The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-08-30
Sharp Advance in SIOss- Shef-
field Common
IT SOLO FOR $65 YESTERDAY
The Tennessee Coal, Iron and Railroad
companys Work of Improvement
and xpansion-Large Plans
Being Developed.

The steady advance In the common
stock of the Sloss-Sheffield Steel and
Iron company is attracting wide atten-
ton. Five weeks ago the stock was SELL
ing at &c. Last Saturday 1t was selling
at 40 or 90. and yesterday 1t sold at 65.
closing at 64ss. The good condition OF the
company, the high price of iron and the
general prospect of the country have
combined so officials of the company say,
to put the stock up. Just as soon as the
market opened for 1903 contracts rise
in the Sloss-s Sheffield stock was predicted,
but the advance has been much more
rapid than was expected.
The Sloss-Sheffield No. furnace will
go in blast next week. All seven Of the
company's furnaces will then be in OPP
GRAFTON.
The Tennessee Coal. Iron and Railroad
company is making large Improvements,
and no company in the district is stand
| ing STILL
The Wall Street journal prints the fol-
| lowing:
|
the Tennessee Coal and Iron company
took charge of the companys affairs the
policy has been one of building up the
properties with a view of putting the
plants In such physical condition that
they will compare favorably In point of
efficiency with those of the United States
Steel corporation or any other iron and
steel concern in the country.
There is official authority for saying
that this policy has been strictly adhered
to- although 1t is admitted that it will
require probably two or three years more
70 carry out the scheme of improvement
which was begun when the present man
ayers took hold something over a year
ago.
During 1901 there was expended for new
construction and betterments $759,000
This expenditure was made chiefly for
the completion of the finishing mill at
the Ensley steel works. During the first
seven months of 1902 something over
$4,000 have been spent In the way of
improving the company's iron ore mines
In addition to this an appropriation has
been made by the directors for further
improvements at the mine for additional
open berth furnace capacity at the steel
| plant for improved furnace equipment
and other new constructions. This appro-
priation amounts to over 81, 100000, so that
when the improvements now in progress
are completed upwards OF 100000 will
have been spent In betterment since the
change In management took place. 1t is
| officially stated, however, that the direc-
tors will make additional appropriations
when the money already appropriated
has been used.
| The improvements at the iron ore mines
are calculated to cause a considerable re-
duction in the expense of mining the ore.
The mines will be equipped thoroughly
with the most modern machinery and
will not be exceeded In efficiency by any
similar mines in the country. 1t is esti-
mated that it will be possible to mine
ore rs per cent cheaper than 1t can be
mined at present. The mines will be
| practically newly-equipped throughout
with engines, boilers. hoisting plants.
congresses. cars, tipples and other ap-
planes. 1t is estimated that the COM
| pany will be able to save at least $375.00o
| in producing the amount of ore required
to make its annual output OF pig iron.
The intention of the company Is to In
| stall new machinery also at the coal
mines and bring them up to point
where they will be equal to the ore mines,
so far as efficiency Is concerned.
Stress is placed upon the point that the
betterments, completed ana contemplate
| ed will ultimately result In great econo-
miles, and much lower cost Is inevitable;
| but the fact Is also emphasized that the
| programme of new construction is but
Just begun and that it will necessarily be
months yet before the increased mechani-
cal efficiency will be reflected in the
earnings
The company is having difficulty in OBJ
tanning new machinery. A large amount
OF equipment was ordered over a year
ago. and fully four-fifths of 1t is yet I'M
delivered.
The current earnings are regarded as
| satisfactory. Contracts are being made
on the basis Of S18 for No. foundry.
Many orders are for delivery during the
second half of 1908 The first half of the
coming year has been pretty well pro-
vided for, so far as orders are con-
cerned.
The Iron Age Thursday says The
scarcity Of spot pig iron continues very
acute and is only partially relieved by
arrivals Of foreign pig iron. After the
recent rush to place orders for importa-
ton the market has quieted down some
what, and we do not hear of any large
transactions. For the time being the, re-
ports from the other side indicate a
somewhat firmer market
There has been less contracting for
domestic pig iron for 1908 delivery, large
" because of the leading producers are
avoiding further commitments.