New Britain herald., 1917-06-14
Steel and Pig
 Iron Markets

The Iron Age says: The scramble for steel-making pig iron and for melting steel scrap has gone on for another week. with no abatement of the exacted conditions. Bessemer pig iron has advanced to $55 on small sales and its further ascent presents no difficulties. Basic iron on sales of more than 50,000 tons at $50 at Val- ley furnace. has been lifted $ a ton, while forge iron is $3 higher and foundry iron $5 higher in Pittsburg and Cleveland markets. Melting scrap has sold at $42.50 in the Pittsburg district, representing $12.50 advance in two weeks.
 This remarkable effort to get hold of raw materials without regard to price, coming when the finished steel market is under check awaiting gov- ernment awards, has put the entire trade much at sea as to future steel supply for general consumption and the lengths to which prices will go.
 Meanwhile government and allies demands upon the industry are talk ing clearer shape, estimates range from 25 to 40 per cent of the coun- try's steel output. The governments most serious problem now is how to give it's allies all the steel they ask for without crippling domestic in- dustries which last year got all the steel they needed in competition with foreign buyers by paying the price.
 In the shipbuilding program rapid strides have been made in the past week and the project for yard in the New York district for which large steel interests will carry on fabrica- ton on an unprecedented scale is rapidly taking shape under the lead of the Submarine Boat company. If all plans are carried out as now tn- dicated the governments plate de- mands will soon be more than can be met except by curtailing operations of other plate buyers.
 The war and navy departments con- tinue to give out large orders. The shell contracts will total 9,o00,0oo. half shrapnel and half high explosive. taking 80.0O0 tons of steel. The 34.- 900 escort wagons placed last week with fifteen Central Western wagon makers will require 10000 tons of finished steel. For each of the cam comments 12,0OO kegs of wire nails are wanted-a total of $500 tons. The rivet inquiry for vessel work amounts to 10000 tons.
 An important development in the government dealings with steel n1anu- lecturers is that the plates, shapes and bars originally arranged for on the 2.eoc and 2.5oc basis have all been allotted to the trade. The recent rapid advance in pig iron and scrap have accented every argument for higher prices on the new awards. From Washington 1t has been 1nti- mated that 4.75c for plates and 4.25c for shapes would be acceptable to the governments representatives.
 The Steel Corporations reduction of 297,OOO tons in thrilled orders in May reflects, steady refusal of new business and the working off of a large tonnage of obligations prepara- tory to taking on the governments contracts. The same policy is being followed by steel manufacturers in all lines.
 Fresh. inquiry from J. P. Morgan & Co. for France includes 25,00O tons Of plates and shapes for ship repair, in gently. On domestic ship plate in- quiry lie. and higher has been quoted. In the East a 5,0O0-ton boiler plate contract has been closed for the third quarter at 1Oc. and a 7,0OO-ton pend ing transaction is on the same basis.
 The demand for both black and blue annealed sheets from automo- bile works and other sources has reac1.er large pr, portions. While it is largely for the last half of the year, a number of makers are trying to buy rclhd lots for next year.
 Coke prices are moving in sym pat.,y with the movement in pig iron and scrap. A contract has been $v. last half of the year at $9.50 per net l ton at oven.
 Coke transport, as the key to the I whole scheme of production. has had l serious attention in the past week i from the special committee appointed at Washington. The forcing of coke l equipment into the ore trade has ag- gravated the car shortage at beehive ovens. Shops are now being taken in | connection with Lake ore interests to | have all blast furnace raw materials l included in the plans for the special 1 handling of open-top cars.
 RED CROSS ON WALL STREET
 New York, June 14.-The week of | June 1928 has been designated as | Red Cross week in Wall street by 1 New York Stock Exchange members l and firms and canvass or the en- tire financial district will be made in l the interests of the $1,000,000, 900 war relief fund. A resolution adopted by 1 the governing committee of the ex- change requests members and firms | to make "as large contributions as l each can individually afford.'' During | the week.
 AUTOS IN COLLISION.
 Automobiles operated by Robert l Adams chauffeur for Mrs. Eliza F.