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The " L 

Steel and Metal i 



DIGEST 



VOL. VI. 



NEW YORK, JANUARY, 1916. 



NO. 1. 



Published Monthly by the American Metal 
Market Company, 81 Fulton St., New York. 

C. S. Trench, President, 

C. S. J. Trench, Secretary and Treasurer. 
Branch Office, 627 Oliver Bldg., Pittsburgh. 

Subscription Price Two Dollars a year 
for United States, Canada and Mexico; for 
other countries $2.25. 

Advertising rates on application. 



Entered at Post Office of Ne 
iail matter. 



York as second class 



CONTENTS. 

Future Business Prospects 

Publicity and the Human Mind 

Some Business Problems of Today . . 

Production of Copper 

Zinc Industry in 1915 

Lead Industry in 1915 

Steel Plants 

Topical Talks on Iron 



Business Trends 4 

Comparison of Metal Prices 

Comparison of Security Prices 

Annual Reviews for 1915: 

Iron and Steel in 1915 

Copper 

Tin 

Spelter 

Lead 

Antimony 

Aluminum 

U. S. Steel Corporation Operations.. 

Railroad Earnings 

Our Foreign Trade 

Pig Iron Production 

New lion and Steel Works Construc- 
tion 

A Year's Price Changes of Iron and 

Steel Products 

Joplin Zinc and Lead Ore Market. . . . 
Tron and Steel Imports and Exports. 



Future Business 
Prospects. 

The business story of 1915 is a fasci- 
nating talc of thrilling adventure, the 
climax being reached in the closing 
pages at the end of the year, and more 
so in the iron, steel and metals than 
any other commodities, for the reason 
that they have been so extraordinarily 
subject to conditions, demands and 
changes occasioned by the greatest war 
in the history of the world. The high 
coloring drawn from the war atmos- 
phere fires the imagination of the 
reader in each chapter. Tales of the El 
Dorada and the fountain of eternal 
youth are not more interesting than 
the recital of commercial and indus- 
trial facts developed almost daily in 
the metal life of 1915. Statistical facts 
usually cold and dry become warm and 
glowing with interest, while the rise 
and fall of prices are events to conjure 
with when making or unmaking for- 
tunes in a few weeks in the markets 
of the country. The achievement of 
the mine, smelter and refinery, of the 
furnace and the mill, of transportation 
rail and marine, of the financier, are 
each and all elements in the remark- 
able story. The perils of the sea, the 
vicissitudes of the rail, the unprece- 
dented restrictions, embargoes of for- 
eign countries in the economic war 
they have waged for the protection of 



III! STEEL AND METAL DIGEST. 



January 



then own interest, and the defeat o) 
their enemies, arc woven into tin- plot 
ut' tin- metal romance that is published 
in the following pages. Never has 
there been such a period probabl) in 
tin- historj hi' the world which has 
constituted as great a test of business 
ability, courage and resourcefulness, 
than the collapse that overtook busi- 
ness at the opening of the war, to 
gradually change in <>ur countrj to the 
prospect hi' unprecedent opportunities, 
and the prosperit) of todaj demon 
strates how fully this prospect has 
been siezed ami appropriated. 

The year L915 is now behind us ami 
most of us who have nut been mes- 
merized by what it has brought and 
the conditions existing today as the re- 
sult of its sensational developments, 
are anxiously trying to peer into the 
future, to try ami correctly estimate 
at its truest significance what has hap- 
pened, and the conditions it has cre- 
ated, to try and find out how much 
has been real and how much the re- 
sult of an excited and strained imagi- 
nation, therefore, what is to be ex- 
pected when a change in the present 
excited optimism should take place 
from something coming it]) to change 
sentiment. 

To our mind the most real and per- 
manent thing which no sentiment can 
destroy, is the hard cash profit that 
ha-- come to us as shown in the phe- 
nominal balance of trade in our favor, 
tin purchase from foreigners In our 
own people of the securities issued 
against our own properties, and the in- 
vestments we have made in foreign 
loans. It will take years of disaster 
• what we have gained in this di- 
rection, can be lost. \n\ I'lmntn there- 
fore that has so added to its wealth 
can with safet) expect a long period 
"f good times and prosperity. Also 
the war has weakened our competitors 
financially and economically. We have 



gained a position of great advantage in 
the economic contest that is to follow 
the return of peace. The natural ad- 
vantages of soil and climate and mines 
have been enhanced by the greater 
wealth and power that has come to us 
wherewith to exploit their resources. 
This same wealth that has come to our 
manufacturers means the power to im- 
prove our facilities in machinery and 
the hundred ramifications that put the 
wealthy and up-to-date manufacturer 
ahead of his less favored competitors. 
We hear a great deal of what is before 
us in competition from abroad after 
the war from cheap labor and the 
necessity of Europe to limit her for- 
eign purchases and build up by econ- 
omy her wasted treasure boxes. It 
will have to be reckoned with, but we 
must also remember our increased cap- 
ital ami what comes with it, the power 
t«i exploit machinery to its intentest ca- 
pabilities, shown repeatedly in the past 
as able to more than compete with a 
lower per man wage. 

Fundamentally this country was 
never in such a sound condition or one 
that promised so well for the future. 
What is the danger then? We see it 
we think in the American temperament 
ami this temperament is being put to 
a severe test and temptation. As us- 
ual we travel too quickly when we get 
started no matter in what direction. 
We lack tin- conserv ati\ eness of the 
older nations in our business conduct. 
A year ago nothing was too dolorous 
and blue for us; today nothing too 
rosy. We lack what Grecian culture 
tried to inculcate as the acme of hu- 
man conduct, namely, "nothing m ex- 
cess." As our readers will know a 
year ago when our iron and steel in- 
dustry outlook was so dark, and our 
operations 25$ to 35% of normal, we 
predicted that within a year this indus- 
try would be found undersized to meet 
tin- demands that would be made on it. 



I Ilk STEEL \\l> Ml I \i DIGEST 



It has come true, although even more 
sensationall) than we expected. Our 
plea now is to trj and realize, thai \\ e 
m.i\ have reached our business sum 
mil of advances and activities, and be 
prepared for a gradual reaction to less 
excited and a sounder state. There 
were sound reasons for nearly all that 
has happened, but do those reasons still 
exist for the pace at which we are 
proceeding? With the advances wc 
have been having, we acknowledge, all 
of us, that it has been a run-a-way 
market. We also know what follows 
a run-a-way market if it is not stopped 
and controlled, and that is a smash-up. 
Instead of being decried for the warn- 
ing note Judge Gary has lately issued, 
we think he should be thanked, and 
we hope his warning will be heeded. 
It is a comfort to know that our great- 
est business corporation has not been 
carried away by the wave of prosperity 
on which it is now swimming. 

The war must end some day, per- 
haps quicker than we think, and so 
must the conditions it has created in 
our country. It is a time, for while 
taking every advantage of the situa- 
tion while it lasts, to see to it that we 
do not forget that there is "danger 
ahead" if we continue to travel at our 
present pace The man who will come 
out of present conditions when they 
change without regrets, is the one who 
soaks his profits away, and while 
keeping up and improving his machin- 
ery and facilities, does so on the reali- 
zation that present volume of orders 
cannot indefinitely continue, and that 
if he is not careful he may find him- 
self with a surplus plant into which his 
profits have gone, for which with nor- 



mal conditions restored he lias no use, 
dead capital lied up to wait for years 
for emploj nieni again. \\ e do not ad 
dress ourselves to those who always 
come up with a boom and usually as 
quicklj disappear when it is over, a 
we know they are not likely to waste 
their time in such uninteresting read 
ing to them, as trends of markets and 
past performances. They live only in 
the present and in times like we have 
been having "the sky is the limit and 
everything goes." Unfortunately they 
become very powerful in such times, 
and are a menace to business security. 
We have, however, had a great change 
in the past five or six years in our 
business leadership. Adversity has 
brought into control of our great busi- 
ness corporations, men of a very dif- 
ferent industrial point of view than 
formerly shaped our business desti- 
nies. We know from experience that 
never was less left to chance in the 
conduct of business, never was there 
such a scientific study made from day 
to day of the changes and trends of 
business, and the statistician and mar- 
ket reporter has become not only re- 
spectable but recognized by them as 
a valuable adjunct in their conduct of 
business. It is because this is so, that 
we feel confident that the power of the 
corporations they lead, will be thrown 
on the side of conservatism, and that 
in all the present excitement of high 
prices and overflowing order books 
they are not forgetting what normal 
prices and normal order books are, and 
that sooner or later such conditions 
must again rule. Were it not for this 
opinion we would view the future with 
apprehension. 



-o-O-o- 



THE STEEL AND METAL DIGEST. 



January 



Business Trends. 



BANK CLEARINGS IN 1915 LARGEST 
EVER PRODUCED. 

Never before in the history of the country 
were hank clearings so large as they were 
in 1915. the year being fittingly concluded 
by a record-breaking total for December; 
thus, the total for the entire year accord- 
ing to Dun's Review was $186,440,785,445, 
an increase of 20.9 per cent, as compared 
with last year and of 10.5 per cent, as con- 
trasted with 1913. while that for December 
aggregated $20,167,494,500, reflecting a gain 
ol one-half of one per cent, over October, 
the previous high point. This indeed pro- 
vides satisfactory evidence of the activity 
in this country's business during 1915, 



RECORD PIG IRON PRODUCTION. 

Pig-iron output in December made a 
Further gain, in spite of expected holi- 
day slackening, the output being 3,203,322 
ions, or 103,333 tons a day, as compared 
with 3,037.308 tons in November, or 101,- 
-44 tons a day, according to the Iron Aye. 
Production on Januarj 1 was at 105.400 
tons a day for 295 furnaces, or against 
103,033 tons a day for 287 furnaces at the 
beginning of December. 

The country is now making pig iron at 
the rate of : J >8, 700,000 tons a year, includ- 
ing charcoal iron. \t the opening of 1915, 
with 147 furnaces in blast, or half the imm- 
OW running, the active capacity repre- 
sented only about 19,100,000 tons. One of 
i'h- results of the year is thus an increased 
output per unit in operation. 



NEW INCORPORATIONS IN 1915. 

Emphasizing the revival of general busi- 

pi rceptible increase in the 

formation of new enterprises m 1915. 

Paper filed in the Eastern Stales for new 

companies with $1,000,000 or over, repre- 
sented a total tor the twelve months of 
$1,426,267,100, compared with $894,947,500 

in 1914, an increase of $531,319,600. The 
grand total of all companies which were 
incorporated with a capital of $100,000 or 
over, covering all States, including those 
oi the East, amounted to $2,061,348,300 
against $1,581,418,000 in the preceeding year, 



an increase of $479,930,300. 

Following are the comparative figures as 
specially compiled by The Journal of Com- 
merce and Commercial Bulletin oi com- 
panies incorporated in the Easter,. States 
during the last three years with in author- 
ized capital of $1,0(111.(1110 or more 

1915 1914 1913 

Jan. .. $51,150,000 $120,050,000 $332,450,000 

I VI, 53,950,000 51,575,000 191,500,000 

Mar 70,050,000 57,700,000 106,030,000 

April 32.200,000 136,185,000 198,718,000 

May 78,950,000 62,70(1,0(10 172,200,000 

June 181.247.iun 70.050.000 79,550,000 

.1 uly 71,100.0(MI 68,700,000 83,650,000 

Aug 67,100,000 50.000,000 63,500,000 

Sepl 286,625,000 51,800,000 42,750,000 

net 208,695,000 35,487,500 70,856,300 

Nov 190,075,( 81,050,000 77,800,000 

I've 135,125,000 105,450,000 - 55,250,000 

Ve:ir $1,426,267,100 $894,947,500 $1,534,254,300 



EXPORT TRADE GREATEST EVER 
KNOWN. 

Exports of merchandise in November 
were a trifle larger — not quite 1 per cent — 
than those of October and accordingly the 
largest on record. Imports were the larg- 
est for any month since April, 1914, but 
the excess of exports for the month was 
the third largest ever recorded, the out- 
ward flow of merchandise slightly doubling 
that of imports for November. For eleven 
months the exports are just $40,000,000 
short of being double those of imports. 

< >ur foreign trade in November and eleven 
months compares as follows: 

November. 1915. 1914. 

Exports $331,144,527 $205,878,333 

Imports 164,319,169 126,467,062 



of exports $166,825,358 $79,411,271 

Eleven months ended November 30th: 

1915. 1914. 

Exports $3,191,659,925 $1,927,991,492 

Imports 1,615,586.084 1.074.619,456 

: exports $1,576,073,241 $ 253.372.036 
Sixteen months, or since the war started: 

Exports $4,104,301,863 

Imports 2,264,269,312 



Excess of exports 



$1,840,032,551 



INK STEEL AND METAL DIGEST. 



Business Trends. 



THE STOCK MARKET IN 1915. 

Looking back u\or the events in the 
stock market in 191S financial interests may 
well consider the last twelve months with 
Faction. Following a long period of 
chronic unsettlement and depression in 
the securities markets and unsatisfactory 

onej conditions the past year witnessed 
a return ease to money (call loans at New 
York ruling throughout from 2}4 per cent 
to \ l /< per cent.) and sustained advances 
in values, with sensational speculative 
movements in which public participation 
was more eager and wide spread than for 
years past. The market, however, was 
slow to reflect the commanding position 
this country had gained in business and 
finance as a result of the war. Fear of a 
deluge of selling of American securities 
from abroad had a restrictive influence at 
intervals but the buying of American stocks 
and bonds returned from Europe was aided 
greatly by the marvelous trade balance in 
this country's favor. Foreign selling was 
restricted almost entirely to railroad shares 
and bonds, and may be accounted for by 
the slowness of this class of securities to 
respond to the many favorable influences. 

A mild display of strength at the New 
York Stock Exchange marked last 
January's transactions, the increasing gain 
in our foreign trade and the commence- 
ment of the return flow of gold being favor- 
able influences. Unsettlement soon followed 
however as an immediate result of 
Germany's announcement concerning the 
war zone around the Britisli Isles and 
later by the unfavorable earnings of the 
Steel Corporation for the last quarter of 
1914. Declines in prices ensued, lasting 
until about the third week in February 
when the lowest level of the year was 
reached. 

Even before this early reaction ended 
reports of large war orders developed a 
bullish movement in certain industrials 
possessing plants equipped for the manu- 
facture of war munitions. During March 
the general market though dull was steady, 
financial interests being impressed by the 
rapidly growing balance of foreign trade in 
our favor, by the additional placing of 
munition orders and the marked improve- 
ment in the iron and steel trades. April 



brought an awakening of public interest 
which was the year's feature. That month 
marks the commencement of buying of 
war stocks, as well as of steel, copper and 
motor and other industrials which rapidly 
developed into the wildest kind of a bullish 
speculation which lasted from the Spring 
until late in Autumn. However the move- 
ment was not continuous due to frequent 
profit-taking sales and severe setbacks 
caused by international complications aris- 
ing from the sinking of the Lusitania on 
May 7th and the Arabic three months 
later. 

Last year's war-stock boom like all great 
speculative movements flattened from its 
own weight. Rumors of peace and a crop 
of new issues based on munitions, steel, 
copper and oil enterprises and the tardy 
recognition of the exaggeration about war- 
order profits exhausted public buying and 
weakened the market. The year closed 
however with considerable activity and 
bullish enthusiasm and apparently the 
market felt confident regarding the im- 
mediate future, more especially as the 
prices of various industrials had undergone 
an adjustment from the unduly high levels 
of October and November. 

The year's record as regards earnings 
and dividend disbursements was in every 
v.ay satisfactory. The showing of the 
railroads while not so sensational as in 
the case of many of the industrials marks 
a healthy gain both in net and gross re- 
ceipts and is in some respects one of the 
most favorable signs of the country's pros- 
perity. 



1915 FAILURE RECORD. 

All records were broken as to number 
of commercial defaults reported during the 
calendar year 1915, but liabilities were five 
times exceeded in the Country's past his- 
tory. Suspensions in December last num- 
bered 1585 and while showing a marked 
increase over the figures of the previous 
month show a decrease of 28 per cent, as 
compared with the same month of the 
year previous. 

While the calendar year just closed sur- 
passed all previous years in regard to num- 
ber of business failures it should be borne 
in mind that the worst twelvemonths' rec- 



THE STEEL AND METAL DIGEST. 



January 



Business Trends. 



ord in this respect was that period im- 
mediately following the commencement of 
the war. The total for last year therefore 
does not express plainly the very severe 
liquidation that went on in the closing 
months of 1914 or the first six months of 
1915. 

