Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1900-06-28
TRADE is GROWING WORSE.
Iron and Steel Workers Find Few Customers
for Their Products,
Lower Prices Have Not Stimulated
Business Hast Furnaces
Shutting Down,

New York. June 2S.-According to the
Iron Age, in It's weekly review Of the
iron and steel situation, 1t Is idle TO at
tempt to disguise the fact that the sit
uatou in the iron trade has been grow
ing worse instead OF better. That pa
per. after thus declaring its views,
says:
The reductions In price which have
thus far been made have not served
their purpose in bringing the great
body OF consumers into the market.
They continue TO withhold their orders,
and It VIII probably take some definite
development Of a favorable character
to induce the placing Of any consider
able business Instead Of favorable
developments we have had for some
time a succession Of unfayorable infiu-
ences. Among these the drought in the
Northwest Is just now exerting a par
ticularly depressing effect II condi-
tions IN that section were as they
should be at this season the great i'm
plement manufacturers would Indoubt-
edly have placed orders TO cover the
materials they need In making uD inn
pements for next year, while other i'm
portant consumers having considerable
outlets In that direction would have un-
doUbtedly been good buyers Of iron and
steel.
A meeting Of leading iron and steel
makers was held in this city on Tues
day. and. while the nominal Pittsburg
prices Of $50 for Bessemer iron and SIS
for Bessemer billets were not changed,
il is understood that the market is now
an open one. and that pig iron and
steel are both being offered at much
lower prices.
The plan OF having a fixed price on
pig iron and steel and then selling at
lower prices Is not helping the market.
but is hurting IL. II Is realized that
prices on pig iron, steel and finished
products must get down 10 a solid basis
before business viii start up. There Is
plenty OF tonnage In sight and with
nrices down 10 where buyers think II
safe to take hold. a great deal Of busi-
ness viii undoubtedly be placed. But
be made quickly so as TO end the sus-
pense.
The fact must not be overlooked
that a restriction Of production Is taxi
ing place. with the possibility that IN
a short time the supply Of various
kinds Of material will be found sharply
reduced II is estimated that at least
thirty blast furnaces making foundry
iron have been blown out in the past
two months. Southern blast furnaces
are being banked because Of labor
troubles and fear Is expressed that a
satisfactory arrangement cannot be
made, but that quite a number OF fur
naces will be compelled TO shut down
10 await a settlement Ohio and west
ern Pennsylvania furnaces are also be-
ing blown out or banked because Of ac-
cumulatlons Of stocks which cannot be
moved. The failure 10 agree on the
WAGES schedule for the coming year In
western rolling mills will certainly
cause the closing OF considerable
number Of establishments OF this kind
after July LIST. The effect OF low prices
I'm plate Is seen in the stoppage OF a
lar-e western plate mill because OF In
ability 10 meet present market prices
without loss.
Reductions In price to q point that
will induce buying, together with re-
strictions In production brought about
b? the causes enumerated VIII put a
totally different face on the situation.
An important development IN the
metal market has been the sharp adj
vance IN the price or pig iron. Two ad-
yances have been made during the week
aFgreqating SO per ton, presenting a
marked contrast 20 the recent course
IN prices In this commodity. SpelteI
also manlfests an upward tendency