Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1901-01-10
DIAMOND STATE STEEL co.

VIII Build an Additional Finishing De-
partment aud Make Other Improve
inents. at
The stockholders OF the Diamond
State Steel Co. have received notihca-
tion Of the coll Of 81. 30 per share on
tho stock of the company, payable 81. 20
on March LIST, and sl.25 June 1st. In
connsotion With the call, the directors,
by President Howard II. Wallace, in
form the stockholders of the plans for
extensions and Improvements to the
plant. The sum of 100000 OF the
100000 received is to be used to build
and equip an additional finishing de-
partment, and railroad facilities with
the Pennsylvania, Baltimore & Ohio
aud Reading are to be secured.
Tbs circular of Information says: ~
This company was formed for the
purpose Of leasing the plant OF the
Diamond State Iron 90. and building
O modern open-hearth steel plant with
blooming mills to produce ingots, slabs
and billvts. The construction of the
steel plant was begun at once, and it
has siuoe been put into successful
operation. The steel works consist OF
five so ton open-hearth steel furnaces,
with a 34-inoh blooming mill, all made
10 the most approved manner and rep.
resenting the very highest and most
modern type Of furnace. This plant is
working 10 a NEST satisfactory manner
md producing an excellent quality of
both acid and basic open hearth Steel
1.-THE officers and directors Of your
company have had under careful con-
sideratiou for some months the oon-
struction of an additional finishing
mill, and have determined that it is to
the bust interest Of the company to
build ut once new mill of such a
char actor as will enable US to roll
Bullets ard elnbs smaller than can be
produced on our blooming mill, sheets,
bars, and large sizes of Hat, square
and round steel. This mill will be
specially adapted for the rolling OF
structural shapes, and will at the same
time he capable of rolling girder or
4 rails
.'This decision has been largely con-
trolled by the great development OF the
shIpbuilding interests in this country
An unprecedented demand has been
created for such shapes az enter into
the construction of steel vessels. Tho
probable continuance and growth of
bodybuilding, coupled With the proxi.
unity Of our works to so many of the
lRrgest shipsards in this country, makes
1t peculiarly fitting that we should he
equipped to supply materials to these
great yards, as well as to take adyan-
tage Of the. constantly increasing export
den,nnd.
"A mill Of this kind, in connection
with our present mills, which will roll
the smaller products of steel, will
enable us to finish greater proportion
Of the products OF our open-hearth
steel furnaces, and we will then be in
position to either sell steel in a semi
finished or finished condition, as may
be most profitable from time to time.
y .'Of the money provided by the call
referred to in the accompanying notice,
the sum of $780, 600 is intended
to build and equip the add.
tional finishing department. 1t is
also intended to make certain i'm.
PROPONENTS to the mills and shops OF
our leased works, which will better fit
them for the economical handling Of
steel, ard to construct terminal rail.
road connecting our new steel works
with the Pennsylvania, the Baltimore
n Ohio and the Reading systems, and
increasing the facility and economy
with which we can handle both inoom-
ing and outgoing material. The balance
of the money can be used to advantage
as additional working capital lin the
prosecution of the constantly increasing
business Of your company, in the course
of which various favorable opportupi.
ties present themselves for the purchase
OF raw materials. &C., which at times
call for the employment Of very large
amount of capital"