The Daily Alaska empire., 1928-01-20

Gigantic Cmnery Merger
 OfS. K. Alaskn Properties
 Projected; DedI Discussed

that plans were being worked oat there for a big merger of salmon canning properties in Southeast ern Alaska but no details wee available. In the current nun Der of the Pacific Fisherman con firmation of these reports is car. ! ried in an article which gives what information could be had It is evident that little has been done toward consolidation. Op. tions have been taken but evea among the canners who have giv- en options, il is not expected thai he deal will go through at least l in the near future
 lnvolves r.any ..illions
 The following account is taken rom the Pacific Fisherman:
 The normal course CT midw.Gse1 I activities in the salmon industry l has been somewhat interrupted by movements, apparently originatiie l outside the industry itself. looking toward gigantic merger of cal. nery operations. There have ir fact been rumors of two or thres l such movements. as well as ot private negotiations on the par of certain packing. concerns de l sirous of expanding their aetivi l ties. There has been much mys
 terious senrrying. about. apparent. 1 ly in connection with deals of , this nature; and uncertainty as ] to the outcome has tended to dis tract tEs attention of packers
 from other problems and,s in I l measure, to retard preparations for the coming season.
 Reports have been circulated during the last month of two ol
 perhaps three projected deals os
 major importance; but with one l exception these rumors have been 1 of such vague and nebulous chr acter that no definite statement l is warranted, except that efforts to consolidate some of the lead I ing factors in the industry are said to have been under consider. ation. That such activities hay" been receiving the attention of
 large financial interests is inds- cated by the report that the Caa.
 fornia Packing Corporation some time ago received an offer of
 SIG, ,000, 900 for it's holdings in the
 Alaska Packers Association; but as the holdings were valued at
 not less than $12,0O0,000 the ne.
 gotiations were dropped.
 Project of Exceptional Magnitude
 Efforts toward large-scale con.
 solidation have been initiated sey. eral times in the last few years.
 but without success. Ot least on : of those now under way, how
 eyer, has made appreciable prog
 ress and assumed more or less
 definite form. being probably 0.
 greater magnitude than anything of the kind ever attempted in the
 past. If successful, it would un-
 doubtedly result in radical and far-reaching changes, involving
 practically complete realignment not only in the industry itself, but in all of it's many relations;
 and it therefore seems proper tha. the matter should be discussed jn these columns.
 I The movement referred to Is
 being promoted by Blyth, Witter X Co.,, well-known San Fran cisco bond house with branches
 in Seattle, Portland. etc, which
 has put over a number of sue
 cessful consolidation and finan.. ing deals in other Pacific Coast industries, and no doubt regards the salmon business as a promls-
 ing field for further activities of this nature. It has been assumed
 in some quarters that this com
 pany was acting on behalf Of
 some of the larger interests in the industry, but this view can' not be verified at present: nor
 has anything developed to indi-
 cate that Eastern capital is be hind the effort.
 During the last month or more
 large number of packers have
 been approached by represents
 lives of this company with pro
 posals to purchase their cannery
 properties on a cash basis. with
 invitations to name prices that
 they would consider. A form of
 option has been widely distribu-
 ted, in which Manse1 P. Griffiths,
 Seattle manager for the company, lis named as "party of the second
 part" The options are made to
 cover the canneries and all prop
 critics and equipment used in con nection with them. including float
 ing equipment. traps. fishina l