The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-07
STEEL BUYING Is
MORE CURTAILED
Falling Off in Buying Spreads
to Agricultural Machin-
cry Makers.
MARKET IN MIXED STATE
Situation Shows Contradictory
Evidence of Weakness
and Strength.
MARKET IN MIXED STATE

Following the decline in steel sales.
brought about by the letup in the auto
mobile industry. another important line
and an important buyer of steel. has
shown evidences of hesitation and uncer-
tainty. That is the agricultural imple-
ment industry, which was said to be
using sufficient steel to balance the fall
ing off in the motor car business. The
announcement by Henry Ford of cuts in
car prices has held UP makers of trac-
+, tors, probably anticipating similar
announcement in regard to Ford trac-
tors.
! 1.-THE falling Off In buying of iron and
STEEL" says the Iron Age, sis more pro-
nounced, and this weeks developments
| in prices have been meagre. The hesita-
ton and uncertainty that have marked
the motor car industry are appearing
| in some degree in the agricultural i'm
T, plement trade. which only recently was
said to be taking up enough steel to bal
ance what automobile makers were can
ceiling. Some implement steel has been
held up and tractor companies in par
ticular have been halted by the Ford
announcement
| "All steel companies made much moro
| steel than they booked in September and
nearly all shipped more than they pro-
! duced Yet the leading independent max
ers have business that will carry them
| through the year and are not reducing
| prices, since that would mark down
| much that is on their books. The real
| test of the market is looked for at the
! turn of the year.
| "A verified sale Of several thousand
| tons of plates for car work at cents,
! Pittsburg, has been widely discussed.
The same buyer also closed for 5000
tons for Pere Marquette cars. paying In
this case 265 cents, Pttsburg, for
plates, 2.45 cents for shapes and 2.35
cents for bars. In the Chicago district
the Steel Corporation also sold 1900
tons to car company at it's regular
prices.
|. Prices for rails for 1921 are not
likely to be named by the Steel Corpora
ton or the other makers until late De-
cember. Predictions as to the corpora
TONS figure for open hearth rails range
from $50 to s55. as against SAT to-day"
The Iron Trade Reuieto says: Mar
ket conditions in iron and steel are con-
Trajectory In their evidence of weakness
and strength, which varies with the
character of the material and the pro-
ducers. Some lines show great flrmness.
Others have been softened further under
a situation where order books are
shrinking and buyers are refusing per-
| sistently to be attracted. Some further
narrowing of the wide gap that has
| separated the price schedules of the
Steel Corporation and the independent
mills apparently has made consumers
more determined than ever to play a
waiting hand. This is especially true
since much of the pressure for prompt
delivery of materials has gone out of
the market and more and more new re-
quirements are being determined on tho
basis of competitive steel costs
"The fundamental soundness of iron
and steel conditions. emphasized by
leading producers. has created a more
cheerful feeling In those quarters where
any advance in prices by the leading in
terest would be regarded as an impor-
tant factor toward the restoration of
confidence.
1.-THE markets weakness side still Is
| to be found in plates, shapes and semi
finished material A tonnage of tank
plates was closed at New York at 8
cents Pittshurg. and this figure has
been named on Chicago business. Shapes
\ have dipped below cents on quotations
! of 290 cents Pittsburg. at New York
and 2.S5 cents at Chicago. The bar
situation does not present so strong a
| front. An important factor is the slow
ing down OF the demand from agricul-
| tural implement manufacturers. Sus-
pensions and cancellations by these in
| terests in the middle West the past week
i with the largest producer cover $4,000
TONS