The New York herald., 1921-02-13
Independents Are at About 25
Per Cent. of Capacity and
Corporation at 85.
LITTLE CHANGE IN PRICES
Gary Statement Clears Situa-
tion-Predictions of Pros
perity Made.


the year. are of about % per cent Of
capacity. while those of the United States
Steel Corporation also are decreasing
markedly. A careful compilation shows
this weeks operations Of the United
States Steel Corporation to be about IS
per cent. of rated ingot capacity. Tho
record Of that corporation Is made, how
ever, as four months ago independents
began to curtail production because OF
lack OF orders. During those four
months the United States Steel Corpora
ton made more steel than in the four
preceding months. In spite Of rumors.
travelling thick and fast, that wages are
about TO be reduced. nothing has oc-
Cured in this district to indicate any
such action except on the part of the
Cambria Steel Company in Johnstown
and few lesser independents who re-
duced wages several weeks ago. Judge
E. II. Gary's announcement of Wednes-
day that neither prices nor wages would
be reduced by the United States Steel
Corporation cleared the situation here,
and predictions of a quicker resumption
of prosperity in the steel industry are
being made daily
Because of the fact that no business
OF sufficient Importance Is being Of
fered steel quotations in general are
being maintained. Some mills canvassed
| the trade this week in an effort to
ascertain whether purchases would be
made If prices should be cut. but with
no tangible results. The condition of
many manufactures of steel has not de-
clined to levels In harmony with prices
! uJIt thnt tavfo 1o- fl,o
rolled products of the steel industry
can be bought 1t is natural that steel
producers are indisposed TO reduce prices
when the prospect Is that the reduction
would be absorbed on the way and not
reach the ultimate buyer and consumer
of finished steel wares.
The pig iron market shows no more
activity, and furnacemen are wondering
II there Is any price that would interest
consumers Those who have endeavored
to sound out customers find that they
evince no curiosity as to what prices
might be made, being content to remark
that there is no occasion to buy iron.
One exception Is the Standard Sanitary
Manufacturing Company. which made
this week two purchases from furnace
interests of foundry pig iron. a total Of
1000 tons. the pricee being $2s. valley,
or 81 a ton less than last weeks price
For Bessemer and basic there has been
no inquiry. and regular producers are
disposed to stand on their former quo
tations of S32 and$30 respectively. They
make no secret of the fact that they
would be glad to cut those prices IL they
could obtain a fair sized order.
Spot Furnace Coke sitter.
! The spot furnace coke market is sitter
and quotable for more than 1t was a
week ago. Spot foundry coke, on the
other hand. is shade lower On ac-
count of sharp restriction in output Of
merchant coke in the last few weeks
supplies pressing on the market have
dwindled to very small proportions. and
little coke is to be had except that made
after an operator receives an order
Foundry coke is quotable at 20 cents less
than it was week ago, and for con-
tract foundry coke few serious quota
tons are made. but at least one very
good brand Is to be had at $3.50, and II
may be regarded as setting the pace.
The coke market as a whole thus be-
comes quotable as follows: Spot fur
mace, SO q 500; contract furnace, S5@6:
spot foundry. s6@6.5o; contract foun-
dry. $3.50.
The busiest part Of the steel trade
continues to be that Of lapweld and
buttweld' pipe. the mills operating nearly
full in those lines. There was a slight
falling off in demand from the oil coun-
try ip the first part of the week. but It
was known TO be only temporary, and
In a week or so the demand will be as
heavy as that OF the first OF the year
Although the demand for standard mer-
chant pipe continues at a fair rate, II
also is somewhat curtailed, owing to
lack OF building activities. Some job
bers are filling depleted stocks, but
others continue to hold off. New busi-
ness is said to be coming in at the rate
of approximately 80 per cent. of capac-
ity. although on some days IL reaches
20 per cent. The inquiry rate, however,
Is high from all directions and on all
types OF tubular goods. which indicates
heavy spring buying movement. Pipe
mills generally do not anticipate any
difficulties. Considerable export business
is developing. and Inquiries from Ru7
mania and other foreign oil fields are
numerous and represent heavy tonnases.
orders coming in for cold finished
steel bars represent only urgent needs
and. so far as learned, no important
tonnage OF them has been asked for.
The automobile and the agricultural i'm
plernsnt Industries are not putting out
the expected large inquiries. 1t Is doubt
full if such plant activities are more than
40 psr cent. OF capacity. A few export
Inquiries coming from England and
Cansda represent n few hundred tons.
I'm some cases In the dull domestic field
II Is known that cold finished bars are
needed. but consumers refrain from pur-
chasing and apparently await lower
levels. The price Is still $3.50 cents, but
It Is believed th2t good sized tonnage
inquiry would bring a lower quotation.
particularly - steel bars are being Of
fered for 2,23 cents base. Pittsburg.
New business OF wire and wire prod
ucts has increased this week and prices
have remained firm for wire and nails
at s325 base. A large independent COM
pany reports It's orders as averaging a
carload day AS n rule the requests
for tonnage arc not large and only once
In a while Is there an order for more
I than two carloads. Operations OF inde-
| pcndcpts and the leading interest have
been /curtailed and reports OF conccs-
sions particularly for galvanized wire.
are unfounded In this district. all makers
/ holding 20 tho 1896 cents base, Pittsburg
price with the usual concession OF 80
direct TO fence makers. A leading inde-
pendent company received this week an
| order for galvanized fencing wire from
! a Canadian consumer.
! Sheet makers are more optimistic this
] kat Nf.ad M ~ r..