The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1912-03-18
STEEL VERY HOPEFUL

Reports from all over the country to
headquarters of the large steel manu-
facturers in Chicago reflect distinct
improvement in sentiment and are in
spring makers with increased hopes
for the current years experience. This
is being reflected concretely now in
tendency to firm up in prices, and
while western mills are disposed to be
very conservative in this regard, avoid
ing what might turn out to be a too
hasty rising of quotations and con-
sequent relapse the feeling IS that two
or three weeks ago marked the bottom
prices and that the trend of the mar
ket is now upward.
In the western district the inprove
ment on the average for all commodi-
ties has extended to about 81 a ton,
while some eastern. mills are asking ap-
proximately 81 a ton more than the
bottom prices of few weeks ago.
Plates. bars, structurals and bolts are
affected principally. manufacturers an
pearing determined to get better re-
turns for these This 1t is held. is on
ly natural. inasmuch as sales have been
made generally so close to the cost line.
Big Boom; Higher Prices.
The United States Steel corporation,
Jones & Laughlin. Cambria and the Re
public are all asking higher prices for
their products and have good bookings
Jones & Laughlin's advance on bars and
structurals was expected. as this com
pany is booked far ahead, on bars es-
pecially. steel authority says 1t
would not be impossible for Chicago
prices to be advanced at least 81 a ton
within the next few DAYS
Whether this Is to be held after the
passing of the spring season is a ques-
ton which now occupies the minds of
makers. In a measure the improve
ment, of course, is due to the season
and its reawakening activities in build
ing and railroad maintenance work To
great extent also the pickup is at
tributed to orders held back during the
recent period of abstinence Spring is
the natural season for Improvement in
the steel market; makers concede that
II the betterment did not come now it
would not be likely to come at any
other time
1t is considered encouraging how
ever that the mills gradually are get
ting into more comfortable position.
Most of the untitled tonnage and a big
constantly coming in gives little cauwse
of anxiety for the present. With small
er independents also adding to their
bookings the price situation, 1t is ar
gued. should have passed its worst.
Gary Mills show Better.
Improvement currently is principally
from the railroads. though trade in
general IS awakening in spots hereto
fore barren of tonnage. The railroads
are buying mostly for current needs
and consequently are looked upon as
good buyers for several months to
come All of the rail tonnage being
placed Is wanted for early delivery and
little is In the form of contracts for de-
livery over extended period. Some
of the roads in the east have placed
tonnage in addition to those recently
closed As a result all the local rail
mills are rejecting the bulge, the Gary
open hearth mills especially responding
by a considerable speeding up.
The rail requirements of the Norfolk
& Western have been announced off,
cially as $4,000 tons, the order being
divided among the steel corporation.
Pennsylvania Steel company. Bethle-
hem and Cambria Steel company The
San Antonio and Arkansas Pass has
bought $500 tons and the Cumberland
Valley 1900 tons from the Pennsylva-
1860 tons of T rails and 1000 tons of
girder rails for street car systems, and
will require several thousand tons of
supplies.
A heavy tonnage is being placed by
Canada in almost all lines of steel. ow-
ing to the congested state of the Cana
dian mills. Much more is looked for
from this source. On the Pacific coast.
too, there Is a conspicuous movement
in steel buying.
Hammond Orders steel.
The fabricated steel market presents
little of interest in the western dis
trict this week. The largest contract
reported calls for only 5s1 tons, being
for lock gates at Keokuk. Iowa. let to
an unidentified maker. The Modern
Steel Construction company secured lat
tons for a Hammond factory, and lot
tons for Kansas City building go to-
an unidentified maker.
Heavy buying OF pig iron by the
steel corporation and Independents has
had a decidedly helpful effect not only
on pig iron but also on finished lineA
and old material. Coke prices continue
to show signs of climbing and a low
point on furnace coke has gained 3ol
cents in single week. Foundry
grades have also gone up rapidly Con-
tract coke is almost impossible at this
time. There Is quieter movement in
the pipe market, though specifications
are heavy and inquiries for much line
pipe are coming out from week to
week. The entire market IS stronger
and healthier than 1t has been for some