Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-02
IRON TRADE REVIEW.
A Decided Improvement Noted
by the Market Watch
ers Here.
BESSEMER UP A NOTCH.
II Must Be Had, and the Increase
Shows a Shortage.
THE RESTRICTED OUTPUT is FELT.
Summer Dullness Already Visible in the
Southern Trade.
BESSEMER UP A NOTCH.
TIE RESTRICTED OUTPUT is FELT.
Summer Dizziness Already Visible in the
Southern Trade.
REPORTS FROM THE LEADING CENTERS
FRTnAU Nav

OFFICE OF PITTsBURG DISPATCH,
FRIDAY. May l.
Raw Iron and SteeI-The market since
our last has undergone a decided improve
ment for certain descriptions. Bessemer,
for some time very dull, and selling down
to low figures-in fact the lowest for a long
time, our report of April noting sales OF
1000 tons at S15 IS: below the value of good
iron-has advanced 81 5O@1 IS per ton.
To-day sales are reported for prompt deliv-
cry at S17 80. There are, of course, differ
ent opinions in regard to what caused the
advance. The fact, however, is self-evldent
that stocks have been so reduced that 1t was
absolutely necessary to have Bessemer with
out regard TO cost, or stop works. Parties
interested decided to pay the advance
and keep their works running. The stock
of raw iron, particularly standard brands,
has been steadily reduced. Certain parties
owning furnaces were liberal buyers of raw
iron. We could name some who could sell
out and make handsome profit on iron pur-
chased since the 1st of April.
The Outlook l. Brighter.
Outside indications are all that can be
desired, but it is not invariably the case
that iron advances when the stock market
advances. As a matter of fact the iron
trade occupies different position to what it
did formerly in all its essential features, so
that the most experienced heads hardly
know what to think of it. A well-posted
iron man has this to say: at is certainly
true that intrinscally the market is in q
better condition than at any time since the
first of January. Business is certainly
beginning to pick up along the entire line;
SO that the demand Tor pig iron should i'm
prove accordingly. The immense reduction
in the output should be felt pretty soon."
The Situation - There are only four
blast furnaces running in the Mahoning
Valley-tho two furnaces of Brown, BonneQ
s. Co., the production of which is entirely
consumed in their own mills, and the Girard
furnace, of which A. NJ. Byers & Co. con-
sumes one-half, the other half being
placed on the market; the Thomas is the
only one making Bessemer for the market.
The mills are not running full, being short
of orders; prices are also ruling weak.
Iron Ore-Tne demand is improving,
but a number of buyers are holding off,
We hear of lots comprising $50, 900 tons
BeSsemer, {. o. b. on wharf al Cleveland, at
81 25G4 80 per ton TO Pittsburg parties.
New steel rails are in fair demand; current
rates at works, $50 90.
Condition at the Close Yesterday.
The Latest-Gray forge, steady Advance
noted last week fully maintained. City
furnace iron most fancied. Steel slabs and
billets, sales liberal at further advance
Ferro-mangauese not so firm. Muck bar,
demand fell Of, can be purchased below
last weeks prices. Blooms and billet ends,
shade lower. Steel iron rods unchanged
Skelp iron, sheared and narrow grooved,
shade lower; wide grooved quoted at 21k
cents higher Old iron and steel rails dull
and neglected. Scrap material, demand
fallen of.