The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-10-26
REVIEW OF THE IRON MARKET.
The Conditions Furnishing Arguments
for Both Bears and Bulls.


Cleveland, o., Oct. A.-The Iron Trade
Review says to-day; The market condi-
lions are still furnishing arguments for
both bearlsh and sangunie views of the
future In raw material the predictions
of those who began in September to pre-
pare the trade for slump, have not real
lied, certainly not to the extent conceded
by the less hopeful, Bessemer pig has held
its own since the recovery a week ago
of a portion Of the ground that had been
lost and $11 is the market to-day. In
foundry iron. there is a fair demand in
some selling centers, with indications that
the consumption is increasing, though
slowly. The chief southern producers are
endavoring to hold prices in the territory
in which southern iron has no competi-
ton. In other markets they are meeting
the low prices made by northern furnaces.
In Chicago, in pursuance of this policy,
local coke furnaces are not having the
field so completely to themselves. A sale
of southern No. soft was made there
at $40 recently, For shipments east sales of
No. soft have been made by southern
producers at $3.50 at the furnace.
Eastern reports indicate more active
market the past week. While prices are
weak, more business has developed in
that section. In finished material the ag-
~
though the promise of future business is
not specially assuring. Several hundred
tons of iron plates were taken In one
Philadelphia order. The wrought pipe de-
mand has caused some activity, also in
skelp.
There has been some improvement in
the bying Of billets for eastern millsi
Pittsburg sellers coming to a basis OF
$17.T5 to $1S delivered at Philadelphia. In
most instances, Pittsburg finishing mills
are still well supplied with orders, struc-
tural contracts from the east helping out
the large producers; but evidences appear
in the western market that some sellers
are crowding for business. Prices in gem
eral are thus kept on a low scale, with
an exception here and there. Plates have
been advanced by one producer, though
the general market is not firmer. Sheets
are an active market and the shut downs
due to the tin plate deadlock have short
ened the supply"
New York, Oct 25.-The Iron Age has
the following to say in regard to the iron
and metal trades; 1.-THE developments in
the iron trade show a curious mixture of
good and bad news. On the
whole the eastern trade seems
to feel little more com
Portable while the west displays symp-
toms of weakness.
80 far as Bessemer pig is concerned,
the stories of heavy purchases by eastern
buyers in Pittsburg and the valley( Ma
honing) should be accepted with reserve.
So far as we can learn, the purchases
have been only from hand to mouth, or
less than is quoted for western delivery.
The market is weaker, with $3.50 quoted
as a basis for sale eastward from Pitts
| burg and Wheeling. Practically all the
| work in Eastern and Central Pennsyl-
vania, small as to size of individual con
! tracts but respectively large in the aggre-
| gate, is being taken by western mills
Low water mark on prices has been
reached in a 5000 ton contract of mixed
| sizes.
THE wire trade throughout is in a very
unsatisfactory condition with ugly cut
| ting of prices. The wire rod market too
| is very weak and $3.50 has become a gen.
| eral quotation.
"Rumors are flying thick and fast in
| the steel rail trade and an early gathering
| of the makers is expected Reports of
| capture of $4,000 ton order by the Pue-
| bio mill are very premature. 1t is true
| however, that some negotiations are GO
| ing on.
1T is possible that matters for next
| year may soon be settled. In tonnage 1885,
should certainly be better than 1894, with
| it's pitiable record up to October of a lit.
| tie over $4,000 tons of deliveries and 610,-
| 900 tons of sales.
quite fair amount of tonnage is com.
| ing up in finished iron and STEEL particu.
| larly for the eastern mills, but there has
| been no improvement in prices.