The New York herald., 1920-12-28
MUCH REPLOGLE
IS OUT OF MARKET
COmpany's Leading Interests
Take Most of FLOATING
Supply in Street.
THEN STOCK RECEIVERS
Group Which Formed Corpora
tion Now Hold Larger Share
of 1T Than Ever.
THEN STOCK RECEIVERS

Leading interests OF the Replogle
Steel Company took concerted action
yesterday to remove from Wall Street
brokerage houses q big block or that
corporations shares, whose abrupt de-
cline supplied one OF the sensations OF
last weeks dealings In the market. Be-
tween $1,000 and $4,000 shares held In
margined accounts by twelve New York
Stock Exchange firms were taken >up
by ]. Leonard Replogle and associates.
paid for in cash and locked away in
strong boxes. AT the same time. 1t was
learned. several thousand shares owned
by traders in Johnstown. Pa, which
were being carried by brokers on credit.
were paid for in full and also put away.
The effect of that joint action was dis
closed Immediately in the market action
of the stock. The price, which early
in the day declined from 3S to 80 a
share. recovered to 1894 and left off
with net decline OF tx points
Transactions We're light after the ar
rangement had been made.
The step taken by Mr. Replogle and
colleagues who aided him in forming
the company last year removed from
brokerage offices, it was learned. nearly
all the floating supply of Replogle
shares. Although part of the stock
taken up was being carried by members
of the original group, much OF 1t was
held by others. AS a large majority OF
the company's outstanding issue of
250, 900 shares was already held by the
Replogle group, and none of which. It
was learned in quarters Of authority.
had been 5pld during the recent decline,
the transaction gives them greater in
terest in the corporation than before.
The action of Replogle shares during
the last fortnight had been puzzle to
the stock market community. After de-
clining more slowly during the price
reaction OF November and the first half
of December than did various other steel
issues. Replogle Steel suddenly broke
down 10 points on last Tuesday and
1914 points cn Friday. The weeks net
decline was 34la points. 1t was the
understanding that discrimination ex-
erclsed by the banks against the stock
in loans. after the decline got under
way, was n reason for the continued
reaction. The Replogle interests acted
yesterday that the stock might be pro-
tected from attack by bears and with
held from market activities which had
greatly unsettled investors in the issue.
At yesterdays prices the full capital
stock of the company was appraised In
the market at n value of about SS.500.-
600. In quarters close to the manage
ment 1t was said that the company had
$4,000.00 of cash. and ore ready to pass
through the blast furnaces. that the two
blast furnaces were valued al 1000. 900,
that the company's railroad at Wharton.
y. j., was priced at s2,0o0.000 and that
100000 had been spent on the mines
and steel works since the Replogle in
terests acquired control. The original
unit in the company was the Wharton
Steel Company, which owns several
thousand acres of iron ore lands in
New Jersey and Pennsylvania. The
company's last statement said that the
blast furnaces were nearly equipped and
prepared to manufacture 1000 tons OF
pig iron daily.