The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1916-02-24
Great Rivals Of the United States Steel Formed
ByFormerH Heads Of Corporation, SchwabandCorey


NEW YORK. Feb. 2s-Recent combi-
nations In the steel trade possess a
peculiar significancc because they are
G nfaSsf s Sy s0 steel dPS= 1Ss5asn5s u rh sss
men have behind them experience and
apparently have the confidence OF Suni-
large enterprises they are ensinesrins.
Schwab was the first president OF the
United States Steel Corporation. lie Is
now at the head Of the bethlehem Steel
Corporation, which has acquired control
OF the Pennsylvania Steel Company. This
new combination gives Bethlehem second
place among the steel companies OF the
United states. as ~ now has a larger
capacity than the Midvale-Cambrla con-
portant from the standpoint OF raw sup
plies. especially iron ore. The Pennsyl-
vania Steel Il very firmly intrenched In
iron ore. and It's chrome-nickeI content
will make II especially valuable to BETH
lehem Steel The acquisition OF the
pennsylvania Company Is the outcome OF
Germ TO add TO it, output BeSsemer steel
products and other general steel lines.
such as bridges, frogs and switches, sir
der rails, rail settings. etc.
importance OF New Combination.
The Bethlehem Steel which is capital
lAed with $lf.sOS.0UO preferred and Sl4.-
ee&eo0 common. owns the entire capital
stock Of bethlehem steel Company. Hnr-
ian & HulllugsWort Corporation. Union
iron Works Company. samuel l. Moore
a sons corporation and Bethlehem Iron
HfNHHA AHHAkAHA NANEN EAn-
sidiarlcs 10 controls Checver Iron Nine.
SoWtany with mines al Port Henry. y.
4. bethlehem Chile Iron Mines Com
iAhy' owing extensive and rich ore de-
Ioslts I'm chile. Fore River Shipbuilding
with yards at quincy. Mass.
che Titusvlle Forge Company. the Beth
lehem Steel Products Company. PhliadeI-
phla. bethlehem * New ugian Rail-
road saucon and q Improvement Com
pany and the JsraEue Iron Company.
with ore deposits in Cuba
The Pennsylvania steel Company Is
capitalized WITH S2O.b6O.s0U preferred
and \lV.sSo,o00 common stock. and con-
trols companies with a capital OF 81
2WN,oup preferred ana yS,550,OOu common.
me parent company has a pnd debt
ot ':loe.ovu, while that Of thc con-
trol4ed companies Is Sls.O46,Ou0. Among
lennsylVantas Subsidiaries are the
maryland Steel Company. which oper-
eteS at Sparrows Point Md. on, of the
try. and the Spanish-Amerlcan Iron Com-
pany. with enormous deposits of iron ore
10 cuba other subsidiaries control
tafSe deposits or coklng coal and Iron
ore IN Pennsylvania. The plants of ths
fenusyivarla steel Company are located
az Steelton and Lebanon. Pa, producing
CHIEFLY pig iron. ingots billets, blooms.
slabs. rams. castings. bridges ana struc-
tIral steel The record ingot production
1913.
scope Of W, E. corey's New Enterprise
NllAam r COREY who was the second
president Of the United states Steel Cor
porauon. L. now head OF the Miivais
steel q ordnance Company. which ls a
large combination or various properties
brought together several weeks aFo.
Ihis enterprise rcceutiy absorbed tho
Chmhria steel Company. Control i- thus
also secured OF AT stock OF che Feunsyl-
Nauta Mining cOmraUlts OF Michigan and
Wisconsin. and "a one-half interest N
Mahnnlug ore steel tomnay. owning the
~4lahonlng mine. one or the largest ore
deposits 81 best grade on McsIha ranFs.
The Cambria steel Company also owns
or controls. by virtue OF said lease. coal
- ..HHE containing an LanNM.HLL H-LH.HH
of 225.uou. 0'O tons OF steam and coAIuE
coal The Cambria Steel Company
through lts ownership OF stock uf the
cambria Nahouing J1hustuwu. Beaver
and Republic steamship companies con-
trolls bottoms for the transportation OF
~ raw material from the head OF the
lakes. Incidentally the Midvale steel a.
trdance Company through ownership az
its entire capital stock. exclusive ~ as
'rs Company. and through the owner
-hip Of 49, per cont OF Its capital stock.
ln. NldFAIr Steel company. which com-
philadelphia Pa. the steel c4parlt' 81
which mounts fo $4,000 tons per am
NUN. and also through Ownership Of al.
OF the capital stock of the Buena Vista
Iron Company. has valuable ore lands
IN cuba. and through the Remington
Arms company - Delaware has rifle
I contracts with the british government
amounting - 100000. 900.
II IS contemplated 60 finance the pur-
chase ot stock 81 the Cambria Steel com.
panF through the funds whSh Will Do
derived from the Offering OF SZ5.Ol0.0O0
jar value u stock and the issue by the
company ~ collateral trust bonds of
approximately 100000 600 90 principal
amount. which bonds. according 20 the
present plans. will De convertible into
capital stock or the company at the
price ~ 800 Tor $50 par value Of such
stock Under the circumstances, the
board ~ directors have determined that
if is advisable 20 increase the amount
OF the authorize capital stock ~ me
company from 500. 600. 600 20 $3.50. 600 -
600 ana have accordingly called % special
meeting of the ~HtockhOl1ers % consider
such Increase. 60 BE- held March IL
Mr. Corey. IN his letter tu bankers IN.
l'rwri'lrg tho NIdvale Steel 4 Dr1ar~e
.'r cent bands. gives fhe working capt.
fHI % the Nldvale Steel a GrIanea Com.
rHnF ~ Tho close ~ last wear ~ $4,000
600 and cambria Steel $4,000. 900 "a total
.Hf 317 100000.
output OF U. =. stesl's Competitors
More Than so Per Cent.
According % Wall street reports the
InIf"l states Steel CORPORATION VII