The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-06-08
FINISHED STEEL IS
LITTLE IMPROVED
May Production Total, How
ever, Compares Favorably
With That Of April.
MORE FURNACES RUNNING
Pig Iron Figures Indicate That
Recovery Set In During
the Last Month.
MORE FURNACES RUNNING
Special Dssputch TO The sry

PITTsBuRd, June THE demand ,o-
finished steel products does not show
much improvement. but the situation /,
more favorable, as most producers hav.
counted up their full totals for NAV
and find that they compare well with
those of April. Naturally there is some
speculation among traders as to whether
anything will happen to the steel mar
ket movement when July comes in, and
as that month and August are proven
bially dull ordinary market transac-
tons are greatly curtailed. II the mar
ket should be duller in July than now
such a condition would not be regarded
as particularly disconcerting by those
who maintain that what has occurred
lately Is really the inception OF gen.
eral movement which eventually Is go
ing to lead the steel industry directly.
though perhaps slowly, to a stage Of
full operation. If. on the other hand,
the market should improve in July.
almost every one would be willing to
admit that the movement had under
gone successfully a severe test and was
entitled TO the greatest respect.
At the inception of the present period
Of increased buying OF finished steel
products all appearances were that buy
ers previously in the market simply
were increasing tonnages and not taking
larger deliveries, and that additional
buyers were not coming into the mar
ket At present that observation hardly
holds good. In some quarters it is in
sisted that the market has broadened
as well as grown more active In that
there are some new classes of buying.
Construction work Is needing larger tom
nases of steel, and Congress may soon
enact legislation favorable to railroads
whereby they may develop extensive I'M
provement plans, but until the end ~
the year roads will be under Govern
ment control.
Blast furnace reports show more fur
naces are running than were last week,
when twenty-four out of forty-six in tbs
Shenango and Mahoning valleys were
idle. This week nineteen idle furnaces
shows that five more are in blast than
were last week. Pig iron production In
the United States in May was at ths
rate of about 100000 tons a year
showing a II per cent decline from ths
April average rate, and the same rate OF
decline that April had shown from
March. The tide seems to have turned
as there appears to be fully as mncn
capacity as there was on an average IN
May. At the beginning OF that month
there was heavier production than in
the month as a whole, indicating that
there was a low point in production ~
some time during the month and sub
sequent recovery.
There is noticeable this week a
stronger tone in the scrap market and
higher prices quotable on many grades.
but It is not much more active Mills
are not buying to any extent, which may
be due to their not needing much scrap
or to fear that with dealers as bullish
as they are buying would send prices
up sharply. Consumers are getting con-
siderable industrial scrap direct, and
easily the major part of the railroad o.
ferings as railroad scrap is offered In
much a way that it Is difficult for deal
ers to make much money on It. II Il
believed that altogether there is con
siderable tonnage of scrap in dealers
hands and it is hardly thought that any
Of this we'll come out until prices ara
much higher. Most dealers expect heavy
melting steel to have no difficulty n
crossing $50 when next the steel indus
try becomes really active but they have
no definite idea when that will be