Norwich bulletin., 1915-10-07
Absorption of
 Steel Concerns
BY THE MIDvALE STEEL AND
 ORDNANCE COMPANY
A s1oo.ooo.ooo CORP.
Remington Arms Go. of Delaware Has Been Taken in by the New comhlnstion--Workins Capital in Excess of s15,ooo,ooo.

New York, Oct. 6.-Announcement was made tonight that the Midvale Steel and Ordnance company. $1oo,- 100000 corporation recently organized by William E. Corey, had In addition to purchasing the Midyale Steel com pany. acquired three other concerns and had secured an option on 800. 0.000.- GOO tons of Iron ore.
 Concerns In Combine.
 These concerns are the Worth Broth- CTS company of Coatesville, Pa, man. ufacturers chiefly of steel plates; the which Is allied with the Worth Broth CTS and the Remington Arms company of Delaware, a concern recently or ganlzed to manufacture arms and am- intuition at Eddystone. Pa The lat ter company, which has leased prop critics of the Baldwin Locomotive works and Is building another plant, Is a sep arate organization, it is understood, from the Remington Arms and Am | intuition company of Ilion, N. Y., but the announcement made tonight dis closed that Marcellus H. Dodge, presi- dent of the Remington Arms and Am | intuition company, Is a director of the rev Midvale company,
 May Absorb Other Companies, | With the exception of the United States Steel corporation, the new Mid vale company becomes the largest steel concern in point of capitalization in the country. and although Mr. Corey, who made the announcement of its ad- | ditional acquisitions. declined to dis | cuss the future plans of the company 1t was thought in steel circles that certain other concerns would probably be taken in at a later date.
 To Issue S7oJooo,ooo of Stock.
 The Midvale Steel and Ordnance company stands as a holding company fnr fhn fNaa HTw Corey's announcement said that in or. der to acquire these concerns and tS provide working capital S70,o00, 900 o It's stock would be issued.
 Board of Directors.
 Tn addition to Mfr. Dodge. the boars of directors of the company include Frank A yanderiip. president of tn II National City banl<s- Percy A. Rocke feIler: Albert IT. WIggin, president O the Chase National bank; Charles Il Sabin, president of the Guaranty Trus company of New York; Frederic W Allen, representing Lee. Higginson { company of Boston; Ambrose Monel president of the International Nicke company: Samuel F. Pryor. a directo of the Baldwin Locomotive works William P. Barba. vice president of tn Midvale Steel company, and Ava Dinkey. the newly elected president c . the old Midvale Steel company, Mi Corey becomes president of the hold ing company and MT. Dinkey vic |. president
 $22,ooo.ooo for MidvaIe Plants.
 It was learned that the price for tn Midvale plants was around $22. .000, ,00'
 MT. Corey declined to say what tn cost of the other concerns had beer 5 nor would he disclose from whom tn option on the 300, ,0O0, ,000 tons of fro ? ore had been secured. It was state in steel circles that the ore fields weI
 probably located in the Lake SuperiC district and rivalled those of tf . United States Steel corporation point of tonnage.
 Working Capital of $15,ooo 900.
 The Remington Arms company.
 was announced. has contracted to mar ,. ufacture two million rifles for n
 British government. None of the cor h cerns acquired. said the statemen
 have any debts other than current, ar
 the aggregate working capital of tl f parent company and its subsidiaril = will be in excess of SIS, 1000, ,000." n Stock of the company. when issued . sold on the curb today at 12O.