New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-08-14
Steel Prices
At Bottom.
Makers Feel
Manufacturers Say Trade
Has Seen rs Worst and
Look for Picking Up
of Small Orders Soon

all iron ani steel manufacturers share
in the belief that there is a big pros
pective requirement for their products
IN sight Il IS asserted there Is little
iron or steel in the hands of the pro-
duc!ng companies or the merchant
trade. Therefore. they argue, when the
demand opens, buyers viii have to seek
the producers for supplies. and they
can be provided only by new production,
which will mean renewed activities in
the mills
1t is believed that the last cut in
prices announced by the Steel Corpora
ton was final, although it is known
that some OF the subsidiaries have
shaded the Judge Gary fgurs to get
business. Manufacturers say the steel
business has seen its worst, and from
now on there viii be Il picking up Of
small orders. They do not look for the
mills to reach normal output before the
Viii be gradual reopening of the mills,
which will have a beneficial effect on
business generally.
AS an example of this, il was officially
announced to-day that beginning next
Monday the open hearth department of
the National Malleablc Casting Com
pany. in Sharon. viii OF ate five days
week instead Of three. as at present.
This Will not increase the number of
men employd. but will increase the
working hours Of the men who were re-
tanned when the three-G ay-week sched-
ule was put into feet.
Motor Body Outlook Favorable
R. A. Kenworthy jr.. secretary of the
Newton Steel Company, maker of full
finished sheets. states that the outlook
for automobile body stock is favorable
and that his company is we'll booked
ahead. The company has been oper-
ating IS ten-mlll plant al Newton Falls
steadily since last May
The sheet market generally exhibits
somewhat better tone this week,
though this is not shared by all finished
commodities. The situation is being
watched with special interest. because
sheets are usually the first OF the varl
Gus steel products to feel revival in
buying. The aggregate of inquiry
shows an increase, as well as the ton
mage placed. though business coming
into the district IS generally for small
tonnages.
One Youngstown interest reports
that it has booked an order for 4s0
tons of black sheets, another for $40
tons and several smaller orders in
volving N excess Of 200 tons each
This business : now being rolled and
prospects are that the sheet mill de-
partment of this Independent will OPP
crate steadily during the remainder of
the month
With independent interests stand
ara pipe demand continues to show
strength, current production of one
company being at the rate of as per
cent. Some export lapweld tonnage is
being rolled for Mexico. while consid-
cradle tonnages Of buttweld are going
TO construction interests.
Plate transactions at 81 ton under
the nominal market Of l.s5 cents are
being negotiated. though the plate
market IS still quiet. SAelp is being
rolled on the plate mills of one in
teresr
1t is generally reported on the trade
that an improved demand is coming
from jobbing interests. whose stocks
are unba lanced and depleted in some
d odacts. Because OF the apparent
price uncertainty. however. jobbers
are still buying largely against imme-
date requirements only.
The sales executive Of one of the
largest independents in the Mahoninc
territory on the other hand, expresses
the belief that prices on some finished
lines viii advance when buying appears
in volume. He points ont that virtu-
ally all producers are losing money
and have accepted business at loss
IN order TO MAINTAIN operations to some
extent. and TO modify the loss that
would result from complete suspension.
Pig iron Buying Reported
Pig IRON buying : reported n round
lot tonnegcs and local stecl-making
producers hare Sizeable tonnages OF
IRON pied in their Yards. The bottom
Of the basic market appears 70 be sl3
Tor the present.
The Brier Hi Steel Company is re-
ported TO have recently closed for fifty
tons Of ferrosilicon at $50. considered
low Price Quotations ranged from
$40 to $40 CT the inquiry put forth
Mahouing VALLEY blast furnace in
terests are well equipped with respect
to the various grades or ore. One com
pany, now operating ore Of its three
stacks. states that IT has enough ore
on hand 70 run all three furnaces nor
mal!y until June Of noxt year
local interest has put ort an IL
qyiry for 'arge TONNAGE Of graz forg-
ny iron. said TO be ia excess Of 10
Geo IONS. and the operation or its blast
furnace IS SAID to be dependent upon
tre price to he quoted
III the seHt-1i0 ~nel market some re
cesslon in activity Is noted. with little
new demand FOR sheet bars. Non
iltee rated sheet makers are specify
ng CAREFUL AGAINST contracts The
aon1ln nal price Of $22 IS weak and con-
sumlng interests renort that i il be-
ng shaded in some Instances. One
buyer pred lcted + VIII fall 10 1918
An i1ouir- fer sheet bars ruf on. b.
Milwaukee concern. novever. was
quoted by district mills at s32. Youngs-
town, but the business was not placed
n the district
A northern Onio consumer booked
2 small shipment o. slabs z. SOL Bill
cts AKA inches and larger are quoted
a. $50, slabs at s31 and sheet bars
s32- Youngstown.
There are only seven Of the forty
SIX blast furnaces III the Mahoning
and Sherango valleys in blast q. this
tine. but the probabilities are one
add t.onal stack viii be lighted with
IN Two or three weeks.
The iron and steel industry in the
heelng district has improved cor
siderable in the last week. With the
resumption Of business in the Belmont
End ben~ood nlants Of the Wheeling
Steel and Iron Company indications
point to great relief from the bust
ress depression n the district.
Two mills of the American Sheet ard
Tin Plate Company at Etnaville be-
gan operation. after being totally sus-
pended for several months Monday.
Angus Is, we've Of the twcntv-three