New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-25
Steel Trade Digest.

In disesting the iron and metal trades,
The Iron Age IN part says:
New business in most finished steel
products Is considerably under the rate Of
shipment from the mills Steel manufact
urers, however, are perhaps less inter
ested in the actual rate a which orders
arc coming In for future delivery than
In the very serious problem Of meeting
satisfactorily the demand for better de-
hveries on contracts previously booked.
ut now seems TO be well established
that important steel interests oversold
their capacity in the early months OF this
year, and are reaping the consequences.
This is a customary feature of the in
crease In demand following q long period
Of enforced economy among customers.
Some OF the prompt delivery business now
coming TO plate mills in Eastern Pennsyl-
vania represents cancellations Of orders
previously placed with other producers,
while Chicago advices state that II ship
ments could be insured, a large tonnage
OF new business would be placed on order
books in that district
New projects in tho West requiring
steel are being displayed as a result Of
the mill situation. Premiums for plates,
structural shapes and steel bars are being
obtained for prompt delivery IN the Chi
cago market. steel bars commanding as
high as 50 per ton above the regular
price. Cleveland adyiccs state that pre-
miums Of s. per ton on steel bars and s.
to s. on plates are being obtained there
for quick shipment
Most makers of finished products re-
port their order books well rllcd for the
current quarter, while some are feeling
quite gratified with amount OF business
they have been able TO book running into
the last quarter. Added business is sure
TO come IN the early future from interests
depending upon railroad buying.
Gar and locomotive orders are more nu-
uierous. orders for about 1900 cars and
about 300 locomotives having been placed
the last week while estimates are being
made Of much larger requirements IN
these lines which are confidently expected
10 take market form at al early dat.
An interesting development in this con-
neCtion IS the manner in which railroad
companies are purchasing machinery
equipment for their repair shops. The
promise of larger traffic over the -an-
roads this fall is thus making itself felt
in various directions.
Rail contracts arc few. but would per-
haps 5e more numerous II the -ailmakers
were able to promise early delivery. Or
ders for 1900 tons OF rails were placed
last week with Chicago mills for october
delivery and other negotiations arc pend
Ing. The Southern New England, the lIew
extension of the Grand Trunk, Is inquiT-
ing for 1900 tons for delivery this year.
So much difficulty t. being experienced
By railroad companies in securing rails
needed this year that the expectation pre-
walls that they may return 20 the policy
Of buying d year ahead 10 insure de-
llverles
Prices are nrra. ~ may be inferred from
the above reports Of premiums, and some
additional advances are to be noted THIS
week. The generally quiet condition Of the
wire trade blunts the effect OF the ad-
vance in this product, but II viii proDaply
place producers In better position ior'
the opening OF fall trade. The makers OF
steel skelp have advanced their prices 81
a ton. II would not be surprising II an
other advance OF 81 a ton shouId po
made within the next two weeks on steel
bars
The pig iron situation is strous. The
Western demand is much more pro-
nounced, and the recent advance on local
iron at Chicago Is thoroughly established
40. 2 foundry has been marked up . cents
q ton in the Mahoning and Shenango VAL
leys, and an early advance Is expected
in Bessemer. The producers Of foundry
pig iron In the East are also endeaVoT'ns
to get an advance OF . cents.