Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-16
BULLS AND BEARS

Special Dispatch to The Star.
NEW YORK, May 16-Chairman Bacon,
| In the annual report of the Tennessee Coal
and Iron Company for last year. says: The
operations of your rail- MIL have demon
trated the ability Of this company to pro!
duce successfully open-hearth steel rails OF
SO superior quality to insure market
for all that the mill is able to produce. in
Quiriez for the current year having far ak
ceeded the supply. The mill was In steady
operation during the entire year. and be-
sides increasing the output. which was over
10000 tons OF finished rails In December.
exceeding by 100 per cent the best month
in 1903. developed a practice showing a rela-
lively smaller percentage of seconds and
imperfect quality rails than is attained by
most other mills. The open-hearth depart
ment is being enlarged by the construction
OF another furnace, which will increase tie
product 1900 to $500 tons per month"
During the last four years. since the
present management Of the Tennessee Coal
ana Iron Company took charge, expendi-
lures Tor new construction. purchase Of
lands, developments explorations, etc. were
mace at cost of 50. 100000 net. This entire
although the bonded debt was increased
and the current liabilities were correspond
ingiy decreased and nearly 100000 Of
held in the treasury
During the same years. with the exception
or the years 1903 and 1904, the company's
entire surplus was applied to the reduction
or the book value Of it's plant and equip
ment, in addition to an ample monthly pro-
vision. for depreciation. AS result, al
tmough the actual values Of the properties
years, their book values remained practi-
caily stationary. It Is believed that the
stockholders are justified In anticipating
q large return from the expensive improve
honr
chairman Bacon refers to the committee
or appraisers appointed in the summer of
lSo4 to estimate the amount and quality of
the coal and iron ore owned by the Soss
Sheheld Steel and Iron Company. This re-
port shows that the Tennessee Coal and
IRON Company owns In fee over 395 600 600
.e1s y RED ore of which 3S1,0O0OO0 tons are
graded as hrst-class, l0I77OOO tons of
brown ore and: over 1,623 OOONOo tons OF
coai. OF which 500. 900 tons are coking
h"wa, an ! lae no non coking coal is included
however 5Ou,0O0,OO9 tons OF cahaba steam
todi, winch Is unexcelled in Alabama or
a,e south Tor steam and domestic, purposes.
anu anu commands the highest market price Of
any grade of coal in the district
The men In charge of the comnanu,s iron
niihes estimate the holdings of iron ore of
t,ie company to be still larger, viz: or first
oaGS Ieo ore, over 45OOOOO00 tons; of Sec
ond,class red ore, over 81, 100 600 tons and
VI brown ore, 16,900,000 tons From the
iron ore owned in fee by this eomnanv as
n I TONS OF pig iron can be made as from
al the ore that has been shipped from, the
Lake Superior region from 1855 to 1901 in
ciuslVe' and, assuming that the furnaces in
Aapama make 100000 tons of pig iron per
year yea IL would require 200 years to exhaust
Ine co.npany's supply of coking coal and
HTSt-claSS red and brown ores
Inc company owns in addition many
thousand acres upon which no explorations
Tor minerals have ever been conducted and
| 1 hat
LANDS may hereafter be found to contain a
large tonnage Of ore and coal
broker Of thirty years experience In
wall street says: 1.-THE stock market is
moving in an entirely normal and healthy
manner. 1t has firm undertone and prices
are not at all too high. measured by pres
emf general conditions and all the factors
favoring improvement in and out of the
market 1t will take patience to make
honey, put patience Is prime requisite in
al Waii street operations. except those OF
the room traders. Easy money will stimu-
late the bond market to greater upward ac-
tiyity and stocks will follow in time"
Inc organization committee Of the Detroit
southern Railroad Company gives notice
that In accordance with the plan and agree
ment, dated February last, the final in
stailment. of 40 per cent, or 81 share on
the preferred stock. and 81 a share on the
common stock, is called and is payable on
or before June Is. Certificates of deposit
must be presented to the Colonial Trust
Company, depositary, that payment may be
Endorsed thereon
Some of the bull points circulated on the
rubber deal are: That the rubber goods
company earned at the rate of 10 per cent
on its common stock In the first four
months OF this year: that this company
makes the largest net earnings when the
United States Rubber Company makes its
smallest net, and vice versa, and that these
companies are the two largest consumers of
10 rJIh in fEo nrld
is put through the United States Rubber
Company will have a total capital of S75,-
100000 Of which $4O,OOO,O 600 will be 8 per
cent hrst preferred, $l0,OOOO00 of per cent
non-cumulative second preferred and s25.-
100000 of common stock. Rubber goods
preferred will be taken over share for share
in first preferred stock, and rubber goods
common will be paid for at the rate of two
shares for share of the second r,ra.