The New York herald., 1922-10-29

upon those stocks now. Steel prices
for forward delivery have undergone no
change for several weeks, except for the
sudden advance Of about 81 ton on
October 10 In welded steel tubular goods
Delivery premiums are tending to dimin-
ish.
Several ran mills arc rolling and
shipping q considerable tonnage OF rails
against contracts recently closed, one
stipulation having been that delivery
and payment should begin virtually at
once. Steel consumers are taking an IN
tsrest In next years steel prices, but
no definite opinions arc formed.
Little Pressure en- Pis Iron.
while current pig iron prices are re-
garded as altogether too high II there Is
TO be efficiency in making coke and pig
iron, the market has been under little
pressure Declines In pig iron occur
through competition. but there cannot
be competition where there Is no In
Quiry. Bessemer iron remains Quotable
at its former price of $33, Valley. there
having been sales In the last few days
at this price. Basic iron has shown
some unexpected strength, for at least
one good sized lot has gone through at
the $50 price quoted q week ago. Foun-
dry iron, on the other hand, has de-
clined SO. on a variety OF small lots, the
market being quotable as follows: Bes-
scmer, s33 basic. $50; malleable, $50
foundry. $40.
The drop in furnace coke from S12 tc
&c. the ruling price week ago. was
rapid In the last week the decline has
been only 81 to $1.50, the market being
quotable at $3.50 to So. Foundry coke
has softened a trifle. Particularly good
brands readily bring $11, the quotable
price a week ago. while common ordi-
nary standard foundry coke can be
picked up at SO.
The Pittsburgh coal market Is distinct.
ly dull, most Of the coal movement beinE
from operators to regular customers
Steam coal is going at SO to $3.50, by
product at $3.50 to s3.75. and gas coal al
1915 to 81, all for mine-run, net ton al
mine, Pittsburgh district.
Sheet buyers ara growing more In.
sistant upon delivery OF material already
on mill books, as we'll as the booking oi
further orders. While some have sue.
ceeded In placing their estimated re.
Quirements for a part or all Of the first
quarter of next year at prices to be an
nounced later, this practice Is rather
discouraged by makers. because It looks
as though tonnages will have to be al.
lotted for that period. The trade. there.
and Tin Plate Company as well as the
independents will not be able to defer
much longer the announcement Of prices
for the first quarter. probably early
next month.
Sheets in Heavy Demand.
Not only are the specifications heavy
on contracts received but also new
business offered is large and for virtu-
ally all grades of sheets. Black and
galvanized are especially popular and
electrical sheets as well as full finished
automobile sheets continue to be in
great demand. The chief drawback to
the sheet mills Is the shortage Of steel
and railroad cars.
The United States Steel Corporation
reports hot mill operation this week In
excess Of last week. while independents
remain at the same fgure, the operating
rate for the whole industry being about
as per cent. While the leading inter-
cst's prices of 2.50c. for blue annealed,
$3.50. for black. 4.35c. for galvanized
and 4.7oc. for automobile sheets are
largely nominal owing to the leading
interest being out Of the market the
going market levels on these commodi-
ties are 2.6oc.. 350c. 4.50c. and 1850
respectively. Somewhat higher prices
have been quoted and In a few instances
aecured by several independents In or
near the Pittsburgh territory.
Tin plato mills are refusing orders be.
cause of the tonnage already accumu.
lated and which must now be carried
over into next year. Occasionally new
orders are accepted when they nt ir
with present rollings. but mill operations
largely are maintained upon the specif.
cations furnished regularly on old orders
Costs continue to advance in connection
with raw material, labor and fuel. ant
September costs went UP to q point ou
of proportion to the $4.75 a base boz
of 100 pounds. the selling price OF tir
plate. All mills have had to curtaf be.
cause Of poor deliveries Of tin bars ant
the operating rate Of the industry Is al
about so per cent Of capacity.
Demand for merchant steel pipe II
stronger than ever OIL country good,
have been In light demand for some
time, and no Improvement can be ex.
pected until after the heavy weather Of
the winter Is over. except for the ex.
treme southern districts The great boom
I'm dwelling house and garage construo-
ton has brought about the demand foi
butt weld merchant pipe. The mills are
yAw veal supplied with cars, although
Shey have been able to ship all curren,
pr~duction. leaving no accumulations oi
any great size at the mill yards.
Last weeks advance In prices had nc
effect upon the market New buying Is
also Of good volume, and pipe mill opera.
tions are at about 60 per cent of ca.
pacity
Wire makers are In receipt of many
good sized orders from jobbers and
users of wire products, especially In
nails. All sizes are being asked for.
one of the busiest manufacturers being
the Cambria Steel Company. which has
received about all the business II cares
20 handle from the Philadelphia district
at prices 81 ton above the Pittsburgh
levels. The range on plain and an
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