Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-05-07
IRON TRADE REVIEW.
Low Prices Still the Rule and No
Favorable Symptoms.
HAVE DROPPED.
A Good Demand for Steel Billets, but the
Figures Are Low.
RETOPTS FROM ALL THE TRADE CENTERS
OFFICE OF The DISPATCH,


RAW Iron AND STEEL-Business con-
tinues to move along in a very unsatisfac-
tory wav The demand has been irregular
and competition lively. AT present there
are two classes of BUYERS, the first being
consumers who purchase merely sufficient
to keep their works running, the second,
BUYERS who know a good thing when they
see it, who have money and consider iron
and steel good investment at present
prices. They enter the market and pur-
chase blocks of 5000 and 10, 600 tons of pig
iron, steel or most any leading article that
can be obtained at prices that meet their
views. For instance, take Bessemer pig.
We heard OF q sale of 6.O00 tons OF stand
ard description at S14 %, Nav, June and
July. The party that made the purchase
certainly made no mistake, as the price is
the lowest We ever reported.
A Drop That Was Not Expected.
May 1891, We reported sales of 10000 tons
Ge~semer at SO sal 90 cash: gray forge at
the same date sold ut Sl+ 15@l5 co. The
present rate tor gray forge is Sl2 S5fIlS CO.,
the latter figures can only be obtained for
the best description. On the first of the
year iron and steel manufacturers conf
deurly expected that with the approach of
spring trade would become more active: but
the second month of the second quarter has
been reached With business still ir a de-
pressed condition and with a want of conf
dcuCe in the future on the part OF buyers.
There are many indications that the spring
trade viii be unsatisfactory i'll most lines OF
production.
The demand for pig iron continues to be
for small amounts for mixtures for imme-
Glatc delivery, consumers refusing to pur-
chase in excess OF what they actually re-
gUi!e even ut the low prices prevailing.
The leading producers, with a regular line
of customers, manage to dispose of the
pTlurlI al part al their current output at
Iul quoted rates and are. therefore. not
SHOW i@" amy anxiety to take orders for the
iUtHrc below ruling rates. There continues
close competition among the furnaces that,
from one cause or anothei are conlpeneu
to realize, and the concessions which are
u AIDE 10 -ecUre contracts tend to be factor
IN keeping the market III its present shape.
With The luturp ouilucll so unSa; is lactory it
i expected that there will be a more general
action rakcn toward reducing production by
the blowing ont of a larger number of fur
lacr-. The southern producers continue 10
turn ont ltr-e quantities OF pig lron a CON
siderable quantity OF which is marketed in
the eastern part OF the state.
Confidence Gradually Returning.
A leading dealer has this to say: "In cer-
tain lines there is more business Offering,
and. although the figures in some instances
are q little below the market, it may be in
ic"rcl that confidence is gradually return
in-- Prices are certainly low enough to be
perfectly SAFE; but the objection is not so
luuch IN regard 10 prices as il is 70 getting
-iru up with more stock tnan is neceSsa Y,
considering that current quotations are the
lowest on record and that the financial posi-
ton i easy. 1t is surprising that there is so
Eil-e disposition 10 make speculative pur-
Clta-es. hur all the same i is a TACT
IHL LATiST-PriceS at the close showed no
advance. Be ~cmer sold at various prices
-.tsl ~ n 4 Cnls
ui - 90 tons gray forge was reported in the |
valley, bus tae parties interested refused to |
state the figures. This is an old story which |
everybody understands. The sales OF steel |
lilIets show up fairly well; figures are low. /
New steel railS-Market quiet, very little |
doing. prices nominal: at the works $50
Scrap material and Old rails dull and prices |
very uncertain. Muck bar dull, but not |
quoted lower. We are reported further |
sIl"~ of 3o,UaO tons standard Brssemer one |
;,1 81 90 on Cleveland wharf. The sales Siven |
below tell the rest of the story:
sTANpAED BESSENER ORE.
30 Geo tons standard al Cleyeland...s 90 cash