Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-12-04
SEVEN LARGE PLANTS TO-
OPERATE UNDER ONE NAME.
Independent Steel Company's
Plans Will Help Stabilize
the Industry.
NO TRADE wAn IS ExrEcrED
New Combination TO Have an Jngot
capacity of I0.G65, 900 Tons. Against
.270O.00O, the United States Steel
CorporntIon's Capacity.

NEW YORK, Dec. 3.-Before the
close or tho year the plan OF tho
merger OF number of the leading
independent steel companies, as an.
nounced In these columns more than
4 month ago, will have been com.
pieted under the name Of the indie.
pendent Steel Companies. with James
y Campbell. president of the
Youngstown Sheet and Tube Com.
pahy. or John a. Topping, prcsidcn,
Ut the Republic Iron and Steel Com
pany. aes chairman.
Corey to Attend Meeting.
william L. Corey, chairman Of the
i"oard OF tho Midvale Steel and Ord
nance Company. Is not candidate
Tor the post. Mr.. Corey did not at
tend the preliminary meeting or
Wednesday, but will be present al
the meeting on December Z, wher
The plan will have been put In shape
The consolidation includes. in ad.
di,ion to the above companies. tho
i.ackawanna Steel Company, Inlant
steel Company. Brier I'LL Steel Com
pnny and the Steel and Tube Com.
pnny OF America. Kuhn. Loeb & Co
and Dillon, Read s: Co. are expected
10 handle the financial phases of the
proposition.
There IN \ possibility that ono OF
tho smaller companies mentioned
may not go through with the pro-
posal. but II the cons olidation II
effected along the lines of repreeen-
tation at Wednesdays meeting II
viii make the new company second
in Importance to the United States
Steel Corporation.
Thomas I. Chadbournc. of Chad.
bourne, Rabbit S Wallace. attorneyt
Tor Midvale Steel and Ordnance Com
Dany. today said: Several of The
Independent steel compa ules were
Considering plan for arriving at .
possible consolidation basis. ] an
working with the companies Upoi
fnch "a plans but the matter is still
IN II preliminary stage and definite
details cannot be given at this time
1O,0U!.o0O InEot Capacity.
The formation OF the new COM
Iuny.- with AN ingot capacity OF TO-
c67.Ooo tons, as against 22.Ig0.o 600
tons. the United States Steel Corpor-
atoms capacity, and 3.i33.l00 tons
The capaclt yof the Bethlehem Steel
Corporation. !s not expected 10 re-
suit in u steel war. This opinion is
;reely expressed in Wall Street cir
.lcs and IN the steel trade.
/, was pointcd out by one repre-
sentative steel man il will 70 far
toward stabilIzing the industry
which recently. as the result OF the
business depression and too much
Ho-cailed cut-throat competition. M
said. had caused Losses on contracts
,rceived by the various companies
one company In particular. he point
ci out. within the last few monthc
took an order from railroad fol
several hundred thousand fish plates
which resulted in considerable loss
All factions Of the industry view
the situation in n broad-minded way
although il Is known that Charles
NJ. Schwab. chairman of the Bethle-
hem Company. which is not included
in the merger. and his associates
held lengthy conference today.
Oficlals OF the Steel Corporation
also held a meeting, and It was gen.
orally assumed that the definite steps
taken by the leading independents
were the subjects of discussion.
The movement for consolidation
OF the steel companies has been un-
successfully fathered since 1913, the
outbreak OF the war causing It's
abandonment at that time. 1t was
revived in 1919. but was allowed to
lie dormant owing to the general
conditions confronting the trade and
the financial world, or rather the
conditions that were foreseen BY
some III that time.
copyright. 1921, by Public Ledger Coz