The age-herald., 1901-04-29
VIGOROUS POLICY
 HAS BEEN ADOPTED Many Improvements VIII be Made inT. C. &L Property A Sl5,OOO,OOO BOND ISSUE The Rall NH at Ensley Is to be Rush. ed to Completion, and All Prop.
 critics Worked to Their
 Fullest Capacity.
A Sl5,OOO,OOO BOND ISSUE

The Tennessee Coal, Iron and Railroad Company will spend a large sum of mon- ey in the improvement of its properties and in adding new plants to the present equipment. This action was decided upon New York last Friday.
 The company will retire it's present bonded and floating debts. substituting new bonds at low interest rate.
 The New York Herald of Saturday con tains full report of the action. of the dl- rectors and of the contemplated improve ments The Herald says:
 At meeting today the directors of the Tennessee Coal, Iron and Railroad Com pany completed arrangements for an ex- tensive organization of the company which involves a general refunding of all its bonded debt and the issuance of s, GOO, 900 additional bonds, of which only 5000, 900 will be marketed, and the remaining B. O0c, 900 will be kept in the treasury. A lengthy session was held, at which the scheme was discussed in detail, and all that now remains to make the financial plan operative Is the approval of the SlOCkHOlutIS arrangements were dlSO made by the directors themselves to un- dcrwrite the new issue of $3.0oO,0D0 of bonds which. 1t is officially declared. will be devoted to the improvement of the company's property, the construction of an immense rail mill and the completion of many betterments The directors elect ed at the recent annual meeting of the company held at Tracy City, Tenn. a few weeks ago, also organized by elect ing Don H. Bacon, chairman of the board ; N. Baxter, Jr. president; F. s. Wither- bee, vice president; l.. T. Beecher secre- tary and trea surer; and Charles Purdon assistant secretary and treasurer. The ex- ecutive committee which it is understood has the refunding scheme in charge, was reduced from ten to eight members. They | are James T. Woodward, E. R. Chapman, Albert B. Boardman, Frederick IT. Bene- | dict, James H. Smi.se = s. Witherbee, | Cord Meyer and William Barbour; ". s. Gurnee and D. J. Mccomb, former mem- l bers, are retired
 New Issue $t5,ooo,ooo.
 ''The total amount of the new general consolidated mortgage will be $15,0O0, OOO Of this amount $l0,O00,O0O will be placed with atrust company, to be designated later on. for the purpose of retiring the old bonds most of which are per cen' issues and which are now becoming due from year to year in small amounts. Int | total funded debt of the Tennessee Coal l Iron and Railroad Company. according tc official figures. is $10.17S,O0O It consists of seven distinct issues, including most gages on the following properties fully owned by the company: Pratt Coal and Iron Company, sei20O0, due in 1903; Con- solidated mortgage, Birmingham division ss,Ssc, 900, due in 1917; Tennessee division $, ,251 900. due 1917; Debardeleben Coal and Iron Company. s2741,000. due in 1910; Ca | haba Coal Mining Company, $So00OO, due in 1922; South Pttsburg purchase, $l2o, ,oV | due in 1902, and the Alabama Steel and Ship Building Company. sl,100,0o0, due | In 1928. In addition to the bonds. the com pany has capital stock of s26s0l ,S6o. of which s22, ,553, ,O60 is common stock.
 Vigorous Operating Policy.
 aThe present management contemplstes vigorous operating policy, and to carry out the numerous Improvements which are under way 1t was found necessary to get the finances of the company in | shape and to provide sufficient working | ca pital. The old bonds will be retired as | they become due by the sale of the new general consolidated bonds or the issu- ance of the new securities that the direc- l tors will have to underwrite only $3,O0O.0cl | of the total 15,Ooo,00O general consolidated mortgage bonds. Final papers have not been signed for the sale of the bonds but it is officially. stated that the direc' tors themselves have agreed to take prac- ticaliy the whole amount The remaining | s2 GOO GOO consolidated bonds will remain | in the treasury for future purposes.
 "Don IT. Bacon, the chairman of the board, who has been given practically | unlimited power in the operation of the company, has reported to the directors that the fullest efficiency of the plants can be obtained by the expenditure of a part of the $S,OOO,000 of the new funds. After his appointment to his present po- sition. he made an inspection of the prop critics and found that the majority oi them have fallen into bad repair, and few of them were being operated to the full. est efficiency. Notwithstanding this con