The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-17
THE STEEL MARKET.
Reports of Price Concessious-In-
coming orders Are in small voIume.

coming orders Are In small Volume.
Dulness in tho steel trade has become
SO pronounced that reports OF concessions
from present price levels are gaining
currency. Incoming business Is very
light and mill operations are being low
cred at all centres Average operations
are now understood to be below so per
cent.
Tho Iron Age says: The unvaryine re.
port from iron and steel centres Ia that
tho first half of September has been the
quietest period OF the year. Manufactur-
ing consumers OF steel products have
lately made such curtallmcnts that spcci-
hcations on existing contracts with the
mills have fallen on 80 that In some
forms Of steel production is now less than
in August
The indications are now palmer that
tho favorable effects OF the war upon
American steel trade will develop slowly
ana mat Tor a longer or shorter period
before they appear the industry must sub
init 10 some further readjustments.
Foreign inquiry continues but 1t cuts
a small figure In comparison with the
country's steel making capacity. An
English company asked for 1000 tons OF
wire rods and close to S2S Pittsburg was
quoted From Spain 1000 ton inquiry
for rods hse come and from Russia one
for 5000 tons OF barb wire. As the
latter is contraband the transa action has
its risks. English sheet mills advise
American steel works that their quota
tons on sheet bars are too high The
same answer IL made TO quotations on
10000 tons Of low PHOSPHORUS pig iron
made by Eastern firms on inquiries from
Great Britain. Early buying In some Eu-
ropean quarters is evidently loss impera-
tive than had been thought.
The straits OF the railroads and the
stringent policy OF banking interests con-
tinue to dominate the domestic situation.
Some reason for hope has been found in
the spreading conviction IN high places
that the railroads must have relief Until
IL comes rail and plate mills will have
but precarious operation and producers
In other lines must face shorter running
time.
The larger structural shops are all
filed up for three to seven months. but
many building projects have come TO
standstill and current contracts are few.
/ In August. the Bridge Builders and
Structural Society estimates, new orders
| represented 275 per cent. OF months
| capacity OF tho bridge and structural
| shops of the country. Bids have gone In
| at Pittsburg for the Baltimore and Ohio
bridge over the Allegheny at Thirty-third
| street 600 to 10000 tons, and tho Nc
Clintic- Marshall Construction Company
| has the contract for the new Pennsyl-
vauia bridge at Kiskimlnetas Junction.
/ $500 tons.
I 50 per cent. OF capacity. due 10 the par
! tial resumption Of oil exports and tho
exceptional demand from the canning
/ trade. As pig tin has declined. tin plate
prices are easier.
The tube industry has been running
on not more than a 80 per cent. basis and
/ some companies only go Ia 80 per cent
In the pig iron market. dull and even
more depressed in all sections. the East
{ has led In activity. and there Philadel-
phia has done most OF the business"
The Iron Trade ReUieC says: "Inquir
! les for iron and steel products from for
| eign countries continue to he received.
! but inquiries develop into orders in very
| few cases Financial conditions still i'm
terfere with the extension OF foreign
trade and are also contributing to an in
creasing dulnsss in domestic trade. Pig
iron In nearly all parts Of tho country
is exceedingly dull. Demand for nm
ishcd materials Is also light. and there Is
some softenng OF prices for prompt de-
livery One large manufacturer of plates
which last month turned out the largest
tonnage IN year or more finds that its
business has suddenly declined and In
now extremely light Similar reports
come from nearly all Eastern makers
with the exception NJ manufacturers Of
sheets. who arc enjoying q good busi-
ness"