The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-12-24
THE STEEL MARKET.
Reports Generally Encouraging
Railroads Begin Buying.


Reports from the various steel and
iron centres received yesterday were
generally OF an encouraging nature.
Buying OF steel by railroads has shown
an Improvement recently ana the equip
ment market Ia receiving inquiries on
a broader scale Steel makers report
that incoming business has Increased
about rs per cent. during the past week.
Though there has been a iul In pig iron
buying. following the recent heavy move
ment. there are Indications Of q renewal
OF demand. as considerably large inq,n-
ries are now reported to be before the
market.
New bookings OF the United States
Steel Corporation have improved and
are row coming In at the rate OF 10000
tons day. as compared with 10000
tons recently reported. The corpora
TONS daily capacity Ia $4,000 tons.
Tho Iron Trade Reuieto says: Pail
road buying since the announcement of
tho decision granting an increase to
Eastern railroads has been fully as largo
Us could have been reasonably expected
pending negotiations. including rails,
cars. bars. spikes and other material, and
In some cases the compa MES are more
anxious TO make contracts than are the
mills at present prices, which are very
low. Orders for number OF additional
boats have been placed with Eastern
shpyards. There II considerable con-
tracing for steel products and very
optimistic sentiment prevails as tho
new year approaches"
The iron Age says The per cent ad-
vance In the rates of Eastern railroads and
the closely related decision OF the steel Cor
poration TO mako no general reductions
In wages are important rsenforcements OF
tho favorable factors In the steel market
The railroads have not FASTENED TO buy
steel. but already there are we'll authenti-
Gated reports OF acquisitions that are
being made ready for January. December
has seen some activity In track supplies,
but rail orders from two important trunk
lines are pending. and wetern roads are
expected TO furnish some good sized winter
rollings
I'm fhe new buying December has
shown IA marked Improvement over No
Nember The Steel Corporation reports
nearly twice as much new business this
month a. In the corresponding period OF
November. and II will close tho month
with substantial gain IN orders on the
books
Some inquiries for cars have como up
anu the llllnOlS central Is expected 10
come into the market for 1000. The
purchases OF the week for four lines
amount to 1850 Chicago reports that in
Quiry for track fastenings has increased,
one road asking for 10000 kegs OF spikes.
Chances seem to favor German mills
IN the case OF the Norwegian inquiry
for $1,000 tons OF rails on which a number
OF domestic makers put in bids.
Apart from the better car business
now looked for plate mills are getting
announcement from the prospect OF an
active campaign OF vessel building. Fig
urng with Eastern shipyards has been
extensive. and the outlook for the lake
yards has improved. At Detroit contracts
for hv. vessels hava hasn taken which
will require 10000 TO 10000 tons OF plates.
The Standard OIL Companys contract Is
still pending. 1t may be 5000 tons for the
first half. or 10000 tons for the whole
year In the past week, one Eastern mill
sold 5000 tons, including 1000 tons for a
Standard Oil tank steamer.
Western implement works have gener-
ally covered for bars for the first halt
of new year on a l.10c. basis. In hard
, bars there has been some cutting &c
! l.02isc. pEtsburg. Recent low prices
on iron bans have brought out n good
many inquiries AT Chicago ranging from
900 to 1000 tons. but the mills are no
willing to tie up at the late prices nov
that prospects are Frightening.
Foreign inquiry for barb wire has
grown In an astonishing way and Pitts
burg reports that mills are bidding OF
more than 100. 900 tons one maker II
now shipping abroad fully % per cent
OF i's output.
"P.pc works have done most of the phi
| iron buying Of the week, Alabama iroi
! figuring largely. No. 3 foundry .rol
has sold AT 50 Birmingham, and there ar
] fu . ,,ffoff, IN