The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1889-10-21
TIIR IRON MARKET.

HE liUA MANhhl'
The Demand stIll strong and Prices Firm
With AN Advancing Tendency on l'oth
Sides OF the Market,
New YoRK, Oct, l0,-The Bulletin re-
views the iron and steel situation as fol-
lows in its issue to'day'
The buoyanCy that has characterized
the market for steel products generally,
and all thecommodities employed in the
manufacture Of steel, Is now extending
to other branches Of the iron trade. Pur'
Chases by consumers have increased con-
siderably, aud some movement ON specu'
latiye account has also taken place,
whilst the outlook for the future is such
that furnace men have advanced their
prices nearly all along the limo, Several
companies report actual sales OF both
foundry and mill pig at 25a5Oc advance
on the best figures Obtaiued q week ago,
and the Thomas Company announced
yesterday an advance OF 81 per ton IN
their prices, to take effect Novem,
Der /, The Thomas figures on and
after that date will BIZ SIS for No, !
\ foundry, SIT for No. 2 y foundry and
$40 for grey forge. This lead is sone'
thing that has been looked for with more
or less anxiety, and will doubtless he
followed by all other concerns making
a similar grade Of iron. Cheap lots o.
Pennsylvania aud Southern brands that
were difficult TO move previously this
month, involving 7 800 tons all told, have
been brought up, presumably on specu'
lation, rhO Thomas Company reports
sales during the week aggregating at
least 1900 tons, all Of which represents
purchases for consumption, and business
10 other quarters with consumers to the
extent OF 1000 to 1000 tons was also
noted, including tho deliveries the bal:
ancs OF this year aud the first quarter OF
1900. Thespeculative buyers intensified
with the transactions ABOVE referred 10
made u very full bid GU 10000 tons OF
Thomas iron, but secure none 81 II. The
impression was general In the trade that
efforts are making to develop broader
interest in pig iron "warrant" speCuls'
ton, and 1t was stated that u constdera'
BILE amount Of capital has been secured
for the purchase Of iron to make solid
foundation for the innovation.
IN THE STEEL TRADE
buoyance still prevails. Buyers Of rails
are more renewed in their operations
now that prices are up To a seemingly
high point, but the transactions in bill:
lets, slabs, rods, etc., continue large, and
II further advance In prices for the HaIne
is quoted. Sales Of billets and slabs at
prices within tho range OF SSSaS5 were
reported from Pittsburgh, aud rails arc
held there at S93 50d34. Eastern mill
agents quote $39 IS their bottom price
for rails, but as yet no transactions az
those figures have been recorded, All
materials used In the manufacture Of
steel continue very high, and the state
ments received as to the position of pro-
ducers ON both sides Of the Atlantic in
dictate that supplies will continue short
not only during the balance Of the year,
but well into the inst quarter Of 1880
unless the demand for finished prOduC.
tiuns falls of greatly. At the present
time only the Inferior brands Of spiege'
leisen are offered in the foreign markets.
for shipment prior to May or June, and
for deliveries that far ahead So 50aS3 Is
quoted ON 20 per cent and S17a78 on 50
per cent ferro.manganese laid down
here. Meanwhile consumers who may
he in need OF stock for near future use
have to depend chiefly upon speculative
holders and are obliged TO pay as high
as S34i35 and $S3aS5 respectively. In
tho Pittsburgh market Bessemef pig Ii
bringing S9la2l 80 and ferro SS5a90, as
10 size Of lot.
Latest reports from the foreign mar.
kets show continued excitement, with
Scotch warrants up to 65s ID, Middles'
boro' pig at between Dos Gda5ls, Besso'
mer us high as CAS-, tin plate bars 6s up,
similar rise on steel rails and higher
prices for finished iron OF nearly all dee;
criptions. Makers brands Of Scotch are
so high that importers still decline to
bring any forward except in direct pur.
Chases by consumers, and the present
cost, S24a25 upwards for popular brands,
prompts consumers who have never
done 80 before, to try domestic Boiteners
in the place OF Scotch. Glasgow adviCeg
state that the stocks on furnace banks
are reduced to a minimum, with less
than 500 tons Coltness available, against
1900 tons held by the company d year
ago, and stocks in public stores decreas
ing at the rate OF 1000 to 10000 tons pei
week.
Old material seems TO DO more suscep'
tible to the rise in other iron In the for,
eign markets, and ia also hardening here.
In point Of fact, $25 seems now to be an
inside price for tee rails, whereas sales at
$24 were difficult 10 make a short time
ago, and holders Of MOL wrought scrap
are quoting SCI 80 as very close figures.