Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1902-01-14
IRON AND STEEL.
IFrom the New York Times.

From the New YORK Times,
The situation of the iron and steel
markets continues to be of absorbing
interest to the student of commercial
statistics Owing to the scarcity e
cars for the coke and ore movement,
the blast furnaces Of several districts
have been placed at great disadvan-
tage. hence the gain in production WAS
only about 1000 tons per week in No
yember over October, at a time when
the demands Of consumption neCe1sis
tated reduction in pig iron stocks
from 27325l gross tons on November
to 223, 1852 gross tons on December /.
Ii the railroads had been able to hail.
die all the material offered them it
cannot be doubted that the pig iron
production in November would have
been materially greater than it was.
Pig iron stocks are. growing dangerous
ly small.
There seems to be no indication Of
falling off in consumption in any i'm
portant department of industry or OF
weakening of confidence among those
. III NHOln DlB nun ~ INC Jaw lhuN'l lll
OF their industries. Makers are mani
Testing no alacrity to enter into large
engagements until better assured than
now that they can get the supplies
needed TO keep their furnaces running.
! Certainly consimers are not overlook
speculatiyely.
The most interesting feature Of the
steel situation is that considerable
quantities Of soft steel billets are being
/ imported The sum of these importa-
tions is not great enough to occasion
any apprehension among producers,
nor for that matter. to entirely relieve
the urgent requirements of consumers.
| However. II is significant that whereas
last year crude steel was shipped
from this country to Europe in large
quantities, this year the movement is
the other way. This material Is not
for manufacture into forms for export
which will enable the importers to re-
cover the duties in drawbacks at tho
custom house. So far as can he learn
ed 1t is all going into domestic con-
sumption. and the fact that such i'm
portations are necessary shows mora
clearly than anything else could the
profitable activity of domestic indus.
try.
4 recent incident confirms the belief
that the influences which dominate the
trade are fully committed to a con.
sentative policy, and are not to bd
swerved therefrom by the temptation
Of profit to result from taking adj
vantage OF the momentary situation
The managers of the United States
Steel corporation have decided not to
advance the price OF Lake ore, but to
continue II for another season on the
basis of $4.25 at the lower lake ports
The Influences eXerted in favor Of an
advance were understood to have been
very strong, but the advantages to re
suit from stability in ore were deemed
OF more consequence. and better calcu,
lated to insure a continuance OF con.
fdence, than the stimulus of highej
prices for a fundamental raw mater,
ial which would be at once reflected
in such an advance in pig iron a,
might tend to check consumption. Fol-
the first time in its history the iror
trade is enjoying exception and long
continued prosperity without de>alop
ing tendency toward an advance o
prices to figures which could not b,
sustained and from which the descen
must of necessity be rapid and calam
itous to all in interest