The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-03-03
Eastern Markets Are Entirely Out Of
the Control Of Sellers.
Rates Jumping Dollars Per Ton and the
Excitement Continues to Spread.
Those Who Short Time Since
Pooh-Poohed the Predictions
That Pig Iron Would be Scarce
Now Admit the Fact, the Only
Question Being When Relief
May be Expected.

| y
Question Being When Relief
May be Expected.
NEW YORK, March 1.-The IRON
Age" to-day says:
The iron and steel markets are be-
coming exciting and seem now entirely
out of the control of the sellers. Prices
have been jumping dollars per ton, and
the excitement is spreading AS for the
hrst half of the current year, it mas
ceased to be question of prices, and
mas become matter of ability to de-
liver at ALL
1t is not so long since the majority
OF the trade pooh-poohed the prediction
that there would be a scarcity of pig
lron The fact is admitted now, AMI
the only question is when relief may
be expected. That may be brought
about either by the blowing in of addi-
tlonal furnaces or by the checking of
the export shipments or by the falling
off of the home demand. For the first.
half of the current year not a single
one Of these factories. nor all combined
VIII make any impression. Will ii
come early in the second half? We be-
lleve that in this respect hopes, of many
VIII be doomed to disappointment 1t
is true that number of large new or
newly remodeled plants in, the West
are to fall in after July 1st and that
furnaces now idle are expected to start
in soon. 1t is true that a number OF
small Eastern stacks are trying to get
ready and the same is true in Virginia
and the South.
/ Rr1t Wi \,
matter of putting the plant into shape.
but of getting raw materials. In the
Central West, in the East and in vir-
ginia the ore problem is the biggest
one, although relief may come to some
through imported Ores In the South it
is a matter largely of fuel.
The export business, of course. will
be checked. The tonnage of all kinds
foots up to about 100000 to 900, 600
tons. For the first six months and for
part of the second half much has been
contracted for. In some cases even
now it has been possible to delay delfN-
cries and thus get room to take on do
nestle work. In some lines. like in
Southern pig iron, contracts provide
that the metal must go abroad. and
switching may not be possible. Under
the circumstances it does not look as
though much relief can be expected be-
| fore October.
| As an offset it must be considered
that in many lines the consumers have
been bare of stocks for years without
feeling any Inconvenience They are
having rather novel experiences now
and are endeavoring to guard against
them by accommodating some reserve In
the aggregate this means a big tom
mage.
| The shortage of material has been
emphasized during the week by some
happenings. A leading wire interest
has purchased and is about to close for
several blocks of billets, aggregating
about 10000 tons, for Eastern delivery.
TWO Eastern steel works have pur-
chased a stock of about $4,000 tons of
Bessemer pig in the yards OF a plant
which is now limiting its operations to
special quality. What the second half
will bring in Bessemer pig in the Cen-
trad West will develop in few DAYS
For earlier shipments the furnaces
have sold as high as $3.50 and are
now out of the market
There have been heavy sales of mill
iron East and West The scarcity and
high prices of billets, which have
jurmped to so, Pittsburg, are starting
every pudding mill in good condition,
and the demand for mill has therefore
been very heavy.
In foundry iron there have been large
purchases in the East, while in the
Chicago district a large car company
has taken 1000 tons of Northern iron
and like quantity of Southern pig
for the second half.
Advances have taken place along the
whole line of finished iron and steel.
Structural material is up So per ton,
and bars are 50 higher. Plates, sheets
and skelp are very difficult to buy, at
a. sharp advance. Merchant pipe MAX
ers have issued new uniform discounts.
Cut nails are higher
A sharp advance has taken. place in
Wire products, and in tin plate a fur
Their upward move is imminent.