Evening star., 1932-02-10
RUM0RS OF STEEL
MERGERS GROWING
Mahoning Valley Seethes
With Reports of Plans =
for Combines.
BY the Associated Press.


CLEVELAND, February 10. Every
move on the checkerboard of steel Is
being watched for possible mergers and
combinations here IN the Mahoning
Valley, where the famous Bethlehem
youngstown Sheet & Tube battle Is
fresh in mind.
The latest move has been the eleva-
ton of H. G. Dalton, former broom
wielder in the Office of Pickands. Ma
ther e. Co., gigantic ore and pig iron
firm. to the king row.
Mr.. Dalton denied promptly that his
selection as chairman of the board of
Youngstown Sheet g. Tube Co. had any
thing to do with merger program.
But his selection placed him in a
strategic position should some of the
Midwest two years ago be revived when
steel mills become more active.
Rating Of Companies.
One Of the advocates of the Bethle-
hem Youngstown billion-dollar merger,
Dalton was criticized for his part in
that proposal because he was a di-
rector in the former and vice president
of the latter at the same time. He re-
Gently resigned from the Bethlehem
board.
Samuel G. Mathers, head Of Pick
ands. Mather, also was director of
the United States Steel Corporation.
His death left Dalton the directing
has not yet followed Mather into the
United States Steel board.
Any one having to do with all three
of these companies is in strong po-
sition, for United States Steel is first,
Bethlehem second and Youngstown
third in tonnage in the country.
Ranking third in dollars and cents is
Republic. This company entered the
picture when Cyrus S. Eaton sought to
block the Bethlehem Youngstown
merger. He had in mind Youngstown
Republic Iron and Steel merger. Either
move was regarded as a possible step
toward a consolidation with Inland
Steel, and all moves had in mind con-
solidation of position in the Chicago
district.
Although Eaton won the court battle,
he since has been removed from the
immediate picture by succeeding de-
velopments
James A Campbell. who retired at IT
to be replaced by Dalton, was a patri-
arch among steel men. A rugged bat
tier, he spent most Of his life fighting
mergers. He was offered the chairman
ship of a seven-company consolida ton
in 1921. but he backed out. Twice he
was almost coaXed into a merger with
Inland But his company bought out
right one company and merged with
another to gain a strong position in the
Chicago market with plants at South
Chicago, H., and Indiana Harbor, Ind.
Campbell fought some Of his own direc-
tors to put that program through
M u-h bo Dot loh
merger was proposed and Campbell said
he was for it, great strength was given
the merger proponents.
Claimed Dividend Record.
He claimed a record of always having
2 dividend for common stockholders.
The only piece of luck in his life, he
said. was when he decided not to GO
to West Point, after passing his ex-
aminatio and to take a S400-a-year
job clerking in hardware store instead.
Dalton, who succeeds him, is a man
after the same manner. Rugged as
rocks, a stern disciplinarian, he was
brought up in the Mather School of
rigid efficiency. Known as the silent
iron king" he makes his own decisions.
iron and ore docks at the age of l6, he
became the ONCE boy when Mather or
ganized Pickands, Mather & Co., which
was to become the largest ore firm on
the Lakes At 81 he was made a
partner in the firm.
He also is president of Interlake
Steamship Co. operating the second
largest feet on the Lakes.
President Coolidge called him to study
and make recommendations concerning
the merchant marine in 1925 and in
1880 President Hoover appointed him a
member Of the Merchant Marine Ad-
visory Board.