The first year of the war saw a total of 
19,948 failures with liabilities of $344,000,000, 
whereas the calendar year just closed saw 
a total of 19,032 failures recorded with lia- 
bilities of $283,432,600. Failures in 1915 
doubled those of 1909, while liabilities were 
larger than in any calendar year except 

1914, 1913, 1908, 1907 and 1893. 

The large numerical increase reflects the 
economic disturbance caused by the war, 
but after the first quarter of 1915 the in- 
solvency returns showed pronounced im- 
provement, and there were about 37 per 
cent, fewer failures in the third quarter 
than in the opening three months of the 
year, with a reduction of practically 50 per 
cent, in the amount of money involved. 

The showing made by failures during 

1915, and the assets and liabilities monthly 
and quarterly as reported to "Bradstreet's", 
are revealed in the following table: 

No. of 
1915 failures Assets Liabilities 

January 2,378 $35,428,030 $50,576,581 

February 1.865 13,663. 744 24,943,644 

March 1,876 16,615,409 30.171,610 

First quarter .. 6,119 65,707,183 105,691,835 

April 1,674 20,755,179 33,950,205 

May 1,436 9,973,210 18,138,775 

June 1,485 11,045,707 19.843,816 

Second quarter. 4,595 41,774,096 71,932,796 

Six months ... 10,714 107,481,279 177,624,631 

July 1,443 7,914,347 15,420,950 

August 1,275 7.122,072 13,663,075 

September 1,267 6,719.633 13,218,001 

Third quarter . 3,985 21,756,052 42,302,026 

Nine months .. 14,699 129,237,331 219,926,657 

October 1,349 8,001,238 16,685,764 

November 1,399 9,130,817 19,871,295 

Decemher 1,585 8,135,142 26,948,893 

Fourth quarter.. 4,333 25,267,197 63,505,952 

Twelve months 19.032 154.504,528 283.432.609 



COMMODITY PRICES SOAR HIGHER 

Commodity prices during 1915 have 
shown a steady advance owing to war in- 
fluences and compared with a year ago the 
present index number is 17 per cent 
higher. 

Little relief from high quotations need 
be expected, since Europe needs our prod- 
ucts while from choice of n'ecessity, it 
keeps certain articles from the counters 
of our American markets. To these factors 
must be added the widespread improvement 
that has taken place in domestic business 
and the greatly increased pay rolls of the 
country's chief industries, which in turn 
have augmented the purchasing power of 
the masses. In fact, those who have things 
to sell seem to be in a position to dominate 
prices. 

All these factors considered it is not 
surprising to find that Bradstreet's index 
number of commodity prices as of Decem- 
ber 1 moved up to another high level viz: 
10. 647. Thus the ratio of advance within a 
month's time was 2.6 per cent, which in- 
crease folows one of 4 per cent in the 
preceding month. Comparison of the 
present number with that of December 1, 
1913, reveals an increase of 15 per cent, 
and 11.5 per cent as compared with the 
same month in 1912 when the index reached 
the high point for the twenty year period 
1892-1912. In this regard it is worth noting 
that in 1912 the dearness of commodities 
caused widespread agitation whereas just 
now discontent is negligible. 

The following table gives "Bradstreets" 
index numbers (the totals of the prices per 
lb. of ninety-six articles, since Jan. 1, 1910. 

1910. 1911. 1912. 1913. 1914. 1915. 



Jan. 


9.231 


8.836 


8.949 


9.493 


8.885 


9.143 


Feb 


9.073 


8.766 


8.958 


9.459 


8.861 


9.662 


Mar. 


9.111 


8 692 


8.902 


9.405 


8.832 


9.619 


Apr. 


9.200 


8.522 


9.098 


9.297 


8.756 


9.775 


May 


9.039 


8.459 


9.270 


9139 


8.622 


9.797 


June 


8.911 


8.529 


9.102 


9.072 


8.622 


9.742 


July 


8.925 


8.594 


9.112 


8.952 


8.656 


9.869 


Aug. 


8.822 


8.657 


9.159 


9.011 


8.708 


9.821 


Sep. 


8.952 


8.819 


9.215 


9.100 


9.757 


9.803 


Oct. 


8.927 


8.806 


9.451 


9.152 


9.241 


9977 


Nov. 


8.884 


8.892 


9.478 


9.225 


8.862 


10.376 


Dec. 


8.784 


8.982 


9.546 


9.229 


9.035 


10.647 


Year 


8.988 


8.713 


9.186 


9.211 


8.903 


9.853 



HU6 



PUB] It I I Y AND THE HUMAN MIND. 



Publicity and The Human Mind. 



\ few years ago a celebrated scientist 
declared his belief, after long study and 
reflection, that in intellect and morals man 
had not advanced in the past 6,000 years, 
since the early Egyptian civilization. 
I'here were few then who were ready to 
agree with him. Now there are more. The 
war has taught us something. 

We have been hearing continually that 
the world has been growing better, and 
there is also an impression in most quarters 
that man's intellect is growing keener. 
Give an ancient Egyptian the problem, what 
i-, the continued product of 39 multiplied 
by itself ten times, and he would find the 
answer after a laborious computation. With 
a table of logarithms the writer has just 
found the answer, approximately, in less 
than a minute. So could the Egyptian, if 
he had the logarithms. Take the ancient 
Egyptian and the average modern man, 
teach them both the rules of chess, and 
who would be disposed to pick the winner? 
We accomplish much these days in indus- 
try and science, not because we have 
superior intellects, but because we have 
superior facilities, both in knowledge and 
in material equipment. The sum total of 
human knowledge is being constantly in- 
creased, and with more knowledge we can 
do more. Only two great strides have been 
made in man's accumulation of a knowl- 
edge of material things. Aristotle, a great 
philosopher in his way, taught that knowl- 
edge of how materials would act was best 
gained by reflecting how they should act, 
and that remained the dominant philosophy 
for more than a thousand years, until Roger 
Racon enunciated the doctrine that to de- 
termine how things would act a multitude 
of experiments should be made, with all 
attendent circumstances carefully noted. 
That was a great stride, but there was 
another to be made. Bacon, although in- 
vited by the Pope to publish his discoveries, 
got into trouble by doing so. The stride 
of publicity was made later. 

With these two strides, not in man's in- 
tellect, but in man's view of things, that 
knowledge should be gained by experiment 
and knowledge gained should be given to 
the world, the sum total of human knowl- 
edge increases rapidly and thus year by 
year we can do more. 



Now in morals. What does the war 
show? Some of the learned undertake to 
explain ii by "the psychology of the crowd" 
which the pyschologists teach, rightly 
enough, no doubt, is different from that of 
the individual, but we do not see the bear- 
ing. What we have to explain is that we 
thought the world was growing better, had 
grown better, and then we see the greatest 
and most cruel war in all history. We be- 
lieve the world, as a world, had grown 
better and was still growing better, but the 
moral makeup of the individual had not 
changed, Man, the individaul, had not im- 
proved in morals. Through a variety of 
changes in environment, in habits of life, in 
facilty of communication, in a vast number 
of things, it came about that what was good 
in man became public. The meanest man 
in ancient Egypt was probably no meaner 
than the meanest man to-day and the most 
philanthropic possibly loved his kind as 
much as the best man to-day. Publicity has 
made the change. Through the changes in 
habits an environment the good in man and 
the bad in man have both come into the 
light of publicity, the good to be admired 
and initated, the bad to be condemned and 
avoided. The world, as a world, has grown 
oetter through publicity. That is where 
"the psychology of the crowd" comes in, 
to explain how the world really was grow- 
ing better, despite this damnable showing 
of the war. The man as a man is as good 
or as bad as ever. 

What, then, is the lesson for us? That 
publicity is the greatest force acting in 
human affairs. We admit no exception. 
Publicity, for which thousands of men who 
helped their fellowmen have suffered in 
the past, for which we Americans particu- 
larly stand, has been making the world as 
a world better in all the respects in which 
it is better. In intellect and morals we 
doubt whether man the individual has pro- 
gressed. If he has, we cannot see that the 
progress accounts for the change. 

What does publicity mean in its real 
essense? Analyse it as you will, it spells 
in capital letters CO-OPERATION. Pub- 
licity is no force unless it induces co-opera- 
tion. Expose that which is bad and men 
co-operate to condemn it, to counsel its 
avoidance. Expose that which is good and 



THE STEEL AND METAL DIGEST 



January 



men co-operate to praise it and to go and 
do likewise. Publicity is the essential force, 
the prime mover, co-operation the channel 
through which its power is exerted to the 
useful and good end. 

Lei us not be down hearted about man- 
kind because of the war. Men are as they 
always were. Unman nature lias not 
changed. The circumstances, the environ- 



ment, by which either the good or the bad 
becomes the dominant motive of the indi- 
vidual, may change from time to time and 
in the constant flux occasions arise in which 
the bad becomes dominant somewhere. But 
we have publicity and co-operation and no 
one can take these great things, the force 
and the means of accomplishment, from us. 
The world must continue to grow better. 



Some Business Problems 
Of To-dav. 



An Address by Edward N. Hurley, Vice- 

sion, Before the Annual Meeting 

Advertisers in New York 

It is a source of gratification for me to 
be with you here tonight, primarily be- 
cause you are a group of business men who 
have been doing things, individually and 
collectively. There is a bond of fraternity 
among business men. You may not always 
be able to put your finger on it exactly. 
but it is there. It comes from having 
dealt with problems common to all busi- 
ness, and from a knowledge that every 
business man has had to go through the 
same ordeal. Every man who has had to 
meet a payroll has served his initiate in 
the fraternity and is in possession of its 
grand hailing sign. 

Your organization lias to deal with one 
of the largest factors in modern business 
life, advertising, a factor that is indispens- 
able to success and that is developing into 
a veritable art. if not a science. Not all 
of us understand it thoroughly so far. nor 
have we all got to the point where its 
full indirect as well as direct benefits are 
manifest to us. For example. I do not 
think that all of us fully appreciate just 
how much the advertising man can do for 
us. 

It is a curious anomaly that it is more 
difficult to sell anything to a man engaged 
strictly in the selling game than to any 
other class of business man. "That fellow 
thinks he can teach me something about 
my business" is the resentful remark one 
is apt to make when the advertising man 
sends in his card. But that is the wrong 
attitude to take. It may be that the adver- 
tising man has something he can teach, 
something gathered out of his broad out- 



Chairman of the Federal Trade Commis- 
of the Association of National 
City, December 1, 1915. 

look on the entire business world. It is 
a safe rule always to see him anyhow, and 
give him a hearing, for the germ of a great 
idea has been sown in just such conversa- 
tions as these. In addition to this, busi- 
ness courtesy is served by seeing him. 
Right here let me interject the remark that 
courtesy is the cheapest thing a business 
man has to distribute and gets him more 
for the investment than anything else. 
Honesty in advertising is also an asset I 
am particularly pleased to see advertising 
men taking so decided a stand against dis- 
honest advertising methods. It is one of 
the most hopeful signs of the times, also 
an indication that the competition of the 
future is to be conducted upon a higher 
plane. 

It is probably true that the American 
business men lead the world in the matter 
of extending sales through advertising. If 
you gentlemen did not have a sound knowl- 
edge of it you would not be spending on 
advertising fifty million dollars a year, as 
I understand the members of your organi- 
zation are doing. The problem of how, 
when and where to advertise has been 
pretty well solved. But there are other 
business problems to be solved. 

The work of the advertising man is tied 
up closely with that of industry in general. 
Frosperous factories and busy stores mean 
advertising; the problems that affect mer- 
chants and manufacturers relate directly to 
prosperity in the field of advertising. Nat- 
urally you are interested in the conditions 
that make business prosperous, and the re- 
lation of government to business. 



SOME BUSINESS PROBLEMS OF l'< > 1 >AY.|[f " 



Government and business are and should 
be mutually helpful. Through a period of 
years the government has been graduallj 
extending its machinery of helpfulness i" 
different classes and groups upon whose 
prosperity depends in a large degree the 
prosperity of the country. To adjust, ad- 
judicate and determine the questions that 
arise between shippers and carriers the In- 
terstate Commerce Commission has come 
into being. The railroads and the shippers 
alike can secure prompt and definite rul- 
ings as to what they can and cannot do. 
The fruit growers of the country, the 
Farmers, the farmers' co-operative elevator 
associations, the dairy producers' associa- 
tions, all of which are co-operating 
ami working to benefit their condi- 
i ions, receive aid. advice and rulings 
on important questions from the De- 
partment of Agriculture. Now the bank- 
ers, through the Federal Reserve Board, 
can receive authoritative decisions as to 
their powers and duties, all of which is of 
general benefit to the whole country. 

To do for general business that which 
these other agencies do for the groups to 
which I have referred was the thought be- 
hind the creation of the trade commission. 
To make that thought clear I will quote 
from the Presdent's statement on the sub- 
ject: 

"The business of the country awaits 
also, and has long awaited and has 
suffered because it could not obtain, 
further and more explicit legislative def- 
inition of the policy and meaning of the 
existing anti-trust law. Nothing hampers 
like uncertainty, and the business men 
of the country desire something more 
than that the menance of legal process 
in these matters be made explicit and 
intelligible. They desire the advice, def- 
inition, guidance and information which 
can be supplied by an administrative body, 
an interstate trade commission. The 
opinion of the country would instantly 
approve of Mich a commission. It de- 
mands such a commission only as an In- 
dispensable instrument of information 
and publicity, as a clearing house for the 
facts by which both the public mind and 
the managers of great business under- 
takings should be guided, and as an in- 
strumentality for doing justice to busi- 
ness where the processes of the courts, 
or the natural forces of correction out- 
side the courts, are inadequate to adjust 



the remedy to the wrong in a way that 

will meet the equities and circumstances 

of the case." 

The Federal Trade Commission is de- 
sirous of being helpful to business to the 
extent of the powers granted by Congress. 
In the different problems that are being 
submitted to us we find the business men 
anxious to present the facts, with the hope 
that they can be shown tile right road to 
take to expand and develop their industries 
\\ it hin the law. 

One of the ways in which the Federal 
Trade Commission may help business is 
to gather, collect and make known the 
essential data regarding business. A 
Friendly survey of the field of industry, 
with attention to industries in which condi- 
tions are not right, will be of great value. 
Just the simple statistics regarding business, 
never previously collected, are of immense 
importance, and when compiled and dis- 
tributed to business men will be a most 
useful guide for their future action. The 
Trade Commission has under way at the 
present moment, the preparation of figures 
showing the size of our various business 
units. While this work is not yet com- 
pleted, some significant items are beginning 
to appear. 

Leaving out of consideration the bank- 
ing, railroad and public utilities corpora- 
tiones. and referring only to these that have 
to do with trade and industry, we find that 
there are about 250.000 business corpora- 
tions in the country. The astonishing thing- 
is that of those, over 100,000 have not net 
income whatever. In addition 90.000 make 
less than $5,000 a year, while only the 60,- 
000 remaining, the more successful ones, 
make $5,000 a year and over. 

Turning now from net income to the 
total volumne of business done by those 
60.000 corporations we find that 20,000 have 
sales of less than $100,000; 20,000 more 
sell from $100,000 to $250,000; 10.000 addi- 
tional from $250,000 to $500,000: 5.000 cor- 
porations ship annually half a million to a 
million dollars worth of goods; 4,500 have 
total sales from a million to five million 
dollars; while only -162 industrial and 
mercantile corporations in the United 
States do an annual business of $5,000,000 
or more. 

These striking figures exhibit a condition 
which has existed for many years. They 
show conclusively that big business, while 
important, constitutes but a small fraction 



THE STEEL AND METAL DIGEST 



January 



the trade and industry of the United 
atcs. They make clear that there is an 
iduly large proportion of unsuccessful 
isiness concerns.. Do they not need help? 

hy have we not paid more attention to 
nail and middle-sized business? Is it not 
orthy of our consideration? What mca- 
ires are we to take to improve these edi- 
tions? 

Speaking generally, the real, constructive 
;lp must come from within. You know, 
id 1 know, that lumping all business to- 
ether the real need is for better business 
tethods. When we were all working on a 
rge percentage of profit, and when it was 

case of tilling orders at our own price, 
e didn't need any help. But, gentlemen, 
lat day is past. We now have to get down 
d the hard facts of business, to learn pre- 
isely what they are, where the weaknesses 
nd losses exist, and practice the same 
:ioroughness which characterizes trade and 
idustry in Europe. We need to study 
tandard system of bookkeeping and cost 
ccounting. 

