The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-09-04
Gates Crowd Said to Be Large
Purchasers.
A LOCAL PREDICTION MADE
Industrial News and Gossip Pertaining
to Various Corporations of This
Dlstrict-The Schulers VIII
Soon Be Ready to Locate.

Herald last night says:
'Sloss- Sheffield stock went up eight
points today. a total rise of more than
twenty points in week. President
Maben says the rise in value is due to
the intrinsic value of the stock based
upon the companys present earnings and
its contracts for future delivery of iron.
"The John W. Gates crowd are said
to be tho largest purchasers OF Sloss.
Gates however, left for Europe this af-
ternoon. Gen. e. w. Rucker. vice presi-
dent of the company who has been
here for several days left for Birming
ham tonight. He says the Sloss stock is
worth par. The real purchasers of the
stock are not yet known, but the United
States Steel people are supposed to be
largely Interested"
Speaking of the rapid advance In Sloss-
Sheffield common a banker said yester-
day. IT know nothing of the inside of the
movement which has sent the stock up
all of a sudden. The proverblal strong
parties may or may not be buying 1t.
sut will make this prediction: In the
course of time, say a year or two, the
Sloss-Sheffield, the Tennessee Coal Iron
and Railroad and the Alabama Con-
solidated will be merged. 1 have heard
men who are largely interested in the
last named company discuss the feas-
Utility of such scheme. 1 really believe
it will be planned and carried through"
The Sloss-Sheffeld Steel and Iron COM
panys No. furnace at North Birming-
ham will go in blast this week. All of the
company's seven furnaces will then be
in operation and the months output will
make record If the Sloss- Sheffield
does not produce $1,000 tons this month
the amount will not be much below those
figures.
The Alabama Consolidated Coal and
| Iron company will make rapid progress
| on its new stack at Gadsden. The old
furnace will be kept running all fall and
until within three or four weeks of the
completion of the new part. The capacity
of the present Gadsden furnace is about
14O tons a day, but the output Of the new
one will be up to $50 tons a day. The
stack is to be the largest IN the south
So feet high and 10 feet in the bosh.
The Tennessee Company.
The Tennessee Coal, Iron and Railroad
company having decided not to sell its
Oxmoor furnace plant, will start one of
the stacks just as soon as 1t can be put
in condition.
The sale of the Tennessee Coal Iron and
Railroad company's three furnaces at
Sheffield to the United States Mining
company caused no surprise in business
M Itn4~
company owned all the lands that sup
piled these furnaces. and it had deter
mined, it Is said, to build and operate
| furnaces at Sheffield as soon as possible
unless it could buy the Tennessee COM
pany's. With the Tennessee company cut
off from nearby ore there would be no
economy in operating the furnaces. 1t
stood to reason, then, that the wisest
thing for the Tennessee company to do
was to let them go, especially as the
price offered was far. The Tennessee
Coal, Iron and Railroad company WILL it
is surmised, use the purchase money in
improvements and extensions at Ensley
and Bessemer.
The new owners of the Williamson
plant-Fred Dimmick and associates-are
hoping to get the furnace ready for blast
within the next five or six weeks. but
as delays must be allowed for, It will
probably be two or three months before
the torch is applied.
]. B. Simpson. who has been purchasing
agent of the Southern Car and Foundry
company and secretary of the William
son Iron company. has resigned his posi-.
ton in the former company in order to
give his entire attention to the latter
company. He has been made treasurer
as well as secretary of the Williamson
concern.
The Schiller Plant.
Many persons have recently expressed
the opinion that the Schulers were not
going to build a blast furnace and steel
mill notwithstanding all the talk of plans
for such a plant, but 1t is known that
contracts for some OF the machinery
have been placed and that contracts for
fire brick and other material will soon be
closed. 1t has not yet been announced
where the Schiller plant would be located
The guessing Just now is In favor of Bees
semer President Maben of the Sloss-
Sheffield said a few weeks ago that he
was trying to swing the new plant to
North Birmingham, but that location
does not seem to have been seriously con-
sidered. At first 1t was given out that
the schulers were going to build three
blast furnaces and a steel mile as an adj
junct to their rod and wire mill at Ems
ley; then the number was said to be two
Instead Of three. Now it is stated posi-
lively that there will be only one furnace.