The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-29
THE STEEL MARKET.
Pe-simfsffo Tone Continues, with
No Promise of Retirement,

There have been no Developments In
the steel trade since the beginning OF the
week which promise bettermont IN any de-
partment It is admitted by producers
that incoming business must show en- In
crease over the current volume II mill
operations are 10 be maintained at tbs
present rate. Some OF the Independents
sre understood to be operating at not
better than 30 per cent, and the Steel
Corporations mills are running at about
so per cent
Tho Iron Age nays the winter pros
poet for the steel trade is not encouraS-
ing. Other years have usually seen back
logs IN the shape OF contracts for steel
rails. structural steel and other staple
products affording some basis for steadi-
ness IN steel works operations. Mil
books are almost bare OF such business
at this time Current orders now repre-
sent but a fraction OF the capacity OF mills.
II will be necessary 20 go back q number
OF years 10 ind time when steel COM
panles had "a smaller tonnage OF railroad
business than at present Under these
circumstances II Is noteworthy that the
PENNSYLVANIA steel Company has received
IN order from tho Southern Railway for
400 tons OF rails, the purchase being
made with money that had been sppro-
priated for other purposes.
"Prices are giving way. Btllets. sheet
bars and wire rods are Off 80 cents ton.
steel plates and sheets 81 a ton. and tin
plates So q ton. Lower than ono cent q
pound Chicago has been done on bar iron.
"Pig iron makers IRE no longer expect
ing higher prices &c they arc showing
moro willingness 90 book orders for de-
livery extending Into next year at the best
prices they are able TO obtain.
The Ohio railroads have advanced their
freight rates on pig iron per cent. MAX
ing the rate from tho MahoninE Valley 20
Cleveland IS cents a ton, against the old
rate OF 90 cents
Definite figures are now available with
regard 10 the sensational purchases OF
American machine tools by Europe. A.
least 100 engine lathcs have been
bought In the last fortnight while tur-
ret lathes. automatic. and grinding ma
chimes have been taken in good quantity
Even Germany has bought some machine
tools here Inquiries for a large num-
ber OF other machine tools. including
about 1000 lathes. are in hand. promls-
Ing 70 develop into orders This In
crease In business has greatly improved
the tone OF this branch OF trade, and the
domestic demand Is beginning TO revive.
Some machine too! makers are now work
ing double time.
1T IS estimated that not less than So
600 tons OF barbed wire has been shipped
since the European war broke out. The
merchant pipe trade Is somewhat Inn
proved. October making a better showing
IN point of business booked than Septem-
her. An order has been placed for about
sixty miles OF line pipe 20 be used IN
Texas, this being the first good limo pipe
order for some time"
The Daily iron Trade says: Sharper
competition in pig iron still develops
around Philadelphia, which Is bringing
out lower prices from local furnaces. Buff
falo.furnaces and western Pennsylvania.
steel plates are being quoted in the Eas.
at lower prices than are made by West
ern works. Finished steel market In
Chicago records declining prices for near
delivery, but all markets generally are
quiet Steel mills in central West slow
down operations TO 20 per cent. TO 40
per cent. OF capacity"