Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-10-29
BESSEMER IS HIGHER
And Advancing, and Soft Steel
Billets Are Moving Upward.
A SHARP ADVANCE THIS WEEK
In the Latter Owing to Light Stocks and
an Increased Demand.
STRUC1 URAL IRON AND SCRAP FIRM
FRIDAY. Oct. %,

FRIDAY, Oct. %.
For certain descriptions of raw material
activity was the rule this week. The heavy
advance in soft steel caused considerable ex-
citement among dealers. Spot billets were
out of the question, while nearby deliveries
were eagerly sought for. Sales books and
contracts were carefully examined in order
to take in the situation; those who sold
large blocks short were far from being
pleased with the outlook. During the past
six weeks large amount of billets was dis
posed of at prices ranging from $2l 75@ss 10
up to s23 % per ton according to time of de-
livery; these prices being the lowest that
steel billets ever touched. In conversation
with leading steel manufacturer, one who
was raised in the business, he said: II am
satisfied that good steel billets can't be
made at a profits below s23, and in
many cases they cost more. D. course, SELL
ing material below the actual cost of pro-
duetion can't hold out long, hence the sales
OF cheap billets are thing of the past"
The Improved Tone Maintained.
It can safely be said that the improved
tone of the steel trade has been fully main
tained the past week and the impression is
becoming stronger that the improvement
will be permanent. Since the financial
panic Of 1880 but few new development
schemes requiring iron have been launched.
because of the difficulty of enlist1ng capital,
but now that the monetary situation is
favorable and confidence has returned new
projects are being taken in hand. A con-
siderable amount OF work is in sight already
and the prospects are such that activity for
a long time would not be surprising. The
situation has not yet developed sufficiently
to warrant confident predictions on this
q r1 a
one. 1t is certain that consumption is now
very large and steadily increasing, the low
prices ruling, no doubt. stimulating the de-
mand. The inquiry for pig iron is 1inprov.
ing. but buyers are not quite convinced that
prices are likely to advance much very soon :.
They are still taking iron in comparatively
moderate Quantities, but would make long
contracts at present prices II the producer
would agree. This cannot be effected. how
ever, as the sellers seem perfectly satisfied
with the situation.
Eastern Views.
An Eastern iron dealer has the following
to say about billets: "In some specialties
there is good deal of nervousness,ass shown
by the recent erratic quotations in steel
billets in PittSburg. Not more than q couple
ofweeks ago prices in that market were con-
siderably less than So, but few days later,
without any perceptible change in the gen.
eral situation, s23 and upward was asked.
The only way to account for such q sudden
change Is that the trade there is governed
by notion; ii there is a large inquiry one day
they appear to get the idea that prices ought
to be higher; then, if they lose an order,
prices are soon back to the old figures"
The Temper at the Close.
Bessemer pig is held at an advance to-day;
the stock in first hands is reported small.
Gray forge is steady, but not very active.
In steel billets the excitement continues,
the advance has been maintained and q
further one demanded; spot and early deliv-
cries are held at s25 25@25 so: in fact, the de-
mand exceeds tho present supply, and the
outlook, therefore, for steel makers is q
favorable one. Muck bar il steady. New
steel rails have sold on cars ut mill at $50
Scrap material is firm, with an active de-
mand. Structural material is very active
and firm. Sales reported this week: