Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-11
iron TRADE REVIEW,
The First Half of the Year Ends
in a Very Satisfactory
Manner and
JULY SALES START OFF WELL.
BeSsemer Prices Maintained, and Gray
Forge Held Firmly at Last
Weeks Figures.
THE OUTLOOK NOT AT ALL BLUE.
Condition Of Trade at All the Leading Centcrs at the
Close Yesterday.
OFFICE OF PIrTsBURG DISPATCH, !

rklDAhB 0uly ~.
RAW IRoN AND SrEEL-An things consid-
cred, trade for July so far has been remark
ably good. with prices of standard descrip-
tions well maintained. Generally speaking
July has been one of the quietest months OF
the year: but the present month has eX-
ceeded previous ones as regards prices and
transactions. This certainly looks healthy
for the fall trade. In fact a number of large
blocks of Bessemer have changed hands for
August September and even later deliveries
at the highest prices obtained for some time.
This indicates plainly to those interested
that leading dealers have come to the con-
ciusion that delays in supplying their wants
may be both costly and dangerous: that the
sooner they make arrangements for their
needed supply the better. Stocks in first
hands are not very extensive, early
deliveries being difficult to obtain. The
volume of business throughout the country
is certainly larger and prices more salts
factory than they were snort tine ago.
The inlprovement has been SO gradual that
it was barely noticeable during any single
week. The increased production OF pig IRON
does not seem to have disturbed prices, but
rather the reverse, consumption keeping
well un to the output. The figures OF produc-
ton Cor the half year will doubtless show
very heavy decline for the output during
the same period last year. 1t is probable
that the production will not exceed 100000
net tons as compared with 5,200, 900 tons dur
ing the latter half OF 1890.
Confidence Expressed by Manufacturers.
Everything seems to indicate a larger vol
ume OF business in all departments during
the next six months. A well-informed bust
ness man had this to say: 1.-The second half
OF the year is entered upon with greater
degree of confidence than was the case with
the preceding one, although there is
still an unaccountable lack of inter-
est among certain of those who
formerly took the lead. That is to say,
those who were always in the market, when
prices were low enough, appear to be un-
willing to make bids for large lots instead
OF which they range themselves among
smaller buyers. taking on Y what they need
for the time being. There may be several
reasons for this change, the most important,
perhaps, that prices are not likely to f1uctu-
ate as in olden times, and that 1t is there
fore not worth while to make heavy invest
lnents unless with q fair chance of benefit
ing to a greater extent than the market has
promised during the past is months. As a
matter of fact the position is in every re-
spect so different to what it was in former
years that past experience goes for very
little: hence the trade is endeavoring to
adjust itself to the new order Of
things. When a large proportion of our
pig e.al had to be brought from abroad
there was frequently plenty of room for a
three or four dollar rise; but now, with a
productive capacity more than twice as
large it was ten years ago, such opportu-
The Market at the Close.
THE Observation-Disclosures iron, prices
fully maintained sales liberal for season.
Mill iron steady and unchanged. Steel slabs
and bilets, Ior late deliveries holders want
HI advance. ferro manganese, a shade
1irIner. Muck bar in good demand; prices |
show an advance. Bloom, billetS and rail |
ends are held at an advance Steel wire
rods show no change; prices are maintained.
Spiegel declined a dollar pei ton. Skelp
iron, sheared and narrow grooyed shows no
change; wide groved advanced y cent per
pound. New steel rails, no special sales but
works in this district running full and have
orders ahead for some time to come; prices
$50 f o. b. cars at works.
IRON ORE-Large buying still continues;
prices have reached the lowest point.
THE LATEsT-July sales so far large and
prices well maintained. Old steel rails at
tract fair amount OF attention. BesSemer
pig maintains prices, but the demand is not
so active and Gray forge inquired for.