Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-12
DECREASE In SALES.
Billets Scarce for Prompt Delivery
and Holders Firm.
BEsSEMER CONTINUES STRONG.
The Steel Rail Syndicate Will Probably
Soon Be Dissolved.
STRUCTURAL AND SCRAP IRON ACTIVE

FRIDAY, Nov II.
The situation in the iron trade continues
to grow better steadily, although the change
is hardly perceptibIe from day to day.
Last weeks sales were the largest reported
for long time. many of the sales being for
the first quarter IN 1893. 1t is now notice.
able that the consumption of pig iron is
greater than the production, and the steady
reduction in stocks is beginning to arouse
some consumers. For upward of three
years the market for pig iron had been
growing worse, and purchasers found each
lot could be obtained little cheaper than
the preceding one, so that the habit Of
taking small quantities had become pretty
well fixed. This hand-to-mouth policy is
still In vogue; producers say they do not
cumstances, and some of them refuse to
entor orders that extend beyond the last of
the year. An advance in prices for good
brands on New Years is regarded as almost
sudden weakness. Meanwhile ft remains
firm, and entirely in favor OF sellers.
Views of the Oracles.
"Cold Short" a recognized authority, has
this to say: II have claimed all along that
1898 will offer very much improved opportu-
ifestations are bearing out this opinion; but
too much urgency in the meantime to dis
pose of products will so weaken these oD-
portunities during the early stages of their
development that mere shadows of what
were almost certain assurances will present
themselves tor utilization, and disappoint-
ment will ensue,"
An Eastern iron man on the situation:
business at present is so thoroughly sound
and healthy that evidences of strength and
verilitT crop ont on every side. Buyers are
inclined to postpone placing orders as far as
possible, but their requirements are so ur-
gent that they have to buy something to
piece out with; consequently, the call for
spot deliveries is so urgent that pretty
nearly everything for early delivery is at a
premium. Without being irrelevant it may
be said that the fullness of time mas come, and
that the natural shaping of events will be
the development of the largest volume of
business ever known.
This is not given rs prediction, bus as
statement of facts as regards the general
situation. There was a time when almost
any man of intelligence and expert
ence in the trade could make
pretty correct guess for three or four
months ahead: in fact opinions in those
sion of business has been so great, and its
ramlf cations SO widely extended that 1t IS
now almost beyond any mans grasp. AS
already stated, however, the volume of bus
mess is large and of increasing magnitude.
This is shown by decreasing stocks, urgent
calls for quick delivery and relatively higher
prices than for those at a later date. The
question of higher prices, however, Is the
unknown quantity"
Increase in Production.
The November report shows an increase
weekly production of pig iron, compared
with October l, of 1857 tons. This brings
the production up to what it was June l.
There were 16 more stacks in blast Novem-
Der l than October1 ]. The stock OF pig iron
on hand October was 500, 600 tons; stock on
hand November l, 42S, 600 tons; decrease dur
ing October. 81, 900 tons.
The Outlook at the Close.
Prospects are that the steel rail pool will
disband very soon, and prices reach their
level as compared with supply and demand,
while some claim that only reduction will
be made in price, giving s2S as the new pool
price. Bessemer pig is firm at the previous
weeks advance; gray forge prices are main
tanned; soft steel billets spot delivery are
scarce and command extreme prices; later
deliveries sold at various prices; old iron
rails scarce; scrap material firm: structural
material sells readily at last weeks prices.
- olao, tod fniS