
The dominant factor in the new COM
blne, according to authentic reports
heard to-day, will be Charles VI. Schwab.
first president OF the United States steel
Corporation and now head OF the Be'h-
lenem company.
one of the p~reliminaries TO the new
combine will be the acquisition OF tho
Midvale Steel Company, and II is un-
derstood that plans now are shaping for
control of this great armor plant to
pass to new parties. said to he related
to the SchwaD interests. 4 second step.
II IL said. will he the announcement
soon of the exercising Of the option on
1 ~ a.s1 tsn N a. ~ an no.. So ,rlN
holdings OF Cambria Steel stock.
With the Pennsylvania holdings Of
cambria Steel going into other hands.
| Mr.. FTick. who was the largest individ-
ual holder of Cambria Steel stock, is
said to have started to dispose of his
holdings, this selling starting after the
stock touched $50 a share. As Mr..
Frick first bought into Cambria some
wears ago round s29 and $50 u share
he would realize "A handsome profit II
he sold at the present figure, near s66
a share, the highest price ever touched
by Cambria Steel stock.
As long at the control Of the Cam
bria Steel Company was locked up in
the treasury OF the PENNSYLVANIA Com
pany, a subsidiary of the Pennsylva-
MIA Railroad. Mr.. Fricli had an in
direct voice IN the management OF It's
affairs, as he is one of the strong mem
bers OF the Pennsylvania Railroad
board. But with control OF the COM
pany passing TO outside interests IL was
figured that Mr.. Frick would not caro-
to continue SO large an investment in
this concern.
Some weeks ago a report OF n big
steel merger came from Cleveland. II
was said that Charles VI. SChwab,
Henry c. Frick Md the Rockefeller
were planning a combine that would h
second in size only to that of the United
States Steel CORPORATION. The companies
that would combine, II was said. were the
Bethlehem Steel Corporation. the Colo
| RADIO Fuel II Iron Company. the Lbnes
and Laughlin Steel Company. the CRU
chile Steel Company OF America, the
Lackawanna Steel Company. controlled
by the Nanderbilts the Pennsylvania
and the Cambria Steel companies and