The Birmingham age-herald., 1903-03-18
ANNUAL MEETING
 OF STOCKHOLDERS SIoSs-ShefieId Co. Elects Two
 New Directors ]. w. M'QUEEN PROMOTED Is Now Second Vice President In Place of General Ruoker-President Ma bens Annual Report Shows
 Satisfactory Results.
J. W. M'QUEEN PROMOTED

I
 Steel and Iron company held their an nual meeting in Jersey City yesterday. The following directors were elected;
 A. B. Andrews. Raleigh, N. C.; Joseph Bryan, Richmond, Va. W, H. Goadoy, New York; A H. Larkin, New York J. c. Mahen, Birmingham; Richard Morti- mer New York; W. c. oakman. New York; George Parsons New York; E w. Rucker. Birmingham; A. E. Ames, To- ronto; William E. Strong, New York Moses Taylor, New York; R. B. Van Cortlandt, New York; H. o. Seixas, New York; J. H. Hummer Toronto.
 Mir. Ames was elected in the place of John A. Rutherford of New York. and MT. Plummer was elected to fill va- cancy. These new directors represent Ca- madam interests that acquired large holdings of the common stock of the com pany last summer.
 l After the stockholders meeting the board of directors met and elected the
 following officers: J. c. Maben, presi- dent; Joseph Bryan, first vice president; J. W. Mcqueen. second vice president and secretary treasurer. and E. J. Thomas, Jr., auditor. General Fucker has been the second vice president.
 1 At the stockholders meeting President Maben submitted the annual report as 1 follows:
 Presidents Report.
 To the Stockholders of the Sloss-Sheffield Steel and Iron Company.
 Gentlemen-In presenting the annual report of your company for the fiscal year w.iich ended November 90, 1902, your board of directors feels that the results of the business may be considered, under all the conditions, as satisfactory, and that substantial progress has been made during the year in the development and improvement of the property. Profits arising from business would have been much greater had we not, along with oth- CT companies In the Alabama district, sold practically our entire output of Iron, up to about the close of the fiscal year, at prices much below those which ruled for the last eight months of the year. The highest average price realized any month during the fiscal year on the iron shipped was fully $4 per ton below the ruling market price for the last seven months of the year. This low price iron has now been practically all delivered, and we began the new year with bet ter range of prices. Below is given a statement of the average price realized on pig iron delivered for the past three years, and profit from same, from which 1t will be seen that the price in 1902 was s1.74 per ton higher than in 1901. but $159 per ton lower than in 1900, although the profit was considerably more than in 1900. l This is accounted for by the increase in l production and the lower cost price in 1902.
 Average price lfof iron shipped-19O2, s12.-y; 1901, s1O.51; 1900. SIS 7S,q
 Prift on iron shipments-1o02, $9S2. 492; 1901. s311. 407; 1900, $742 852
 | The Lady Ensley furnace. of which | your company owns two-thirds, and op- crates and handles It's product, Is not included in the above statement
 Blast Furnaces. 1 There has been expended on the four | Birmingham furnaces during the last | year $296, 563. 53, and in the last two years l $562 TIC. B. and they are fin good condition, and when the three additional Allis ! Chalmers blowing engines, which have been contracted for to be delivered during the spring and early summer are in- stalled and the new stove which Is now being built at No 2 furnace. and the | small addition to the boiler plant at | North Birmingham, which is now being made, are completed, they will be most fully equipped with all the machinery necessary for producing the most satis- | factory results
 The weakness in the construction of the furnaces in the Sheffield district. as noted | in the last annual report, has been rem | edied during the year in the Lady Ensley l furnace by heavier bosh plates, crucible | Jackets etc, and the furnace Is now in excellent shape, producing a greatly in- creased tonnage and larger percentage l of high grade iron.
 The Philadelphia furnace was put into | blast by your company in January 1900. | on the old wall, and continued to do rea- | sonably good work until about the close | of the year 1902 but since that time it has | been blown ont and is now being refitted on much stronger and more modern lines | and will be started up again about the 1st | of April, when improved results, both as | to coke consumption and production of | iron may reasonably be expected.
 The Hattie Ensley furnace shows no sign of giving way as yet, but when 1t Is put out of blast it is proposed to reft it | on the lines of the other two furnaces in that district. when all seven furnaces will have been greatly improved and strength | ened.
 Pig Iron.
 The production of pig iron for the year l shows a gratifying increase of 3l per cent over the previous year, notwithstanding i all of your furnaces were not in blast but for a few months during the latter part l of the year. Since the close of the year a still further increase in production Is shown. The average cost of Iron produced at your furnaces increased only 12 cents |
 Continued on Eighth Page)