The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1903-06-27
THE IRON AND STEEL TRADE.


THE IRON AND STEEL TRADE.
The iron and steel trade is always
regarded as the best barometer of
business conditions and the fact that
the steel corporation has already fixed
its prices for 1904 and has booked up
ward of 400, 900 tons of steel rails for
delivery in that year points strongly
toward a continuance of the present
prosperity through another year.
The fact that the railroads are al
ready buying into 1904 is sufficient
proof they have arrived at the con-
clusion that the prosperity the country
is now enjoying is Of a permanent
character. The railroads have been
holding off until they received positive
assurances regarding the crops The
heavy rail orders received by the
United States Steel corporation furnish
ample evidence that the railroad
managers of the country no longer
entertain any fears so far as crop pro-
spects are concerned.
A prominent steel official recently
said the Steel corporation had booked
nearly 400 900 tons Of rails for
delivery next year. As the COM
pany will carry at leass 100000 toms.
calling for delivery this year over
into 1904, it may he SAID that it's mills
are guaranteed steady operation we'll
into next year.
IL is estimated that the output Of the
corporation rail mi s this year will
be in the neighporhood Of 1900, 600
tons 1t is owing 90 the fact that the
rail mills Of the country are overtaxed
that action in regard to prices has
been taken so early.
The action Of the United States
Steel corporation means much to the
iron and steel trade. 1t will have
more to do with establishing basis
for future finished steel transactions
than anything else. 1t shows there
has been absolutely no foundation for
the reports that the prosperity Of the
iron aud steel business of the country
is waning. Mining Gazette.
Not more than a week or ten days
ago a cut of cents ton was made
in lake freights on iron ore. The
outlook seemed unfavorable on account
of the very large amount of freight
of all kinds that had been moved in
May. The general movement "
freight on June l was, in act fully
| up to that of year ago. although
vessels were very much delayed in
starting this year. Probably the action
of the shippers in reducing ore rates
was mistake. Whether 1t was or
not. the situation is now materially
changed. Quite few vessels were
diverted to the Chicago grain trade
and delays at ore and coal docks have
been so general and long drawn out as
to cause a scarcity of vessels at the
ore shipping ports The freiht market,
therefore. instead of taking the down
ward tendency that was expected little
more than week ago is now quite
strong
AS regards the outlook in the iron
and steel industries, which are so
closely allied 60 the lake trade, there is
little new to be said. Pig iron is
being produced at the rate OF nearly
400, 600 tons greatest record
in the history of this o. any other
country but the accumulation thus
far is not equal even to the imports of
foreign iron II is still asserted by
representatives of the big steel organ
izations that large orders. for steel
rails must be carried over TO 1904 on
account of inability to care for bus
mess already on their books. and in
all other lines of iron and steel manu-
facture the mills are also still loaded
up but with less certainty as TO bus
mess for next year. 1t is reported
from New York that directors of the
United States Steel Corporation will
in few days fix and publish the Cor
poration price list for finished mater
ial for the year 1904 and that the
schedule will not show any very
material changes from the current
price list. Marine Review.
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