The Birmingham age-herald., 1906-01-06
CHAT TANOOGA ID
 HAVE STEEL PLANT Site is Purchased Along Ten
 neSSee River PITTSBURG MEN BEHIND IT Company Win Be Organized Early Next Week With Capital Stock
 of $5ooooo-Furnaoes Also
 Contemplated.
PlTTSBURG MEN BEHIND IF
contemplated

Chattanooga, Tenn. January 5.-ytspe- the erection of steel mill and furnace company which will invest between $500. . GOO and $1,0O000O in this district within the next twelve months. The company will be composed of several well known Chattanooga and Pittsburg capitalists who are interested in other. industrial establishments.
 The formal organization of the com pany will take place one day next week and an application for a charter will be filed at once. The general purpose of the company will be to erect and operate a steel plant and later to add one or more blast furnaces to the plant. Later other industries will be added which will use the output of the steel mill and furnaces.
 The organization of the company has been under consideration for several months. About six weeks ago it was deh- nitely decided to launch the enterprise and a well known local industrial man, who will have share in the company, was authorized to purchase suitable location for the steel mill, furnaces and other industries which will be established later.
 Ideal Site Selected
 In making the selection for site il was necessary to secure large tract of level ground, which was in close proX- imity to the river and which was also in striking distance of mineral property. Ex- actly one month ago yesterday a deed was secured for ninety acres of the old Vincent farm, which lies just north of the Citieo furnace. This property fronts the river for over a mile and is reached by several lines of railroad. It is in every way accessible and local men state that there is not a better location for several large industrial plants in this sec ton of the state, than this one. The pur- chase price was $lS000.
 The deed to this property was made out to a private. individual who will turn. his holding over to the company when a charter is secured next week. It is thought that the transfer will occur before January 10.
 Money Nearly Subscribed.
 It was learned yesterday that most of the money for the new company had al- ready been subscribed and that there would be no hitch in the actual work oi construction after the company is formal ly organized Work will be started with in sixty days from the time that the charter is secured and 1t is believNa that the steel plant will be in operation with in the next twelve months.
 It is the purpose of the company to erect and start In operation the stee plant and to follow that work with the construction of one or more blast fur naces. Later other industries will be added There is sufficient room on the property purchased to erect dozen ol more different plants, and the promoters claim that every bit of 1t will be utilized within the next five years.
 The steel plant will be about the same size as the one erected by the Schulers at Gadsden. It's output at first will be about 300 tons of steel blooms, or ingots per day, and it's capacity will be gradual ly increased as a market is secured TOT it's products. The blast furnaces are the natural sequences of the steel plant. All the product from two or more furnaces could be consumed in the plant and there would be no need to look for sales from an outside market. At both Gadsden and Birmingham the steel plants have inde- pendent blast furnaces where the material for steel making Is secured.
 The promoters of the new company are expected hare next Tuesday or Wednes- day and the formal organization of the company will be perfected at once. charter with s5OO,OO0 capital stock will be secured at once and the actual construc- ton will be started as soon as possible.