The fact must be admitted that in order 
o put a selling price of a product a manu- 
acturer must first know exactly what it 
ost to manufacture and sell it. 

A manufacturer who does not know with 
. close degree of accuracy what it costs 
tim to produce the different articles he 
nanufactures and what it costs him to sell 
hem, is not in a position intelligently to 
neet competition, and invites business 
lisaster. 

Many of the larger manufacturers have 
horough cost accounting systems, which 
hey recognize as necessary in order to give 
them the information essential to success- 
ful management. On the other hand, the 
lumber of smaller manufacturers who have 
no adequate cost accounting system and 
v. ho price their goods arbitrarily is amaz- 
ing. 

Proper accounting for the smaller manu- 
facturer is most essential. It is necessary 
for his success that he know on what 
particular article he is making a fair profit 
and on what he is making only a narrow 
margin of profit or losing money. It In lias 
this information he can concentrate on the 
dure and sale of the product on 
which the profits are satisfactory. 

Whole industries, in many instances, are 
suffering from a general lack of intelligent 
Igc of cost. 



How can the Federal Trade Commission 
help to cure those conditions? 

The Commission has no power and no de- 
sire to use compulsory methods. But it does 
hope to reach the desired end by endorsing 
standard sy-stems of bookkeeping and cost 
accounting, and to assist in devising stand- 
ard systems, either at the request of in- 
dividual merchants and manufacturers or 
through the association that represents the 
industry. The Commission expects to have 
for this work an adequate force of experi- 
enced accountants and cost experts and the 
service, in an advisory capacity, of public 
accountants of national reputation. 

What may be expected from such activi- 
ties of the Federal Trade Commission? 

hirst, the individual enterprises will be 
helped. They will be enabled to know ex- 
actly where they stand. Their prices will 
be made on a solid basis of fact. 

Second, the employees of these firms will 
be benefited. They will be trained to more 
thorough and more accurate methods of 
work. This improved knowledge will in- 
crease their effectiveness and their indi- 
vidual value to their employers. 

Thrd. the investor wil be benefited. He 
will lie able to invest his money with 
greater assurance that it will be used in 
the most advantageous manner. 

Fourth, the public will benefit; it will 
not have to pay for inefficient methods. 

To take a specific example, suppose that 
there are live plants making a certain line. 
Imagine that one of these plants is run 
efficiently and that the other four are 
managed in a slipshod manner. 

Where is the sort of trouble going to 
appear that costs the public and the trade 
heavily? In the four plants run in slovenly 
manner, of course. It is in those four 
I iants that the expensive strikes will occur, 
the dangerous dissatisfaction among 
workers will appear, and the demoralizing 
practice of selling below cost of manufac- 
ture will take root and other unfair methods 
. ■ t competition a> a means of making sales. 
If we can raise the level of effectiveness 
prevailing in these four plants to the level 
prevailing at the ably managed plant, or 
even higher, benefits will accure to every 
interest concerned. All five of the plants 
v ill In- on a more satisfactory competitive 
basis. The employees in at least four of 
the plants will learn to do their work to 
hetter purposes. Consumers will be forced 
to pay for fewer inefficient methods. The 



1-J16 



SOME BUSINESS PROBLEMS OF TO-DAY, 



jobbers and retailers will get tlieir goods 
tinder more advantageous conditions. And 
the bankers will have five excellent accounts 
OH tlieir books instead of one excellent and 
four doubtful ones. 

An up-to-date system of accounting will 
enable the banker to extend to the smaller 
manufacturer the credit to which lie is en- 
titled, and which he needs in order to ex- 
pand his business. The small manufacturer 
may have just as much brains, ability, 
knowledge of his wares and of his custom- 
ers as the larger operator; he may even put 
out a superior product. But he can not 
show the banker a balance sheet based on 
proper accounting methods, and the banker 
does not feel ready to extend credit without 
the knowledge that such a balance sheet 
would supply, thus, because business men 
ot this type can not give statements about 
their business affairs in the exact manner 
necessarily required by the bankers, their 
credit is restricted and their expansion 
checked. 

There should be a greater degree of 
■organization and of mutual helpfulness in 
all lines of trade and industry, so that 
American business may be welded into a 
commercial and industrial whole; the part 
of the government being to co-operate with 
business men, on request, to bring about 
the results that will benefit business and 
hence promote our national welfare. 

On of the most effective forms of organ- 
ization is the trade association. The asso- 
ciation has a wide field of useful and proper 
activities. Concerns in the same industry 
may take common action looking toward 
improving their processes of manufacture, 
standardizing tlieir product, improving 
their system of ascertaining costs, obtain- 
ing credit information and encouraging the 
development of trade journals. The wel- 
fare of employees is one of the important 
matters which can be best developed by 
co-operating in associations. The present 
tendency of the larger linns to think of the 
smaller man in the proper spirit and to 
assist him in arriving at some practical 
method of ascertaining his costs and meet- 
ing his many other problems — in short, to 
live and let live — is to be particularly com- 
mended. 

So to-day the associations of manufac- 
turers, associations of jobbers, associations 
of merchants, associations of advertisers, 
are doing good work, and if conducted in a 
spirit of mutual helpfulness, with the ma- 



chinery of the Government standing by 
subject to call, will help solve problems 
ami remove many of the present handicaps 
of business. 

Another respect in which business may 
help itself is in the field of foreign trade. 

Heretofore the American business men, 
whether manufacturer or otherwise, has 
been prone to show an interest in foreign 
trade only during dull periods. Now that 
business has improved and factories are 
running full time in this country, I am 
afraid there is a growing feeling of in- 
difference toward opportunities ahead. The 
theory has been advanced that it will re- 
quire years for the countries now at war 
to resume their normal rate of production, 
and that the business is bound to come to 
us anyhow. This is a serious mistake. It 
was only a few months after the Franco- 
Prussian war when France was producing 
almost as much as before. She did not 
recover her normal purchasing power for 
twelve years, but this was due to the heavy 
indemnity Germany laid upon her. 

The American manufacturer should 
realize that not a smokestack has been 
destroyed durfng this war in England, 
Germany, or Italy, and only a few in a 
small part of France. 

Unless we take advantage of the great 
opportunity we now have we will find that 
ninety days after war is over Germany, 
France and England, and other European 
nations, will be on their way to a position 
in the markets of the world even stronger 
than they occupied before. 

True business preparedness demands that 
every American manufacturer who makes 
a product that can be sold abroad should 
aim to sell from 10 to 20 per cent of his 
output to foreign consumers. A market 
which includes both foreign and domestic 
business stabilizes industry and insures the 
manufacturer, his employees, and the coun- 
try against the worst effects of financial and 
commercial depressions. 

Business men are not lawyers, and natur- 
ally, their thoughts running in other 
channels, they evolve some strange ideas as 
to the construction of certain laws. I was 
astonished to learn that the belief exists 
among many of them that non-competing 
firms cannot co-operate and form selling 
agencies to develop foreign business. This 
idea is unfortunate, and I fear that it has 
resulted in actually restraining the develop- 
ment of our commerce abroad. And I 



THE STEEL AND METAL DIGEST 



January 



might mention, by the way, that such corn- 
fan now be more easily developed, 
since for the first time in our history we 
have begun to establish mir own banks 
abroad, thus removing main of the difficul- 
ties surrounding foreign exchange and 
credit information. With American branch 
banks established in South America and 
projected in the far East, there is no rea- 
son why our business expansion should 
halt. 

Perhaps you may t Ii ink that I am over 
earnest in this advocacy of organization, 
higher efficiency in business methods and 
modern practices, the adoption of European 
ideals of thoroughness, the standardizing of 
accounting, but my earnestness proceeds 
from an understanding of the conditions 
which confront American business. The 
Great War lias brought to us great oppor- 



tunities, and equally great dangers. The 
thought that we must keep in mind is: After 
the war, what? Shall we grow and expand 
while the growing is good, or calmly wait 
the time when peace in Europe will be 
followed immediately by fierce competition 
not only in foreign markets but in our 
domestic market as well? 

Have we an inventory of our business 
resources? Are they being developed to 
the best advantage? Are our associations 
doing all they can? Are our methods and 
processes standardized? In short, are our 
industries mobilized? 

Industrial preparedness must be the 
watchword. Let us have better organi- 
zation and greater efficiency at home: let 
us push our trade abroad let us develop 
our industry so strongly that no foreign 
competition can dislodge it. 



Zinc Industry In 1915. 

Large Increases in Quantity and Enormous Increases in Value Reported by the 
United States Geological Survey. 



Both the zinc smelting and the zinc 
mining industries of the United States en- 
joyed a year of unparalleled prosperity in 
1915. According to the best information 
obtainable at this time the recoverable zinc 
content of zinc ores mined in the United 
States in 1915 was over 560,000 short tons 
compared with 407,000 tons in 1914 and 418,- 
000 tons in 191.3. With a continuance or 
high prices for spelter during 1916 the out- 
put will be greatly augmented, for the very 
high prices did not begin until April and 
May and it was naturally some time be- 
fore much additional zinc mining could 
get under way. The production during 
the last quarter of the year was at a much 
higher rate than during the first quarter. 

For the same reason the output of spel- 
ter during 1916 should be much greater than 
it was in 1915, provided the spelter market 
remains the same. The output during the 
first half of 1915 was at the rate of 433,- 
000 tons a year; during the last half it was 
at the rate of about 550,000 tons. Though 
the total spelter produced in the United 
States in 1915 increased 40 per cent over 
the preceding year, the value of the out- 
put increased nearly 330 per cent. How- 
ever, even this does not represent the true 
value, for it is based on the average price 
of prime western spelter whereas there was 
a large production of brass special inter- 



mediate, and high-grade spelter, all of 
which command premiums. The real value 
of the spelter output was therefore probably 
between 10 and 25 per cent more than the 
value as given. 

Larger Smelting Capacity. 
There was a large increase in smelting 
capacity during the last half of the year, 
the total number of retorts at the end of 
the year being 154,898, as compared with 
130,642 at the midyear, and with 113,914 
at the beginning. In addition 20,758 retorts 
were under construction or planned. New 
plants, the construction of which started 
since the Geological Survey's midyear re- 
port, are those of the American Steel & 
Wire Co., at Donora Pa.; the Kusa Spelter 
Co., the La Harpe Spelter Co , and the 
Oklahoma Spelter Co., all at Kusa, Okla.; 
the Henryetta Spelter Co., at Henryetta, 
Okla.; the American Spelter Co., at Pitts- 
burg, Kans.: and the Owen Zinc Co., at 
Caney, Kans. In addition to these a four- 
block smelter with 2,560 retorts is planned 
in Oklahoma, the exact site not yet having 
been selected. This does not include the 
10-ton electrolytic zinc plant at Anaconda, 
Mont., or the 100-ton electrolytic plant 
under construction at Great Falls, Mont., 
and others contemplated, or the electro- 
thermic zinc smelter planned at Keokuk, 
Iowa. 



ZINC INDUSTRY IN 191! 



It seemes certain that the zinc-reduction 
ity of the United States will soon be 
equal to every conceivable call upon it. 
The all-ahorbing question is as to what 
demands will be made upon it in 1916 
cartridge cases, large or small, may 
be used as many as 35 or 40 times. Doubt- 
less it will be possible to save and reload 
many of the empty cases used in the war. 
and in time this should tend to lessen the 
demand for spelter. On he c'.cr hand, 
the recent lengthening of th* battle lines 
in Europe should increase the demand for 
the metal. Furthermore, the growing de- 
mands for home consumption m:!S'. become 
a greater factor in 1916. These demands 
will have to do not only with current opera- 
tions but with restoring reserves and stocks 
that have been allowed to become depleted 
during several lean years. For this reason 
an average prosper >us year should show a 
home consumption of zinc above the 
average. 

The following figures havj teen compiled 
without change by C E. Siebenthal of the 
Geological Survey, from reports furnished 
by all operating smelters of zin: ores c.\- 
cept one, showing their output for the first 
11 months of the year arcd their estimated 
production for Dccembe--. The output of 
one smelter, treating both ore and drosses, 
has been estimated. Figures shewing the 
imports and exports for 10 months were 
obtained from the Burea i of Foreign and 
Domestic Commerce and to these figures 
estimates for November and December 
have been added. 

A Record Production. 

The production of primary spelter from 
domestic ore in 1915 is estimated at 460,- 
000 short tons, and from foreign ore at 30.- 
000 tons, a total of 490.000 tons, worth, at 
the average St. Louis price, $139,160,00^. 
compared to a total of 353,049 tons in 1914. 
worth $36,010,998, made up of ::4:;.4i- 
of domestic origin, and 9,631 tons of for- 
eign origin. This was a gain of 137,000 
tons and of more than $103,000,000 in value 
As noted above however, the gain in value 
was considerably more than this amount. 
The production of spelter from both do- 
mestic and foreign ores, apportioned ac- 
cording to the States in which it was 
smelted, by six-months periods, was as 
follows: 



Spelter production, 1914-15, by States in 
short tons. 
State 1914 1915 

First Second First Second 
half, half half. half. 

[llinois 62,062 65,884 74,982 85,348 

Kansas 2i,7i7 20,773 35,247 65.398 

Oklahoma .. 45,443 45,924 51,172 57,532 
Other states 43,816 45,410 55,131 65,190 

Total 175,058 177,991 216,532 273,468 

Yearly total 353,049 490,000 

While the output of each State was more 
in the second half of the year than in the 
first, Kansas showed the greatest gain, 
nearly doubling the production of the first 
half and getting back to old-time figures. 

The number of retorts at the beginning 
of 1915 was 113.914. at the midyear it was 
130,642 and at the end, 154,898. All avail- 
able retorts were in active operation and 
new retorts were put into commission as 
fast as completed. The large amount of 
the higher grades of spelter made by re- 
distillation from the ordinary grades 
necessitated a greatly enlarged retort 
capacity, so that the actual output of spelter 
in itself gives no reliable clue to the num- 
ber of retorts in use. It is not feasible 
at this time to give the production of re- 
distilled spelter. 

The capacity of the zinc smelters by 
States, together with the additions now 
planned for 1915. exclusive of the pro- 
posed plant on an unselected site in 
Oklahoma with site undecided is as 
follows : 

Zinc smelting capacity, 1915. 

Total re- Retorts to 

State torts end be added 

of 1915 in 1916 

Illinois 38,424 

Kansas 40,366 

Oklahoma 39.212 7,710 

Other States .... 36,896 8,208 

Total 154,898 .20,758 

Largest Increases in Exports of Zinc and 
Brass. 
Exports of spelter and sheets made from 
domestic ore are estimated at 115,000 short 
tons, worth $25,530,000. compared with 
64,807 tons in 1914. Exports of spelter 
made from foreign ore are estimated at 
13,000 tons, valued at $2,250,000, compared 
with 5,580 tons in 1914. The exports of 
brass are estimated at 33,500 tons, valued 
at $12,200,000, compared with 3,558 tons in 
1914. Manufactures of brass were exported 



THE STEEL AND METAL DIGEST 



January 



to the value of about $30,000,000, as com- 
pared with $3,756,888 in 1914. During the 
first nine months of the year there were 
also exported under drawback articles man- 
ufactured from 255 tons of foreign zinc, on 
which duty had been paid, compared with 
4,981 tons in 1914. 

The exports of domestic zinc ore were 
about 900 short tons, valued at $45,000, 
compared with 11,110 tons in 1914. Foreign 
zinc ore containing 609 tons of zinc and 
valued at $24,270 was reexported. The im- 
ports of spelter (probably mostly scrap) 
are estimated at 863 short tons, valued at 
about $122,358, compared with 880 tons in 
1914. 

The imports of zinc ore in 1915 were ap- 
proximately 135,000 short tons, containing 
about 48,000 tons of zinc and worth about 
40,000, compared with 31,962 tons of ore, 
containing 12,132 tons of zinc, in 1914. 
The zinc imports for the first 10 months 
of 1915 were as follows: 
Imports of Zinc Ore January-October, 1915, 
in Short Tons. 
Country Ore. Zinc Value. 

content. 

Australia 45,972 16,700 $1,273,431 

Canada 8,907 3,494 148,636 

China and Japan 7,572 3,213 193,604 

Italy 5,312 2,125 153,388 

Mexico 49,694 14,521 1,610,270 

Domestic Consumption Increased. 

