The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-02-21
SOUTHERN MERGER.
NOW S'T.E|P s NEARER. E.:|.
Directors 81 Sloss-S Sheffield Com
pany ConsidcrsQ Question
81 Price. Ss s5a5
COMM Il M0N, ST 50; PREF, I! s125 3
Long Talked Z, q, {, Combination ,+,l'a;tii''lI
Seems ~ owS in air y Way
Of Contamination ss
55Sli |, I.
\
II (By, Associated n Press, u


NEW 81 ORK, D Feb. 20. --ss ~ he I'd irectors
and stock ckholders 81 he s loss sheffteltd l.t
company held IN Il i,npor ant \ conf ference nee
to-day, a I which 4 The NJ lest tor iof price
was considered lncid en- nta--ya to a merger
with the Tennessee Coal md Iron and
the Republic Steel and Iron Companihe h les,
The directors were reticent as to N the
price they would require for the transfer
OF the controlling interest ii but parties
close to the board intimate that as q
basis of negotiation, $3.50 for the COM
mon and s125 for the preferred would be
asked. sjs.5 s5 & r.
~ 1t will be noted that no egotiations
Sc EN- to be lii progress by the Hoadley!
Interests with the 7 Tennessee Coal and
Iron people B The parties interested In
| tho deal q bluntly state that there iseno
reason for negotiations with that COM
pany, as the Hoadley people have actual )
|2ly bought acontrolling Interest in the
stock in the open market and when they
are ready to carry out the scheme, they
will be prepared to DO SO, SO far as s>..e
Tennessee Company Is concerned. These
same interests have also been large buy
ers OF the sloss- Sheffield stock In the
open market but that stock is so held
that a control could mot be thus secured
and negotiations, therefore, for such 5con-
troll have become necessary. 5i ID, X s
1t is said that ohm w. Gates is zen :
ginocring the combination and that he
proposes to make It a K ormidable compe-
titor Of the United States Steel Corpor-7
alton. Mr.. Gates organized the American ca
Steel and Wire Company and the Federal
Steel Company which are the principal
subsidiary corporations OF the great steel
trust. ~ #
Several Meetings.
"A Several meetings were held yesterday
| 3in53 Wall Street, when terms were dis
cussed. Aniimportent interest is held by
G.. III, sHoadley and a syndicate, which
The organized, and 1t is said a price has
| been tixed for tho Sloss- Sheffield, $3.50
| for the common, and $1258 for the prefer
red. Tho Eoadley interests have obtain
ed Il majority Of stock IN the Tennessee
Coal and Iron Company and really con :
troll the negotiations In Mr.. Gates's M
lfterest, These same interests have also
been large buyers OF the oss-sheffield
stock in the open market, but that stock
lis SO held that q control could mot be
! thus secured 6nd negotiations Tor sucn
control have become necessary,
1t seems probable that tWo furnaces
owned by prominent men IN the Jnlted
States steel Corporate ion. and perhaps one
other, will bo included also In the new
| company. az Ill . s, !, n e
1T is understood also that the general
scheme OF consolidation pr0viuess for pa =
ling cash for at least a controlllng lnter-
| est IN the securities Of the various com 3
lpanies with tho privilege OF slpscrlping
Ilafterward to .lle securities OF a new
company to he formed to take over al
| tho companies that arc to so into the
consolidation. In addition to the Re-
i public, sloss- Sheffield, Tennessee Coal
and Iron and Alabama Consolidated. it
| seems nrobable that two furnaces own
ed BY prominent mon N the United stnf !.
Steel Corporationfand perhaps one olilet
will be Included In the new company
Several Important banking interests ~
SBirmingham are In town nna ~, !. - @ s''t
missed that their visit at this time has TO
dnIlargely with the last property to which
reference was Just made. IS
Finance Consolidation,
1t is understood thls several OF the
most important banking houses In his
nity have agreed to finance this consoli-
dalton IL control of the different COM
I5pnnles can be secured, These banking
| houses In that event would name most
Of the directors and tho consolidation
/ would he controlled much the same az
the American Locomotive Company was
at the outset, !. gl.S Y
Persons who have heretofore been skep-
/ teal as Il, u merger. of tho Southern Iron
and Steel properties have now changed
4 their opinion and declare that the long
4 talked -of combination seems now 70 pc
.llinS a fair.5Way ofScollsuMlnat1ol Il on & &