The Birmingham age-herald., 1909-07-26
FINANCIAL PLANS
 ARE COMPLETED Southern Iron and Steel Plants to Open At Chattanooga NEW STEEL POSTAL CARS Postal Officials and Railway Mail Clerks Are Gratified at Alabama Great Southern Putting on Im-
 proved Postal Cars.
NEW STEEL POSTAL CARS

Chattanooga, July 25.-(Special.)- w. Chambliss has returned from New York, where he went on business partly con- nected with the closing of the deal for the reorganization of the Southern Iron and Steel company, of which his firm is the counsel for this section. MT. Cham bliss said that all the financial plans had been completed, and that the outlook for the future was excellent, so that in all probability the Chattanooga plant will be at work within 60 days. It was stated by MT Chambliss that the unsecured credi- tors of the old company are now in posi- tion to realize 75 cents in cash on the dollar, and if they were content to hold their securities for a while they will get dollar for dollar on the money in- vested. The reorganization of the South ern Steel company has been a large ur- dertaking, and MT. Chambliss said he was gratifed at the outcome of the plan, not only because the old creditors of the company have been we'll taken care of but also because abundant new capital has been secured to insure the opening and operation of the big plants, and the future development of this section.
 
 Chattanooga postal officials, and espe- cially railway postal clerks, are much pleased over the statement that the Ala bama Great Southern railway has placed an order for three modern eo-foot mail cars. At present there is only one car of this capacity and size on the Meridian service, and the addition of three big cars will mean much to the service. AS well as being safer and affording bet ter accommodations for the clerks The 6O-foot mail cars are the largest built and have six-wheel trucks They are constructed on a practical, solid steel base, rendering bucking almost impossible The sides are built of steel and wood and are so constructed as to avoid splin- tering, which is one of the worst fea- lures of an accident. The end of the cars are blind, and of almost solid con- struction. It is reported also that the cars will be lighted with electricity. which is thing desired by postal clerks, as it greatly lessens the danger from fire in case of a wreck. Most of the cars at present are lighted with gas used under pressure from three large tanks be- meath the car, which in nearly all cases ig- nite and explode in an accident.
 Knoxville's decision to purchase the existing plant in that city. at price double the estimated cost of a new plant will have no effect whatever upon Mayor Crabtree's intention to sell Chattanooga's S water works bonds, according to state ments made by him. It was thought l that the example set by Knoxville, where 1 the water works question presented itself ] in much the same shape as fin Chatta- nooga, would have some bearing upon | the determination of Chattanooga's mayor to sell its bonds. Such, however does ] not seem to be the case. as the mayor by his own statement seems to be de- termined to sell the bonds, and that with out knowing whether a plant can be built with the proceeds or not
 The clearings of Chattanooga banks for the week ending July 22 amounted to $1,218. 683. 50. This was a decrease of s29, .15 as compared to the correspond ing week of last year, when the clear ings were $1.247 SSS .75. This Is the first time in many weeks that the clearings have not shown 8 substantial increase
 With a force of 450 men, including three steam shovel gangs, H. H. Thash- CT. the contractor, Is making splendid progress on the double track extension of the Southern Railway between Chatta- nooga and Ooltewah. Notwithstanding the fact that the work has been greatly retarded by heavy rains, MT. Thrashers men have been moving 100000 yards of dirt a month. With more favorable weather this record will be greatly sur passed. MT. Thrasher says the road will be completed by February 1.
 Charles Shoot, proprietor of the New York restaurant, and W. Fl. Kelly, waiter, have been arrested on the charge of selling liquor. Officers discovered evil dence which led them to believe that the restaurant had received a barrel of whisky and when they reached the res taurant they found the remains of a barrel of pint bottles of Moccasin Club. More than third of the supply had dis posed of in some way.