The apparent domestic consumption of 
spelter in 1915 may be computed as fol- 
lows: The sum of the stock on hand at 
smelters at the beginning of the year, 20,095 
tons, plus the imports, 863 tons, and the 
production, 490,000 tons, gives the total 
available supply — 511,000 tons. From this are 
to be substracted the exports of domestic 
spelter, 115,000 tons, the exports of for- 
eign spelter, 13,000 tons, the exports under 
drawback, 255 tons, and the stock on hand 
at smelters at the end of the year (to be 
exact, on December 15), 20,758 tons, or a 
total of 149,000 tons, leaving a balance of 
362,000 tons as the apparent domestic con- 
sumption. This calculation takes no ac- 
of the stocks of spelter held by dealers or 
consumers. On comparing the consump- 
tion in 1915 with the 299,131) tons consumed 
in 1914, the 295,370 tons in 1913, and the 
340,341 tons in 1912, it appears that the in- 
dicated consumption is not large when the 
larger exports of brass and manufactures 
of brass are considered. The stocks arc be- 



tween three and four times as great as at 
the midyear, but these are probably to be 
explained as accumulations of the common 
grade of spelter, the demand being for the 
higher grades. Reviving domestic con- 
sumption will apparently take care in the 
future of such surplus output of prime 
western spelter. 

Higher Prices. 

Spelter opened at St. Louis in January 
at 5.5 cents a pound and immediately began 
the long rise, which except for one con- 
siderable setback in March and a smaller 
one in May continued until June 4, when 
spelter reached 26.5 cents a pound. A 
sharp drop immediately carried the price 
down to 17.75 cents by June 22, after which 
it recovered to 22.75 cents by July 9. 
Another sharp break let the price go down 
to 10.75 cents in the middle of August. 
Several ups and downs followed, after 
which the price rose to 19 cents in the 
later part of November. A sharp decline 
carried the price down to 15 cents at the 
middle of December. A rapid recovery 
followed, and spelter closed the year at 
about 17.25 cents a pound. The average 
price for the year of prime western spelter 
at St. Louis was 14.2 cents a pound. 

The London spelter market opened at 
£28 2s. 6d. a long ton (6.1 cents a pound) 
and, nearly paralleling the American 
market, rose to £110 a long ton (23.8 cents 
a pound) in the middle of June, dropped 
to £55 a long ton (11.9 cents a pound) in 
August, rose to £105 a long ton (22.7 cents 
a pound) in November, and closed the 
year at £90 a long ton (19.5 cents a pound). 
In the first nine months of the year the 
London price was sometimes below and 
sometimes above the American price, but 
from October onward the London price 
was consistently the higher, in November 
and December averaging nearly 2 cents a 
pound more than the St. Louis price. 

The price of the "brass special" grade 
of spelter at Waterbury, Conn., usually 
averages about 0.4 cent above the St. 
Louis price. During 1915, however, the 
differential ranged from 2.5 to nearly 5 
cents, averaging about 3.3 cents. The 
price of the highest grades of spelter is not 
quoted, but sales are reported at more 
than 40 cents a pound when spelter was 
at the high point. 

The price of sheet zinc generally ranges 
from 2 to 2.5 cents above the St. Louis 



i I VD INDUSTRY IN 191! 



price of spelter. During 1915 sheet zinc 
has varied from 2.5 to 8.75 cents above 
the price of spelter. 

Zinc dust, heretofore mostly imported 
form Europe, generally ranges from 1 to 
2 cents a pound higher than spelter. In 
March, 1915, the price of zinc dust began 



to go up, and in the first two wcek^ ol 
June it more than doubled, jumping from 
17 cents to 40 cents. There was a dcclinr 
of a few cents, but by the last week ill 
July the price had settled back to 38 to 40 
cents per pound, at which it has since re- 
mained. 



Lead Industry In 1915. 

Record Production Reported by Geological Survey. 



The lead industry in 1915 made good 
gains in output, both in mining and smelt- 
ing. The lead content of ore mined in 
the United States was apparently over 600,- 
000 short tons, compared with 522,864 tons 
in 1914, an increase of 78,000 tons, or 15 per 
cent. With the higher prices prevailing the 
percentage of increase in value of the 1915 
output was even greater as compared with 
other years. 

During 1915 construction was begun on 
one lead smelter and plans were completed 
for another, both to treat ore from the 
Coeur d'Alene district of Idaho. The 
Hercules Mining Co. purchased the copper 
smelter at Northport, Wash., and began 
the construction of two lead furnaces. 
This company is affiliated with the Penn- 
sylvania Smelting Co. of Pittsburgh, Pa. 
The Bunker Hill & Sullivan Co. of the 
Coeur d' Alene district also completed 
plans for a smelter, but the site is yet in 
abeyance. The National refinery of the 
American Smelting & Refining Co., at 
Chicago, was dismantled, and the Balbach 
Smelting & Refining Co. abandoned its 
older lead plant at Newark, N. J. 

The following estimates have been com- 
piled by C. E. Siebenthal from reports to 
the United States Geological Survey by 
all the lead refineries and soft-lead smelt- 
ers in operation during the year, except 
two smelters in the Joplin district, for 
which estimates have been made. These 
reports cover actual production for the first 
10 or 11 months of the year, with an 
estimate for the remainder of the year, and 
from them the figures of production are 
made up without change. The statistics 
of imports, exports, and lead remaining 
in warehouse have been taken from the 
records of the Bureau of Foreign and Do- 
mestic Commerce for 10 months, the fig- 



ures for November and December having 
been estimated. 

Largest Production to Date 

The production of refined lead, desil- 
verized and soft, from domestic and for- 
eign ores in 1915 was approximately 565,- 
000 short tons, worth at the average New 
York price $53,110,000, compared with 542,- 
122 tons worth $42,285,500, in 1914, and 
with 462,460 tons in 1913. The figures for 
1915 do not include an estimated output 
of 20,550 tons of antimonial lead, worth 
$1,886,000, against 16,667 tons in 1914 and 
16,665 tons in 1913. Of the total produc- 
tion, desilverized lead of domestic origin, 
exclusive of desiliverized soft lead, is esti- 
mated at 306,682 tons, against 311,069 tons 
in 1914 and 205,578 tons in 1913; and de- 
silverized lead of foreign origin at 48,318 
tons, compared with 29,328 tons in 1914 
and 50,582 tons in 1913. The production of 
soft lead, mainly from Mississippi Valley 
ores, is estimated at 210,000 tons, compared 
with 201,725 tons in 1914 and 161,300 tons 
in 1913. The total production of lead, de- 
silverized and soft, from domestic ores, 
was thus about 516,682 tons, compared with 
512,794 tons in 1914. 

The final figures for the production of 
soft lead will show an increase of a few 
thousand tons over those here given, for 
the reason that the smelters and refiners 
of argentiferous lead undoubtedly treated 
more or less soft lead from the Mississippi 
Valley which is not distinguished from 
silver-lead ores in their preliminary esti- 
mates. 

Imports and Exports. 

The imports of lead are estimated at 
9,625 short tons of lead in ore, valued at 
$653,000; 50,825 tons of lead in base bul- 
lion, valued at $3,496,000; and 400 tons of 
refined and old lead, valued at $28,000 — 



THE STEEL AND METAL DIGEST 



January 



a total of 60,850 tons, valued at $4,177,000, 
compared with 28,338 tons in 1914 Of 
the imports in 1915 about 58,000 tons 
came from Mexico, against 23.141 tons in 
1914. These imports from Mexico are to 
nipared with an average of over 
100,000 tons before the civil strife in that 
country. The remaining imports of lead 
came mostly from Chile. 

The exports of lead of foreign origin 
smelted or reliined in the United States 
again show an increase, being estimated 
at 43,000 tons, against 31,051 tons in 1914 
and 54,301 tons in 1913. For the last two 
years on the other hand, notable .quanti- 
ties of domestic lead have been exported 
to Europe, and the total for 1915 is esti- 
mated at 76,000 short tons, valued at $6.- 
650,000. compared to 58.722 tons, valued at 
S4.501.674, in 1914. 

Lead Available for Consumption. 

The amount of lead available for con- 
sumption during 1915 may be estimated 
by adding to the stock of foreign lead (do- 
mestic stocks are not known) in bonded 
warehouses at the beginning of the year 
(7,668 short tons) the imports (about 
60,850 tons), the additions by liquidation 
(1,795 tons), making an apparent supply 
of 587,000 tons. From this are to be sub- 
tracted the exports of foreign lead (about 
43.000 tons), the exports of domestic lead 
(76,000 tons), and the stock in bonded 
warehouses at the close of the year 
(assumed to be the same as at the close 
of October, 16,000 tons,) leaving as avail- 
able for consumption 452,000 tons compared 
with 449.052 tons in 1914. 



High Prices. 

Lead began the year at New York with 
a price of 3.8 cents a pound, nearly the 
minimum price of the year, and remained 
practically stationary until the middle of 
February. A gradual rise brought the 
price to 4.2 cents in April, and it remained 
there until the later part of May. A rapid 
rise next followed, and lead reached the 
maximum for the year at 7.56 cents on 
June 14. A sharp decline, followed by 
partial recovery and then by a more general 
decline, brought the price to 4.4 cents in 
the later part of August. After a slight 
recovery and another decline to 4.45 cents 
in September, the price gradually rose and 
closed the year at about 5.4 cents. The 
average New York price for the year was 
4.7 cents a pound, compared with 3.9 cents 
in 1914 and 4.4 cents in 1913. 

The London price of lead started at £19 
a long ton (4.1 cents a pound) and rose 
until the latter part of March, when it 
reached £23 2s. 6d. a long ton (5 cents a 
pound), after which there was a sharp de- 
cline t'i £20 1- 3d a long ton (4.3 cents a 
pound, after which there was a sharp 
ascent to £28 2s. 6d. (6.1 cents a pound) 
at the middle of June. After several ups 
and downs the price dropped to £20 6s. 3d. 
(4.4 cents a pound) by the middle of Au- 
gust, and then a gradual rise carried it 
to £29 5s. a long ton (6.3 cents a pound), 
and it closed the year at about that figure. 
The London market was fairly parallel to 
the New York market and. except for the 
period of high prices in the United States 
during July and August, was uniformly 
higher than the American market. 



. o -o— o- 



STEEL PLANTS. 




Steel Plants. 



II. The Republic Iron 

The growth of the Republic Iron & Steel 
Company in the steel making field presents 
a very interesting, and also a very instruc- 
tive, history. The Jones & Laughlin in- 
terest dates back to 1852. Lackawanna 
dates back to 1840, Bethlehem to 1860, and 
so on. The Republic Iron & Steel Com- 
pany dates back to .May 3, 1899. Of course 
its constituent companies were old when 
Republic was formed, but the Republic com- 
pany as a steel maker does not date back 
even to 1899. The unique nature of the 
operations does not lie in the fact that a 
steel plant has been built since then. The 
Crucible Steel Company did that, at Clair- 
ton, and then gave the plant with its assets 
to the Steel Corporation, retaining the 
liabilities. Lackawanna has built a com- 
plete steel plant, and so has the Steel Cor- 
poration, at Gary, as well as others. These 
plants, however, were built from the ground 
up, practically as one undertaking. The 
Republic plant is a growth, a growth 
achieved without the risking of too much 
capital and attained while the plant was 
making money. Meanwhile the company 
gradually dismantled nearly all of its 22 
iron mills. 

The success of the Carnegie Steel Com- 
pany in the decade of the nineties was due 
largely to the fact that on account of the 
courage of its management and through 
the acceptance of its commercial paper by 
practically every bank in the state of 
Pennsylvania it was able to finance the 
change from wrought iron to soft steel. 
when many other iron mills were not able. 
Some disappeared entirely. Nearly all that 
remained were consolidated as the Republic 
Iron & Steel Company, which then under- 
took not so much to finance the change 
as to accomplish it without financing. 

Two of the various and somewhat non- 
descript heritages of the Republic Iron & 
Steel Company in 1899 were the Spring- 
field Iron Company's plant at Springfield, 
111., containing two five-ton Bessemer con- 
verters, and the Union Steel Company's 
plant at Alexandria, Ind., containing among 
other things two five-ton converters which 
had been moved from Belleville, 111., per- 
haps in hope that a change of climate would 



& Steel Company. 

prove a benefit. The Republic company 
gathered up what was available in these 
two plants and established at Youngstown, 
O., under the management of John A. Camp- 
bell, what might be described as a Bessemer 
steel plant. The plant as put in operation 
in September, 1900, and although the ut- 
most economy was necessarily practiced, 
was only 30% old and as much as 70% 
new. The converters were rated at six 
tons capacity. The plant made some 
money, and so by August, 1903, new con- 
verters of ten tons capacity were installed. 
Various additions and improvements, too 
numerous to mention even in a much more 
extensive review than this, have since been 
made, until the plant is a standard Bessemer 
steel works in all respects. 

Incidentally the three Pioneer blast 
furnaces in Alabama were completely re- 
built and made among the very best blast 
furnaces in the south. 

Early in 1905 the company completed a 
rail mill, really the conversion of a 26-inch 
semi-continuous billet mill, but the rail mill 
was not operated to any extent. Times 
have changed since then and it may sur- 
prise .some to learn that there was printed 
in one of the trade papers a statement of 
the rail association showing an item of 
money paid the Republic company while 
its rail mill did not operate. Whether by 
design or otherwise the company found it- 
self in position to sell sheet and tin bars 
and make quite a fair margin thereon, and 
eventually the rail finishing department was 
dismantled. 

In 1909 it was decided to round out the 
enterprise as a steel maker by doing the 
perfectly logical thing of adding an open- 
hearth department which would consume 
the scrap made in rolling both Bessemer 
and, oipen-hearth steel. The plant as built 
comprised eight open-hearth furnaces, with 
a capacity of about 25,000 tons of ingots a 
month, the Bessemer department produc- 
ing about 50,000 tons. The plant has since 
been enlarged as to the number and size 
of the furnaces, and two additional are 
now under construction. Upon the com- 
pletion of these the plant will comprise 
twelve 80-ton furnaces, making fully 50,000 
tons of ingots per month. 



l-i 



THE STEEL AND METAL DIGEST. 



January 



In l'W there was also projected a pipe 
mill, which was completed late in 1910. It 
is needless to say various other mills have 
i een built from time to time, for making 
bars, skelp and plates 

In addition to the three Pioneer furnaces 
in the south, the Republic Iron & Steel 
iany has seven stacks in the north. 
Four of these, Haselton (now Haselton 
No. 1) and Hannah at Youngstown. Hall 
at Sharon and Atlantic at New Castle, are 
dd stacks, doubtless to be abandoned or 
rebuilt at some time in the future, while 
three, Haselton \'os. 2. 3 and 4. were com- 
pleted and blown in from 1906 to 1911. 

With the steel making, steel rolling and 

steel finishing departments made thoroughly 

■i and efficient, and the blast furnaces 

largely so, there remained, according to the 

latest modern viewpoint, one great work, 



that of establishing a by-product coke plant. 
True to its policy, the Republic company 
did this by steps also. The first step was 
to build a battery of 68 retorts, at Youngs- 
town, to supply the coke needed beyond 
that which was made by the company's 
beehive ovens in the Connellsville region. 
This plant was completed and put in opera- 
tion late in 1914. The next step was to 
build 75 more retorts, to make coke to 
supplant that made in the beehive ovens, 
and this plant was completed and put in 
peration late in 1915. 
Except for a little blast furnace con- 
struction the Republic company now pre- 
sents a complete thoroughly modern and 
well rounded out steel making finishing 
operation, the growth not of fifty years but 
of fifteen years, and yet distinctly a growth, 
not a single creation. 



Topical Talks On Iron. 



XXXIII. 

In Talk No. 6, published in September, 
"Four steel making processes" the 
duplex process was referred to briefly, after 
the four generic processes, acid and basic 
mer and acid and basic open-hearth, 
had been referred to. Not much time has 
elapsed since then, but the duplex process 
has become very much more important. 

The following statistics tell more than 
-tatistics usually do. They give, in gross 
tons, the production of steel by the basic 
'earth process, the production by the 
duplex process one, and the percentage the 
duplex steel constituted of the total basic 
open-hearth steel. 

Basic Duplex Propor- 

O H. tion 

1912 .. 19,197,504 1,438,654 7 5'. 

1913 .. 19,884,465 2.210,718 11.1% 

1914 .. 15,936,985 835,690 5.2% 
The production of basic open-hearth as 

includes of course the production by 
the duplex process as well as by the 
straight basic open-hearth process. The 
production of basic open-hearth steel was 
about the same in 1913 as in 1912, while the 
proportion of duplex steel increased by 
more than one-half. That shows under un- 
changed conditions the duplex process was 
growing. In 1914, however, the proportion 
decreased very greatly, and one sees that 
1914 was a year of light production all 



Duplexing. 

around. That shows that when demand is 
light the duplex process is more or less 
given up. 

