New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-17
CONDITION OF THE IRON TRADE.

of the list closed at net gains of moderate fractions
CONDITION OF THE IRON TRADE.
THE BETTER FEELING STARTED BY THE ELEC-
TroNs CONTINUES TO MAKE ITSELF FELT.
Cleveland. Nov 1.-THE Iron Trade ReVlew
saws to-day: Deeper cuts in steel rails than nave
been known in the quiet shading of the two months
previous; continued complications in valley wage
negotiations: the probability that Western steel
mills will close down unless 10 per cent reduc-
ton Is granted by the Amalgamated Association
these are the features of the week IN iron ana
steel The better feeling noted week ago, based on
the belief that the elections insure hedging from
radical anti-tariff plans. continues to make i'se
felt Only a sentimental betterment has resulted
some authorities say In other quarters transactions
are cited as a direct result of the increased conf
dence given to buyers and their belief that the
improvement would continue until 1t affected prices
The bulk of buying, however, in raw iron and steel
seems based the opinion that no appreciate
stiffening of prices is to be locked for until the
opening of the year, at least The slight increase
October. and the fact that coke iron stocks grew
in October though less than in the preceding month
frst half of November promise a large active list
at the opening OF December 49,. +, .. T.,
stances the furnaces that have gone in blast are
small reduction in freight rates to Ohio River
points has made II possible for makers OF south
though it is maintained that Sc 70 at furnace for
gray forge is being firmly contended for. <.,.,
theme of market gossip in the week, the opinion
being generally expressed that better demand
raw material markets Railroad contracts for rails
Do in VIII them be possible to tell to WAT
extent s2i can be bettered by buyer who Is after
price will not figure largely extensive contracts
on any basis being with them out of the question.
more liberal buying may be expected as the result
Of the cut. Rumors OF sales from 81 TO 81 below
f,a admir- hx he mill K
I'm finished material there is a slightly better re-
Of early advance in prices is out Of the question in
the face of the vast mill capacity still unoccupied.
Only part OF the usual force, and their efforts to
secure business in Eastern territory have not abat-
honing Valley. whose return TO activity BODIES no
strength 70 ruling prices particularly in view Of
The probabilities are that practically The same re-
duetiSns VIII De made IN the END by the Asiga
OF the Pittsburg district will shave them.
mill business is apparent from the transactions in
the billet market in the past three or four weeks
closing but prices have been maintained close 10
S7 o. The pipe trade, while barren not Of outlook for
round lots Of pig,iron. of late, the chief buying
being in the East"
IRON AND STEEL WORKERS IN SESSION
Pttsburg. Nov. 18th, second national convcn-
ton for 1893 OF representatives of the Amagamated
Association of Iron and Steel Workers assembled
II
O'Clock this morning. About 125 delegates
swered TO their and presented credentials.
President Garland delivered long address out
lining the critical condition that exists throughout
the country generally and more particularly in the
Mahoning and Shenango valleys. where the wage
question has assumed serious phase. He laid
special stress upon the policy being pursued
by the iron and steel manufacturers enforcing
auctions IN the boiling and finishing scales. Pres-
judgment in the revision OF the wage scale.
Reports I'VE, were read giving the condition Of AZ
tricts represented are Pittsburg, Mahoninng and
bama. Work on the revision of the wage scale be,
gan at this afternoons session There is talk of
TRADE WITH THE ORIENT FLOURISHING.
Tacoma Wash, Nov. ls-Trade between the
Northern Pacific coast and the Orient il heavier
Just than before. Traffic men say this is
a surprising fact considering the dull times gener.
ally prevailing. but they account for It partially
by saying that trade is usually heavier for a few
months preceding the Chinese New Year occurring
February Is. The steamer Tacoma. the last steam
brought in a fG,i cargo and could not take away
all the freish offered Imports consis chiefly Of
manufactured goods 1t Is also noteworthy that ex-
Apparently by low prices. steamshipmen say that
1000 tons OF -four now leave the coast every month
over third o: which is manufactured and shipped
from this city.
RETURNING CONFIDENCE IN BUFFALO.
Buffalo. n. Y. Nov 1.-THE tone of the money
market has taken decided change for the better
here. Bankers say money is easier. deposits are
increasing and there is general indication Of re-
turning confidence and better business A proml-
nent banker gives II as his opinion that the worst
has passed and that from on there will be a
general Improvement The next statement of the
savings banks VIII be made on January and of the
discount banks in about two weeks and they are
expected to show marked improvement the
condition of affairs existing when the last previous
statements were made.
c. n. JORDAN'S TRIP ABROAD.