Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-03-13
A MUCH BETTER TONE
Frevails in the Iron Market and the
Z Feeling Is Firmer.
THE STEEL RAIL COMBINATION
Will Doubtless Prove a Beneficial Thing for
the Rail Mills.
STATE OF FOREIGN METAL MARKETS


-sFECTAL TELEGRAM To THE DISPATCH.
NEW YORK, March 12-The Iron Age
reports the condition of the iron and steel
market as follows:
American pig-There has been more activity,
and a slightly better tone prevails. sales
agents report that it is less difficult to secure
prices asked. The supply Of foundry irons con-
tinues limited, SO tar as the South is concerned,
and it is by no means large as to Northern
makes. The extreme range on Northern brands
is Sl7 Goals OC for No. l; SIC U0@l6 SO for No. 2
and Sl4 OO@l5 20 for gray forge. Southern
sells at SO 25Il7 50 for Nc. foundry; SIS 501
Is 90 for No. ?, and Sl4 OOGl5 90 for No. g. ac-
cOrdinC TO brand
Ferro manganeSe-The only sale of conse-
quence has been one lot of 400 tons of ferro
manganese. deliverable 100 tons monthly a
steel works in Eastern Pennsylvania at private
terms. We quote the market s6I662 I'M
puTters claim that the material cannot be laid
down at sucn figures. and that sales made on
such a basis are speculative.
3llleIs and rods - In sympathy with the
Western market. the feeling is firIner, although
the going into effect of the steel rail combina-
ton Is not regarded as an argument for Stitfen-
ing in blllets. In rods the only transaction We
have heard OF is a small lot for immediate de-
livery at SIS 30 At sellers mill
Manufactured iron and steel-Competition
IN plates continues sharp, although at least one
drawn for the present. We qpote angles. 2Oe@
. l0C; sheared plates Z05l2 25c; tees, 5Udl2 75c
and beams and channels Sic on dock Steel
plates are 205G2l5c for tank, 23592 &c for
she'll. and 26G2fc for hange on dock. Bars are
l76L9c on dock.
Rail fasJeuinGs-A moderate amount of bust
ness has been dome We quote. 81 90GIl 95 for
spikes; L75GLS02 for angles, and 265@275c for
bults.
Old Tails-The market continues Iifeless
One feature is pointed out deserving con-
sIderation and that is that the rising tendency
IN muck bars may cause more attention to be
given to old rails.
Steel rails-When we last wrote the rail mar
kGt was in condition bordering demoral-
izatIOn, and il was probably only the prospect
Of an early sharp decline which prevented
heavy business. On Thursday, however, the
first efforts were made to bring about an ad-
JUS ment of the trivial differences between the
I3ckawanna and Scranton companies and the
papers were finally signed which makes their
consolidation an accomplished fact. As we
lave repeatedly explained, it was only this
which God in the way of putting into force
the agreement of the mills entered into pro-
NIslOnally some time past That agreement
does lot attempt to fix the price at which the
mills must sell II provides merely for an al
Torment by fixed percentages, each months ag-
greEate sales at the end OF the month being
distributed IN accordance with those percent
ayes. An excess is paid for by the mill, while
q deficiency entities the works 10 an allowance
at fixed rate per ton. While il Is certain that
aTTa Sgement VIII not add ton to the demand
Il Is equally certain that it will not reduce con-
sumption by more than an insignificant frac-
tloE. II Will prevent ruinous slaughtering of
prices, but viii not allow any undue advance in
them.
There can be no complaint among consumers
q he price. $50 at mill or $50 IS at tidewarer.
rLICh is now generally asked.-since 1t is as low
q Is consistent with l fair profit to the mills
y he cost at Eastern works, with partial en-
Tloyment and at present cost of raw material
j. generally estimated in the trade to be S279
;, which leaves a moderate profit on invest
lnent and taiT allowance for depreciation of
plant. During the week there have been sales
by Eastern mills OF about 5000 tons in small
lots. We quote $50 20 az tidewater.