The star-independent. [volume] (Harrisburg, Pa.) 1904-1917, 1914-11-13
OUTLOOK FOR THE Steel
trade IS BRIGHTER NOW
Prices of Finished Products Have Nat
urally Settled But Until Longer
Business Appears the Low Levels
of 1911 Can't Be Expected

New York, Nov. 13.-''The Iron
Age says the better sentiment in the
steel trade which was evident one week
ago is more generally recognized, but
it has not yet affected buying. The de-
cline in orders shown by the Steel Cor
pOration 8 statement as of October 81
of 1915 and the small provision made
for the needs Of manufacturing con
sumers beyond December bolster hopes
of a turn near at hand.
A smaller loss in the Steel Corpor-
alton IS untitled orders last month than
in September would give more reason
for favorable comment had not October
operations steadily declined. This week
the situation in the Chicago district
stands out, with the nearly complete
closing down of the Gary works. Other
mills in that district are running single
turn and only part time.
Hopeful views are mainly based on
easier money, the increasing foreign
trade balance, and the belief that rail
road buying will soon expand with an
increase in freight rates.
The announcement that Great Britain
had forbidden ferromanganese exports
to this country comes this week with
apparent authority. Last week such
action was both affirmed and denied.
Our London cable says that concessions
may be made if proper guarantees are
given against re-eXports from the Unit
cd States. The small re-sales reporte /
here, though to neutral countries, have
been made much of in Great Britain, as
it was charged some of the metal was
going into Germany.
1t is one sign of the present low
rate of steel production that this action
of the British Government has caused
no furry in this market. 1t is to be
considered also that as British makers
of ferromanganese work off their low
priced American contracts they will not
readily give up the profits to be had
under prevailing war prices.
Prices of finished steel products have
naturally settled, but until larger bust
ness appears the low levels Of late 191 1
are not to be expected. Plates have
sold as low as Lose, Pittsburgh, and
a delivered price of 1.25c. on plates
and shapes at Milwaukee and Chicago
has been common. Bars have shown less
weakness, but 1.10c.. Pittsburgh, has
been done on a particularly good or
der A round lot of reinforcing bars in
Eastern territory started some cutting.
The Boston store addition at Chica-
90, 1000 tons, is the largest structural
order. At Cleveland bids were taken on
1000 tons for new coke and ore bins,
and various railroad lettings in the
East and Central West amount to 1000
tons.
A larger car movement in the West,
due to increased grain exports, has re
vived expectations of car orders, and
the necessities of the Hartman and the
Rock Island lines are put at total of
10000. Chicago reports 10 5,000-ton
inquiry for tie plates and in spikes and
bolts several large lots are to be
bought. Rail output is just now at the
lowest rate in years. :. III. E
Foreign orders for various products
for war purposes are smaller, though a
good part of France IS inquiry for 27,-
600 tons of steel, much of it bars for
shrapnel, is yet to be placed.
The tin plate basis for next year s
contracts may soon be fixed by actual
transactions. Consumers have talked
1925, Pittsburgh. The largest con
tracts have generally gone at sc. to
lOe. concession from the usual market
price. Domestic mills have taken an or
der for $4,000 boxes for Japan in COM
petition with Wales.
The recent contract placed by gas
interests with the leading producer for
6 in. to 12-in. pipe was for So miles,
instead of 30 miles, as first announced.
For Waco, Texas, an order has been
given for so miles of 10-in. pipe and
Hamilton, Ontario, inquiry is for 20
miles of 6 to 12-in. pipe.
Pig iron buying for the first quarter
and first half of 1915 has brought out
further concessions in some districts,
notably Chicago, where $3.50 at fur
mace for No. 2 is now reported. South
ern iron has sold at $40 for the entire
first half. A British user of hematite
iron has offered the equivalent of
S14.60 at seaboard, this side, for 5000
to 1900 tons month With phos-
phorus limit of 0.05 per cent. the busi-
Il