Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-09
EATON TRIES TO BUY
.CAMPBELL'S STOCK
Offers to Take 100000
Shares of Youngstown Conn.,
mon at $120.
BY the Associated Press.

BY the Associated Press.
YOUNGSTOWN, Ohio, July e.-For
reply to a charge that he was holding
up construction of a new $12,00000
sheet steel mill by blocking merger Of
the Youngstown Sheet e. Tube Co. with
the Bethlehem Steel Corporation, Cyrus,
Eaton, Cleveland capitalist, offered In
court today to buy 100000 shares OF
Youngstown company common stock at
$120 share.
The offer was refused by James A
Campbell veteran chairman OF the
youngstown company, who was on the
witness stand for cross examination in
the suit brought by the Eaton group
Of stockholders to enjoin the merger.
Harry j. Crawford of Cleveland. one
of the plaintiffs attorneys. made the
offer for Eaton and told Campbell that
II it was accepted you can start work
tomorrow"
Says II Is worth S1Ss.
Il wouldn't want to sell at 120," said
Campbell.
Didn't you place value on the
stock OF HOP" asked Crawford.
Yes" retorted Campbell, but we
keL
Don't you think you would be cheat
ing Mr.. Eaton If ne bought at 1902"
NO; we should get more" was the
answer.
Judge David c. jenkins, against
better Judgment allowed the offer to
stand temporarily in the record al
though former Secretary of War New
ton d. Baker, chief attorney for the
defense, objected to it as not pertain
ing to the suit. Crawford declared il
would Mt into the record later.
Suit Amendment Filed.
The charge that Eaton was holding
back development by merger opposition
was made by Campbell from the stand
yesterday.
An amendment to the suit was filed
today by the plaintiffs, Myron G. Wick,
Jr., and the International Shares Cor
poration, the latter controlled by Eaton,
alleging that sale and dissolution of
the youngstown company were not au-
thortzed by the holders of shares en-
titling them to exercise at least two
thirds OF the voting power on such pro-
poSal.
Harry ]. Crawford, Cleveland attor-
ney for the anti-merger group, ended
four hours and a half of cross-exarn-
nation OF Campbell yesterday by asking
the amount spent by Sheet a. Tube to
gain its stockholders sanction of the
consolidation
Campbell said the amount was--44yery
large, but that he had no definite fig
ures. He promised to produce the fle-
lres when he resumed the witness stand
today.
Millions Spent in Fight.
Financial observers believed several
4 dNl1 o IA
both sides during the fight that ended
when Sheet 81 Tube shareholders voted
the sale by a bare majority of the
| necessary two-thirds shares.
Campbell was on the stand all of
yesterdays session in the suit brought
by Myron G. Wick, jr., of Youngstown,
and the International Shares Corpora.
ton of Cleveland seeking to enjoin the
billion-dollar consolidation on the
ground that it was unfair to Sheet 81
Tube stockholders and was fraudulently
negotiated.
Campbell Assumes Responsibility.
Campbell assumed full responsibility
for the negotiations and criticised Eaton
for opposing the deal The veteran
steelmaster testified that he first
| preached the proposition to Eugene c.
Grace, president of Bethlehem, in New
ANAh AooV Odhudly q. ne Sdlu HB QlQ
so on his own initiative, although Henry
G. Dalton and Samuel Mather, Cleve-
land financiers, had previously talked to
him about such a deal
Crawford laid heavy stress on this
testimony. The Eaton group has at
tackled the part played in the negoti-
atoms by Dalton, stakeholder in both
Bethlehem and Sheet a. Tube and
partner of Pickands, Mather & Co., ore
shippers who had contracts with Bethle-
hem.
Eaton's opposition, Campbell said,
was holding back the whole industry,
holding back our town and keeping our
people out of employment and all of
these things are a great detriment TO
our community, which am greatly in I
terested in"