The Birmingham age-herald., 1909-06-27
Interesting Gossip p on How the Alabama Companies
 Will Ee Affected
DETAILS OF TIE PLAN
 ARE CAREF JULY GUARDED
Subject Will Prove, However, To Be Most Absorbing Topic in Indus trial circIes-Long- Standing
 Rumors About Confirmed.
BY WILLIAM RYAN.


 appears in another column of The Age Herald announcement is made upon au- thorlty that plans are being worked ont ior the -amalgamation of nearly all the important independent iron and steel com Pahles in the United States.
 while this is an exclusive news storv and will naturally be an obsorbing tonio In financial and industrial circles if win hardly cause surprise among those who are close observers of events ar who happen to be in touch with the ore sitna- ton.
 A lew months ago it was run1ored that the Jones & Laughlin company of pitts- burg, one of the strongest and ,oost ,,,r sfessive steel concerns in the country iiau US eye on the Birmingham district "lth a view of forming-a merger of cer- taln Independent companies. But that runor proved to be without foundation Wlthln the past two weeks the .'indenand- eht combine" talg was being revived hnt only one man in Birmingham connected "ith the iron trade seemed to take any stoek It In 1t. He said he had good reason for believing that "sometbjnp wac oolhg' and persisted in the statement made to few confidential friends that very shortly the project would be made public. His idea has been all along that Jones & Laughlin, Schwab, the Renuhlio company and the Lacllawanna cornnan,. would be among the leaders of the mer ger movement It turns out, however, according to MT. Nicholas, who by the way is known to have exceptional faeili- tles for obtaining inside information about everything pertaining to the stock mar ket or the industrial world. that Jones x Laughlin are not in the scheme. Tbav are to remain Independent. Also accord- Ing to Nicholas, the Pennsylvania Steel company and the Cambria company. both owned by Pennsylvania railroad interests are to remain Independent of the projected consolidation. It will doubtless he sur missed by iron operators that the Beth lehem company of which Schwab is nres- ioent; the hackawanna company, backed largely by the Vanderbilts; the Republic company, owned by the Schley-Ga syn olleate; the Inland company of Chicago, Of which Alex W. Thompson Is president and about 20 others will be in the new merger.
 How about the iron companies of the Birmingham district? President J. c. Maben of the Sloss-Sheffield. who keeps in very close touch with New York. has said repeatedly of late, when questioned about merger rumors, that he had no in- formation on the subject. But 1t has been taken for granted by iron operators here, that whenever a merger of inde. pendents was consummated the Sloss- Sheilleid company would be included. Rumors about consolidation projects have usually taken in,' besides the Sloss. these Alabama companies: The Alabama Con solidated, the Birmingham Coal and Iron and the Southern Steel, now Southern Iron and Steel. The Woodward Iron com pany occupies such an impregnable posi- ton in the independent field that well in formed men say it could never be in- auced to consider any proposition to join in consolidation movement The Sloss Sheffield company, like the Woodward Is also In position to reject any offer, no matter how tempting. These two com- panies can make iron at such relatively low cost that they could always view with indifference mergers or combines.
 But it is believed that MT. Maben and his associates in control of the Sloss- Sheffield company will not reject a merger proposition provided it Is especially at- tractive In financial way. MT. Mabesn enjoys his job. He works hard and he has frequently said that nothing agreed with him quite so well as work. But he has said, too. that any interest that wanted to acquire the Sloss- Sheffield com pany could do 1t If good, stiff price were offered provided always that the minor ity stockholders were to fare the same as the majority.
 In the case of all projects of great mag niturde, few men formulate and perfect plans before they divulge their scheme or even make the irpurpose known to those who are to be invited ultimately to come in. In this particular enterprise the strictest secrecy seems to be maintained, so far as details go.
 The merger will be all the easier of ac- complishment since tho United States Steel corporation is friendly to it. In the meantime particulars will be awaited with eager interest