Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-29
BUSINESS Is MEAGER.
The Coke Strike Collapse Is Not Af-
fecting Pig Iron Any.
STEEL RAIL MARKET VERY QUIET.
Little Hope of Anything Like Activity Dur
ing This Present Year.
A CONSERVATIVE POLICY is PURSUED

ESPECIAL TELEGRAM TO THE DIsPATCH.l
NEW YORK, May 2s-The iron and steel
markets are reported as follows by the Iron
Age.
American Pig-The collapse of the coke
strike is not expected to have much effect
on this market, because the blowing in of
furnaces in the sections affected will inf1u-
ence the lower grades particularly, for which
there is little sale in this, market: While
some cuttings is reported by Northern makers
there is little doing in Southern irons, the
furnaces being all well sold up on foundry
grades. Northern brands are quoted at
SIG 75Gls 90 for No. /; SIG OO@l6 50 for No. 2,
and Sl4 O0314 so for gray forge, Southern
iron sells at SIG 5O6ls % for No. i; Sl5 5O@16 %
for No. 2; sl6 00@l6 50 for No. soft, and sl4 90
ala so for gray forge. We note sale of 900
tons of Bessemer pig at private terms. Or
dinary Bessemer is quoted at SIG 75QH % at
furnace.
Spiegeleisen and Ferro Manganese-In job
bing way 20 per cent spiegeleisen is selling
at s2s OO12S 50, and ferro manganese at S6S %
@64 so.
Billets and Rods-Only small business is
being done at S27 5O@2S 80 at sellers mill
for billets, and SIS 90 at tidewater for wire
rods.
steel Rails-Business with the majority of
mills is light and authorities in the trade ex-
press the opinion that the year has so far
advanced that there is little hope OF its be-
coming very actlNe IOr bnlS year rs utllNeiy.
The railroads apparently are poor. New en-
terprises have little chance OF being foated,
since the majority of bank kers have their
boxes full of bonds, which they have been
unable to market. In many cases bonds are
now quoted below the prices at which they
were taken by the bankers, who have Hoated
only a small part of them. These accunaIa
tions of securities must be first absorbed by
investors before bankers can be relied upon
TO take up and push new issues.
So far as renewals are concerned the large
lines have acted very conSerVatlYely. The
result is likely TO be that toward late sum-
iner and fall they will make a rush for ma
terial to put into track before the season for
repair work is over. If the product is as
large this year as il was in $780, the mills, it
Is believed will have done we'll We note
sales during the week of 10000 tons, includ-
ing one lot of 5000 tons to q southern road at
full prices. We continue to quote $50 75Q
81 90 at tidewater. In the April adjustment
two mills in Eastern Pennsylvania we're the
principal contributors to the amounts pay
able for excess over percentages of all OF the
mills.
Rail Fastenings-we continue to quote fish
plates l506l75c; bolts, 2.65G275c, and spikes
81 9O6l 95, held.
Manufactured Iron and Steel-Nfills are
ket, but are piling up the structural iron for
the rush which will follow resumption of
work. Still the local strike is affecting the
production adversely of those works to
which New York is the principal market.
In about a month the large McComb's dam
bridge will be closed We quote angles 1850
6. l0c; sheared plates, 1862. .25c; tees, 2.45Q
2.75c, and beams and channels, sic on dock.
Steel plates are 2G2. l5c for tank, 23G26c for
shell, and 2.5d2.7c for f1ange on dock. Bars
are l76l9c on dock.
Old Rails-The market is lifeless.