Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-10
BESSEMER IS LOWER,
But Prices Are About Maintained on
Other Grades of Iron.
LIBERAL SALES OF BILLETs,
The Bulk Of Them Feing for Delivery Early
Next Year.
STEEL RAILS DULL AND SCRAP ACTIVE

FRIDAY, Dec. 9.
The iron and steel trade has developed no
particularly new feature during the past
week. The approach of the end of the year
tends to restrict purchases to immediate
wants, and consumers, who did not place
orders during October for their require
ments into the new year, are showing great
caution In making contracts for any ma
terIal In excess of their present wants, un-
less more satisfactory terms than those now
In force can be secured Since many of the
leading producers have either sufficient
orders on their books to carry them along
into the new year, or have reduced their
stocks to a favorable point, there is con-
sidered to be no advantage in stimulating
business by concessions on quoted rates.
The furnacemen point to the heavy con-
sumption OF all forms of iron and steel as
emphasizing their position, and say that the
opening of the new year will find trade in q
healthy condition.
The key to the situation appears to be
the present relative position of production
and consumption, and both sides await the
report of the condition OF the furnaces at
the close of November. The future course
OF the market, therefore, appears to depend
largely on the activity among the general
pig iron consuming industries o. the coun-
try and the rate at which the production OF
crude iron continues during the closing
weeks of the old year.
The Eastern Situation.
A leading Eastern dealer describes the
situation as follows: "The market, taken
as whole, shows strength, although in q
measure the strength is of a negative char
acter; that is to say, holders will not shade
prices, neither are they particularly anxio
Tor business at quoted rates. The reasons
for this may be (D that there is not
n great deal of iron on hand and
w That the present schedule of freisnts will
expire on the 3lst. and sellers are unwilling
TO commit themselves to important engage
ments until they know Tor certain what it
VIII cost to deliver. So far as regards pig
iron, therefore. it is not to be wondered mt
that business is dull. although, in the mean
time, the dnllness proves nothing as to the
general character or probable course OF the
market. To all intents and purposes it is
waiting market and it is almost impossible
TO say Tor certain which side will have the
advantage 60 days hence"
Values Rather Weak.
Prices of certain descriptions of iron are
a shade lower; holders of Bessemer are not
so firm, sales having been made at a slight
decline from last weeks figures Hesitancy
characterizes the movement of most classes
of buyers, and besides that there is a degree
of sharpness to competition for business
that has more or less de pressing influence
In short, values are rather weak in certain
departments. Old rails are unc hanged but
holders seem anxious to realize. Gray forge
Is steady. In soft steel billets sales have
been liberal at lower prices. Trade during
the balance OF tho year is not expected to
De very active. The sales reported this
week are appended: