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Lebanon Mills Cost $6,550,000■ »James Lord, president of the American Iron and Steel Manufacturing Company,confirmed the report of the purchase of» *the Lebanon and Reading plants by Charles M» Schwab, of the Bethlehem Steel Company. The sale is made to the - Penn-Mary Steel Company, and I includes .all the real estate, plants and franchises.Mr.. Lord said the purchase price, $6,556,800, was based on a value of $58.80 a share for 110,000 preferred and 50,000 common stock. Payment is to be made in twenty-five per cent mortgage bonds guaranteed by the Bethlehem Steel CompanyThe American Company was organized• 4seventeen years ago by the consolidationof the Pennsylvania Bolt and Nut Company, the Lebanon Roiling Mills Companyr ■and the J. H. Stembergh Sons plant at Reading. It was capitalized at $5,500,-000, and had a real estate, plant and equipment valuation of. $8,479,574, which included the new $2,000,000 electrically operated steel mills.
Newspaper Details
Hershey Press
Hershey, Pennsylvania, US
Thu, Dec 21, 1916
Page 3
Full Page
Clipped by
Garth C.
USA 18 Jun 2022
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