The age-herald., 1899-03-17
ANNUAL REPORT OF PRESIDENT BAXTER Discusses Affairs of the Ten-
 neSSee Company. CONCERN IN GOODCONOITION  Reduction in the Floating and Bonded Indebtedness-Direc Will Meet
 in New York Next Tuesday
 and Elect Officers.
CONCERN IN GOODCONDITION

President Baxter, of the Tennessee Coal, Iron and Railroad Company, returned yes- terday to Birmingham from the annual meeting of stockholders at Tracy City.
 President Baxter said that nothing of special interest to Birmingham was done at the meeting. The proceedings were of a routine character altogether, dealing with the business affairs of the company. There were two changes in the board of directors Mir. Smith and MT. Barbour, of Boston, taking the places of MT. Adger, of Charles ton, and James Swann. of New York.
 The directors will meet in New York next Tuesday for the purpose of electing officers.
 The stockholders meeting was in every way pleasant All the actions of the officers for the past year were ratfied and their reports adopted.
 No action was taken as regards any com bination or real with the Federal Steel Company. There has been gossip to the ef- feet that such deal was pending.
 President Baxser's Report
 Pres dent Baxters report is exhaustive and full of interest. It is an able and com prehensiye paper. The salient features of 1t are here given:
 The production of materials by this com pany for the year 1898 is as follows: Coal, S.679,5S4 tons; coke. 92.697 tons; pig iron 549,457 tons. Each item is larger than for the previous year.
 Tn my last report 1 spoke of the effort to make of value the Ensley Land Company stock held by this company, and am grati- fled to be able to report that our efforts in that direction are being realized, and that we can now see that the stock Is go- ing to be of great value to the company.
 Many Important Events
 50 many things of importance have tran spired since the first of 1899 that I feel that this report would be incomplete without some mention of them. The immense con solicitations effected in industries similar to ours seemed to make it necessary for us to make some disposition of our railroad property by which we would receive from it some of the benefits which are accorded the railroad properties of similar and competing industries, but which have always been denied to us by the railroad companies of this district. We have, therefore, made a sale of our railroad property of every de- scription upon terms satisfactory to this company and with such restrictions as will insure us against any increase in that part of the work over the tracks as is done sole ly for the benefit of this company, but re- lieving us of the necessity of doing a great deal of work without remuneration, for which other companies are paid or have the work done for them by the railroad companies without charge.
 Demand for Coal and Iron
 "You are familiar with the present de- mand for pig iron and coal and with the fact that prices are ruling higher than for years and it seems proper that I should in form you that the company is preparing to reap some benefit from this condition of the market We will blow In three additional blast furnaces on or about April 1. and a fourth furnace will be ready for work be- tween the 18th and 30th of April. Supplies of coke and ore will be had from our own mines for these additional furnaces, and with a continuation of the present demand, which seems likely. we will prepare an- other furnace and have it going by mid summer. Looking to the future demand for basic iron for steel making at Ensley, it