The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1908-11-30
IRON IS PICKING
UP SLOWLY
Leading Interests Expect no
Very Great Activity
Before Next Spring.
VIEWS OF CARNEGIE SCORED
Steel Company Officials Say His Plea
For Tariff Slash Comes With
Very Bad Grace.

Recent developments in the iron and
steel industry have strengthened the
general position, though there has been
no sensational buying movement in any
line. The leading interests do not ex-
pect that the trade will get back to the
top of it's activity before next spring.
That point cannot be reached till the
railroads are in position to resume buy
ing and they are not ready now. The
business of the present and the pros
poets for the future are such as to
bring a general stability as to prices.
there being secret cutting on many less
products than was the case a short
time ago.
The dinner to be given by Judge Gary
to the representatives of various steel
and iron interests IN New York is ex-
pected to result in reviving interest in
the cooperative price movement that
was interrupted by the recent panic.
Activity Is Prospective.
Activity in the steel rail market is
still prospective. The new orders
booked up to the present time have
been Insignificant in comparison with
those of normal period. Authorities
| in the trade assert that negotiations
for at least 500, 900 tons will be started
before Jan. l. The Pennsylvania's re-
| quirements for all it's lines are esti-
maeed at about 10000 tons. the New
York Central's at 100000 tons, and the
Baltimore and Ohio's at 10000 tons.
Orders actually placed have been in
| tonnages that look exceedingly small
compared with these estimates. There
has been some business in light rails at
low prices, caused by the competition
of the re-roliing interests.
| Car building continues to increase
with the chances all in favor of an ex-
ceedingly large business in the near flu
ture. There Is consequently strong
demand for axle billets. A few large
orders for spikes and bolts have beer
placed and there is heavy inquiry for
| track fastenings.
Takes Rap at Carnegie.
| The question of the tariff on iron and
steel has interfered somewhat with
business. Mr.. Carnegie's expressions
| in favor of a reduction of the duty
rates have given the present active
leaders in the industry rather a HARD
nut to crack. For years he was the
chief beneficiary of the tariff on iror
| and steel and still is regarded as the
most important figure in the business
4 some Oh the men now active IN running
the business Mr.. Carnegie turned over
to the United States Steel corporation
are quoted as saying that suggestions
of a removal of the tariff come with
very bad grace from him.
1t is to be remembered, however, that
the tariff ideas OF the iron and stee
trade will be presented to congress By
very active and influential men who dt
not think on the subject as Mr.. Car
negie does. A strong argument will
probably be made for a retention of tn
present duties.
Making Pig Iron.
Our last blast furnace statistics,
says the Iron Trade Review, ''indicat
that the United States is making pi
iron at the rate of more than 10000, 90
tons year. The intense pressure upo
all capacity for nearly three years u
to the latter part of October, 1907, pro
vided such a viewpoint that there ha
been a tendency to regard the idle ca
. pacity more than the operating capac
ity. and to lose sight of the very Iarg
tonnage which is being made and con
sumed. The present rate of pig iro
production. easily $4,000, 900 tons yea
is in excess of the rate maintained i
any calendar year prior to 1905. 1t
more than double the rate of 1S9
T which remained the record until 1S9
1t is 40 per cent in excess of the out
: put in the wonderful boom year {
|, 1899"