The fact is that duplexing is an intensive 
method of production. It is cheaper 
largely because it produces more tonnage 
from a given capital investment. Starting 
with an ordinary open-hearth steel plant, 
a certain increase in the output can be 
secured with less capital outlay by invest- 
ing the money in auxiliary Bessemer con- 
verters than by adding the requisite number 
of additional open-hearth furnaces. The 
molten iron is blown in the converter, 
eliminating nearly all the silicon and car- 
bon, whereupon the blown metal is removed 
to the open-hearth furnace, where the phos- 
phorous is run down and the refining other- 
wise completed. This is accomplished in 
much less time than is required to effect 
th e entire purification in the open-hearth 
furnace, as it reduces carbon very slowly, 
even when the carbon is largely diluted 
by the addition of steel scrap. 

In the past two years the duplex process 
has come into still more favor. It has be- 
come well recognized that the ordinary 
stationary open-hearth furnace is not the 
best type for the service, for several rea- 
sons, and the large tilting furnace is now 
the approved type when the plant is built 
from the ground up, though of course when 



inn; 



U IPICAL I \I.KS oN IKON. 



19 



the open-hearth furnaces are already 
provided it may be found desirable to use 
them. 

The most notable recent case of the 
adoption of the duplex process is that by 
the United States Steel Corporation at the 
South Works, South Chicago, and the Gary 
works. Late in 1915 it was decided to add 
to each plant two 25-ton Bessemer vessels 
and two 100-ton tilting open-hearth 
furnaces, and construction work will be 
pushed so that the new equipment will 
probably be ready for operation before 
July 1st, with a capacity each of nearly 



half a million tons of steel ingots a year. 
The verj rapid increase in production ol 
basic open-hearth steel makes it impossible 
that the supply of scrap should keep pair, 
and the proportion of scrap available for 
the straight basic open-hearth process is 

thru hue rapidly decreasing. This develop- 
ment necessarily gives a great impetus to 
the use of the duplex process, as it can gel 
along without scrap, while for anything 
like quick and economical work with the 
straight process a fairly large proportion 
of scrap in the charge is necessary. 



RAILROAD EARNINGS. 



Railroad earnings per mile of road, of mads having annual operating revenues 
above $1,000,000, this being about 220,000 miles or about 90% of the total steam rail- 
way mileage; compiled by the Bureau of Railway Economics from duplicates of re- 
ports furnished the Interstate Commerce Commission. 

1913-14 1914-15 --. 1915-16 

Revenue. Expenses. Net. Revenue. Expenses. Net. Revenue. Expenses. Net. 

July $1,183 $837 $346 $1,127 $786 $341 $1,130 $750 $380 

August .. 1,244 856 388 1,174 788 386 1,191 765 436 

September 1,257 854 403 1,185 783 402 1,251 774 477 

October .. 1,314 891 423 1,171 787 384 1,333 815 508 

November 1,180 884 337 1,023 732 292 

December. 1,116 821 296 990 728 262 

January .. 1,021 795 226 936 716 220 

February . 914 746 168 897 678 219 

March . .. 1,091 801 290 1,012 720 292 

April 1,038 782 256 1,010 723 288 

May 1,047 800 247 1,040 732 308 

T une 1.007 789 308 1,090 730 360 \ 



-O-O-O- 



THE STEEL AND METAL DIGEST 



January 



Iron and Steel in 1915. 



The year 1915 was the most remarkable 
in many ways the American steel industry 
ever passed through, yet after all that is 
not so extremely remarkable, for the Ameri- 
can steel industry is not very old. While 
the steel rail came in the seventies, the 
change from wrought iron to mild steel for 
other finished products was not generally 
effected until the fore part of the decade 
of the eighteen-nineties. Steel has been the 
dominant product for scarcely a quarter 
century. The change was effected largely 
during a period of great industrial depres- 
sion. When industry fully emerged from 
that depression, in 1899, there was a verit- 
able boom in steel prices, and of late there 
has been a disposition to compare the latter 
part of 1915 in the steel market with "the 
boom of 1899". As to the strength of de- 
mand and the sharpness of price advance- 
there is some comparisons to be made, but 
the circumstances, after all, were totally 
different. To show the fundamental differ- 
ence it merely needs to be remarked that 
in December, 1914. just preceding this 1915 
movement, the steel mills were operating 
at less than 35% of capacity, the depression 
being the most acute ever experienced, 
while both 1898 and 1897, the years preced- 
ing the boom year of 1899, broke all rec- 
ords in iron and steel production. There 
was, in other words, practically three years 
of full production, but at very low prices 
until nearly the close of the period, when 
a slight further increase in demand resulted 
in a famine becoming apparent. 

The Movements in 1915. 
One is interested in what occured and 
why it occured. It may be well to set 
down first what occured in the way of 
price- movements. By a convenient chance, 
the market history of the year divided it- 
self very closely into the regular quarterly 
periods of the calendar, and we set down 
below .our composites of pig iron and 
finished steel on the quarterly dates, with 
the price changes per ton that occured 
during the quarter, but as certain steel 
price advances occurred on the first days 
of given quarters we use the last date of the 
Quarter rather than the first date, thus: 



Pig iron. Steel. 

December 31 $13.03 1.4225c 

= .165 +1 80 

March 31 12.865 1.5125 

+ .145 + .35 

.line 30 13.01 1.5300 

+ 2.12 +2.95 

September 30 15.13 1.6775 

+ 3.455 +7.95 

December 31 18.585 2.0750 

Year advance $5,555 $13.05 

The little table above te-ils most of the 
price story of the year. Pig iron backed 
and filled during the first half, advanced 
moderately in the third quarter and then 
advanced sharply in the fourth quarter, that 
is, sharply for pig iron. The price level 
at the close of the year was a trifle more 
than a dollar a ton above the top reached 
in the 1912 movement and somewhat more 
than 50 cents above the top reached in 
1909, being thus the highest level since 1907. 
During the first quarter of the year steel 
prices advanced, but chiefly on paper. The 
pendulum, in both prices and output, had 
swung too far in the preceding December. 
While consumption was light, production 
was still lighter, buyers depleting their al- 
ready well reduced stocks. The mills 
effected some sales at minimum prices and 
then marked up prices, chiefly on paper, 
thereby stimulating specifications. Then 
the question was whether the market situa- 
tion would stand the advances in invoice 
prices that would follow the working out 
of the lowest priced business. The second 
quarter opened with this question decidedly 
in doubt. There appeared reports of what 
seemed to be enormous war orders placed, 
and the trade at large doubted the genuine- 
ness of the orders. It was thought that 
at any rate there must be many duplica- 
tions. A little time showed that the orders 
were real, and that the mills were making 
Lhe steel. Buyers concluded that the 
market had some foundation, but that the 
foundation was largely war orders. 

In .May a fresh favorable influence de- 
veloped. The Pennsylvania railroad 
system placed orders for 14,043 freight cars 
with outside builders, and 2,102 cars with 
its Utoona shops, a total of 16.145 cars. 



[ROM WHS IT I i I 



From September 1 to May 1. eight months, 
orders had been placed for onlj about 15,- 
000 cars by all the roads in the country. 
The Pennsylvania car orders were followed 

ly\ definite news that the Russian and 
French governments had placed ordei 
nearly 20,000 cars. The total car buying 
in May and June amounted to 50,000. 

By the end of June buyers of steel bad 
become practically convinced that a real 
movement in the steel market of some pro- 
portions bad developed. Throughout the 
first half of the year the question had been 
whether the mills, by this means or that, 
would be able to work up to an operation 
oi say 85%, a rate that would enable them 
I* bold prices firmly, even advance them 
on the situation, and one that would enable 
them to arrange their rolling schedules to 
their advantage, with reasonable length 
runs on a given size. That would throw 
deliveries somewhat behind and cause 
buyers to specify more freely. 

At the end of June all eyes were turned 
upon July, normaly a dull month. If the 
mills should increase their operations in 
July and buying should prove good, the 
future of the steel market would be assured. 
July showed the increase, mill operations 
early in the month passing the 85% mark. 
Then buyers began to specify freely r , and 
with domestic and export business in- 
creased the mills were operating sub- 
stantially at capacity by the end of August. 
September showed still heavier bookings 
of specifications. 

The fourth quarter stood by itself. The 
mills then began refusing to make open 
contracts, but a great deal of specific busi- 
ness developed, and order books filled more 
and more, while the mills, in a perfectly in- 
dependent position, advanced prices 
sharply. 

The Basis of Steel Activity. 
■ The first buying that occurred was simply 
the buying that frequently occurs when 
buyers have allowed their stocks to run 
far down and prices have reached a partic- 
ularly low level. Such a movement soon 
spends its force. Prices are advanced, on 
paper, and when the low priced tonnage 
has gone from mill to buyer the buyer re- 
fuses to pay the advanced prices and the 
market sags again. In 1914 there were two 
clear cases of such movements, in January 
and February and again in July and Au- 
gust. 

In 1915 when the strength of the early 



ii hi u as about e xhausted i he war 
orders and railroad buying gave the market 
a fresh impetus. Then came tin buyi 
build up siocks, becausi tocks in buyi i 
bands bad to be much larger, to conduct 
business when the mills were behind in 
deliveries than when the mills were making 
almost instant deliveries even on mis- 
cellaneous specifications. Then came an 
actual and important increase in actual con- 
sumption. So rapidly did consumptive de- 
mand increase that buyers did not succeed 
in stocking up to the extent they would 
have liked. The stocks in buyers' hands 
at the close of the year were no more than 
average but they- were of course greater 
than six months or a year earlier. 
Influence of the War. 

In April there were many who did not 
believe the reports of war orders, insisting 
they were greatly exaggerated. In July 
the same men insisted that the steel trade 
activity was largely due to these war orders. 
The difficulty then was to believe that the 
domestic demand could be important. The 
tonnage production of war steel, for direct 
and indirect export, was probably almost 
as large in July and August as in November 
and December, but it comprised a larger 
percentage of the total output. In the last 
three months of the year, when the steel 
mills were not only operating at capacity 
but were producing more steel than they 
had been thought capable of producing, the 
production was fully 75% for purely domes- 
tic use, and no more than 25% for export, 
direct and indirect in war material to the 
allied belligerents, and to neutral countries. 

The direct exports of iron and steel the 
weight of which is returned by the govern- 
ment, reached a maximum in August, 405,- 
853 gross tons, declining to 381,917 tons 
in September and to 351,000 tons in Octo- 
ber. Deducting from 'these exports the 
pig iron, castings, etc., and making allow- 
ance for steel used in making shells, ma- 
chinery, freight cars, locomotives, motor 
cars, etc., we estimate that in the closing: 
months of the year the total finished steel 
shipped by the mills for all classes of ex- 
port, direct and indirect, did not exceed a 
rate of about 7,000,000 tons a year, out 
of a total output equalling not less than 
28,000,00 tons a year, or not over 25% at 
the outside. 

The remainder, fully 75%, represented 
strictly domestic steel. Undoubtedly the 
war demand for commodities in general 



THE STEEL AND METAL DIGEST 



January 



had a great deal to do with making the 
country prosperous enough to buy this 
steel. The favorable trade balance in the 
foreign trade developed in the closing 
months of 1914, jumping to $79,000,000 in 
November, 1914 and then to $131,000,000 
in December, while in 1915 a rate some- 
what similar to that of December was main- 
tained. Thus it was that the 12 consecu- 
tive months Deo. 1914, to Nov. 1915, in- 
clusive showed very large trade balances, 
with relatively small fluctuations from 
month to month, and the total for those 
12 months was $1,700,000,000. Over a 
period of years it had required about $500,- 
000.000 a year to equalize the unseen 
balance, which is always against us, and 
thus it may be said that in the 12 months 
ending November, 1915, there was an extra 
trade balance of $100,000,000 a month. 
When this had accumulated for 12 months 
the country was naturally very prosperous. 
It is in that way chiefly, rather than in 
orders for "war steel" that the war has 



made American steel industry prosperous. 
The Future. 
Europe is spending in the United States 
not her income but her capital. England 
and France have pledged their credit to us 
to the extent of $500,000,000. England is 
mobilizing her American securities to 
use them for further loans. Everyone 
recognizes that the condition is temporary, 
that it may change with the partial exhaus- 
tion of resources on the part of the allies 
before the war ends, and will undeniably 
change when the war ends. One does not 
know when or how the war will end, 
whether one side or the other will be 
victorious, or whether both sides will really 
commit suicide. It is beginning to be 
realized, however, that the war does not 
represent the destruction of much property, 
and particularly of property that must be 
replaced after the war. What remains 
psrticulary in doubt, however, is the 
economic conditions under which the warr- 
ing nations will resume their industries, 
whether that will be on a high or a low 









FINISHED STEEL 


PRICES. 












(Avera 


ged from dai 


y quo tations 


f.o.b. 


Pittsburgh.) 


Composite 














Wire 


Cut 


Sheets 


Tin 


Finished 


1914— 


Shapes, 


Plates, 


Bars, 


Pipe, 


Wire, 


Nails, Xails. 


Black. 


Galv. 


plate. 


steel. 


January . . 


. . 1.20 


1.20 


1.20 


80 


1.33 


1.53 


1.60 


1.86 


2.86 


3.40 


1.5394 


February 


. 1.25 


1.21 


1.22 


79^ 


1.40 


1.60 


1.60 


1.95 


2.95 


3.40 


1.5794 


March 


1.21 


1.18 


1.20 


79^ 


1.40 


1.60 


1.60 


1.95 


2.95 


3.40 


1.5638 


April .... 


1.18 


1.15 


1.15 


79J4 


1.40 


1.60 


1.60 


1.90 


2.89 


3.39 


1.5337 


May 


1.15 


1.14 


1.14 


80 


1.38 


1.58 


1.60 


1.85 


2.79 


3.30 


1.5078 


June 


1.12 


1.10 


1.12 


80 


1.32 


1.50 


1.58 


1.81 


2.75 


3.30 


1.4750 


July 


1.12 


1.11 


1.12 


80 


1.32 


1.52 


1.55 


1.80 


2.75 


3.30 


1.4805 


August . . 


. 1.18 


1.18 


1.18 


80 


1.37 


1.57 


1.55 


1.88 


2.87 


3.50 


1.5421 


September 


. 1.20 


1.19 


1.19 


80 


1.40 


1.60 


1.55 


1.98 


2.97 


3.48 


1.5630 


October . 


. 1.16 


1.14 


1.15 


80 


1.40 


1.60 


1.55 


1.96 


2.96 


3.25 


1.5236 


November 


. 1.11 


1.09 


1.11 


81 


1.39 


1.59 


1.55 


1.88 


2.88 


3.25 


1.4769 


December 


.. 1.05 


1.05 


1.05 


81 


1.31 


1.51 


1.55 


1.83 


2.80 


d.20 


1.4324 


Year .... 


1.16 


1.14 


1.15 


80 


1.37 


1.57 


1.57 


1.89 


2.87 


3.35 


1.5182 


1913 — 
January . . 


. . 1.10 


1.10 


1.10 


81 


1.34 


1.54 


1.58 


1.80 


2.80 


3.10 


1.4554 


February . 


. . 1.10 


1.10 


1.10 


80fg 


1.38 


58 


1.55 


1.S0 


3.09 


3.10 


1.4716 


March . . . 


. 1.15 


1.15 


1.15 


80 


1.40 


1 .60 


1.55 


1.80 


3.40 


3.15 


1.5098 


April .... 


1.20 


1.20 


1.20 


80 


1.37 


1.57 


1.55 


1.80 


3.40 


3.20 


1.5357 


May 


1.20 


1.17 


1.20 


79 


1.35 


1.55 


1.55 


1.80 


3.60 


3.11 


1.5381 




1.20 


1.15 


1.20 


79 


1.35 


1.55 


1.55 


1.76 


4.80 


3.10 


1.5312 


July 




1.22 


1.27 


79 


1.38 


1.5S 


1.55 


1.74 


4.65 


3.10 


1.5692 


August . . 


. 1.30 


1.26 


1.30 


79 


1.43 


1.61 


1.55 


1.85 


4.40 


3.10 


1.6059 


September 


. 1.33 


1.33 


1.35 


79 


1.54 


1.69 


1.58 


1.91 


3.68 


3.10 


1..6506 


October . . 


