The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-03-23
ALMOST A FAMINE.
In Everything Connected With the
Iron Industry.

4EOn AAOuSGIy'
New York, March 23-In its review of
trade conditions, the Iron Age says:
In nearly all branches of the iron and
steel trades a relatively small but ur-
gent demand for prompt delivery is
making further advances imperative.
Belated buyers are putting up prices on
themselves. The scarcity of material in
some lines reaches the scarcity of
famine and there are many who pre-
dict a further rise.
Still, after all, this does not touch the
burning question at what prices new
contracts will be made to replace those
expiring in the second and third quar-
tiers. 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 lit is a 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 and fuel in the ground to
the finished 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 industry is disorganized. The
weather during the last month
furnished good illustration OF this, al
important factor.
In pig iron the market is quieter, al
though still very firm with an upward
tendency. Charcoal iron has jumped
lately. In Bessemer pig there has been
a halt.
The rail makers 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 posi-
ton to roll rails in July.
Advances in finished iron and steel
have been altogether too frequent and
general to enumerate, but prices vary
according to the time of delivery:
In some branches there are still lag
A recent letting of about 1000 tons of
bridge work in the west disclosed one
bid a little over a half cent per pound
below four other bidders.
Very little is being done in the dfrec-
ton of export orders. Report has 1t
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 work has been done show ten
dency 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 par
ticipate in the underwriting syndicates.
The capacity for absorption of new in
dustriaI issues seems to be failing some
what and a more critical spirit prevails
This does not, of course, mean that re
ally meritorious undertakings do not find
all the financial backing needed, but the
time seems past when everything
goes"
The advance in raw materials is now
beginning to tell on the prices of long
line of more highly finished goods as the
time approaches when supplies cheaply
bought are being exhausted. The pos
session of material purchased months
cir hos a
securing business to avoid good deal
of irregularity in prices, natural in
many cases because manufacturers did
not believe in the permanency or hlgher
prices for iron, steel and metals. That
feeling is wearing off, and with a
greater volume of work, manufacturers
in many lines are raising prices with
more substantial argument to back
them than the higher cost of raw ma
terials which did not really directly
affect them, so far as actual purchases
were concerned.
Thus there is a tendency to ask more
remunerative prices in many branches
of the machinery and supply trades.
AS an instance of how the feeling has
changed, we may note the fact that one
of the largest jobbing foundries in the
east, If not in the country, has with
drawn all quotations, an example which
it is likely other concerns will be glad to
follow.
In the metal trade, copper has shown
a declining tendency, lake being close
to II cents. Prices abroad have been
receding and are now so far below our
parity that export sales are practically
stopped, the current shipments being on
old contracts. This means that soon a
large proportion of our supply will be
available to cover our nome cOnSump-
ton, which certainly has not expanded
in so great a degree. When present con-
tracts with much lower prices began to
expire the situation will become much
clearer.
In tin plate a number of importation
orders have gone to the other side, not
alone for drawback plates, but also for
actual consumption The Pacific coast
is, of course, much exposed in this re-
gard.
In some branches of the iron and
metal trades our rapid advances brings
up the question whether it may not pay
to reimport material duty free, which
may be done if the goods return in the
original packag es.
Re.=&lA~aA %