COAL - Clpdigital.org

38 THE COAL TRADE BULLETIN.
TENNESSEE COAL AND IRON.
The outcome of the stockholders' meeting of the
Tennessee Coal & Iron Co., held at Tracey City,
Tenn., May 2, shows that the present management
has full control. The new directors are John E.
Borne, president of the Colonial Trust Co., and
Andrew W. Smith, one of the company's largest
stockholders; Joseph B. Dickson, of New York, and
Charles McCrery, of Birmingham, retired. The
former requested the management not to re-elect
him, while the latter recently resigned as vicepresident
and general manager of the company to
go with the Woodward Iron Co., of Alabama. J.
Henry Smith, Fi S. Witherbee and Herman S.
Leroy were re-elected.
The directorate is now made up as follows:
Don H. Bacon, William Barbour, Albert B. Boardman,
Henry R. Sloat. J. Henry Smith, F. S. Witherbee,
John E. Borne, Andrew W. Smitn, Herman
S. Leroy, Cord Meyer, S. L. Schoonmaker, Benjamin
F. Tracy and James T. Woodward.
At the meeting of the board of directors in New
York, on May 16, Chairman Bacon presented the
report for the year ending December 31, 1905.
While the report showed a heavy decrease in earnings
and surplus from the previous year, it was
confidently stated that the outlook for the present
year was of the brightest. The effects of the
labor troubles of last year had been overcome, it
was announced, and the majority of the coal
plants brought to a much higher state of efficiency
by the establishment of system and discipline and
the introduction of mining machinery which could
not be used, with profit, during the time the mines
were operated with union men. '1 ne following
table shows the company's income and expenditures
during the last fiscal year:
Gross sales and earnings $9,535,404.12
Deduct cost of operating, repairs and
maintenance, and general expense.. 7,972,606.91
Net earnings from operation $1,562,797.21
Deduct interest on bonds and other interest
761,583.24
Net profits $ 801,213.97
Deduct for depreciation 256,225.28
Balance forward $ 544,988.69
Deduct sinking fund on T. C. I. 5 per
cent, gold bonds 48,730.00
Balance $ 496,258.69
Dividends on preferred stock outstanding
la,006.23
Surplus for the year $ 477,252.46
Surplus as on Dec. 31, 1904 1,734,162.50
Deduct sinking fund for years 1902
and 1903 on T. C. I. & R. R. 5 per
cent, gold bonds 89,080.00
Balance $1,645,082.50
Add surplus for the year 1904 (as
above) 477,252.46
Total surplus Dec. 31, 1904 $2,122,334.96
An Indiana company, with a capital of $o0,000,
has been formed for the avowed purpose of "splitting
the coal trust," by making and marketing
an artificial coal to be composed of ordinary earth
and certain chemicals. No reports have been received
up to this writing of anyone being injured
in the scramble of coal producers and dealers to
get out of reach of the splitting operation.
* * *
The officials of the South Wales Miners' Federation
decided on a "stop day," or holiday for
miners at occasional intervals and proceeded to
enforce it. The mine owners sued the organization,
for breach of contract, won its case and was
sustained by the House of Lords. Now the mine
workers will have to pay out something like
$500,000 in damages.
* * *
Chairman Burton, of the congressional rivers
and harbors committee, seems to be pretty well
convinced now that Cleveland is not the only
town in Ohio and that Ohio is not the only commonwealth
in the Union.
* * *
Statisticians as a class are frequently accused
of "boosting" figures on home products but the
government report on the production of coal shows
that almost without exception the local estimates
were under the mark.
* * *
The cry "Cotton is King," is no longer the slogan
of the South. Coal is now recognized as the
sovereign commercial element in every state in the
Union.
* * *
And now comes the season when the ice man
must stand in the breach and the coal man is no
longer under the concentrated fire of all creation.
* * *
An Inoiana woman has broken into the coal
trade patent field and has produced a device which
is likely to bring her both fame and fortune.
'ine large coaling station of the Norfolk &
Western railroad and the adjoining sand house
at Bluefield, W. Va., were burned recently. Loss
$30,000, partly covered by insurance.