The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1916-02-21
STEEL
PUTS SCHWAB
IN BIG FIELD


NEW YORK. Feb. 2O-Included i'm the
Ssl,sO0.OoO paid by the Bethlehem steel
corporation FOR the Pennsylvania steel
ON 20 pany was ts.50o.0oe which did not
90 Tor Pennsylvania stock. This amount
II was learned yesterday. was to take up
Indebtedness OF the fennSy lvania Rail-
t ,os company. represented in advances
LOT new construction work in recent
years. The Pennsylvania Railroad Com
pany. represented in advances for new
construction work In recent years The
pennsylvania Railroad. therefore. in adj
dluon TO the so share for common am.
flvV a share FOR preferred stock hold
VIII receive SS.5OO.OOo.
The Bethlehem Steel Corporation'-
purchase OF the Pennsylvania Steel COM
pahy suggests much greater possible
than Charles 81. Schwab's brief state-
ment outlined yesterday.
The Sparrows Point plant OF the
Penns ylvania.' said Afr. Schwab gives
to bethlehem a plant at the seaboard
which II has long desired for the de-
Nelopment OF its export trade. The pu--
ties both In this country and In CHA
and also important coal deposits.-
No mention + here made OF the Srar-
rows Point ship yards: which rank
Try: The Maryland steel Company. con-
trolled by the Pennsylvania Quilt IN
this organizatlon in recent years until
now ~ mas capacity FOR practically every
sort OF deep-sea vessel Mr. SchWab IA :
been doing quite a little in the shin
building way ever since he got his Bel h.
lchem company going we'll ana be II -
putt many vessels on both coasts In
times when there was not great deal
now. Tine Sparrows Point Yards ar
booked ahead for many months with bus.
mess which promises 20 return a profit
commensurate with the money made by
American shipbuilders sixty yearS a.,
when the world turned to tue United
states Tor a large part OF its ocean tom
The Pennsylvania steel COMPANY IL.
self Will give the Bethlehem organiza-
non greater capacity for the mar ufac-
ture OF Bessemer products and otb,s
lines. including bridge material and rstI
road supplies. The main works OF th-
Pennsylvania. at Steelton. have an an
ed products. and the Maryland works
nave Bessemer and open hearth facili.
ties Tor $50 tons OF steel inEots a year
When Mr.. Schwab was approache.. A.,
ieadlhg stockholding interests in the
Pennsylvania last November. he III dno-
appear altogether anxious 20 buv Ron.
resentatiyes of the Pennsylvania Rail-.
road held series OF conferences with
him at the Bethlehem offices mere. ana
II seemed for a time as though the desl
would 40 through at Mr. Schawb's fir.
as bidder for the Penasvlvanii Ran.
roads stock. and evidently his prices
We're higher than the Bethlehem man
was willing TO consider, fer negotiations
were dropped. and later news came tina,
The Bonner interests ha drought a par,
OF the Pennsylvania Railroads holdings
OF fenusy lNania steel. The prices re-
ported at the time were $50 FOR the rre.
tcrIcd and $50 for the common
II these figures were correct. Mr. Don
uer stands TO make an eNccllen. profi,
through the deal. While he will receive
- a share Less ror the common than hs
paid. a gain OF $40 share On his pre.
TERED stock holdings viii much more
than offset the loss on tho common q +
ne f. understood TO own considerably
more preferred than cOslmon stock Of IN,
Peunsy lvanla Steel Company."