Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-25
HOPE SPRINGS ANEW
In the Breasts of Manufacturers of
Iron and Steel Products.
PITTSBURG LEADS THE, ADVANCE.
Prospect That the Steady Decline Has Been
Finally Checked.
HIGHER PRICES FOR PIG IRON ABROAD

,srrrrAr TELEGRAM TO THE DISPATCH,
New YORK, March 24.-The Iron Age will
review the metal markets as follows to-mor.
row:
The first signs of encouragement are be.
ginning to appear from different sections OF
the country, and the news from the leading
markets is not so unanimously unfavorable
as it has been during the past month. Ii
looks as though the steady decline has been
finally checked. Philadelphia reports a
steadier market in pig iron and in billets.
Chicago notes as a better sign growing de-
mand for finished material. Bessemer pig
at Pittsburg is holding its own at sli 9o ana
no further advices of eNceptfonally low
prices in Southern iron have come TO mana
from the principal distributing centerS. A
heavy business has been done IN Plttsburg
in billets, Wheeling and Pittsburg sharing
in one order for 10000 tons, all-year delivery,
at s23 311a.
Altogether, during the past six weeks,
verV large sales of steel have been made IN
the East and in the West at low prices, the
rolling mills having bought in larger guam
titles and for longer time than Is usual
In the rail trade the Eastern business mas
been confined to one lot of 10000 tons. In
the West the Manitoba road is IN the marker,
but the Eastern mills cannot reach the heao
of Lake superior cheaplv as the Chicago
mills, and are not likely to participate IN the
business.
Big Sale of Old Iron Rails.
The first sale of any consequence in old
iron rails is reported from Pittsburg, involv-
ing close to l,005 tons at s2l 6214 delivered in
the Mahoning Valley. Interest in the metal
market still centers in copper, whlch mas
been advanced by concerted manipulation
on both sides of the Atlantic. Our cable re-
ports a sale of 1000 tons OF anaconda matte
on the basis of sliding scale. Some specu-
lative maneuvring is going on IN TN; some
negotiations are going on between w Nestern
smelters and the lead trust, an appistls;l OF
some of the plants being now under way.
The foreign markets are reviewed by ca
BILE from London as follows:
Higher prices for all descriptions of pig
iron warrants ruled during the past 1ew
DAYS Scotch moved up to Ais cd, Cleveland
to SIS Cd and hematite to AS Cd. stocks In
stores show a further decrease and now III
cluue $4,000 tons Scotch and l45oCo tons
Cleveland pigs. The crisis in the local trade
has served to enliven speculation in some
DEGREE but interest has not extended much
outside OF Cleveland and hematites. Hold
ers offer to lend Scotch warrants at lair
rates. with view to inducing freer opera
tions but the outside public are shy, owing
to the power OF the syndicate to manipulate
the market.
Export Demand for Iron Spiritless.
The consumptive and export demand for
iron continues spiritless, and the reduction
in warrant stocks is due to idleness of
Cleveland and hematite furnaces, due to the
GOLFERS trouble. There are at present, how
ever, rs Scotch furnaces in operation.
The copper market has been excited and
strong, and prices have advanced about fL
Various rumors regarding the alleged pro-
ducers' combine have kept a lively interest
in the market, and strong American ad-
vices have also tended to stimulate specula-
ton, while the reduction of over 1888 tons
in European stocks during the first half of
the month has tended to increase con-
fidence. Consumptive demand improved
considerably during the past week, particu-
Ia r nj a
of 1000 tons anaconda matte has been sold
for delivery over five months, price to be
regulated by selling price of merchant bars
in the London market.
Pig iron is about IS higher, and the market
appears to be firm at the advance. The
heavy straits shipments are offset by moder
ate spot stocks and close control of the same.
Spe culation is somewhat more active, with
out however, much outside interest. The
tin-plate market has been slack and is some
what unfavorably affected by rather adj |
verse reports from America. Prices are no |
lower, although buyers appear to enjoy more |
or less advantage. |