Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-04-23
IRON TRADE REVIEW.
Some Signs That Indicate Slight
Improvement Here.
GRAY FORGE HELD FIRMLY AT SIS.
Tie South Increasing Production and the
Valley Furnaces Still Running.
REPORTS FROM ALL ALONG THE LINE
OFFICE OF THE DISPATCH J
PTTTsBURG FRIDAy Ap,.il 20 1909 I

OFFICE OF THE DISPATCH
PIrrsBURG, FRIDAY, April y, 1892.
RAW IRON AND STEEL.-Business dur
ing the week has shown but little change SO
far as relates to the general condition of
trade, particularly in regard to raw iron
and steel. The demand continues small
and there is no Improvement to note in
prices. Pig iron sales have been restricted
to limited amounts 20 be used as mixtures
principally for immediate delivery. The
larger consumers generally refuse to con-
slider orders of large blocks at present prices,
and as there is no inclination on the part of
leading producers to shade prices now
ruling, trade is apt to continue OF a hand to
meath character.
Southern producers are determined to
keep IN tho market, there being now one
more coke stack in blast in Ala abama than
there was short time ago. The official
figures of the returns from all the furnaces
OF the amount of iron remaining unsold in
the beginning OF the month exhibit the fall
ing OFF that has taken place in consumption
smce tie beginning of the year and the ex-
tent to which the furnaces have been piling
up their output. The statistics show an in
crease of 1886 gross tons of iron held by
the furnaces and the storage yards over the
amount unsold the first Of the year.
Should Close Down, but Will Not
In a period of active consumption these
figures would be of little sign ificance being
abouta months supply, but at present, with
the demand of small proportions, there is
every reason why the furnaces should take
more decided action looking toward a larger
reduction in current production. Since our
last We have conversed with several furnace
men from the Shenango and Mahoning val
leys In reply 10 questions they remarked:
I'VE don't propose to close down any more
furnaces. OF course, some are filling orders
for iron sold for future delivery; Others who
have been less fortunate in securing con-
tracts, are pfling up their stock as fast as
made, for. as one remarked, the day IS
not far of when there will be a demand for
all the stocks on hand" This party Is cer-
tatnly disposed to take very hopeful view
or the subject.
4 well-informed' iron dealer makes this
statement: Business is in very depressed
condition. but it is very unlikely that stocks
OF pig iron amounting to less than per cent
OF the years consumption should be the
primary cause of the depression. The diff
Guilty is not with pig iron any more than it
Is with other branches in which there is
either overproduction or the capacity for
production. The demand is large enough in
some directions, but in others there is such
dlSproportlon that the entire machinery is
out of adjustment. This country in many
respects is in a wonderfully prosperous con-
dltion, and while, as we have already said,
mere Is temporary dlsarrangement OF con-
diions. there is reason to believe that the
ultimate result will be for the greatest good
TO the greatest number"
The Latest Market Features.
STANDARD BEssEMER ORE-There have been
sales since our last issue of small lots at 25
cents below last years prices. Lake naviga-
tion has opened about four weeks earlier
this season than usual Freight rates on ore,
grain and coal have been very much re-
duced, and, with 10 new lake vessels in the
trade this wear, still lower rates on ore are
expected The market early in the week
was dull, trade being neglected. Bessemer
weak, but not quotably lower. Gray forge,
particularly city furnace made iron, is firm;
producers nave SET the figures at Sl3, and
VIII refuse all offers below that price. The
undertone of the market shows considerable
strength. steel billets are dull, and muck
bar neglected.
STANDARD BEssENER ORE.