New Britain herald., 1917-05-30
Financial
Steel and Pig
 Iron Markets
The Iron age says:

The enormous volume of the gov ernment's purchases of steel, those now under final negotiation and those expected in the near future, tends to put prices higher for the manufac- turing consumer. Sheets are a conspicuous example, the requirements turn ing out to be much greater than early estimates.. The weeks advance here has been about $6 per ton. but gov ernment orders are taken ct IS to 20 per cent. below the recent market
 There is great interest in the plac- ing by the government of 7,500,000 shells for field artillery on which awards are looked for daily. About 50, 900 tons of steel will be required.
 The spectacular pledge made by steel manufacturers at their meeting in New York last week to give the government ship steel as fast as called for. can be made good only by plate and structural mills. Present ship plate capacity is about 150,000 tons month. and 75. 900 tons month more will be ready early in 1913, some of it earlier. To build 3.00O,O00 tons of steel ships in 1S months would call for about 100000 tons of plates and 100000 tons of shapes. Fabrica- ting mills, under the new construction plans, will help in speeding up ship yard operations, but there is no pros- pect of 8 monopolizing of plate mill capacity by shipbuilding.
 Of the long awaited Russian car orders it Is significant that two have been given out through Washington for 5000 cars each to the Standard and American & Foundry company shops The rolled steel requirements are. 45, 900 to 500,OoO tons. An item in exports for locomotive work Is 4,000 tons of tires.
 Much has been made of shipyard possibilities in. connection .4 with the Steel Corporations purchase of a. 6O- acre site near Newark. N. J.. but there is no ofncial statement except that the land has been purchased.
 The expected falling off in consump-' tion of steel for automobiles has come. Makers of pleasure cars arp curtailing operations, and in some cases have asked for the holding up of shipments. So far as the mills are concerned, such requests are welcome, especially to makers of sheets and bars. At the same time government buying of motor trucks, more than 10000 being under inquiry, will make a heavy demand for steel. One in- quiry has appeared for 10000 tons of base bands for rims.
 The turning of part of the lead ing fabricator's capacity to the rivet- ing of steel for ship hulls is probable, and other capacity may be similarly employed. Meantime structural con- r- A~. work-5200 tonA for machine shop and foundry at Norfolk Navy Yard. 1000 tons for a crane runway at for shangars in Florida. Pending navy Newport News a private yard Is in- quiring for 9UOD' tons. 1.'
 Wire manufacturers have had two days conference this week on the dis tribution of the wire required for the government and allied contracts for wire rope. The latter are now ex- pected to be much in excess of 25, 900 tons.
 The situation in respect to deliveries of nearly every form of finished ma- terial is tightening. as the hand of the government reaches into transpor-
 
 for the movement of iron ore and coal.
 Soft Bessemer and open-hearth sheet bars have been sold for early delivery at $10O p4r ton at makers mill. At Cleveland one mill has ad-' vanced its price to $11O.
 The feature of the basic pik-iron market has been the sale of, 35,o00 tons in eastern Pennsylvania. The steel company which bought 15,O00 tons last week for delivery this year has now taken 5000 tons additional for such delivery. and 25.00o tons for the first half of 1918, all at $42 de- livered at Coatesville. sale of 5000 tons of eastern Pennsylvania basic for this year has been made at $42 at furnace, or $43 at buyers works. A West Virginia steel com pany Is in tho market for 1000 tons. Pittsburgh re- ports that. negotiations have started for large lots of Bessemer and basic iron, and that sellers are holding for about $2 advance.
 Low phosphorus iron in the east presents the unparalleled situation of the practical selling up of product for full year ahead.
 Foundry iron Is higher by $1 in nearly all markets. and in the Val leys of the central west $43 Is firm ly established. One large Alabama producer has advanced its price for 1917 iron to SAP at furnace.
 The canvass of the ferromanganese situation by an official committee shows that independent steel makers have an average of three months supply. The help of the government to any extent necessary In getting shipments from Great Britain Is as- sured.
 Lake Superior iron-ore shippers