The Birmingham age-herald., 1904-03-16
MABEN SUBMITS 4 VERY FINE REPORT SIO8s-SheffoId Company Holds
 Its Annual Meeting ONLY ONE NEW DIRECTOR F. L. olcutt, President of the Central Trust Company. Added to the
 5oard-The Old offices
 Were Reelected.
ONLY ONE NEW DIRECTOR


 pany held its annual meeting in Jersey City yesterday. President Mabens report was submitted to the stockholders and according to special dispatch from New York was most favorabIy received. Tho stockholders elected the following board of directors:
 A. B. Andrews, Raleigh N. C.; Joseph Bryan, Richmond, Va; w. II. Goadby. New York; A. H. Larkin, New York; J. c. Maben, Blrmingham Richard Nor timer, New York; W. c. Oakman. New York; George Parsons, New York; E. W. Fucker. Birmingham; J. H. Hummer, To- ronto Canada; William F. Strong, New York; Moses Taylor. New York; R. B. Vancortlandt New York H. O. seixas, New York; F. P. Ocntt. New York
 The only change in the board was in the election of Mir Olcutt in the place of John A Rutherfurd Mr Olcutt has been a stockholder in the company for a long while, but six months ago he began to increase his holdings, and his interest to- day is among the largest. He is the president of the Central Trust company of New York
 After the stockholders adjourned the board met and reelected the old officers: J. c. Maben. president; Joseph Bryan, first vice president, and J. W Mcqueen, second vice president The executive con- mittee consists of w. G. Oakman, New York, chairman; Joseph Bryan, Rich mond, Va; J. c. Maben. Birmingham: R. B. vancortlandt, New York; W. II. Goadby. New York.
 Presidents Report.
 The annual report of President Maben follows:
 To the Stockholders of the Sloss-Shef- field Steel and Iron Company.
 Gentlemen: The fiscal year of your company, which closed November 30 1903. was marked by extreme fluctuations in tho iron market not only in the price of pig iron, but in the demand and the urgency of delivery
 The price steadily declined from tho high point at the beginning of the year until 1t reached 80 on the basis of No. 2 foundry, and with the declining price the demand slackened; in no month during the year until October was reached did our sales even approximate the make of iron, so that at the close of the fiscal year we were carrying over 5000 tons on our yard.
 The heavier sales having been made after the sharp decline in price. the av- craze price for all the sales of the year was only n cents more than in 1901 and $1.03 less than the average for 1902. Our deliveries Of iron during 1903 were S3.63s tons less than our production, which lessened our profits for the year, as no profit Is computed on iron until 1t Is shipped.
 The following statement of the prices realized for Iron in the last four years. and the profits for each year. Is made in order that you may realize the steady growth and improvement In business of your company. It will be noted that while the price realized for iron in 1900 was 12 cents ton higher than last year, the profits from the same for last year were $396,294 greater:
 1903. 1902 Average price of iron
 shlpped.... .... .... S13.66 sl2.2i Profit on iron ship
 ped.... ..... ....s1. .1s9.14sOO sss2. 4s2oO
 1901. 1900. Average price of Iron
 shipped ...,.. ...... Sl0.5l Sl3N Profit on Iron ship
 ped....... ...... ... ss11, ,4o7o0 s742.s52Od The operation of the Lady Ensley fur mace, of which your company owns two- thirds, is not included fin any of the fore going statements except as to the amount of iron on hand at the close of the year, although the price realized for the prod uct of this furnace was the same as given in the statement.
 The profit on coal and coke also shows an increase of s1s4 206.00, as compared with 1901, and of $153 3.717.oO, as compared with the year 1902, which Is due to the in- creased product and Improvements at the mines.
 Blast Furnaces.
 Reference was made in the last annual report to the condition of the Philadel- pha and Hattie Ensley furnaces Both of these furnaces have, during the year. been thoroughly refitted on much strong CT lines. and have been doing good work since going Into blast, and the cost of iron has been materially reduced.
 The Philadelphia furnace was blown out on January 13. and her fires again lighted on April is, and the Hattie Ens- | ley was blown out on June 8. and again started october l2.
 Additional boiler power has recently | been installed at these two furnaces, as well as at the Lady Ensley. The four Birmingham furnaces are In good shape having ample stove. boiler l and engine power, though No 1 is show ing some evidence of giving away, and will probably have to be repaired before long.
 These four furnaces increased their out put B, 800 tons over last year, or s2 per cent. when they made an increase of 34.- GOO tons over the previous year; but the two furnaces In North Alabama show decreased output of 5000 tons, due to each of them having been out of blast for about four months undergoing re- pairs; still they show an increased prod uct as compared with cha. of 1901.
 Coal Mines.
 The physical condition of the plants at all of your coal mines was maintained. though no important new work was un- dertaken during the year. except the bringing of water from the Warrior river to your Ivy mines, a distance of two and half miles. with reservoir. etc.
 The output Of coal increased IT per cent following an increase In the pre- vious year of "A per cent, notwithstand- ing the closing down of all of the mines In Jefferson county during the entire month of July, owing to the stoppage or work by the members of the United Mine Workers organization. pending settlement of the wage scale. In August some of the differences be- tween the coal operators and the miners organization were submitted to board of arbitration, presided over by Judge George Gray. By the award of this board no contention of the operators was grant ed while the miners were given two weeks payday, a ruling against the transfer ability of time checks. and an advance of 2la cents on the minimum and maximum for cutting coal with a corre- | oduance in faV lahOr, the bfgh-