Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-31
A DULL CLOSE In IRON.
Prices Irregular, With Bessemer and
Gray Forge Weaker.
SOFT BILLETS BARELY STEADY.
A Few Indications of an improvement
larry Next Year.
A FAIRLY GOOD VOLUME OF SALES
FRIDAY, Dec. 80.

FRIDAY, Dec. 80.
There has been large falling off in the
demand for leading descriptions of raw iron
and steel. AS most of the mills are under
going repairs, they will be in no hurry to
start up until there is a better demand
While some fix the date for an improve
ment in trade at the middle Of January,
others say it will be the first of February
before there will be revival of business
Soft steel is making such inroads on iron as
to promise that in very short period it will
have usurped the place of the latter alto
gether. 1t is more economically manufaet-
ured and yields more profit than muck bar.
Reports recently published show that
many pudding furnaces have been
closed down for lack of orders,
evidencing the fact that the number in
operation was in excess. of requirements
While the leading furnaces are not forcing
the market bv offering concessions, a num-
ber OF transactions are reported at prices a
shade below the quoted rates short time
ago. Certain dealers appear anxious 10
realize, but there are others who are con-
tent towait and take the chances OF the
market. At the same time the shading sys-
tenn is by no means general, but the knowl-
edge that orders for the small lots taken
nave been placed at slight reduction on
previous quotations causes the market to
exhibit depressed and unsettled condition.
In the present stale OF the pig iron trade
warrant the belief that prices will
shortly improve, although, statistically,
the market is in very satfsfac-
tory shape. Consumers yards aeneraIIyare
bare OF stock; purchases cannot, there. ore,
be postponed indefinitely and as deliveries
are being taken freely there is q possibility
that the resumption OF active buying after
the opening OF the new year may enable
holders to maintain prices, or even secure a
sight advance
A Few Words From the East.
An Eastern dealer says of the situation:
SELLERS are beginning to recognize the fact
that buyers have held of SO long that they
must of necessity be in the market early in
the new year, so that it is hardly worth
while trying to persuade them that delays
may be dangerous. Earlier in the month
there was considerable pressure to realize,
and while holdsrs are still anxious for bust
ness they begin to feel that ihey have about
reached the extreme limit as regards prices,
Tor which reason it is not unlikely that a
period Of reaction may be near at hand.
Everything depends on developments dur
ing the next 20 days. II consumers really
need material to the extent that is
supposed it will soon show itself,
and that is precisely what both sides are
trying to find out. Taking everything into
consideration it is not unlikely that Just a
tf1f1s o Improvements will De the next turn
in the market. There are too many sellers
to permit anything very decided, but al
most any kind OF demand will be sufficient
to counteruct further weakness, and, al
though the closing week of the year suows
prices to average the lowest on record, and
the outlook not specially encouraging, there
is, at least, the salts action o. knowing that
under any circumstances anything beyond
mere fractional decline i'll prices is simply
impossible"
Closing Temper and sales OF the Week.
The market closed weak for leading de-
scriprions of iron; gray forge declined 19G0
l5c; Bessemer dull and unchanged; soft steel
DilIets quiet. Dealers are Indifferent about
business, preferring to await the develop
ments of the new year. the weeks transac-
tionS were Us follows:
CoKE-saIELTED LAKE AND NATIVE ORES.