The age-herald., 1901-05-19

within the past year, to say the least, looking toward the organization of the different companies in the Birmingham district into one consolidated company, or placing the Tennessee company with any trust This is from the highest authori- ties in the matter, and 1t Is known posi- lively that it is true. Possibly some one or two stock holders, talking as we are now talking, have planned on paper such an organization, but no official or concerted move has been made with such an out come in view.
 Furthermore, in the first place, such a consolidation would be a most difficult task to undertake, owing to the stock of the companies of the district being so scattered. Why, asserted MT. Bowron, no five men, no six or even twenty-six men can control enough stock to offer a con trolling pool of the companies holdings. Consequently the combination will require considerable work by able men. And fur ther, if any such poolings are made the necessary purchases will force the fact to public knowledge. So, it may be said positively, that up to the present time no effort has been made.
 Effect in This District.
 Continuing in the talk, MT. Bowron made statements regarding the possible effect an organization of all companies of this district into one company would tend to have.
 While there are a great number of ar guments in favor of consolidation of large industries under one superior com pany, said Mir. Bowron, there remains ar guments against such consultations that 1t is rather difficult for me to pass by. The great argument, and the one most effective at this point, is the chance that will be given for smaller and individual companies to offer for sale the same pro- q off h1y Iarc ization at figure less than that which is necessary for a larger company to pay on inflated secureties. The small com panies manifestly have considerably less expense than the large companies-es- pecially in the one matter of manage ment. Then, too, they have only to pay the same price for manual labor that the large company is forced to pay. Conse- quently. they may successfully compete with the larger companies.
 Instead of making it easier to squeeze the small company out of the market said Mr. Bowron, consolidation makes it more difficult This great fact is fully realized by the local companies, and I really think they will seek to avoid its effects.
 Further, as for the matter of reduction of office and managing forces, should there be an organization or consolidation of interests. 1t really seems the per cent. of men forced out of employment would be so small as to be beyond passing mo- tice. Especially is this true with refer ence to the Tennessee and Sloss-Sheffleld companies. The forces now have all that the men are able to do, and the consoli- dation could not lessen this work to any appreciable extent. There might, of course, be changes in the boards of di- rectors, and possibly In the titles of the working force, but these would be minor.
 Continuing, he said, there IT 'ght, how ever be a marked change in sale-agehts in other cities. Say, for instance, the two companies now have one man each at Cincinnati. A consolidation would enable one man to do the work the two are now doing, and do 1t with facility. The effect in this respect would be the most appre- ciable felt from consolidation.
 MT. Bowron concluded, saying in re- gard to the question of changes of prices that would be almost impossible, as there are too many small companies in existence, and too many competitors in other districts to make this permissible So, really, you see ther is little to gain by consolidation. Also, In case there was a consolidation, the effect would not be so far-reaching, as the public, which has been taught to dread trusts, allows itself to imagine-