The sun., 1919-04-27
Signs of a Decline or q Break
in the Market Are Not in
Evidence Yet.
BUSINESS IS STILL LIGHT
Fabricating and Building Mills
Report Recent Figuring on
Much Work.


tanning prices, sitting tight or standing
pat. Signs of n decline or a break In
the steel market are as conspicuous by
their absence as predictions that there
Will be an open market are conspicuous
by their presence. The matter resolves
--ES9 I. aYsstlo lon OF when and By yhoG
win the break come. No one Is disposed
to venture anything like a definite pre-
diction. The usual observation Is that
there Is no business In sight worth while
making cut to obtain. The fabricating
and building concerns state that they
have figured on very large quantities of
work lately. On the other hand specific
orders have not been offered to the mills.
AS TO who will take the lead when
prices make their next decline is a ques-
ton of the United States Steel Corpora
ton or the independents. Two opposing
arguments are presented here. One Is
that the Steel Corporation has usually
been the leader The other is that that
corporation has much more untitled tom
mage on its books than have the inde-
pendents II one OF the latter takes the
lead 1t will probably be one Of three
ftttsburg Valley interests. II one OF
them, as is understood. has had the
matter under consideration during the
last few days. It has decided positively
against taking any action at this time.
basis, the Government prices averaged
SIS net ton before the war. Present
prices average $65. The ten year pre-
war average was s36. and low points be-
tween $2S and $29 were struck in 1911
and in 1914. In considering the low point
to come one should not think of SIS or
even $50. but rather of n level half way
between s36 and the present $65. or just
about the even $50 a ton. IL the steel
nFndICprS h1y QanU1Iina
they would reduce prices sharply at once
and get their advancing market in very
short order. Up to date the majority
OF steel producers have obviously had
the view that there is no large business
to be developed in the near future.
Light Demand for Scrap.
There is a light demand for scrap.
The supply of II is also light II scrap
IN any tonnage were forced on the mar
ket II would not be absorbed by con-
sumers, but be put in stock by dealers
to the limit of their financial ability.
II there were n heavy demand for scrap
on the part of consumers prices would
be forced up sharply because. in addi-
tlor to there being little scrap coming
out. there are no large reserves that
could be drawn upon. Thus far the
dealers have stocked but little, and what
little they have they would not think
OF moving. Any advance in the market
would simply cause them to tighten their
grip. Because of high freight rates and
some minor considerations scrap rarely
moves any great distance these days and
narrowness of the market makes 1t q
local proposition. Besides this district
Is a much larger consumer than orig
inator of scrap, which makes the sup
plies particularly limited.
Steel mill operations are declining con-
tinually and rapidly and the call for
scrap would be even lighter than It is
were II not that most mills are using
larger proportions OF scrap and smaller
proportions of pig iron than normally,
pig iron being fully $40 ton higher
than heavy melting steel The dealers
used TO claim that heavy melting steel
was worth 10 per cent. more than pig
iron. There are no heavy offerings of
heavy melting steel at SIS and there
is little disposition to buy It at SIC.
even though not much more could be
had at that figure. 1t can be quoted.
therefore at from $3.50 to SIG.
Tho mills are all Arm at the recog-
nlzed price levels for billets and sheet
bars and there is very little inquiry
The finishing mills are following the
policy OF specifying only for the ma
terial actually needed. Rolling sched-
ules have TO be made up from week TO
week and in some cases rom day to
day. Unfinished steel and u nished steel
products generally may be .ated to be
at former quotations. no quotable de-
clines having occurred There may have
been occasional irregularities here and
there, but at most they have been al
together of little consequence and fell
short of furnishing any basis for quot
ing the market at reduced levels.
The situation In sheet.
Sheet demand continues to come
mostly from the automobile makers and
prices are being well maintained. There
may have been little shading OF
prices. but nothing that mcnaces the
stability OF sheet prices in general. The
sheet mills this week operated a. about
so per cent. OF capacity.
The pig iron market is absolutely
stagnant. There Is no inquiry for Bes-
semer or basic iron. and inquiry for
foundry iron is confined to very small
lots, generally carload lots to 100 tons.
In the circumstances furnaces have no
occasion to reduce asking prices. al
though they make no secret OF the
fact that II a really desirable inquiry
should come up they would be only too
glad to discuss prices. The market.
therefore. remains quotable at former
levels, as follows: Bessemer, S219o;
basic, 25.75: mallcable. $685.; foun-
dry, $2675; forge, s25.75. These prices
are T. o. b. Valley furnaces, freight to
Plttsburg being $40
The common testimony in Plttsburg
circles Interested in coke In that the
Connellsville coke producers have after
all met an extremely difficult situation
we'll The declines IN the coke market
have been striking. but still more strik-
ing has been the decline in coke con-
sumption. The Connellsville operators
have reduced production more sharply
and drastically than any one would have
thought possible. In addition to FUR
naces blowing out day after day, after
having stopped coke shipments perhaps
A fortnight earlier, many OF the fur-
naces have had stock piles OF coke.
which naturally they wished to work OH.
Spot and prompt coke has been sold IN
small lots during the past week all
the way from $3.50 to 1915. and those
nrices may be quoted as representing
the spot market. Foundry coke has
softened somewhat A large interest
waking a well known brand has revised
its price from $3.50 to S47b. The
reguiar values may be quoted as fol-
lows: Furnace, S49f25; FOUNDRY
s4.2546.
FINANCIAL NOTES.
81. at