The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-07
Vanderlip, Sabin and Wig
gin Elected to Midvale
Directorate.
PERCY ROCKEFELLER
ONE OF THE LEADERS
Rivalry With the Schwab
Group May Result in
Fight for Plants.

Organization OF the Midvalc Steel and
Ordnance Company with william Ellis
Corey at its head az president, Percy A.
Rockefeller on its board as its principal
financial interest and an alliance OF the
most powerful banking and industrial
leaders in the country AS its directorate
was completed yesterday.
The combination Is the biggest of It's
kind that has been made in Wall Street
In years. In tho opinion Of leading
bankers it marks the end Of the period
Of stagnation in business and fear OF
new enterprise. 1t will. It Is claimed.
open a new period Of industrial activity.
combination and Constructive develop
ment.
New Schwah Enterpris~.
Accompanying the announcement OF
the plans OF the new Mdvale company,
interest In Wall Street in the steel mer-
gers formed and forming was aroused
to a high pitch by the hurried trip Of
Charles NJ. Schwab of the Bethlehem
Steel Company to Bath. Me. on the gem
orally accepted mission Of trying TO buy
the important shipbuilding plant OF the
bath Iron Works. The activity of Mr..
Schwab and the hurried announcement
by the Midvale leaders Of their plans
several days ahead Of time fore
shadowed the keen rivalry. particularly
In armament building. that Is expected
TO develop.
simultaneously with these develop
ments the old stock OF the Midvale Steel
Company appeared on the curb at an
offered price Of $500 a share-the orig
inal syndicate in the deal Just closed
bought control OF the company at $1s5
a share-and the new stock Of the $780,
| 100000 Midvale concern, OF $50 par
value. was sold in q fifteen share lot on
| the curb at 3120 a share.
William f. Cory, president of the new
| Midvale corporation, and other directors
said that the sale of new stock at Sl2o
was transaction wholly outside any
thing done by the directors. and was
evidently done by persons who had little
/ knowledge Of the affairs OF the cor
poration.
| NidNale Plans Announced.
Late last night Mr.. Corey after q
| conference with Percy Rockefeller ant
| Charles ii. Sabin president of the Guar,
4 anty Trust Company, announced the or.
| g.Lnizatton plans and acquisition of prop
| critics OF the Midvale corporation. MIR
| Corey heads the holding company, tn,
Midvale Steel and Ordnance Company
az president Alva q. Dinkey, takei
from the presidency of the carnegi'
Steel Company, and now the president o
the old Midvale Steel Company, which
| l.; a subsidiary OF the Midvale holdlni
company. is v!ce-president OF the hold
ing company. Its secretary and treas
urer ia William B. Dickson.
The directorate announced by MI
Corey last night from his apartments "a
the Plaza IL one of the strongest com
binations of banking. capitalistic am
steel and Industrial operating strength
that has been seen In some time in ney
aggregations In this country.
Percy A. Rockefelier' son OF Nlliiar
and nephew or Johh ~ hockeielIei
stands out az the most inertettis per
sohahty m the co,mu,,'at,o,, ,,,s 40 ,'a -.
IeaSon ma. nc rPl. ,,,t- t, ~ .n,S t 90
p,'s. p ...v .'', r.,us, 49, ,,o s,aai ,na,,s
w. I,hn nanr,nS .trcngth renresento
nr ,h. hoard 10 i,s rext most strij<in
faa,,-s s
/ The heads of three OF the bigges
, banL,ng institutions in mo country ar
on the hoard. They are Frank A. Van
/, derlip. president OF the National CIT
RANK. Charles II. Sabin, president G
the Guaranty Trust Company. an
Alhsrt II Wirpjn nresiden+ OF the Chas
National rank
u A., N,a,. .r.,.
!,
!. These three bankers are recognize
as the most active and progressive
Wall Street. The relations OF the Rocks
fellers with the National City Bank HAY
always been close and In the last se'
!, eral years Percy Rockefeller an
. Charles IL. Sabin have been much asso
!, ciated. 1t Is believed that Mr.. Rock,
: Teller Is much interested as an In
- portant stockholder in the Guarant
q Trust Company, where the Morgan II
y f,uence has long been considered yer
}. strong. Frederic H. Allen Of Lee, Hi,
: pinson A. Co. formerly yice-preside,
. of the Mechanics and Metals Rank. con
. ,i.t.s the hankinr strength
~ Ind,str,al and onerat,ny skin 90 ~
,,s,aI,y ronrasapted In tho ho,ra In =,
~ s, -, ,,s n.mhersh,n All -, ,,a,
Il .es. s,,,,on ara
i. w. Xn,hross Mcneil nrasident ~, :,