Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-22
PRICES ARE HIGHER
For Steel Billets, Bessemer Is Firmer
and Gray Forge Steady.
SOME VALUES ARE VERY LOW.
Scrap Firm and Very Active and Old
. Tails Scarce and Strong.
GENERAL OUTLOOK MORE FAVORABLE

FRIDAY, Oct. q.
The market during the week has been
fairly satisfactory so far as the volume of
business is concerned. Prices for certain
kinds of material are down to very low
figure. In conversation with leading con-
sumer of pig iron he remarked: "Prices are
considerably below what they ought to be.
believe it would be better for all parties
if iron was 81 50 to s2 per ton higher
There is certainly scarcely any profit to
makers at present prices. My faith is so
strong that prices will soon take an upward
movement that never allow my stock of
pig iron to be reduced below 5000 to 8, 500
tons, so as to be ready for what will take
place in the near future" The gentleman
who made the above remarks has large
mill and has been engaged in the iron bust
ness all his life Production is gradually
being curtailed, and ir is now close to whole
some proportions.
Some of the Strong Points.
Mill and foundry irons seem to have been
the first to receive the improving impulse,
but Bessemer pig iron and steel slabs and
billets continue to manifest stubbornness.
The easiest way to explain such a state of
affairs is to fall back on supply and demand
and attribute the comparative weakness in
the soft steel products to the lack OF active
demand for them. Prices, without excep-
Shorts" remedy is n good one; here it is:
intellectual capacity and nerve, or sand
as the slang users put 1t, is the combination
snas never i stops to consider difficulties or
to win, and, unless the possibilities directly
oppose it. i1 wins"
Valley Shipments of Year.
A dispatch from Youngstown says: "Henry
Evans, Secretary of the Iron Manufacturers
Association, has, prepared detailed state
ment of the II months shipments in and out
Of the valley. The shipments from the roll
ing mills in gross tons, were: Muck
cinder. 81. 500 The pig iron shipments from
the blast furnaces are 4S,000 gross TONS
Julian Kennedy is chief engineer of the con-
struction OF the Ohio steel plant to be built
here"
The Situation In the East.
An Eastern iron merchant has this Co say:
1.-THE steady improvement in the iron trade
is exercising o perceptible influence upon
consumers of pig iron who ore manifesting
greater eagerness to place orders for future
delivery. Tho present output and more is
being taken, and, although the capacity in
blast Ia expanding, there is no probability
that that the production will greatly exceed
the demand for o long time ut least. The
sellers feel decidedly that the advantage is
with them, and uniformly decline TO accept
longtime contracts at present prices. Ru-
mors of an advance in all three grades are
in circulation, but meet with an emphatic
denial"
Closing Temper of the Market.
The marked advance in the price of steel
this week was a surprise to o great many.
The steel works in Wheeling and Pittsburg
are fully sold up for the balance OF the
year, and this, with considerable tonnage
sold short by firm of middlemen, has
caused prices to advance very rapidly, and
from Indications, even at present high
prices, there will not be steel enough to
meet present demand for shipments prior
to January, 1893, and current prices will be
easily obtained for steel this year. We are
reported sales OF 600 tons for October and
November, ut S24 cash. Bessemer pig is
firmer; no sales reported below si3 10. Gray
Forge steady and unchanged. Muck bar
prices 'are maintained. Scrap II aterial
Is very firm and transactions are liberal.
Skelp iron and steel find ready sale at cur
rent rates. Sheet bars in good demand.
The outlook is decidedly fav orable for q
good business the balance of the year. The
following sales have been reported during
the week: