The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-09-27
PRICES HELD DOWN.
Election Uncertainty Affects the Iron
Market

Cleveland, o., Sept. T.-The Iron
Trade Review, says:
With a larger operation of mills than
at any time in months, the iron trade
gives outward signs of prosperity, but
prices are far from satisfactory to the
average producer. Consumption is on
scale which by comparison with any
year save 1899 appears phenomenal; but
competition is active, and buyers are
making the fewest possible committals.
The uncertainties of the future are all
loaded on the primary producer and
caution dominates the situation. Under
such conditions prices cannot advance,
and none in the trade anticipates any
departure from the present policy until
the election uncertainty is settled The
noteworthy events of the past week are
the agreement on the bar iron scale and
the meeting of steel rail manufacturers.
Both have been of distinct benefit to the
trade.
The adjustment of the pudding and
finishing scales, after II weeks idleness
of all the leading union mills, viii put
additional thousands of men at work
and means the steady operation of the
best equipped bar mills for the remain
der of the year. The men have conced-
ed at length the reaSonableness of the
manufacturers contention that sliding
scale should slide down to the market
level, and are assured wages as good as
those of last year if prices advance to
last years level 1t appears that the
pressure upon bar iron mills is not what
might be expected after so long a shut
down, and the effect of the low prices
for steel bars made in the heavy sales
of July and August has been the loss
to the iron mills for this year at least
of a very considerable tonnage.
The steel rail manufacturers in fixing
a $26 price, as against $35 last year, took
a middle course, which in spite of dis
sent from a few railroad officials who
have spoken, will insure to the mills a
large tonnage and yield a profit COM
pensating in a measure for the severely
competitive prices on some other pro-
ducts. There are assurances of large
buying for next year, but the placing of
the business is not looked for until af-
ter election. In the pig iron market the
80 cent reduction of freight on southern
iron to the Ohio river is an event of
of Is cents from railroads north of the
Ohio is expected. But even SIS cents will
not put some southern furnacemen on
a parity with their northern competitors
unless the former recede from the stand
they have taken recently, the difference
heretofore being about 81.
There has been some fair buying of
foundry iron the past week, both in
Chicago and Pittsburg, and the scanti-
ness of stocks in consumers hands is
more and more demonstrate BesSemer
pig iron has touched a new low point
at $13.75 Pittsburg, equivalent to $12.85
at Valley furnace. Mercantile furnaces
are likely to remain out of blast for
weeks. or until there is a distinct i'm
pFOVefneHI. BeSSener steel Is also weak,
with very little business doing apart
from that between related companies.
Plates. after an interval of slight i'm
provement, are again weaker. Bars are
fir.ner and the union mills Just starting
up have heavy specifications, particular
ly in steel, that will occupy them for
weeks Foreign iron markets tend to
weakness. The indications in England
point to a recession after long period
of higher prices. and more is heard there
of the competition of American steel.