Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-17
BESSEMER IS ACTIVE,
Soft Steel Billets and Blooms Also
Change Hands Freely.
AN EASIER TONE PREVALENT.
The Demand for Skelp Iron and Steel
ImprOvingl
OLD RAILS SCARCE AND ADVANCING

FRIDAY, Dec 16.
There is certainly an easier tone in the
iron market, but only such as frequently
develops at this season of the year. 1t is
the more pronounced because of the large
increase in capacity, both in pig iron as
we'll as finished material. A great many
concerns will close down during the holi-
days At the same time the first of the
year Is drawing near, when the annual in
ventories are taken, and certain buyers are
therefore not desirous of laying in large
stocks on this account. For these reasons
the pig iron trade has remained less active
than for some time past. The volume of
sales this week did not reach the expecta-
tions of some parties Taken as a whole,
however, we see no particular reason for
complaint The truth is there is q want Of
confidence among consumers as we'll as pro-
ducers,J and as long as this state of affairs
prevails business Will necessarily be re-
stricted.
The situation is not by any means dis
couraging. There is certainly a large
amount of business looming up, and although
competition will keep prices down to an ex-
factory to know that the business will be
forthcoming in the near future. Hence,
while the prices of iron and steel are alb
normally low, there is no reason to suppose
that it indicates general depression.
Deliveries Freely Taken.
Buying cannot be postponed indefinitely
and as deliveries are being taken quite
freely there is ct leasta fair chance that
when the demand does set in it will be
vigorous enough to enable holders to main
tain prices, if not advance them. The next
80 days will probably give the market a
thorough test, and while everyone must
recognize the enormous amount of iron that
has to be taken care OF, consumers realize
that there is probably not much to
be gained by waiting. Still, this ap-
pears to be the policy at present.
bring buyers to realize the fact that while
they waiting the market may get away
from them. In this respect the situation is
altogether different from what it was in
former years. slight movement toward
higher figures q few years ago would start a
general demand from all sources, which i'll
itself was sufficient to carry prices upward,
but in these days it is not the buyer that is
afraid of being left-it is the "other fellow"
A few days of good buying would soon in
spire confidence and stiffen prices, while
indiscreet offers to sell might have precisely
the opposite effect. The natural conditions,
so far as they now appear, are for brief
period of duIlness, and after that steady
market dG aDOuG Ine present range Vi prices
Beyond that everything depends upon what
may turn up between this and the end of
December.
While it is true that the production of
Bessemer steel has been increased on ac-
count of the completion of the Shenango
Valley Works at New Castle, this is in
large measure discounted by the fact that
the Riverside Iron Works at Wheeling,
heretofore sellers of billets, blooms and
slabs, now put their entire production into
skelp steel for their own works and sell as
well to other tube and pipe manufacturers.
A good many mills have been buying small
, lots of steel in place of iron, and the aggre-
gate of these requirements has decided
effect in fixing values.
Closing Temper and the Weeks Sales.
Bessemer pig is steady at last weeks
prices. Gray forge unchanged, with
sales at $l2 so. The demand for char
coal irons is improving: last weeks
figures maintained. Muck bar offerings
light; holders f1rmer Old iron rails scarce
and firmer. Skelp iron steady; sales exceed
the previous week. Sales reported:
CoKF-sH6FTTFD LAKE AND NATIVE OpFs