Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-11-14
IRON TRADE REVIEW.
A Better Feeling and a Firm Stand
Against Lower Prices.
HEAVY SALES OF BESSEMER PIG.
Why Manufacturers Expect to Be Swamped
With Railroad Orders.
WHAT is DOING AT OTHER CENTERS
OFFICE OF THE PrrTsBURG DIsPArcH,l

OFFICE OF The PTTTsBURG DIsPArCH,1
FRIDAY, Nov. l3 I
RAW IRON AND STEEL-Trade this week
hes been active, and, all things considered,
there is little cause for complaint. That
prices for most descriptions rule at extreme
low figures is an admitted fact Prices
have certainly reached point at which
makers evidently intend to make a stand.
They may possibly continue to make frac-
tlonal concessions for spot cash, or for or
ders TO fill out the balance of the year with,
but beyond that there appears to be de-
termination to get better prices or decrease
production. Under these circumstances we
NAV expect an irregular market for spot
deliveries, but only limited business for
1S92-unless buyers are prepared to pay
little more money. The production of
pig iron is continued at an extraordinary
rate and the rolling mills and steel works
are turning out a large product: but prices
are very low and current business is very
much like swapping old dollars for new
ones.
The Situation Still Unchanged.
There is not much of anything in the situa-
tlon 20 promise an immediate improvement.
Manufacturers have talked about a busy fall
and winter and better prices for products,
but the change has not vet come. nor does it
appear to be at hand The present year has
been steady and severe strain upon iron
manufacturers, and some have had to do
some skillful engineering to pull through
the tight places. The iron trade has been
hampered by the stringency of the money
market and the difficulty of securing
prompt pavmen: for goods delivered has
been troublesome element
Orders for new steel rails are coming in
better than for some time and rail mills
have much better prospects for steady run
ming A well-informed Eastern dealer has
this to say: 1.-THE steel trade is not gaining
much. There is some inquiry for rails, but
the indications seem to point to deferred
orders for next year the same as there has
been for this year. As yet there is little
talk about what the roads will want for next
season. The mills have plenty of work in
hand, and there is general impression that
the demand will become active before pres
ent orders are exhausted. The price is still
firm at $50, f. o. b. at mill. -
Large Sales of Bessemer Pig.
BEssEMER PIG-The sales for some weeks
past have been very large, many extending
10 the first quarter of next wear Prices, if
not strong, are certainly not as weak as thew
were. A point has evidently been reached
at which sellers appear to have drawn line,
with pretty good indications that thev will
not go beyond 1t. That point is that they
will not accept business for next wears de-
liveries at this years prices. 1t is argued
that If they have to wait until after New
Year for the work they NAV as well for the |
price. especially as there is no money in |
ANYTHING at to-dav's quotations.
The VERY LATEST-The Western farm
ers have about S3O,O0O 900 borrowed and |
their farms mortgaged as security. They |
are paving all or part of their mortgages as
fast as they get the money for their grain. |
Cash is going back East and will be in |
vested, and railroads with good security |
viii get most of it. This will give the roads |
money to buy new motive power and roll
ing stock and enable them to improve their
tracks to take care of the enormous grain
movement which comes from thelakes when
navigation closes. The prospects are brigh;
for one of the worst car famines which this |
country has ever seen, and in two months it
Is expected that the mills of the country
cannot fill three-fourths of the orders tina; |
will come to them unsolicited The outlook
for trade Is decidedly better
COKE. SMELTED LAKE AND NATIVE ORES
{, Ce tons Besscmer. jan to June incu-
al al fT-r- s1z M |