Evening journal., 1915-09-27
Reported Steel
MERGER IN SHAPE
Powder Co. Interests How
ever, Refuse TO Confirm
duPont-Baldwin Deal
MORGAN-COREY
RUMOR KEEPS ALIVE
Bv The United Press.

PHILADELPHIA, Pa, Sept 81
The consolidation OF independent
steel companies into two separate
. and distinct corporations-on FOSTER
cd by the Morgan-C -Corey-C Converse in
terests and tho other by the Schwab-
DUPONT group-to control the Ameri-
can munitions output, rapidly began
shaping itself today. Rumors are
numerous concerning the steps taken
by both interests, but none can be
confirmed.
officials Of the Baldwin Locomo-
tive Works today refused TO discuss
tho report that the Schwab-duPont
group have acquired control Of the
company. Despite their silence the
report was generally credited in
financial circles in view OF the num-
erous meetings held last week be-
tween Charles NJ. Schwab. the dupont
and Baldwin directors. Brokers also
admitted today enough Baldwin
stock has been transferred within the
past month TO place control Of the
great munitions and locomotive
works into new hands. John J. Ras-
koh. treasurer Of the dupont Com
pany. refused 10 confirm the Baldwin
iuPont story.
Before tho week IS over. II is be-
lieved other several companies viii
pass into the hands OF either group
Startling developments are looked for
in The Cambria deal within the "a
hours. Indications are the company
Will be acquired by the Morgan Corey
interests. other concerns said to be
Involved in the bitter fight between
the steel mafuates are said 10 be the
Pennsylvania Steel Company. the
William Cramp Ship and Engine
Building Company and tho J. G. Brill
Company.
While officials Of the DUPONT Com
pany say there Is nothing in the re-
ports that the company has bought
into" the Baldwin Company. there is
a general impression in financial cir
rles today that whatever buying has
been done by men associated with the
dupont interests" has been on their
own individual account and invest
ment and not for the DUPONT Company.
Just as II was done in General Motors
stock A Philadelphia newspaper
said today:
Works has passed 20 the dupont
powder interests. This control has
been obtained mainly by a purchase
of the majority of the common stock.
according 20 information vouchsafed
Yesterday by the Philadelphia and
New York bankers who handled the
deal
This is the first step disclosed in the
scheme Of the duponts, In association
with Charles NJ. Schwab. president OF the
Bethlehem Steel Corporation. 10 bull,
up a gigantic corporation. makers q
munitions and railroad equipment an'
general steel products. In rivalry wit
the ncwly-farmed clique headed by Vii
liam =. Corey. T. G.. Converse and Pcrc
g. Rockefeller together with }. T. Nor
gan and his great banking following
who last week acquired the Aldval
Steel Company.
Two OF the most powerful financia
and industrial groups which could pos
sibly be mustered in this country ar
now arrayed the one against th
other In a titanic struggle 10 contrc
the biggest end Of the munition mant
featuring trade Of America. This weel
II is expected will see the passing q
some OF the oldest steel concerns int
the hands Of one the other OF thes
competitors.
Large Profits Made.
The enormous profits which hav
been made by the duPonts and III
bethlehem Steel Corporation am
those interests which have turne'
their plants into munitions factories
have stimulated other captains of in
dustry 10 enter the field and to gathel
together certain unattached steel con
Germs and turn them into one big cor
poration to handle the great war order
. business.
New Combination Strong.
With the acquisition OF the Baldwin
Locomotive Works. the duPonts. In
association with the Bethlehem Steel
Company, loom up as the mosi
strongly intrenched factors so far N
the muniton business. and only las
week they further added 90 theil
holdings by securing controlling
interest In the General Motors Com
pany. which up 10 the present has no
manufactured motors for war pur
poses. Reports are persistent tha
the duPonts are seeking control o
the Colorado Coal and Iron Company
The dupont group began to gathe
In the Baldwin shares some month
ago as an investment proposition. bt
when Schwab came 10 them with th
idea OF making a big deal in tho in
dustry, to keep ahead and to ou
rank the newly-formed Corey cliqu
they set to work to secure control
The property. They were in a splel
aid position 10 do this. for not on