The Montgomery advertiser., 1902-05-17
MILLIONS OF CAPITAL
TO IMPROVE NORTH ALABAMA

at 100000 had purchased the Greasy
Cove" iron fields twelve miles west Of
Gadsden In Etowah and st. Clair counties
1t Ii said that the price paid for the. rich
ore fields was $S500o. The soft red ore
from this field, Mr. ,3oykin says, Is es-
peciafly rich. 1t has consistently pro-
duced from SO per cent to 10 per cent
metallic iron. The new company proposes
to open and develop these rich fields.
r1,oi r. Chapman OF New York hc and James lanes
stockholders in the Alabama Steel ana
Iron Company with their associates or
ganized the Elicit Chapman Coal and
Coke Company. which is also capitalized
coal fields lying west Of the Greasy
Cove iron fields In Blount and st. Clair
counties. The old coke furnace of the
Gadsden Furnace Company. which mas
been idle for ten years. was aiso ,, pn r.
improved. and put in Immediate operation.
James Elliott, .Tr., Is President and -.
r. Chapman is heavily interested IN the
Southern Car and Foundry Company.
stockholders in the Alabama Steel and
Iron Company and the Elliott-Chapman
Coal and Coke Company. This company.
which owned plants at Gadsden, Lenore
and Memphis. Tennessee, has experienced
consid cradle difficulty In securing suhi-
cient raw material to fill orders Tor
its product. The new enterprises
will supply the Alabama Car and Foun.
dry Company, with iron ore. coke n are
plant.
Car Company Purchased.
Mr.. Boykin also announced that the
Alabama Car and Foundry Company had
purchased the plant Of the Illinois Gar
and Equipment Company located AT An
niston. The price paid for thus PAN 3. Is
This will make four plants owned py
the company including those at Gads-
den, Lenore and Memphis, Tenn.
for the delivery this year Of. its products
amounting to 100000. The magnitude
that the business of the company has
assumed has caused 1t to branch out In
other fields of industry to secure its raw
'The product of the Greasy Cove iron
ore field" said Mr.. .Boykin last night,
lis extremely rich. The Engineers who
examined it for the company reported
to 70 per cent. metallic iron. The Alaba-
ma Car and Foundry Company has ex-
perienced great difficulty at time In Sc
curing iron for its plants. The Greasy
Cove fields will give the company all
that 1t needs. The only coal fields here
tofore developed in ktowah County have
been located on Sand Mountain and the
coal was Of an inferioE quality sn, 80 fa #
is practically useless for the production
of coke. This fact placed the industries
| at Gadsden at disadvantage, inasmuch
| as they were compelled to go to the
| Birmingham district for their coke and
| freight charges were very high. Coal
| from the fields that are TO be developed
produces coke of very nigh quality"
The iron ore fields lie between ten
| and fourteen miles west of Gadsden In
| Etowah and st. Clair Counties The Goa
| fields are principally in Blount County
| extending into st. Clair County.
| 1.-THE new railroad. the Alabama, Ten
nessee and Missouri. will first of al
| Gadsden. which already has five rail
roads, will get the benefits that will &C
crue from the sixth road tapping thu
| newly developed coal and iron fields
| The capital stock of the company II
| nlnced at S5O,O0O to facilitate the organ
| ization Of the company. The company
subscription books will be opened a
| once"