Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-02-27
IRON TRADE REVIEW.
The Same Old Story of Depression
and Hope for the Future.
.VALLEYFURNACESTO TO CLOSE DOWN.
Bessemer and Gray Forge Sold at
Extremely Low Figures.
HOW TIE OTHER CENTERS ARE AFFECTED
OFFICE OF THE DISPATCH,
PITTsBURG. FRIDAY. Feb. 26.

PITTsBURG, FRIDAY Feb. 26
RAW IRON AND STEEL-Prices continue
very weak, sales are materially restricted
and dealers as general thing are apart in
their views. A movement is now on foot to
close down number of furnaces, and ar
rangements to that effect will be inaug-
urated in a very shor: time--the sooner the
better for all parties. OF course a number
of furnace men have contracts not vet filed
and viii continue in operation until the
metal contracted for is made. We learn
from reliable authority that Messrs Pick
ards, Mather & Co. will blow out five of
their blast furnaces in the valley during the
soming week. The furnaces that go out of
operation will remain closed until the de-
mand improves and prices show a. material
advance. The prevailing condition in the
iron trade is one of dullness and depression.
They Sill Have Confidence.
The volume of business is insufficient to
keep the productive capacity employed,
and the sharp competition that every order
provokes keeps prices weak and irregular.
The confusion in the finished iron trade re-
sulting from the collapse of the combination
has not vet cleared away, and while large
for work now under contract, compara-
lively small business is being transacted in
this line on account of the uncertain and
indefinite condition of prices. 1t is largely
the diSproportion between the demand and
supply that causes the low prices and
gloomy feeling throughout the trade. Not
withStanding the present unsatisfactory
conditions, certain iron manufacturers have
an astonishing degree of confidence in the
future, for they still insist that this is 10 be
the best year ever seen in the trade, al
though two months of it have gone into his
tory IS an exceedingly unsatisfactory period.
If these predictions of prosperity
are to be fulfilled this year the
next ten months will necessarily be pheu-
omenal. But against this appears the cold
facts of the present depressed condition OF
the trade. Southern iron is a disturbing
factor at present, and is pushing Northern
competitors in most of the leading mar
kets.
A Manufacturers View ofthe Situation.
a well informed iron man has this 10
say: Everybody in the trade knows what
the asking prices are, but there are very
few who know for certain what the lowest
selling prices would be. Sellers NAV have
their own individual ideas as to what they
would do, but they are not certain what
others might do, and therein lies the whole
difficulty. Large consumers are equally
unsettled in regard to their position; they
admit that prices are low enough, too low
in fact, but it is no funeral of theirs, and
with the present outlook see no reason why
they should step in until it appears to be
their interest to do So.
Bessemer pig was more fancied than any
other description; prices seemed to have
touched bottom: one large firms purchases
the last two weeks exceeds $4,000 tens
Steel 5iliets very dull, prices nominal
The LATEST-MariSet closed dull with
prices in favor of purchasers, who are still
inclined TO hold back. The exceedingly low |
price of steel billets ought to increase the |
sales and may do so. New steel rails |
Market steady; no sale of any amount. |
Sales of the Rail Association are smaller /
tEan reported in December, as certain op-
tions given at that time to railroad COM |
panies have not been taken. Iron ore-No |
sales reported during the week; offerings |
were large and prices weak. GRAY forge and |
mill irons show various prices; city furnaces |
alw2fs commands the top figures