The Camden chronicle. (Camden, Tenn.) 1890-current, 1899-07-07
In Big Properties Located In State
Of Alabama.
GREAT BOOM FOR THE SOUTH
Prominent Capitalists Show Their
Faith In This Section In
Substantial Way.

A Birmingham, Ala, special says; |
Messrs. John =. Searles and Abram |
S. Hewitt, of New York, and some of |
their leading New York and Boston
associates, the international Trust
company, of Baltimore; Messrs. Mid
dendorf, Oliver & Son, Of Baltimore;
John L. Williams & Sons, of Rich
mond, and others, have just succeeded
in arranging one of the most impor-
tant coal and iron consultations ever
effected in tie south. A syndicate
with capital stock of $4,000, 900 has
been organized, all of which has been
underwritten, and has purchased the
Clifton Iron company, one of the
most noted iron properties Of Alaba-
ma, owning 10000 acres Of land and
two furnaces.
TIE Standard Coal Company, a reg
ular dividend-paying property, own
ing 80, 900 acres of coal land.
The Mary Pratt furnace in Birming-
ham.
The Gate City properties adjacent
to Birmingham were purchas-
ed some months ago by Baltimore and
Richmond interests and the GOdsden,
Ala, furnace and large ore properties
in connection Herewith.
The consolidated properties will
cover about 10000 acres Of land, four
! furnaces and several coke ovens. Re-
pairs on some of the furnaces, the
building of four or five hundred coke
ovens and the trebiing of the coal out
put are now under way, and will be
completed within about four months,
when the company will have an aggre-
gate capacity of 10000 tons Of pig
iron per year and daily output of
over 1000 tons of coal.
These properties have been exam
med by some of the ablest experts in
the country, including Ricketts, &
Banks, of New York; J. P Witherow,
of Pittsburg, and Nicholas S. Hill, Jr.,
of Hill & Howard, Baltimore. All re-
ports indicate that these are among
the most valuable coal and iron prop
critics in the south and it is believed
that the company will have the best
combination of brown ore and red ore
and high-grade coking of any compa-
ny in Alabama, and with its furnaces
located at the most available points
for the cheapest production of high
grade iron, will be able to make iron
az profit even should prices ever re-
turn to the low figures prevailing two
OF three years ago.
T. G.. Bush, president of the Clifton
Iron Company, one of the ablest and
most noted iron men of Alabama, will
bo president of the consolidated com
pany, and T. M. Jackson, genera
manager of the Standard Coal Com
pony, who has operated that property
for the last ten years, will have gener
al charge of its coke and coal interests
The options on some of these proper
ties were secured eight or ten month";
ago before the present activity in irol
commenced and could not possibly b,
duplicated at present.
The properties will be paid for il
full. All improvements and enlarge
, ments of operations of mining COX
{ and iron making have been provide
) for aud the new company will star
without any indebtedness of any kind
as no bonds are to be issued, and wit
ample cash working capital. Messrs
Joshua lowering and Richard Fl. Ed
= monds are in Alabama representa-
/ the International Trust Company i
arranging for the transfer of thes
properties. Abram S, Hewitt, one {
the most noted iron men of the world
Q who has long been identified wit
n some Alabama interests, will be
O director in the company, as will job
Z. Searles. This is one of the fir
fruits of the tip made by Mr.. SearlC
81 last winter in company with Richar
70 II. Edmonds, of Baltimore, in Ii
|, study Of the resources of the south.