New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-02-27
VAST MINERAL PROPERTY.
TEE TENNESSEE COAL, IRON AND RAIL-
ROAD COMPANY!


ROAD COMPANY
SPECULATION HAS SENT ITS STOCK Up AND
DOWN, But ITS POSSESSIONS IScREAsD
IN vALuE-A SUMMARY OF
| ITS CONDITION.
Public interest has been widely aroused as to tho
| character, extent and productive capacity OF the
property Of the Tennessee Coal. Iron and Rail-
| road Company, Of which ex-senator T. c. Plstt
| Is president, because Of recent sudden and
| wide chanes in tho selling prico OF Its secur.
ties on the N,wYork Stock Exchange. General II. A.
Algcr Of Michigan; c. c. Baldwin and Colonel Daniel
Lamont. OF NewYork; Colonel Enoch Ensley, OF Ten
nes'ec, and oAcr weltknown public men are N tho
board OF Directors, which attracts still further attcn'
ton to Its chaNctcr besides which the stock sales
| have been tremendous. $4,000 out Of total OF
| 10000 shares Of common stock having been handled
In single day on the Exchange The stock recently
declined heavily. md has now partially recovered
| Concerning the fluctuations, the following informauon
| Is given out by ofaces Of the company
The intlmatlon ths tho recent decline in Tennessee
Coal and Iron stock character similar to Its decline
In 1885, and that bo declines the result Of inside
manipulation N fleece the public through mundcr.
standing and lack OF The decline Of 1880 came
from the most natural Of watering stock from
| s3,UOO,OVO 10 el0OOCO0O OF the Increased STOCK
OOOOO Issued stock dividend TO the holders Of
| the original stock. Anotha, % 900 OCO given q
bonus In the purchase Of the Pratt Coal Company which
property was bonded for II, ben full value Tho other
million WAS put Into the Treasury 10 sell for the benefit OF
the company There legitimate In these trans
actions for the bsk In the occurred in 1883
Since en up To the time. there has been spent on
tho op-y out Of the actual ne: profits Of tho business
ti;0 ooo every dollar Of which senc 10 bettcncns
aud developments Beside. this s0o 900 received
| f-lo O a of
stock and It's sale has also been spent the property
This makes substantially q: oO 900 solid cash that has
been put into the business December 1885, when tho
| stock dividend made. The conditions therefore
| entirely dihcren, fruln what they then.
Wall Street makes great capital out the annual state.
mcnt for the fsca ending January 81 beesuse shows
only per cent net earnings tho stock. Ger
payment OF fixed charges interest and preferred DIVIDEND
entirely overlooking In frst half the fiscal year
prices vrre the lowest that have been known in the
History o the Iron trade America and that the present
prices tho company Is earning II per the
mon stock There Other equally favorable points
Looked The company. for instance. Is the lessee nj all
! the con>cs II Trnn"s.ee and Alabama. These give I'M
mnity from strikes labor disturbances. although 900
abrcrs are employed outside the convicts who are at
work only In the coal mines With such labor In the mines
and controlling the do the heart OF the
cohng and steam coal OF Tennessee and Alabama. and
supplying not only It's furnaces hut a Of the
surrounding furnaces and rolling mill, with their fuel b.
,drs half dozen railroads, tho ptof~ Of the companys
coa ana coke tAdo alone sufficient dollar
of s nHcd charges II srord TO vii Of pix
produced a. cost price. and b. crowded TO the wall
y competition under any Circumstances or conditions OF
usde. The extent u Ito he rallied when IL
stated that there year only four States Ter
ttor!es TO which Il did not send iron Tho birmingham
ron literally from tn" Atlantic tho Ia nc. and
| fIom canada 10 tho ,ulf Of Mexico.
Ia the financial article Of NewYork paper. within
| day or two. tho T1n"s.ec Coal and lr0 Company
i"f"fr'd ~ ~ rattle trap" How can be
de'iena,"d In seriousness. in financial article ~hrn It
has product cnce,dcd ony by the Illinois steel Company
aid thc Carnegie BShers. In all tho Cnitd States IL Il
hard ~ imagine The company. floating debt smaller
than Tor yam II- 1t In. Sufficient quick a.s',, - pay
n within thirty days II Lr-cfu. every doA OF Its Iva
ihg d'm aud At tn. time provide In advance !.r
haI years In:"r',t. sinking fund and dividends
f-rrcd strk. or. II the directors should deem such
,olr,e wise" might Immediately bcsn paying III Id nj.
"a common str But til. tendency for years pas. hay
is b,'n N .Ntnd ths business and make bs3Tn,nts AT
he cost 4 plng up nOsns debt. tho present arrangement
| has cOnser,su,"ly deemed 10 BITTER 70 rtuce the
Ilny. orligs'luns and accumulate working capital.
II "" not 4, u estimate he value u the sck BY capital!
ins hr d,idrhds ea'n~d upon a. shelter Iaid not
foi ony onethird of the aggregate ck and bod 'sptl
.nN-.>d In r-pf'ductNt form Tho fcaaiHdsr. With
equal ~ to cntr- shat. capital 10 if'r.ted H. The
asc.: bly, q mineral land VI high ehars h. o"n'i n
uhs c"Ihtry by any corpora alton. TLc PAM.
tt"Ieh n"T u the s:o"k LrchAnge Is thirty years. cd.
AID i. Ca! land. In Tsnn-..ee and iron lands Ala.
han. ~'t" ~otd L-fpe The IT. pr"s"nt no.lng.
haS" BIN obtained p-c by pr- he lie Il vars
by b-n Hins the ground and thoroughly familiar viii
TIC Ns!gr % every sr,pn uat nay bousAt. II would L.
'maiI '.ln thh part 4 tn" company a,..r: uat
'a~ horace IN the value & t and qua. 70 p-t cent
annum IT. 'aitl st. t'e Nes;E,n, IA the
| J..As broadly cqL.. u,c " oth~r.
| Tho history OF the Trnncs.cc Coal and Iron Com.
Iany began With charter obtained from fhI
I'nn"..'c legislature IN l,'D. II Ia, slHcc
at Various umr acquired tho properties 81
The ,cuanro Mining Company. tho >nuthcr,,
| state, Coal. Iron and Land Company, the
| al Com i. lice Guu
rAny. tn" Pratt coal and Iron Company. and the Linn
Ir"n Work., the last three properties being Ia the
>t't" 81 Alahama. and were acquired IN l--6 Tn"
total ARA 81 mineral land, and r-ht,
owned hy a." company !, 20-,J.3 aon,>.
4 vh'h -l.D- acr- are IA Al'uma.
ard i-G.,., ,rr'. IN I"nnr,,"r. Of the Latter
'-l'.' lie IA ,o'kr ami hrrn '"uutic,. III the east
"i portion 81 the -ri". to" h"ii,r- of N"rti
lh-'' III each stat. each OPERATED under separate
'upriint"rd"ni bat all under thc supervision Of {,
i.'.i, Of ih" ,amran, H." lh,'. dl.i,l"n' N Zen.
hLd t"wau division the thee" Aiabau:, a, III,
Birmingham. Irttt Mnr, and En,icy DIVISIONS, The
nanr, nt tho division, ln,lc The ,"y"rIl prop.ri.,
,.ogr' phi'aily "n maps Of the two state.
lhr productive '"ph,liy and Some idea 81 tn"
tent and character "i these po,,e>sDn> may be- a,ccg>
, | tilncd by Inspecting the following lsurr,:
'oAh' Tons
Nin" coal mines at Pratt. 80 ton. daily. 1000
l"ur coz. mine. at Trey ~ goo tons daily 5000,
Total oc5 cot
, | COKE.
| Two hundred and Gf,y cokc Airc $50 tons
daily.
Eight hundred snd -k coke At Pra., 500 ton,
| daily.
IN" hundred and seventy coke ovens a, whtw,ll 2Of
ton, daily.
fN" hundred and thtyf four c"A" At Tracy CITY
| . daily.
T"tnl. i.;6i coke o,rn. 1880 tons daily. or OCT
| tons
| IEOS ORES.
-Four mines at Red Mountain. - 200 ton, per dav.
Tw" mines - Inniin 200 per da;.
Total mines. B. 100 tons daily, 10000 tons pei
I year.
| PIE. Il,D\.
Ten blast furnaces. with COIL lcc plants 600 tons
alnrinN.
RAILROADS.