New Britain herald., 1916-07-27
STRONGER MARKET
 FOR STEEL MAKERS
Iron Age Says Outlook Is lm-
 proved Over Two Months Ago
The Iron Age says today:

Surpassing the highest estimates, the Steel Corporations $S1,OOO,OOO earnings in the past quarter, reported or Tuesday, following two remarkab ble statements of Independent steel com panies, confirm what the market has | ton of the producers of steel. Along with heavy tonnages of thrilled orders and the large purchases Europe is yet to make in this country, they point to stronger market in the remainder of the year than was indicated one or two months ago.
 The week has brought a new crop Of rumOrs of large shell orders. What is confirmed is that over 1000, 900 shells of Sin. and 9.2-in. sizes have been actually placed for deliveries running up to April 1, 1917. Nego- tiations for Gin. to 12-in. shells in quantities representing heavy steel tonnages are still under way and steel makers look for the placing of more orders soon. The slackening in Sin shell business here and the larger British and French output are well known, but in heavy shells this coun-
 
 a good many months
 To the firmer stand of the steel com ranies in contract enforcement and large percentage of orders existing in the form of specifications has been credited the recent caution of domes- tic buyers as to far forward deliveries. But the new developm ents in export demand are now the basis for predic tjons of a September buying move IT. ent
 Implement makers buying of bars for the first half of 1917, reported at 2.35c., Pittsburgh, two weeks ago. has brought out the fact that some mills have thus far made no bar sales for that delivery at less than 2.50c. Inn plement makers emphasize the re- (,Uced buying of their products which advances have always caused, while bar manufacturers find signs that prices for rolled steel will again be made by the consumer in the way that was seen early this year.
 The extent to which foreign de- mand is now making the market is indicated by the fact that out of 100000 tons booked in the past week by one Chicago interest, less than 12 per cent was for domestic delivery.
 The heat continues to cause an un- usual curtailnlent of output through out the country-a factor on which more stress is being laid. In the Pittsburgh district the reduction last week is put at 15 to 20 per cent
 Semf-fnished steel is more difficult to get for early delivery, after some irregularity in price in June and early July A sale of 4,O0O tons of open he ,t11 Pittsburgh, and for Besscmer billets $42 is reported, as against $40 recent ". Ohio sheet mills are sounding the market for fourth quarter sheet bars and $42.50 for Bessemer and S45 for cpen-hearth are tentatively named London reports more inquiry for American billets at s62 to s63, Liver rool.
 Plate prices for delivery in 1917 slow an advancing tendency and &c.,, Pittsburgh, is now more common for second quarter delivery. Seaboard shipyards will have little capacity available for more than a year. Two additional vessels for the Chilean ore trade have just been placed by the Bethlehem Steel company at it's Spar rows Point yard, making five build ing for that service.
 One of the expected establishments due to spelter was announced this week in a $1O reduction in galvanized iron and steel pipe. The galvanized wire trade remains to be heard from. In sheets the spelter decline was quickly reflected, and that market is even now making some slight re- sponse to the recovery of spelter from the low point.
 rio o,I< affected by the smaller output of foundries, particularly in the Chicago and Central Western districts. Many absentee holders are reported because of hot weather. Foundries are hold ing up shipments of pig iron, in con- sequence, and some have offered iron on the market Some weakness has resulted, notably at Chicago, Detroit and in northern and southern Ohio. The speculative iron in the Buffalo district is now only a small fraction o1 the 10000 tons reported at the be- ginning of the year.
 Tn the Pittsburgh and Valley dis tricts three furnaces have gone out and buying of basic iron for one or two steel companies is expected. There is still export inquiry for 30,000 to 10000 tons of Bessener iron and Japan wants 5000 tons additional of low phosphorus.
 The fluorspar strike in southern I1li- rois has caused some uneasiness to consuming interests.
 FerrOmanganese is decidedly easier and there is also the possibility of the leading domestic producer figuring again as a seller.