New Britain herald., 1917-08-23
Steel and Pig
 Iron Markets
The Iron Age says:

The presidents announcement of a S2 base on bituminous coal instead of the concession of a $3 price made by the operators is no surprise, and it does not furnish the key to the vastly more complicated problem of steel prices. Coke prices, it is to be ex- pected, will be fixed in line with coal, put as the fixing of low price for coke will pot increase the supply and mayH@assen it, the effect on the pig iron market is yet to be determined.
 Cheaper coal, however, will mean lower cost in melting and heating operations at ste4 works and hence some revision of cost sheets now in the hands of the goverNrent.
 While the steel trade waits for the government to decide what it will pay for intuition and ship steel, and ex- poets that decision soon, the situation as to prices of steel for the Allies and the public is in no respect clearer. The governments advisers are work ing to avoid direct legal issue as to the taking of orders from the Allies, but two developments of the week in- d1cate that the situation cannot be al- lowed to drift much longer.
 The first of these was the practical suspensoin of the activities of the American Iron and Steel Institutes committee on steel, which has been the distributing medium for govern ment orders for war and ship steel The question had been raised whether under the Leveer bill members of this committee could legally take part in negotiating government contracts with their respective companies. The Council of National Defence, to which the steel committee is attached, is satisfied of the legality of present pro- cedure, but an authoritative ruling is still awaited.
 A second important development was the holding up of the govern ments orders for 10000 tons of an- healed wire and 10000 tons of wire rods to be furnished to Italy. Half of this had been accepted by the manufacturers at prices to be deter mined later, with the proviso that the government actually place the order and become responsible for payment 1t was found that no appropriation existed which could be drawn upon to buy steel for a foreign governme Meantime the needs of the Allies in various forms of steel are pressing.
 LII lIe past week the ldSC lO,UOU- ton lot in a total of about 175 ,OO0 tons of plates and shapes lately given out by the Shipping Board was placed in the Chicago district. The next dis tribution, which will come later in the year, will involve 100000 tons for the Standardized ships which are next in the boards program. The American Bridge Co. is to hurry 10000 tons of
 
 the Federal shipbuilding Co.
 For the governments railroad in France 5000 more standard gage cars have been placed. The 5000 cars yet to be bought are expected to be dis tributed shortly. The 10000 tons of 25-lb. rails for portable track are still to be ordered and meantime quick delivery is wanted on 1000 tons of 35-lb. rails for the French line
 The French Commission wants D. 900 tons of plates and inquiries are noted from Italy for 5000 to 15,O0O tons of 2-mm. to 3-mm. wire, 5000 tons of Ain. billets and O,O0O boxes of double size tin plates.
 Active inquiries in the week from Japanese sources for wire, chain rods, rivet rods. as we'll as plates are not taken to mean that early adjustment of the embargo is expected, but rather the testing of prices for weak spots. It is understood that there are some plans for the rolling and storage of considerable tonnages of finished steel of which export is now prohibited. For 1,2OO tons of structural size angles for the Far East, delivery in September, a mill was offered 5c.
 As in previous weeks, the market hos c1N prices, and in this respect interest has centered in pig iron, scrap and semi-finished steel. At Pittsburgh offerings of billets and sheet bars have been freer and prices are off $20 to $25 from the highest point reached. Three 1,000-ton lot sales of billets are reported at $SO. Large consumers of billets and sheet bars are having steel shipped to them faster than they can use it.
 Any softening of pig iron prices is usually found in resale transactions. | Cases are cropping up in which there was overbuying and not a little South ern iron has sold at concessions on | this account. Embargoed export iron likewise is coming upon the market and can only be moved at less than recent prices. The government has placed 10. 900 tons additional foundry iron in the Middle West at s35 and an effort is being made to gather up 10000 tons of Bessemer iron for ex- port to Italy.
 Buyers of plates are looking for l some easing up in prices, in view of the cutting off of rollings for export, and some offerings are reported in | the Chicago district, but the conces- sions are scarcely measurable as yet.
 The Aug. 20 advances in freight rates on iron and steel products from Pittsburgh to Eastern points, which l were originally announced as being l! about IA per cent. amount to IT per ! cent. to some points. On semi-f1nished | steel and rails the advance to the 1