New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-06
STEEL PRICES ADVANCING
Foreign Embargo on Manga.
nese May Govern the Trade.
THE Iron Arep will ,av to.d,v.

81" AAoh 6ke VIII saw To-day.
The United States Steel CORPORA
ton withdrew prices on all its products
tuesday night, and its subsidiaries are
now only quoting on business as n
arises, the new quotations represent
ing IN some cases further advance of
81 ton.
This action indicates the purpose Of
Ihe steel Corporation, which appears
20 oe shared by several important in
dependent companies, 20 make no fur
Their commitments AT tho low nr;so
lately prevailing in view of tho great
changes market conditions may under
go before the end Of the European
war. an
"Ferromanganese may even become
the pivot on which the whole stool
market viii turn. England has mt An
embargo on all metals. Thousands Of
tons OF English ferromanganese sold 10
steel manufacturers In this country
may not be delivered in many months:
ana manganese is indispensable TO
steer manufactures. Stocks at the
larger independent domestic works will
last from three 10 five months. Some
OF the smaller steel companies have
Out few weeks supply. The Steel
corporation, which was seller of
terromanganese some months ago. has
none 10 offer now. IL has fair stocks
OF manganese ore and is bringing regu-
lar cargoes from Brazil Dealers who
import ferromRnganese have no stocks.
and IN the last week there has been no
market price.
The Steel Corporation, which does
20 per cent of our export business in
iron and steel, is arranging 70 bring
under its ownership vessels il has un-
der charter. heretofore flying the Brit
iSh flag. Thus about twenty-five YES
sells will be given American registry
when the pending bill is signed by the
President, and they will suffice to keep
up much of our export steel trade.
Canada, II is to be remembered, ordi-
narily takes 80 per cent Of these ex-
ports.
due in part to the rapid advance in
the price of pig tin and the possibility
of famine in that metal the situation
IN tin plate has changed rapidly. Ten
days ago number Of tinplate manu-
fscturers were offering their product
at from 10 20 20 cents box below the
basis Of contracts on which shipments
we're still being made. To-day, in spite
of the shutting off of oil exports, which
- one important outlet Tor TIN plate,
prices are firmer and later develop
ments of the war will mean an in
creased demand upon the canning
trade"
"The Iron Trade Review" says:
an view of the embsrgoes placed by
belligerent countries on such raw ma
terials as fcrromanganese, tin and
others metals as are imported largely
by the steel industry of the United
States, presenting the danger of short
ages, the attitude of leading manu-
facturers is to conserve their supplies
rather than to continue to sell finished
products at the unremuncrative prices
recently prevailing. The result is that
the Steel Corporation and other large
interests are withdrawing their prices
and are quoting only on actual current
business, upon which an advance OF 81
a ton is named That considerable bust
ness in steel still is moving is shown
by the fact that on one day this week
bookings by the Steel Corporation ex-
ceeded $4,000 tons"