Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-03
THE MILLS ALL BUSY.
Everything About Steady to Firm
and Prices Well Maintained.
STEEL BILLETS LESS ACTIVE.
Prices Baye Not Ruled as Low as an Alleged
Authority Quoted Them.
CONSUMPTION EQUAL TO PRODUCTION

OSSs -
Trade in raw iron and steel this week
somewhat dull has been reasonably salts
factory in regard to certain articles. Buy
ing has been on smaller scale, but con-
sumption is the real test, and up to the
present date there is but little perceptible
change from the weeks Immediately pre-
ceding. The conditions surrounding the
iron trade at present are such as to give the
warrant of solidity to every symptom that
counts for the better. The heavy demand
in nearly every department Of the market
beginning with raw iron, is still the lead
ing factor. Actual orders are taking stock
from furnaces about as fast as made and the
hardening tendencies of prices continues.
Bessemer pig is attracting attention for
the demand furnished by the enor-
nous consumption of soft steel and
for the better prices sellers are able to
secure. The fact that most of the leading
producers have largely contracted for their
output until after the beginning OF the year
clears the situation of any depressing effect
which n slackened demand would otherwise
have upon prices. There is no expectation
in demand until after the advent Of the
new year, but there is no fear that the con-
sumption will not take care OF all the out
put at tho present rate Of production and
thus prevent any further accumulation of
stocks. 1t is q ell known fact that during
the past two months the sales have beeI of
such magnitude as to absorb the production,
and in addition, to draw literally on the
unsold iron on hand: but with the increase
in the number OF active furnaces there Is a
disposition on the part OF buyers who have
not contracted ahead to await the develop
ments of the next lew weeks before pur-
hn ci In aE No ia a
needed to cover immediate requirements.
Views of an Eastern Authority.
A leading Eastern dealer says: "For
the present the iron trade will not consioer
it any hardship to have proposed new bar
mill dropped at one point, plate mill at
another and blast furnaces still at other
points, and the same principle will doubt
less apply to many other interests beside
those in iron and steel. Anything that was
legitimately called for th-ae months ago
will doubtless be forthcoming in due season,
while ventures that have only'a speculative
value are just as well to be left in the back
ground. The manufacturing facilities in
this country are already large enough to
meet all possible requirements Tor the next
two or three ears, so that 1t is no loss to
the general community to have q breathing
spell in the matter of extension"
Reports from districts adjacent to Pitts
burg continue favorable to furnacemen who
Many furnaces have orders booked that will
keep them employed for the next six
months and others that extend to still
later period, the principal orders booked
being FOR standard Bessemer.
The Closing Features.
The market closed steady with q fair de-
demand for most descriptions of manu-
factured iron. While thereis not much new
business the mills are all busy and will be
the remainder of the YEAR as most of them
are sold ahead. The stoppage during July
and August caused most OF the mills to get
behind good deal; it will require some time
to catch up. Prices show no change. In
soft stoel billets the quotations In one of the
leading iron papers on steel Dillets for this
and last week were very misleading. They
have been very bearish on steel billets for
some time back and have stated that steel
has been offered and sold in Pittsourg at
$2l rs (. o. b. Mt mill. This price is 81 per ton
below the lowest prices lately made and In
the present condition OF the market cannot
but have a bad effect on new business.