tennessee coal known major american steel manufacturer interests coal iron ore mining railroad operations originally based entirely tennessee relocated business alabama late nineteenth century sizable real estate portfolio company owned birmingham satellite towns including time second largest steel producer usa listed jones industrial average company merged principal rival tennessee coal subsequently operated subsidiary years division parent company history early history tennessee coal founded small mining concern established nashville seeking exploit tennessee rich coal reserves 19th century railroad boom losing money business sold new_york investors reorganized tennessee coal outbreak civil war following year saw company local creditors tennessee leading coal decade mining transporting coal towns soon branched manufacture practice moving coal market building private rail tracks unusual time owning tracks served mines businesses rivals market saving money transportation thomas connor purchased company expanded business iron manufacture order stimulate sales building blast near business subsequently renamed iron changed despite later expansion alabama following purchase birmingham based iron company industrial importance alabama company relocated offices birmingham native state relative investments purchase major competitors direction saw firm grow rapidly corporation decades major heavy industries based largely agricultural wide margin largest blast operator south time second largest steel producer continent asset sheet listed blast red ore mines extensive network railroads following panic company shifted primary interests railroads steel largest industrial plant located company town founded outskirts birmingham alabama company president map served sizable early acquisitions contained ton blast constructed tonnes steel produced year feeding integrated rail wire plate mills company fiercely competitive larger pittsburgh steel businesses north owing remarkable fact natural resources required produce steel located abundance relatively small radius birmingham mills forced labor tennessee coal largest users prison laborers blacks convicted petty crimes method paying fines practice common obtaining coal mining labor alabama close reconstruction era number employed increased acquired brutality conditions year ownership prison workers died workplace related accidents 1910s undertook comprehensive program stabilize labor force excluding prison laborers developing planned model villages improving worker health welfare loyalty approach carried obvious benefits workers families drew criticism limiting free movement organization labor listing jones index merger tennessee coal status bolstered companies listed inaugural jones industrial average compiled long eclipsed principal competitor huge formed enormous federal steel time felt confident launch takeover bid southern rival morning saturday november banker founders convened meeting library suggested purchase stock wall street firm moore secured huge loans million shares entirely selfish gesture morgan recognised failure moore send investor confidence markets nose dive president agreed principle transaction argued careful political maneuvering deal seen congress effort create monopoly encounter troublesome federal anti trust litigation morgan burnt washington trust forcibly broken government landmark test case response concerns morgan sent urgent mission washington sunday deal president stock exchange opened day convinced wished purchase moore stock order firm shore investor confidence wider economy roosevelt granted transaction immunity november decision later derided critics federal government sought perceived roosevelt mistake success sued meantime moore saved collapse panic soon subsided rewarded valuable prize controlling stake immediately replaced tennessee coal jones index remained fully incorporated continued operate extremely profitable subsidiary parent company 20th century immediately following merger venture launched create new larger plant west center new company town work planned community alabama began named executive later committed suicide soon renamed steel works opened discovery new coal ore deposits region aid enormous capital works quickly expanded construction new steel mills rail links rolling mills completed produced ship materials nearby plants alabama support america sudden entry world war direct rail line new port birmingham opened followed completion high ore line railroad connected works trains literally rolled hill mill merchant steel mill completed followed opening sheet products mill proved efficient making cheap steel post merger internal levied steel coming birmingham region effort competitive edge birmingham steel pittsburgh product independence separate legal entity parent corporation ended century founding memory historic importance lost short book celebrate centenary published biography business decline began majority mines birmingham region closed domestic coal superseded cheaper foreign products especially venezuela 1970s 80s brought eventual consolidation works general decline heavy industry usa decades current operations tennessee coal plant continues operated integrated steel mills usa largest steel making plant alabama employing workers september peak world war single blast basic oxygen process mills production facilities plant produces million tons raw steel tons seamless tubular sheet products mainly purchase oil industry august president ceo announced determined permanent shut blast finishing operations necessary decision impact electric arc construction project workers laid november
Tennessee Coal, Iron and Railroad Company