The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-03-13
Regular Dividends Declared at
New York Meeting
LARGE SURPLUS is NOTED
Report viii Be Submitted to Stock
holders at Their Annual Meeting
In Jersey City To-
morrow.

directors of the Sloss-Sheffield Steel and
Iron company met here today and de-
clared the regular quarterly dividend of
1s4 per cent on the preferred stock and the
regular semi-annual dividend of 21h per
cent on the common.
The board approved the annual report
of President j. c. Mahen, which is to be
submitted to the stockholders at their an
nual meeting in Jersey City next Wednes-
day. The report makes a finer showing
than last year and is regarded with great
satisfaction. The company's large sur
plus is especially commented on in finan-
cial circles.
Here is the report in full, with accom-
panying tables;
Presidents Report.
To the Stockholders of the Sloss-sheffeld
Steel and Iron Company.
conference.-the past year was one of
unprecedented production ana consump-
tion of iron in this country, the produc-
tion having reached approximately 2S,
100000 tons, against 16,500,00O tons in 1901
and the consumption kept pace with the
production, as is evidenced by the small
In production prevented any excessive
rise in the price of iron, and gave us a
steady market throughout the year ex-
cept for q short period during the sum-
mer, when the price declined about 50
but soon recovered, and during the last
month of your fiscal year, an advance of
one dollar per ton above the best prices
made during the year. was established.
The year was not one of extreme prices.
the average price through the year at
whcih your iron was delivered being Just
the average price obtained for deliveries
during the last five years The profit on
iron was within $4,000 of that for 1903,
which was by far the largest since the or
ganization of the company. and greatly
in excess of that of any other year.
Your furnaces produced 10000 tons less
pig IRON last year than they did the pre-
vious year, but over 1900 tons more than
any other previous year. The decrease
In output last year was due to several
causes-the great scarcity of labor and
the inability of the railroads to handle
promptly the raw mater:af for the fur
naces being the chief causes.
The strike among our coal miners which
was inaugurated the / of July, 1904. con-
tinues, but we have maintained our mines
on the open shop basis, and the effects
of the strike are being felt less and less,
The output of coal shows decrease from
the two previous years, but this was due
more to our inability to procure cars and
TO the great scarcity and consequently
the inefficiency of labor which prevailed
throughout the district during the entire
year, than TO the strike Efforts have
been made by the railroads and CONNER
cial bodies to turn the tide of immigra-
tion somewhat toward the state. but SO
far, very little has been accomplished in
that direction.
The profits from business for the last
year would have been considerably greater
had the railroads been able to furnish
cars for the transportation of our iron.
In the last annual report 1t was stated
that the company has begun its fiscal
year with an accumulation of about
$1,000 tons of furnace iron on it's furnace
yards. Notwithstanding all of this iron,
as well as our current make was sold for
several months ahead, that the consumers
were urging delivery, and despite our
every effort to secure transportation, the
fiscal year closed with 5000 tons of iron
more on our yards than we had at the
beginning of the year. so that the earn
ings as shown for the year are based on
the profit on less iron than was produced
during the year, nothing having been real
ized from the accumulated stock, as no
profit is counted on iron until it is ship
ped. However, certainly. considering the
conditions which existed during the year,
the results of business may be considered
satisfactory, as the net profits were suffi-
cient to pay the full years dividend on
both the preferred and common stocks
pay for improvements and additions made
TO your property. to cover considerable
sum for extraordinary expenses growing
out of the miners strike, which was
charged off, and increase your working
capital S342 900, which was at the time of
the formation Of the company some five
years ago fixed at N.000000. and is now
s2,264.0o0.
Blast Furnaces.
Your No. 1 furnace was out of blast all
of December and until the 25th of Janu-
airy, 1905. The stack was rebuilt and a
new cast house erected, and your No. 8
furnace was out from June 1 to the 18th
OF August being refined and otherwise re-
paired. All of the other furnaces were
at work during the entire year except
for very temporary stops for minor re-
pairs. The furnaces are in good condi-
ton. and except for a very short period
when, owing to the inability of the rail-
roads to handle promptly the raw ma
terials, causing frequent changes of the
burden, made creditable record in pro-
duction at a reasonable cost, considering
the high price which was paid for cutting
coal and labor generally. An additional
stove Is being built at both the Hattie
Ensley and Philadelphia furnaces.
Coal Mines.
The only important new work under
taken in your coal fields during the
year was the development of the Bessie
mine, Here everything is being done in
the most substantial way, The machinery
Installed is the strongest and the heaviest
of its kind. and the slope is being driven
twenty-one feet wide, in which a double
track. laid with forty-pound steel rail- is
being built The mine will be one of. if
not the best, in the state, the seam be-
ing nine feet in thickness. carrying over
eight feet of very superior coking coal.
outside of the partngs A limited amount
of coal is being shipped from this mine
now, but it will be several months yet be-
fore the slope is driven a sufficient dis
tance to materially increase the out
put. The work has been somewhat de-
layed by the inability to secure suffi-