The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1916-02-03
$2OO,OOO,OOO STEEL
MERGER COMPLETED
Youngstown. Cambria, Laekawanna AMI
Others Combine.

NEW YORK. Feb. at was learned
IN vail street from interests close To the
bankers ana stcei men mentioned In con-
Heeu"n with the pans 10 merge the
Youngstown Sheet ana Tube Company.
the Cambria steel Company ana thc
l-achaW anna Sttct Compaus mat tus con
the Incorporation OF s-Uv.vUy.OVU COM
paHy. Formal announcement OF the mer-
ser viii be maze shortly.
Inc new concern viii BE- called the
international steel Company ami Viii be
capitalized - S-UU.UUU. ruu, par value 30.
OF Whlch slDU.vVU.uUU Nil be Iur stock
EAenahse anu maract purposes. An Issue
OF Sfv.vvv.uvV OF stock To o. brought out
immediately viii provide working capt.
TAI ana the necessary Iuuus for new
financing connected with the merger.
Plans Tor the consolidation OF the three
companies were considered by a COM
mittee composed OF Frank A WANDERING.
president OF the National city BaniI
Mortimer l.. Schitf. OF kuhn. Loeb a.
Co, Harrison Williams. chairman OF the
board of the Cleveland Electric IIIumi-
naung company ana director OF many
companies iu the public utility Held.
ana James A Campbell. president OF the
Youngstown Sheet ana Tube Company.
This committee agreed upon the terms
OF the merger the latter part OF last
week ana the three companies viii par
ticipate az these prices. CAMBRIA steel,
50 Lac kawanna steel. 30, and kuhn
Loeb q Co. viii underwrite the stock.
Other Concerns TO Go In
~ Nll' tue lhrec companies mtutioue1
FORM tAc nucleus OF the new 500. 1000. 900
corporation, IL IS understood that smaller
ludtpcuueut steel concerns viii DO abb
sorped. among them lake district COM
ldu\, probably the Inland steel Conn
pany. and possibly large tidcwater
snIpyard.
Ine aggregate capital Of the three
Sompanles IS approximately S107.75U. 900
lhe total outstanding stock of the
youngstown Sheet ana Tube Company
amounts 10 S4v,uvV,VvO preferred and
Sle.v00.vvO common. At the rate agreed
upon NofvvvVVO new stock will be- Is
sued IN exchange Tor Dung stoWu securi-
.i'H. or the SSf,ab,vpV stock OF &c
l.'ichawtnna company S3l2l 5000 viii
Be exchanged and St2.vUU.UOV ina new
stock viii be issued in exchange Tor the
N41,Ouu,OuO stock OF tho CAMBRIA steel
Company. which has "a partly OF $50
James A. Campbell Will PROBABLY be
the president Of tho new company and
j. l.. Itgploslo Will be first vice president.
WINE harrison Williams. Frank 4. Van
derlp. Mortimer l. Schiff Moses HI. Tay-
Tor and others viii be directors
The National lCty Bank and DreNeI &
Co.. OF Philadelphia. Will not participate
IA the merger underwriting. but the lat
Ter company has figured ia the ucgotFl-
lions a. representing the rsIliug end ~
. Too transaction along with M.u,n Na-
ugnal Bank interests OF Pittsburgh.
The new company will have a s4parfty
FOR yearly production OF nearly (. a5O'-
900 tons OF finished steel and viii be the
second largest steel company IN America.
EoLoWb hcploGle's Coupe.
The plan Tor q consolidation Of indie
pendent steel companies was brought 90
the front following the financial .c0up az
}. leonard t,plugle, who purchased a
b4nch OF -4p.nOu shares OF Cambria Steel
Company stock held by the PcnnsylvaniA
company. which formerly had control OF
the steel company.
The original Cambria steel Company
was Incorporated Novembe Il 1885 fl
ftnn@l ltaniA and in 1904 was merged
Win the tunemaugh steel Company. The
works and plants OF the company are at
q Johu-town. Ia. and cover J45 acres
~Lur iuahrN Cumpdulfe ~ the Cambria
are the Penn Iron Mining Company of
Miu'iEan. the Cambria Inclined Flame
company OF Jamestown. te Mauufac-
tgr,fs water Company. JohustoWu. the
Manpuiug ore and Steel COMPANY. Cam
hria steamship Company. Maharlrg
Steamship Company. Jamestown Water
company and the Juuiats LImsSt0na
company Ltd. The company has an
annual capacity or approximately 1905
600 tons OF finished steel
Tho youngstown Sheet and Tube Com
rtuN was Incorporated ga November.
1900. Zoo ohio. and owns ore property i'm
th" M"HHnl Range. Tt has an EXTENSIVE
ana diversified plant az Youngstown and
LoweIlviIe. Ohio.
The Lackawauna steel Company was
Incorporated February I5. 1909 IN Sew
York. to acquire the capital stock and
enlarge the properties OF the Inr<a,,ar.
pa Iron and Steel Company. The cHu-
pauy has an extensive steel rail maxim.
plant ut LaCkau anna. which was r.tr .1
operation iu 1908 The lnurlrv ,Yr-
trolls or leases about sixteen other conn
pauies.