Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-03-06
VERY QUIET MARKET.
No Sales of Any Magnitude in Iron
and Steel Products.
COMPETITION In STEEL RAILS.
DemOralizing Effect of a Big Consolidation
Failure.
lPETITIOS In STEEL RAILS.
STATE FOREIGN METAL MARKETS
ESPECIAL rrLrcRAM TO THE DISPATCH,

ESPECIAL TELEGEAM TO THE DIsPkrcH.i
NEW YORK, March 5.-The Iron Age re-
ports the condition of the iron market as
follows:
American pig-The market has been quiet
during the week under review. Some Of the
furnaces in Northern New York are begin
ming to feel favorabIy the absence Of compe-
titiou from the Mahoning and Shenango Val
leys; and, so far as foundry grades are con-
cerned, the offerings on the part of the
Southern furnaces are comparatively light.
The proportion of these grades made by the
majority of the Southern furnaces has been
surprisingly small for some time past, and
since this market takes very little forge iron
they have not done much lately. The e1-
treme range on Northern brands is sl7@lS for
No. !, sic O0Gl6 so for No. and Si4@l5 for
gray forge. southern sells at sic 25Gl7 30 for
No. foundry, Si5 5O@l6 90 for No. and sl4Gl5
for No. 3. according to brand.
Epieceleisen and ferro manganese-The mar
ket Is exceedingly dull, both for spiege!eisen.
which we quote s2Sde9, exshIp according TO
brand, and for ferro manganese, which is quot
able. $50 50I6l 90.
Billets and rods-The market is quiet at
so7 5012S 90 delivered for ordinary soft billets,
and SIS OOGI3S 50 for rods at tidewater. Foreign
rods are quoted, Sio UOlyi3 0O. Only OCCASIONAL
lots are taken for re-eNport orders
Steel rails-The event of the week has been
the announcement of the collapse of negotia-
tions for the consolidation of the Scranton
Steel Company and Lackawanna Coal and Iron
Company, both of Scranton, Pa. As we under
stand the immediate cause of the disagree
ment, it was, that on Saturday last, when the
papers were ready for final signature, that
representatives of the Scranton company
asked that the understanding be reduced
10 writing and that their company be
given two representatives on the board of the
new consolidated company named by them.
The committee of the Lac1awanna Company
claimed that they could not commit their stock
holders TO a point of that kind, since it was not
part of the original agreement, and deprived
the stockholders of rights The committee en-
pressed willingness to accept any two stockhold-
ers of the Scranton company upon whom
both parties might agree. The rep
panv. however, held that as minority holders,
they must be allowed to name two directors.
and that tor their protection in that right the
clause must be made part OF the agreement
Such was the last and comparatively trivial
cause of the suspension of the negotiations.
which confessedly were TO lead to a result bene-
fetal 10 both concerns, and which unQuestion-
ably would have been of great importance to
the whole Eastern rail trade We understand.
however, that the negotiations during thtir
whole course brought out many points of dis
agreement and bitches. whic were removed
only by concessions. TheSdetails are OF little
general interest but the Inference seems war
ranted that there is very little if any, chance
that the matter will be resumed
1t is useless to deny that the failure to carry
through the consolidation is likely to have a
very demoralzng effect on the rail trade.
Sharp competition for business is likely to be
the immediate outgrowth. and has iNefact al
ready begun. We may note sales ~ about
1000 tons Sy Eastern mills, and quote S2S929
at mill. The railroads generally have held off
until now, so that the majority of The mills
have very little work on their hooks. 1t is
known. however, that considerable business is
in abeyanc apd it is only question what
price will bring the orders out. The success of
the Rail Makers Association was largely con-
tinCent upon the accomplishment of the con-
solidation. and until the signature of all the
mills Is affixed. which is not now the case. the
agreement entered into Professionally, and not
IN force. is valueleSs
Manufactured Iron and Steel-The market is
very quiet, very little work of magnitude hav-
ing been taken during the past week. We
quote: Angles 2Gl2 l0c; sheared Dlates 205@
2.25C; tees, 25El2.75c; and beams and channels,
Sic on dock. Steel plates are 205@12 15c for
tank, 2S5I2.6c for shell. and 612.7c Tor iange
on dock: bars are L7Gl9c on dock.
Rail FasreningS-A large New England road
has taken 5000 Kegs and other business of mag
nitude is pending We quote: 81 9O6I q5 for
spikes, L1odlSOc for angles, and 2o5@2.75 for
bolts.
Old Material-The market is dull. We note
a sale Of a few hundred tons of old steel rails
at Sl7 25 delivered at an interior point and a
similar gu tntity of old iron on the basis OF So
on cars al Jersey City.