IRON TRADE REVIEW
CLEVELAND, O.. Dec. 14.—(Special.)—
Iron Trade Review today says:
Forward buying of steel i9 opening up
gradually. This week hag witnessed the
closing of a number of contracts for first
quarter delivery of steel bars. sheets,
strips, pipe and in certain other lines and
negotiations covering next year s require
ments in practically all products are show
ing a tendency to spread. At the same
time, new tonnage, while heavier general
ly. still is below shipments, am! the oper
ating position of the mills is less favor
able. This has an important bearing on
the test of prices being waged between
producers and consumers which more and
more is approaching the critical point.
There ar*1 signs this week that numerous
buyers are less confident of their ability
to break down the present market.
Steel ingot production In November
turned down more sharply than in any
month since August. 1922. declining 8.8
per rent or 434.162 tofts. Eleven months'
production totaled approximately 40,383,
192 tons, which indicates the full year
■will he close to, but will not quite reach
the high record year of 1917.
Buying by automobile builders against a
heavy scheduled production fop first quar
ter is taking form. The Ford Motor com
pany the past week placed upwards of
30.000 tons of .‘♦teel products with the
mills and now is negotiating fom 30,000
tons of sheets.
Prospective car orders now are placed
at approximately 100,000. representing
some increase over previous estimates.
Locomotive inquiries, after a lapse of some
weeks, are reviving. Nm structural steel
business is keeping up Its good showing.
Awards of the week totaled 34,600 tons.
