The Birmingham age-herald., 1924-01-14
REF PUBLIC |S READY FUR ENLARGEMENT
Iron And Steel Company Said To Plan Expansion
 Of Business.
he Republic Iron and Steel com.

Ut BuSIneSS.
 he Republic Iron and Steel com
 ny. which has extensive properties
 the Birmingham district and else. where in Alabama, has authorized iarge expenditures for additional im- provements. some of which may bs made in the south. according to the Wall Street Journal.
 This eastern financial paper sketches the career of the Republic company as follows:
 Republic Iron and Steel company finished 1923 in the strongest posi- tion 1t has enjoyed for several years With working capital in excess of $26.000.00o, which increase Is nc. counted for not only by earnings ir excess of dividend disbursements. but by cash accumulated through the sale of $10.000,000 bonds Tn the early part of 1923. although a large part of the proceeds from the sale of these bonds was expended in new construc. tion during the year.
 Republic has shown its ability tc make good earnings under norma trade conditions and has paid during the year. all deferred preferred divi- dends but $l . share on its $25,000,- 900 preferred stock, and has fail prospects. if business remains nor maj. of resuming dividends in the not distant future on its 300,000 common shares.
 REPUBLICS EVOLUTION
 Republic is the only one of the large steel companies which at time of it's organization, which has now been almost completely discarded When organized in 1899, 1t represent ed . combination of % bar iron mills and four northern and two southern blast furnaces. It had substantially no iron ore reserve in the north and no steel capacity, although 1t did in- ciude two obosiete steel mills. Its southern holdings of iron orc and coal were partly leaseholds and the general equipment of the company was unsconomic in character; iti mills were small units, widely scat tered. and 1t produced . product which was rapidly being supplanted by steel.
 This condition necessitatsd . change from iron to steel and to add to its difficulties, no sooner had tht switch to bessemer steel been near. ly completed whom. due to the de. velopment of the open hearth pro. cess, further shift in production was essential. In other words, Re. public went through two revolution. ary changes. These changes natural. ly affected its earning power. Not the least of the difficulties which the management had to contend with ir carrying out a broad reconstruction program in order to keep up with the lndnatrtQl 6rn0raSN xUo tered in conducting operations at the old works during the rehabilitatine process; in addition to which, work was restricted by lack of funds loans or new capital being depen- dent upon growth of profits.
 BIG PROPERTY ADDITIONS
 Notwithstanding these handicaps Republic has been able to pay all preferred dividends with the excep- tion of S1 per share now owing, and which is expected will be paid soon. It has also paid $7,500 900 in common dividends and has earned in the 23 2-3 years ended December 31, 1922, a sur plus of $29,994,641 and earned a year. ly average of over $4.00 a share on It's 30O,000 common shares now out standing.
 It has put into property, either through blowing back surplus or by financing, including improvements for 1923 over $60.000,000. It now has ore reserves of over 46,500,O0O tons in the north and nearly 80.000,o0o tons owned in fee in the south; with coal reserves totaling 131,oo0.0o0 tons and a completely integrated steel. producing equipment.
 PRESENT EQUIPMENT
 or the original 2S bar iron rolling mills and six blast furnaces with which 1t started, all have been dis carded except: Inland Works at Chicago, H.. the only remaining iron mill operating. Brown, Bonnell Works at Youngstown. O., now re- constructed for steel products. Mun- cie Bolt and Nut Works. Muncie, Ind, manufacturing bolts, nuts and turn buckles. Sylvan Works, Moline. H., specializing on hard steel products.
 Of the original blast furnaces, two remain active and two inactive.
 Republics present equipment con- sists of four modern blast furnaces furnaces in the south; 6 bessemer steel works: 15 open hearth furnaces, a tube works of So0.o0O tons ca pacity: plate mill of 125,0o0 tons capacity, and bar skelp mills with combined capacity of over 100000 tons annually, with O balanced pro- duction of coal and iron to insure operations of these plants.
 NOW HIGHLY INTEGRATHD
 Not only have properties been but considerabl ble diversi- fication has been obtained through additions to its finished products of sheets, tubular products and plates thus correcting one of the handi- caps under which Republic suffered in its early history.
 In the first few years of Repub- Hes existence At was subject to sev- era1 changes of management, but most of the work of rehabilitation has been carried out under the pres est management, which assumed control in 1906. Large expenditures have been authorized for additional to be completed some time during 1924. which will finish the work substantially, of general and increase the capa- city and present earning power of the company.
 Republic Is now a highly integrat- ed steel producer, adequately sup piled with working capital and with well-balanced manufacturing prop. critics of well-known earning power.
 OR PAPA9
 Jsck-Mas Is as pretty as . little doll, isn't she?
 Ciarence-Yes, and if you tried to hug her, she'd probably yell