The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-02-18
IRON REVIEW

New York. y. y, Feb. 1.-THE Iron
! Age, i'll its weekly summary OF the iron
and steel trades. will say tomorrow:
i Developments have mot expectations.
The price cuts clinched business known
10 be urgent. but have postponed those
purchases which, could be held back Tor
/ the time being, us natural. Wild rumors
! are, ancat of quotations much below
those OF actual transaction and lowest
! depcnda bic prices are difficult to name.
Bookings have been made at the Steel
Corporation's level but also prices fully
So under these. 1t has become apparent
that buying is dropping below one
fourth OF the country's capacity.
Indications arc that iron and steel
making. will be gradually rcceding for
the next few weeks. but the general con
dlt.ons are looked on with favor as
Fastening the determination Of the basis
from which a health normal demand
Will spring. The time element required
for complete REIMBURSEMENT stands in OPP
position to any artificial stimulum.
Additional wage reductions, notably
20 per cent in the Youngstown district,
contribute to the movement, but there
are checks beyond the control OF the
steel trade in the fixed coal mine wage
and high railroad freight rates. These
need to enter the rcaconlnS or what Is
the rational buyin glevel.
Plant operations in the Chicago dis
t"irt have undergone no marked change;
in the Pittsburgh district 20 per cent
opera tons cover the situation with
muny OF the independent mills and the
Steel Corporal ion has lost ground Tho
Carnegie Steel company, has withdrawn
the blast from two furnaces, now hav-
ing ~ in. operation. Actual steel maxi
ing capacity is down 80 per cent, a drop
Of approximately 10 per cent from the
gait Of Il week ago. and finishing capa-
city is not over so per cent. TWO of the
LARGEST independent mills are operating
ut II % per cent rate. others are active
mainly IN making pipe, and not over Is
per cent OF the independent sheet mill
capacity is in operation. The leading
interest has dropped OF per cent TO
Il n per cent basis in sheets and TO 4
20 per cent from an 50 per cent basis
in tin plates. Til" Steel Corporation as
u whole Is operating at about an 50 per
cent rate.
Steel bars have been sold at prices
ranging from cents to 2.3S cents Pits
burgh. with AIS cents freely quoted
and 10 CoHts the market II the mo-
mrnt. steel plates in even moderate
amounts command more Khan rs cents
with structural steel at =. - cents and
10 cents. Black sheets have been
moved at 40 cents Pittsburgh and at
SIS cents for In" galvanized product
AMI blue enameled sheets. particularly
in the heavier gun scs where there Is
competition with plate mills 3.l5 cents
has been done, this last representing q
drop Of IS per ton in two weeks. 1nde-
pendent nail quotations range from
$3.l0 TO S3.2S per keg, while plain a1u
galvanized wire is down s. from the
quotations of a week ago.
The market in steel making pig irons,
which HIS been untcstcd for number
Of weeks. has broken IS q ton at Pitts
burgh. where 1000 tons of basic has
been sold at S25. Valley and a lim!teo
tonnage of BcSscmcr also at ST., Valley.
Mallcablc also has declined 81 in that
market and at Chicago. while foundry
irons are down about So mt Chicago and
at Philadelphia. The inquiry for 5000
tons of basic iron from an Ohio melter
has been withdrawn. The price on
l5.n0n tons Of foundry iron sold recently
I" u radiator Comrany was about $3.50
furnace.