The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-11-25
RAIL TRADE BRISK
SOME STARTLING SURPRISES DUR
ING THE PAST
WEEK
AGREEMENT NOT RATIFIED
Pittsburg Interest Withdrew and
the Elaborate Plan Fell to the
GrOund-Makers OF Rails Assert
1t Would BE SenseIess to Cut
Prices-DeveIopm In Gem
era1 Iron Trade Favorable.

NEW YORK, Nov. 24-In its review
Of trade conditions, the Iron Age, the
leading authority on the iron business,
will say today,
1.-THE rail trade has had startling
surprise during the last week, It was
the general belief that nothing but
formally af1xing the signatures to the
agreement and their ratification by
boards of directors was required to
make the common selling agency an
established fact. At the last moment,
it is reported, the Pittsburg interest
withdrew and the elaborate plan fell to
the ground. 1t appears, however, that
series OF fresh negotiations were un-
dertaken, and that some sort of a truce
mas been now arranged for among the
ratl-makers of the Central West Be
fore these were contaminated, @ large
business was done in the West at con-
cessions, but there is a good deal of
tonnage still in the market. Buyers
appear to have withdrawn to test the
strength Of the Western understand
ing. In the East a good many orders
have been placed.
Rail makers point to the fact that
very large tonnage for 1899 is assur-
ed, SO large, indeed, that the Western
mills, particularly, will be fully en-
ployed They argue that it would be
abandon as good q chance as they are
likely to have for years to make the
rail trade profitable. Yet the danger Of
very sharp competition is close at
hand, particularly since the hope of
the adoption of a general working az
rangement will be abandoned.
To the iron trade the developments
In the rail trade during the past week
mean that higher prices in that branch
nj he hof
sumption will not be hampered from
that source. Those rail mills which
are not exclusively engaged in this
branch will not be as potent and dis
turbing factors in the general steel
trade as they have been at times in
recent years. Rail profits will not be
partly applied to fighting fund in the
billet and other departments. The hap
penings IN the rail trade will, there
fore, be regarded with equanimity, it,,
in fact, they are not considered favora-
BILE from at least one point of view,
and that is the consumption Of steel
for 1899 If @ heavy rail demand,
a general active consumption stimu-
lated by widespread increased pur-
chasing capacity, coupled with low
prices and heavy export shipments CO.
incide-as they promise to do-then
1899 ought to strain our productive re-
sources to the utmost.
$50 far as the general trade Is con-
cerned the developments of the week
have been favorable throughout. Sea-
board consumers of foundry iron are
beginning to take increasing interest in
the market. In Philadelphia sales have
been heavy, and elsewhere leading
founders are coming forward. Some of
the large pipe founders are testing the
market and some gcodsized inquiries
have been out for basic open-hearth
pig. In the Pittsburg district there
has been some good buying of Besse-
mer pig, while steel billets have recov-
cred from their recent weakness and
are held at higher prices. In Chicago
| there have been very large purchases
| Of car material, bales of barrels figur-
| ing up 10000 tons, while one order for
$500 tons of beams was placed.
Export inquiries are numerous, but
the question Of ocean freights is be-
coming more and more troublesome. 1t
has stopped much new business and
is delaying deliveries on old contracts"