Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-05
A WEEK OF ACTIVITY.
Sales of Iron and Steel Exceed One
Hundred Thousand Tons.
BESsEMER FIRM AND HIGHER.
The Iusiness in soft Steel Billets More
Than 10000 IONS.
GRAY FORGE STEADY AND UNCHANGED

FRIDAY, Nov. 4.
The tone of the raw iron and steel market
is steadily gaining strength, and the i'm
preston is becoming stronger that higher
prices for raw material and finished prod
uct are not far off. Unless all indications
fail naxt years prices will certainly show a
very material advance. The inquiry for
both iron and steel is steadily increasing,
and most of the pig iron makers have al
ready begun to consider the advisability Of
revising quotations. As it is, long time
contracts at present prices are not desirable
and few makers are willing to make sales
for later delivery than December. Raw
iron and steel are relatively lower in Pitts
burg than at any other point. 1t is not to
be supposed that this condition of
affairs can hold out much longer;
the increased demand will be certain to
force prices upward. The demand for soft
steel blooms and bille:s is very active; in
deed, the demand for spot or early deliv-
cries is so pressing that all the mills are now
running TO their full capacity. The fact is,
steel is fast crowding iron from the market;
1t Is said to be cheaper, besides having many
in steel noted last week has been fully main
tained.
Affairs in the Valleys.
The situation in the Mahoning and Shen-
ango Valleys is reported very healthy.
short time ago sale OF 10000 tons Bessemer
occurred at q valley furnace at $l3 10 for
future delivery; this would be equal to Sl3 10
delivered at Pittsburg. The present week a
similar sale occurred ut SIS 60, which would
be equal to $l4 25 delivered here. These
sales fairly represent the condition of the
market ut the time noted. While the adj
vantage thus soems to be with the seller,
there is no anxiety felt by the buyers who
think that any advance will be small and
that an increasing capacity will easily supply
the markets needs. Some of the Southern
makers have been able to obtain % cents
more for their iron than before. and this ad-
vance has become firmly established.
An Opinion From the East.
An Eastern dealer says OF the situation:
"Soft steel 6illets are strong and scarce; the
demand in excess of the supply, and prices
relatively higher. Most other specialties
remain at about last weeks prices. The
general opinion In the trade seems to be
that the uncertainty will continue until
after the Presidential election, and then
either Il decidedly active or PROFOUNDLY
dull market will ensue. Pig iron,is firm and
in some directions is gradually Working TO-
ward higher level"
Sales and the Closing Temper.
The sales foot up over 100000 tons, the
larSest LOT u long Ilihe. beSlueS thoSe pup
lished we hear ofa sale Of Q, 100 tons Bessemer,
the exact terms of which are withheld. Bes-
semer closed firm at sl4 co cash. with large
sales for various deliveries. and some deal
ers disposed to hold their iron for higher
prices. Gray forge is in steady demand
Soft steel billets are very firm, with large
sales; spot firm, ut the highest prices
ported for some time. Mills at most points
are rum ing to their full capacity. A new
steel plant started at New Castle, Pa, this
week an dis running, very successfully.
Reports from the Mahoning and Shenaneo
Valleys continue favorable for makers; sew
eral large operations are reported at good
figures; spot steel very scarce. Structural
material is very firm: demand increasing;
the rates are: Steel beams. 1-lO@2 2-lOc;
channels, 202 l-lOc: angles, lT0Ic: tees, = 40
a. 50c bars. o05@2. .l5c; Steel mill plates,
L75@LsOc. The sales reported this week are
appended.
CoKE-sMELTEp LAKE AND NATIVE ORES.