Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-05
IRON TRADE REVIEW.
Bessemer Sales at Prices Lower Than
Ever known in PittSburg.
ORE ALSO GOES DOWN A PEG.
o. 0ierproductio and the Craze for Steel Are
Depressing Factors.
REPORTS FROM ALL HETRADE CENTERS
OFFICE Or THE DIsFATcH, J
PITTsRTRG EpInlN Maych 4

PITTsBURG, FRIDAY, March L.
RAW IRON AND STEEL-The iron trade
continues in a demoralizcd condition. Prices
for all descriptions are weak and unsatis.
factory. Wo are now in the third month OF
the year, and the Improvement so long ex-
pected has not yet put in an appearance.
As to prices there has been no further de-
cline, and there is a moderate demand for
Bessemer pig at the low prices now govern
ing the market. Throughout the producing
center of the country the inactivity pre-
vailing for some time continues and the
present position is very unsatisfactory to
ness has been active, and prices in some
instances have been lowered TO secure con-
tracts Consumers, as a general thing, are
only placing orders fer iron as they need it.
UnsoId stock Accommodating.
Although consumption continues large,
the output OF the furnaces is of heavy pro-
portions, and there has undoubtedly been
some increase in the amount of unsold stock
since the beginning of the year. 1t is the
prevailing opinion that there can be no pro-
nounced Improvement in trade until the
furnace companies shall recognize that there
is an over production and take steps to re-
strict the output.
In regard to values, the present seems to
be the dark hour before the dawn. Prices
have undoubtedly been the lowest for years,
and in some directions the lowest ever re .
corded. Prices, too, are something of a
mystery these days. While certain brands
have a clearly defined position, other irons,
claiming to be equal in quality, equal in
grading and in all respects fully up to the
standard, have been shaded before sales
could be consummated.
A large number of furnaces are being
banked or blown out-the more the better.
Those who have piled up large amounts are
getting ready TO unload at some price. City
furnace irons have such an excellent repu-
tation that top prices are always obtained
for Bessemer, gray forge and foundries
Manufacturers simply overstocked.
IRON AND STEEL-During the week there
has been quite controversy in regard to
these products There seems to be differ
ence of opinion caused by duh market and
the discharge Of so many puddlers at various
establishments. A leading iron man has
this to say about the situation: sit may be
sized up bv the words-over production.
1t has. been charged that the sew
cral shutdowns mean combination
of the firms against the workmen, but there
is not word of truth in that. We are
simply overstocked and must give our
pudding furnaces a good rest before we can
resume on legitimate business lines and at a
profit Iron has of late been much crowded
out by soft Bessemer steel. The steel we
can use but not the iron. We can sell the
steel for exactly the same price as iron. 1t
is altogether probable that we will never
start up these furnaces again"
Another iron man defends iron. He SAYS:
''The iron business will recover. Steel is
crowding it very closely. / am not of the
opinion that it is going to be knocked out
completely because of the advantage that
exists in the manufacture and uses of steel
and its supreme adaptability to SO many
purposes formerly filled BY iron."
Lower Prices Not Looked For.
THE ELATEsT-Market still weak Prices
seem to have touched bottom. Bessemer
sales are at the lowest we have ever re-
ported. The Cleveland Rolling Mill Com
pany, of Cleveland, o., are about ready to
resume making steel rails. This mill is not
in the rail pool, and have not made rails for
several years. They will run one turn on
rails and the other on billets.
IRON ORE-Few sales are being made.
Some sales of Bessemer ores were at lower
prices than last year, which gives late
BUYERS considerable advantage.
SCRAP MATERIAL-Dull, prices nominal.
The low price Of Bessemer pig is the cause
OF the dullness. Old iron and steel rails are
exceedingly dull; prices weak and uncer-
ain. Billets and slaos dull We are re-
ported the following sales: