The New York herald., 1922-02-26
STEEL OPERATIONS
GAIN MORE RAPIDLY
w.
Increased Output Due to 1921
Contracts for Rails and
Freight Cars.
BUYING WE'LL SCATTERED
Ing0t Production Placed at 20
Per Cent. Better Than in
Autumn.
BUYING WELL SCATTERED

PITrsBURG, Feb. 25.-Steel mill opera
tons have increased at a more rapid
rate IN the last fortnight than they did
in the early weeks of this year. Part
of the recent increase in output has been
due to specifications received on con-
tracts for rails and freight cars placed
n 1891. Otherwise the increase in pro-
duction has been a quick reflection of an
increase in general buying of steel
products. which has been of hand TO
mouth character, and for prompt ship
fnerit.
The rate of steel ingot production is
estimated in well informed quarters at
100000 grosss tons a year. which
would be 20 per cent. more than last
autumn's rate. developed after liquida-
lion of stocks in the hands Of buyers
had been practically completed. but II
,annot be argued that the full force Of
gpring demand Is felt as yet by mills.
hence conditions as to steel demand may
ne considered very satisfactory If there
ia usual seasonal Improvement.
There Is buying of steel by practi-
cally all lines of consumption, with the
Exception of the agricultural implement
trade. and buying is fairly well dis
tributed In different sections. Thus buy
ing Is healthy.
Tho buying is TO be subjected to q test
as to whether or not its conservatism
has been due TO uncertainty as to dis
sribution or use of steel or uncertainty
rs to future steel prices. II the latter,
the uncertainty Ia virtually removed. as
Ehe majority Of steel prices are substan-
tally at bottom on the basis OF present
wage and freight rates Mill operations
are so improved that there is possi-
bility OF deliveries on mixed specifica-
lions falling behind. enabling mills to
schedule their orders for more economi-
cal rolling. Finished steel prices are %
per cent. more than the 1913 average,
and the Bureau OF Labor reports whole
sale prices in general at 4s per cent.
more than those OF 1913.
Pig Iron Inactive.
, There was little activity in the pig
iron market in the last week, although
il improved. The testimony of sales is
a--trifle mixed in character, but, in gen.
eral, It indicates that the market has a
flmer undertone than was thought pos
Sihle. A drop of 80 cents a ton has
ccurred. bringing it down to $19. In
foundry iron a good sized buyer. re-
uuiring several different brands to make
lp his mix. succeeded in buying from
a furnace at % cents less than the
present market. or at $1S.75, valley, but
found other sellers firm at s19, fur
race. and paid that price on the major
portion Of his purchase. The market is
quotable as follows Bessemer, Sl9
basic, SIS; foundry. s1S.75@19, (. o. b.
valley furnaces. freight to Pittsburgh
being S1.96. Several furnaces, with less
than valley freight, viii sell foundry
iron at S19, furnace, but do not make as
low price for delivered in Pittsburgh
as s1S.75 at valley furnaces.
The coke market has undergone a
sharp advance in the last week and is
nearer to where it belongs in relation to
cost Of manufacture. There have been
and prompt furnace coke at $3.25 to
$780, establishing those prices as the
market range as tonnage sold even at
$3.50 could not be considered small
Contract furnace coke Is quotable
again on the basis OF a contract made
by q Dover. Ohio, furnace at s3.25. In
foundry coke, the minimum of the mar
ket Is up 20 cents. The bulk of the
sales have been at 81, but there are
other sales at S4.25 and spot lots are not
found easily. Consequently there is a
distinct possibility Of an advance in
the markets upper limit.
Sustained demand for sheets OF prec-
ttcally all grades creates a fairly ac-
tive market here, even though individual
Inquiries or orders are not large. Much
encouragement is taken by sheet makers
from local building prospects, which
predicates Increased business. In ad-
dftton, electrical sheets have been or
dered freely by various consumers. A
short time ago none was being moved