Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-04-30
IRON TRADE REVIEW.
Sales Limited, but Producers Refuse
to Make Concessions.
MORE FURNACES BEING BANKED.
Kahoning and Shenango Valley Masters to
Make Their own Scale.
REPORTS FROM ALL THE MARKETS
OFFICE OF THE DISPATCH, I
PIrTsBURG. FRIDAY, April 90. {

OFFICE OF THE DISPATCH, Z
PITTsBURG. FRIDAY. April %.
RAW IRON AND STEEL-Trade during
the week has not been very active. Large
consumers are still disposed to hold of,
hoping lower figures will soon prevail.
Hence their stocks of raw material will be
very low before they will enter the market
This condition cannot continue much longer,
as the time is near when raw material must
be obtained or works closed down, and the
latter is not expected to occur Consumers
can make up their mind to one thing-that
CITY furnaces and some outside ones have
come to the conclusion that good gray forge
iron is worth S13 cash, and, what is more,
unless that price can be obtained they will
refuse to accept less. OF course there are
outside and unknown brands that can be
obtained at 10 to Is cents less, but that will
make no difference to the furnaces we have
mentioned. They propose to make no sales
below the figures first named. That Is GER
tainly not an unreasonable price for
standard gray forge.
The Demand Now Improving.
Dealers we have conversed with say the
demand is improving; that buyers seem to
have about made up their minds that sellers
are in earnest in regard to prices. Produc-
tion is still in excess of consumption. The
furnaces have made beginning toward re-
ducing production to point approaching
consumption. 4 dispatch from Sharpsville
says: "The Mabel furnace went out of blast
yesterday, and on Nav the Sharpsville FUR
mace will be blown out, owing to the large
amount of pig iron on hand. This will leave
but two furnaces in blast in this place, the
Spearman and Clare, and it is thought they
will be banked soon. 1t is estimated that
about 5000 tons of iron is piled up in the
yards OF the different furnaces here"
At the same time there still remains much
TO he done i'll this direction before an appre-
ciable effect will be felt in demand and
prices. The amount of pig iron entering
into finished forms is lessened in quantity
as compared with last year, although pro-
duction is greater, and as a consequence un-
sold iron continues TO increase. Notwith-
standing how many orders customers may
have on their books for future delivery,
many refuse to take any more iron than is
actually needed for present needs, hoping
ing that a waiting policy may result in even
lower figures. Things have gone so con-
trary to expectations in the past year or
two. however, that there is a probability
that even in this respect they may go the
same way, but in August prices for iron and
steel cannot hurt buyers seriously, which
is more than can be said as regards sellers.
No Concessions on Standard Brands
THE LArEsT-The general outlook shows no
improvement. Buyers are still offering
lower prices, Out at the same Vl1ne nOluerS
of standard brands decline to make conces-
sions. Reports from the Shenango and Ma
honing Valleys are not very favorable. The
iron men of that district are arranging an
iron scale. and will hereafter act independ-
entity of Pittsburg. They will hold a meet
ing May to arrange matters for the year.
A Pittsburg iron man remarked cit makes
little difference to the local manufacturers
what the valley men do, as Pitrsburg con-
trols the iron market, and her manufactur-
ers are not TO be alarmed by this time-worn
bluff from the outside"
Prices are irregular: Bessemer, S4 400
= go: gray forge. Sl2 S5@l3 90; steel slabs and
biliets, So 1923 %; muck bar, S25 00625 25.
New steel rails quiet and held at $50 at
works. We are reported the following sales: