The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-02-28
TENDENCY TO HIGHER
PRICES IN WESTERN
METALS
Advanced Cost of Production
Influential in Bringing
Values Up-Western Buy
ers Cautious Because of
Uncertainty in the Wage
Situation.

CHICAGO, Feb. 27.-The Iron and
Machinery World says: During the
week there has been a clear tenden-
cy of the metal market toward high
er values, though perhaps unmarked
by the same keen demand which i'm
PEELED prices upward last year. A
more potent influence in advancing
values is doubtless the higher cost OF
production, an influence that is be-
coming widely apparent, including, be-
sides changes in the costs of material
and labor, advances in transportation
charges. Another influence of strength
is the somewhat better control of the
market by the producing interests.
Wire and wire nails have advanced
81 per ton, iron bars are quoted about
50 higher, bale ties are marked up 3
per cent. Pig iron is exhibiting con-
fiicting symptoms. Its trend cannot
be accurately foreseen. In point of
activity there is nothing at which to
seriously complain.
Menace From Labor.
In a vague and indefinite way the
labor situation rises as a possible men,
ace to the uninterrupted consumption
of metals in several directions, but
1t is yet intangible as an actuality,
and may be passed this spring without
serious cOmmOtion. There is still seen
among some buyers a spirit of eau
tiOusness, because of this wage I'M
certainty, but actual consumption has
not been adversely affected. Foreign
bllletS and other forms of steel con-
tinue to be sold in the Chicago mar
ket in fairly good quantities, which is
excellent evidence of both current de-
mand and scarcity. For domestic steel
products there is a reasonable inquiry
though perhaps nowhere is there a
distinct buying movement of imposing
nrti Ia
good purchasers of all kinds of metal
supplies and their requirements for the
year will consume a heavy percentage
of the production, no doubt to the last
Ing good of transportation facilities.
Pig Iron.
A sale of 1000 tons of Bessemer iron
was made at Chicago this week to a
large malleable concern for delivery in
early months. 1t supplements a like
transaction, closed late last week.
Quotations range from $3.50 to $245O.
These were perhaps the largest deal
ingS Of pig iron in the local market
A few purchases in lots of from 300
to 500 tons were made, and there has
been the usual complement of carload
business. Whether the market is
weak or strong seems to be purely
matter of opinion, there being little
evidence of change, one way or the
other. There is less talk about shaded
prices. 1t was not uncommon to hear
of Southern iron selling two or three
weeks ago under $3.50. These rumors
are less numerous, though an occa-
sional transaction for future shipment
is reported somewhat lower But for
spot delivery the market seems a shade
stronger and $40 iron, Birmingham, is
common price
Strong Irons Most in Demand.
There is less relative inquiry for
soft grades and more for strong irons.
Some small Southern producers, be-
cause of these conditions, are offering
soft irons at a concession from the
corresponding foundry grades.
The local coke situation is without
improvement. Current opinion is that
more plentiful supply is scarcely
to be looked for before April l. when
warmer weather may release some of
the railroad equipment now employed
in the coal traffic. Several furnaces in
the Chicago district are idle this week
and one is bidding energetically for
coke, at a price above SO. There is
little trading in local irons. Quota
tons are as follows: