The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-25
demands Of Buyers and De-
mails of Mills Suggest
RumOr Is True. r.
REDISTRIBUTION GOINGON
Most Railroads Will Not Need
steel Urgently for a
Long Time.
Sp,cfa, Despatch TO Tur suN.

saorts to show that they are not giving
carantees which suggest that there is
more or less price guaranteeing going
on. report current here this week Is
,hs, on a certain important steel COM
modify one mill at least has been giving
, guarantee good to the end of the year.
According TO this unconfrmed rumor n
decline three months from now would
moan to the buyer refund on ship
yrents In TIE three Intervening months
The price guarantees asked for are gen.
erally only to date of shipment. There
4, not much ground for clubbing about
such guarantees because mills can make
almost instant shipment. Thus they do
not experience much difficulty in per-
suad!ng customers to place orders with
out the guarantee.
Steel buyers are commenting on re-
por.s that on 5000 tons Of locomotive
p,ates FOR Italy prices OF $50 cents Pitts
burg were made on all or nearly all OF
the tonnage For domestic trade
mills are holding rather well to the 2.65
cent price. British export price Is
about 3e1 cents. Thus American mills
are competing among themselves and the
usual explanation that the export mar
ket e a separate thing from the domes-
tic market does not apply. The ques-
tion how long the mills will have an
open market on export business and n
controlled or fixed market on domestic
busness is asked. Nothing is heard OF
arybody's following Lukens's advance In
plates from 2.65 cents TO 2.75 cents, an
nounced last week. 1t is not known
Why the advance was made.
Scrap consumers ara taking little In
terest in the market and evidently are
not looking forward TO heavier opera
lions Holders OF scrap are as strong
as formerly, and 1t is difficult to dis
lodge material. Dealers who have ac-
cumulated stocks feel that they will be
able 10 sell at a profit within a reason
able time, perhaps next fall. and GER
ninly next year at the furthest.
Carnegie Bids Not withdrawn.
II is understood that the recent bids
Of the Carnegie Steel Company of SIS
for heavy melting steel have not been
withdrawn. but it Is known generally
that material would have to he OF very
high standard to meet acceptance at
that price. Some dealers call the heavy
melting stock market $3.50. but they
mean that they would be willing to pay
that price. II any scrap were offered at
that price, that fact would not be heard
OF, as the material would be absorbed
promptly. Rolling mills are extremely
Hight buyers. Foundries are taking in
small lots from time to time. but are not
buying freely by any means. although
helr operations seem to be increased a
uhe compared with a month ago.
There has been a slightly better de-
mand for wire products this week over
that OF last week and the week before
While the demand is from the same
quarters the orders are larger Wire
mills are operating, as a rule, at much
below capacity, but they do not expect
anything else in present circumstances
There have been a few price irregulari-
Ties, but not enough to disturb the mar
ket generally, which can be quoted
safely as steady at recognized prices.
based on s3.25 for nails and at three
cents for plain wire. Cement coated
nails continue to be at unusually large
spreads below the wire nail price. the
usual market being Sass.
Billet and sheet bar inquiry has been
light but occasionally some business is
offered, While the majority of produc-
ers ara adhering, quite strictly to the
scheduled prices, once in while there
willingness to make a slight devia-
ton but not of sufficient size to produce
business that would not occur at regu-
lar prices and sometimes give a middle
man opportunity to trade. AS a rule.
middlemen state that prices are too
closely held TO permit a regular trading
market.
Demand for Sheets Rising.
Demand for sheets is on the upward
trend and mill operations have been
increasing in consequence. No new lines
Of consumption have appeared and the
distribution of orders Is approximately
me same as formerly. with demand ex-
cellent for automobile sheets. rather
good Tor electrical sheets, moderate for
Few specialties and poor for sheets
used IN building operations. Culvert
Hock Is looking up, but is still far below
normal The majority of mills are adj
Aethg strictly to regular prices on
Aeets, In the West there is some shad-
ing TO the extent possibly OF So a ton.
out that Is regarded simply as giving
away part OF the freight advantage of
mus. very little tonnage. II any, Is be-
hs sold at lower prices (. o. b. mill than
inc regular f. o. b. Pittsburg prices.
Prominent steel interests here have
mace careful canvass of the railroad re-
euTements in steel and the showing is
eol~oered % be very trustworthy. Not
outstanding contrary reports, IL has
oeeH found that roads will not be in
s'E'ht need OF large quantities Of steel
of several months. Some roads have
very little steel. Others are heavily
acehed. \ redistribution that is caring
,ur all urgent needs is taking place.
u applies TO rails and material for car
snC locomotive repair. Thus 1t Is I'm
prooahle that there will be much buy
mms OF railroad steel for long time.
/: ans steei industry will look to next
yer requirements rather than 10 those
q VI he present and will mould it's price
r0hcy accordingly. which means that
n'Ic VIII be no disposition TO quote lew
Lrlces on steel this year to stimulate
railroad buying.
mere Is practically no activity in the
Ss ron market. Transactions are in
cry small lots for immediate delivery
s sno n such meagre quantities. that the
s sustrS make few efforts 20 ob.ain COM
yMluNe or cut prices. Consequently
t my are not exertlng much pressure on
NJ market having no interest IN seeing
,tihe spot furnace coke market. rain
,,tn It's stronger basis recently at
m.r sa' offerings being very light and
S~y sellers insisting on -. A close
'r might pick up some coke at $3.75.
herman Bank Statement.