The Montgomery advertiser., 1903-03-04
STEEL TRUSTS ELAN
ISSUE OF $2bo, 100000 5 PER
 CENT COLD BONDS.
Scheme to Harmonize, Extend and Round Out the Various Plants to Be Pushed to Rapid
 Completion.

New York, March 3.-At a meeting of the board of directors of the United States Steel Corporation to-day the form of circular to be sent to stockholders in connection with carrying into effect the bond conversion plan was approved. They will be sent out during this week.
 The plan provides for the issuance of $25O, ,OOO 600 of per cent bonds. OaoOo, 900 of which are to be exchanged for s2Oo, 900, = 600 of per cent preferred stock. Judge Carey, chairman of the executive com mittee, gave out an official statement to the effect that plans which have been under consideration and preparation for over a year for harmonizing, extending and rounding out the various plants will be pushed forward with all possible dis patch, the presidents of the various sub sidiary companies who have been in ses- sion here this week. having given their final approval to the plans, which provide for additions and improvements to plants to cost more than $S6.0Oo.Ooo It is esti- mated that when these expenditures are completed there will be added to the to- tai capacity of the various subsidiary companies 27OO.OOO tons for all products
 Among the larger estimates are: Illi- nois Steel Company, South Chicago, ILL, construction of the new open hearth furnace plant, blooming mill and finish ing mills, $3OO0,000 Other Improvements in South Chicago and Joliet, Ill. 8, 450,- 0O0 National Tube Company. at Mo Keesport. The entire rebuilding of the present rolling mills and tube and pipe mills, together with the addition of one new blast furnace, an additional Bessemer converter and the installation of new later and power pIants all at an esti- mated cost of g, ,255, 582. This improve ment will increase the production at this plant of pig iron 166,000 tons per annum Bessemer ingots 140. 900 tons per annum of the rolling mills 124. 600 tons. and of the tube and pipe mills 100000 tons
 At Lorraine. Ohio: The erection of two additional blast furnaces with accessory works, additional rolling mills and new tube and pipe mill all at an estimated cost of S, 646 096. These improvements will increase the annual production of pig iron to 247.O0O tons; of rolling mills 33O, ,OOO tons and of the tube and pipe mills 3O0,0O0 tons.
 Pennsylvania department, at Pittsburg, Pa, and the Riverside department at Wheeling, W. Va. 1882. 100.
 American Steel and Wire Company: Various Improvements in the Pittsburg district, in the Chicago district and at Worcester. Mass. works and Allentown. Pa, works. to the aggregate amount of $4.535.O0o.
 Carnegie Steel Company, at Homestel works. Homestead. Pa. $1,1SS,O0O.
 National Steel Company: Additions y Improvements to existing plants $l 7y., O00
 American Tin Pate Company: Instqia- - ton at various mills of modern a1E la proved methods of operation. s1, TOO ''.. II. c. Fricke Coke Company: The
 velopment of coke and steam coal prop erty. including the erection of additiona ovens, $445, ,O0o.
 This improvement. 1t is estimated, will increase the productive capacity of coke 275, 900 tons per annum. and of steam coal sOOooO tons.
 Mining companies: Improvements. $453SO0.
 Transportation properties: Improve ments, extensions and additions. $1.S5O.- | GOO.
 Judge Gary's statement says 1t Is esti- mated ''thaes under normal conditions the increased earnings from them increased and improved capacity will be about ST. oO0.0OO a year and that there will be a l saving in manufacture of about $O,00o,00o