New-York tribune., 1907-11-05
HISTORY OF 7. c. 6 /.
Incorporated Forty-seUen Years Ago
IN Tennessee.

The Tennessee Coal, Iron Railroad Company
was incorporated under the laws OF Tennessee
forty-seven years ago under the name OF the Ten
nessee Coal & Railroad Company. Its title was
changed 70 the present in 1881. There have
been numerous plans for the consolidation of the
Tennessee Coal and Iron Company and other iron
and steel properties, including the Republic Iron
and Steel Company and the Sloss-Shefleld Steel
and Iron Company but they never consum-
mated
In December. 1906. leading interests in the Repub-
Nc Iron and Steel Company bought a control OF
the Tennessee Coal and Iron Company, and seven
OF the directors Of the former company elected
to the board OF the Tennessee company. These
men were John W. Gates, c. S. Guthrie L. c. Han
ma, r. w. Oglebay, Grant h. Schiey, S. c.. Cooper
and F. J. Berwnd. Oakleigh Thorne was also
elected director in the company at that time.
A majority OF the *22 10000 stock then out
standing, said to be 10 per cent, was pooled under
an agreement entered into by John ". Gates. l..
C. Hanna, Grant B. Schley. George a. Kessler,
Oakeigh Thorne and Oliver H. Payne When
they began buying the price OF the stock was be-
tween 10 and 7J, but 1T rapidly when the plan
became known, and the average cost price OF the
stock IN the pool is understood to have been
about sl2O a share Last March, when the price OF
the stock broke sharply It reported that the
pool had been unable TO hold out and had been
forced to unload part Of It's holdings. This de-
MED, however, at the time, and later semi-ofcial
statement issued that tho members of the
pool had taken Up all their stock. In the mean
time the price had rallied nearly two points higher
than before the break.
On January 81 1906, the stockholders voted 10 in
the capital stock SO 900 to $4,000 900
OF which amount s3.42O.l8O was subscribed for by
the stockholders at par. and s3.480O0O additional
was offered at par. making the total outstanding
s $4,000. On October &c, 1906, the authorized issue
Of common stock was increased from $3O0o00OO TO
100000 In March OF the same year the company
purchased the Birrsingham Southern Railroad from
the Louisville & Nashville and the Southern Rail
way Company. II operates valuable coal and iron
mines, blast furnaces and foundries in Alabama
and TenDessee. In 1892 il absorbed the De Bardele
ben Coal and Iron Company. the Cahaba Coal
Mining Company and the Excelsior Coal Company
1t also controls steel mill at Ensley Ala. having
capacity OF 10000 tons OF rails and 100 of
other steel products year
For the year ended December 81, 1896 the gross
sales and earnings were N8265.9n and net earnings
s.. le0 Deducting from the net earnings for
probation. renewals and replacement, S77o57S and
adding miscellaneous interest, etc. $5 S9 the total
income was s2.035,3l1. Deducting from this amount
949T4 for interest taxes, ETC. s995f for dividends
the preferred stock and $3.50 ace for dividends on
the common stock. a surplus remained for the year
OF Sl5.sSl Dividends have been paid the COM
mon stock follows: Six per cent in 1900: 1909 to
1904. none: May. 1895. to August 1907. inclusive
per cent quarterly. The preferred stock, OF which
there is 2iS30O outstanding, pays per cent and is
cumulative
The present board Of directors is as follows: John
a. Topping chairman; Anthony n Brady, Frank
IL Crockard. George A Kessler, J. w Gates L. C.
Hanna. E. w Ogebay. Grant h. Schley s. o.
Cooper. T. J. Berwind and Oakleigh Thorne.