Publication: The Anniston Star
Anniston, AL, United States
RISE IN STOCK
Jesperson Says Aditional [sic] Additional
Capital To Help
C. M. Jesperson, vice president of the Southern Manganese Corporation, and allied companies, stated today that the Anniston operations of the concern would be benefitted in a general way by the increase in the capital stock of the Swann Corporation, holding company for Anniston and Birmingham concerns and a foreign plant.
Mr. Jesperson pointed out that there was no way in which to determine the exact extent to which the local plants would benefit, nor the amount of money it would mean for them.
The increase in the capital stock is being made by the present stockholders buying more and paying in additional money, it was explained.
Increase of the total authorized number of shares which the company may issue from 120,000 to 2,100,000 (100,000 of which may be issued as preferred stock), is accounted for. It confers upon the board of directors the authority to create and issue stock rights and options, a more flexible corporate structure being set up, placing the company in better position to finance contemplated expansion in the varied activities of its several subsidiaries.
No public offering of the new stock will be made at present, capital increase being underwritten by stockholders of interests intimate with the progress, development and success of the company.
The Swann Corporation, organized and chartered in 1928, succeeds the Federal Electro-Chemical Corporation. It is a holding company. Origin of the corporation dates back to the pre-war period when perfection of an electric furnace process employed in the manufacture of ferro-manganese was successfully adapted to the manufacture of commercial phosphoric acid.
Southern Manganese Corporation original company, manufacturers and markets ferro-phosphorus, an important and basic requirement in the sheet metal and steel trade.
Federal Phosphorus Company operates as the manufacturing and marketing unit for the phosphoric acid output and its various phosphates, mono-sodium, di-sodium and tri-sodium phosphates; pro-sodium, mon-o-sodium, di-calcium and tri-calcium phosphates; mono-ammonium and di-ammonium phosphate. dephenyl and its derivatives has alos been placed on the market.
Federal Abrasive company is another concern, manufacturing silicon carbide and aluminous oxide products.
Provident Chemical Company, St. Louis, Mo., is another concern of the Swann interests, manufacturing and compounding phosphates.
Jax Plant Food Company is another. The Swann Corporation has acquired and now operates the Hiff-Bruff Chemical Company, Hopeston [sic] Hoopeston, Ill., and the Birmingham Glass Works and the Napthalene Products Company, Birmingham.
General offices are located in Birmingham. The Swann Corporation is a Delaware Company, primary plant at Anniston, where extensive research laboratory is maintained.
Theodore Swann is president of the Swann Corporation and has been an active figure in the development of Southern industry for years. He is president of the various subsidiary companies.
|Keywords:||Birmingham Glass Manufacturing Company|
|Date completed:||November 20, 2011 by: Bob Stahr;|