Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-07-08
THE MARKET CRAMPED
Idle Iron Works Knocked Out by the
N0n-Uni0n Concerns.
MANY SECTIONS ARE AFFECTED.
An Advance of 80 Cents Is-Now Very I'm
portant Matter.
FOREIGN IRON MARKETS C0RNERED

New YORK, July L-To-morrow's bo,
Age will say; The broken week and the
uncertainties of the labor situation have re-
stricted business in all markets. The East
ern mills and those of the Western mills
which are non-union are picking up con-
siderable business for immediate delivery
which the idle works cannot fll. The West
ern mills during the past year have reached
into so extensive a territory and have so
largely gone into contracts for long time
delivery that many sections are affected.
It has caused some stiffening all along the
line in finished iron and steel, carrying
prices closer to the nominal quotations.
Manufacturers who formerly figured tenths
of a cent per pound. or at most one-half
that. are now learning to regard an advance
of so cents or 81 as a very important mat tier.
In fact, it may not be very long before prices
are made by the ton instead of by the
pound.
The Markets Now Equalized.
In pig iron the e1pecsed announcement of
a reduction OF 81 per ton by the Thomas
Iron Company has come to-day. thus equal
izing the Eastern market us compared with
those of the West. Some of the Southern
furnace companies who withheld from the
market while their neighbors were crowd
ing down prices seem now to have accepted
the situation and are meeting the market,
".
Bessemer pig is dull in Pittsburg.
Billets are quiet East and West An indica-
tion of the feeling which prevails among
sellers is furnished by the fact that large
Eastern mill has contracted for years
supply to a wire mill on a basis of $24 IS de-
liyered. Chicago reports some activity in
steel rails, while in the East one mill has
taken 1000 ton order for Southern road
and is about to close second 10000 con-
tract The estimate made by the Railroad
Gds tt that the new mileage this year will
a s- q. -
fsure, leaves little hope of even a moder-
ately active year.
In bars. plates and structural material
there is a f1rIner feeling for early delivery,
An Eastern mill has captured a 5000 ton
bridge contract in the West
Review of the Foreign Markets.
The foreign markets are reviewed by cable
from London as follows: The only feature of
interest in the iron warrant market has
been practical cornering of the "Dears" in
Cleveland iron, many of whom, it is re-
ported, were forced to settle on the basis of
5Os, owing to extreme scarcity of cash
warrants. In Sco:ch and hematftes the
movement has been light and little interest
manifested. Prices for Cleveland receded
after the closing of ''short" accounts, but
otherwise the changes have been slight.
Stocks in connals stores are now 900 tons
Scotch and 49, 600 tons Cleveland. There are
now Il furnaces blowing in Middlesborough
and 30 in Cum berland. Tin has been dull,
owing chiefly to want of American support,
but lots forced upon the market have been
cleared and prices showed greater frmness
afterward. Visible supply increased 76s
tons last month and Americans are reported
to be holding the majority of the stock.
Copper prices have averaged somewhat
lower, but concessions failed to attract buy
ers and the market is rather dull. Chile
charters last month were l. 800 tons. Late
sales of furnace material include 600 tons
Montana argentiferous matter on private
terms, and 500 tons do at 9s 415d. Imports of
copper last six months 1857 tons and the
deliveries ], l49 tons less than during the cor
responding period last year. Tin plate
market has continued very quiet and prices
are easier, owing to slowness OF demand and
lower cost OF block tin.