The age-herald., 1901-09-16
TENNESSEE CO. -. GETTING OUT THE NEW BOND ISSUE Some BondhoIders Object to
 Exchanging Old for
 the New. TALK OF IMPROVEMENTS MT. Bacon May Recommend Doubling Capacity of -EnsIey Steel
 PIant--No Dividend to be Paid at Present.
TALK OF IMPROVEMENTS

The officers of the Tennessee Coal. Iron and Railroad Company, are now engaged in signing and sealing the new bonds for the s15,00O,0o0 arranged several months ago. Regarding the exchange Of old bonds for these new bonds before the date of expiration there is now much talk. Bonds amounting to $l0,000,oO0 are re- served to retire the present outstanding bonds. The new bonds will pay only per cent, but will run for fifty years, The old bonds carry larger per cent of in terest, but will expire within a few years Many are glad to make the exchange while others refuse to do so In the lat ter case the new bonds will be held In trust and sold as the former fall due.
 Not Approved by All.
 The New York Commercial publishes the following on the subject:
 "The proposal of the Tennessee Coal and Iron Compahy to retire the bonded debt of the company by means of an is- sue of new per cent, bonds does not meet with the approval of all of the old bondholders. Quite a number have signi- fled their intention of holding on to the old issues. It Is believed, however, that the bonds not turned in in exchange for new Issues will be small in the aggregate. -"The entire issue authorized by the company amounts to s15,000,0O0, of which $3, GOO 900 have been sold to complete the steel mill at Ensley and other improve ments. Two million dollars worth will be retained in the treasury, while $1000o,- 900 will be used in retiring the funded dept of the company.
 "The new issues arrived today and will be delivered as soon as the proper sigma lures are attached. It Is stated that the directors of the company have subscribed for the bulk of the $S,O06,66O. and tlfe re- mainder has been taken by a syndicate headed by J. & w. seligman & Co. The bonds are being offered to the public at 1O21s and accrued interest.
 Among the issues to be retired are the following: Birmingham division loan of $5,0OO,OC0, of which s540O0O bonds have been cremated and s63S 900 remain in trust to secure $62s, 900 Pratt Coal and Iron bonds; Tennessee division $1.4OO, OOO of WlilCH $lsoUOO dTe III ltit SlIhillR IuIu. ne DeBardeleben mortgage Is for 5000. 000 of which s25S500 were cancelled by the sinking fund"
 Regarding improvements the same pa per avs:
 Ten New Furnaces.
 Chairman of the Executive Committee Bacon, who has been in the South for the past month, Is expected to arrive in this city within the next two or three days, A director of the company said today that Chairman Bacon has beer. making thor ough investigation into the affairs of the company. and that if he believes the shareholders will be benefited by further additions, his wishes will certainly be car ried out.
 "One of the reports in, connection with contemplated Tennessee Coal and Iron im- provements Is that plans are being drawn up for the erection of ten basic steel fur naces, which will double. the capacity of the plant and place 1t in position to turn out over 2O0O tons of steel billets each day. t
 Tt Is also said that 1t Is extremely probable that dividends will be resumed on Tennessee Coal and Iron common be- fore the first of next year,",
 May Resume Dividends.
 Along the line of the last paragraph, the Wall Street Journal says:
 "A director of the Tennessee Coal and Iron Company gives us the following statement: It is extremely probable that dividend payments in Tennessee Coal and Iron stocks will be resumed before the end of this year. Under the new manage, ment, with Mir. Bacon as chairman of tho executive committee, the company has made rapid progress, and earnings have increased enormously Plans are now be- ing drawn up for the erection of ten basic steel furnaces. which will double the ca pacity of our plant, and place us in Q position to turn out over 26OO tons of steeI billets each day
 Directors meet sometime this month and while 1t mal be deemed inexpedlen. to declare a stock dividend at this time I believe that the chance is excellent that common stockholders will receive div. idend in December
 The iron and steel business all over the country is today in better condition than ever before in the history of the trade. We are now running '<.r mills up to their utmost capacity. and some of our works are running two shifts in order to keep up with our orders Much finished material is now being contracted for, de- liverable as late as January l, 19O3 os eighteen months hence The outlook was never brighter. and I believe that our company should now be able to maintain as high dividend rates as it has ever paid.p
 Rumor ls unfounded.
 Regarding this rumor of the coming dividend an officer of the company. who knows all of it's movements and plans, said: N t'h
 ''The talk of dividends this year is un- founded. While the compsny might be In position to declare a5 dividend if ali profits were laid aside, But We do not propose to lay them aside. We need im- l