Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-04-04
NEARING THE BOTTOM
The New York Iron Market in a Very
Unsettled Condition.
THAT CHEAP SOUTHERN PRODUCT
Is the Feature That Causes the Most Serious
Disturbance.
TIE SITUATION ACROSS TIE OCEAN
lat CHEAP SOUTHERN PRODUCT
TIE SITUATION ACROSS THE OCEAN
,srvcrAL rELEGRAM TO THE prspArcu.l

,rrvcrkL TELEGRAM TO THE DTsPATcHl
NEW York, April 3.-The Iron Age
renort Of the market is as follows: Ameri-
csu pic-The New York market has con-
.inued in a very unsettled condition, owing
chiefly to the low offerings of Southern iron
bv agents. While it is true that some OF the
furnaces have withdrawn from the contest,
it is equally true that some of the leading
producers have offered Southern iron as low
as SIC 50 for No. and SIG 00@l6 25 for No. 2
These figures net the furnaces shade over Sla
at the furnace, and are the same prices quoted
from Western markets.
Itis a remarkable fact that thus the South
ern furnaces have got down very near the low
est prices made during last summer. Buyers
are holding off and are frightened, but II is
clear that the bottom is very nearly reached.
Northern furnaces have not followed in the
sharp break of the Southern producers Ihey
ask SIS 50dl9 for No. and get Ii, when tne
founder is forced into the market, LOIS IN
second hands of Southern iron, to arrive ana
on the spot, are offered, and sacr1nce sales are
occasionally maze.
THE TIME FOR BUYERS,
The time is evidently close at hand when
large buyers will be able to make very aoVan-
taCeous purchases since. so far as the South
ern furnaces are concerned, the market Is close
TO the lowest point. 49,.
Bessemer pic-We note sales to an Eastern
PENNSYLVANIA rail mill of 4, 200 tons of Bessemer
pig at SIG so at furnace. Recently also a iot Oh
LOCO tons OF foreign special was placed Will. Will q
New England open-hearth plant, at prlVate
terms and for Pennsylvania delivery. l,OW OF
domestic O.O9 to OH phosphorus iron, at SIS oO.
Spiegleisen and Ferro- o-Manganese-Ihere mas
been some business in Spiegelesen, two blocks
being closed. Spiegeleisen is being ofered at
SSS so but buyers views are generally lower
English advfces make the market at Liverpool
rE l,o;r, eli Inv m
manganese is quiet at So 50GS3 90 for forward
delivery and S9OG9l for early delivery.
Bilets-The market is very quiet and nom
inally S3l 00@Sl 50 at Eastern works. WIRE
rods we quote nominally S4S 0CQ49 90 at East
ern mills.
IN STEEL RAILS.
Steel Rails-In the East the market remains
dull and weak with few transactions of any
conseouence A number of sales Of lots OF
1000 tons have taken place at SS4 at mill, which
we quote nominally. The impression prevails
that for desirable orders in large blocks, buyers
could secure better terms. The heavy decline
in bilets, which are relatively Ear lower than
rails will have the natural tendency to cause
those mills who have done large business In
soft steel to seek rail orders more eagerly
In other words the very feature IN me @ @lnuusIly
the demand tor and the rise il Soit steer last
fall, which aided the rail trade, now threatens
to unsette il. No movement of any conse-
queuce is reported from the West
The Colorado Coal and Iron Company closed
a contract for Is 900 tons of rails. English offer
ings of steel rails. being speculative lots have
been as low as s5 los C. i. f., New \ ork or Mon
treal lately As vet none of the Canadian busl-
ness pending has been closed.
Plates-The market is quiet with iron plates
quoted 2.25d2 34c for tank; 2.35G24ic for shell;
S4624 45c for tange. and 3.75GSS for firebox
Steel plates remain at 25@255c for tank; 27@
T5c for shell, and 374l4c IOr tireboX. according
TO quality. The matter of fixing limit of sizes
of what may be termed ordinary plates is now
under consideration by the plate iron manu-
facturers with a view of arranging schedule
of extra sizes above ordinary.
THE OTHER FEATURES.
Merchant Steel-We quote machinery, 2359
24c; tire, 35624c, and the calk. 24G2. &c.
Cotton Ties-American mills quote 81 l54
! 20 at mill for bundle of 50 bs the freight TO
Southern points being still unsettled. 1t is
probable tina: the foreign producers will make
sharp struggle for trade, with fS per ton as
the price in England and the duty at 35 per
cent ad valorem. The delivered price is close to
that quoted for domestic. Importers quote
81 GOAL 80 at New Orleans.
FasteninCs-The market continues very dull
and in buyers favor. Low prices have been
made lately on steel splice bars, which we quote
l75G2c. Spikes are nominally 81 1902 20; bolts
and square nuts, 29G3c. and bolts and hexagon
nuts al003.l5c delivered.