Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-11-07
IRON TRADE REVIEW.
Mckinley's Election Leads to the
Placing of Orders and
OFFERINGS BY FOREIGN DEALERS.
Bessemer ssies Large and Prices Shows .
Rather Wide Range.
CONDITION OF THE OUTSIDE MARKETS

OFFICE OF PITTsBURG DISPATCH,
FRIDAY, Nov. 6. (
Raw Iron and Steel-Being week
sales were naturally restricted. Still, bust
ness shows up fairly we'll Iron dealers
generally feel well pleased over the result
of the election in Ohio and Pennsylvania,
as il settles the tariff question in these States
for some time to come. 1t is a mistake to
suppose that the tariff has nothing 10 do
with business. Here is case in point?
Pending the Ohio election a certain party
from that State came to this city and made an
offer for block of about Is, 900 tons of iron
and steel. The price and terms being agreed
on the conditions were: eff Mckinley is
elected Governor of the State of Ohio the
contract made is binding; if he is defeated
the sale is off" On "Wednesday morning
the Pittsburg seller received dispatch or
dering the merchandise to be forwarded at
once as Mckinley was elected and the said
party IVA very happy"
Think the Worst Is Over.
In regard 10 the outlook there is still
difference of opinion. Several leading iron
men have made up their minds the worst is
over. that trade will soon improve, that
prices have evidently touched the bottom.
AS an evidence of this we'll informed par
ties state that during the past ten days the
amount of Bessemer pig that changed hands
here and at the Valley furnaces exceeds
$4,000 tons, the deliveries extending to
April, 1892. 1t is not to be supposed that
those who require raw iron would purchase
such large blocks if they had the remotest
l. L.
that period. We learn of others who will
be in the market for a similar amount soon.
There seems to be no probability of prices
being shaded from those that rule at present,
the consumption of pig iron by all industries
being probably the largest on record. But
the output OF crude iron is likewise unpre-
cedently large and is not diminishing.
Should the finished iron and steel trade ac-
Quire a degree of activity proportionate to
that which prevails in the pig iron markets
at certain points, there would be a demand
Tor every ton of crude iron now being made.
Rails Still Handicap.
The situation may be said to hang on the
steel rail trade, which is very slow and has
been so for some time. A more liberal bus
iness in rails would improve conditions in
every branch of the iron trade, and supply
the backbone conspicuously lacking. The
structural mills are busy as a rule, through
out the country, although there is a rather
the markets. The situation is fairly salts
factory. and prospects are favorable
Steel Rails-There is considerable business
doing in the East in steel rails; sales, 5000
tons; including one or two orders for round
lots. Pittsburg prices are $50 at the mill
The trade seems to be getting in gooc shape
for the winter.
From Europe-Cable dispatches, offering
large parcels of both old and new material
were received by a leading house since Nc
hinley's election, a fact which shows that
dealers on the other side are hopeful of
pushing business now that the tariff Ques-
tion has been settled for the present.
, The Situation-The demand for certain
grades of iron is improving. Bessemer was
more fancied. and operations within a short
time have been large. Steel billets-The
volume Of business is larger than the preced-
ing week, but prices continue low. Scrap
material-Sales liberal. The same may be
said of old iron and steel rails Sales of 1000
tons of old foreign iron rails are reported to
an Eastern mill at about Pittsburg prices
Muck bar-Demand has fallen of; prices
changed.