The age-herald., 1900-11-16
THE TENNESSEE
 COMPANY RUMORS  Local DeniaIs and New York
 Newspaper Reports BIRMINGHAM AND PITTSBURG Pres dent Baxter Knows of No Con. templaed changes-Iron Market Very Active-Prices Increased
 75c Ton Since Election.
BIRMINGHAM AND PITTSBURG

Despite the fact that officials of the Ten
 nessee Coal, Iron and Railroad Company
 deny that any change in the management
 or the directory of that company is con-
 templated the New York papers continue
 to publish rumors to the effect that there
 is to be an infusion of new blood in the
 company. The following from the New
 York Times gives the latest rumor:
 "The remarkable and substantial pro-
 gress made by the South in recent years in cotton manufacturing, in iron making, in
 coal producing, and in many other lines of
 industry-has so very generally been rec ognized and admitted in the North that
 Wall street was in nowise surprised yester- day when the report went round that for
 the first time in the history of the iron and steel business a great Northern iron mas
 ter of experience and prestige Is to be called to the South to be the domina ting controlling head of the representative steel industry of the South.
 'The company is Tennessee Coal and Iron and the Northern iron man who. an- ccrding to semi-official statements, is 10 take charge of Its affairs, as chairman of the board, is an ex-president of the Car negie Steel Company. Who the ex-official is has not yet been disclosed, some reports having it that it is H. C. Prick, while oth- CTS are to the effect that it is MT. Phillipps. At the office of the company no informa- ton on the subject was forthcoming, but that the new man will be a former Carne- gie company official all reports agree. '"The managers of Tennessee Coal, it Is
 understood, have for some time had some
 ouch plan under consideration. As has been
 known, they lately have extended their
 plant very considerably, the large mills at
 Ensley being illustrative, while President
 Baxter and Vice-President Bowron have
 worked with such persistence, energy and
 success that not only the home, but the ex-
 port, iron and steel trade of the company
 has been largely expanded, while the coal
 side of the business has also shown sur
 prising development. This growth, in fact
 a growth that has enabled the company, by
 reason of its large earnings, to put its con- mon stock on an per cent dividend basis
 has been so signal that in no small meas
 ure 1t is 'responsble-so the street hears for the determination to create a new of- flee in the company, so that the expand ing business, more than ever assured with
 MT. McKiuley's election, may the better be handled. But instead of eonfining them- selves to the ironmakers of the south, the managers of this southern property have | decided to come north, and, looking about them, they have, 1t is declared finally de-
 cided to make the proposition, as set out above, to the eX-offcial of the Carnegie Company.
 This explains to some extend, undoubt- l edly, the recent extraordinary strength and activity of Tennessee Coal and Iron stock l in the stock market. From a figure below 50 the stock in the last few weeks has scared rapidly until yesterday 1t was above 72. The opening, in fact was over two | points above the closing price of Saturday, and the buying was on very extensive scale, more than 23,000 shares changing hands at net gain of SA points.
 Tt is also stated in iron and steel cir | cles that this new move is but preliminary | to the commencement of very close rela- | tions between the Tennessee Coal and Iron | Comapny and large properties in Pittsburg, | and there is talk even that Mir Carnegie | himself will shortly be found interested in the Tennessee Coal and Iron property. This would be but in line with the now known policies of the steel and iron mag mates to come into closer working relations Already proof of these closer relations ap- pear in the recent advances in the price of a number of steel products and the re- ported probability of further advance to be decided upon at a conference of leading iron interests"
 When shown this article yesterday Pres ident Baxter of the Tennessee company stated that he knew of no contemplated change. He said that so far as he knew the matter had never been discussed by the directors of the company.
 Active Iron Market.
 Speaking of the iron trade, President Baxter said that 1t was very active, and that sales in the last few days had been greater than the make of the furnaces. There has been no advance in the price of iron since the early part of last week.
 when 1t was advanced 25 cents a ton, mak- ing a total advance of 75 cents since the election on November 6.