Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-13
A BRIGHTER OUTLOOK.
Sales of Bessemer Iron Liberal and
Prices Well Maintained.
GRAY FORGE TURNS DOWNWARD.
Billets Fairly Active Over Comparatively
Wide Range.
SIGNING OF THE SCALE A sTIMuTANT
FRIDAY, Aug. IL.

FRIDAY, Aug IL
The iron market continues in an unsatis-
factory condition. Values are about the
same as reported a week ago. OF course,
the producers of city furnace and leading
descriptions of iron and steel are making no
special effort to secure business below pres
ent quotations, and In many instances are
averse to booking orders too far ahead.
But the close competition of the South
erh furnaces has not been without
its effect in rendering values unsettled and
uncertain. The Southern railroads, without
exception, have made frei hit rates very fa-
vorable to Southern furnaces, which is an
advantage not enjoyed in this section. The
course of the market during the year has
BUYERS have looked forward to even better
terms; but it is now the opinion of we'll
informed manufacturers that when all the
mills again resume operations the consump-
tion will be sufficient to absorb a large por-
tion of the accumulation of Bessemer ana
forge grades and result in frmer market.
Outlook for Finished Iron.
The idle rolling mills and steel works
through the country are gradually resum-
ing operations and this expansion of the
supply of finished forms of iron and steel
will probably have the effect Of preventing
any further increase in prices. Since the
first of July many of the active mills have
secured orders sufficient to keep many of
them employed until the fall trade opens, SO
that with many plants out of the market
there should be plenty of work for the 9TH
ers. Consumers are, however, not disposed
to place many orders for material that is not
required for immediate wants, believing
that few weeks will see quotations at the
rates previously prevailing The present is
the time of the year when trad drags along
slowly and spiritlessly. The time, however,
is not tar off when some improvement ought
to be perceptible, as trade usually COM
mences to manifest symptoms of awakening
during the closing days of August.
The decline in the price of Bessemer pig
iron since the first week in January amounts
to 81 7j@2 90 per ton; gray forge, 75c0$l %
per ton; and, notwithstanding the fact that
radical economies have been introduced by
the producers, the reduction brings the
price unpleasantly close to the cost Of pro-
ducing.
Effects of tho Scale Settlement.
Since the signing of the scale more
favorable tone has developed. As soon as
the mills can make the necessary prepar-
ations they will be started up, most of them
on double turn. Already general hustling
has commenced.
All things considered, sales show up fairly
well. In Bessemer pig several sales are re-
ported at $l4 cash. Gray forge is not SO firm;
sales in some instances show 25c de-
cline. Steel billets have been in good de-
mand, but sales show a wide range of values
according to time of delivery. Finished
material has been active at the advance re-
Gently noted. Scrap has had q free move
ment. In short an active iron market is
promised in the near future.