The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-03-17

1898 were $1,174,694 This makes per
cent that has been declared on the
common, a remarkable showing when
the condition of the old company is
remembered
The recent strength in Tennessee
Coal and Iron. which in some quarters
mas been attributed to coming absorb
uon into Federal Steel. Is said to be
altogether due to the situation in the
IRON market, and the belief of friends
OF the company that with its ability
TO increase its output largely it can
produce pig iron more cheaply than
any other iron furnace in the country.
consolidation rumors are strenuously
denied.
The Connecticut legislature has sent
back to the committee on Incorporation
the latter's favorable report upon the
resolution incorporating the Sanitary
construction Company. I'his is a Won
deTful resolution and if passed would
give the company a great deal more
power than the state of Connecticut
now possesses. 1t provides that Judge
E. NJ. Warner of Putnam. E. w Shedd,
f. S. Boyd and F. w. Siebert, Litch-
field county, men constituting the San
itary Construction Company, may hold,
own. lease, construct. extend. enlarge,
improve, complete, equip and operate
| railroads, railroad bridges, engines,
cars, stores, buildings, warehouses,
telephone or telegraph systems, horse.
electric. surface and underground rail-
roads, water, gas, electric light, stea m
heat, fuel and drainage systems; may
contract for and acquire, hold or sell
real estate and may purchase bonds
stocks. obligations and securities of
others corporations. The capital stock
of the company is placed at $50, 000 but
the company would have power to in
| crease it to any amount it saw fit.
Rapid progress is being made on the
Rutland-Canadian Railroad, the link
between the Rutland and the 0. & l..
c., that will complete the new Van
derbilt line to Boston, and it is eX-
pected that the road will be completed
by Dec. l. AS it crosses Lake Cham
plain over the islands and bridges, the
grade IS practically level. In planning
the road the engineers were told to
consider ease Of grade above every
thing
In its review of trade conditions the
Iron Age said yesterday: I'm all the
leading distributing centers the iron
and steel interests are excited, and ad-
Vances are being made with bewiIder-
ing rapidity. The demand keeps up sur
prisingly well, and for prompt and early
delivery it is not a question of price,
| but simply a matter of obtaining the
material. Still, indications are crop
ping up that the pace is too fast, and
instances have come to notice repeated
ly of late of work which is being delay
ed or postponed because prices are re-
garded as too high. Such cases are is
olated still, and do not cut any figure
when compared with the urgency of the
demand from many quarters.
- further sharp advance has been
made in pig iron all along the line, in
Guiding foundry iron, Bessemer pig
forge iron and special grades In the
central west some large blocks of Bees
semer pig may be offered by the asso-
citation at an early date. In the ca st
there have been large sales of low phos-
phorous iron and of basic pig.
Steel has rushed up squarely TO $22 sc
to S26 in the east, and close to the same
| figures in the central west, but the
transactions are not of great magni-
| tude. Prices on finished material have
been sharply advanced. Sheets. bars
| pipe, structural material and wire and
wire nails are higher. and yet the mar
ket is kept clear. The fact is that large
orders kept cropping Up for product OF
all kinds. In one day a tidewater ship
| yard had inquiries for eleven large
steamers and could rot accept a single
| one.
Occasionally facts come to the sur.
face which seem TO invalidate the con-
| clusion that we are cutting off our ex.
port trade completely. Among these we
may note the sale of about $500 tons OF
merchant pipe by the National Tube
| Works to South Africa, or the contract
| taken by the PENNSYLVANIA Steel COM
pany for the great Grogtiek viaduct n
Burmah, which is to be over 5000 feet
high and viii call for about 5000 tons OF
material AS against this we note that
this week an order for about 5000 tons
| of cast iron pipe for Buenos Ayres was
lost by the American bidders, an Eng
lish concern taking the order at IL cents
per ton less than the American bid"
| In the House of Assembly at Hall
| fax, Premier Murray introduced a bill
! granting to the Dominion Iron anc
| Steel company partial exemption from
! payment on coal used. The premier
! read a letter from H. NJ. Whitney OF
| Boston, head of the new company, ask
| ing for entire exemption from payment
I of the provincial royalty for a period
! OF five years on coal used by the COM
lpany. Mr.. Murray stated that the gov
| eminent has decided to grant half ex-
| emption for eight years, which he con-
| sidered would be acceptable to the COM
pany and satisfactory to the country
The Dominion company pays a ropalty
| of 1912 cents per ton
| The American Ship Building company
was incorporated in Trenton. n. J., yes
terday with capital stock of $50 600. 900
| The objects of the company are the
! building and equipment of ships. YES
sells, Wharves and docks and the trans
portation of goods and passengers. also
manufacturing and mining of all kinds
! the assumption being that the company
! is not only to build it's vessels, but to
mine the iron for the building of the
ships. The combination originated in
OHIO. and is said to include all the ship
yards on the lakes.
MARKET NOTES