Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-04-23
WAITING AT CINCINNATI.
In the Meantime, All Influences Are Yet
Pointing Downward.

In the Meantime, All Influences Are Ye
Pointing Downward.
| CINCINNATI, April ea.-[SpeciaLl l-Rogers
| Brown & Co. say: All influences continue
| to tend the same way-downward. The al
most universal policy is to melt iron on
hand or to come in on contracts and wait
| for developments before buying more The
| exception is the occasional buyer who
thinks it i good rule to take hold when no
body else will and stay out when everybody
else wants it. A few large contracts of this
character have been closed during the week,
the aggregate being at least 10, 900 tons. De-
liveries have been secured on these
from four to eight months forward.
Prices have not been further shaded
on standard brands, but some of the minor
Southern companies have shown disposi-
tion to take good cash business at prices
under the recognized minimum. As to the
general outlook, the common opinion is
that there is entirely too much iron pro-
duced, and that there can be no improve
ment until there Is material curtailment
among the blast furnaces, But the furnaces
are slow to blow out. In the Birmingham
distric the current production is at the
maximum. In Allegheny county and the
Mahoning and Shenango valleys there is no
reduction to speak of. 1t is not likely there
will be any large curtailment soon. The ore
and fuel and carrying interests have not
SERIOUSLY lelC the plDCn YET. All are making
good profits. Wages are high, ROYALTIES are
high and rates are high. 1t is likely that
these will stand a reduction rather than sur
render any important of their business.
The likelihood is, therefore, that the out
put of iron will continue large. But we are
of those who believe it will all be wanted,
and perhaps more. We believe consump-
tion is now equal to production. The au-
thorities in statistics in the iron trade look
to the stocks in first hands which are still
piifng up but they overlook the steady de-
crease of stocks in something like 4, 600 foun-
dry and rolling mill yards throughout the
country. II this decrease should average 50
tons per month through the entire list the
decrease of iron in second hands would
be five times rapid as the increase
in first hands. 1t is impossible to arrive
accurately at the facts regarding iron
in buyers yards, but the best information
gathered from 16 statesmen travelling from
Denver to Maine is that four out of five con-
sumers are letting their iron piles run down.
The largest consumers are in the lead in
this. 1t is not a violent estimate. therefore.
that this decrease will average so tons per
month for each consumer. A little think
ing on this line suggests that the common
judgment of the iron market may be at this
time (as it usually has been in the past)
largely st fault.
A canvass of the situation among the
Cleveland ore men shows that curreut bust
ness is extremely light. Furnace men are
buying from hand to mouth, like the foundry
men. A year ago there were 9, 500 COO tons Of
ore on the docks. Now the docks are prac-
tfcally clear. The mining companies in the
upper lake region, hearing of the demoral-
lied condition of the trade are cutting their
will be 9, ,0o0, 900 tons less ore mined than last
season, should iron remain where it is two
months longer. Vessel rates are weak now,
owing to the unusual start of navigation.
but are expected to be higher after May
when the Erie canal opens out and the grain
movement begins.