The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1921-12-23
ENORMOUS DEAL
CLOSED FOR BIG
ASHLAND PLANTS
Armco CompanyTakes Over
Large Mills and Rail-
r1ad and Will En-
large Them.

A|| |f.||Mul.-4u NA tHN AIHlAil4
Iron 4 Mining Company today voted
nnanlmously 70 accept the proposition
o. he American Rolling Mil Com
Dany. Of Niddletown, Ohio. 70 buy the
antIfo hoidin9s OF the mining COM
-ean4 lnclndink The Ashtnnd Coal 4
Iron Railroad and the vast acreage OF
coal land along its line.
The deal Involves approximately
III. .Q1o. 900 and IL the largest deal that
over took place in Eastern Kentucky.
Tho exact details Of the trade were
not made public. but II 10 understood
ne foilowiHg = virtually the basis o.
- .snosholders Of the ashland
Iron 4 h.ning Company sell ~ nssets
10 the American Rolling MN Com
ptht. the latter 20 aeeume AL iiabill-
tioa of the mining company. for 39.S7b
shares OF common stock Of the rolling
mill company, which. whom received,
shall be held IN the corporate treas
urY of the mining company until Oc-
tobcr !. ie1o. Meanwhile and ultimate
" the stockholders Of the mining
company arc entitled 70 ono share Of
~ yafuo ar lls Of common stock OF
tno American Rolling Nil Company
for two and half eharea total par
vaiuo Of tizb atock Of the mining com
pany.
The negotiations for the sale OF the
AnhIand Iron 4 Mining Company 10
various larger organisations have gone
on for several months. Il has been
known here for nonao time. For long
time Il uaa rumorcd Henry Ford would
buy the properly, and his engineers
made moro than one trip 10 inspect the
yards Of the Aehiand Coal 4 Iron rail.
way and the lower furnaces or the
steel plant Other interests also from
timo 70 time negotiated for the pur-
chase o. tho mining ccmpanys prop
crty. some wanting only the coal
mcaoures and atiil others wanting on
" the steel plant. open hearth fur
uat11 and uheot mill 10 Ashland.
just preoisely what the American
lloIIing MN Company win do with its
Ashland plant "a not definitely known.
fntimhtions have been made from time
70 time. however. BY high officials OF
both the Ashland Iron 4 Mining Com-
pany and the American Rolling Mil
Company that no expense would be
spared 10 mako tho Ashland plant one
n. tho |||M|MI M Ih| IUAUn|nAUmf ufUnI
.c,,-.5 No. =, h.d ,cn- hs.n ~. ~
,<n1ic- ~ M o-s-,ns1 o,,,.-,. ~ ~
o-enanv herr "a hn,Id Z en,sh,nr Mi,
er6 "a maire out of shs nropertv here
m, ~ ~. e,-., 49,, .sa.s rens
-. Thst fh,s Man Viii n nat into
eflert 4 4 nrrt ~ the arre.r,.nt n tbe
~ n /. balIevsS ~ ,nauv
az rood anfhor,tv n 4. exnac,aa
NO a. no ycara ~ pnrc,..,n~ co,,- 1
rnv w,ll Nave spent more fhsr ~,
nllli6hr a. doliars ln the constr,,ctIon
N 4 0ni6hinr min ana "a Inc comnle-
IIon az otber plans fhat the Ashiana
,ornpanv iaid ont one a. theae Ise,,a
NV "a the inansurntion ~ 4 larra
Ilnc ronneotInr Tie A. q. Il /. rn,iwav
VIth fhe Detroit. Toledo 4 Ironton a
Ironton Whaf a moro ii,reiv. aora
IncIare. Z the extenaion ~ 4 barre
ina ~ cincinnati' there "a connect
gIth ibo CINCINNATI Hami,ton q nav
~ 40 Mlddletown, whers The roillng
nill on,npany.S larrast piant n iocat.
u.
rha combination Wiu make Ash,and
mo Of tho largeat centers In the Amer
can Rolling Miii system, which has
'esets IN excess OF sbv'vov.veo ana has
'Ant1 az Miuuietown gainesville and