Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-11-07
SCRAMBLED FOR PIG IRON.
Furnaces Now Have Full Control Of
the Situation.

New York Nov. 6.-The Iron Age
says in it's review of this weeks de-
, velopments in the steel and iron trade:
The very great change which has
come over the iron market during the
past month seems to make it necessary
to guard against the use of extravagant
expressions in referring to the con-
dition Of trade. Reports from all con-
Stunning centres indicate a scramble for
pig iron. Commission houses could sell
very large quantity of pig iron, for
delivery far into next year, if the fur
mace companies would permit them to
do so. the quantity of iron purchased
since the buying movement began has
been so large as to put the furnace COM
panies into an independent position.
and they are not disposed to sell too far
ahead. believing that the strength Of
the market will continue, and that by
holding off they will be able to get
higher prices.
Conservatism is being preached. and
in every direction the danger of mark
ing prices up too rapidly is pointed out.
but the opportunity to get higher prices
is very tempting The improvement
which started with pig iron is working
itc way steadily into other lines. Con-
sumers are now paying premium Of
70 cents to 81 a ton on billets and sheet
bars over the agreed price. The buy
ing of tubes and wire is phenomenal,
while sheets also are very strong. A
further decided improvement has
occurred in plates and structural ma
teral. The movement in structural
material has been somewhat slow, but
is now showing a much better con-
dition.
The steel rail trade is looking up.
The Louisville & Nashville Railroad
Company has placed ar order with the
Tennessee Coal, Iron & Railroad Com
pany for $1,000 tons for delivery next
year. The Tennessee company is not
member of the rail association, but is
cooperating closely with it. The fact
is not stated, but it is believed that
this contract has been taken subject to
the price which may be made by the
associated railmakers. No time has
yet been announced for the rail meet
ing. but this is not regarded with so
keen all interest as some time since. be-
cause every day now strengthens the
situation. and if any reduction is made
in the price of rails, it is more likely to
be done as a matter of policy than Of
necessity. While the mills in the asso-
citation are not booking large orders, so
far as can be ascertained, they are re-
ceiving numerous small orders.
Light rails, which We're selling at
very low prices recently, under tn"
stress of sharp competition. have
scored a moderate advance. as mills are
much better supplied with work.
The tube manufacturers have made
another advance of 81 per ton on
merchant pipe. effective Nov. l. This
is the second advance of 81 per ton in
two weeks.
Old material is rising in price i'm SYM
pathy with the upward movement in
pig iron. A particularly sharp advance
has been made in old iron rails. Con-
sumers are disturbed by higher prices
now being asked on scrap material. as
costs of production are thereby raised.
while they fear it may be difficult to
secure anything like a corresponding
advance in the price of the finished pro-
duct.