The Birmingham age-herald., 1922-07-15
EXECUTIVE BOARD AGREES TOOPTION
 ALABAMA COMP ANY
For Term of Four Months. Deal Connected With East ern Merger, Reports
 Have It

Nothing further from the plan of eastern interests to secure option on the properties of the Alabama com pany, furnace and mine operators, was hearl yesterday. It is, however, presumed that by this time majority consent for the option has been se- cured.
 The plan is thus outlined in the Baltimore Sun of July S.
 Notice has gone out to the stock holders of the Alabama company that the executive committee had agreed to give a four months option on the company's property to New York syndicate. The notice asked that stockholders assent to the option and as majority of the stock is under stood to have given its assent. the option Is to become effective Monday (Monday of this week.. If the deal is finally consummated the stock holders will be called together, Of course, to ratify 1t.
 Edward N. Rich president of the company. who negotiated the deal, was not ready to disclose the actual purchasehs, but did say that Lloyd II. Atkinson, of New York, is to be given the option at $6.250,000. The bank ing house of Dilworth, Reid & Co, New York, is also In the deal.l The engineers will make an inyestiga- tion of the properties and if their re- port is favorable, the option will be closed.
 Talk of Liquidation
 "The option covers only the physi- cal and fixer property and not it's current ascsets. These are to remain the property of stockholders and. t is understood. the company Is to be 1 liquidated
 Current assets as given in the last available report as of the close of last year were $1,611,0 and current liabilities were s941 ,0oo. Included In these assets, however, were s655.- 900 of the company's bonds and $4,300 of its first preferred stock. Its assets have grown materially since that report was issued and its liabili- ties have been reduced considerably sS0o,000 of it's bank loans having been paid off recently.
 "Mr. Rich has been president of the company ever since 1t was organiz ed in 1913 to take over the Alabama Con- solidated Coal and Iron. The re- organization at that time was really for the purpose of liquidating the as- sets and the disposing of the property but the war came on and the manage. ment found it profitable to operate II for the time being, so the liquidation was postponed.
 A Proposed Merger Tt is understood that other cor porations operating near the com pany's properties are back of the deal and a merger to include three or four companies Is said to be on the carpet Mentioned in the rumors are the Sloss- Sheffield. Gulf States Steel Iron Products corporation and Wood ward Iron.
 "Company's total assets were given in the last report at $9,425,000 of which $7,762,000 represented real estate and plants. It has outstanding s600,000 of first preferred S stock, s1, 800, 900 of second preferred and $2,000,0 900 of common. Its funded debt@as given at s2.4s7000. consis- ting of $987.o00 first mortgage 5 per cent bonds due in 1883, s6o000O gem oral mortgage 6 per cent bonds due ir 1892 and sS40,000 ten-year per cent bonds due in 1881"
 Baltimore Is the home of President Rich and the Sun is credited with having gotten it's information from that high source.