New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-27
PART II.
FOUR PAGES.
IRON TRADE DEADLOCK
BUYING MOVEMENT CEASES. BIT THE
DROP IN PRICES Is NOT IN
PROPORTION

The iron trade presents one or two unusual feat
ures-unusual in themselves and peeuiiar On e..
they appear to be in direct conflict with we'll
known and acknowledged facts For two r,or.h
or therea bouts-that is 10 say, from Decenber X .,
the present-a species OF deadlock has axtstA5 ha
tween buyer and seller and this during ner,od
OF almost unexamped prosperity The heginning
Of the year is always signal for let up even in
times that are dull. and this year has been no OK
ception TO the rile. II is generally expected-and
the expectation is usually real:zed-that nricas
shall fall little al this season, and so II has been
this time; fall from S2l a ton which is the cur
rent price Of No foundry iron in this city TODAY
very different however. from a decline from, s1o
ton. which the same material sold IN 1907 Vet
so strong has been the situation in all lines re
lating 10 iron and steel that the decline from, our
rent high prices in November last to the rate
quoted above has been only about 81 so a ton II is
difficult. If not practically impossible 70 Give tho
exact amount OF the fall since high water mari, a,
November last meant variety of rates all de-
pending upon the degree of the buyers needs
strong as the market is. however the buying
movement has practically ceased and nearly all
the furnaces are running orders given in mast
months About six weeks ago a series IF srnou
orders was reported by furnace representatives 4,
lots Of % 10 go tons In nearly every case these
were accompanied by requests for immediate de-
livery. showing that ne buyers were adjoining This
method solely TO piece out their stocks and that
they would soon be obliged to appear as buvers
upon scale sufficient to cover their requirements
in the regular way. This fact while il showed q
fear on The buyers part that prices would go
lower, also strengthened the hands of the sellers
by sh0Wi.1-iow low stocks hand were getting
Yet, for all this almost open confession of weak
ness on the part of buyers nothing has resulted
ana the genuine spring recovery from New Years
duiness mas not been resumed. Nor. from present
appeaTances does ii seem likely to be resumed for
fortnight TO q month longer
Much has been made by BUYERS of iron of the
fact that stocks at blast furnaces are ncreas sing
mus seeming to show that production is gaining
consumption, This is apparent from the figures of
the makers. which showed that the furnaces which
manufacture pig iron for the l4S 33S tons
81 pig in their yards February l. this being
- $50 tons more than on January l. These figures
while true, are apt 10 mislead. The fact is that
much OF the iron that has accumulated has been of
grades unfit for ordinary foundry mill purposes
This has been the result Of various circumstances
among them being that the coke supply has rot
been Of the best either in quantity quality with
the consequence that the furnaces have had a
larger proportion Of the lower and less of the
higher grades than usual The accumulation OF
iron, therefore does not signify increase of COM
petition on the part OF iron needed in foun-
dry requirements. end is not a fact tending TO
show weakness in existing conditions.
The ngures of furnace stocks given above do
include those Of the great consultations, which
make exclusively for their own use.
The only order OF any size worth reporting in
local circles within recent weeks one Of 5000
tons Of various foundry grades. taken by leading
cast iron pipe concern. II supplied by Viz
ginia firm.