Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-21
STEEL PURCHASES
DECLARED SMALL
Second Quarter Business Is
Slow in Developing, Says
Trade Review.

Second quarter business in iron and
steel is slow to develop, says Iron Trade
Review. Cleveland. Producers, unable
yet to discern any definite upturn In
the general business situation, are not
pressing the issue. Consumers continue
Of mind to specify against first-quar-
ter contracts, of which the carryover
will be heavy, before making fresh COM
mitments.
Considering all districts, steel-making
operations declined several points in the
past week to slightly under rs per cent.
Except for isolated instances, where pill
ing of pig iron or semi-finished steel
seemed preferable to complete shutdown,
production has been rapidly scaled down
to actual requirements. The practical
absence of inventories, both in pro-
ducerS' and consumers hands, is a
strong feature.
Latest Orders for Cars.
Rail mills and freight-car builders
have orders insuring good operating
rates to July l. Bookings Of track ma
terial, however, are negligible, while
equipment buying continues to slide on
from the recent peak. In the past week
the Norfolk & Western ordered 1000
hopper bodies, the 500 Line placed 400
cars and the Bangor & Aroostock 200.
Only $50 freight cars now are pending,
the smallest number since fall.
No improvement has developed in the
automotive situation, nor Is any in pros
pect until seasonable weather quickens
retail selling. Unusual caution Is dis
played by manufacturers in not accu-
mulating a surplus of cars, and there
is no speculation in production. The
spread between the Chicago districts
operating rate of 80 to 95 per cent and
the 70 per cent which the Pittsburgh,
youngstown and Cleveland districts av-
erage with difaculty is traceable d.
rectly to the automotive situation.
Status Of ShipbuiIdIng.
Shipbuilding, which since January /
has been noted more for construction
work against 1929 contracts than for
new business, is inspirited by the pros
pect Of maturity of the program Of the
United States lines. The definite award
Of mail contracts Is expected to bring
prompt action on two ships, each re-
quiring 1900 tons of plates and 5000
tons of shapes. Two larger ships, each
taking $4,000 tons Of plates and 5000
tons OF shapes, are in prospect. All
told, this ship work contemplates $4,000
tons Of heavy steel.
Twenty thousand tons Of structural
steel will be bought shortly for an ele-
waited road in New York, with 10000
tons pending for subways there. Chi
cago reports structural awards of $500
tons and inquiry totaling $500 tons
The country over, structural steel re-
quirements are within 10 per cent of
the comparable period of 1929. This
weeks awards, totaling $1,000 tons, COM
pare with 32,537 tons last week and
48,019 tons q year ago, or 1880 to date
399,S41 tons have been bought, COM
pared with 43S,782 tons year ago.
Pig Iron Prices Lowered.
Ingot production at Pittsburgh at rs
per cent is slightly lower than last week
Chicago Is unchanged at 80 to 95 per
cent. Cleveland at So and youngstown
at SIS to 20. Steel Corporation sub
salaries are at 30 per cent, compared
with SO last week, and independents at
SO, giving the industry an average of
about "A per cent.
A decline of 81 in Southern pig iron
has lowered the Iron Trade Review
composite cents this week, to $34 SO.
This compares with an average of $35.24
for February. 1856 for January and
$3642 for March year ago.