The Washington times., 1915-10-07
BANKERS SUPPORT
BIG STEEL MERGER
Four Large Properties Merged
As MidvaIe Steel and Ord
nance Company.

NEW YORK. Oct 7.-strons banking
support Of the new $lOOOoO.00 Midvale
Steel and Ordnance Company, 1ncor-
ideney insso to o"t take % over the M old Midvale
Company. is seen In the directorate
chosen at the initial stockholders meet
ing.
tion OF the capital stock of Worth Bros.
and the Delaware Remington Arms
Companies. OF more than 96 per cent OF
the old Midvale Steel capital stock. ana
of the Coatesville Rolling Mill Com
pany's property and business. 1t is the
biggest combine since the organization
Of the United states steel Corporation.
The concern starts with a European
order for 100000 Lee Enfield rifles and
presumably in the Lake Superior region.
The officers are: w. e. Corey, presi-
dent; A. e. Dinkey. vice president. and
w. b. Dickson. secretary.
simultaneously with these develop
mcnts the old stoc kof the Midvale
Steel Company appeared on the curb
a: on offered price of $500 share
the original syndicate in the deal just
closed bought control of the company
at $iS5 a share-and the new stock
OF the 100000, 900 Midvale concern.
OF $50 par value, was sold in a fifteen
share lot on the curb at s120 a share.
The directorate is one Of the strong
est combinations Of banking. capital
ing strength, that has been seen IN
some time in new aggregations in
this country.
Percy A. Rockefeller. son OF William
and nephew of John d. Rockefeller.
stands out as the most interesting
personality in the combination. for the
reason that he represents In this en- =
terprise the entrance OF this branch
OF the Rockefeller family into the
steel industry. The banking strength
ranrasanfed rl Is,
most striking feature.
The heads OF three OF the biggest
banking institutions in the country
are on the board. They are Frank 4.
City Bank; Charles II. Sabin. presi-
dent OF the Guaranty Trust Company.
and Albert II. Wiggin, president OF
the Chase National Bank.
Industrial and operating skill Is un-
usually represented in the board in the
rest OF its membership. All of these
men In addition are men OF wealth
William L. Corey heads the list. Others
are Ambrose Mcneil. president of the
International Nickel Company. and
close associate of William f. Corey.
and f. c. Converse. He IL one of the
young men trained and promoted by
Mr.. Converse in the big things the lat
ter has organized and backed.
Marcellus Hartley Dodge. president.
director. and principal stockholder OF
Union Metallic Cortridge Company, and
Samuel F.. Pryor. vice president and
general manager Of the Remington
company and director of the Baldwin
locomotive Company. represent on the
board the Remington plants that form
an important part OF the combine. Sam
uel NJ. Vauclain. vice president and
director for the Baldwin Locomotive
Company. Is on the new board. other
directors are Alva c. Dinkey and VIII
liam p. Barba. who has been vice presi-
dent and general manager of The old
Midvale company for many years.
The Remington Arms Company Of
Delaware Is the company with $4,000
nominal Capitalization. formed by Mr..
Dodge and Mr.. Pryor of the Connect
cut Remington Company. to make rifles
IN the Eddystone plant of the Baldwin
Locomotive Company. These two men
held most of the stock. the old Rcmng-
ton Arms Company owning but little
OF It.
Tho big property factor In the new
combine is the old Midvalc plant. The
syndicate paid 81, 100000 for this