The New York herald., 1921-09-11
STEEL BOOKINGS
HEAVIER IN AUGUST
Business in Plates, Shapes and
Rails Increases Most
in Month.
OTHER LINES IMPROVED
Better Demand Attributed to
Exhaustion of Stocks and
More Buying Power.
OTHER LINES IMPROVED


PITTSBURGH, Sept. 10.--August. with
two more business days than July. had
allowed about 40 per cent. heavier book
ings In tnished steel products with the
mills. including releases. specifications
against contracts and new orders with
specifications attached. In point of per-
centage the increases were greatest In
the slackest items, which arc plates.
shapes and rails, as in those lines there
was scarcely any business in July.
Sheets. tubular goods and tin plate.
which showed relatively better business
in July than did heavy lines. scored In
August increases averaging 35 to 40
per cent. Merchant bars showed a steady
although a rather light demand in the
two months and only q slight percentage
Increase In August.
In practically all steel products de-
mand Is running well ahead Of the rate
Of fortnight ago and the prospects are
that September as q whole will show q
decided Improvement In demand COM
pared with that OF August. In other
words. the turn which occurred In the
tide Of steel demand at the middle OF
July Is plainly shown to have been a
permanent one for the better. Expressed
IN percentages the gain from time to
time appears large, but in actual ton
mage the gains are moderate. The Inn
provement In demand on the mills is
due chiefly to the exhaustion OF stocks
Of steel and OF manufactures Of steel,
aided by slight improvement in gem
eral business and aided very materially
by increased buying power In agricul-
ri frp.v 10 or1x tx. NJ
OF the South. For months steel has
been far below a normal relation to the
volume Of general business, which Is
much greater than Is appreciated in
many quarters. Debts to individual ac-
counts at banks, as reported by the
Reserve Board, show by the latest ac-
count a lag OF only 19 per cent, COM
pared with those Of the corresponding
1920 period. In July steel showed a lag
or ~ per cent. In tonnage production
and greater lag In the money realized
Tor the production. Steel prices are be-
coming steadier week by week, there
being definite declines only rarely and
concessions seem to be narrowing.
What appears to be merely a trine
IN detail is exercising an influence on
the basic pig iron market. Two or three
steel interests have been operating one
Olast furnace apiece, having q surplus
OF Iron after taking care Of their own
requirements. OF late they have used
all the iron. and thus have disappeared
from the merchant iron market There
ts no appreciable change In the pig iron
market. however, all sellers apparently
having an asking price OF $40. valley.
ana last sales reported with details were
en- the basis OF $40. valley.
Coke II Advanced.
Connellsviile coke for spot or prompt
shipment has advanced 25 cents on fur
mace and foundry. Furnace coke cam
not be had under 1926. and there is
not much OF 1t to be had at that figure.
The minimum on foundry coke has ad-
vanced from 81 to $4.25, with some
brands at $3.50, as formerly It is i'm
probable that any furnace coke could be
had on contract at less than 1925.
Three or four operators In addition to
the Pioneer interests have advanced
wags.s to tho Frick scale. The strike
at the Rainey coke works is still on.
which has caused some buying by the
Rainey interests. giving the market an
impetus that resulted In the % cents
advance In prices.
Wrought iron tube mills have issued
new price cards. small buttweld Sizes be-
Ing cut $40 q ton and the larger iapweld
sizes dropped down SIS a ton. II any
producers of steel pipe contemplate a
Drice change, no intimation Of 1t has
been given by them. Generally the trade
regards as unlikely any change In steel
pipe at this time. The steel pine mills
have been working fairly well on the
smaller sizes. employed largely in build
ing. and so far have enjoyed a fair run
Of orders
Tin plato production has shown a dis
tinct Improvement during the last two
or three weeks and Is expected to show
q greater gain this week and next. A
considerable amount of business was
placed during the last half Of August.
reducing stocks very materially. The
Wefrton Steel Company has planned to
extend next week its operating capacity
IN the tin mills. and the schedule OF the
Jones & Laughlin Steel Company's tin
NH operations VIII be about 64 per cent
next week. The leading interest, which
operated last week at 40 per cent, has
DO per cent. of capacity engaged. Pro-
duction plate Is firmly quoted at $50
base box. Pittsburgh. Certain mills
are moving stock plate at $4.75 q base
box, Pittsburgh, on all business totallins
= carload or more, and practically ali
business coming out is desired for
prompt shipment. The saimon trade an
the Pacific coast finds its estimate OF
cans required was too small. and as :
result an order calling for several thou-
sand boxes Of tin plate has been placed
In this district.
Sheet Market Firmer.
Iron and steel scrap prices are well
sustained II. the absence Of demand. "A
two carload lot of machine shop turn
ings was purchased by a steel smclter
here a few days ago. That grade Ia not
being offered In large quantities. about
the only source being tho automobile
plants. A tonnage Of heavy turnings