Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-01-09
IRON TRADE REVIEW.
Some Sales Reported at the Advance
Predicted Last Week..
BRSSEMER is IN GOOD DEMAND.
A Good opening iiere fcr the First Week Of
the New Year.
REPORTS FROM FHE CHIEF MARKETS
OFFICE OF THE DISPATCH,
PTTTS SBl-HG. FRIDAY, January s. (

PrTTsRunG. FRIDAY, January s. (
RAW IRON AND STEEL-Trade during the
first week of the new year shows up as well
as could be expected when it is considered
that last weeks sales of raw iron exceeded
1900 tons. and that makers and sellers are
making no particular effort to book new
business at present prices. In fact, they
want more money for the raw article, and,
unless ali signs fail they won't have TO wait
long The principal sales reported OF Bes-
semer and grey forge were for delivery
January, February and March, spot iron
being scarce. 1t was currently reported that
leading furnaces were asking SIC for Besse-
mer and SIS 75d14 for No. l grey forge.
Pittshurg furnaces are well sold up, having
made liberal sales at the late advance, as
one of the owners remarked: ''Of course
we are willing TO sell, but not at present
prices. The sales hereafter will be at an
advance and for future delivery" which
means that they are well sold up.
A Glance at the Past.
The wear Just closed will long be remem-
hered as one of considerable dullness and
low prices for iron and steel generally
January, one wear ago, production of pig
week Within one month this rate dimin-
ished about 900 tons, and by April the
output had fallen off to about ia, 600 tons
per week. Commencing with MAY, the pro-
duetion of pig iron increased BY rapid
strides until it is now fully 18S, 900 tons per
week. or 9, 7S3, 900 tons per year, equivalent
to 10, 966, 900 net tons per year Since the
1St ot July there has been a considerable
increase in the demand for finished iron and
L.,
i'll the production of pig iron, so the
figures OF stock on hand will probably show
HAT !hera has been considerable accumu-
laticn of Hnsold iron during the period
Iamed. Notwithstanding the enormous
traffic on the railroads during the year just
closed, the sales of track material and rail-
road >al3rIies have been unusually light.
This rrtrrHchment means accumulated work
TO b. taken care OF as soon as improved con-
ditions shall permit, and the return of
confidence, aGd the restoration of credit
The abundance Of money promises that
large portion OF this accumulation will be
disposed of this year in addition to the
usual run OF business.
Good Opening for This Year.
The wear opens with an active demand
from railroads for rails and other material.
The prospects are about all that could be
desired all along the line, and the work
postponed from last year must be taken care
of this wear in addition to regular current
requirements. A well Informed Eastern
dealer has this to say: Consumers are
pretty well convinced that present prices
ere safe prices, and that they are willing to
purchase literally when they can do so
without paying an advance. Sellers have
me: the demand literally, and it is only in
unfinished steel that there is any clearly
defined Improvement. The general market
is firmer, however, and the impression pre-
walls that the tendency all through the list
will be toward higher prices"
The LATEST.-The outlook continues
favorable for most descriptions Bessemer
pig was much fancied; sales large; the SIG |
rate was reached yesterday, but the largest |
portion of the sales being at S15 75@15 So |
We made the remark in our last that SIG |
would he reached this month, and the ad-
vance is here. Gray forge is firm, with
good demand: the advance previously noted
has beer maintained. Steel slabs and bill
lets-Prices well maintained; sales show up
well. Muck bar seems to be neglected; |
there was no decline in values; sales limited. |
Foundry irons are without change.