The Birmingham age-herald., 1914-01-25
GULF STATES STEEL
CO. TO REL|NQU|SH
LACEY-bUEK LANDS
Properties More Suitable for
Making Foundry Iron to
Basic Pig Iron
PRESIDENT BOWRON
ISSUES STATEMENT
Holdings Will Be Surrendered to Trus-
tee-DOes Not Mean Properties
Are No Longer Valuable.
May Be Developed Soon

The properties absorbed by the South
ern Steel company in 1906 belonging to
the Lacey-Buek Iron company will be
relinquished by the Gulf States Steel COM
pany to the trustee of the Lacey Buck
properties according to an announcement
made yesterday by James Bowron, pres-
dent of the Gulf States company. In
formal statement President Bowron says
that the owners of the equity in the
Lacey-Buek company are not operating
the plants thereon, that the properties
ere more suitable for the production of
foundry iron than basic pig iron, and as
the Gulf States company is confining its
operations to the production of Steel there
is no need of paying interest, taxes and
the fees of caretakers for the Lacey Buck
properties. Hence they will be relin-
quished by the company headed by Mr..
Bowron.
The properties of the LaceyBuek Iron
company consist of 5000 acres of iron
ore and coal lands and property upon
which the furnace at Trussville is To-
Gated.
The properties are held by the Cont
mental and Commercial Trust and Savings
bank of Chicago as trustee and it will
be the duty of the company's attorneys
pany. This will be done just as soon
as the formalities can be complied with,
according to the announcement.
Properties Are Valuable
The REIMBURSEMENT of these properties
by the Gulf States Steel company should
not be taken as an indication that they
are unworthy of further operation, it is
pointed out. As matter of fact the
properties, consisting of mine at Lewis
burg, furnace at Trussville, coal lands at
Iabuco, brown ore lands at Oremont,
Ga. between Admission and Rome, Ga,
end the ore mine at Crudup, are regard
ed as very valuable.
AS Mr. Bowron says they are best
adapted to the production of foundry
iron and it is his opinion that men with
sufficient money can make success of
operating these properties 1t is stated
that 100000 would be required to i'm
prove the holdings and place them in
shape for operation. well as carry a
new company for a short term. Fol-
lowing such steps, it is believed that
the revenue would be satisfactory.
This opinion, which is entertained by
Mr. Bowron, as we'll as other experts.
may lead to the development of these
properties. 1t is generally believed that
the trustee will not permit the properties
to go along unproductive, but will finance
some interests for the development of
these properties. An announcement is
expected within a short time.
The official statement of Mr.. Bowron as
to the relinquishment OF the properties
follows:
Mr.. Bowron's Statement
"In buying the assets formerly belong
Ing TO the Southern Iron and Steel COM
pany. the Gulf States Steel company has
acquired amongst others the equity owned
by the Southern Iron and Steel company
in the property of the lacey Buck Iron
at Trussvile, red ore mines at Crudup,
a coal mine near Lewisburg, coal lands
at Labuco. and brown ore mines at
Oremont, Ga. None of this property is
at present in operation and is only
source of expense to the Gulf States
company for taxes, insurance ana
takers. The property is better adapted
to the production of foundry iron than
to the production of basic pig iron. AS
the Gulf States company is not engaged
in the foundry iron business, and is con-
finng its operations to the production
of steel the management of the com
pany has not felt justified in assuminsr =
the bonded debt existing upon the Lacey
Buck properties, or in spending the money
necessary to put them in good working
order. 1t has, therefore, decided to re-
properties at an early date to the trus-
tee for the outstanding bonds of the
LaceyBuek company