Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1894-01-04
THF IRON TRADE OUTLOOK.
A Trade Papers Encouraging Re-
view of the Situation.

business Moves Along slowly, But There
Are Indications of Steady Improvement
--orisrs Coming In, aud the Rising Ten
dency is Marked.
CLEVELAND, o., Dec. 2S.-The Iron
1raao Rerieto says to-day:
With the time for balancing the years
business only few days off, nothing is
to be looked for in the iron trade but
more pronounced quietness. Surmises
as to what may be expected after the
opening of the new year take the place
of the usual staple of market gossip.
There is an agreement in the general
statement that an expansion into any
thing like the old.time demand need
not be looked for in go or 80 days, or in
twice that time, but larger call for
iron and steel products than has been
known at any time in the past six
months may reasonably be expected
early in the year, and that this will tend
to increase.
That the producing capacity, in the
whole range of material, will continue
for some time to be much more than
adequate to the consumptive demand,
is evident, since most new enterprises
will wait upon the new tariff act. Yet
the accumulation of renewal demands
in these months of stagnation ought to
insure continuance Of the better
symptoms noted in December, but the
| market will creep before it walks.
Coming to actual conditions to-day,
| pig iron was never lower than in
this closing week, and all reports us
| to the firm attitude of furnaces sold
ahead are overtopped by the willing
ness of other producers to take six
months contracts at figures very close
| to those named in connection with i'm
mediate deliveries. Besseme. pig at Pitts
burg has been sold below $l1 for deliv-
cries running to July LIST, of next year,
and round sale by large producer is
reported at figure considerably be-
low S10,75 of week ago. Billets are
still at the $3.50 mark, but transactions
are limited. Pittsburg more than ever
holds the key to the situation in iron
and steel. Her mills have been invading
every market and II has been openly given
out that the work is to be taken regard
less of profit or cost, that mills may be
filled and kept going. In the case of the
largest producers, many contracts taken
in the past two months will be executed
under schedule of wages much lower
than heretofore paid. This may ensure
some slight profit, even on the prodigious
cut prices of which the trade has been
hearing of late; II also makes it practi-
cally certain that the lowest notch has
been reached on plates, angles, beams
and channels, and this view OF the situa.
ton may lead buyers to considerable
contracting early in the year.
The coke situation is also an element
in the account A strike in February
by the employees Of Connellsville com
panies, now paying on the $1.75 basis
would bear hard upon steel manufac
turers whose furnace did not happen tc
have the heavy accumulations OF coke
visible in the yards of some large pro
ducers. Certain contingencies bearing
upon the price of Bessemer pig iron ant
upon the ability of steel works 20 fill
orders in case of strike, are Just nov
making the question of coke contract!
: for the first half of 1894 of peculia
interest.
Lack of orders ahead is the genera
complaint among rolling mills and stee
works, yet within the past fortnight par
ticularly in the central west, inquire
, have increased to an extent that justi
fies expectations of moderate buying il
the near future. Agricultural works ar
going more than at any time since tn
panic; there are fully as much demant
: on bridge account as comes ut thi
season OF the year, and building materia
F., is more active than in the early part 0
. December. Among buyers of pig iron
cast iron pipe works and stove work
! | are busiest inst now. iOhbinp and ms
chinery founders are dull, with few ex
!, ceptions.
The financial condition of the genera
iron trade is unchanged. The few fail
ures recently noted were not unez
pected, but everywhere the strain is sti
severe. Two important railroad II
ceiverships within week adds no Ell
a couragement to the outlook from ths
stand point and makes the rail deman
r still more problematic.