The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-11-21
Tr. tom and steel Interest.

We oxtroc, the following from the Phila-
delphia especial Iron Repor1" Ill 'he Ne"
York Journal Of Commerce:
TLo downvard tendency in the iron ana
steel industry heretofore referred TO mas
;ncroosnd 4, some two or three directions.
Merchant lar and plate iron OF all descrip-
tions has dropped about 1.l0c., ard buyers
orc t.Lino alarm at the tendency to restrict
their nurchases to immediate requirements.
This custom prevails in markets Doth East
and West. VERY few are providing iol
next wears requirements Just yet, Dut IL Is
probable that the larger consumers VII,
suddenly step into the market anu
secure supplies as soon as they are
satisfied that bottom prices have been
reached. Inquiries looking to thls
have already been made, but manuiac-
turers are not willing TO name prices &c
ceptable TO BUYERS. There are indications
based upon inquiries and necessities which
are known TO exist for common IRON lor
car purposes. About the closing oil tue
wear or the opening Of next large orders
will be given out for cars and car-iron to
meet the increasing demand for transport
tation. This will give the iron market an
inward tendency. Stecl-wOrks through
ont the country are only moderately en-
0ared. and have booked fewer orders du-
ring the past two weeks than for like
neriod for several months. Furnaces
throughout PENNSYLVANIA are providing Tor
immediate requirements at sllght conces-
sion over prices ruling month ago. lnc
opinion obtains that present rates cannot De
maintained, but makers Of iron are a. yet
declining concessions on standard brands,
which are in most request. Western COM
pctition continues to exert an unfayOrable
influence on sellers prices, aud buyers are
taking large offers TO secure stocks Tor a
few weeks consumption. Iron markets
further west are well supplied with stocks
Of all kinds, and consumers are meeting
immediate requirements. At present
writing no strong downward tendency has
manifested itself. and in view Of the heavy
consumption none is probable, though
buyers by their tardy action contribute TO
the weakness OF prices.
IBy Associated Press.
BREAK IN THE PRICE OF STEEL RAILS.
CHICAGO. November 20.-Thc Morning
Ne,rS publishes the following: The break
in the prices Of steel rails, caused chiefly
by the BcsScmer Company, OF scranton.
who quote them at 81 pcrton, has brought
matters TO focus. and the Joliet Iron and
!
steel Company are reported to have deter
mined to close down their works on or be-
fore December 1st. The same step has
been contemplated by the North Chicago
Rollng-MIIIS Company and other corpora
tons Interested in the Bc>,cmer patents.
The president of the Chicago company Is
authority for the statement that on the
North side will be closed down December
18th. The Joliet managers claim that they
fear legislation.
ST. LOUIS. November 20 President
Hitchcock. OF the Vulcan steel and Ore
Works, speaking OF the decline OF - per
cent. IN steel rails, says there is no DISPOSE
ton to make a corresponding reduction in
pig-iron. and that if by December 1T
they cannot get reduction in the price OF
labor and material they will close their
mills. throwing out OF employment 5000
hands, with a payroll OF 100000 per
month