The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-12-14
IRON AND STEEL.
A Further Decline in Prices During the
Past Week.


Cleveland. O., Dec 1s.-The Iron Trade
Review to-day says: "a further weakness
OF iron and steel values has taken place
within the week. and in some markets
the lowest prices OF the year have been
touched. This Is true Of Bessemer and
OF northern foundry irons. except in the
Chicago market. where the marked con-
eessions Of some weeks past were recently
withdrawn. While a November and De-
cember accumulation Of iron has been
looked for. with an attending fall in prices.
actual transactions have discounted all
allowances. Bessemer pig has sold as low
as $3.50 in the valley, the equivalent of
SlV.l5 at Pittsburg, whereas the lowest
price in the period OF lowest values pre-
ceding the coal strike was SlO25. Pitts
oufs- Northern No. foundry iron has
sold in central western markets at Is
Genus ton below the quotation Of early
spring. S9.35 at the furnace being touched
as a gainst $3.50. The prices named are
extreme. and there have been many trans
actions on higher basis. while some
producers refuse to consider current fig
uIes, ana are confident that a reaction
VIII come quickly when any considerable
buying movement develops. The present
situation is only significant of the eager
ness OF certain producers to get business
at time when the demand is suspended.
with buyers running stock to the lowest
point Tor the taking OF the yearly hal
ance. There is little in any quarter thar
goes TO establish the market drift beyond
the present month. II present prices were
10 continue, there are producers who
would retire for the time being, and thus
the corrective might come naturally.
Among makers of Bessimer iron there
l oh,
priced contracts. begotten of the coke
strike experience of May and June.
lhere are some authorities who still
see chances of new strike as the winter
wanes; and while 81 coke will be availa-
Die after the first of the year, the failure
OF the Connellsville operators to carry
out an agreement already practically
made to advance the selling price. in
creases the chance of labor troubles
IL would seem that a strike whether IL
comes sooner or later. will only be averted
by such an advance I'm coke as will ger
init OF paying higher wages to the men
Thus the coke situation is still the most
impartant factor i'm the outlook for
Bessimer pig and soft steel
The effect of the reduction in steel
rails for 1895 cannot be measured as yet
though there are several inquiries in for
round lots.
car and locomotive building is more
actlNe ana the prospects in these direc-
tons are much more encouraging.
I'm the central west there Is a fair
amount Of business in plates and angles
on ship building and bridge contracts
The demand for beams and channels on
architectural account Is light but there
is good deal of figuring on work that is
TO come up next year. Indeed. the chief
announcement I'm all departments of
the iron and steel trades is derived from
the pNnprtaffOp n "a al =
in the early months of 95, If the present
volume and the present prices were taken
alone as the basis If judgment, the opin-
ion would he far from optimistic"