Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1916-04-28
.GZZZZ7ONNW
STEEL MARKET
IS OVERSOLD
Entire Output of Mills Not Yet
Completed Covered For
Long Periods

1.-THE oversold condition of the lead
Ing steel producers and the tightening
or the steel market so far as concerns
deliveries this year." says the Iron
Age to-day, ARE more indicated by
the developments of the past week.
Leaving out rails, new buying has
fallen off, but mainly because of the
definite efforts of sellers to repress de-
mand, particularly in bars, billets,
plates and shapes.
Europe is seeking round lots of
war steel for this year, and the stu
alton has now gone beyond the point
or fencing over the price; few large
makers are in position to consider it
at all. New capacity is under con-
struction, but it's expected output has
been sold, perhaps in some cases more
than once. The Duluth plant of the
Steel Corporation is sold to the end of
the year. New capacity in the Central
West is also well pre-empted.
Without regard to the demand for
particular finished products, the situ-
alton is still one of a scarcity of steel
as steel, and indications are that prices
for some months will be determined
accordingly. In general, the attitude
of sellers both toward domestic and
foreign buyers is that of letting the
demand fix the price, and the week
has brought new crop of advances.
THE rail advance of IS has been Sc
cured on 5000 tons sold by one mill.
Some railroads scaled up their re-
quirements beyond the average of re-
cent years in trying to cover at the old
price, with the result that offers of
10000 tons were declined by Chicago
mills and of 100000 tons by the mill
at Pueblo.
TT is estimated that 500, 900 tons of
rails for next year has been booked
in the past six weeks. Latest con-
tracts include $4,000 tons additional
for the Southern Railway. 10000 tons
for the Chicago and Eastern Illinois,
10000 tons for the Burlington in adj
dition to q large lot placed in Color
ado, $4,000 tons each for the Chesa-
peake and Ohio and the Reading,
5000 tons each for the Seaboard Air
Line and the Chicago Great Western,
5000 tons for the Virginian Railway.
The Steel Corporations rail orders for
the week were 10000 tons and 3d.
600 tons was placed by frog and switch
works for delivery this year.
western car works are operating
at 80 to 75 per cent. of capacity, and
car buying falls off as prices rise. To-
day railroads are asked 100 per cent.
year. There is no sign ow any relaxing
in plate prices. Contract plates for
second half have been placed at 3.50c.
Two Eastern mills now ask 4c. Ship
yard work is piling up. Several ves-
sells were placed last week, requiring
20,0 900 to $4,000 tons of steel, three
for Norwegian owners.
with no further rise in prices pig
from has shown good activity in spots.
A radiator interest has bought upward
of 10000 tons, chiefly at Buffalo. st.
Louis transactions include $4,000 tons
of Southern basic, and Eastern MALE
able interests have taken 10000 tons,
while a steel works contract for hot
metal represents $4,000 tons. An
Eastern steel company which ordinar-
lily sells basic iron has been buyer.
Reports of the inquiry for Bessemer
iron from France have been eXagger-
ated. About $4,000 tons is wanted,
distributed over the year. On por-
tions of this and of 10000 tons for
Italy bids of s22 to S24 at Valley fur
mace have been made. A Pittsburgh
buyer has taken 10000 tons of Besse-
mer at $21 at Valley furnace.