Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-10-17
IRON TRADE REVIEW.
A Falling OFF in Sales During the
Week, but Some
BIG DEALS ARE UNDER WAY.
The Prevailing Opinion Is That Prices
Have Touched Bottom.
REPORTS FROM THE CHIEF MARKETS
OFFICE OF PITTsBURG DISPATCH. !

OFFiCF OF PITTsBURG DIspATcH.)
FRIDAY, Oct. 16. {
RAW IRON AND STEEL-Business during
the past week shows no particular change.
There is certainly singular monotony, and
it is almost impossible tG break away from
the conditions which haze controlled the
market for some time Unless all signs
fail bottom prices have been reached, as all
must admit that when coed Bessemer is
selling at SIS 25G15 30 il is about time to
call halt. There is no money for makers
At those figures We know of a large mill
that has been holding off for prices to touch
bottom. The firm believes that time has
arrived. One of the members informed
the writer that they are now in the
market for four months supply of Besse-
mer-about 5000 tons. We also learned of
another large firm that is in the valley mar
ket for a lot Of 5000 tons OF Bessemer for
this wears delivery. The firm is not a
Pittsburg one, being located near valley
furnace. They made ali offer of Sl5 OG for
the amount named on the cars at the fur
mace. The deal will probably be consum-
mated. One of our iron brokers reports the
placing of q large order of steel plates for
special contract The tonnage Will amount
10 about 1000 tons.
What Valley Furnace Man Says.
A letter from the Mahoning Valley has
this 10 say: Il think you quote Bessemer
pig too low. I have seen contracts of sew
eraI thousand tons at S15 20, Pittsburg, and
! know of offers of So So having been made
during this week Please note that valley
furnacemen have advanced wages 10 per
cent. which will have some effect on cost of
production. The rolling mills and furnaces
are well employed in the valley, all busy"
The present drawback in regard to the
Pittshurg iron trade is want of confidence
but this is being slowly restored. When
that is accomplished you may look out for
very active trade.
The volume of business during the week
has not been up TO the average of the trans
actions for some weeks past, and there is
therefore a slight weakness in some
branches, but this has in no way checked
the growth of the confidence in the future
The lull in the demand being regarded as
only temporary, some of the leading dealers
are not disposed to sell TO any extens at
present prices, preferring TO hold their iron
until the demand improves, which is con-
sidered to be question of only short time
The inquiries are Of such a nature as to give
encouragement.
The Eastern Markets.
A well-inforned dealer has this to say
about the Eastern market: ''On the whole, |
pig iron appears to be the strongest on the |
list, as the bulk Of the business is at better
prices than during earlier months of the |
year. Buyers cannot place orders on as |
favorable terms as heretofore, no matter |
what the quality may be The very low
priced makes are relatively as firm as the |
standard qualities. and in no case is there
any necessity for holders going a begging |
for bids
The LATEST-Sales during the week
moderate The volume does not show up
as well aS previous weeks. Bessemer sold
al very low figures. Gray forge seems
hrmer than some descriptions. Billets and
slabs weaker but not quotably lower Muck |
har shows NO change. Charcoal sales were
the most liberal for some weeks Scrap
iron steady with fair local demand. Old
iron rails no. 50 firm, buyers being indiffer-
enI.
COK-. SNIFI 1Isn TA--F AND NATIVE OpFe