Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-09
A FEELING OF GLOOM
The Prevalent One Just Now Ruling
the Iron Situation.
SMALL HOPE FOR THE FUTURE.
Very Little Business Is Being Transacted in
Steel Rails.
STATE OF THE FOREIGN METAL MARKET
-srEc1AL TELEGRAM TO THE DISPATCH. J

.sPECIAL TELEGRAM TO THE pIsPATcH.l
NEW YORK, Jan. s.-The Iron Age Of
this date quotes the iron and metal markets
as follows:
1t cannot be denied that the feeling preva-
lent in the iron trade is one of unusual
gloom. 1t is admitted by some of the great
est authorities that the situation, so far as
the near future is concerned, shows less
brightness than it has for many years past.
There is disposition among the strongest
concerns to crowd the weaker into suspen-
sion of operations. even if it be necessary to cut
under cost. A great restriction of production
has been forced or is about to come from the
stoppage of the Alabama furnaces and through
the movement of the valley men. This will
amount to at least 10000 tons per month. But
the uncertain feature is whether the plants
now idle or about to go out of blast will not
promptly return to work as soon as they have
secured what they are fighting for now. One
danger in the more distant future is thespossi-
bi!ty of a strike in the Connellsville coke re-
gion. where the men have formulated demands
for heavy advance in the face OF the present
depression.
American pig-While the market is quiet, Its
position has somewhat improved, through the
fact that Southern brands are offered less
urgently. II Is clear ID1J the AlaDaula SLrlke
is at last beginning to tell. On the other hand
it is reported by good authority that the lead
ing Lehigh Company are selling on the basis of
SI7 80 for NO. foundry. We quote standard
Northern brands, SIG 75@l7 80 for No. l. Sl6@
l6 50 for No. 2, and Sl4 50@i5 90 for gray forge.
Manufactured Iron and Steel-There is the
usual amount of talk concerning foreign beams,
which Is common at the beginning of the year,
when the large architectural iron works make
their contracts. German beams can be laid
> -
10 be quoted at l0c, but we fail to hear that
the figures are attractive to buyers. The
figures which are now coming out concerning
the prices at which some of the elevated
structures have been taken during the past
few months indicate that the lowest level has
been reached for this class of work. We under
stand BLOC erected has been shaded for an
important piece of work We quote angles,
205c62l0c; sheared plates, 220c@2 25c; tees.
26c@2.75c. and beams and channels, 3lc, on
dock. steel plates are 225c@2S0 for tank;
2.05C6t260c Tor Shell, and 2.S5c03c for hange, on
dock. Bars are l.75cGl9c, on dock.
Steel Rails-While the negotiations among
the rail mills have not been formally aban-
Goned, there is not as much hope of a success
sence of any business offering the majority of
Eastern mills quote sS and upward. There is
now very little work going on anywhere. Bes-
semer pig is weak 1t is stated by the represen-
tative of one of the large rail mills that large
orders must soon be placed. Usually the Penn
sylvania Railroad by giving out its orders gives
a -.
Thus far nothing has been heard from that
quarter. The views of buyers are indicated by
offers 20 purchase at SIG at mill, and it is
argued by them that this figure is not unrea-
sonable, considering the fact that soft steel
hilets have been sold in the Pitrsburg district
al So.
Spiegeilsen and ferro-The slackness of the
rail trade keeps the mills our of the market
longer than expected. the majority having a
considerable supply on hand. The market
remains lifeless at S29929 So In ferro the
principal feature remains the re-sales of small
lots from second hands, the amount thus still
available being reported to be quite large in
the aggregate. We quote SCI 5O@62 80.
Billets-ln domestic billets tn. market is
uuiet. So far as foreign billetS are concerned,
To which manufacturers look who do a re-ex-
port trade, it is reported that there has been an
advance in Germany, ranging from 266d to 5S
Only recently German billets were bought at
Sos less 81 per cent at shipping port. 1t is be-
heved that the firnneSs is due to orders re-
celved from Scotland, where the strike has
practically led to a suspension of manufacture
lQC.