The Birmingham age-herald., 1907-11-19

| under the Schiey-Gates ownership of the Tennessee Republic he was secre- tary of the executive committee in New York. The officials on arrival pro- ceeded to the Hotel Hillman and reg l istered, both MT. Crawford and MT. Beecher writing "City" opposite their names.
 Conference at Headquarters.
 The president lost no time in reach- ing the Tennessee headquarters in the Woodward building. A conference was in session in Vice President F. II. Crockard's office before noon and all the afternoon. Among those present were John A. Topping, chairman of the board of directors of the Republic Iron and Steel company; T. D. Guthrie, pres | ident of the Republic company; s. F. Ker, vice president of the Republic company: Mir. Crawford and Mir Crock ard of the Tennessee company. The work in hand was separating the Joint management of the two companies. While details were well under way it was stated last night by officials of both companies that it would be day | | give out a list of local appointments. And no business will be taken up until l the orga nization question Is disposed of During the luncheon hour number of prominent business men met MT. | Crawford.
 MT. Topping returned east last night | but President Guthrie of the Republic will remain for several days.
 What Companies Are Doing.
 The Wall Street Journal, which ranks high among business men for it's re- liable information, says in It's Satur- | day issue:
 "rhe Tennessee company has booked sufficient rail business to keep it's mill m operation all through next year, has sold approximately 1,250O00 tons of coal for de- livery next year and has on it's books orders for something like 100000 tons of pig iron
 Its cash on hand September 30 amount | ed to SPA 352 and it's bills receivable N,- l 559, 693 Its bills payable were less than s1, ,5OO,0OO. The surplus of the company 1 for the first nine months, after charging | off s293 169 for depreciation and paying dividends on the common and preferred stocks, amounted to sS56,022. Its inven- tories aggregated s2,50OO0o.
 "From the foregoing 1t is evident that the Steel corporation is not taking over a bankrupt concern by any means, but a company well fortified financially. in good shape physically. and with prospects of a heavy increase in earnings when condi- | tions become normal.
 'The Tennessee Coal, Iron and Railroad l company is working about 50 per cent of it's capacity at present, this reduce tion in output having been agreed upon as result of the stringent conditions | of the money market. This policy of cur tailment has been adopted by all steel companies pending readjustment of financial conditions. The Steel corpora | ton is turning out about 70 per cent of | it's normal production and the Republic 1 Iron and Steel company about 50 per cent. | Well posted steel men believe that with l in the next three or four months there | is likely to be an increase rather than | a decrease in output reported by the l various steel companies.
 John Refs and several assistants who | have been making an inspection Of the 1 Tennessee Coal, Iron and Railroad com | pany for the United States Steel corpo- | ration have returned. While no official | statement to the state in which they | found the properties has been made, 1t | is understood that the United States Steel interests are highly pleased with the re- ports submitted to them. All the Steel corporation will have to do Is to continue the development work where the old Ten nessee management left off.
 "The statement that the United States Steel corporation will not supply the l Hartman roads with open-hearth steel rails, notwithstandiag that contract ex- l ists with the Tennessee company. Is ab- surd The Hartman transaction calls for an open-hearth steel rail, and the ordar uiII he filled according "a con-