Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-05-21
IRON TRADE REVIEW.
Business Is Still Dull, but Last Weeks
Prices Are Maintained.
A NEW STEEL PLANT ASSURED.
What Leading Dealer Has to Say About
the Situation.
REPORTS FROM ALL TRADE CENTERS
OFFICE OF THE DISPATCH,

IITTSBURG, FRIDAY, May 70
RAW IRON AND STEEL-Trade during
the week was not very active. In regard to
cer:ain articles the same unsettled condition
OF affairs continues, and there seems little
indication of any early change for the bet
Ter The Amalgamated iron and steel scale
will come up for adjustment on the 1st of
July. As usual there are plenty of rumors
about what will be demanded from both
parties; but rumorS don't count for much
As a matter of fact business has been in a
verv unsatisfactory condition for some
time. Certain descriptions of iron and
steel have been disposed of at the lowest
prices ever recorded, but it is evident that
bottom prices have been reached. Certain
makers OF pig iron have set their figures
and refuse to accept less. As usual, city
made iron continues to command top figures.
On the other hand, there are unknown and
outside brands that require shading before
sales can be effected. These sales are gen.
orally Of limited amounts, and are used as
mixtures with better descriptions of iron.
Some Buyers Not Very Confident.
Certain BUYERS believe present prices are
likely TO continue for some time yet, and
that, therefore, nothing is to be gained by
purchasing ahead unless concessions from
present rates can be secured for future de-
livery. Sellers, however. as a general thing
are not very anxious to make contracts for
long deliveries at present spot prices, feel
ing that il is only a question of a few
months before trade will improve. There
are many furnaces whose condition compeIs
them TO realize on current output, and the
forcing OF this iron on the market cannot
fail eNertinC depressing effect. The COM
petition OF the southern producers con-
rlnues brisk NJ certain points in the West
and in the valleys.
4 dispatch from Youngstown says: at is
now certainty that new steel plant will
be erected near this city during the summer
and that il Will furnish employment to from
so 20 1000 men. The capital stock has been
placed at $500 0Oo. The major part of it has
Deen subscribed and there is little doubt or
the entire amount being placed here. Among
those who have taken large blocks of the
stock are the Youngstown Iron and Steel
Company, the Andrews Iron Company, and
pcrted that the output of the plant will be
from 500 TO 1000 tons per day, all of which
will ind a ready market in the rolling mills
OF the MahOning Valley"
What a Leading Dealer Says.
A leading dealer has this to say: "The e1-
pected movement toward better prices has
not yet put in appearance. Nevertheless
things are shaping in that direction. and the
influence now in operation must in the not
very distant future develop something Of
that kind. The steady decrease in the sup
ply must OF itself bring about an adjustment
eventually, but when we add to that little
better demand the movement, when once
starred. ought be n tairly rapid one. But the
truIe iS not easily aroused, and before such
81 theory meetS general acceptance it will
need 10 be an accomplished fact. Improve
ueut brought about by decreasing produc-
rI0n Is not one to arouse much enthusiasm,
although It Is usually preliminary to
market of more definite and decided char
UCrer. 4 reduction of the output OF pig
IrDu Mt the rate of over three-QuarterS Of
million tons per annum within Gu days. is
pretty heavy shrinkage, and upon that basis
IL is believed that demand and supply will
soon Oe adjusted to current requirements"