The times. [volume] (Richmond, Va.) 1890-1903, 1899-08-06
BIG IRON DEAL
CONSUNMAIED
SIoss-Sheffeld Combination Success
fully Put through.
STOCK HAS ALL BEEN TAKEN
The Local work of Organization " III
soon Begin, and a New steel rant
Will Probably BE Established
An Immense Output.

srcclal TO the Birmingham Ase-I'o'
az f~.n New York under Gaze ~
1.'gust 1st gives toe following accou''-
,f -ha bio- slOss- Shehold deal "hl-" '
re.antIv c8usummatsI ana MAlcH wa.
b.. of interest o. number OF D1a'''1-'
men 90 Richmond. ..,, r-., and
,.na s0-cauel sl0ss-Shciheid ZION anu
Steel Company combination, "N'-n ''.'
neon under negotiations for some
was concluded today tne "Ao'S
.r~fntions having been made by pronl.-
nent capitalists OF this cry ana e''o-
where. ptornont
Morgan e. company August he'll'o-'.'
strong sturels * Co., j. J.. Oicott pres
tse,t of the Central Trust company
CHARLES r. Flint & Co.; J. II. IatNeI,
Koan Van COurtlandt * Co., lhol"aS
praneh AZ CO.. Of Richmond Va Heo' 50
parsons. OF New York; George i. BAKER,
,residont OF the First National BANK %.
Taw York. Rogers. Brown a. go, ana
others OF financial influence. TINS coui.'.,
nation will insure important lHu4s'''' '
DEVELOPMENT iu Alabama ....-..
OFFICIAL CONFIRMAIlON.
The above special dispatch was feceiV-
cd bv the Age-Herald last night rom a
birmingham man in New l0fh conn -
ed win fhe new company. officially con-
a-mirg the ~epOrts which have oeen lA
circulation during the last few months
las TO the big deal IN which the Sloss ron
and steel Company of this city was '''
terested.
Tro company referred % above IS 20 ne
t-roUn as tho Sloss Sheffield IRON ana
Steel Company. and n VIII Doe cnar'e.el
fin New Jersey during the neAt Nv
days. The work OF ORGANIZING tle H-"
company win then De taken up ana COM
Dlof5d as rapidly as possible. Inete ~
been no intimation as yet as % VINO INC
officers OF the new company WIZ PC
THE COATpANY'S FINANCES.
The new concern has 100000 OF per
cent non-cumulauve preferred stocN'
and 100000 Of common stock. ~
bonds an an are to Doe issued by inc ne"
company But the 100000 lsr mortgage
per cent. bonds and lo@op gene tl
mortgage 4 IL per cent bonds OK ll'
Sloss company viii Doe nece- arily a7-
sumod by the now company. the >''V''-
ooO OF stock NJ the Sloss Iron and steer
Company will be taken MP by me NJ"
company. All ~ tho other nroneIly ll.-
Guided in this deal was obtained by out-
right purchase. and tho now company
Will have nothing 10 do with me sio. IS
OF the several smaller companies owning
Thorn. one OF the most important mat
ters IN connection with the new company
IS that rs stock viii be listed on the Ne"
York stock exchange.
The amount Of stock 70 he issued ny
the new company viii be Nf".fh Pr
ferred and s. M0 O00 common oIl OF l"l'
the sloss stock alone VIII be- taken up.
and an the funds for the acquisition ana
FUN development OF the new company
provided. ,,
~ mas seven from furnaces. All m
operation or Pa condition 20 ~ nu, ll
operation within % Few weeks il '"lS
something less than 2Noe0 acres ot ''dl
and ore lands and D. one Of tho largest
iron companies in The worh. ne ~"
COMPANY not only has extremely Nalla-
bic properties. but 10 Is organized WIN
very large working caniia.
Provision has been made fnr cfecllls
a stool mill in or near Birmingnam. THO
company WIN invest something ln eh'
m million dollars 0n this steel plant
n is also probable that o. NAV IN mo
near future erect one or more pl-piou"0'
coke ovens On this vicinity.
IN order 20 supply the Immediate &C.
manf tho construction NJ IN. more CUM
ovens will ho begun az once.
AZ stated I'm tho Age-Hcrald ~ SUNDAY.
,bo nronertios ~ tho new company viii
consist ~ the four big blast furnaces or
the sioss iron and steel COMPANY. 10
gether with all the valuable coal and ore
mines. and It's mineral nronerties. AZ Wen
as coke ovens. The LADY Enslev ava me
rfattia Fnslev furnaces M Shemeld and
the Philadelphia furnace at FLORENCE 20
pether with an u the mineral lands which
these three furnaces own. amounting 70
over n 90 acres. and the valuable brown
80 lands AT Russellviie. Ala. and az
w. point Tenn. The Gulf Coal and
coke COMPANY m Walker county has
40, "a, heen included in this combine.
WORKING HEADQUARTERS
As stated above the next step VIII ns