Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-24
INDICATE DECREASED
IRON AND STEEL SUPPLY
Reports Show Foreign Trade Is
Stagnant-Copper Down to
Pre-War Prices.

NEW YORK. October 23.-Reports
point to a decrease in the production
of iron and steel products this month,
resulting from efforts of makers TO
prevent accommodations resulting from
car shortage, sloWness of new bust
ness and cancellations and suspen-
sions required on back orders. Prices
on most steel lines. excepting wire
and rails, still are being reduced. An
official of the Ford Motor Company
states that sellers agreed to renew
contracts at concessions of 10 to 20
per cent without exception and that
these reductions may reach 50 per
cent by the first of the year.
Foreign Trade StnEnant.
Foreign trade is stagnant, but ex-
perts returning from abroad report
an unusually promising field in the
southern European and northern Afri-
can markets.
Shading of 81 ton on coal and
coke during the week resulted in
marking down of more pig iron
prices, with the market taking on a
decidedly easier undertone. Furnaces
are not taking on much business. but
resales have become an important
factor, with many buyers becoming
sellers at So to s. below the makers
quotations. Basic las sold in the val
ley at Si3. or less, and BesSemer is
obtainable at s47. as it is quoted
1886 at Pittsburgh. Foundry grades
were sold in Michigan at a base So
below market.
Copper mt Pre-War Level.
Copper now is selling practically
down to the pre-war level. as the
market has weakened to low peak in
two years. SO a ton below prices
month ago and over $3.50 under the
quotations year ago today. The
producers, who are severely curtail-
ing output. fail to hold prices at l6
cents a pound. as the open trade is
selling moderate tonnages at 151e
cents or less.
Distress copper on the metal eN-
change during the week sold at 154
cents on ESQ tons. Isl. cents on 200
and 15.52R cents for another 200.
Buyers insist that 1874 cents is the
top price in the market now.
The end of liquidations in the Brit
ish market and bullish support led
week after prices broke daily from
the first of the month close to f35
ton. Domestic prices reacted accord
ingly and went up cents a pound
to 80 ~ cents for spot and nearby de-
livery and 40A cents for futures.
Producers Cut Lead Prices.
The producers have cut lead prices
10 = cents. New YORK, the total re-
duction in the month being $40 a
ton. Continued importations, amount
ing to 5000 tons this month, assuring
an ample supply. and absence of buy
ing caused the weaker market. but
prices have been held steady lately
as the London quotations advanced
steadily through the week.
To prevent a complete collapse of
the zinc market owing to dullness
ana foreign offerings, and to permit
smelters to absorb the ore supply be-
fore the end of next month. over 90
per cent of producers have complete
~ suspended operations for two
weeks. Following this the output will
be materially curtailed. The loss will
be over 5000 tons daily. Prices have
been marked down to ITO cents at
East st. Louis. a low peak for the
year, or for the period since pre-war
days, for that matter
Antimony is very quiet and lack of
business caused a further recession.