The Minneapolis journal., 1901-01-31
ACTIVITY IN iron
Trade Review Notes Greater De-
mand for Finished Material.
HEAVY PURCHASES OF BEssEMER
Give Better Tone to the Market
No Trouble at Valley Furnaces
Rails and Plates.

Cleveland, O., Jan. 31.-The Iron Trade
Review this week says:
Increased activity in finished materials, as
compared with the earlier weeks of the year,
Is now apparent, and close students of condi-
tions believe that buying will soon show itself
that will give indication Of the scale OF opera
tions In important consuming lines in 1901.
Pig iron buying by foundries and mills is still
postponed, and it may be some time before
liberal contracting will be seen. There is no
doubt OF the better tone given to the market
at large by the heavy purchases Of bessemer
iron reported last week. These showed that
III spite Of the large increase in blast furnace
capacity, the leading interests still require
considerable outside iron Two important
consultations are expected to be in the mar
Aet later for bessemer iron for shipment In
the first half. The price has advanced %
cents, as shown by sales of the past week, and
It IS now reported that bessemer iron is not
to be had below $13 at Valley furnaces.
1t is now likely that the expected labor
trouble at Valley furnaces will be ayerted.
An adjustment at one furnace ON the basis
Of reduction of 10 cents or from 81 80 to
Sl.SO for turn work, was made this week, and
II is understood that other furnace companies
Will follow with similar offers, which will be
accepted. This will dispose of one cloud upon
the situation.
fIhe hrmer feeling in bessemer is accompa-
MED by some yielding on foundry irons. Sale
OF both southern and northern irons. where
any considerable tonnage was involved, have
been made at about 25 cents below the figures
at the opening of the year 1t is to be said.
however, that most buyers are taking small
lois and postponing consideration Of large
requirements, the sentiment being general
that lower prices are to be had later.
WhafnU0P
come grudgingly, and furnaces are unit in
the statement that there is no adequate profit
IN the present basis. The week has shown
that bessemer biIlets for prompt shipment
are scarce, and so cents above the POOLS price
has been paid in Pittsburg the past week.
The opinion prevails that an advance OF Si a
ton will be made at next weeks meeting of
the steel manufacturers. The action on rails
and plates seems not so certain The rail
market has been quite active since the open
Ing OF the year, and the object of the recent
announcements of sellers that an advance was
probable seems to have been accomplished.
chicago reports rail tonnage Of about 60, 900
booked in the past week. The total is now
estimated above 1000. 600 tons for all mills.
The plate market is fairly active but with
the probabilities rather against an advance
further vessel requirements in the central
west will be heard from soon. Structural
wants are large, and the mills expect to hear
shortly from number Of projects pending
Car works and agricultural demands are
counted on by bar mills to add largely to
their bookings in the next two months. The
railroads are still heavy buyers, but agricul-
tural works need to know more about the
crop outlook before completing the contracts.
An advance OF ~ ton in wire products has
come in the midst of an unusually heavy de-
maD0 This nd t6.x-
garded in every way as promising 1t is re-
ported that a reduction Of 20 cents ton on
pig iron from southern furnaces to the north
will be made, taking effect Feb. 5.