The Birmingham age-herald., 1910-03-10

practically ceased to flow, it evidently having come from a pocket of water which had accumulated in the chert above.
 All the mines on Red mountain are liable to have water to greater or less extent break in on them. A few days before the close 2f the fiscal year a much larger and more serious flow of water broke in our No. 1 slope. Ihe amount was so much greater than we had ever had before that we were not prepared to handle 1t, and as no large pumps could be had in this district con- siderable time Was consumed in ascer- taning the quickest deliveries which could be made from distant places, and before the pumps could be delivered here and installed and necessary pipes laid the water had filled No 1 slope up to the point where an old entry was cut through to No. slope, and flowing through this entry flooded No. ?. This is not the first mine on Red mountain which has been similarly flooded. Pumps of a sufficient capacity to handle the water coming in, and at the same time lower the water in the mines, have now been installed and we hops before long to have Mo- 2 slope free of water, so that it can be producing ore, and not very long after to be working No l. Since so many exaggerated reports have been spread abroad regarding the food | ing of these mines we have deemed It best to advise our stockholders of the true facts of the case. In the meantime our other ore mines are working satls- s factorily, and we are producing S0o tons | of pig iron a day, and will be able to take care of all our contracts and have some iron to sell. We hope by the lat ter part of April or the first of May | to start up two more furnaces. | Your Russellville brown ore mines, notwithstanding unusually unfavorable weather for mining brown ore last winter, produced considerably more ore than In any previous year since the mines were developed.
 The heads of all of the departments of the company have been most loyal and faithful and have rendered efficient serv- ice, which it Is our pleasure to acknowl- edge.
 The usual financial statements for the year are annexed
 All of which is respectfully submitted, by order of the board of directors.
 J. c. MABEN, President. Birmingham March 9, 1910
 Among the financial statements an nexed to MT. Maben's report are these BALANCE SHEET FOR YEAR END
 ING NOVEMBER 30, 1909
 RESOURCES Property account .........,.... .s21, ,746 010.1l Treasury securities ............. 24421S,11 | Stocks and bonds of other l companies ...................... 399 15717 Cash, bills ard accounts re- ceivable ......................... 1.e23,55s .7s Supplies, raw and finished
 material at cost ............... sH0oS.72 Stocks in company's stores. and warehouses, at cost .....-.... 75,676.O2 Extraordinary repair and re-
 newal fund ..,.............. 121.2-1.2 .2S Insurance and taxes unexpired 5.3791l Total ........................... SPA, ,556, ,28021
 LIABILITIES. Capital stock pfd. s 6, LOCO Capital stock. ccm.. 100000
 sl6, 100. O0O.0O Sloss Iron & Steel | Company;
 Mortgage per
 cent bonds. 1920. s 2,eo0,000
 Mortgage 41H per
 cent bonds. 191S.. 2,0oo,ooD
 -4,ooo. eco. co Current accounts ............... 4s0, 7s4 00 Pay rolls fcurrent month) .. 95924.32 Profit and loss ..........,....... 3,279, 521 .SS