Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1897-01-28
IRON TRADE.

The week under review in the iron and
steel markets has been far from encour-
aging to the interests of Pittsburg iron
and steel men, who had expected much
better things this month than last. 1t
has been noticed, however, that the fe-
Verish tendency that characterized trans
actions in Bessemer iron and finished
steel, the result of the Carnegie ore pur-
chase and the collapse of the billet pool,
has to a certain extent worn away. Ex-
tremely low prices prevail in steel lines,
and so. little bushes has been placed that
the orders have not been sufficient to
occupy the lines.
Two months ago billets could not be
purchased for less than $20.25, Pittsburg,
but this week they were offered as low as
$1525. A large sale of 5000 tons at SIS rs
is reported. Prices are still low with Bes-
semer irons, and little business has been
placed. The following very lucid review
is from the Iron Trade Review" OF
today
ut develops that the total of billet ton
mage placed is more than published re-
ports of the past month or six weeks
would indicate many Of the deals being
closely kept at the time. While there are
those whose prophecies are affected by to-
days conditions, the preponderance of
informed opinion is strongly with the
view that the second quarter of the year
will bring activity of which there is now
no hint. The most important contracts
that has had attention from steel works
in the week are the Southern Union sta
ton, Boston, involving 1000 tons, which
went to the Pennsylvania Steel COM
pany, and the Columbia, Pa, bridge $
5000 tons, which eastern works have Sc
cured Drake & Sutton, Pittsburg, have
the construction contract and most or the
steel goes to Pennsylvania Steel company.
1t is reported, but without confirmation,
that 1000 tons of rails for the Grand
IL IN 0n a
the contract is not for early rolling, the
Illinois Steel company's rail mill at South
Chicago having closed down in the week,
with no time set for resuming. The
wage reductions in the Chicago district
have not set a. pace and probably Will
not One Mahoning Valley plant has fol-
lowed the example but that such step
is entirely at variance with the general
expectation concerning 1897 Is well recog-
nized. sHe : taseft
Yet if American steel works are COM
PEELED to look to outer markets for the
disposal of surplus tonnage so that the
cost unit on products for home consump-
ton may be kept at the lowest point
through continuous operation, the ques-
ton may come UP whether labor will
make concessions on contracts taken for
export If every form of combination to
sustain prices is to be swept away in
the iron trade, it would appear that the
competitive struggle must affect wages
ultimately. Southern pig iron exports
are increased week by week, and while
the amounts involved are still greatly
exaggerated, they have been sufficient to
enable the producers to hold their prices
at home better than ever before under
similar stress. The increase in pig iron
production throughout the country is I'M
warranted by present conditions and
points to low prices on foundry grades.
Bessemer seems to have touched bottom.
A 5000 ton sale at $10.35 Pittsburg is re-
ported but the average furnace quotation
is $40 in the valley prompt delivery. In
billets activity has subsidized. The market
may be fairly quoted $3.50 to SIG, Pitts
burg, with nails adhering generally to
the latter figure. Bar iron remains at
115c, Cleveland by action of the meeting
of the Merchant Bar Iron association on
Tuesday A finished material not held
up by combination is weaker, plates, an
giles and bars in particular Pittsbure
Leader. -