Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1882-05-24
FINANCE N TRADE.
Condition of the Markets at Lead
ing Poiats.
Money i-2a4 Per Ceat-Governnents
Unchanged-Stocks DulI-flour Quiet
Wheat Unchanged Provisions
. Firm and Higher.
REVIEW OF THE IRON MARKET.

PHILADELPHIA, May %. Last
weeks movements in iron and steel pre-
sented nothing to induce cautious buy
ers to depart from their hand-to-mouth
policy of providing supplies. The long
period of regular and steady prices
which have prevailed since last fall has
strengthened confidence OF manufac-
turers in values. OF late there has been
a downward tendency, but exceptional
aus are at work which will probably
disappear i'm q short time, such as b
strikes. 1t is scarcely possible that TINS
tendency can be altogether arrested on
account of the large additions which
have been made to the mill capacity
during the past twelve months, and
which are still being made on a scale
of magnitude which argues supreme
confidence in the future growth of con-
sumptiye demand. Leading sellers OF
pig iron spoke of a larger inquiry last
week and of q willingness to buy at con-
cessions. A good deal OF business IS
hanging fire, which will be closed this
week. The decline on bar 2-lOc at last
weeks meeting of the Kenslngton bar
iron manufacturers has weakened pig,
and quotationsare uncertain. nominal
quotations are S25 to SGT for Nc. J.. Sell
ling figures on Saturday for fair quality,
$25 so; No. 2 $23 to $24. Consumers
are bare of stocks, and some activity is
probable when they are satisfied that
bottom prices have been reached.
PITTSBURGH, May 23.-We have to
report a continued dull and weak mar
ket, and no improvement can reason
abiy be expected until the labor ques-
ton has been disposed of. If the con-
ference between the mill owners and
iron workers should be successful in
bringing about a settlement OF this
much-vexed labor question, an I'M
proved demand for pig iron Is conf
IDENTIFY looked for within the next week,
as stocks in mill ycr'ls generally are
very much reduced and will have to be
repienished. Prices continue weak, and
within the past couple of weeks there
has been q decline o fabout 81 per ton in
mill iron, while in foundry grades the
decline has been still greater. 1t Is
worthy of mention that the little de-
mand there is for forge is for immediate
delivery, and the sales for some time
past have been small, lots ranging from
Il up to 100 tons; the latter Is o re-
garded by commission men as a big sale.
NEW YORK, May 23.-Trade in pig
iron presents the same general charac-
teristics, and although the volume of
business has not materially increased,
standard brands of foundry continue to
rule steady, and can only be bought at
full prices. There has likewise been a
very steady demand for these descrip-
tions, furnacemen reporting that their
output has, thus far, been closely alb
sorbed, leaving no accumulation, while
consumers are known to be buying al
most exclusively on the hand -to-mouth
principle, carrying no surplus stock,
and contracting only to cover abso-
Lutte requirements, With respect to
| other brands, nc wever, values
are developing all easier ten
dency, and sales can only
be effected at a concession. The
continued uncertainty respecting the
future imparts a curious aspect to the
| market, for while standard brands OF
| foundry iron for prompt or nearby de-
| livery are selling at steady prices, the
| tendency of values is undoubted toward
a lower basis, the prevailing opinion be-
| ing that the accumulation of a dull pc
| Rod during the summer months, a fall
| ing off in the demand for all kinds of
| finished iron, together with a reduction
this week in the card rates, will eventu-
ate in lower prices for all descriptions OF
raw material. The developments of
the next two months will no doubt de.
termine more definitely the prospects of
the last half ofthe year, with regard to
consumption, and until this element OF
uncertainty has been in some measure
satisfactorily settled, the market Is
likely to continue its present unsettled
and irregular tone.