The New York herald., 1921-12-04

the transaction of business has been re-
tarded and still is by the irnmense vol
ume OF talk about freight rate reduc-
uons-which are in no clearer prospect
Although some steel strip producers
have nominal quotations of 2.25 and 4
cent base. Pittsburgh, on hot rolled and
cold rolled respectively those prices do
not represent the market. The recent
effort to stabilize quotations on those
bases has gone by the board, as COM
mitments are being shipped at and
3.75 cent prices, and the interest of buy
ers is Immediately lost when higher
iigures are quoted. Demand is exceed
ingly limited.
Buying for Spot Needs Only.
The middle of January Is now set as
me time for the revival in demand for
nuts. bolts and rivets. and buyers are
taking only what they must have, all
buying being for spot needs. Prices are
being shaded in other territories. but
makers here generally prefer not to
shade present discounts further claim
ing that the quotations are too low to
harmonize with present costs. Structural
rfvets are still quoted at 2.25 to 240
cents, and boiler rivets at 235 TO go
cents. large maker OF rivets. who
also produces large bolts for construc-
tfon work, reports good demand for the
latter.
A slight increase in the week to week
cutrent demand In tubular goods con-
tinues feature OF the steel market
All orders are accompanied by instr1,c-
tons to ship Immediately, which re-
cessitated the leading interests adding
another blast furnace to its McKess-
port plant. Demand for standard steel
Pipe. which has been of fair size is
due for lull this month, and In some
directions 1t has set in. due to early APP
proach OF inventory taking time. Some
building operations requiring good tom
nages are still going on. and undoubt-
edly viii continue until cold weather,
wrought iron pipe makers are much en-
couraged over the hand to mouth in
crease In orders.
Cold drawn bars, bas sed on purchased
merchant steel bars, remain quota Bile
al 2ib 70 225 cents. base Pittsburgh.
souie prices as low as cents have
been heard, but they represent mostly
resale material or manufacturers eff
forts TO turn material into cash under
stress. For the past five weeks orders
from the automobile industry have been
on descending scale, but several o,her
consumers have combined to serve as a
partial substitute. Present demand is
well diversified, Indicating that stocks
In the hands of most users have become
wen liquidated. Orders are mostly OF
less than carload lots.
1t Is estimated by men interested In
plate making that orders In excess OF
10000 tons of plates have been placed
or specified within the last two weeks.
The majority OF these orders were for
car and locomotive building and a
similar tonnage OF mounted wheels and
axles for railroad use and tanks for
oil storage has been ordered. On an in
ouiry for 1000 tons of plates from a
nearby car company only a small por-
ton of less than 200 tons was placoi
at 150 cents. base Pittsburgh The
buyer intends to purchase plates only
~ needed because of a firm conviction
that prices OF 1.s5 to 1.4o cents will re
available. The actual market cannot
be quoted as above t.50 to 1.65 cents.
Sheet and Tin Plate situation.
Sheet and tin plate mills which have
20 depend on outside sources for their
Tin and sheet bar supply, are beginning
70 look to their requirements for the FIRST
quarter or first half Of 1922. Various
sized tonnages have been ordered.
One called for about 1000 tons
monthly Cor the first half. Reroll
ing billets. AKA inch, are quotable
at $40 to $40. with practically no de-
mand. but s31 10 s32 represents the
price on small biliets, for which no in
quiries are current, and s32 TO s35 is
the quotable spread on billets OF forging
quality. For the latter an intermittent
demand continues, but forge shop OPP
erations are low. az is demand on the
billet producer.
The pig iron markets are as dull as
ever. showing practically no life. Idle
merchant furnaces are not disposed TO
get into blast and some Of those operat-
ing undoubtedly are plling up part OF
their make. II is expected that Lake
Superior iron ore will experience a fur
uher decline for the 1922 season, possibly
80 cents. This seasons prices came out
at 81 reductions from those OF 1920. The
abIs ms follows: Bessemer, $40: basic
t19. and foundry. s20.5O. {. o. b. valley.
freight TO Pittsburgh being si.96.
All branches OF the Connellsville coke
market stu reflect apathy Of consumers
Buyers OF all classes display an an
tfpathy to the mere consideration of pur-
chases for forward deliveries. There Is
no inherent weakness in the situation
ana the indifference of buyers is COM
monty ascribed to the feeling, general in
trade circles. unwillngness to enter
into any fresh engagements that can be
avoided as long as freight rates are not
reduced. Quotations remain as follows /:
Spot furnace SO TO s3.15; contract fur
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