The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-09-25
Percy Rockefeller and +. C..
Converse in Sl8.O0O.OOO
Buying Syndicate.
NEW OWNERS WILL
BUY MORE PLANTS
Company to Make Enlarge
mpnts and Go After Mu-
nitiOnS Orders.

William Ellis Corey. one time presi-
dent Of the United States Steel Cor.
poratlon. has been lurcd back into the
steel business by the immense profits
being made and In prospect In arma-
ment work and is TO head the reorganized
Midvale Steel Company, while Percy
Rockefeller. son OF William Rockefeller
started n new departure for this branch
OF the Rockefeller family by entering the
steel field as one Of the leading interests
In the syndicate that has gained control
Of Midvale
L. c. Converse. formerly president of
the Bankers Trust Company. is asso-
ciated In the syndicate, together with
leading interests in the National City
Bank. MIR. Corey was not In town yes
terday to confirm the report that he will
take the active direction Of the reor-
ganized Midvale company. but 1t was
learned on the highest authority that
this Is the present plan.
The Midvale plant is one OF the best
equipped in this country for the pro-
duction Of high grade steel. armor plate.
big guns and other ordnance. The plan
OF the powerful syndicate is to make
IL much larger corporation.
To Take over Other Companies.
Plans are on foot for taking over
other companies Money is TO be put
into the plants of the present company
for additions and eniargemeuts The
esulting company Is 10 be In a Position
take orders for large amounts of war
and defence materials from this country
and Europe.
1t was denied yesterday that the Mid
vale Company will merge with the
Colorado Fuel and Iron Company. In
which John ID. Rockefeller and John II.
Rockefeller, Jr., are In control. 1t was
denied also that the Midvale contem-
plated a merger with the Crucible, Beth
lehem, Cambria or Baldwin company
The original syndicate which got an
option on the stock control OF the Mid
vale was headed by William A. Read &
60. end Montgomery, Clother & Tyler.
sir. Reed referred all inquiries yester-
day to his Philadelphia partner, Roland
l. Taylor,
The price said to have been paid for
the company was sls5 share, or over
slS,000,0 0,000. The original plan TO sell
10 another syndicate was modified, II
!s understood. The first syndicate was
Enlarged instead. the Read interests re-
naming in and the Rockefeller interests
entering. A final broadening of the
syndicate brought in Mr.. Corey and Mr..
ConVers" II IL understood that the
prcht - the members OF the original
syndicate has already been about
S2,0O0000.
Little War Business Done.
The Midva,e Company. though well
fitted 10 supply big guns and arnor
plate to the Allies. has done little war
business. Charles J. Harrah. president,
has been led to refuse this business be-
cause of his family ties
lue story was told in Wall Street yes
to-day that Mr.. Harrah has two daugh-
ters. one Is married to an Englishman.
the other to a German. out of defer
euce 20 the wishes OF the latter, 1t is
said, he has not gone In for war bus-
hess
The new interests will, however, so
In hard for all he hg war business
available. 1t is understood that through
IN" banking connections OF the new in
teTests The orders to be obtained are
bound TO he large.
The company will he reorganized. The
capital, now approximately sl0,OO0,O 200,
will be increased 1t Is believed in Wall
Street that a plan similar TO that fol-
lowed in the Electric Boat Company
will be adopted After l.. e. Converse
and associated interests got control OF
that company Il new corporation was
formed and ten shares of stock of the
new one were given for one OF the old.
William Ellis Corey resigned from the
Steel Corporation presidency about five
years ago. lie has since been regarded
as opposed to the leading interests in the
company. though not in an active way.
lie remained as a director Of the Steel
Corporation for several years, but re-
signed last year. He Is regarded as one
Of the most able steel men in the coun-
try.
Since his retirement from activity in
the steel trade Mr.. Corey has interested
himself with L. G. Converse, Ambrose
Mcneil and others IN large promotions
chiefly OF a mining and exploration ma
ture. He has an Office with these men
81 II Wall street.
IT was sand definitely yesterday that
the sale OF Cambria Steel has Nothing TO
DO with the Midvale deal, The Penn
syivania Railroad Company holds con-
troll OF both the Pennsylvania Steel Com |
panN and the Cambria. Ii was said yes !
ielday that the railroad has no present |
Intention of parting with the Pennsyl- /
#nia Steel Company, though willing to |
sell Cambria at "A nripp