New-York tribune., 1905-02-22
ALABAMA MERGER PLANS.
T. q. Bush Tells of Leaders an Iron
Consolidation Increment.

bauna Consolidated Coal and Iron Company and the
fShelby Iron Company. one of the foremost business
men OF the South and long intimately identhed
with railroad and iron interests, is now in New
sYork in connection with the proposed consolida-
sxion iron and coal interests Of Alabama IN
ran interview to-day Mr.. Bush said: Nothing
fcoud be done that would inure more 70 the iron
ssnterests as a whole in this country and OF Ala
bema particularly than the bringing together i'll
on4 harmonious organization of the chief iron and
coal properties in Alabama. All thoughtful busi-
mess men concede the fact that this is day
tsor large operations and perfect organization in
kp-der 70 secure economical production and the
most satisfactory results to the investors of capi-
sssl, as well to the consuming public by estab-
Fishing stability OF prices. 1t is well understood
@rhat in Alabama, in other mineral districts of
the country, a great deal Of pioneer work had
40 be done and Il has naturally taken a long
1irne TO establish thorough confidence in the in
sesting public. which is only in recent years begin
k1aing realize the enormous possibilities OF the
Alabama field.
Some convention can be had of the mineral re-
tsources OF Alabama. when il is understood that
there is owned by the companies which are pro-
posed TO be merged into common interest. an
leggregate OF 3oo00OOOo0 tons OF coal of provable
workable seams. and &0.OO0OOo tons Of proven
workable ore This is 1O0.00oOOO tons Of ore more
lshan the total supply claimed by the United
States Steel Corporation, and the coal supply Is
srnany times as great that owned by the Steel
hCorporation.
-It has been recognized for many years that the
kSuIlest utilization OF this vast mineral wealth
.could be brought about until consolidation of
s4he various iron companies could be effected in
order TO prevent unnecessary wasteful competition
tBut. because only in that manner could sufficient
capital running far into the millions, be secured
10 bring about development fully commensurate
with the resources. Birmingham Just now is some
what in the stage OF iron and steel development
(which Pttsburg went through year or two before
the organization Of the United States Steel Cor
poration combining the vast iron interests of that
section provided capital for the Development on
a far broader scale than had been possible before.
Though * is true that the percentage of iron in
ahe Of Alabama is somewhat less than in those
of the Lake Superior district, this is far more than
Offset by the fact that the Lake Superior ores have
TO be hauled a thousand miles to Pittsburg. and
Aahe ccke transported a considerable distance. while
the Alabama coal iron and limestone are in sight
'of each other and the furnaces. The situation
heretofore the efforts made TO bring about
consolidation Of the iron interests was very much
like that which for some years prevented COM
.kination of the locomotive interests OF the
try: namely. the inability Of the various compa-
asaies TO get together on a satisfactory basis.
1T was not until after Joseph H. Hoadley, after
sxthers had failed to accomplish a combination Of
Ethe locomotive interests purchased outright one
irlant after another that # possible 10 bring
these into company, and then it was that Mr..
sIoadIey organized che American Locomotive Com
pxany The result of such consolidation that
brought about by Mr.. Hoadley. both in industrial
And railroad interests, proved conclusivey that a
sconsoldation Of the iron interests in Alabama
hcoud best be effected in the way: that is. by
She purchase outright Of the various properties
sssesired Therefore this plan adopted by Mr.. Hoad
icy and his associates TO insure success is the
one which commends itself, not only to every
thoughtfui business man. but TO the strong bank
frg interests of this city.
The importance and the value of consolidating
she iron interests Of Alabama into one organization
IS not a new thought with or with others, and
while I, together with some others, have made
-,-ko1 ,zg n+ aft 41
Fpess never gave up hope of some day seeing this
ssreat work accomplished. When, in connection
with my associates I succeeded inducing Joseph
III Hoadley undertake this work, appreciating as
Z did not only Mr. Hoadeys financial strength and
shat Of the people with him for the development OF
ahis undertaking, I realized also that we would in
addition secure the benefit. which is of almost
equal Importance, Of the genius Mr.. Hoadley shows
sn mechanical developments. it being acknowledged
that he has no superior II an equal as 91ech46 45e
zeal engineer in this country Only TO-DAY Lne
ttion engine the Corliss Engine Works, at Provl
oehce oStSq py Ie W. Setrstei
lShat he and Walter Knight, formerly OF the Gen
seral Electric Company, have reyolutonlZed the
world in power by virtually cutting the cost OF
- Those who have taken the care to investigate
tAfr Hoadeys characteristics and ability as me
sTTnrised 10 learn that he has now fully demon
strated that the perfected internal combustion en-
ndI,sfriaI ~ Iie bisfor | fbeV win also become
Impressed with the that his disposition is TO
sbuild and develop which is plainly shown in all OF
ifhe industrial plants with which he is interested
which he controls. The history of the American
locomotive Company, the Corliss Engine Works, at
providence; the Greene -Wheelock Engine Company,
Eof Worcester; the AmOskeag Fire Engine Company.
of Manchester, y. H, and the American Ordnance
aConpany demonstrates this fact, and indicates OF
what infinite value 10 Alabama and to the whole
South will be the identification of Mr. HoadIey and
his associates in its development.
In addition to the money required for the pur-
chase of the properties at least $30OO0Oo0 more is
10 be provided for the building of furnaces and
steel plants and other enterprises which rebound
20 every interest in the community in which the
money Will be disbursed. One of the foremost
bankers OF the country, heavily interested a
director and investor in Southern railroad securi-
'.ies, expressed few days to me his belief that
the carrying out of this plan by Mr.. HoadIey and
his associates would double the tonnage the
entire Alabama district within five years. AS this
tonnage reaches In coal and iron about twenty
million tons a year, the Importance OF doubling
81 be recognized by every interested as an
Investor in Southern railroad securities.
4 glad say that in consultation with lead
as International banking houses, have found the
aeartiest support recognizing that this is by far
the most important undertaking which has been
brought about in this country since the organization
OF the United States Steel Corporation, and
parable with that in its influence upon the develop
snent upon sound business basis Of the iron and
eteei interests of the South