The Birmingham age-herald., 1922-07-11
ALABAMA MERGER EFFORT REPORTED
 MAKING PROGRESS
Corona Coal Added to List of Properties Mentioned in Consolidation Plans
 Recently

New York appears to be taking seriously the efforts that are being made to effect cancellations of Ala bama iron. coal and steel properties.
 The Corona Coal company has be- come associated with the reports on Wall street. The others are those heretofore mentioned In The Age Herald.
 Local officials know only that parties have been In the district and still have here representatives who are endeavoring to effect consolida- tions. They have claimed to repre-
 sent strong interests in the east prominent among them being the Hartman estate.
 Promoters of the consultations have been at work on mergers em- l braclng different companies dhrins the past eight or nine months. Pratt Consolidated and other companies have been asked to name a price.
 Harry Leon Britain, who, with as- sociates, built the shipyards at Pen sacola Mobile and Savannah during the war and located the Birmingham Steel corporation here, Is reported as
 acting at the New York end. of the consolidating efforts.
 Local officials do not seem to be- lieve anything of tangible nature has yet taken place, although they | do not deny that persistent offort
 to form consultations Is being con
 ducted.
 The Wall Street Journal. speaking of the reports. says:
 Progress is being made on plans ! for consolidation of southern iron, steel and coal properties. according to interests usually well informed. Con cerns mentioned as likely to be in- cluded, If plans materiallze, are Iron Products corporation. Sloss- Sheffield Steel & Iron, Gulf States Steel, Pratt Consolidated Coal, Corona Coal and 1 Empire Coal. On some of these prop l critics 1t Is understood options have already been obtained and it is known
 that another of the group was ap-
 preached for the same purpose during
 the past week.
 | Advantages of Merger | Advantages of & merger of south-
 ern Iron, steel and coal properties have long been recognized. As the
 steel industry there Is constituted at | piesehl bolis pib run plouuSeI5 HdNS | inferior grades of ore to draw upon
 and other concerns with fewer fur naces have an excess of high grade
 ore. sloss-Sheffield has six furnaces
 whose output of iron Is now sold to
 outside Boundaries. Gulf States Steel,
 on the other hand, has over 100, 900. 900
 tons of ore, but only half as much
 blast furnace capacity as is needed | fo ada0nafa1y EnDniv steal rnilq Southern iron and steel plants have
 led the way among the Independents
 in change from red to black figures in earnings. Gulf States Steel in the l first quarter fully earned its pre- | ferred dividend and about 40 cents q share on the $11.152,150 common. and earnings in the second quarter are 1 estimated at the annual rate of about $6,a share on the common.
 Now Making Money
 Iron Products corporation began making money in April and earnings have steadily increased since, with every prospect fer large profits in the second half year. Earnings in the second quarter just about offset deficit of first three months, so that company begins the last half year with a clean slate and books filled with high-priced business. Price of cast iron soil pipe, its principal prod uct, has advanced 100 per cent in the last three months.
 'Sloss- -Sh heffield Steel & Iron also is making money. Company has five of six furnaces in blast. incoming business in excess of shipments. and si liquidating accumulation of coke at rate of 1000 tons day.