Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-25
ACONFIDENT FEELING
Inspired by the Report of the Iron
and Steel Association.
THE STEEL RAIL MARKET STEADY,
While the Pronounced Scarcity in Wire
Rods Continues.
STATE OF TRADE ACROSS THE OCEAN.
ESPECIAL TELEGRAM TO THE DISPATCH. I

ESPECIAL TELEGRAM TO THE DIsPATcH.I
NEW YORK, July 24.-The Iron Age, in
Its issue of to-day, quotes the iron markets
as follows:
American Pig-Considering the enormous
production of the past SIX months which we
estimate at least 100000 gross tons. the report
of stocks Just issued by the American Iron and
Steel Association is certainly very gratifying
It shows that since January there has been
an increase of only go 27I gross tons in makers
hands. and 5000 tons in warrant stores,
making the total now 40S $50 gross tons. This
is less than a three weeks supply of
all kinds, and leaving out of consideration
charcoal pig. less than a two weeks supply.
This shows how enormously the consumption
of this country has been expanded in the last
six months. It will generally inspire the trade
with confidence. The New York market has
been very quiet during the past week. One
feature worthy of consideration is the fact that
consumers are purchasing warrant irons, TAX
ing specified brands. We are assured by very
good authority that a number of transactions
of this character have been made lately,
resulting in a material saving to the
buyer, as contrasted with purchases
made in the open market There has been
some weakness lately in Southern charcoal
iron, there being an excess of certain numbers.
Thus No. 2 may be purchased at Sl7 5OGlS 90 at
furnace. We quote No. l Northern iron, Sl1 25
6DlS 50: No. 2 Sl6@l7, and Southern iron No. ],
Sl7 O0@lT 5O No. l soft, SIC 50@l6 rs, and No. 2
SIG O0@l6 %. Bessemer pig is offered at Sl9 90
6l9 25, delivered at tide water.
Spiegeleisen and Ferro- Manganese - The
market is extremely dull and remains nom-
inally $50 00G30 so for 20 per cent and 81 509
y so for ferro.
Wire Rods-The scarcity of wire rods con-
tinues and threatens to become serious for the
early future. There have been some sales of
special brands for re-export purposes on the
basis of about S4S ex-ship n. Y. Foreign rods
buyers taking risk of duty. for prominent Ship
ment are offered at S46 G0l46 So with few sales
to cover immediate requirements.
Steel Rails-Only sales of small lots are re-
ported by Eastern mills so that the aggregate
business done during the week has been light.
The report that the order for 900 tons.
Savannah delivery. had been placed is inaccu-
rate, the negotiations not having been closed
as vet. It is reported that the Illinois Central
order for 1000 tons has been taken by the Chi
cago mills The market is steady at S3lGS32
the number of sellers at the former figure be-
ing small. But little fall work has came out so
far. There has been a very limited number OF
winter inquiries but the mills do not care to
quote on them, except where they are part of
contracts running through the fall and winter.
The situation is regarded as healthy and a feel
ing of confidence in the future prevails among
sellers.
Old Rails-A number of round lots of foreign
rails have been sold for shipment at private
terms. The only large sale of domestic in this
market has been a lot of nearly 2,O00 tons of
specially desirable rails delivery in the interior
of the State, at SIS. Special conditions pre-
vailed. The market, which had a dropping
tendency early IN the week. is said to be re-
covering; S24 was bid for n l,000-ton lot but was
declined. We quote S24024 so.
Track Fastenlngs-We quote spikes, 2G2.0 .05c;
fish plates, L75@l.9c, and bolts and nuts, 2SO@
&c, delivered.