The age-herald., 1899-08-02
Official Confirmation

hS S'pCNS SPtSidl uiSpdlCh was feGGlN6u by The Age-Herald last night from a Bir- mingham man in New York connected with the new company, officially confirm ing the reports which have been in circu- latlon during the last few months as to the bis deal in which the Sloss Iron and Steel Company of this city was interested. The company referred to above is to be known as the Sloss- Sheffield Iron and Steel Company. and it will be chartered in New Jersey during the next few days. The work of organizing the new company will then be taken up and completed as rapidly as possible. There has been no intimation as yet as to who the officers of the new company will be.
 The Company's Finances
 The new concern has $10,OOO,OOO of per cent non-cumulative preferred stock, and $lO,OO0,O0O of common stock. No bonds at all are to be issued by the new company The $5, 100000 of stock of the Sloss Iron and Steel company will be taken up by the new company All of the other property in- cluded in this deal was obtained by out right purchase, and the new company will have nothing to do with the stocks of the several smaller companies owning them. One of the most important matters in con- nection with the company is that it's stock will be listed on the New York stock exchange.
 It has seven iron furnaces, all in opera ton in condition to be put in operation within few weeks. It owns something less than 200.e00 acres of coal and ore lands, and is one of the largest iron companies in the world. The new company not only has extremely valuable properties, but it is or- ganized with very large working capital.
 Will Have a Steel Plant
 Provision has been made for erecting not less than 1000 ton steel mill in near Bir- mingham within the next yeaH The com pany will invest something in excess of a mil lion dollars on this steel plant. It Is also pro- bable that it may in the near future erect one or more bi-product coke ovens in this vicinity
 In order to supply the immediate demand, the construction of TOO more coke ovens will be begun at once.
 As stated in tine Age-Herald of Sunday, the properties of the new company will consist of the four big blast furnaces of the Sloss Iron and Steel Company, together with all the valuable coal and ore mines, and it's mineral properties, as well as coke ovens; the Lady Ensley and the Hattie Ensley furnaces al Sheffield and the Phila- delphia furnace at Florence, together with all of the mineral lands which these three furnaces own. amounting to over 50.OOO acres, and the valuable brown ore lands at Russellville, Ala, and at West Point, Tenn. The Gulf Coal and Coke Company in Walker county has not yet been included in this combine.
 Working Headquarters Here
 As stated above the next step will be the organization of this company. All that has been done thus far was getting the guar antee from the capitalists mentioned above, that the stock of the new concern would be underwritten. This was finally accom- plished yesterday. The company will, necessarily have a nominal office in New Jersey. where its charter is, but its work ing headquarters will continue to be in Bir- mingham.
 It is almost needless to say that the de- 'veiopments and improvements which the new company intend making in the Bir- ,mingham district and in other parts of the state, means the employment of several thousand more skilled operatives in this district, as well the expenditure of mill lions of dollars in improvements.