Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-01-30
IRON TRADE REVIEW.
DuHness Still the Most Prominent
Feature of the Business.
BESSEMER ANDGRAYF FORGELOWER
City Furnaces Are Still Holding Out for
Previous Prices.
HgW THE EAEKET FEELS ELSEWHERE
OFFICE OF THE DISPATCH.
PITTsBURG, FRIDAY, January %.

P1rrsBURG, FRIDAY, January 90
RAW IRox AND Street.-The iron and
steel trade did not show up to much advan-
tace during the week. Prices are weaker
and in some instances shade lower, while
the volume of transactions show a material
falling of. As usual, there is material
difference in the views of leading dealers.
Some argue that the present dullness is
only temporary; that as soon as the late
heavy purchases OF raw iron have been con-
sumed buyers will have to replenish their
supplies This will cause sellers to demand
more money for their iron. The sales of
Lake Superior ore, reported for this years
delivery, means an increase of 81 per ton
in the cost OF making Bessemer steel, but
a. there is every prospect of good year in
.he rail trade this factor ought not to have
any important bearing on the course of
trade. On the other hand certain consum-
ers are OF the opinion that prices will soon
exhibit further decline
Some Sellers Very SanGuine.
Thare gre sellers in this market whose
weekly sales generally range from 10000 to
120OD ions who refuse to accept present
figures offered for Bessemer and gray forge,
having an abiding faith that they won't have
to wait long for an improvement in values.
a well informed dealer has this to say:
The immense capacity for production, in
connection with the indisposition to antici-
nate future wants, has kept the market so
continuously full of material that prices
have had no chance to stiffen, until at last
consumers have about settled down to the
idea that it is not worth while to do more
than cover requirements as they mature.
n.1, ,lSs,h ho ,ah
the postponement of the demand for steel
rails and architectural work. All these were
confidently figured on for distribution after
the HOLIDAYS, but at this moment there are
no signs of anything more than the ordinary
routine demand. That all the projects will
mature after while there is not the slight
est reason to doubt but what the trade
wants to see is something to give an imme-
dlate stimulus.
Heavy Ore Purchases at an Gdvance.
The most significant event the past two
weeks has been the heavy purchases of
Lake Superior iron ore by the large Besse-
mer steel manufacturers. Most of the large
consumers have covered their requirements
for this wear, aud the prices named snow an
advance OF about 30 cents per ton over the
cost Of ore last year. This is due, in part,
TO higher freight charges on the lakes and
partly 10 an advance in price by the mining
companies
Old iron and steel rails are very dull;
sales show a further decline, although the
stock in first hands is light. Steel billets
and slabs are quiet, with light demand;
sales show no change in values Ferro-
manganese, so per cent imported, declined
80 cents per ton. Muck bar dull, with more
sellers than buyers; holders refuse to make
concessions. Steel wire rods-Prices main
tanned. New steel rails steady, with sales
at mill, $50 per ton.
The LATEsT-Market closed weak, buy
ers still holding back or purchasing spar
ingly The demand for steel billets is i'm
proving, but prices show no change. Bes- |
semer weaker; latest sales show decline. |
Iron ore firm at the advance noted in our |
last; sales for this wears delivery will ag- |
gregate ), 500, 900 tons, principally Bessemer
ores. The demand for finished iron is firm,
but prices continue low. Skelp iron in |
moderate demand; prices unchanged