Norwich bulletin., 1915-11-13

old, bid against his old superior off,
Ger. Wilriam II. Dopner. for the block
of stock and won it after negotiations
in Philadelphia which lasted all day
and virtually all night for several
days and nights. The stock was bought
from the Pennsylvania Railroad COM
pany! which formerly oWned 50,S2O
shares of the 100000 issued-a control
ling interest in the Cambria company.
The capitalization of the Cambria
Steel company is authorized at $780,
900. 900, but only $45, ,000,0 600, ,0e0
shares Of a $50 par Yalue) were is
sued.
Acquired About 112.ooo Shares.
OF the railroads original 81 one
cent. holdings of Cambria Steel. Mr..
Donner had already acquired about
two lots: one Of $4,000, on which he
had an option and the other, of the
same amount on which he acquired
a conditional option. The condition
was that he should find a purchaser
for the railroads holdings of Pennsyl-
vania Steel stock. Mr.. Donner is pres
#ident of both the Cambria and Penn
sylyania Steel companies.
Charles NJ. Schwab, the genius of
Bethlehem Steel. wanted the Penn
.sylvania Steel properties 1t was re-
ported, to combine them with his Beth
lehem Steel properties, it was report
ed, to combine them with his Bethle-
hem plant and thus form the nucleus
of another gigantic steel merger. Mr..
Donner's interest crossed with this
plan and Mr.. Donner won in the quest
for the Pennsylvania steel stock. He
then tried, it is said, to obtain the
remaining Cambria stock owned by
the railroad.
From Water Boy to Vice President.
Three weeks ago Mr.. Replogle, who
resigned as vice. president OF the
Cambria. company March LIST. began
negotiations for the purchase of the
remaining Cambria stock held by the
railroad. = During the twenty seven
years he had been with the Cambria
company he had risen from water boy
to occupy almost every position sue
cessively in line to the vice presi-
dency. He knew the property thor
oughly and wanted it. In the mean
time, however, the Pennsylvania rail-
road no longer controlling the Cambria
company after Mr.. Donner had exer-
cised his options. sold some of the
stock in the open market, at q time
when Cambria was at the crest Of its
recent rise.
Largest Single Stakeholder.
Negotiations were begun for the
purchase of the remainder and ended
today in the transfer of the stock to
Mt. Replogle. 30 IaI as Is known. MI.
Replogle is the largest single stock
holder. Whether a. fight for control
will develop is to be seen. The Cam
bria property consists of large steel
works, mills and blast furnaces at
Johnstown, Pa, and extensive iron
fore holdings in Michigan. In addition,
| the. company operates the Cambria
| Steamship company and the manufac-
turers' water company of Johnstown
M,64 R,,o,.,.. Ngt,s+ pf.n% VIII M~k.
What is to be done with the Cam
| bria property under Mr.. Replogle3s
| Inanagement-if ne succeeds in obtain
| ing suficient additional stock to give
him CONTROLS yet to be divulged. Il
| Is regarded as unlikely, however, that
| the mammoth plant will be put tc
work extensively on munitions orders
| for the allies, an undertaking with
which Wall Street gossip had identified
several steel changes recently. A state
ment covering this probably viii bs
Forthcoming within a few days.