Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1915-10-19
o OF MIDvALE
Retired MiIIionaires Return to Forge
to Help in Defense Of Freedom.

Retired MiIIionaires Return 10 Forge
to Help in Defense Of Freedom.
This is the story of Midvale. 1t be-
gins more than a month back, IN a call
from across the water, and a hurry-up
summons from this side to the retired
millionaires of the Carnegie Steel COM
pany to come back to the forge. The
demand was for guns-big guns-and
big shells to fill them. Bethlehem and
everybody else was full up with or
petent hands was wanted.
The problem was to find a plant
with going organization and the
practiced men to put at the helm.
The case was intrusted to w. E.
Corey, retired from the presidency Of
the Carnegie Steel company and Of the
United States Steel corporation, and
to Ambrose Mcneil, now president Of
formerly assistant to MI. Corey when
president Of Carnegie Steel.
These two people needed no help to
map the steel ground Of this country.
They jumped for Midvale, which for 80
years had been building big guns and
armor plate for the United States gov
eminent, as well as many varieties Of
steel for commercial use.
1t had a complete organization
with a half dozen men in every de-
partment that knew every wheel to be
turned. But Mr.. Harrah, it's president,
now well advanced in years, had re-
fused, for personal reasons, to permit
the wheels to turn for any other coun-
try than the United States. Here was
organized, $500 employees residing in
and near Philadelphia, the best techni-
cal labor market in the country. and
here also were great possibilities Of
expansion both in plant and organiza-
ton.
The problem was now how to get
Midvale. OF course millionaire CAPT.
talists could not go into the field and
bid for it and they might run against
other bidders. Indeed. another bidder
was found in the field already. An al
lance was formed and the first bidder,
William A. Read & Co., promptly paid
the price, which, including all their
expenses, was close to $40, 600, 900.
They turned the property eel to Mr..
Corey and his associates for a 10 per
cent profit or commission and for just
s22, 900, 900 cash.
1t was determined that to make a
proper investment basis in this quest
such a combination Of properties
must be had as would be complete in
plants and organization from the ore
to the finished product and dependent
upon no outside interest. and after the
war would leave such a property on a
strong basis in the domain Of COM
mercial steel, whatever should be the
demand from the United States for
ordnance.
The plant that would best fall into
the middle of this combination was
that of Worth Brothers, successful
competitors for n generation with
Carnegie Steel. The Worth Brothers
were found not averse. in their ad-
vanced years, to retiring from a field
where they had held their own against
all Corners.
Their plant inventoried under ap-
praisement at $4,000, 900 and in adj
dition there was a net working capital
in cash, inventories and bills receiv-
able of Sc. 500, 900; a total of s19, $780,
600. The property was Immediately
taken wei for s1S,5OO 900 cash.
"Only the angels could have helped
Us acquire this property at this price"
was the remark as the purchase was
surveyed.-Wall Street Journal.