The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-07
BANKERS IN
NEW STEEL MERGER
Continued from FIRST Page.

Bros. Company. "A Pennsylvania corpora
zion. and for all the property and bust
ness Of the PeunsylNania ,upartnership
trading as the C~oatesville Rolling Mil
company also for somewhat more thar
o, per cent, Of the car',.t stock Of the
M!dvale Steel 'ompanN %. Pennsylvania,
and for all OF the capt. a. stock OF the
Remington Arms Company of Delaware.
which last nnn-d concern has contracted
to manufacture 1000 900 Enl-i' rifles
for the British Government. The com.
pany has also under option 300, UOo 200
tons OF iron ore. To acquire the above
named stock and property and provide
working capital $4,000. 900 Of the capt.
tai stock of the Midvale Steel and Ord
nance Company will bo issued.
Neither the Mlidvals Steel and Ord
nance Company nor the three companies
and firm Whose capital stocks and prop
critics II is acquiring have any debts
other than current and no bonds or
mortgages or preferred stock Outstand-
ing, and the aggregate. working capital
of the parent company and It's subsi-
diaries will be In excess Of $4,000. 900.
Thu money necessary 10 carry through
the transaction has been privately sub
-rribed at par for thu stock"
In making his statement last night
Mr.. Corey said that It Was not the in
lention of the company 10 take over any
more plants or olnb with any other
interests. He was asked II Charles NJ.
Schwab IN interested In the Midvale and
lac replied In the negative. He said ALSO
;itat there was ne intention IN the part
of the new Midvale or or the part of
Mr. Sch"1Lb. so far as hc knew. TO com-
bine.
such 4 combination. bethlehem and
Midvale. would he IN violation OF the
law said Mr.. Corey. They are COM
l'etins concerns. The plants that have
been merged under the new Midvale
company arc in no sense competing
The Remington Arms Company of
Delaware is the company with 100000
nominal capitalization. formed by Mr..
Dodge and MIR. Pryor -! the Connecticut
Remington company to make rifles in
he Eddyston- plant OF the Baldwin
Locomotive Company, These two men
held most Of the stock. the old Reming-
ton Arms Company owning but little OF
Il. Mr.. Corey was silent about the
price paid by the syndicate for this
plant.
The big property factor IN the new
combine Is tho old Midvale plant. THE
fnal syndicate paid see. 900. 900 for this,
the original syndicate headed 10y Will
lam \. Read & Co.. having paid about
sls,0 900 900 for II.
There was "A good deal Of
yesterday IN Wall Street when the stock
" '"' n'',u.e "as o"ereu AT sooo on
,ns urn, me oris''', syhn''ate PAID
go" sn"Io VI ~ " was eNpi'lned
as only about l.. ~ / per cent. Of the
orls"ha, o.s'ahu'hs fs,'o"'oo" STOCK OF
.he ou N,u.s'e COMPANY is ho' In
'no 'a"uS ., tne syhu'ca,e' thc holders
y !, .h's sniall amount OF STOCK are PROB
aDlN holding II Tor AN pNCpgglNa yutiie
ms Pl''e VI ~" TOT nlteeH shaTes OF
ne" stock' par Nalue 700. traded on
'ne eurp e"useo Il smile ever 10 directors
Oh Tue new ompan Al this rate the
company win *'o.ooo. 900 or It's stock
issued, wou'd DE valued at $l6s.OOO 900.
As II IN estimated that the cost of the
present acquired plants has not exceeded
s3o,OOO,O0O TO $35,OOO.OOO the price OF
sl.O would mean an imitation OF approx
I'ately fly" times the original price.
1t was the plan OF the syndicate at one