Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-04-01
BILLETS A BIT BETTER.
The Only Favorable Development in
the Metal Market This Week.
MILLS FILLED UP PRETTY WELL.
A Heavy Demand in the Barb Wire, Wire
and Nail Trade,
But PRICES ARE FULLY AS LOW AS EVER

ESPECIAL TELEGRAM TO THE DIsPArcH.l
New YORK, March 31.-The Iron ewill
tomorrow publish the following synopsis of
its trade reports:
The most favorable development during
the past week has been the undoubted stiff
ening in the billet market, both East and
West. The mills have apparently filled up
pretty well for the next quarter and are
1rmer in their views. The consumption of
soft steel has unQuestionabiy developed
enormously. There is very heavy demand
in the barb wire, wire and nail trade, making
the tonnage large, although prices are low.
The new rod mill of Washburn & Moen, at
Waukegan, is reported to have started.
The large business done in soft steel dur
ing the past month has told on Bessemer
pig, which is now firmer at Sl4 so than 1t
has been for some time Our Pittsburg cor
respondent notes a sale of 10000 tons, May
{" september delivery at shade under
Sl4 "a
In pig iron the demand has evidently not
caught up to current production, and thus
far the reduction in the output is probably
not as great as has been expected: Inc
Valleys are going to reduce wages, ana with
the lowered freight rates, seem inclined 10
continue the struggle.
Lower Freishts for the South
The Southern furnaces have secured a 10
cent to e5-cent reduction on freight to points
north of the Ohio river-not 80 cents as at
first reported. To tidewater markets the
lowering of freights amounts to 25 cents per
ton.
There is evidently a good deal of work
coming out in structural iron and steel III
different sections of the country, but there
is little hope as vet of a rally IN prices.
which continue unprecedently low. The
bar iron market is dull. Some large car
orders have been captured by ST. Louis, but
n los
have not vet turned up. The steel rail makers
are holding up well under the pressure OF
slow demand. There is, however. some I'M
easiness since the delivered prices on some
orders taken in different parts of the coun-
try figure on phenomenally low freight
rates. Doubt and suspicion have fallen on
the much-diScussed copper com molnatlon
and the market has eased off. Tin, too, is
softer, while lead is dull
Condition of Foreign Markets.
By cable from London the foreign mar
kets are summed up as follows:
Pig iron warrants were strong dur
ing the early part OF the week, under the
influence of reports of a contemplated "cor-
ner" in hematites and consequent buying to
cover short sales but the market has
since relapsed into dullness. and prices re-
ceded to Ais l12d for Scotch. S7s 81 for Cleve-
land and 46S tu for hematites. Furnaces en-
ployed on the latter are being damped, and
there is consequently Il heavier withdrawal
of stocks from stores. The stock OF Scotch
pig in warrant stores has been reduced to
ass 600 tons, and that of Cleveland pig to
a 900 tons.
Pig tin sold higher early in the week, the
market having been affected by very linn
tied offering here and reports Of higher
prices in the American market. Absence of
outside speculation is drawback and low
price of silver also has a slightly depressing
effect leaving the market in rather unfavor-
able position. Copper prices have fallen
still lower, although a fairly large business
on speculative and consumptive account
was effected. Conflicting reports to the
proposition for general curtailment of
production have exacted an unfavorable in
f1uence, as has also the depression in silver,
causing speculators to realize and prompt
Ing more conservative buying on the part OF
consumers.
The tin plate market is unchanged In
QuiTies have been more numerous, but
buyers and sellers views are still wide
apart, and no important business transpires
Makers are holding firmly.
There Is more demand for steel ship plates
and the market is firmer at &c IS /. o. b.
shipping point.