The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-11-13

STEEL INDUSTRY
LOOKS TOWARD
RAILROAD GAINS
Public Works Projects Also
Expected to Increase
Net Production.

= ~ 49,
With the general demand for steel
still shrinking, hope for a reversal OF
the downward trend in steel works
operations rests upon the prompt
ness with which the program Of
railroad buying and the require
mentS for public works projects can
be converted into rolling mill sched-
ules, the magazine Steel reports
Agreement on price OF $36.375
for standard rails and the allotment
by PWA of $135, 1000, 900 to the rail-
roads for the purchase of rails,
trackwork, rolling stock, power and
equipment would seem to clear the
way for the placing Of orders at an
early date.
However, the expenditures may
be spread over a period of many
months. For instance, the sol ,O00,-
900 nominally set aside for purchase
of 100000 tons Of rails and AGO.
900 tons of fastenings, is likely to
extend over the entire year of 1884.
At the moment, the ALLEGATION Of
$84,000,000 to the Pennsylvania
identification program seems to hold
more promise OF early, diversified
business than the track material
deal.
Rail Work Provided
The announcement from Wash
ington, stating that the PWA allot-
ment provides for railroad improve
ment, and the building of 1872 cleo
trical locomotives and 1000 cars, is
interpreted to mean that early re-
leases can be approved of certain
orders placed more than a year ago.
About 10000 tons of shapes on old
contracts are expected to be re-
leased as a result of the plan to re-
sumo the Pennsylvania eleectrif1ca-
ton project.
Other Washington reports of con-
templated purchases of 100000 cars
are discounted in the steel industry,
where the opinion is expressed that
$4,000 cars may be the maximum re-
Sulting from the governments pres
ent efforts.
On quotations for the twelve To-
comotiveS for the Northern Pacific,
some builders are reserving the right
to revise quotations should the equi-
valent be purchased through gov
eminent aid.
Construction Projects Aid
Construction projects sponsored
by PWA continue to furnish the
principal impetus to the plate,
shape, concrete bar and cast iron
pipe markets. Current awards are
comprised of an unusually large
number of small contracts.
Structural shape awards for the
week total 1885 tons as compared
with 22,075 tons in the previous
week. Several projects requiring
large tonnage have been held up
pending the settlement of disagree
ments.
Bids for $4,000 tons of shapes for
New York Central grade separation
work at Syracuse, N. Y, will close
Dec. 5. Tenders for 5000 tons for
the West Side elevated highway,
New York City, were due Nov. 3.
The eastern plate market has in
prospect fair tonnage for Navy
work. Bids will be due in November
for 1920 tons of plates for cruisers.
Cincinnati is asking for bids Nov. 8
on 32,450 feet of cast iron pipe and
eighty-tWo tons of fittings.
Operations Data Given
Steelworks operations for the week
ending Nov averaged IS per cent.
drop of five points from the previ-
Gus week. The rate in the Pitts
burgh district was Is per cent,
drop from %; in Chicago, 81 per
cent, decline from SO; in eastern
Pennsylvania, 10 per cent, as COM
pared with 2012; and in Youngs-
town, 80 per cent, from 38. Cleve-
land, New England and Detroit
operations remained unchanged; in
Wheeling the rate rose from SO to
38 per cent; in Buffalo and Birming-
ham losses were registered.
Steel's iron and steel composite
stands unchanged at $31.59; it's fin
ished steel composite remains $40 20;
and its scrap index continues it's
decline, dropping Is cents to $1,000.