Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-03
NO REDUCTIONS MADE.
Pig Iron Market Is Quiet, but Prices
Hold Up Strongly.
POOR OUTLOOK IN STEEL RAILS.
The Prospects Are That 1891 Will Be
Poor Year in-This Line.
STATE OF FOREIGN METAL MARKETS

ESPECIAL TELEGRAM TO THE USPATcH.1
NEW YORK, July 2.-The Iron Age reports
the condition of the iron and steel markets
of the country as follows:
American pig-The market is still very
quiet and Northern furnacemen generally
hold prices we'll. Even small concessions
are not made for very desirable orders by
makers of standard brands of foundry iron
Northern brands are quoted at SIS 75@ls Ot
for No. !, S16 o0616 30 for No. 9, and sl4 O06
IA 80 for gray forge. Southern iron sells a,
SIG 25GI7 y fer No. l, SIS 5O0l6 95 for No. .
So 75dl6 50 for No. soft, and Sl4 0094 Sc
for gray forge.
Spiegeleisen and Ferro Manganese-Some
business has been done lately in spiegel
eisen. An Eastern steel mill has purchased
a round lot of foreign, and another works
has taken 800 to 700 tons of domestic, all at
private terms. German 20 per cents can be
laid down at ST. 80, while English commands
more. Ferro manganese is quoted at S64 O0G
" 50 for so per cents.
Billcts and Rods-The Eastern billet mar.
ket is firmer, in sympathy with the West,
where billets cannot now be purchased al
less than SIS 80. Rods are quiet in the East
end mag be quoted at SSs at tidewater.
Steel rails-Instructive conclusions may
be drawn from the figures of railroad mile.
age built during the first half of this year,
compiled by the Railroad GGzette. Our CO.
temporary estimates that tine mileage COM
pleted during the first six months was $50
miles. against 2,055 miles during the cores
ponding period last year. Estimating re-
Quirements at 80 gross tons per mile, the
consumption for new track was, roughly,
year, against 10000 tons during the
first half of 1890 1t is esti-
mated that the shipments of standard
rails during the first six months this year
have been 100000 gross tons. Last year the
figure for the mills in the association was
5lS.205 gross tons, or adding the Allegheny,
776.O0O tons. Deducting the requirements for
new track from the shipments, we obtain a
fair idea of the amounts taken for renewals
Last yea- during the first six months they
were, therefore, approximately $4,000 tons.
This year. during the same period, they
have only been 800 COO tons.
This gives numerical expression to a fact
generally known and appreciated-the fact
that track repairs have been kept down to
the lowest possible point by the railroads
throughout the land. Current repairs for
the enormous mileage of this country are
estimated to call for between 900,0G0 and
100000 gross tons minimum In other
words, the poverty of the railroads, or their
anxiety TO keep net earnings at a respect
able figure, have caused them to withhold
necessary orders for rails to the extent
of from 10000 to 100000 gross tons in
six months. This business is of course only
deferred The burning question in che rail
trade is whether it will come out wholly or
whether it is to hold over for another year.
The indications thus far, it must be frankly
acknowledged, are that the mills will not be
called upon to roll more than a fraction of
this delayed tonnage this year. 1t is even
very doubtful whether the second half will
get its fair quota of renewal work, which
would be 450,00O to 900 TONS
Nor is the outlook for new mileage very
brilliant Indeed, 1t is question whether
the second half will carry the total for the
year to $500 miles, which would call for 3,400
miles in the next six months. 1t is true that
the great Western mills were idle during the
there they az
now rushed in making deliveries, so that the
shipments of the first six months are prob
have been coming in very slowly dur
ing the last month, and inquiries
are on a moderate scale. While it is
probable that the second half will be con-
siderably better than the first, the outlook
IS not favorable for even as good a rail year
in 1881 as was 1890, which was decidedly not
above the average. During the current
week no sales of any consequence were made
by Eastern mills, which continue firm at
$50 75d3l 90 a tidewater.
Rail fastenings-The majority of makers
are asking 81 O0G2 10 for spikes.bu the price
is shaded by middlemen who may, however,
at any time withdraw their quotations. We
quote fish plates l.709lSoc, and bolts 2.65@
2s0c
Manufactured iron and steel-A fair
amount of work is coming up and the mills
are moderately well employed. Bridge
makers are still quoting very low figures,
the withdrawal of one concern from the
market, with a full order book, being fol-
lowed also by the appearance of other needy
sellers. The closing down by the struggle
with the Analgamated Association of two
Eastern mills is not likely to affect the mar
ket materially, orders in hand being shifted
10 others. We quote angles, 1902 lOc;
sheared plates, 1892 25c; tees, 24562 75c: and
beams and channels, 31c on dock Steel
plates are 2G2.l5c for tank, 2.3626c for shell,
and 25d2.7c Tor hange, on dock. Bars are
l1@ l.9c on dock.
Old rails-For old iron rails in small lots,
go 80 is being offered by consumers. The
market is lifeless.