The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-03-04
Vast Sums Allotted for I'm
prOVementS.
BOND CONVERSION SCHEME
Seven PeT Cents to Be Exchanged for
Fives-CaPacity of Subsidiary Mills
to Be Increased 900, goo Tons.

NEW YORK. March Az a meeting
OF the directors Of The United States
Steel Corporation yesterday. the form
OF circulars TO be sent TO stockholders
In connection with carrying into effect
the bond conversion plan was approved.
They will be sent out this week The
plan provides for the issuance OF $3.50.
100000 OF per cent bonds. S2CO.CO0. 600
Of which are 10 be exchanged for 5000. 70
Coo. GOO Of per cent preferred stock.
Judge +. S. Gary. chairman OF the ex-
ecutive committee. gave out an official
statement that plans which have been
under consideration and preparation
over a year for harmouizing. extending
and rounding ont the co-poration's
plants viii be pushed forward with all
possible dispatch. The presidents of the
subsidiary companies. who have been in
session here this week, have given their
final approval of the plans. which pro-
vide FOR additions aud improvements to
plants 20 cost mere than $4,000. OCO. II
IS estimated that when these expCndi-
lures are completed there viii be added
TO the total capacity OF the subsidiary
companies 100000 tons OF all products.
Big Improvements Planned
The estimates ir detail are as follows:
For the Illinois Steel Company at South
Chicago. construction OF the new open
hearth furnace plant. blooming mill and
finishing mill is to cost 1000 600. Re
modelling the 132-inch plate mill train
S650.0O Additional heating capacity al
the rail mill. 100000. Improvement OF
the Bessemer department. $3.50 600. New
blast furnace blowing engines. S475. 600
Repairing stoves at furnaces I to l.
$500 600. Addition to machine shop and
foundry OF 100000
At the Illinois Steel Company. Joliet.
III. there is to be remodeIing of blast
furnaces. costing $500 600. and addition
TO converting mill. $4,000
The National Tube Company. al Nc
Keesport. Pa. is 10 have entire rebuild
ing OF the present rolling mills and tube
and pipe mills. together with the ad-
dition OF one new blast furnace. an ad-
ditional Bessemer converter. and the in
stallation of a new water and power
plant; all at an estimated cost OF 80.
255, 662 This Improvement will increase
the production at this plant OF pig iron
10000 tons a year. Bessemer ingo1s
100000 tons. of the rolling mills 12i 60,
tons. and OF the tube and pipe mills
100000 tons. The Increased earnings
which viii result from the additions
capacity. it is estimated. will be 81 DOB.
600 a year. and a saving will be effected
in cost OF production. Of 81 500 900 pei
annum.
Changes at Lorain.
At Lorain. Ohio. there is planned the
erection OF two additional blast fur.
naces. with accessory works, additions
rolling mills and new tube and pipe
mill. all at an estimated cost OF SS.Ci6.-
O96. These improvements viii increas,
the annual production of pig iron S47. 0Oi
tons. OF rolling mills 800. 900 tons. and
OF the tube and pipe mills 300, 900 tons
The increase OF earnings due TO addi-
tional production. il is estimated vii
be 81 sos. coo. while the saving in cost q
producing pipe. as compared with tic
production OF an equivalent tonnage a
other mills OF the National Tube Com.