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Show Officials Of Corporations Will Not Deny Report; Directors Not Yet Informed, Says Rains j SAN FRANCISCO, June 14. (UP) Merger of the Columbia Steel Corporation and Pacific Coast Steel company, a 340,000,000 deal involving plants and holdings in California, Portland, Ore., Seattle, Wash., and Springville, Utah within the next few days was forecast here today. Although President Presi-dent Wigginston E. Creed of the Columbia Steel corporation fcas absent from the state, none of the other officers would jf'l'irm or deny the negotiation, it was reported. Accountants have been working on books of the two con-terns con-terns for a month to determine a means of establishing value on which an interchange of stock could be made. - The Columbia Steel corporation distributes 85 per cent of the pig iron used on the coast. Its coal and iron are obtained ob-tained from holdings near Springville, Utah, and its foundries ind mills are located at Portland, Ore., Torrence and Pittsburgh, Pitts-burgh, California. t The Pacific Coast Steel with its subsidiaries in southern California manufacture iron and steel and operates open hearth steel manufacturing plants at San Francisco, Portland jnd Seattle. fains iim-mewed t p'hen interviewed at the local j Uiitit of the Coiumbia Steel corponi-Tuesday corponi-Tuesday noon, relative to the fcu Francisco report of the iiupend-b iiupend-b forty million dollar merger of Columbia Steel Corporation and J. pacific Coast Steel company, L. I Hains, vice president and general nanuger of the former corporation, iplured that he had not been noti-led noti-led concerning the merger. "There can be no merger at the irist'ut time," declared Mr. Rains, since Mr. Creed, president of the iirKjnttion, is at present at Cedar liy, L'tnh. Personally, I don't ;nW anything concerning the merer. mer-er. At our last directors' meeting t Snn Francisco ou June 0 not ling li-ng was mentioned about any nier-fr. nier-fr. Should such a thing be pro-insed pro-insed it seems to me that the direet-m direet-m mid perhaps the stockholders of he two corporations ought to be niifiwL 'uture Unknown "At the present time,, no such n ironHitioii has been made to the mnnl of directors of the Columbia tied coi'iKa-ation. "Sovend times in the past rumors if a niinilar nut 1110 have been ru-hrteil ru-hrteil but each time they have been liiiiiil to be groundless. "1 ddii't know what may happen ti the future, but I do know that hi' directors of our corporation l'ivc not been given notice of such u lnuiiT at the present time." .Although Mr. Itains denies any lii'iwlcde of the proposed merger, I is known that such a plan has been fostered for a long Ume by men interested in the two organizations. organiza-tions. From the fact that the companies com-panies serve the same territory, it has been pointed out that in the interest of economy a merger would be a most desirable achievement for those interested in the organizations. organiza-tions. Wou'd Benefit Provo Since the establishment of the local plant of the Columbia Steel corporation, pig iron from this plant has been sold at various times to the oj)eu hearth plants of the Pacific Pa-cific Coast Steel corporation, according ac-cording to officials of the local plant. The Pacific Coast Steel company com-pany has no pig iron plant. Part of its supply of, this nature has been J furnished by the local corjioration. Should t he reported promised merger be completed, as indications seem to be it will, notwithstanding the fact, that the report has not been affirmed by officials of the local corporation, it will be of considerable con-siderable importance to the local plant in that an enlarged field for its products would lie created. Company officials are of the opinion opin-ion that, each new enlargement of the corporation wiLl be of material benefit to the local plant, which is one of the important units in the organization. President. Creed, accompanied by Mrs. Creed, are expected, to visit the local p'ant within the next few days. At; present they are visiting the scenic wonders of Southern T'tah and the iron holdings of the corporation in Iron county. |