The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-06-28
GROWING WORSE.
Iron Market Not Improved by Re
ducing Prices.

New York, June 28.-According to the
Iron Age, in its weekly review of the
iron and steel situation, it is idle to at
tempt to disguise the fact that the stu
alton in the iron trade has been growing
worse instead of better That paper, af-
ter 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
will probably take some definite devel-
Opment of a favorable character to in
duce the placing of any considerable
business. Instead of a favorable devel-
opment we have had for some time a
succession of unfaVOrable influences.
Among these the drought in the North
west is just now exerting a particularly
depressing effect. If conditions in that
section were as they should be at this
season, the great implement manufac-
turers would undoubtedly have placed
orders to cover the material they need
in making up implements for next year,
while other important consumers haV-
ing considerable outlets in that direc-
ton would have undoubtedly 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 $2S
for Bessemer billets were not changed
it 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 mar
ket, but is hurting it. It is realized that
prices on pig iron, steel and finished
products must get down to a solid basis
before business will start up. There is
plenty of tonnage in sight and with
prices down to where buyers think it
safe to take hold, a great deal of bust
ness will undoubtedly be placed But
the reductions to solid basis should be
made quickly so as to end the suspense
The fact must not be overlooked that
a restriction of production is taking
place, with the possibility that in a
short time the supply of various kinds
of material will be found sharply re-
duced. 1t 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 trou-
bles and fear is expressed that a salts
factory arrangement can not be made
but that quite a number of furnaces
will be compelled to shut down to await
a settlement. Ohio and Western Penn
| sylVania furnaces are also being blown
! out or banked because of accumula-
| lions of stocks which can not be moved
| The failure to agree on the wage SEIZED
| ule for the coming year in western rolf
| ing mills will certainly cause the clos
| ing of a considerable number of estab-
| lishments of this kind after July l. The
effect of low prices in plate is seen in
! the stoppage of a large western plate
| mill because of inability to meet pres
ent market prices without loss.
Reductions in prices to point thai
will induce buying, together with re-
| strictions in production, brought about
| by the causes enumerated, will put E
| totally different face on the situation.
An important development in the
metal market has been the sharp ad
| vance in the price of pig iron. Two ad
| vances have been made during the Weel
| aggregating so per ton, presenting
marked contrast to the recent course il
prices in this commodity. Spelter ais
| manifests an upward tendency,