The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-11-27
Lines Resume Buying Freight
Cars-Market Dull-Re-
SESSIONS Smaller.
NGOT OUTPUT is BETTER
Seasonal Increase in Demand
Is Expected in February
Coke Softens.


PITTSBURGH, Nov. 26. - For the last
thirty days the steel market in general
has been described as dull, but that
dulness does not seem to have done any
, particular harm. In a few spots prices
have receded a trifle. the recessions
being smaller than they were in the
earlier months of the year. Production
is well maintained. decreases being
of small moment, and in spots there
have been increases. Thus the National
Tube Company is operating six blast
furnaces in contrast to four two weeks
ago.
The only really new factor in the steel
market is railroad buying which has
been resumed on moderate basis. In
the last fortnight orders for between
5000 and 10000 freight cars have been
placed and the number being figured is
larger. That resumption of buying is
due to liquidation in prices of cars
rather than to any Improvement there
may. be in the railroads financial condiA
tion.
Steel ingot production is at between
40 and 45 per cent. of capacity, in con-
trast to an average of "A per cent. in
October, the best showing since Febru-
airy. Production may taper off TO about
30 per cent. by the end of this year, but
Il is far from certain that it will. Sea-
S'it'ii iiNiCdSt III NtHidHd 10 " NC CA
peotod by about February /, but to
expect the steel industry to be called to
operate at close to its full capacity
soon is to invite disappointment.
IN various steel products efforts have
been made in the last two or three
months to advance prices and scarcely
Darceptible degree of success has at
tended any OF them, the prospect now
le,ng that Improvement in mill earnings
a,Fill ,at AfIx f~A, \. MI
. t'pn and reduction in costs. The pros
prctiye reduction in freight rates prob
ably Will come between Jan. 1 and April
J ANA have been passed on to steel
hrvcrs in advance.
S"me larger automobile builders are
mauifostinG interest in 1922 require
r9nts. apparently wishing to get under
coVor for at least the first quarter. So
far this has taken only tentative form,
ana although sheet makers, Including
t'ta American Sheet and Tin Plate Com
lary. have not opened their books for
future contracts for delivery in the
first quarter, that they will do so soon
Is an apparent possibility. Recent ex-
pressions of independent sheet manu-
facturers seem to sound the death knell
OF prices, which admittedly are below
cost and 1t is extremely unlikely that
prices below $50. 3 and cents on blue
dllitdleU, DldCk ana EdlVdHlZeu SilCtLS,
respectively. the prices of the leading
interests and many Independents. will
he named on extended deliveries. A
fair order by mail Is being received
daily by tho leading interest whose
operations are around 80 per cent. of
capacity, with the independents slightly
below that figure. A lack OF automo-
bile and electrical sheets is noticed. but
sheets for building construction continue
20 be ordered in small lots and a heavy
demand from car and locomotive build
ers is expected soon.
Tin Plate Operations Increase.
Indicative of the Increased measure of
Tin plate ordering, the leading interest,
which last week had a trifle more than
56 per cent of its tin mills under power,
this week has ~ per cent. scheduled.
II is expected that by the first of next
month so to 85 per cent of the tin
mills will be operating. The average
operation OF the independent producers
remains around 60 per cent, some
nearby companies maintaining a 100
per cent. operation, while some are
closed down. No question has been
r., ised as TO the price. s4.75 per base
box of 100 pounds, Pittsburgh, which
aparently has been satisfactory to all
uscrs. although 1t is claimed to be be-
low cost under the present operating
rates for the makers.
Producers of hoops and bands report
q limited business but that their hot
rolled products help out on rolling
schedules Some mills have difficulty In
accommodating enough tonnage to start
TO roll hoops and bands and sometimes
orders are allowed to lie idle for week
or two because to start up mill on
small orders is an expensive proposition.
Although concessions which have ap-
feared in the Middle West have
amounted to 50 and So a ton they have
not been duplicated here and the price
Sremains at 225c. Pittsburgh.
y Mixers of nuts bolts and rivets re-
nort little change in the market, which
Is usually quiet until inventory time has
passed Occasionally a carload order
comes through, but a majority of orders
are for less than carload. Notwith
standing the large amount OF car repair
MS we'll as car and locomotive building
they have not been reflected In in
creased business of nut. bolt and rivet
manufacturers, the explanation for
which Is that car repair people have
large stocks of those commodities on
hand. Absolutely no contracting for
future supplies is going on, makers for
the most part refusing to quote the
present levels on extended deliveries
Although structural rivets are seil.
auotable at 1925 to 2.40 cents, and
boiler rivets at 2.35 to $50 cents. the
minimuns are becoming more common.
Tcrro-AIIoy Users Withdraw.
Users OF ferro-alloys generally arc re-
naming out of the market, although at
times 80 20 100 tons arc sought Action
I'm connection with several of those in
.uiries however, is deferred. Practi-
caIiv no new inquiries for so per cent.
ferro-silicon are current. and IL any one
were TO enter the market Ii would be
difficult probably to duplicate the low
prices which recently have prevailed on
that material namely. $55 to 500. de-
llvcrcd. r.o-tungsten Is weaker and
offers OF that material Mt "a cents have
been numerous. Demand Is low and
few, II any. sales have been made.
spicceleisen Is more quiet than ever
with no sales or inquiries reported FOR
longer than week.
Marked weakness, superinduced chief
IL by lack of demand. characterizes the
SCRAP market There has been lower
ing of % cents TO 81 in quotations. Up
&c the end of last week. some dealer
bidders were willing to go as high as
SIS on heavy melting steel but now
nothing more than s14 or $3.50 Is
heard. The general expectation Is that
ouietness will rule until some time In
January.
The snot furnace coke market soft
..1 c,,.,l,o, ", tba Ia et xrop1r with offer