Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1907-11-07
OF MUCH VALUE
TO The SOUTH
Great Importance of the 7.
c. & I. Purchase.
COL. A. M. SHOOK GIVES VIEWS
Believes the Deal Will Mean
More Extensive Operations
in This Section.


report which came from New York
last night to the effect that the Ten
nessee Coal q Iron Company's interests
have been acquired by J. p. Morgan
and that he will pass the property to
the United States Steel Corporation.
Col A NJ Shook, than whom no
man in Nashville or this section is
more thoroughly conversant with the
affairs of the Tennessee Coal q Iron
Company, was asked this morning for
his views concerning the result Of the
reported deal. He expressed the opin
ion that the deal will be of great bene
fit to the entire South, for it means
more active operations on a larger
scale than ever before and greater
production of Southern products.
Col. Shook remarked at the outset
that it seems rather remarkable and is
fact worthy of note that the Tennes-
see Coal q Iron Company is the pivot
al point at this time III the financial
furry which is more or less affecting
this entire country. Discussing the
reported deal, Col Shook said
THE taking over Of the pooled stock
of the Tennessee Coal & Iron Co. has
resulted in two things-it has saved
the Trust Company Of America and the
Lincoln Trust Company from liquida
ton of not from failure, and it has as
sured the permanency Of Che operations
of this great corporation and the re-
sulting benefits that will accrue to the
South.
"When the United States Steel Cor
poration was organized, many people
in this country were very apprehen-
sive that it would acquire the Tennes-
see Coal & Iron Co., and it's vast un-
developed properties. The fear then
was that the existing plants would
shut down and the further develop
mentS stopped. At that time Besse-
mer steel was the rage, and but little
attention was paid to basic steel, es-
pecially for rails. The fact that the
South had no Bessemer ores gave color
to the idea that in event the property
was acquired by the United States
Steel Corporation it might be largely
closed down. Since then there has
been a radical change over the country
regarding basic rails. Today every
railroad engineer in the country wants
basic rails and they are willing to pay
a premium for them. The fact that
the Southern ore makes as good basic
rails as any that can be made in the
world, and the further fact that the
only large, we'll equipped and practi-
cally finished plant for the manufact-
ure of basic rails is located at Ensley,
Ala, makes it certain that the plant
will not only be run to its capacity but
5 will be further increased and develop
, ed by the new owners.
Col Shook believes that this dea
will be great boon not only for Biz.
g mingham, but for the entire South.
/ He believes that the deal not only saw
ed the two trust companies named, bu'
\ possibly saved allied financial interests
: as we'll
Col. Shook was asked what effect
$ this deal will likely have on the price
i of steel? In reply he said:
5 The acquisition of this property b,
the United States Steel Corporation
gives it such predominating influences
and power that it will be able to absol
utely control and fix the prices of al
steel and iron products in this country
. In the acquisition Of this property tn
q United States Steel Corporation get
practically 400, 600 acres of coal ant
iron ore lands, seventeen blast furnac
. es, three rolling mills, and large
well equipped basic, open hearth stee
It plant, with present capacity of abOu
200 tons per day which is bein
-, largely increased by additions nov
we'll under way, and splendid up-tC
date rail mill This is exclusive of tn
property of the Republic Iron d Stet
Company, which, if it goes in, and
70 added to the property Of the Tennessee
Coal q Iron Company, will give thre
additional blast furnaces and 60, 0O
u acres of additionl coal and ore land,
W Practically all of this is in JeffersO
II and surrounding Alabama count,
with Birmingham as the center.
n ''What special interest is taken i
> this deal in Nashville, Col Shookl'
i' Nashville has a direct interest bt
III cause this is the leading industrial il
1t stitutiOn in the South and the Soutl
70 west, replied Col Shook Its pa
rolls amount to more than 81, 600, "
. per month, and, as its products are a
= produced from the raw material of II
South, this enormous payroll is as al
IN solutely created wealth as if it ha
been dug from the ground in the shaI
: of,gold nuggets Nashville Banner
Engine No. "a, hauing Conduct,
s Henderson's Chattanooga coal freigh
- broke an equalizer rcd when enterir
? the yards here last night, causing Il
.. "cow catcher" or fender of the engil
to sag TO the rails, and the crew
:" jump, expecting smash up. Hon
- ever the engine was not thrown fro
the track. 1t took two hours to 2
the damage repaired sufficient to d
liver the cars to the side track and Z
X engine to back down the line
II Bridgeport, as to run an engi
&c straight ahead with fender draggil
d. the rails would have been hazardo
FOR proceeding.
all
Loss Of Vitality