.. 1.44 


1.42 


1.43 


79 


1.63 


1.78 


1.65 


2.03 


3.57 


3.15 


1.7264 


Ni ivember 




1.63 


1.63 


78 


1.72 


i s; 


1.72 


2.30 


4.07 


3.45 


1.9089 


December 


. . 1.75 


1.7:, 


1 75 


78 


1.88 


2 03 


1.85 


2.53 


1.75 


3.60 


2.0329 




1.30 


1.29 


1 ..", 1 




l 18 


i 66 


1.60 


1.93 


:: 85 


3.19 


1.6280 



[RON AX I) STEEL IX i'.m; 



wage basis. 

That the United States will remain pros- 
perous during the war seems more than 
I robable. As to the close of the war, there 
is one thing that seems reasonably certain, 
something that was taught by the changes 
that occurred after the war started, and 
that is that there will not be a sudden estab- 
lishment of the new order of things. There 
will in all probability be sweeping changes 
first one way then the other. Just to sketch 
a possible picture, not .to make a pre- 
diction: The end of the war may cause a 
sudden tightening of the reins of credit 
and a partial stoppage of all industry. 
Then, when the first shock is over, men 
may see they are not much hurt after all 
and there may be expansion on the basis 
that industry may now hum all over the 
world. Then, if the countries at war 
succeed in re-establishing their industries 



on an economical basis we may slowly but 
surely lose ground until eventually then 
will be more or less industrial depression 
throughout the world. The purpose of the 
sketch is to show how conditions after the 
war are likely to change not once but twice 
or thrice. 

In the early days of January Chairman 
Gary of the United States Steel Corpora- 
tion gave to the press an interview that 
promises to be memorable. lie knew there 
was expansion and he feared there was even 
inflation, and he called on all forces to co- 
operate to meet the new conditions that 
would arise with the close of the war, which 
he predicted for an earlier time than 
generally assumed. He believed that both 
sides were more or less in straits, and that 
they surely would not proceed indefinitely 
and commit suicide. 

In particular the country seems to need 



PIG IRON PRICES. 



(Averaged from daily quotations; at Phil 
prices are delivered). 



delphia, Buffalo, Cleveland and Chicago, 

















No. 2 fdy - 


Ferro- 


Fur- 


Bessemer 


Basic, N 


O. 2 fdy 


Basic, 


No. 3 


X fdy, Cleve- Chi. Birm- mangan- 


nace 


1914- 




- Valley - 




Phila. 


Phila. 


Buffalo. 


land. 


:ago. i 


ngham. 


ese.* 


cokef 


Jan. . . 


14.06 


12.51 


13.00 


14.25 


14.69 


12.76 


13.30 


14.35 


10.63 


43.42 


1.88 


Feb. .. 


14.13 


13.21 


13.21 


14.00 


14.88 


13.02 


13.58 


14.46 


10.53 


38.33 


1.90 


Mar. . 


14.20 


13.05 


13.25 


14.10 


15.00 


13.38 


13.75 


14.75 


10.75 


38.40 


1.92 


April . 


14.00 


13.00 


13.25 


14.25 


15.00 


13.75 


14.21 


14.75 


10.52 


38.00 


1.90 


May .. 


14.00 


13.00 


13.17 


14.10 


14.91 


13.57 


14.25 


14.68 


10.50 


38.00 


1.83 


June . 


14.00 


13.00 


13.00 


14.00 


14.51 


13.01 


14.25 


14.21 


L0.29 


38.00 


1.80 


July .. 


14.00 


13.00 


13.00 


14.00 


14.40 


13.00 


13.81 


14.38 


10.06 


37.50 


1.75 


Aug. . 


14.00 


13.00 


13.00 


14.00 


14.28 


13.18 


13.75 


14.44 


10.00 


111.00$ 


1.74 


Sept. . 


14.00 


13.00 


13.00 


14.00 


14.68 


13.25 


13.75 


13.85 


10.00 


83.00 


1.70 


Oct. . 


13.97 


12.88 


12.89 


14.00 


14.29 


12.71 


13.73 


13.48 


10.00 


68.00 


1.65 


Nov. . 


13.75 


13.50 


12.75 


14.00 


14.24 


12.33 


13.50 


13.10 


10.00 


68.00 


1.60 


Dec. . 


13.75 


12.50 


12.75 


13.50 


14.25 


13.13 


13.30 


13.40 


9.67 


68.00 


1.60 


Year . 


13.99 


12.89 


13.02 


14.02 


14.50 


13.09 


13.76 


14.15 


10.24 


55.80 


1.72 


1915- 
























Jan. . 


13.75 


12.50 


12.75 


13.50 


14.45 


13.25 


13.25 


13.45 


9.50 


68.00 


1.55 


Feb. . 


13.64 


12.50 


12.75 


13.50 


14.50 


13.35 


13.25 


13.50 


9.50 


68.00 


1.55 


Mar. . 


13.60 


13.50 


12.75 


13.50 


14.35 


12.74 


13.35 


13.39 


9.42 


78.00 


1.53 


April 


13.60 


12.50 


12.75 


13.40 


14.05 


12.69 


13.35 


13.50 


9.25 


78.00 


1.55 


May . 


13.60 


12.50 


12.75 


13.25 


14.25 


13.17 


13.35 


13.50 


9.47 


91.00 


1.50 


June . 


. 13.75 


12.57 


12.70 


13.42 


14.25 


13.08 


13.25 


13.50 


9.50 


100.00 


1.50 


July . 


13.98 


12.87 


12.72 


13.83 


14.28 


12.83 


13.20 


13.50 


9.61 


100.00 


1.67 


Aug. 


15.12 


13.98 


13.71 


14.83 


14.91 


13.-83 


14.08 


13.88 


10.77 


100.00 


1.54 


Sept. 


15.93 


14.80 


14.50 


16.70 


15.91 


15.43 


15.04 


14.30 


11.22 


107.50 


1.66 


Oct. . 


16.00 


15.00 


14.58 


17.25 


16.25 


15.75 


15.25 


15.08 


11.71 


105.00 


2.1S 


Nov. 


16.67 


15.88 


15.82 


17.40 


16.95 


16.73 


16.47 


17.50 


13.14 


100.00 


2.35 


Dec. 


19.19 


17.73 


17.98 


18.01 


is. SI 


L8.02 


18.13 


IS.4S 


14.00 


105.00 


2.85 


Year 


14.90 


13.78 


13.81 


14.8S 


15.25 


14.23 


i4.:;i 


14.47 


10.59 


91.71 


1.79 


* Contract 


price, f 


o.'b. Ba 


ltimore 


; t 


Prom 


pt. f.o.b 


Count 


Ilsville 


ovens 




t Spot shipment; no 


contract market. 















THE STEEL AND METAL DIGEST 



January 



protection against cheap foreign goods. 
The administration purposes, apparently, to 
furnish what it thinks is needed by an anti- 
dumping provision. To this there are 
grave objections. The plan thus far pro- 
posed, in the first place, is to consider 
dumping as "unfair competition" and to 
proceed against it in the courts, when the 
extra duty on dumped goods has been 
proved in Canada very efficacious. In the 
second place, the country needs protection 
not merely against dumping, but against 
goods that are too cheap. Very low price 
standards may be established in the home 
markets of our competitors, and "dumping" 
in such case could not be proved. Finally, 
our prosperity is due to capital having 
come to us and it is wise, surely not sel- 
fish in a nation, to endeavor to retain that 
capital. If the clash comes under a low 
tariff, of prices being high in the United 
States and low abroad, the equalization will 



occur by the capita! leaving us. That seems 
sucidal. 

The Year Opening. 
The conspicuous feature of the year open- 
ing in the steel trade is that the usual holi- 
,day lull, which is supposed by precedent 
to be entitled to last at least until the 
middle of January, was scarcely in evidence 
at any time, while January opened with 
such a formidable list of price advances 
that there can hardly be said to have been 
any interim. In the first week in January, 
the business days 3d to 8th inclusive, the 
following advances occurred; Standard 
steel pipe, line pipe and oil country goods, 
$1 to $2 a ton; wrought iron pipe, $4 a ton; 
steel boiler tubes, $4; railroad and small 
spikes, $3; rivets, $2; bolts and nuts, 10%; 
cold rolled strip steel, $5; bars, plates and 
shapes, $1; blue annealed sheets, $3 — 



U. S. STEEL CORPORATION'S OPERATIONS. 



EARNINGS AND UNFILLED ORDERS. 



Earnings by Quarters. 

Net earnings by quarters since 1909: 
Quarter. 1915. 1914. 1913. 

1st $12,457,809 $17,994,382 $34,426,802 

2nd 27,950,055 20,457,596 41,219,813 

3rd 38,710,644 22,276,002 38,450,400 

4th 10,935,635 23,084,330 

Year 71,663,615 1°7,181,345 

1912. 1911. 1910. 

1st $17,826,973 $23,519,203 $37,616,877 

2nd 25,102,266 28,108,520 40,170,961 

3rd 30,063,513 29,522,725 37,365,187 

4th 35,181,922 23,155,018 25,901,730 

Year 108,174,673 104,305,466 141,054,755 



1906.. 
1907.. 
1908.. 
1909 . . 
1910.. 
1911.. 
1912.. 
1913. . 
1914.. 
1915.. 



Unfilled Orders. 
(At end of the Quarter) : 
First. Second. Third. 

7,018,712 6,809,584 7,936,884 
8,043,858 7,603,S78 6,425,008 
3,765,343 3,313,876 3,421,977 
3,542,590 4,057,939 4,796,<*33 
5,402,514 4,257,794 3,158,106 
3,447,301 3,361,058 3,611,317 
5,304,841 5,807,346 6,551,507 
7,468,956 5,807,317 5,003,785 
4,653,825 4,032,857 3,787,667 
4.255,749 4,678,196 5,317,608 



Fourth. 
8,489,718 
4,642,553 
3,603,527 
5,927,031 
2,674,757 
5,084,761 
7,932,164 
4,282,108 
3,836,643 



BOOKINGS AND SHIPMENTS. 

In this table, first two columns, percent- 
ages of bookings and shipments to total ca- 
pacity, our own estimates, while last column 
is derived from official reports of "unfilled 
tonnage" while third percentage column is 
directlv computed from this tonnage column. 
Ship- Book- Dif- Dif- 

ings. ference. ference. 
% 
83 
105 
40 
35 
37 



ments 
% 
January 1914 55 
February ... 67 

March 72 

April 67 

May 62 

June 63 

July 64 

August 67 

September . . 62 
October .... 55 
November . . 45 
December . . 38 
January 1915 44 
February ... 57 

March 67 

April 71 

May 76 

June 79 

July 83 

August 91 

September . . 98 
October ... 103 
X"\ ember . 102 



75 
72 
24 
28 
32 
82 
81 
66 
60 
63 
85 
113 
1(14 
89 
133 
172 
i.sr, 



% 
+28 
+38 
—32 
—32 
—25 
+ 3 
+11 
+ 5 
—38 

—13 
+ 44 
+37 
+ 9 

— 7 

— 8 
+ 9 
+34 
-4 81 

2 

+ 35 
+ 69 
+ 84 



Tons. 
+331,572 
+412,764 
—372,615 
—376,757 
—278,908 
+ 34,697 
+ 125,732 
+ 54,742 
—425,664 
—326,570 
—136,505 
+512,051 
+411,928 
+ 96,800 

— 89,622 

— 93,505 
+102.354 
+413,598 
-| 250.344 

— 20,085 
+409,163 
+847,834 

+1,024,037 



\K\\ [RON AND SI E M WORKS CONS! Rl I I [i > 



certainly an impressive list of advances for 
a year opening. 

One sulijcct of the moment is that dur- 
ing December the railroads maintained em- 
bargoes "ii nearly all steel to be shipped 
from mill for export, the shipments to the 
domestic trade being correspondingly in- 
creased, and yet steel appearing to lie as 
scarce as ever. This has given rise to the 
question how domestic industries will suffer 
when the export orders on books can and 
will be tilled. The railroad movement is 
gradually loosening, though severe winter 
weather may introduce fresh complications. 

On January 6th the United States Steel 
Corporation announced a general wage ad- 
vance, for February 1st. of about 10%, but 
already there had been inaugurated strikes 



at independent mills and furnaces in the 

Youngstown district foi a mm h largi 
vance. At tins writing (January 8th 

fiesh news is that after rioting and .1 
tion of much property the authorities have 
the situation in hand, but the plants in- 
volved are closed and it is not certain that 
thi general wage advance of 10%, which all 
manufacturers will doubtless willingly 
grant, but which they certainly will not ex- 
ceed, will be sufficient to end the strikes 
and restore normal production. The 
stoppage at the moment represents some- 
thing like 7 l / 2 % of the country's total steel 
pioduction, and any serious loss of produc- 
tion at this time will seriously affect the 
market situation. 



New Iron and Steel Works Construction. 



The Iron Age annually makes a compila- 
tion of new construction in the iron and 
steel industry. From its last four reports 
we compile the following statistics. 

Blast Furnaces Completed. 

AnnualCapacity. 
Number. Gross tons. 

1912 9 1,125,000 

1913 4 495,000 

1914 1 150,000 

1915 3 430,000 

Under construction, January 1, 1916, 10 
furnaces, 1,750,000 tons capacity. 

Open-hearth Steel Capacity Completed, 
Gross Tons. 

ANNUAL INGOT CAPACITY. 

Steel Corporation. Independents. Total. 

1913 .... 730,000 2,190,000 2,920,000 

1914 .... 420,000 795,000 1,215,000 

1915 .... 280,000 1,125,000 1,405,000 
Building .... 1,550,000 2,715,000 4,265,000 

Some very interesting deductions and 
observations can be made from these 
statistics. Necessarily the statistics are 
not absolute, as they refer to rated 
capacities. The new equipment may not 
perform up to its rating, while on the other 
hand capacities of existing units are in- 
creased without the actual construction of 
new units. 

The maximum rate of pig iron output 
until recently was attained in February, 



1913, when very nearly the entire capacity, 
certainly much more than 90%, was 
supposed to be in operation. The new 
furnaces completed since then account for 
no more than 935,000 tons, as one of the 
Duluth furnaces, completed in 1915, was 
now blowing on January 1st, yet the rate 
of production January 1, 1916, appears to 
have been 38,700,000 tons. The compari- 
son confirms what has been generally talked 
of in the trade, that of late many individual 
stacks have been making more iron than 
ever before. 

Chairman Gary's interview of January 
6th states that at "high water mark" in 1912 
steel ingots were being produced at the 
rate of 35.000,000 tons a year, and that the 
rate is now 41,000,000 tons. The new con- 
struction shown above for the intervening 
three years amounts to 5,540,000 tons, thus 
checking up nicely with the increase in- 
dicated by Chairman Gary's estimates. 
Will There be Enough Pig Iron? 

In the past two or three years predictions 
have been made in some quarters that the 
next time the iron and steel industry as 
a whole should become active a scarcity 
of pig iron would be developed. In appeared 
that there was more new construction of 
open-hearth furnaces than of blast furnaces. 
The above statistics confirm the view, but 
the facts have not confirmed the deduc- 
tion. In the three years 1913-4-5 new blast 
furnace construction amounted to 1,075,000 
tons and new open-hearth construction 



THE STEEL AND METAL DIGEST 



January 



amounted to 5,540,000 tons. The situation 
was saved, apparently, by the old stacks 
making more pig iron than they had ever 
made before. Perhaps some aid was also 
rendered by the fact that the war steel be- 
ing produced involves the production of a 
large amount of scrap, at the steel works 
where the ingots are cropped so liberally 



and at the finishing plants where shells are 
made. 

It is quite certain that pig iron is now 
relatively scarce, yet the situation is con- 
fronted with 1,750,000 tons blast furnace 
capacity and 4,265,000 tons steel ingot 
capacity being under construction. Will 
the supply of pig iron undergo the further 
stretch thus involved? 



A Year's Price Changes Of Iron And 
Steel Products. 

Price changes in merchant bars, structural shapes, plates, wire nails, merchant 
pipe, sheets and tin plates are given below, with dates. These are the commodities 
used in compiling our composite finished steel. In some cases the dates named are 
those upon which prominent producers an nounced price changes, but more frequently 
the dates are merely those upon which our quotations were changed. A few other 
price changes are included. 



1915— 

Jan. 1 



Mar. 



