Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-04-03
STATE OFTHE FOREIGN METAL MARKETS


SPECIAL TELEGRAM TO THE DTspArcH.i
New YORK, April 2.-The Iron Age re-
ports the condition of the iron aud steel
markets as follows:
Practically in every single department of the
local iron trade the complaint of sellers is that
business is duller than it has been for years
past. Only few take very hopeful view of
the immediate future, even the most sanguine
naming the late summer or early fall as the
period when the inevitable rush of orders is to
come. Confidence cannot be restored in day
or in a month and it will only be after rising
tendency in securities has been established that
the general public Will take hold of the thou
sand and one enterprises which must be under
way to keep our iron and steel consumption TO
its normal height.
American pic-The majority of sellers report
a very dull market Founders will take only
what tnev absolutely need for early wants, and
when that is covered do not take the slightest
Interest in any further offerings. They seem
generally convinced that the future can bring
Them only advantages Some sellers stubbornly
adhere what they hold to be bottom prices.
The extreme range on Northern brands is SlI@
Is for No. l; SIC OO@l6 70 for No. Q and sl4@l5
for gray forge. Southern sells at Sl6 20Ql1 %
for No. foundry; SIS 50Gl6 90 for No. 2 and
Sl4Gl5 for No 5. according TO brand.
Ferro manganese-The market is dull so far
rs foreign ferro is concerned, holders asking
SGi 0Od64 so with cost of importation on cash
basis shade over S63. American ferro man.
CaneSe has not only secured the interior mar
kets. but is also coming farther East than ever
before.
Eillets and rods-Very little has been done in
domestic material in this market. but we note
sales of foreign basic rods for re-expor: at S43
ana Of foreign basic billets at SSl 1882 90.
Steel ralls-Ihe market is exceedingly fiat
the only sales Of any magnitude made by East
ern mills beng one lot OF 600 tons for Georgia
road and one lot of Is 900 tons for the Mohawk
and Northern. The latter is of particular
interest, because there is included in the order
an eXpermen al lot which is to come up to the
unusual specification of 0.60 carbon and 006
phosphorus, s. extra being paid therefor.
The Vanderbilt roads have usually been
partial TO a somewhat harder rail than
The majority Of railroad men prefer, but in this
case they are going even further In the direc-
Jion indicated. AT one time the majority of
railroad men specified 0.S5 carbon as the maxi
mum. In the market buyers are holding of.
and some occupy position of some hostility to
the rail interest. They have evidently been
sharply disappointed that the prospect of S96
and 81 rails was not realized. Such feeling
has some bearing on the market, since 1t will
give support to a body of purchasing only from
hand TO mouth. We quote SO 15G3l at tide
water.
Manufactured iron and steel-The local
architectural demand keeps up quite well, and
;ne outlook is promising, thus giving a mod
crate amount OF business to local mills and
merchants. But prices are low and compe-
Tiriou is keen. From Boston come complaints
Of inability to meet the competition of foreign
beams. which are selling there at 26627c for
German. Only one lot of SEQ tons of German
beams has thus far sold in this market The
local store trade in bars is reported to be
very light and unsatisfactory. Plates con-
Tinue weak. Iron tank having sold
as low as LS5C at Eastern mill Western
makers have recently reduced their quotations
o. steel plates l-l0c, but are still above the
marker here. We quote angles 2d2 l0c, sheared
plates 2Oog:-25c tees 25G275c, and beams and
channels ale on dock Steel plates are 205Q
2l5c for tank, 235lI26c for shell, and 26@27c
for harge on dock. Bars are L74L9c on dock.
spikes, L7OGIS03 for angles, and 265G2 75c for
bolts