The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-03-29
President Maben Submits Re-
port at Jersey CITY
TOTAL PROFITS $771367
Decrease Is Accounted for by the Low
Price Last Year and the condi-
tions Attending Strike
3. Miners.

New York, March S.-(Special )-The
stockholders of the Sioss-sh Steel
and Iron company held their annual meet
ing in Jersey City and President j. c.
Maben submitted his report on the oper-
ations of the company during the past
year.
decrease of s1,l02,OO4 in its net earn
ings for the year ended November 10 last
is shown In the annual report or the
president. The eompany's total profits
for the year. after deduoting a loss by
the North Alabama Furnace company of
S27021, were $T7l,S q decrease of si,09l,-
676 The net earnings were s693.6s7 de-
crease of sl,1O2,OO4 and the surplus for the
year after payment of dividends was si4,-
6S7, a decrease of $11O2,OO3.
The stockholders reelected the old
board of directors. with the exception of
j. II. Plummer of Toronto. Canada.
James IL. Dooley of Richmond. Va, was
elected In Mr.. Plummer's place. VIII
liam f. Strong of New York was elected
member of the executive COMMITTEES in
the place of r. b. Van Courtlandt
The board of directors Is constituted as
follows:
A. b. Andrews Raleigh: Joseph Bryan,
Richmond; j. H. Dooley. Richmond; w
II. Goadby New York; A. II. Larkin, New
York j. c. Maben, New York. Richard
Mortimer, New York: +. p. Olcutt. New
York; w. G.. Oakman, New York; George
Parsons, New York; Il. W. Rucker, Bir-
mingham; William T.. Strong New York.
Moses Taylor New York: r. b. Van
Cortlandt New York; II. o. Seixas, New
York
President Maben's report is as follows:
Maben's Annual Report.
10 the Stockholders OF the Sloss- Sheffield
Steel and Iron company:
| Gentlemen--The fiscal year OF your COM
pany which ended November 80, 1904 was
| In some respects one Of the NEST dislp-
pointing and trying in the history OF the
company. Notwithstanding the fact that
| the country was OVERLOOKING with wealth:
that prosperity was widespread and the
balance of the foreign trade was largely
| In favor of this country, the year opened
with weak and declining iron market,
with the price of No. 2 foundry close to
$500 and, despite several feeble efforts Ia
advance the price, remained about this
| figure for nine months so the profits OF
| the company from pig iron were based
upon deliveries for the entire eyar at an
average price of only fraction above
$500, against an average rrice for lie
previous four years of $12.55. Had this
average of sl2.55 been maintained last
| year. the profit on iron for the year.
owing to increased output and decreased
cost. would have been s1,e0O,O00 against
| $l,139 146 the previous year when the price
| of iron delivered averaged Sl3.GG.
The low price of iron caused tile clas.ni
down of over 40 per cent. of the furnaces
of the country but none of your futn-
aces were blown OUT at any time. "a
| cept for needed repairs. While these loy
prices for iron were prevailing strike
| at many of our most important cckin:
| coal mines was instituted on the iiis.
/ of July by the United Mine Workers-as
with all other furnace companies of thu
district. except one, which signed the
| previous years scale-and continued
| throughout the year. For two months
these mines were practically not operated
at all, but were. finally opened up the
open shop" basis and have so continued
to be worked. the output showing gra-
dual increase. though not yet back to
normal. While this strike has been ex-
pensive and in many ways trying, the
| ability of the company to control Its own
business must enure greatly to Its benefit
in the future.
Notwithstanding this strike which ex-
listed five months of the fiscal year. we
succeeded in keeping all six of the furr-
aces owned wholly by the company In
blast for the entire period. except No. 1
furnace which stopped temporarily
for repairs and Is again at work, and the
make of iron exceeded by loo tons the
largest yearly production since the COM
pany was organized, against a decrease
In production in the state for the year of
107. .s85 tons, while the production of coke
was within $500 tons of the best year
While from the causes enumerated, (es-
pecially the low price of iron) the earn
ings for the year were not what we could
have wished there Is cause for encour-
agement and some satisfaction TO be fou
in the fact. that despite the adverse con-
ditions. the earnings were sufficient to
pay the usual dividend on the preferred
stock; a considerable sum for the i'm
proyement of your properties; to add
somewhat to the handsome surplus car
ried over from the previous year, and add
500 900 to working capital making 1t now
nearly twice the amount Originally set
apart for that purpose.
The present year opened with very diff
ferent conditions in the iron markets OF
the country and with present prices and
the accumulation of about $1,000 tons OF
iron carried over from last year, on which
no profit has been counted, IL Is reason
able to believe that the result Of business
for the year win be entirely satisfactory
The company has not floating debt what
ever. and its interest account shows a
large credit balance for the year.
BIaet Furnaces.
No. blast furnace WAS DiOWH out lOr
repairs August 49, and put to work again
on January 25. 1905. 1t was refined and
I'm every way fully refitted and a new
stove and steel cast shed built
All Of your furnaces are In good con-
dltion, and with regular supply of coke.
which has been somewhat interfered with
by the strike of the coal miners. should
maintain their best records.
drought OF ninety days last fall when
for lack OF water the operation Of our
washers at Russellville was seriously In
terfered with. followed by unprece-
dented severe winter, materially reduced
the product of brown ore, but the Shelf
field and Florence furnaces were kept
fully supplied with ore and have been
almost steadily in operation. the Hattie
EnsIey furnace making an increased out
put for the year OF 27 per cent. and the
Philadelphia furnace of A per cent above
their previous best years record.
The Lady Ensey furnace. two-thirds