New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-10-07
". f. Corey Announces
Organization of New
Midvale Company.
SECOND LARGEST OF
STEEL COMBINATIONS
Stock of New Company Sells
in Wall Street
at 120.

William +. Corey announced from
his apartments in the Hotel Plaza late
last night the completion o. the or
ganization Of the new s1OO,0OO,OO0 ord
nance and ammunition manufacturing
concern, of which the Midvale Steel
Company is the chief unit. Mr. Corey's
statement followed a meeting in his
Offices in the Bankers Trust Company
Building in the morning at which the
directors and officers Of the combine
were elected The new company be-
comes the second largest steel con-
cern, in point of Capitalization. in the
country.
The directors, in addition to Mr..
Corey, ara Albert II. WigGin, president
of the Chase National Bank; Samuel
+. Pryor, vice e-president and general
manager of the Remington Arms Com
pany, one Of the companies in the
combine; Ambrose Mcneil, president
of the International Nickel Company;
Frank A. Vanderlip, president Of the
National City Bank; Alva {. Dinkey,
president of the Midvale Steel Com
pany, known as the operating company;
William p. Barba. yice-president and
general manager of the Midvale Steel
Company; Percy Rockefeller, Charles
H. Sabin, president of the Guaranty
Trust Company; MarcCilus Hartley
Douge Pre-. .utnt OF the Remington
Arms Company and vIce-president Of
-ne Union Metallic Cartridge Com
pany. and Frederick ". Allen, formerly
a vice pre- sdent OF the Mechanics and
Metals National Bank.
The companies inciuded in the new
ly organized holding company. in addi-
ton 20 the Midgale Steel Company,
are the Worth Brothers Company. tho
Remington Arms Company of Della
ware and the Coatesville Rolling Mil!
Company.
Mr.. Corey's Statement.
In explanation Of the deal just COM
pleted Mr.. Corey issued the following
statement:
THE Midvale Steel and Ordnance
Company, organized in Delaware, with
an authorized capital stock OF $780,.
OO0.O .OOO divided into 100000 shares Of
only one class of the par value of $50
each. to-day concluded a contract for
the purchase Of all the capital stock
of Worth Brothers Company, Penn
sylvania corporation, and for all the
property and business of the Pennsyl-
vania copartnership trading as the
Coatesville Rolling Mill Company; also
for somewhat more than 90 per Gems
Of the capital stock Of the Midvaie
Steel Company Of Pennsylvania ami
for all of the capital stock of the Rem
ington Arms Company of Delaware,
which lest named concern has cor
tracted to manufacture 100000 En-
field rifles for the British government
"The company has also under option
300. 900 900 tons of ore. To acquire the
above named stock and property and
provide working capital S7O,O00.O0O OF
the capital stock of the Mdvale steel
and Ordnance Company will be issued
Making Capital sl5,000,00o.
Neither the Midvale Steel and
Ordnance Company or the three &C a
panies and firm whose capltal STOCKS
and properties it is acquiring have any
or mortgages or preferred stock out
standing. and the aggregate working
cspital OF the parent company and It's
subsidiaries will be IN excess OF Slo'-
OOO 600. The money necessary 10 carry
through the transaction has been -
vstelv subscribed at par for the stock.
Mr.. Corey was formally chosen presi-
dent Of the holding corporation at yes
e ~
ized board OF directors. A. {. Dlnkey
vas chosen vice-president and William
B. Dickson secretary and treasurer.
Mr.. Corey was asked II there was
snv likelihood Of union-ot interests
of the Midvale properties and the Beth-
lehem steel Corporation as part OF
great combine which would rival In
Size the United States Steel Corpora
tion. TO which he replied;
81 do not anticipate any union with
Mr.. Schwsb. At any rate, / think
merger connecting the Midvale com
panies with the Bethlehem steel Cor
poration would be illegal, ss they are
concerns
Not Seeking Other Companies.
Mr.. Corey added that for the time
heine at least the management Of the
Nidvale Steel and Ordnance Company
had no intention of acquiring control
Of any other companies Asked n the
holding corporations stock would he
listed on the Stock Exchange, he said
that such application would probably
be made.
Fifteen shares Of the stock sold on
the curb market yesterday when and
as il issued" for Sl2O share, which
equals price on the old stock OF
81 200 share. This trade was ap-
parently made on the assumption that
the holding company's stock would be
500 par value instead OF $50.
The present capitalization Of the
Continued on page 3, column !