The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1912-08-24
HIGHER STEEL
PRICES IMMINENT
Carnegie Steel Company
Refuses Business at Of
fetal Price.

Another advance of 81 tou in |
steel bars was effected yesterday when |
the Carnegie Steel company told a |
prospective customer that 1t would |
not accept order for 20 tons of bars
under s1.s5 per 100 pounds notwith-
standing the fact that the ruling Of
fetal price was believed to be $3.50
per 100 pounds. In the trade this sig
nified further price advances.
While steel bars have been nominal
~ quoted at s1.S0 per 100 pounds sales
for prompt delivery have been booked,
1T became known yesterday, at S1.40
per 100 pounds. In plates and strue-
turals, while official quotations are
s1.35 per 100 pounds premiums of
from 81 to $2.5o a atOn have been paid.
The excellent condition of the rail-
road equipment market has been of
prime Importance to the steel indus
try. President Starbuck of the New
York Air Brake company yesterday
stated that sales of his concern for the
first seven months of the calendar
year had increased 90 per cent over
the same period of last year. orders
continued very good. he added, and
prospects for further excellent busi-
ness. he believes. are promising.
Republic Mills Busy.
Wire orders have been coming in in
| large volume, particularly for this
| time of the year. The American Steel
and Wire company subsidiary or
the steel corporation, has many more
orders than year ago and the mills
of the concern are operating at full
/ blast. The plants OF the Republic
Iron and Steel company are also run
| ming full.
| In some departments of the United
States Steel corporation SO many or
| ders have been booked that the plants
could be operated at normal capacity
even though no new orders were TAX
en- for the next six months.
In summarizing the developments in
the steel trade during the past week
the Iron Age says: Nearby rather
than farther future needs of buyers
are still the dominating factor in the
| finished steel situation. In pig iron.
on the other hand, current buying is
largely for the first quarter of 1913.
Big Car Orders.
1t should not be overlooked in the
spectacular way in which premiums
for quick delivery are reported in
some quarters, and emphasis put on
the pressure upon the mills, that de-
lveries to consumers are very heavy,
and that by far the greater number of
them are getting material as needed.
There is definite effort by some impor-
tant producers to eliminate premiums
and to keep the situation within
bounds. Thus far there are no indi-
cations that this cannot be done.
| Contract business for forward de-
livery is rather more of a factor than
in midsummer, and much of 1t is for
car builders A Canadian car compa-
ny has placed $4,000 tons of plates and
shapes with the steel corporation in
the past week for the 5000 cars re-
Gently bought by the Canadian Pacific
Deliveries run to May. 1913. Western
car works have been buyers of 8
round tonnage also. and further reser-
vations have been made to cover cars
under inquiry. The B. & o. is ex-
pected to buy a large number of cars
the Pennsylvania railroad also. There
is evidence that car buying has beer
greater than reported.
Buyers are not putting up prices or
. each other by attempts to anticipate
distant future needs; the advances are
} coming from the other side and at tbs
recent rate will produce a wide gar
between the low priced orders nov
, going through the mills and the new
, contracts for 1913. Yet some stee
: companies will sell at present prices
/. for the first quarter of next year t.
manufacturing consumers.
More Rail Orders.
t Besides the 100000 tons of rail or
ders already reported for next year in
Quiries for more than that amount ar
!. pending at Chicago, including 5000
!; tons for the Chicago and Northwest
ern, q large tonnage for the st. Pau
D $4,000 tons for the Great Northern
and $4,000 tons for the Santa Fe. tn