The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-15
THE STEEL MARKET.
M Indication Yet OF Immediate Im-
provcment In situation.

rhere are no indications Of immediate
Improvement In the steel trade. Book
ngs for domestic account continue to run
very light notwithstanding the liberal CON
ce~cslons obtainable on most products
Many mills are operating around 10
per cent capacity. while booking con
tracts ~ not better than % per cent
Tho iron Age says: while the drift OF
tho steel trade to a lower scale OF opera
tons is still unchecked. 1t ls to Ice noted
that the reduction OF working forces is
very slight from week To week This
gives ground for the opinion that even
small buying movement might bring
turn for the better
AS the belief grows that tho war will
lNst much longer than has been COM
monty thought its disastrous effects on
American trade are more thought OF, with
less disposition among steel manu-
furers To count on large exports to help
Out the home situation that was bad
before the war came.
The course ~ the British iron indus
Try, for example, has been disappointing
There has been n curtallment of blast
furnace. steel works and rolling mill
opera tons there in the face OF the cut
ting of OF Imports from Germany. which
means that little business can be done
IN England by American steel companies
more than was looked for has caused
much uneasness. Low prices have re-
suited. one British rail mill has taken
5000 tons of Australian rails and an
other 10000 tons for South Africa against
Keen competition from Canada and pre-
sumably from this country
"ord4rs for wire products taken by
PENNSYLVANIA and Ohio mills have reached
gopd total In the past two weeks
10000 tons OF barb wire have been sent
abroad, and more OF THIS business is
pending. including 1000 tons for France
\ YOUNGSTOWN mill has sold 3 900 tons OF
wire rods for prompt shipment to England
with little new buying, the various
ines Of finished products are affected
much alike. Prices for all are weak and
any sales ~ bars, plates and shapes az
l."0c. would mean 1918 delivery. For
this year 1ljc. is done, and on plates
the equivalent OF 1lOc, Pittsburg, in the
Chicago and central Western districts. on
bar iron l05c. and lc. quotations by
Chicago district mills continue to be
henrd.
IN cast iron pipe competit,on Is
sharper. Cleveland waterworlts con-
tract for $3.50 tons was taken at s21. 20.
delivered southern pipe makers are en-
Outraged at the prospect of getting Pa
ohc coast business with an IS rate via
Panama Canal, a. against Sl3 heretofore
Foundry pig iron. added 70 the vicls-
STUDIES Of many months has now 10 con-
tend with new low prices for cast scrap
AN inquiry for I 900 tons Of Southern
iron comes from Italy, which has Just
bought 800 tons. Japan Is asking for
5000 toms"
Tho DniIy IRON TRADE SAYS Some slight
Improvement appears In finished steel in
puiry In the East, but fabricators are
making low prices In keen competition for
business. Central Western steel works
operations continue 10 drain slowly and
finished s.'cl prices are softening at Pitts
hursh. one valley furnace has cut foun-
dIN pix IRON price, and aggressive com
petition al New York leads TO further
Weakening I'm iron prices on small sales"
The Iron Trddc RcrietD says "Pig iron
sales az New York during the past week
nave been larger than at any time since
JulN, but that is not saying very much.
Tor the total was only about q 900 tons,
~ad the eagcrness to take business re-
suited IN some shading of prices There
~ also a weakness AT Pittsburg and in
mo Ndll'ys The slowness with which
io"e,sn Inquiries develop into orders still
70 dSronrtslng one structural Job in the
East Which mad been held up by order
" nanh"ls Win now Ice executed, but tho
ttih',"'.t market owing to financial COM
d'i"n0, j. morr inactive than for many
years Wire mills continue active and
are do."S iasr export business"