April 1 



1 

" 14 

May 1 



June 1 



July 



Bars 

Plates 

Shapes 

Wire nails 

Wire nails 

Pipe 

Galv. sheets 

Galv. sheets 

Bars 

Plates 

Shapes 

Wire galvanizing 

Wire galvanizing 

Boiler tubes 

Bars 

Plates 

Shapes 

Wire nails 

Steel pipe 

Boiler tubes 

Tin plate 

Plates 

Galvanized sheets 3.40 

Galvanized sheets 3.60 



1.05 
1.05 

1.05 
1.50 
1.55 



3.25 
1.10 
1.10 
1.10 

40c 
50c 



to 1.10 
to 1.10 
to 1.10 

to I.:,:. 
to 1.60 
81% to 80% 
3.00 to 3.35 
to 3.40 
to 1.15 
to 1.15 
to 1.15 
to 50c 
to 60c 



.'/. 



1.15 
1.15 
1.15 
1.60 



to 1.20 

to 1.20 

to 1.20 

to 1.55 

80% to 79% 

75% to 74% 

3.20 to 3.10 

1.20 to 1.15 

to 3.60 

to 3.75 



Galvanized pipe 62'/ 2 to 63J4 
Galvanized sheets 3.75 to 4.25 
Wire galvanizing G0c insiir 



Aug 



6 

7 

14 

16 

20 

20 

21 

28 

29 

3 

4 

6 

16 

19 

23 



Painted barb wire 1.55 to 1.70 
Sheets 1.70 to 1.75 

Galvanized sheets 5.00 to 4.50 



Boiler tubes 
Plates 
Wire nails 
Bars 



1.60 

1.25 



Galvanized sheets 4.50 



Wire nails 

Shapes 

Sheets 

Black sheets 

Wire galvanizing 

Blue ann. sheets 1.35 

Wire galvanizing 60c 



1.55 

1.25 

1.75 

1.80 

80c 



Aug. 

Sept. 



sheets 



8 


Sheets 




1.80 


to 1.75 


9 


Galv. 


heets 


4.25 


to 5.00 


15 


Boiler 


tubes 


74% to 73% 


1 


Bars 




1.20 


to 1.25 


1 


Plates 




1.15 


to 1.20 


1 


Shapes 




1.20 


to 1.25 


2 


Sheets 




1.75 


to 1.70 


6 


Wire nails 


1.55 


to 1.60 



Oct. 



Wire 
Wire nails 

Black sheets 
Plates 

Bars 

Blue ann 

Plates 
Shapes 
Wire nails 
Sheets 
Shapes 
Boiler tubes 
Bars 
Sheets 

Blue ann. sheets 1.55 
Bars 1.40 

Plates 
Shapes 
Galv. sheets 
Black sheets 



73% to 72% 
1.20 to 1.25 
to 1.55 
to 1.30 
to 4.25 
to 1.60 
to 1.30 
to 1.80 
to 1.85 
to 60c 
to 1.40 
to 70c 
to 1.50 
to 1.65 
to 1.90 
to 1.30 
to 1.35 
to 1.50 
to 1.35 
to 1.35 
to 1.75 
to 1.95 
to 1.40 
72% to 71% 
1.35 to 1.40 
to 2.00 
to 1.60 
to 1.45 
to 1.45 
to 1.45 
to 3. '50 
to 2.10 



1.40 
1.60 
1.85 
1.25 
1.30 
1.40 
1.30 
1.30 
1.65 
1.90 
1.35 



1.95 



1.40 
1.40 
3.60 
2.00 



MMICK V I'll )\ SI Vl'ISTICS. 



Dec. 



1916— 

Jan. :: 



Wire nails 

Blue aim. sheets 

Bars 

Plates 

Shapes 

Blue aim. sheets 

Boiler tubes 

Steel pipe 

Galv. sheets 

Black sheets 

Galv. sheets 

Bars 

Plates 

Shapes 

Tin plate 

Galv. sheets 

Blue ann. sheets 

Tin plate 

Sheets 

Sheets 

Galv. sheets 

Blue ann. sheets 

Wire nails 

Bars 

Plates 

Shapes 

Galv. sheets 

Galv. sheets 

Sheets 

Galv. sheets 

Blue ann. sheets 

Wire nails 

Boiler tubes 

Bars 

Plates 

Shapes 

Wire nails 

Sheets 

Tin plate 
Bars 
Plates 
Shapes 
Pipe (with extra 



l.(U) 
1.45 
L.4S 
1.45 

1.65 
7 1'', 
79% 

3.S0 

2.10 

3.60 
1.50 

1.50 
1.50 
3.10 
£70 
1.70 
3.30 
2.20 
2.25 
3.80 
1.80 
1.85 
1.60 
1.60 
1.60 
4.00 
4.25 
2.40 
4.50 
2.00 
1.90 

69% 
1.70 
1.70 
1.70 
2.00 
:>.:> 

3.60 

1.80 
1.80 



to 1.65 

to 1.50 
to 1.50 
to 1.50 
to 1.70 
to 69% 

to rs% 

to 3.60 
to 2.20 

to 3.70 
to 1.60 
to 1.60 
to 1.60 
to 3.30 
to 3.80 
to 1.80 
to 3.60 
to 2.25 
to 2.40 
to 4.00 
to 2.00 
to 1.90 
to 1.70 
to 1.70 
to 1.70 
to 4.25 
to 4.50 
to 2.50 
to 4.75 
to 2.25 
to 2.00 
to 68% 
to 1.80 
to 1.80 
to 1.80 
to 2.10 
to 2.60 

to 3.75 
to 1.85 
to 1.85 
to 1.85 



%tO 7 7'/< 



IMMIGRATION STATISTICS. 

Years mentioned refer to fiscal years 
ended June 30th. Aliens admitted, both 
immigrant and non-immigrant, and alien; 
departed, both emigrant and non-emigrant 
with change thereby effected in Unitec 
States population: 

Admitted. Departed. Change. 

1912 1,017,155 615,292 +401,86: 

1913 1,427,227 611,924 +815,30! 

1914 1,403,081 633,805 +769,27< 

July, 1914 . . 72,015 54,885 + 17,134 

August 51,231 54,112 — 2,88! 

September . 44,624 34,757 + 9,86' 
October . . . 45,241 39,410 + 5,83: 

Novemlber . 35,325 40,748 — 5,42: 
December . . 27,458 42,525 — 15,06' 
January, 1915 20,684 31,556 — 10,87: 
February . . 18,704 14,188 + 4,511 

March 26,335 15,167 + 11,161 

April 31,765 17,670 + 14,091 

May 33,363 17,624 + 14,73< 

June 28,499 21,532 + 6,96' 

Year 1915 .. 434,244 384,174 + 50,O7< 

July 27,097 16,015 + 11,08! 

August 27,413 41,737 — 14,38' 

September .. 31,096 33,061 — 1,961 
October ... 31,215 :20,3::s + 4.s7 
November . 29,297 26,00-5 + 3,29! 

United States citizens arrived and depart 
ed, with change thereby effected in Unitec 
States population: 

Admitted. Departed. Change. 

1913 286,604 347,702 — 61,091 

1914 286,586 368,797 — 82,21: 

1915 239,579 172,412 + 67,16' 

July, 1915.. 9,027 5.115 + 3,911 

August .... 9,506 10,310 — 80' 

September . 9,054 8,188 + 86i 

October . . . 8,991 8,329 + 66: 

November . 8,364 9,166 80: 

Net change in population caused by th< 

movement of both aliens and citizens 
1913, +754,205; 1914, +687,065; 1915, +117, 
237; July, 1915, +14,994; August, 1915, —15, 
128; September. 1915, —1,099; October. 191.: 
+5,539; November, 1915, +2,490. 



-o-O-o- 



THE STEEL AXD METAL DIGEST 



January 



Comparison Of Metal Prices. 

Range for 1913. Range for 1914. Range for 1915. 

Pig Iron. High. Low. High. Low. High. Low. 

Bessemer, valley 17.25 14.25 14.25 13.75 21.00 13.60 

Basic, valley 16.50 12.50 13.25 12.50 18.00 12.50 

No. 2 foundry, valley 17.50 13.00 13.25 12.75 18.50 12.50 

No. 2X fdy. Philadelphia. 18.50 14.50 15.00 14.20 19.50 14.00 

No. 2 foundry, Cleveland . 17.75 13.50 14.25 13.25 1S.80 13.00 

No. 2X foundry, Buffalo.. 18.00 13.00 13.75 12.25 1S.00 11.75 

No. 2 foundry, Chicago . . 1S.0O 14.00 14.75 13.00 18.50 13.00 

No. 2 South'n Birmingham 14.00 10.50 10.75 9.50 14.50 9.25 

Scrap Iron and Steel. 

Melting steel, Pittsburgh . 15.00 10.75 12.00 9.75 18.00 11.00 

Heavy melt, steel, Chicago 13.25 9.00 11.00 S.00 15.25 8.75 • 

No. 1 R. R. wrought, Pitts. 15.75 11.50 12.75 10.00 17.25 10.75 

No. 1 cast, Pittsburgh 15.00 11.50 12.25 10.50 15.00 11.00 

Heavy steel scrap, Phila... 14.75 9.75 11.25 9.00 16.25 9.50 
Iron and Steel Products. 

Bessemer rails, mill 1.25 1.25 1.25 1 25 1.25 I 25 

Iron bars, Pittsburgh 1.65 1.35 1.35 1.20 1.90 1.20 

Iron bars, Philadelphia ... 1.67% 1.22% 1.27% 1.12% 2.00 1.12% 

Steel bars, Pittsburgh 1.40 1.20 1.20 1.05 1.80 1.10 

Tank plates, Pittsburgh . . 1.50 1.20 1.20 1.05 1.S0 1.10 

Structural shapes, Pitts. .. 1.50 1.20 1.25 1.05 1.S0 1.10 

Grooved steel skelp, Pitts.. 1.45 1.15 1.20 1.12% 1.75 1.12% 

Black sheets, Pittsburgh.. 2.35 1.80 1.95 1.80 2.60 1.70 

Galv. sheets, Pittsburgh . . 3.50 2.80 3.00 2.75 5.00 2.65 

Tin plate, Pittsburgh 3.60 3.40 3.75 3.10 3.60 3.10 

Cut nails, Wheeling 1.70 1.60 1.60 1.55 1.85 1.55 

Wire nails, Pittsburgh 1.80 1.50 1.60 1.50 2.10 1.50 

Steel pipe, Pittsburgh .... 79% 80% 79%% 81% 79% Sl% 
Connellsville Coke at ovens. 

Prompt furnace 4.25 1.75 2.00 1.60 3.50 1.50 

Prompt foundry 4.50 2.40 2.50 2.00 3.75 2.00 

Metals — New York. 

Straits tin 51.00 36.75 05.00 28.50 57.00 32.00 

Lake copper 17.75 14.50 15-50 11.30 23.00 13.00 

Electrolytic copper 17.65 14.12% 14.87% 11.10 23.00 12.80 

Casting copper 17.45 13.87% 14.65 11.00 22. 00 12.70 

Sheet copper 22.00 19.75 20.25 16.50 28.00 18.75 

Lead (Trust price) 4.75 4.00 4.15 3.50 7.00 3.70 

Spelter 7.35 5.10 6.20 4.75 27.50f 5.70f 

Chinese & Jap. antimony. 9.00 6.00 1S.00 5.30 40.00 13.00 

Aluminum, 98-99% 27.12% 18.50 21.50 17.37% 60.00 18.75 

Silver 63?4 56% 59% 47^ 56% 46% 

St. Louis. 

Lead 4.72% 3.85 4.10 3.35 7:50 5.50 

Spelter 7.17% 4.95 6.00 .4.60 27.00 5.55 

Sheet zinc (f.o.b. smelter) 9.00 7.00 8.75 7.00 33.00 9.00 

London. £ £ £ £ £ £ 

Standard tin, prompts 232 166% 188 132 190 148% 

Standard copper, prompts .. 77% 61% 66% 19 86 '4 57 ' '% 

Lead 21% 15% 24 i; so 18% 

Spelter 26% 20% 33 21% 110 28% 

Silver 29%d 25iSd 27%. 1 23%d 27% .1 2'.>/, ; <l 

t For first nine months; market nominal thereafter. 



Closing. 
Dec. 31. 

21.00 
18.00 
18.50 
19.50 
18.80 
18.00 
18.50 
14.50 

1 

17.50 
15.25 
17.25 
15.00 
16.25 

1.25 
1.90 
2.06 
1.S0 
1.80 
1.80 
1.75 
2.60 
4.75 
3.60 
1.85 
2.10 
79% 



32.75 

21.75 

2S.00 

5.50 

40.00 
55.00 



5.42' 
17.25 
22.00 

£ 

168 



90 
26%d 



THE STEEL \\l> MKt'Ai DIGES1 



Comparison Of Security Prices. 

Range for 1913. Range for 1914. Range for 1915. Closing. 

Railroads. High. Low. High. Low. High. Low. Dec. 31 

Atchison, Top. & Santa Fe ... 106^ 90% 100% 89% ill 1 , ;>:>% 108% 

Atch. Top. & Santa Fe, pfd. 102% 96 101% 96% 102% 90 99% 

Baltimore & Ohio 106% 90% 95% 67 96 63J4 95% 

Canadian Pacific 266% 204 130 153 L94 L38 183 

Chesapeake & Ohio 80 57% 68 40 54% 35% 64% 

Chicago, Mil. & St. Paul 116J4 96% 107' s s i .? , 101% 77% 100% 

Erie R. R 32% 20% 32% 20% r, ■ . 19% 44 

Great Northern, pfd 132% 113% 13434 HP S 128% 11234 127% 

Lehigh Valley 168% 141% 15654 US * ;; .s 64% 82% 

Louisville & Nashville 143J4 126% 141% 125 130', MM 1 129% 

Missouri, Kansas & Texas .. 29% 18% 24 8% 15% 4 7 

Missouri Pacific 43% 21% 30 7 18% 1% 4% 

New York Central 109% 90% 96% 77 110% 81% 110% 

N. Y., N. H. & Hartford 129% 65% 78 49% 89 43 77 

Northern Pacific 122% 101% 118% 97 119 99% H8 

Pennsylvania R. R 123% 106 115% 102% 61% 51% 59% 

Reading 171% 151% 172% 137 85% 69% 84 

Rock Island 24% 11% 16% % 1% % % 

Southern Pacific 110 83 99% SI 104% 81% 103% 

Union Pacific 162% 137% 164% 112 141% 115% 139% 

Industrials. 

Am. Beet Sugar 50% 19% 33% 19 72% 33% 70 

American Can 46% 21 35% 19% 68% 25 61% 

American Can, pfd 129% 80% 96 80 113% 89 112 

Am. Car & Foundry 56% 36% 53% 42% 98 40 78%; 

Am. Cotton Oil 57% 33% 46% 32 64' 39 55% 

Am Locomotive 44% 27 37% 29% 74% 19 69 

Am. Smelting & Refining 74% 58% 71% 50% 108% 56 108% 

Brooklyn Rapid Transit 92% 83% 94% 79 93 83% 88% 

Chino Copper 47% 30% 44 31%' 57% 32% 55% 

Colo. Fuel & Iron Co 41% 24% 34% 29% 66% 21% 52% 

Consolidated Gas 142% 125% 139% 112% 150% 113% 144% 

General Electric 187 129% 150% 137% 185% 13S 174% 

Interborough-Metropolitan .. 19% 12% 16% 10% 25 10% 21% 

International Harvester 111% 96 113% 82 114 90 110 

Lackawanna Steel 49% 29% 40 26% 94% 28 81 

National Lead 56% 43 52 40 70% 44 66% 

Ray Consolidated Copper 22 15 22] 15 27% 15% 25% 

Republic Iron & Steel 28% 17 27 IS 57% 19 55% 

Republic Iron & Steel, pfd... 92% 72 \V/ A 75 Ll'2% 72 110 

Sloss-Sheffield 45% 23 35 19% 66% 22 63% 

Texas Co 132% 89 149 i 112 237 120 233 

U. S. Rubber 69% 51 63 44% 74% 41 56% 

U. S. Steel Corporation 69% 49% 67% 48 89% 38 88% 

U. S. Steel Corporation, pfd.. 110% 102% 112% 103% 117 102 117 

Utah Copper 60% 39% 59% 45% 81% 48% 81% 

Va.-Carolina Chem 43% 22 34% 17 52 15 49% 

Western Union Telegraph ... 75% 54% 6G% 53% 90 57 88% 



THE STEEL AND METAL DIGEST 



January 





COMPOSITE 


STEEL 






COMPOSITE PIG 


IRON 


. 


