The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-08
THE STEEL MARKET.
Demand for Wire Products the Most
Encouraging Fixture.

The most encouraging feature of the
steel trade at he present time is the good
volume of orders being booked by mills
turning out wire products. Most of these
mills are operating at better than rs per
cent. of capacity. In most other lines.
however, new business is coming in very
small volume and prices are soft
The iron Age says; Contraction in the
volume o. new orders for steel products
continues. Its erect on the operation OF
mills has not been pronounced thus far.
though In some lines specifications also
are falling Off considerably. but It is
plain that running schedules must be cut
down more before they improve
The steel Corporations total OF I'M
flled orders, which will be published this
week, is expected to show large re-
duct!on FOR September. Last week its
ingot production was at 90 per cent. OF
capacity, and this has been substantially
the rate for several weeks. New orders
have fallen or sharply with all steel COM
panies IN the first week OF October. Some
have booked at p per cent OF capacity
this month. in the Chicago district the
rate has been but little over 10 per cent.
Following the record Of the year. antoher
buying movement would he due in De-
cember. The preceding ones were Jan
uary- February and June-July.
THE posting of the required ninety day
notice of wage readjustment by the Car
negie Steel Company has been widely in
terpreted as pointing to a general reduc-
ton. The fact Is that while formerly
this notice was given each year. whether
reductions were made or not, II has been
omitted for two or three years and now
its posting s resumed. For the Steel
Corporation the statement has been made
that IL has not now any intention OF
reducing wages.
qualifications of specific export orders
for steel in the past week have included
much guesswork. Other weeks since rhe
was opened have had larger totals but the
volume Ia still good. Thus far none of
the expected 1907 IONS OF sheet bars
for Great Britain has come to this coun-
try. Wire rod and wire business has
been notable. European governments have
ordered on a considerable scale in sew
eral lines and the machine tool trade has
been particularly encouraged by these or
ders.
plate mills havo been the hardest nit
by the stagnatlon IN railroad and other
home buying and there Is larger per-
centage of idle plate capacity than in
any other line. At Chicago prices have
got TO a ll0c. Plttsburg basis. and 1.15c.
Pittsburg can readily be had in the East.
The two battleships on which bids were
opened this week will each require 1000
TO $4,000 tons of plates
Scattering inquiries for galvanized
bncotS lot SOutn africa, ln0la, CHINA,
Cuba and the Philippines Is an interest
ing feature as the home market dragA
In the tube trade, with merchant de-
mand still haltlng, two line contracts have
been taken--ten miles of 6 inch pipe for
tho Greensboro Natural Gas Company N
Pennsylvania, and Ave miles Of 10 inch
for the Oklahoma Natural Gas COMPANY.
pig iron production fell OF in Sep
TENDER, the total being 1,Ss2,577 tons. or
62,753 tons a day against 1995.o6 tons,
or bi,3b3 tons day, in August There
was a net loss OF eleven furnaces and the
capacity active October l was 60,427 tons
a day, tho smallest since July, 1911. M.r-
chant furnaces turned out $1,000 tons n
day In September, which is their smallest
rate In three years"
Tho Iron Trade ReptetO says Last
months production OF pig iron was about
the lowest of amy month since January
or this year. The total output OF coke
and anthracite pig iron for September
was 1SS2,1lS, loss of 1875 tons
compared with the preceding month
There was "A loss of seven in the number
of active stacks
Wire mills are active and are oper-
~nxS at about so per cen. o: capacltv
gut with this exception there is decrea s.
ing activity in iron and steel manufac.
lures zig Iron market continues ex-
tremely dun and more blast furnaces are
expected TO blow out Inquiries from for.
eigu consumers for semi-hnished and An.
ished materials develop into orders very
slowly. English buyers consider Ameri.
can prices on bilets too high"
The Daily Iron Trddc says: The Lack.
cNanna Railroad practically has ordered
$4,000 tons or rails from Bethlehem and
I.ackaU steel companies, while thr
southern Railway figures on $500 tons
The Newport News Shipbulding Compan,
was the low bidder on two blttleships 70,
the navy Chicago sheet mills are In
better position than other branches o.
trade and fittshurg sheet mills shipped
,nore N september than August. Tn,
Eastern pig IRON market deva,on. rror,
activity at expense OF prices"