The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-25
IRON TRADE CONDITIONS
MANUFACTURERS MAY BE TAXED TO
SUPPLY DEMAND NEXT YEAR.
Little Prospect of the Rail Pool Being
Perfected-Heavy Shipments to
Europe Probable.

NEW YORK, Nov 24-In it's review of
trade conditions the Iron Age, the leading
authority on the iron business, says: THE
rail pool has had a startling sur
prise during the last week. 1t was the gem
eral belief that nothing but formally affix
ing the signatures to the agreement and
their ratification by boards of directors
were required to make the common selling
agency established fact. At the last
moment. 1t is reported, the Pittsburg in
terest withdrew and the elaborate plan fell
to the ground. 1t appears, however, that
series of fresh negotiations were under
taken, and that some sort of a truce has
been now arranged for among the rail-
makers of the central West. Before these
were consummated a large business was.
done in the West at concessions, but there
is a good deal of tonnage still in the mar
ket Buyers appear to have withdrawn to
test the strength Of the Western under
standing. In the East a good many orders
have been placed. RaiImakers point to the
fact that very large tonnage for 1899 is
assured, so large indeed that the Western
mills, particularly, will be employed. They
argue that it will be senseless to cut prices
and thus abandon as good a chance as they
are likely to have for years to make the rail
sharp competition is close at hand, particu-
larry since the hope of the adoption of a
general working arrangement has been
abandoned.
ITO tho iron trade at large the develop
mentS in the rail trade during the past
week mean that high prices in that branch
are out Of the question and that consump
tlon will not be hampered from that source.
Those rail mills which are not exclusively
engaged in this branch will not be as po-
tent and disturbing factors in the general
steel trade as they have been at times in
recent years, Rail profits will not be partly
applied to lighting fund in the billet and
other departments The happenings in the
rail trade will, therefore, be regarded with
equanimity, it, in fact, they are not conSid-
cred favorable from at least one point of
view, and that is the consumption of steel
for 1899 If a heavy rail demand and active
consumption, stimulated by widespread in
creased purchasing capacity, coupled with
low prices and heavy export shipments, CO.
incide-as they promise to do-tben 1899
ought to strain our productive resources to
the utmost.
so far as the general trade is concerned,
the DEVELOPMENTS of the week have been
favorable THROUGHOUT Seaboard consumers
of foundry iron are beginning to take in
creasing interest in the market In Phila-
Gelphia sales have been heavy, and else
where leading founders are coming forward.
Some of the large pipe founders are testing
the market, and some good-siZed inquiries
have been out for basic open hearth pig. In
the Pittsburg district there has been some
good buying of Bessenler pig, while steel
weakness and are held at higher prices. In
Chicago there have been very lalge pur-
chaseS of car material, the sales of bars
figuring up 10000 tons, while one order for
$500 tons of beams was placed. Export in
quirieS are numerous, but the question of
ocean freights is becoming more and more
troublesome. 1t is stopping much new bust
ness and is delaying deliveries on old con-
tracts. -