The New York herald., 1921-11-24
STEEL MEN LOOKING
TO NAVAL SALVAGE
See Much Scrap for Market in
Hughes Plan-SOme Lines
More Active.

success Of the Hughes plan for limiting
armaments. one or two salvaging COM
panies being in the stage Of discussion
in quarters where the outlook for large
business In warship scrap material is
sensed. Dealers in scrap steel are pre-
pairing to bid upon the 100000 tons or
SO of material involved In the sale on
January 16 Of several old vessels Ten
tative prices mentioned by the Iron Age
this week range from Sc to So a ton.
While steel mill operations this week
were maintained at the average OF the
week before, 81 per cent. of capacity for
the Steel Corporations plants and 40 to
so per cent for others. the uncertain
outlook for freight rate reductions pre-
vents any clear picture Of new business
and profit possibilities in the next few
months The Iron Age states that last
meeting decided to continue to March
81 the % per cent. rate reduction on
iron ore which was to expire on Decem-
Der 81, but at the same time they de-
clined to grant reductions asked for on
coal, coke. limestone and other raw ma
terials.
THE effort at Washington" this
periodical continues, ito link up the steel
rail price with the question OF iron and
steel freight rates may postpone for
some time the relief all industry has
looked for from lower transportation
costs.
1.-The price situation is in sorne con-
fusion. Attempts to stiffen lines lately
weakened have had little success. In
sheets, however, fresh effort is under
way. Last week black sheets were easily
bought at 2.75 cents and galvanized at
3.75 cents. On November 10 several
makers withdrew all quotations below
cents and cents. Some 1922 business
has been done, but the leading prod ucer
has not yet opened its books"
The Iron Trade Revieto says:
Backing and filling still characterizes
the flow of new business in iron and
| steel. Seasonable changes are having
their effect and buyers are exercising
caution against accommodating any ex-
cess supplies in view of the possibility
Of freight rate reductions and the ap-
preaching inventory period. The industry
apparently is meeting with great diff
Guilty In lifting itself much above the
| so per cent. basis The Steel Corpora
ton. however. continues to show some
increase in ingot production. The Car
negie Steel Company has active twenty
five of its fifty-nine blast furnaces. Ris-
ing output Is shown among the tube, tin
plate and plate mills.
Tin plate demand, both domestic and
export, has continued to grow. The
leading producer this week is up to a
73 per cent. basis. gain Of II per cent.
Some independent mills are running full.
A Texas company is in the market for
$4,000 boxes.
'Oil field work is coming forward
with great rush. Pipe line tonnage
has loomed large. One line for Texas,
involving $4,000 tons, has closed with q
Mahoning Valley maker. HumphI eys
Pure Oil Company is in the market for
200 mile line calling for $4,000 tons
and the Sinclair Oil Company for 100
miles. representing $4,000 tons. Oil tank
requirements make an equally impress
sive showing. Railroad business has
been less conspicuous this week. Orders
placed recently or pending total more
than $4,000 cars. on which the estimated
steel requirements are 100000 TONS"
Another minor change leaves the
Iron Trade RcDteto's composite average
Of fourteen iron and steel products this
week at $34.60. Last week the compo-
site was at the low point OF $34.59 and
two weeks ago, $35.O8.
American exports Of iron and .teel
were increased again In October to
106.466 tons, marking the third consccu-
tive months gain after the recent slump.
The principal item In the export market
this week is the purchase Of about 9,00u
tons of rails by Japan.
The German iron and steel industry
| 49, ha
strike occasioned by the collapse of ex-
change workers generally demanding an
advance of rs per cent. German freight
rates are up 95 per cent. since November
1. The result of these conditions is a
sharp upward movement of iron and
steel prices and consequent limitation
Of export activity"