Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-11-25
Contracts for Purchase Are
Authorized at Mcetin.
of Board.
NINETY DAYS NEEDED
TO COMPLETE MERGER
Numerous Stockholders Meet
ings and Much Legal Pro-
ccdurc Are Necessary.
LnN \ssncln,cd rrcs.


NEW YORK. Nov. 3t.--The Be;hlc-
hem steel Corporation has announced
that contracts for the purchase OF
the Hiidvalc St'cl md or.luai!cc Com
pany. excluding tho "ilnancc plant
at :,ic"iovu. Pa and th. Cambria
Steel COMPANY. were authorized At a
special meeting "f The board o! III
rcciors today.
The Nidvale Company owns :, per
cent "i tho stocE ct the Cambria
Company. The Eethl'hom Company
IN uaymen; f"r tn. TWO properties
will issue about Sa1.G5D 900 par yaIi!,
"f it's common stock of which about
s:".o0o.0Oo VIII go 10 tho Midvalc
Company for distribution among it's
stockholders on dissolution oc thu.
company.
As a result, /, was stated. tho Mid
vale stockholders viii receive tor each
two shares Of stock of $50 par value
each Bethlehem stock OF sa5 par
value. Th" property and assets o;
the Nicet"wn plant VIII he conveyed
10 separate corporation. all OF the
shares uf which will be distributed
rro rata among tho Nihvale stork-
holders, The Bethlehem Compan ny
also VIII assume the bonds and other
Indebtedness "f the Mihvale and
Cambria
Another step Forward.
WITH the now Issue Of stock to paX
for tho stcc! company purchases. ;he
hcihl.hcm Corporation win have
common stock .;creSatinS .lSo?J0.
Geo par value outstanding: prct.rrca
stock. S6..oGo. hoo. aud u bonded deb,
cf S2l!,50o.o0o.
President Eugene Il. ,;ra." an
E"urvcd tho purchases mark another
- forward. IL was seated in the
u 'hlouem Corporation plan -
mt''"'"'tur@ = "umpiet, line Of com
mrT'ial steel products and increase
s"'y materials for the steel business
This riau las h.cn followed il was
SAID. since Charles 81 Schwah an,!
his associates became Interested In
~" i'-ihichcm Corporation The
Midvaio aud Cambria Compan
mauufartur" wirc and wire prod,fcts.
stool cars. boiler tubes. etc. and tho
H"th'"h"m. 10y tho acquisition of
these properties. viii he in a position.
II was said. Ia produce all CONNER
cial steel products with the cAccp-
,ion OF pip" and seamless tubes. and
plans ar" being made to produce
tfcso. The E"thlchems present in,ot
capacity oi i.s"0.000 tons Will ,bc in =
crea scd tu ..s00.1UO tons by the pur.
chase
Acquires Pennsylvania Plants.
E"thlchcm acquires plants At
tuatcSvillc and Johnstown ia. and
Wilmington. bel, and developed iron
or" properties in Michigan and Min
n"sota ANA coal mincs in rcnnsyl-
vania. These properties. when COM
hin"d with those OF the bethlehem
orp"rati"n. VIII place the concern
In i position to compete TO good adj
vantage with iis steel precincts i'm
the central Nest Industrial field
President Grace stated.
Tac dissolution uf tho Midyal,
Company viii mark the tcmporarv
r"tirrinent from the prominent 100
siti"n.he has held in the steel busl-
ness "t W. T.. Corey. cha airmar ut th5
board OF directors. and once head of
tn" United states S;rci Corporation.
II is understood that for the prcscu;
he Viii represent The Midvalc inter
cStS ON the board Of directors Of the
merged corporation. In - statement
given tonight confirming tho sale.
MIR. Corey said:
The officers and directors OF tn.
Midvalc Steel and ordnance Company
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