Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-26
BESSEMER PIG FIRM
And All Other Grades Are Steady
Under q Fair Demand.
STEEL BILLETS DULL BUT FIRM.
Structural Iron and Scrap in Good De-
mand and Firm.
SIGNS OF A BIG BUSINESS NEXT YEAR

FRIDAY, Nov. %.
The wide publication of the facts anent the
improvement in the iron trade has induced
buyers to examine their ground carefully
with the result that many pig iron con-
sumers have made provisions for all the
iron they will need for some time. There
is still large consumption uncovered, how
ever, and on man purchases the price will
be raised. It is difficult to persuade many
in the trade that the tendency of prices can
be changed from downward to upward, and
these continue to buy in limited amounts
only, preferring to take the chances of the
market. Southern furnacemen say they
have no unsold iron either at their works or
at the North, and that the output of the
furnaces Is sold up ior several months In the
new year.
Improvement Bound to Come.
At Chicago the mills on plate and struct-
ural material have been booking heavy
orders and specifications are in sight for
still larger business. The present condi-
tions prevailing in the iron business are
certainly very encouraging because they
demonstrate that the progress toward i'm
proyement is too well set on its way and too
strong to hold back or be frustrated by mere
sentimental influences. An admonition to
proceed discreetly, which means slowly and
cautiously, has undoubtedly been admins
tered, but this is not discouraging; on the
contrary, it should be considered assuring,
because it implies that TIE tendency toward
an Improvement of conditions has not only
sufficient warrant to merit confidence. but
also strength to develope into a season Of
very fair prosperity, If it is handled temper
ately.
The Situation in the Valleys.
Reports from the iron men of the She
mango and Venango valleys continue very
favorable for iron and steel workers; in fact,
most OF them are we'll sold up, their sales
extending several months into the new
year. Bessemer is beyond doubt the fav-
oraDle metal at present; the Valley sales
alone, withina q short time, exceed $4,000
tons for delivery the next six months, the
rates being t. o. b. at furnace Sl3 750l3 50,
which is equal to IA 35@l4 40 In Pittsburg.
Johnstown has been very liberal pur
chaser, The reports from ali points show
healthy condition of affairs and all signs
point to Il heavy business the coming year.
Temper of the Market.
Prices rule firm for Standard iron, there
being nc let down in prices. The late heavy
sales of Bessemer pig in the Shenango and
Mahoning Valleys, some OF them extending
over the first nine months in 1898, show con-
fdence that prices will be maintained. This,
no doubt strengthened the market here;
hence the advance noted q week ago has
been maintained. Thursday being a holiday
taken as u whole, there is no reason for com-
plant. Gray forge WAS in fair demand and
prices were unchanged. Soft steel billets
still attracted O Iair amount OF attention
Structural iron was firm and unchanged.
Scrap iron was in fair demand at current
rates. other descriptions ruled about as they
closed last week. Sales of the week were as
follows: