The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-10-31
IRON SITUATION
Is ENCOURAGING
October Closes Most Satisfactory
to Local Producers.
MUCH STRENGTH IN MARKET
President Baxter ofTennessee Company
Believes in Higher Prices-Ala-
bama Pig Reshipped from
the Orient at a Profit
MUCH STRENGTH IN MARKET

The iron situation ait the end of October
is most satisfactory and encouraging to the
local producers. Prices have been good
and sales very heavy, with the result that
stocks in yards of this district are lower
than at any former period in years. The
output of iron is the greatest in the his
tory of the district, Notwithstanding whioh
the demand for Alabama dron cannot be
met.
The conditions existing here seem to pre-
vail throughout the country, with every
prospect of continuing indefinitely Com
mercial dispatches and market reports
from all the iron and STEEL centers speak
of the enormous consumption of iron and
steel and of the great demand for those
products.
The Age-Herald yesterday received ad-
vices from New York Ito the effect that
Alabama iron shipped to China and Japan
some time since was now being re-shipped
Ito this country and sold at a profit The
telegram conveying This information was
shown President Baxter of the Tennessee
Coal, Iron and Railroad company by an
Age-Herald reporter. Discussing the mat
ter, Mr.. Baxter said:
'1he iron market has been very firm all
the month, and while not active 1T has been
strong. While it was quiet at the first of
the month, more activity has been dis
played towards the end, with inquiries in
creasing in number The sales for last
week were twice as great as for the first
week in the month, with indications for an
active buying movement. At the close of
the month we are getting the best prices
obtained this year.
Sales in August and September were
enormously heavy, and after SUCH an active
market a period of quietude which we had
the first of the month was not unexpected.
AS stated, however, the month closes with
muoh more activity than it commenced,
and there are evidences of another. active
buying movement and advance of prices.
from from the Orient
Private advices received by me from
New York confirm your telegram, but
whether iron was actually shipped to the
Orient and afterwards reshipped, don't
know. My advices were to the effect that
iron sold in the Orient from this country
had been resold in this country, and pre-
sumo it had not actually been shipped and
then reshipped. However have no infor-
nation on that point.
$50 far as our company is concerned, we
had on the first of the month in our yards
not exceeding one days make, and with us
| the month closes without any accumula-
! ton in stock. I expect that the other fur
| mace companies of the district are in pre-
| cisey the same condition.
"The stocks in the pig iron warrant
| storage yards, which a little over year
| ago were about quarter of million tons,
| have disappeared until today they have
| been reduced considerably below 10000 tons,
| and that is going out rapidly. So that as
| far as / am able to judge the amount of
| iron going into consumption has not only
| cleared the accumulations off of the yards,
| but has also taken up all of the specula-
| tive lots, of which there were several scat
| tered about the district, and also cleaned
| up the warrant yards. This has occurred
in the face of the increased production.
| In view of these conditions any active buy
| ing is obliged to advance prces.''
The Steel Mill
Mr. Baxter was asked to say some thing
with reference to the steel mill at Ensley;
when it would be ready to go in operation,
If any orders had been booked, when deliv-
| cry was to be made, and. in fact, to give
| out any informa ton that would interest
| the people. Replying to these question he
| said:
"a few orders for steel billets at satisfac-
| tory prices for delivery this year have been
| booked, but in view of the strength of the
| market we have preferred before going &C
| lively into the market to start the plant.
"Fire on last Tuesday was lighted in the
| gas producers of four of the furnaces, and
they now being heated up preparatory
to putting in the bottoms. 1 can't under
| take to fix a date, but the time is certainly
very short now when we will begin maxi
ing STEEL
Representatives of other furnace compa-
MES were seen by the reporter, but they