The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-05
THE STEEL MARKET.

Most OF the large producers OF steel
appear TO regard the trade outlook with
a greater degree of hopefulnoss "a n re
suit of Tuesdays elections. At this time
however. the situation Is anything but
encouraging. New orders are coming IN
very slowly and prices are weak. The
IRON A 90 says Sc. .,.
Taking the election results rs IN no
small measure a popular expression on
the existing tariff law the steel trade find.
ENCOURAGEMENT I'm them The belief that
there would be such nm outcome and the
recognition OF a slight turn for the better
In money conditions. in cotton and in all
exports led to more honoful utteranCe
by the steel manufacturers who met at
birmingham last week than might have
been expected from the smallest rate OF
incoming new business ever known.
Some OF the smaller steel companies
In the central West have reduced salaries
as web as the wages OF mill workers, and
some Pennsylvania companies have sim
liar reductions under consideration. Pre-
dictions of general reductions January l.
from president down. are traceable NOR,
to the unparalleled hard>hlps OF the sit
uation than to any definite decisions.
our pig iron statistics show how tho
industry has been receding. In October
production was 1.7s3.O45 tons, or 57.5lS
tons n day against 1,Ss2,577 tons in Sep
tember, or 62,753 tone n day. Tho Octo-
Der rate was tho smallest since January.
1911. The net loss in active furnace
In October was eighteen there heing is
In blast as November opened, with 53.252
tons daily capacity, against l7s furnace
and n daily capacity OF 6o,t27 tons one
month previous.
MANY steel works furnaces have been
blown out and the recent increases in pig
iron stocks OF the steel companies are
likely to add more furnaces to the idle
list. Average production OF steel ingots Is
now probably nearer 40 than SO per cent,
OF capacity.
"Thc low state OF consumers stocks OF
finished material. Of which one indication
Is the sustained volume ~ small lot buy
ing from Jobbers' warehouses. shows that
new orders to the mills are under the
rate OF the countrys real consumption and
point 20 larger operations not far ahead.
Tho present paradox OF generally sus-
tained prices and ptirully small demand
may he followed by that Of yielding prices
and larger buying
Export trade in wire products IA stll
good and there is fresh inquiry for barb
wire Horseshoe works will he able "a
run full until February on European
orders
"a Southern company has taken 1000
tons OF billets for England and moro tina
half OF Il has been shipped. British mills
have quoted so low on such business as
TO discourage American sellers
Partly through attractive offers ~
| Southern iron, foundries are taking nor'
interest in contracts for 1918. Southern
No. 2 has been quoted at $40 for the
entire first half Al Buffalo pig iron -alos
of about az 600 tons have been made.
much ~ II NJ sl2 NJ furnace for No Y.
! Chicago pig iron industry II growing also.
"In eastern pennsylvania there has been
a better business In low phosphorus pig
iron, but the price has gone or with the
arrearance OF a new competition In the
! neld. being close 10 $50 Philadelphia"
The Iron Trade Rertet0 says:
Sentiment in the iron trade Ia some
what more cheerful, partly on account of
n slight increase OF interest among some
buyers ~ pig iron, but largely on account
OF the feeling that n moro conservative
influence will prevail In the next Congress
as n result OF Tuesdays elections, The
demand for machine tools for export con-
t,nu.s active Numerous sales have been
made and important inquiries are pending
Pig iron production for October was
1 Tsess5 tons. compared with ss27ls
tons in September OF this year and 2.53e,'
o24 tons In October Of last year, The
Portsmouth Steel Company Is inpu'rine
for 10 600 tons II basic Mig iron for de-
livery during the first half OF next year