The record-union., 1899-08-18
The Markets Gaining Strength All
Along the Line.
Predicted That Next Year Will Be a Sea-
son Of Exceptional Prosperity.
Little Likelihood of Lower Prices
This Season, and They May
Reach "a Much Higher Figure, il
the Present Demand, Which
Looks Probable, Keeps UP.

NEW YORK, Aug. 17.-In a review
Of trade conditions, the Iron Age to-
day presents additional evidences OF
the extraordinary production and price
movement whose maintenance IS 50
marvellous. 1t will say; The iron
markets have gained in strength and
the feeling is growing SO rapidly in the
trade that the next year viii be one OF
exceptional prosperity. all doubts as To
the maintenance of the present prices
Tor the balance of this year being dis
PEELED, if, indeed, higher figures win
not have to be paid in some lines
to secure prompt delivery.
What everybody is watching for
with the keenest interest is for evidence
that present values are checking con-
sumption. 1t would be idle TO deny
that instances of this character do not
crop up, but it is noticed, too, that Of
ten those who protest most loudly
quietly buy later on. While it may
seem premature to discuss 1900, it is a
fact that makers are deeply interested
in the problem of what course TO pur-
sue and that an increasing tonnage of
sales is finding its way into the order
books. 1t is not SO long since that
the leading men in the industry had
apparently settled down to the convic-
tion that $50 for steel billets and about
$26 for steel rails would be a satisfac-
tory basis for 1900, from the stand
point Of the makers as to fair profits
with the assurance of full consump-
tlon. 1t looks now as though the fig
ure will be considerably higher. AS Il
pointer in that direction come the re-
ports of purchases in the WestA Aof 4O,-
600 tons Of steel rails by the Chicago
and Northwestern, and 10000 by the
Rock Island road at $50 for 1900 deliv-
cry. These reports are not officially
confirmed, it being represented that
the Western rail interests want $31. So
much seems certain, however, tLat The
basis of negotiations is much higher
than was considered possible only a
short time since.
1T is certain that in certain lines, no.
tably in pig iron, the engagements for
1870 have already been heavy. One
Southefs interest is reported to have
over 10000 tons on it's books, while a
third interest, controlling very inn
portant industry, has orders for over
100000 tons of material secured. 1t
must not be forgotten, either, that a
good deal of tonnage which cannot be
delivered in time will be carried into
next year. In steel rails alone this is
variously estimated at 100000 to 500,-
600 tons.
There has been a good deal of talk
of purchases of steel in Europe for
shipment to this country. 1t is true
that large inquiries are in the market,
but it is difficult to see how the business
can be put through. Steel billets, ex-
ship, would cost at least f6 los, and
adding the duty of $500 the cost
would be about $41.50. which is out
of the question except for manufacture
ing in bond for export, under drawback
arrangements. We have not learned
that anything of this kind has been
done.
ION the other hand we know of one
case in which negotiations are pending
for the sale of 5000 tons of American
material to go to Europe to relieve the
extraordinary scarcity there
"An interesting incident is the cap
ture by the Pencoyd Iron Works of
orders for forty-five double-track lat
tice girder spans and eleven single
track connected spans for the i'm
perial Government railways Of Japan.
The order calls for about 1000 net
tons of material for delivery in the
middle of next year. That the prospect
of paying higher prices is not soaring
capitalists is shown by the report that
J. j. Hill is considering building fifteen
steamers of 5000 to 10000 tons each
for a new Pacific line"