The record-union., 1899-03-24
Making Further Advances Imperative in
Nearly All The Branches.
The Scarcity Of Material in Some
Lines Reaches the Character OF
a Famine, Causing a Tremen-
dous Strain Upon the Facilities
for Mining, Transportation and
the Different Stages of Fabrica-
ton.

NEW YORK, March 23.-In its re-
view of trade conditions the Iron Age"
says:
In nearly all branches of TIE iron and
steel trades relatively small but ur-
gent demand for prompt delivery IS
making further advances Imperative.
Belated buyers are putting prices upon
themselves. The scarcity of material IN
some lines reaches the character of
famine and there are many who predict
further rise.
Still, after all, this does not touch the
burning question of what prices new
contracts will be made at to replace
those expiring in the second and third
quarters. At what level will buyers be
forced to take hold again? There are a
number of we'll authenticated cases in
which purchases for the second half
have been made at prices pretty close
to those now ruling. But it is fact
that many buyers are inclined to await
developments. This involves one great
risk, and that is that no disturbances
occur in any one of the chain of links
from the ore in the ground to the fin
lshed material. 1t must not be forgotten
that there is a tremendous strain upon
the facilities for mining. transportation
and the different stages of fabrication.
Let anything occur to cause trouble,
delay or suspension and the whole in
dustry is disorganized. The weather
during the last month furnished good
Illustration of this, although it would
be ordinarily very unimportant factor.
In pig iron the market is quieter, al
though still very firm, with upward
tendency. In Bessemer pig there has
been a halt.
The railmakers have again advanced
prices in the West. 1t is of interest to
note in this connection that the Youngs-
town plant of the National Steel Com
pany will, it is expected, be in a posi-
ton to roll rails in July.
Advances in finished iron and steel
have been altogether too frequent and
general to enumerate and prices vary
widely according to time of delivery.
In some branches there are still lag
CARDS in the matter of advancing
prices A recent letting of about 1000
tons of bridgework in the West dis
closed one bid little over half a cent
per pound below four other bidders.
Very little is being done in the direc-
ton of export orders. Report has it
that the mission of John w. Gates of
the American Steel and Wire Company
in Europe, is to arrange for an inter-
national agreement in prices for the
principal wire products
Some of the consultations, upon
which much work has been done, show
a tendency toward tagging as the time
for final settlement approaches. The
fact is that it is far more difficult now
than it has been to get banking firms
to participate in underwriting syndi-
Gates. The capacity for absorption OF
new industrial issues seems to be fall
ing somewhat and a more critical spirit
is revealed. This does not, of course
mean that really meritorious undertake
ings do not find all the financial back
ing needed. but the time seems past
when everything goes
The advance in raw materials is now
beginning to tell on the prices of a long
line of more highly finished goods as
the time approaches when supplies
cheaply bought are being exhausted.
The possession of material purchased
months since has been too tempting a
lever for securing business to avoid a
good deal of irregularity IN prices nat
ural in many cases because manufac
turers did not believe in the permanence
of higher prices for metals. That feel
ing is wearing off and with a greater
volume of work manufacturers in many