The age-herald., 1900-03-15

Of acquiring at a DdrSdln ule IoeSsehSt rolling mill which for lack of working cap ital failed in the panic of 1893, and has been standing idle until a few months ago, since which time it has been reorganized and con- sderably improved and prepared for work, I purchased this with the approval of the executive committee.
 ''The plant has a present capacity of so tions per day of muck bar, and 120 tons per day of finished iron or steel in assorted shapes and sizes. The possession Of this property which actually abuts upon our Bessemer furnaces Nos. 1 and g. thus en- abling deliveries ofpig Gron without freight charge will be of great value to us When the markets for pig iron are not so brisk in the future as they are now, we will be enabled to turn the entire output or our Ensley furnaces into steel ingcts, blooms and billets, and the production of at least one of our Bessemer furnaces into muck bar CT finished iron. The pudding capacity of the plant was not sufficient to keep the mill running full time, and this is another cause leading to the failure of the parties who operated it originally. We caH supplement- tine pudding capacity by such deliveries or small blooms from the blooming mn as will employ the capacity of the finishing department, and thus diversity our pro- ducts and find access to market in the man dfold forms of manufactured iron and steel, bars, light rails, plates and sheets.
 Dividends
 ..No dividend has been paid upon the preferred stock since August, 1Sy2 so that before amy dividend could be patd upon the common stock, 1t would be necessary to first pay H per cent upon the prelerreu' whi1el will be the amount accumulated up to April 1. IL will be proposed to you at your meeting by appropriste resolutions 10 authorize the directors to change the status of the preferred stock by reducing at again to common, giving lS0 or common fff stock and accumulated dividend rights to Aprsl 1 inclusive There has always been in the past some room for difference of opinion between our two classes Of stock holders as to the wisdom and propriety or to the improvement of the properties and extinction Of debt. The holders of over two-thirds of the preferred stock have al- ready consented to this proposal. If it is carried out it will remove this possibility of difference and will unite both classes of stockholders, making their interests identical for the successful promotion and development of the property und business which belongs to them, and which presents at this moment so much of qualification in the past and recent developments and of hcpeful anticipation in the future.
 ''W will also be proposed to you by suit able resolution at the annual meeting that another $, ,200,G00 Of common capital stock be authorized and Issued in addition to the $1 ,S00,0 900 required fer carrying out the pur- pose of the preceding paragraph. The ob- ject of the sale of the S1, 060 now re- ferred to- which is to be offered pro rata to the stockholders at par, is to replace in the treasury of the company money ex- pended for the purchase of the Sheffield Furnaces and property and the Bessemer Rolling mill and monies advanced in the completion of the steel plant. With this task accomplished, the future net earnings Of the company will be subject to the or Tor r,e fha ioI,i distribution by wny of dividend or other wise as they may determine from time to time.
 ''It only remains for me in conclusion to state that during the year of events of so much importance and interest l have been loyally and vigorously supported by the other general officers of the company, the entire mana cement working harmoniously with the closest cooperation. We have added so largely to the productive capacity of the company in collieries. coke ovens, ore mines, blast furnaces blooming mill, and finishing mill, that we realize t',e coin- pany has become a well rounded compact, coherent, revenue producing corporation of splendid proportions. We have filled and completed for all practical purposes the heavy tonnage of low priced orders existing on our books last year, which kept down the average prices realized on coal and iron, and caused our profits to be smaller than they will be during the ensuing year. as we have a sufficient tonnage of orders at remunerative prices now existing on our books to engage our full capacity Tor the next eight monuis, and l am entirely Justl- fled therefore in the statement that the profits to be earned from this years ousd- ness will be much larger than any previous year and the whole outlook is therefore most satisfactory.
 Respectfully submitted,
 NAT BANTER,
 "PreSidentn n