The Indianapolis journal., 1899-02-23
WITH LEAPS AND BOUNDS
PRICES OF IRON AND STEEL STILL
ADVANCING WITH RAPIDITY.
Product of Some of the Great Plants
sold Ahead Until Next October
More Combinations Proposed.

NEW YORK, Feb PIN it's review of
trade conditions, the Iron Age will have the
following to say under date of Thursday:
There is increasing excitement in the iron
trade and prices are now advancing in
leaps and bounds. Continued heavy require
ments are coming into the market. both for
raw material and for finished goods. Some
Of the great producers are in a congested
condition, and instances are quoted OF great
plants which practically sold out until
October. A growing disposition is observed
to try to cover for as much of the second
half as is possible.
"Bessemer pig in the central West has
been advanced 81 per ton and is now $l2
at the furnace, 1t is reported that large
concern purchased about $1,000 tons in the
open market for plant in the Cleveland
district, needing its own iron at the home
plant. Beyond this, the volume of business
in this branch has been small. Quite a
large demand has developed, however, in
the central West for basic pig, chiefly for
the second half. One concern is in the
market for about 10000 tons. In foundry
iron the market is very stiff. The furnaces
in eastern Pennsylvania have made good
sales, while Southern concerns have again
sold largely for export, the aggregate being
80, 600 tons, of which 1900 tons were basic
pig For prompt steel there is almost a
famine and as high as $21 has been paid in
Cleveland districts, and SO and upward in
the East. The volume of business, however,
is small. Wire rods are not to be had at
any price, the leading producer needing its
output for it's own requirements.
steel rails in the East have advanced to
$22 under a fair business. The price has
now reached point where we are no longer
under the parity of the worlds markets and
must surrender the export trade unless will
ing to sell at q concession, or unless the for
eign prices advance. 1t looks as though an
order for 1900 tons for China would go
abroad.
In the plate trade the pressure continues
unabated. The Carnegie Company has en-
tered into a ten-year sliding scale contract
to furnish the Pressed Steel Company with
its plates, axies, etc, the quality involved
when present plans have matured, being
from 80 TO 1000 tons per day. The Carnegie
Company withdraws from the contemplated
car building enterprise
Tine contract for the towers and shore
spans of the new East-river bridge goes to
the New Jersey Steel and Iron Company
and the material probably to Pittsburg. The
quantity involved is about 12000 tons, 7,OU0
tons being plates. The requirement that the
steel must be open hearth made by the pig
sources of supply and enhanced the cost.
Ihe Chicago orders calling for about 5000
tons of structural material nave been placed
and 1900 tons OF bridge work is pending.
IT appears that progress is being made
with the bridge builders pool whcn j. p.
Morgan q Co. are to finance. 1t is to take
in the leading builders of railroad bridges,
highway bridges and buildings 1t is UNDER
stood that those interested IN a number of
large plants are active in the work. The
first skrmishes between the cast-iron-pipe
consolidation and the outside shops in East
ern territory have taken place. Quite a
fair tonnage of work is coming out Contin-
ued efforts are being made to get the man
ufacturers of steel pipe together, the con-
solidation to be carried through under the
auspices of j. p. Morgan & Co. Although
at an early date the subscriptions are Que
by the underwriters of the National Steel
Company, it is not yet definitely settled
whether the Oliver ore interests will be in
cluded.
THE principal item of interest in the
metal trade is further advance in the price
of tin plate of 70 cents per box. Spelter has
continued its extraordinary rise. Copper is
very dull at shade under Is cents, price
at which every consumer will restrict his
purchases to the minimum, while every pro-
ducer strains every means to get out more
metal"