Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-06
AN IMPROVED DEMAND
For Leading Grades of Pig Iron and
Prices Maintained.
FINISHED IRON MORE ACTIVE,
And Prices Are Somewhat Higher and
Steadily Improving.
MUCK BAR DULL AND SCRAP LOOKING UP

FRIDAY, Aug. q
There has been no appreciable change in
the condition of the raw iron aud steel market
Tor some time past. Prices for leading de-
scriptions of gray forge. Bessemer and steel
billets have been fairly maintained for
prompt delivery. We are now ont the Sec
ond month of the last half of 1892, with
labor troubles not yet adjusted, the idleness
of SO many mills restricting the demand for
most descriptions Of iron to limited proper
tions. The largest consumers are making
very few purchases of material beyond
what they actually require to fill current
orders and many of them have already
made arrangements for their supply of
crude material for some time to come
Production Gradually Diminishing.
1t is currently reported that concessions
have been offered by some of the producers
of the less favored grades of pig iron, but
the difference between the cost OF pro-
duction and the selling price is SO narrow
that the offerings are not of a character to
tempt consumers to try experiments with
new mixtures. A well-informed dealer has
this to say: production is grad ually di-
minishing and it is not unreasonable to an
ticipate an improvement of conditions, so
far as demand is concerned, in the neat
future; the improvement in prices must be
an after effect and its development will be
slow. Overproduction results from over
stimulated competition. Human nature
causes to be peculiarly prone to take ex-
travagant views OF questions whlcn aHect
our interests. American manufacturers
overestimated the capacity of home con-
sumption and accordingly they have been
overproducing.
This is all there is in it and of it. 1t is one
of those disorders that will adjust itself and
the operators who control this process OF ad-
justment cannot accelerate their work by
any arrangements possible"
Finished Iron.
The finished iron trade of Philadelphia has
been strengthened by the award of the Penn
syIvania Railroad contract for material for
the new Broad street station. The contractwiIl
reach 10 900 tons and has been taken by the
Pencoyd Company. Other large orders for
various points have been placed recently,
ard the mills are thus well filled up. Fur
naces are going out of blast in many places,
the last being the Dunbar" the owners of
which say theyhave a good stock of metal on
hand. Their furnaces will remain closed
until their metal is disposed of or better
prices are obtaInabe. Just how long
before an upward movement will be
inaugurated is what good many persons
would like to find out. There is consider
able demand for various kinds of finished
irons. rs most of the mills are closed for re-
pairs at points in the valleys as well as
Pittsburg. Parties who have stock on hand
have no trouble in disposing of the same at
anadvance OF s. 5093 90 per ton. The advance
will no doubt be maintained for some time
to come. The market closed with an in
creased inquiry for Bessemer and gray
forge. The outlook is improving. num-
Der of iron men are away on their vaca-
tions, and when they return lively times
may be looked for.