The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1889-12-02
IRON AND STEEL


Prices MISUNDERSTANDING Abroad Not
Felt Here-s35 for Rails,
NBw YoRE, Nov. SO.-The Commercial
Bullsiin, in it's metal review, says;
Gable advlces from the British markets
note q reaction in the course OF the
speculative branch Of the iron trade
there, and also some modification Of last
weeks high quotations on steel, Scotch
WarFants have eased of TO COS 90, Mid
dlsbrough to OBS Cd, Bessemer pig to 74s
Cd, and steel rails, billsts, ETC., are quot
ed at g Cd lower.
In the American markets there mas,
however, been no change 20 speak o.
during the week, tits stated that l2rVOO
tons Of steel rails have heen closed on an
old option at $50 at the works, and that
sale IA cited as evidence that the $50 rate
"a purely nominal, However local
agents assert that no new business will
Be taken at less than $50, and express
confidence in the market being firmly ee'
tablished on that basis despite the pres
emit resistance OF buyers to paying those
figures, The latest reports OF the sales OF
biilets, slabs, rods, ETC., show that prices
are maintained and all crude materials
EMPLOYED in the manufacture Of steel
coat fully az much at this time as they
did a week ago, Bids Of $S5 have been
refused for good brands OF 20 per cent
spieQeIeisen for forward delivery, and
importers name SS5 6OaS6 60, according
to brand, as close figures. OfSOper,cent
fefro manganese about 200 tons have been
Eold. terms private. Tho commodity Ia
quoted at SOC 6Oa95 90 for shipment
February, March or April, and $40 nom
inal for later delivery. ~,
Foreign Bessemer pig costs upward o.
500 laid down hero, as per latest cable
quotations, and the decline In price In
the European market therefore has nc
bearing upon domestic product, the lat
tor being quoted at $2Qa2l at furnace
Hence manufacturers Of rails and Other
forms Of steel adhere TO the firm position
based upon the present cost and outlook
for rude materials. @
The South Is looming up as o future
source OF supply for Bessemer pig ant
ores, and may put a check upon any
further immediate advance In prices
Carnegie Bros. & Co., Pittsburgh, "a,
have recently bought 1000 tons Of Bes
semer iron from the Talladega Furnace
in Alabama, and should the deposi
which this furnace has opened, ant
which has supplied the ore to maxi
these 1000 tons Of iron, prove to have
as II appears to have, depth, ETC., i Il
fair to presume that supply oil Bes
semer pig can be drawn from these fur
naces, II Is also stated that other Bes
semer ores have been discovered in thu
South from deposit that seems to be, o.
considerable magnitude. Ores contain
ing over so per cent OF metallic iron, ant
only .OO3 OF phosphorus have lately beer
analyzed in Pittsburgh. This ore, II II
said, can be laid down there for less thar
s. q ton. ,tl
On foundry pig iron the situation !!
unchanged. The Tennessee Coal q
Iron Company quotes prices for next
years deliveries on the basis OF SIG al
furnace, or equivalent to $40 Il at tide,
water, but no consumers are taking hold
at that price. All Eastern buyers nov
anxiously await the announcement o.
prices by the leading Pennsylvania
companies. Up to the present time the
officials OF those concerns appear In
different about booking orders, and give
no hint as TO whether they will raise
prices above SIS for No. l iron. Will
respect 10 the Tennessee Company, 1t Il
learned that they have $4,000 tons YET
10 deliver on old contracts, and are
therefore, not In a position to enter very
extensive orders requiring deliveries
during the first quarter of 1890 Con,
sumers who buy hand.to.mouth still
have to pay fancy prices for popular
brands where deliveries within thirty
days are required. In other words, spot
stock In small lots brings $l9a20 for No.
Y and SlSal9 for No. 2 x foundry.
Scotch pig Ia somewhat lower In the
primary markets, but still 20 high that
American softeners are substituted,
keeping business In the imported article
down TO retail proportions. Prices here
are purely nominal at about S24a24 80
for Eslinton and Dalmellington, and
500 5Oa27 so for the best brands.