Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-12-19
IRON TRADE REVIEW.
Some Signs That Point to a Good
Start Early in 1892.
GOOD REPORTS FROM THE VALLEYS.
Several Sales Ringing Solely on the I'm
prOvement Hoped For
DRIFT OF BUSINESS AT OTHER POINTS
OFFICE OF P1TrsBURG DISPATCH
FpIDAN Dec Is

OFFICE OF P1TrsEURG DISPATCH,
FRIDAY, Dec. Is.
RAW IRON AND Street.-The market de-
veloped no new features since our last
Conditions remain about the same, but the
outlook for the future is very encouraging.
Already makers of Bessemer and gray forge
are demanding an advance, contending that
prices will be certain to go up. And why
NOT? For instance, taking the sales of steel
rails, compared with this time last year, 1t
will require from $50 600 to 100000 tons of
raw iron to meet the increased demand for
them alone. There are large number of
big buildings under contract for 1892. being
largely in excess of any previous season.
II is matter of fact that every new build
ing being erected will require more iron
and steel than the preceding one, which will
naturally increase the demand for the raw
article.
Orders Placed in the Valleys.
Reports from the Mahoning and Shenango
Valleys are verv encouraging. Several
cood-sized orders for Bessemer have been
booked for next years delivery at fair
prices. During the week the pig iron manu-
facturers made an appeal to the railroads
terested were represented. Harry E. Passa-
want. Secretary of the Mahonlng and She
mango Iron Manufacturers Association, WAS
on hand 10 push the claims of she iron men.
The local agents are all In sympathy with
the valley people. but they lack authority
to m& lSc a reduction. The matter has been
referred TO the Iron Committee with
faVurs bic recommendation. A reduction in
rates the beginning OF the new year would
assist business materially in the valley as
well as other points. Pittsburgers are
largely interested in the valley iron trade.
As we have before noted there are furnace
owners in PittsburG who are still holding
out Tor more money for iron, as one of them
remarked to Us: 1--WE decline to sell a ton
OF Bes>emer or gray forge. As a matter of
fact We have been buyers instead of sellers"
The fact is beyond dispute that iron and
steel l. relatively lower in Pittsburg than
any other CITY.
An Advance Means n Boom.
Aleading Eastern iron dealer says: There
is good demand for most kinds OF products,
both finished and crude, and all that is
wanted 10 make the situation entirely salts
factory is a general advance in prices.
Prices are very low at present-lower than
for years beforehand in some lines the cur
rent figures are below anything ever reached
here before. Costs of manufacture are also
much lower than they were two years ago,
but the margins are uncomfortably small on
nearly every product. The markets are
steady and firm, but there is little tendency
toward advance Purchases have been on
a more liberal basis of late, however, and
the orders that have been placed will cover
the output of many furnaces for some time
70 come
The LATEST-The outlook is decidedly bet
ter. Bessemer sold at an advance and
holders generally firm. Gray forge steady,
with the late advance maintained. Foundry
iron frmer Steel Dlllets and slabs show no
changes. Muck bar is 25 cents higher. Skelp
iron, narrow and wide gauge, unchanged;
advanced Rlnnn
ana scrap ends show 25 cents advance
steel wire rods declined so cents per ton.
Ferro manganese, imported, declined. Old
steel rails scarce and higher Iron rails un-
changed. Scrap material quiet and neg
lected.
UoRE AND COAL, sMELTEp LAKE AND NATIVE