The sun., 1919-08-18
STEEL TRADE FEELS
INDUSTRIAL UNREST
Mill Workers Not Agitating,
but Chaos Outside Cuts
Consumption.
HIGH PRICE TALK WAVES
Demand for Pig Iron Fails to
Warrant Blowing In of
More Furnaces.
HIGH PRICE TALK WAVES

PrrrsBuaa, Aug. 17-More conserva-
tive views were evident here this week
regarding the sron and steel trade than
for several weeks, and everybody con-
nected with the market admits that the
labor unrest will have some effect on the
trade in the next few months. Tho iron
and steel men have believed, and many
still believe. that their laboring men are
well satisfied with conditions. While this
Is a debatabie question, the one big thing
that affects the industry more than any
thing else is the consumption of steel,
which Just now IL falling of.
Much of the steel involves more labor
IN the consumption than in the produc-
ton. therefore labor troubles are Just as
serious in the long run among the steel
lndustry's customers as labor difficulties
within the industry itself. In fact, it is
known that there Is decided DISPOSE
ton TO postpone the undertaking of
projects that involve the consumption OF
steel, because the aspect as to labor has
become less favorable.
Those in the steel industry who were
recently talking about price advances
have not been heard from in the last
few days. 1t being quite obvious that
such talk Is not in keeping with the
spirit of the times
As to the immediate future OF pig iron,
divergent views are expressed both as to
demand and as to prices. As a rule, the
furnaces in operation are comfortably
well filled up. With few exceptions
they have enough business on books to
absorb their entire output II their Gus
toners specify up to the limit, but
furnace generally prefers to be oversold
on paper. so as to be fully sold in
actually.
The divergence in views on pig iron
arises from the fact that those who
have virtually no iron to sell find o
situation they regard as strong. while
those who are really trying to sell find
that the market has little absorbing
power. One thing Is clear. and that Is
that there Is no such demand for, pig
iron in this general territory as would
call for the blowing in OF any number
Of idle furnaces, and thus the market is
likely to be quiet one until the de-
mand broadens. Then there will be
higher prices or the blowing in Of 4dle
stacks.
MaIleabIe Iron at R27 Furnace.
\ sale OF a lot OF iron for malieable
use was noted this week. the price be-
ing somewhat under s27 at furnace.
which is regarded as approximately the
market for malleable of strict analysis.
Mills in the Pittsburg district still re-
of heavy melting steel. Several have
hinted that they may be in the market
again in the course of a month or so, a
few say 1t will be several months before
they can come In, while one large inter-
est said this week 1t was through for
the year.
However. the dealers have hopes that
when prices come down to $50 or there
about they will be able to mako sales
10 any mills now sayerring that they are
out OF the market for while. Dealers
are short to a limited extent and are
buying IN a small way. paying $20.50 to
s21 for fairly choice lots and less than
this for single car loads.
The plate market appears to be firmer,
concessions from the regular 2.65c price
being difficult to obtain. The majority
Of mills are said to be holding strictly
to this figure, but 1t is not proved that
there are no mills willing TO make con-
cessions. The plate mills have reason
10 occupy a firmer attitude. as their
sales in the last two or three weeks
have been the best for q long time.
While a little tonnage has gone into
fabricated steel work the chief demand
~ late has been for oil tank construc-
ton. It would require heavy demand
To produce capacity operations. because
capacity has increased so much In the
last three years.
Makers Of cold drawn steel are spool
Tying fresly on their merchant bar con-
tracts. a. they are operating at fullest
capacity and under pressure on sizes
two and q half inches and smaller. On
large sizes their drawing operations are
ct only about 80 per cent, but these
Dies do not run much into tonnage.
There 10 . good demand for bars from
fha tra nd
ne general line trade 10 also good. The
market is strictly maintained at the
regular price OF 235c base.
Independents Advance Spikes.
The Jones a Laughlin Company an
nounced last week an advance of IS
ton In its price on spikes seven-sixteenths
inch and smaller. making the base price
Se0c,, with regular extras. 1t is posi-
Die that other spike manufacturers will
make corresponding advance on small
spikes, as they are not well satisfied
with the card extras on the present scale
Of costs and there Is fair demand.
Sheets for the electrical industry are
In heavy demand. which up TO a short
time ago was light About 30 per cent.
OF the sheet mills are in operation, with
the Independents going little over that
ngure and the leading interest below.
The iow OF orders.to the mills Is steady.
Sales OF Connellsville coke for prompt
shipment aggregating fair tonnage
nave been put through in the last few
days The buyers were furnaces under
stood to have regular contracts Either
they were not getting their full tonnage
under contract or they were willing to
stock some coke at the relatively low
prices going.
Car shortages have been more in evil
dence OF late and 1t Is possible that
contract shipments have been short here
and there. The buying has stiffened the
market tri1e, as t3.S5 seems to be the
lowest that can be done on prompt fur
mace coke, while a week or ten days ago
1850 was the figure, and 1t could prob
ably have been done on a larger ton
rage than was taken. AS for some time
past the common asking price r. 50.
The spot furnace coke market IL
quoted at 1885 to- 81, against $3.50 to
e. the former quotation. The upper
unit on prompt foundry coke Is fully
oo cents higher than a week ago.
Several old line operators are asking
~ as minimum. when formerly their
quotation was $3.50. Sellers can still
oe found at IS for ordinary brands. but
.here is not much coke to be had at
this price. not % much as there was two
months ago at sl.b0.