Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1915-10-07
PRICE PAID S22,000,000
The Company Now Becomes in
Point of Capitalization Second
Largest Steel Concern in the
Country-S7O,OOO,OOO of Stock
to Be Issued.

New York, Oct 6.-Announcement
was made tonight that the Midvalc
Steel and Ordnance company, n 800,
100000 corporation recently organized
by william +. Corey, had in addition to
purchasing the Midvalc Steel company,
acquired three other concerns and had
secured an option on 800. 100000 tons
OF iron ore.
These concerns are the Worth Broth
ers' company of Coatesville, Pa. manu-
facturers chiefly of steel plates. the
Coatesville Rolling Mill company,
which is allied with the Worth broth
ers and the Remington Arms company
of Delaware. a concern recently or
ganized to manufacture arms and am
munition at Eddystone, Pa. The lat
ter company, which has leased proper
ties of the Baldwin Locomotive works,
and is building another plant, is a
separate organization it Is understood
from the Remington Arms and Ammu-
milton company of 1lion. y. Y. but the
announcement made tonight disclosed
that Marcellus II Dodge. president of
the Remington Arms and Ammunition
company. is director of the new Mid
vale comb bnation.
With the exception of the United
States Steel corporation the new Midvale
company becomes the largest steel COM
pany in point of capitalization in the
country and although Mr.. Corey, who
made the announcement Of it's addition
al acquisitions. declined to discuss the
future plans of the company, 1t was
thought in steel circles to-day that GER
tain other concerns would probably be
taken in at a later date.
The Midvae Steel and Ordinance COM
pany stands as a holding company for
the properties acquired and Mr.. Corey s
announcement said that in order to ac-
quire these concerns and to provide work
ing capital $1,000. 900 of its stock would
be issued. In addition to Mr. Dodge the
board Of directors of the company in
clude Frank A, Vaderlip, president of
the National City bank; Percy A. Rookie.
feler; Albert NJ Wiggin, president of
the Chase National bank: Charles II.
Sabin. president of the Guaranty Trust
company of New York: Frederic w. AL
len. representing Lee, Higginson & Co.
of Boston; Ambrose Mcneil, president of
the International Nickel company; Sam.
uel +. Pryor n director of the Baldwin
Locomotive Works; William p. Barha
vice-president of the Old Midvale Steel
company. and Alva c. Dinkey, the new
ly elected president of the old Midvale
steel company. Mr.. Corey becomes pres
idont Of the holding company and Mr..
Dinkey vice-president,
1t was learned that the price paid
for the Midvale plants was around
see 600 900. Mr.. Corey declined to say
what the cost Of the other concerns
had been, nor would he disclose from
whom the option on the 100000 00C
tons of iron ore had been secured. II
was stated in steel circles that the ore
fields We're probably located in the
Lake Superior district and rivaled
those of the United states steel cor
poration in point of tonnage.
| The Remington Arms company, II
was announced. had contracted tc
manufacture 100000 rifles for the
British government, None of the
concerns acquired, says the statement
has any debts other than current and
the aggregate working capital of the
parent company and it's subsidiaries
will be in excess of Sl5.0O0.000
Stock of the company, when issued.
sold on the curb to-day at 120.