Iuka reporter. (Iuka, Miss.) 1888-1894, 1893-12-07
LOOKING pA
The Tennessee Coal, Iron & Ks~A.y 49,,
pany Start Three Idle Furnaces.

The Tennessee Coal, Iron 81 Rail-
road Company have advanced pig iron
20 cents per ton, the second advance
in the past thirty days. Since selling
$4,000 tons last month, the company
sold $4,000 tons additional at an adj
vance Of 20 per cent. Fifteen thou
sand tons of this was taken by
American consumers, and IL 900 tons
as an investment by London bankers.
In addition, these bankers offer the
company the same figures for the
product of four furnaces for six
months, amounting to 100000 tons,
The offer has been declined.
In an interview with A. M. Shook
the Nashville American quotes that
gentleman as saying:
"The general outlook of the iron
trade is surprisingly encouraging. A
few days ago Mr.. Baxter, the presi-
dent of the company, reported he had
sold 1000 tons. Since then the
company has sold an additional 3d.
900 tons at an advance of 25 cents
over the price paid for this $4,000
tons, OF this $4,000, American con.
sumers took Is, 900 tons and London
bankers took 10, 900 tons as all invest
ment. These foreign purchasers also
authorized an offer for the output Of
four of the company's furnaces for
elk months at the same price, which
would amount to 100000 tons, as IN
Investment. The offer was declined,
as the company feels confident iron is
going higher.
Mr.. Shook thought this action of
foreign buyers indicated two things
very clearly; First, that we have
reached the bottom in prices; and,
secondly, that it marks the beginning
Of an active market in the pig iron
industry. The fact that London CAP
italists have come here at the present
time to invest their capital in pig iron
is one of supreme import in CONNER
cia circles.
"We have sold $50, 900 tons of iron
for future delivery" said Mr.. Shook,
(which makes the position of the
company such that its directors feel
justified in making still another ao-
vance of 20 cents per ton, which was
done today.
'In view of these facts, Mr.. Bax-
ter, as president, had ordered blast
| furnace blown in at South Pittsburg,
and today he ordered three more
blown in at Birmingham, to meet this
increased demand. | lave never
known a more remarkable upward
spring in the trade. We had not
looked for it. These facts justify the
opinion which Mr.. Baxter has so fire.
quently expressed, that this panic is
different from any preceding one, be-
cause no country was ever subjected
to such panic which was so prosper
GUS at the time, when there were so
few, il any, reasons why we should
have had panic. Values were con-
! sidered very low a year ago, and not
withstanding that fact we have gone
through the most remarkable pressure
during the past six months this coun-
try has ever known in the same length
of time. That we shall recover as
rapidly is but natural. The circu-
lating medium being per capita larger
today than at any time since the war,
farm products of every description
more abundant than for many years,
no plaques or epidemics, why are we
not in position 10 recover even more
rapidly than we went downward? 1t
is confidently predicted by men who
have made the iron industry study
for life that next year we will proince
and consume more than 100000
tons of pig iron, more than 800 900
tons than the largest production and
consumption the country has ever
known.
81 think" added Mr.. Shook, uthat
this is going to affect the general bust.
ness of the South. Iron is the baron.
eter, the aspen leaf, of commerce in
the United States Every other ar
ticle of trade will be CORRESPONDENCE
benefited by thu SO indications of i'm.
provement i'll the iron industry. 1t is
universally acknowledged that when
the iron industry prospers in the
United States all ether industries be.
come prosperous; and when there 10
q low pressure about iron the pressure
is low with general trade.