New Britain herald., 1917-03-22

Steel and Pig 1
 Iron Markets New York. March 22.-The Iron Age says:
 Prices are undeniably the main concern of the iron and steel trade. This week. like those preceding marks further advances. Those already made have been fairly well tested and there is nothing discernible that Is calculated to reduce them for many months unless it be a lack of balance in respect to the new capacity being competed from time to time. International conditions have, If anything. stimulated demand. Foreign bidding for materials seems not to have diminished in any particular and many domestic consumers are eager to secure forward protection. With mills booked for months with definite business. and of it substantially ir- revocable, it is. not surprising that pressure from buyers forces large price jumps nor that mills are dis inclined to take on the usual so- few exceptions, have proved to be mere options of advantase chiefly to |the buyer.
 What purchasing Is abandoned be- cause of high prices and such Is ap- pearang in general building construc- tion, Is regarded as- a stabilizing in- fiuence as representing definite future demand. The uneasiness ac- |companying the rapid advances seems to be disappearing. A policy in some recent finished steel sales of requiring the completion of specifications in the last half of tis year for material to be delivered in the first half of next serves to remove fears that prices are artificial, though an incentive in mak- ing the rise may have been to hold back foreign business and to provide sufficiently for our own government needs.
 As if to pyramid demand, word now comes that the new Russian govern ment is planning fresh loans to secure cars, locomotives and rails. Then, to add to the future backlog may be counted probable increased railroad purchases for trackage, for if recent
 
 dent. recognition of the lack of ter minal facilities will follow increasing motive power capacity just as buying on this account came after a shortage in cars seemed to be the one need.
 The continued advance in pig iron, covering all grades, is measured this week by S1 to $2.50 per ton. Fur naces seem unable to make deliveries for some of the iron under considera- ation, and thus the proportions Of inquiry are enlarged. Alabama foun- dry iron is now $30, Birmingham, with some sales at $31. Withdrawals by some Southern producers are re- garded as temporary and forecasting 8 further advance. The Virginia in- terest, accepting first half of 1918 business, has sold 10000 tons and has put it's price to $33 at furnace. Tn Pittsburgh. Bessemer iron Is up $1 per ton and foundry iron has been quoted at $40 for the second half of this year, with $37 and $3S done. Tn Philadelphia, 2,OOO tons of foundry iron has been sold at $40. A large pump company has bought 29,O00 tons for the first half of next year. some of. this equivalent to about $32. Buffalo: an Eastern steel company has bought in all $500 tons of basic and two furnace representatives in Cleveland have sold this month in excess of 100000 tons.
 Cast-iron pipe, ref1ecting pig iron strength, is $2 and $3 a. ton higher in some markets and municipal buy ing is receiving a check.
 These advances may be noted: spikes, $5 per ton; shafting about $ per ton; splice bars for rails, $10. That bolt and nut makers will not open books for last half business is taken to mean an advance for de- liveries beyond July.
 As indicating the possibility that finishing mills are not being com pleted as rapidly as semi-f1nished ca- pacity, an offering of all of 100000 tons of billets is noted. One of these proffered sales is. however. for 16,- 900 tons per month for year. Sheet bars have sold at $67 at mill. for a 2,o00-ton lot, s2 above the minimum quotation.
 Discard steel, for some 5000 tons. has brought $41 to SAP. for rolling reinforcing bars and a widening mar ket for reinforcing purposes Is also developing for har iron.
 It is clearer that ship plates for deferred shipments are differentiated from tank plates as they have been for nearby shipment, the ore rang ing from cents upward. and the other firm 4 1-2 cents. Ship shapes are more commonly going at plate prices. No plate sales at 1-2 cents have yet been noted, but the wider tank plates more generally command cents. For battle and scout cruis- CTS for the United States government 9S. 900 tons have been closed. not in- cluding 16.OO0 tons of armor plate which went at the prices named last November. Following 100000 tons of .r,,, r1ates offered to mills without