Evening journal., 1915-09-25
SCHVAB,DUPONTS
MAY HAVE Great
MUNITIONS PLAN
Rumor Says Baldwins VIII
Join Steel Combine to,
Make War Material
sale OF MIDVALE
PROPERTY CONFIRMED

On flying trip to Philadelphia yes<
terday, Charles NJ Schwab, the Bethio{
hem Steel Company magnate, held lond
conferences with Pierre S. dupont, presi{
dent of the dupont Powder Company@
and Ehingham B. Morris, banker and
director OF many railroads and steeH
companies. II Is believed that theso
meetings have something to do with tha
sale of the Alidvale Steel Works md
Philadelphia, the reported purchase oil
the Car'nria Steel Works. at Johnstownl
and the combining of them with tha
Baldwin Locomotive Works in a greak
munitions trust 20 supply arms and and
munition to the allies, at war in Eirropa1
No conformation OF the report, howevorl
was obtainable in this city today.
The sale Of the AIidvale Steel WorixN
10 a syndicate represented by William A
Read g. Co., Of New York, was con(
firmed yesterday by James Francis Sul<
livan, of Philadelphia, vice-president Of
the company. The names Of the actual
purchasers. however, are withheld, but ii
Is believed that Schwab Is the leader %
the syndicate Rumors that the Cams
bria Steel Company had also been sold
persisted in financial circles. and Il id
believed that Schwab Is also IN this deal.
Alba b. Johnson, president of the Bald~
win Locomotive Works, refused last
night either 10 affirm or deny the rumor
that Baldwin's also had been sold, say-l
ing that he was unable to determine
! from the large sales of stock IN the open.
market whether or not control had pass
cd. A report that John J. Raszob, treas
urer of the DUPONT Company. was 70 be-
come a director of the Baldwin Company
also lacked confirmation
Schwab's talks with Mr.. DUPONT
and Mr.. Morris yesterday give color
10 the assumption that the big powder
company Is also included IN the
gigantic combination to make muni-
tions OF war. II rs rumored that
DUPONT and Schwab have ioined
forces to bring about the combina-
Z tion Of half dozen large Independent
J steel companies and form a mammoth
rival to the billion-dollar United
) States Steel Corporation.
Schwab first called on Mr.. dupont
Z at the Bellevue-Stratford where the
j two evidently had agreed to meet.
After he left there the steel magnate
went TO the Union League. where he
! met Morris. Morris Is chairman of
the board Of directors OF the Cambria
Steel Company and holds the same
position in the directorate of the
Pennsylvania Steel Company. II Is
believed that both of these concerns
will come in on the big merger.
Schwabs visit to Philadelphia was
kept a secret until after he had left
on his special car Mr.. dupont re-
turned to Wilmington before news OF
the conference and even declined to
say whether or not he had taken any
part in any deal of any kind
The report that the Baldwin works
would be part of the big combination
J was reflected on the stock exchange
, yesterday afternoon. when the shares
climbed to %, establishing a new high
) record. During the afternoon, the Of
iicers OF the company refused to dis
cuss the matter. but last night Alba B.
7 Johnson. the president. was asked
about 1t, and said:
b Il have no personal knowledge of
any change In the control Of Bald
wins. There have been large sales
n OF stock in the open market, but this
y stock now appears on our books in
u the names OF brokers and we cannot
T. tell whom these brokers represent. AS
s far as entering any combination is
h concerned, can only Say that have
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