New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-08-21
Biggest Steel
Month OF Year
In September
Increase in Orders or Re
auctions to Low Price
Levels Indicates Improve
ment i'll Buying S DON
Building Trade Brighter
Wage Cuts Among Qudcpoaad-
ents Bring Unse;aEemens;
Many Foreigners Leave

PITTSBURGH, Aug. Among the
conspicuous developments of the week
in the iron and steel market were the
placing of more than 1000 tons Of
black sheets with the Mahoning Valley
makers by g manufacturing consumer
At 2.90c base, o. Toe a pound below the
market price, and the awarding OF sub
startial car repair contracts to the
Youngstown Steel Car Company. The
company received two contracts, cne
covering 400 steel gondolas for the
Eric and another for from 800 to 5000
composite sondola cars from the Pitts
burgh & Lake Erie. The plant at Niles.
Ohio, will be started, after an idleness
Of several months. More than 1000
tons of plates, bars and miscellaneous
steel products will be required to work
out the awards.
With the receding of prices there is
uncontrovertble evidence that the cut
figures are producing more business.
but there is as yet no positive turn in
the steel trade. Manufacturers admit
receiving more inquiries for iron and
steele, but there is nervous tone
among consumers, who are still willing
to wait little longer in hope that
there will be a still further cut Steel
men say positively that the bottom fig
uIcS nave Deei ABOUT le2cNeQ. cXccDt
in q few instances where the price war
is manifested. Some concerns are en-
deavoring to outbid the United States
Steel Corporation in order to get bust
ness.
September Big Month
Indications are that in September the
volume of business coming on. will be
the largest of any month of the wear,
and if the buying movement continues
October will be still better than Sep
TENDER.
Sheet mills recently have taken con-
siderable tonnages Of black sheets at
&c for shipment to Japanese interests
Tonnagesof black in 81 gauge have
likewise been placed with Youngstown
interests. Volume of business has
Allied to show strength however, and
is insufficient to maintain the existing
rate OF productions about 81 per cent.
Carload business has especially fallen
away.
In sheets as we'll as in other finished
lines much material has recently been
shipped from stock and unusually
prompt shipments have resulted. One
mill which had between 5000 and 5000
tons Of sheets of various grades in
storage has disposed of a large pronor-
ton OF such material.
While the bottom Of the sheet mar
ket is 2.75c and 3.75c base, respectively
Tor black and galvanized. most tonnage
has moved t Sc and &c. Blue annealed
ranges from 2.40c 2.5Oc Inasmuch
as some makers Of galvanized contend
that the salvanizing cost is more than
a cent pound, black sheet tonnage is
more attractive at 2.75c than galvanized
grades on the basis of 2.75c for base
gauges. Some blue anneaIed has sold
down to 2.cOc : rnNarSt0OI
Lower Prices Predicted
Though S32 continues to be the nomi-
nal market. sheet bars are definitely
are predicted. Slabs are weak at $50
and S31
President James A. Campbell, Of the
Youngstown Sheet and Tube Company.
says that while the industry shows
definite signs OF improvement, there
will be further periods of low operating
rates on account Of the spasmodic STATE
Of buying He points out, for instance,
that the revival the past three weeks
emulation Of orders, though fresh or
ders have been received from sources
which have been out Of the market for
a consi derable period.
General improvement in building con
struction throughout the country has
been another influence which has aided
the industry. Buying in somewhat
larger volume By the railroads and by
agricultural implement interests nas
been an encouraging feature. Jo0bers
have also come into the market. and
there appears TO De no disposition on
their part TO replenish reduced stocks
Foreigners Return Ncme
About 800 foreigners deserted Johns
<nwr ard yIcirtf.- 5Ifr;lr1 .