Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-19
BULLS AND BEARS
,eeisl p,spstch to The Star.

~ " " UUO u AUlIu
Special Dispatch to The Star
NEW YORK. October 19.-The activity
iE the stocks of iron and steel corporations
and railway equipment concerns has been
the result of largely Increased earnings in
all directions This Improvement started
eighteen months ago and business has been
on the increase during the greater portion
OF the past year. That this activity ex-
tends throughout the entire steel trade Is
shown by the figures on pig iron consurnp-
ton. Though production Is now on rec
ord scale the actual volume of business
being booked by manufacturing concerns
Is In excess of the output OF raw material
1t is now estimated that for the present
calendar year production viii exceed TO-
100000 tons, and In order to meet trade de-
mands stocks win be drawn upon. The
following table shows the production and
consumption. in tons, and value of pig iron
in the United States. the figures for 1905 be-
Ing based upon current estimates:
x ,sa. rso, sac csnsa,nptisn ,,S ysse o
1898 Is l lsssss 81
1902 1892 ..... iIs2Iso 49, ss.s7o 81 I.soOe
i
ests In the steel industry are more and more
emphaticaily taking position adverse to
any violent upward price movement. They
are endeavoring to keep not alone values of
raw material within bounds, but are holding
down prices on finished iron and steel. This
Is shown by the character Of the buying of
pig iron on one hand and by the sue
cess in keeping the official price of plates at
the old figure. The markets for pig iron
have stiffened. This week It Is the east and
the central west which have marked up quo
tatfons. Some of the large southern inter-
ests have practically Withdrawn from the
market entirely, but there Is still some,
though little, iron available on the basis OF
$12.5o for No. 2 at Birmingham
In the central west the news Of greatest
interest In that the Steel Corporation has
purchased 10000 tons OF iron for October
delivery at $3.50 at furnace, and 10000
tens for November delivery at SIS. thus
establishing an advance. The quantities
purchased however, are smaller than ex-
pected. number OF moderate sized lots
Of steel billets have been contracted for
during the last week. 1t Is understood that
thus far the New York Central Company
has allotted about 125 600 tons for It's re-
auirements. and that the Baltimore and
Ohio company Is In the market for 71,0U
tons.
The pressure upon the car builders and
locomotive shops Is enormous. 1t Is inquired
out that there are contracts in sight for
80 600 steel cars, which include the $1,000
cars just being figured on for the Pennsyl-
vania system. The locomotive builders are
materials. One large interest has colt
tracted for a total of 10000 tons of bars,
plates, etc.
Reports from Pittsburg are to the effect
has purchased something like $4,000 tons of
Bessemer iron for prompt shipment. The
iron Is bought for the Carnegie Steel Com
pany. and this concern Is operating to full
capacity every blast furnace 1t owns, with
the exception of small stack at GAINESVILLE
Ohio. The greatest activity ever known In
the coke market exists at present and prices
are climbing skyward. The Frick Coke
Company Washington Coal and Coke Com
pany and other large coke interests have
sold up their entire output for the first six
months Of next year and are not able now
to spare any more coke at any price.
The Life Association of America a new
conner in the field of life Insurance, an
nounces plan for combining life insurance
and naturalization under charter which is
the only one of it's kind in the United States.
Under this plan every policy holder has the
option, after paying three annual premiums,
of becoming stakeholder in the company
to the extent of fixed percentage of the
insurance carried by him. OF the profits 80
per cont go to the stockholders and 70 per
cent 10 the policy holders. This gives the
policy holders. as well as the stockholders,
a voice in the management of the company,
a method that has been pursued by English
companies for many years to the satisfac-
ton OF both policy holders and stockholders.
4 Il
1t is reported In railroad circles that the
Chicago, Burlington and Quincy Railroad
Company will build line to Salt Lake City
connecting with the Western Pacific. 1t is
said that the line to Guernsey, Myo,
will be extended across the state OF Wyo-
ming, following the old Mormon trail. Sew
eral years ago survey was made by the
Burlington. which, 1t is said. will mark the
route OF the proposed new line.
II
Dun's index number of commodity prices
proportioned to consumption was s1OO, 426
on October /. against 500. 30S the month
previous and SOS, 894 at the corresponding
date In 1904. Little net change occurred in
prices during the month of September. al
though there were numerous small f1uctua-
lions and few changes Of Importance, but
the variations almost neutralized each
other. Revival of activity in the iron and
steel industry. largely accounted for the
gain in metals. although petroleum was also
more expensive. The level Of prices now
appears to be firmly established about $780,
which seems the normal position in times OF
prosperity, and could not be maintained II
consumption was not upon liberal scale.
The gain Of about "a per cent over the
level year ago Is fairly well distributed
throughout the list.