The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-22
STEEL BUYING CAN'T
Be HELD OFF LONG
Gathering Pressure Soon VIII
Force Heavy Purchases,
Says "IrOn Age"

Heavy purchasing OF steel and steel
produces cannot be delayed long, in the
opinion Of leading steel men, according
to the weekly review of the Iron Ace
The buying which has come into the
market since the sterilization plan wa,
abandoned has been fairly good, It Is
said, but does not reflect activity an
ticipated once private restrictions were
removed. In many instances price re-
auctions are reported. but no general
break in quotations has been noted.
Though a measurable volume of busi-
ness marks recent ushering in of Gov
eminent free trading" says the Iron
Age, nowhere can it be said that the
long awaited buying movement is under
way. Weighing our various reports, the
conclusion Is forced that pressure is
gathering to such an extent that heavy
purchasing cannot be long delayed.
Concessions in price are unquestion-
ably being made in both iron and steel,
but there is no general break from
what are regarded as market levels and
few of the changes as yet establish
new price. There is no frantic endeavor
to get business at keenly competitive
prices.
Exceptions In the matter of price
reductions are found In cast iron pipe
and Alabama iron. Pipe has been re-
duced IS per ton in Chicago, and Eastern
shops are expected to follow. Birming-
ham confirms the general report that
Southern makers OF pig iron are will
ing. where the quantities under inquiry
are sufficiently large, to absorb more or
less OF the freight charge, and thus put
their product on a competitive basis.
THE better tone in pig iron is reflected
In steel. The Government has made no.
award of the 100000 tons OF rails for
which 1t made inquiry. but wide varia-
TORS are reported in the quotations sub
mtted. The leading interest is said to
have named s45 on bessemer and SAT
on open hearth rails. against which four
Independent rail mills are mentioned as
quoting higher, one asking S55 and sb7
THE most striking cut in steel
chargeable, however, to securing export
trade, was in 5000 tons Of plates for
locomotives for Italy. large proper
ton of the business was placed among
four companies at assoc Pittsburg. or
SO per ton below the domestic level
One company took a portion OF the or
der at a price which nets It 2.62c. mill.
An exporter has received a quotation OF
2.45c. on 1900 tons of plates for China.
'Ouler price concessions on steel
products are relatively unimportant.
consisting mainly OF waiving OF certain
extras, though 10000 tons OF rails for
the far East has been placed at a price
less than the $55-S57 scale recently
quoted on export inquiries.
Japan will require 100000 tons of
plates for 200 ships IN contemplation"
THE weeks Of waiting for develop
ments in the steel market, as a result
of the price stabilizing conferences at
Washington, have been followed by clear
manifestations OF returned confidence"
according to the Iron Trade RepieU.
Better business" says that review,
rs appearing in all quarters of the irSan
and steel market, clearing marking
rebound Of confidence after the weeks
of passive waiting induced by the Wash
lngton price wrangle. Buyers appar-
emily are bringing themselves more
nearly to a conviction that no great
concessions from present price levels
may be expected under prevailing con-
dtions There Is more disposition to ac-
cept the situation at its face value and
to plan for the future. While business
still Is OF a spotty character, the
stronger sentiment apples 10 all lines,
and where orders have not yet appeared
In more liberal volume prospects have
THE situation compares favcrably
with the moderately broadening market
that ruled before the Government price
plan was brought forward. Nothing
shows the new temper OF the market
more plainly than the renewed interest
OF buyers in making contracts for flu
ture delivery. Heretofore this form of
business has been confined chiefly TO the
and accessory manufac-
turers.
1.-The past week has shown a spread,
especially TO various consumers of
plates. snaps and bars. of this inclna-
ton to provide against future wants.
"If the Railroad Administration Is TO
buy rails at all 1t apparently will be
obliged to nay $45 and SAT mill for
Bessemer and open hearth respectively.
the prices to which It objected in the
arranged by the Industrial
Board. These prices were quoted to 1t |
by the Steel Corporation and by leading |
mills In the bids for 400, 900 |
tons taken the past week. One indie |
pendent producer Is understood TO have !
named a price $40 higher than these |
figures"