The sun., 1912-07-15
BESSEMER IRON NEEDED
BY STEEL CORPORATION
Said to Have Bought Many
Tons and Secured More
Options.
OTHER COMPANIES BUY
COnncllsvillc Coke Producers
Inclined to Weaken, 'Tis
Declared.

PIrTsBrRG. July 1.-THE steel Corpora
tion is In need OF Besscmer iron to run its
mills through July on account Of the clos
ing Of several pi,tsburg district furnaces
for repairs and refining. Reports of the
sale of 5000 To 10000 tons of Bcssemer to
the corporation. With OPTIONS on as much
more. were partially confirmed in this dis
trict at the close of the week
Purchases Of basic iron in valleys terri
tory during the week by a Pittsburg inde-
pendent steel company for July August
shipment aggregated 22.OO0 tons. all at
ei325 valley furnace.
Bessemer iron for prompt shipment is
firm AZ SIZES furnace. but for any con-
siderable tonnage for forward delivery the
best quotation Is siaiO valleys. which Is
sij 10 delivered Pittsburg Forward pur-
chases of either basic or No. . foundry iron
are firmly fixed al $3.50 valley furnace. as
against si3..a for prompt. so that the market
can really he said 10 have ha ardcncd a full 25
cents in the past fortnight. although the
advance has been accomplished without any
noise. This is in sympathy with the higher
asking prices in Philadelphia district. at
Virginia furnaces and in the South.
Coke producers seemed to he weakening
at the close of the week in the deadlock
between oven and pig iron interests over
Connellsville furnace coke contract prices
for last half one or two contracts for
limited forward deliveries were closed last
week az about 81 81, and there was selling
Of prompt tonnellsvile furnace coke by
merchant operators a. low as s? 20.
For Ave weeks the tonnellsville operat tors
have held firm for o.. 50 for any delivery
after July t. The shortage Of prompt coke
was very severe in this district early in the
week. and furnaces threatened 10 buy in
West Virginia rather than accede to the
Connellsville demands Furnace coke con :
tracts for first half that expired July l. were
AT prices ranging from 81 go to $50, but
coke has been above 81. either spot or con
tract, since April |. when IL took its frat
price leap during the scare over the possi-
blity of coal -trik" in the western Penn
syivania region.
Bllets and crude steel bars were in limited
supply during the week. the famine hav ing
been augmented by the unav oidable reduc-
tion in tonnage outputs by the extreme
heat. Crews frequently had To be put on
half time in the open hearth plants. the
heat being past physical endurance. The
same causes cut down outputs in many
finishing mills and deliveries for the next
two weeks on 'onnagcS specified and on the
mill schedules for rolling promise 10 he
greatly DELAYED.
The action of the leading producers in
Officially advancin, the price of annealed
was only "A formal authorization Of a price
already established through the demand
for anncaled goods had the effect of s'ifen-
ing the entire market in sheets. The old
minimum OF a5c. for black sheets has been
definitely withdrawn by virtually the entire
trade.
Cases of individual announcements oi
price advances are reported. the lines
affected including hoops and bands. shaft
ing. railroad spikes. tin plate. sheet pilinG
concrete reinforcement and other special
ties The advances ordered range from
SOC 10 81. ONiciallv. none of these line,
has had any general change in price. the
announcements being merely the with
drawal Of old minimum quotations.
The hesitancy in the placing of steel car
orders during the last two weeks it develops
is the result of the announcement of higher
prices by the car companies on July /. The
car companies find they have all the business
booked tha, they can get out between now
and October IL at the rate the mills have
agreed 10 supply the steel. II larger de-
liveries of steel could be assured the cai
companies could take on some extra bust
ness.