The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-11-16
RUSH is OVER.
Feverishness of the Iron Market Is
Subsiding.

New York Nov. 16.-Discussing the
condition of iron and metal trades, the
Iron Age says:
On the whole the week under review
has been a quiet one. In the raw ma
terials the situation is unchanged. The
greater part of the coke supply for
next year has been contracted for on
the basis of 81. 60 and $2.75 for furnace
coke and ovens, While the ore contracts
for next year have not yet been closed.
In pig iron there has been continued
activity in Chicago but in the other
distributing markets the volume OF
business has not been large. In the
central west the only large transaction
has been the sale of about 10000 tons of
metal, the parties to the transaction
being allied interests.
RumOrs have been current to the eff
feet that one very large transaction in
steel bilIets between two leading in
tercsts has been closed, but the evil
dence points to the fact that the sale
has not gone through 1t is quite evil
detn that the rush for prompt delivery
on steel bIletS IS over and that heavy
premiums are not being paid for
prompt steel delivery. This is putting
an end to the high nominal prices. This
creates the impression of a decline,
when, as a mater of fact, the figure at
which new contracts for 1900 delivery
are being entered into. say $780, Pitts
burg, is a heavy advance on the figure
were taken.
Chicago reports a sale of $4,000 tons
of wire rods for export and it appears
also that leading consumer has con-
tracted for very large quantity for
the first half of 1900.
In the west there have been sales of
steel rails, one of the orders calling for
so miles of light rails for new Utah
road. 1t is reported also that a western
mill has contracted for the delivery of
heavy tonnage of girder rails for
Glasgow, Scotland.
The specifications have been issued
for the wire cables for the new East
River bridge at New York, the quanti-
ty of high grade wire called for being
about 5000 tons. In this connection it
may be noted that there is a POSSIBLE
ity that the great North river bridge
may soon get beyond the stage of a
project.
The iron trade is watching keenly
developments in the New York Rapid
Transit project, which would bring out
a very large amount of work.
Generally speaking, there is a good
deal of figuring going on in our large
cities on structural material for sky
scrapers, which indicates that current
prices are not cutting off important
undertakings in this line.
Philadelphia is now cotted to a heavy
outlay for new water supply, which
means some big requirements for cast
iron pipe.
The western bar mills are still in re-
ceipt OF nice orders from car builders,
who are still entering new business
heavily. In other departments of the
finished trade, however. the demand is
slackening and makers are drawing on
their heavy supply of old orders. In
some branches however, the scramble
for orders is getting lively. This APP
plies particularly to the sheet mills
that are selling at close figures. con
sidering the current prices for steel
Steel plates, too. are selling at lower
prices.
We are now rapidly approaching the
period of the year when the actual con
sumption of iron and steel in many
q ia off
heavily. but preparations are always
made during this time to accumulate
a supply for the spring trade, always
the largest in volume of the year.