Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-10-30
CONDITION OF THE BRITISH MARKEI
SPECIAL TELEGRAM TO THE DISPATCH.

ESPECIAL TELEGRAM TO THE DIsPkrcBl
NEW York, Oct. 29.-The Iron Aoe re-
ports the iron and steel markets as follows:
American Pig-The market remains dull,
without any feature of interest. There has
been some buying OF special Bessemer pig at
SIS 50 delivered, and there is inquiry for ad-
ditionRl quantities. We quote. Northern
brands, SIG 756ls 90 for No. /, SIG 00@l6 50 for
No, > and sl4 OO9n 50 for gray forge. South
ern iron sells At SIG 25@I7 90 for No. l, SIS 500
Is 90 for No. ., Sl4 50Gl4 75 for No. foundry
and Sl4 251l4 so for gray forge.
Spiegeleisen and Ferro-Inanganese-Ther
has been no business OF any consequence in
the spiegel market. For the present the
leading Eastern buyers seem to have sup
piled themselves, the demand being covered
In at least one case as far as July next. In
ferro-manganese there has been only job
birg business in this market, which is some
what disturbed by the reports OF sales in the
West. Notable among these is one lot of $50
tons sold al S6I 20 delivered at Mingo juno
tion, which is equivalent to s62 so Baltimore.
We quote 10 to L per cent, SIS 0OG24 O0; 70
per cent, So O0d2S 90; and so per cent ferro,
S63 O066S 50.
LITTLE BILLET AND ROD BUSINESS.
Billets and Rods-The market in this sec
tion is dull, and efforts to hunt up some busi-
ness for foreign billets have not brought
ubout any results. In rods there have been
some sales of No. g. but otherwise the mar
ket is very quiet We quote: Domestic bill
lets, ST OO027 50 delivered; foreign billets
nominally S3l OOd3l 80, and domestic rods,
s37 a5G37 IS tideWater. From the West come
reports that billots are being offered at
very low price for immediate delivery.
Steel Rails-There has been further buy
ing and we can record sales aggregating
about 5000 tons, which include one block OF
20 600 tons done by an Eastern mill, which is
now in comfortable shape up to March, run
ming single turn. Another Eastern works is
.HNs1 81,
third is still eagerly seeking business. There
are further orders pending which will be
closed at an early date, while some roads
are not yet in the market simply be-
cause they have not looked into their
requirements for next year. On the
whole the outlook for winter work
is quite good, while spring and early
summer work is expected to come up a little
later in abundance. In the West, Chicago is
reported to have secured 80, 600 tons for the
Great Northern, beside other orders. which
put it into fair shape, While the outlook is,
therefore, not all couleur de rose, it is evil
IDENTIFY quite fair, with the prospects of
heavy demand from quarters which have
not as vet approached the market. We
quote $50 for standard sections. There has
been cutting lately on light sections, with
offers about 81 below the price lists.
DULL IRON AND STEEL MARKET
Manufactured Iron and Steel-Local mills
and merchants report that new business is
scarce, and that the market has relapsed
into dullness. Some of the mills have
enough bridge work on hand to keep them
comfortably busy for months, but new
architectural work is light. We continue to
quote: Angles, / 190G2. l0c; sheared plates,
1902 25c: tees, 2.4Ca2.75c, and beams and
channels Bic on dock. Steel plates are 1850
2.l5c for tank; 2.2962:SOc for shell; 2.45@265c
for fianCe: :. .65i72 75c for marine and BOB CSC
for 1lrebox on dock. Bars are L76l.9c on
dock Scrap aXles are quotable at 2. l5G2 20c
delivered. Steel axles 2.l5@225c. and links
and pins 2l562 .20c.
Track MateriaI-There is considerable
business offering for spring delivery but
prices are sharply cut for fishplates, to
secure desirable orders. We quote 2l5@
2.25c for spikes, l.706I 90c Tor flshplates, and
S16I3c for bolts delivered.
Merchant Steel-Business is on a moderate
scale in this market. We quote hot-rolled
shatting 2G2 lOc; machinery. 2.l0G2. .25c; tire,
, 2-l56225c, and toe call, 220d2. SOC delivered.
Old Material-The market is very dull, with
old iron rails nominally $50 OO@2l co. while
oiC steel rails are offered at SIG 50GH 90,
Jersey City, without finding takers.
METAL MARKETS IN LONDON.
British Iron and Metal Markets-Scotch
warrants remained almost stationery at A.,
with transactions small. Cleveland receded
TO SOS l1ad, with limited trading, and hema-
tites dropped to ass I'D, although rather
more active. Speculation in the several
lines is still spirtless, there being very little
outside interest. Stocks in Connals stores at
last report were $4,000 tons Scotch and
$4,000 tons Cleveland. Latest sales OF
warrants were at AIS for Scotch, 39s for
Cleveland and 49s for hematite. Pig tin for
prompt delivery dropped to $50 Is 3D. and
has been almost neglected by outside specu-
lators. Smallness OF stocks falls fat as an
10 incentive purchases, owing to the 1atness
Of the market for other metals. Copper has
been unsettled and depressed, with many
holders alarmed at the aggressive action of
the bear" party and reported reopening of
the Anaconda mines, with promised large
production. Some good buying took place
at the lowest prices, and reduced offering
has restored confidence in some degree.
A great deal OF copper has passed
into strong hands, and it is suggested
th2t the market has been smashed by pow
eriul operators interested in Rio Tinto and
other mining shares. The consumption is
good, and an increased demand for sulphate |
j. noted. The Societe des Metaux sale has
been postponed until December. The tin |
plate market has been quiet, but makers |
hold prices firmly. The Abercarne works |
have been closed, owing to scareity of or
ders at remunerative prices New works |
started at Meath. The steel trade Is in bet |
ter shape. Rails in particular are firmer un- |
der the influence of improved demand. 1t |
IS stated that the Darlington Steel Company |
has booked large American order.