Computa 


tit m fc 


r January 1, 


916 




Co 


mputat 


on for 


January 1, 


1916. 




Pom 


ds. 


Group. 


Price 


Extensii in. 


One 


ton Bessemer 


, valley 




$21.00 


2'A 




Bars 




1.80 


4.500 


Two 


tons t 


asic, \ 


alley 


(18.00) 


36.00 


i'A 




Plates 




1.80 


2. 


700 


One 


ton No 


. 2 foundry, 


valley 




18.50 


VA 




Shapes 




1.80 


2. 


700 


One 


ton Ni 


. 2 foundry, 


Philadelphia 


19.50 


i 




Pipe (M- 


2.20 


3.300 


One 


ton Nc 


. 2 fot 


ndry, 


Buffal 


o .... 


18.25 


i ! a 




Wire 


lails 


2.10 


3.150 


One 


ton Mi 


2 fou 


idry. Cleveland . . . 


18.80 


1 




Sheets 


(38'bl.) 


2. CO 


2. 


600 


One 


ton Ni 


. 2 foundry, 


Chica 


go ... 


19.00 


Vi 




Tin pi 


ates 


3.60 


1.800 


Tw.. 


tons IN 


o. 2 S 


juthern foundry. 




10 


>ound 
One 

eragec 
191 








20. 


750 


Cincinnati 
Total, t 
One 

Averaged 


(17. 40"i 






34.80 




pound 

from 

1. 19 







2.0750 

ns: 
1914. 


1915. 


en ton 
ton 








185.85 








18.585 

ons: 




Av 


daily quotatic 
12. 1913. 














from daily quotati 




Jan. 


1.7415 1.5123 1.7737 1.5394 


1.4554 




1911 


1912. 1913. 


1914. 


1915. 


Feb. 


1.7520 1.4878 1.7625 1.5794 


1.4716 


Jan. 


14.375 13.420 17.391 


13.492 


13.070 


Mar. 


1.7590 1.4790 1.7646 1.5638 


1.5098 


Feb. 


14.340 13.427 17,140 


13.721 


13.079 


Apri 


1.76O0 1.5206 1.7742 1.5337 


1.5357 


Mar. 


14.425 13.581 16.775 


L3.843 


12.971 


May 


1.7510 1.5590 1.7786 1.5078 


1.5381 


Apri 


14.375 13.779 16.363 


L3.850 


12.914 


June 


1.6817 1.5 


■94 1." 


719 1.4750 


1.5312 


May 


. 14.242 13.917 15.682 


L3.808 


13.026 


July 


1.6701 1.6188 1.7600 1.4805 


1.5692 


June 


14.032 14.005- 14.968 


13.606 


13.047 


Aug. 


1.6394 1.6 


?84 1.7400 1.5421 


1.6059 


July 


13.926 14.288 14.578 


L3.520 


13.125 


Sept. 


1.6090 1.7086 1.7093 1.5632 


1.6506 


Aug. 


13.874 14,669 14 


.565 


13.516 


14.082 


Oct. 


1.5461 1.7588 l.C 


779 1 


.5236 


1.7264 


Sept. 


13.819 15.386 14.692 


13.503 


14.895 


Nov. 


1.4930 1.7 


"50 1.6203 1.4769 


1.9089 


Oct. 


13.692 16.706 14 


.737 


13.267 


15.213 


Dec. 


1.4812 1.7 


"89 1.J 


558 1.4324 


2.0329 


Ni iv. 


13.532 17.226 14.282 


13.047 


16.398 


Year 


1.65 


70 1.6 


J14 1." 


241 1 


.5182 


1.6280 


Dec. 
Year 


13.430 17.4 
14.005 14. S 


75 13.838 
23 15.4 is 


13.073 
3.530 


17.987 


SCRAP Tl 


14.150 


Melting 
Steel. 
Pitts. 
1914 


Bundled 
Sheet. 
Pitts. 


No. 1 R. B. No. 
Wrought. Cast 
Pitts. Pitts. 


1 No. 1 
Steel. 
Phlla. 


Heavy 
Melt'g. 
Ch-go. 


UNFINISHED STEEL 

AND IRON BARS. 


Mar. 
Apr. 


12.25 
12.25 


9.00 
9.00 


12.85 

12.00 


12.40 

12.15 


11.50 
10.80 


10.50 
10.00 




(Averaged from daily quotations.) 
Sheet 
Billets, bars. Rods. — Iron bars, deliv. — 
Pitts. Pitts. Pitts. Phila. Pitts. Ch'go. 


May 


11.75 


9.10 


11.75 


12.25 


10.60 


10.00 


1914- 














June 


11.75 


9.10 


11.75 


12.25 


10.50 


9.8P 


Aug. 


20.17 


21.08 


25.25 


1.18 


1.25 


1.07 


July 


11.75 


8.50 


11.75 


11.50 


10.60 


9.75 


Sep. 


20.75 


21.75 


26.00 


1.18 


1.20 


1.07 


Aug. 


11.50 


8.50 


11.50 


11.25 


10.75 


9.75 


Oct. 


20.00 


20.70 


26.00 


1.14 


1.20 


1.01 


Sep. 


11.25 


8.70 


10.50 


11.25 


10.75 


9.25 


Nov. 


19.25 


19.75 


25.00 


1.13 


1.20 


.96 


Oct. 


10.75 


8.50 


10.25 


11.25 


10.00 


9.00 


Dec. 


18.75 


19.25 


24.40 


1.12 


1.20 


.91 


Nov. 


10.10 


8.10 


10.25 


10.75 


9.25 


8.25 


Year 


20.06 


20.82 


25.50 


1.20 


1.27 


1.07 


Dec. 


10.50 


8.50 


10.50 


11.00 


9.65 


8.40 


1915- 














Year 


11.42 


8.52 


11.51 


11.71 


10.53 


9.55 


Jan. 


19.25 


19.75 


24.80 


1.12 


1.20 


.97 


1915- 














Feb. 


19.25 


19.75 


25.00 


1.12 


1.20 


1.03 


Jan. 


11.40 


9.20 


10.75 


11.25 


10.30 


9.00 


Mar. 


19.30 


19.80 


25.00 


1.13 


1.20 


1.10 


Feb. 


11.70 


9.25 


10.75 


11.35 


10.70 


9.20 


Apr. 


19.50 


20.00 


25.00 


1.18 


1.20 


1.14 


Mar. 


11.80 


9.37 


10.75 


11.50 


10.85 


9.25 


May 


19.50 


20.00 


25.00 


1.18 


1.20 


1.15 


Apr. 


11.65 


9.37 


10.75 


11.85 


11.10 


9.13 


June 


20.00f 20.50f 


25.00 


1.20 


1.20 


1.17 


May 


11.65 


9.37 


10.75 


11.85 


11.25 


9.50 


July 


21.40f 21.90f 


25.75 


1.32 


1.20 


1.20 


June 


11.75 


9.37 


10.75 


11.85 


11.25 


9.75 


Aug. 


23.50f 24.0Of 


27.00 


1.43 


1.25 


1.22 


July 


12.62 


9.60 


11.00 


12.00 


11.85 


10.90 


Sep. 


25.50T 


26.00f 


29.75 


1.49 


1.35 


1.30 


Aug. 


14.05 


11.40 


12.35 


12.85 


13.70 


11.85 


Oct. 


26.00f 


26.00f 


31.50 


1.57 


1.45 


1.38 


Sep. 


14.25 


11.90 


13.15 


13.10 


14.70 


12.15 


Nfov. 


26.20f 


2. ;.;,( it 


36.00 


1.72 


1.54 


1.51 


Oct. 


14.50 


12.00 


13.75 


13.35 


14.50 


12.00 


Dec. 


30.73t 


30.73 


39.50 


1.99 


1.83 


1.69 


Nov. 


16.12 


12.55 


15.35 


13.90 


14.65 


13.95 


Year 


22.51 


22.91 


28.28 


1.37 


1.32 


1.24 


Dec. 


17.65 


13.15 


17.10 


14.95 


r, 60 


15.25 


* Premiums for Bessemer. 






Year 


13.26 


10.. 54 


L2.26 


12.40 


12.54 


10.99 


t Premiums for 


open- 


learth 







[RONAND STEE] FOREIGN rRADl SI A I IS I US. 



IRO N AND STEEL IMPORTS AND EXPORTS. 



VALUE OF TONNAGE AND NON-TONNAGE. 

1910. 1911. 1912. 1913. 1914. 

January $14,513,394 $18,738,391 $18,451,914 $25,141,409 $16,706,836 

February 13,949,082 18,690,792 21,801,570 24,089,871 16,520,260 

-March 17,253,503 22,591,991 24,474,799 27,221,210 20,551,137 

April 16,5&9,260 24,916,912 ?6,789,8.j:: 87,123,044 20,639,569 

May 17,658,042 20,616,795 28,050,247 rj ( i . r 1 s . 'J T i > 1.9,734,045 

June 16,503,204 20,310,053 24,795,802 25,228,346 18,927,958 

July 16,108,102 17,454,772 24,917,952 24,170,704 16,737,552 

August 17,628,537 20,013,557 25,450,107 23,947,440 10,428,817 

September . . . 16,776,178 19,875,308 23,286,040 22,831,082 12,531,102 

October 17,452,085 20,220,S33 25,271,559 25,193,887 16,455,832 

November . . . 18,594,806 2O,S23,061 26,406,425 20,142,141 15,689,401 

December . . . 18,300,710 22,186,996 23,750,864 22,115,701 14,939,613 



1915. 

£18,053,421 
16,470,751 
20,985,505 
J5,302,649 
26,536,612 
31,757,103 
35,891,575 
37,726,822 
38,415,180 



Totals 



$201,271,903 $249,656,411 $289,128,420 $293,934,160 $199,861,684 $251,112,482 



EXPORTS OF TONNAGE LINES— Gross tons. 

1908. 1909. 1910. 1911. 1912. 1913. 1914. 1915. 

January 74,353 70,109 118,681 152,362 151,575 249,493 118,770 139,791 

February 81,773 84,837 110,224 150,919 204,969 241,888 121,206 144,366 

March 96,681 94,519 124,980 216,360 218,219 257,519 159,998 174,313 

April 93,285 100,911 117,921 228,149 267,313 259,689 161,952 223,240 

May 64,041 109,808 135,306 178,589 307,656 242,353 139,107 263,649 

June 69,770 114,724 120,601 174,247 273,188 243,108 144,539 355,402 

July 86,796 100,850 127,578 162,855 272,778 237,159 114,790 378,897 

August 86,244 105,690 131,391 177,902 282,645 209,856 -86,599 405,853 

September 76,732 97,641 119,155 181,150 248,613 213,057 96,476 381,917 

October 85,766 110,821 129,828 186,457 251,411 220,550 147,293 351,128 

November 71,130 116,105 155,138 187,554 233,342 175,961 140,731 

December 77,659 137,806 150,102 190,854 235,959 181,715 117,754 



Tota 


Is 


961,242 


1,243,567 1 


540,805 2, 


187.724 


;,H4s,460 2,730,681 1,549,503 2,818,556 




IRON 


ORE IMPORTS. 






IRON AND STEEL IMPORTS. 




1912. 


1913. 


1914. 


1915. 




1911. 


1912. 


1913. 


1914. 


1915. 


Jan. . . 


154,118 


175,463 


101,804 


75,286 


Jan. 


33,071 


20,008 


21,740 


17,776 


10,568 


Feb. .. 


129,693 


188,734 


112,574 


78,773 


Feb. 


20,812 


11,622 


25,505 


14,757 


7,506 


Mar. . 


157,469 


164,865 


68,549 


88,402 


Mar. 


23,533 


15,466 


27,467 


27,829 


8,025 


April . 


178,502 


174,162 


111,81a 


91,561 


April 


22,392 


12,481 


25,742 


30,585 


16,565 


May . . 


194,482 


191,S60 


125,659 


98,974 


May 


23,347 


15,949 


28,728 


28,173 


28,916 


June . . 


180,122 


241,069 


188,647 


118,575 


June 


29,399 


21,407 


36,597 


23,076 


32,200 


July .. 


185,677 


272,017 


141,838 


119,468 


July 


15,782 


17,882 


36,694 


25,282 


20,858 


Aug. . . 


178,828 


213,139 


134,913 


126,806 


Aug. 


10,944 


20,571 


18,740 


28,768 


27,556 


Sept. . 


180,571 


295,424 


109,176 


173,253 


Sept. 


14,039 


18,740 


19,941 


38,420 


23,344 


Oct. . . 


202,125 


274,418 


114,341 




Oct. 


21,035 


25,559 


20,840 


22,754 


34,317 


Nov. . 


163,017 


179,727 


90,222 




Nov. 


13,880 


24,154 


25,809 


24,165 




Dec. .. 


199,982 


223,892 


51,053 




Dec. 


19,665 


21,231 


26,454 


9,493 





Totals 2,104,576 2.594,770 1,351,368 971,098 



Total 256,903 225,072 317,260 290,394 209,855 



THE STEEL AND METAL DIGEST 



January 



CAR BUYING. 

Freight cars ordered: 

First half 1913 114,000 

Second half 1913 33,000 

Year 1913 147,000 

First half 1914 11,380 

S< i ond half, 1914 13,6-0 

Year, 1914 30,000 

1915— 

January 3,300 

February 4,255 

March 1,387 

April 3,000 

May 20,210 

June 29,864 

Six months 61,916 

July 5,675 

August 4,02.". 

September 5,060 

October 26,939 

November 19,863 

December 7,055 

Six months 69,217 

Year 1915 131,133 

PIG IRON PRODUCTION. 

Rates per annum, including charcoal p'g. 

January, 1914 22,500,000 

February 25,000,000 

March 28,000,000 

April 28,000,000 

May 25,000,000 

June 23,650,000 

July 23,350,000 

August 23,600,000 

September 23,200,000 

October 21,200,000 

November 18,700,000 

December 18,100,000 

January, 1915 19,100,000 

February 22,100,000 

March 24,600,000 

April 26,000,000 

May 26,800,000 

June 29,250,000 

July 30,300,000 

August 31,800,000 

September 35,000,000 

October 37,100,000 

November :;7,350,000 

December 38,000,000 

On January 1, 1916 38,700,000 

Actual production: 
1910 27,303,567 

1913 30,966,152 

1914 2.;. 



OUR FOREIGN TRADE. 



Value of merchandise imports and ex- 


ports 


, and favorable trade balance, calendar 


years 










Imports. 


Exports. 


Balance. 


1902 


989,316,870 


1,360,685,933 


391,369,063 


1903 


995,494,327 


1,484,753,083 


489,258,756 


1904 


1,035,909,190 


1,451,318,740 


415,409,550 


1905 


1,179,144,550 


1,626,990,795 


447,846,245 


1906 


1,320,501,572 


1,798,243,434 


477,741,862 


1907 


1,423,169,820 


1,923,426,205 


500,256,385 


1908 


1,116,374,087 


1,752,835,447 


636,461,360 


1909 


1,475,520,724 


1,728,198,645 


252,677,921 


1910 


1,562,904,151 


1,866,258,904 


303,354,753 


1911 


1,532,359,160 


2,092,526,746 


560,167,586 


1912 


1,818,133,355 


2,399,217,993 


581,084,638 


1913 


1,792,596,480 


*2,484,018,292 


*691,421,813 


1914 


*1,789,276,001 


2,113,624,059 


324,348,049 


1913- 








April 


146,194,461 


199,813,438 


53,618,977 


May 


133,723,713 


194,607,422 


60,883,709 


June 


131,245,877 


163,404,916 


32,159,039 


July 


139,061,770 


160,990,778 


21,929,008 


Aug. 


137,651,553 


187,909,039 


50,257,467 


Sept. 


171,084,843 


218,240,001 


47,155,158 


Oct. 


132,949,302 


271,861,464 


138,912,162 


Nov. 


148,236,536 


245,539,042 


97,302,506 


Dec. 


*184,025,571 


233,195,628 


49,170,057 


1914- 








Jan. 


154,742,923 


204,066,603 


49,323,680 


Feb. 


148,044,776 


173,920,145 


25,875,369 


Mar. 


182,555,304 


187,499,234 


4,943,930 


April 


173,762,114 


162,552,570 


+ 11,209,544 


May 


164,281,515 


161,732,619 


+2,548,896 


June 


157,529,450 


157,072,044 


+457,406 


July 


150,677,291 


154,138,947 


t5,538,344 


Aug. 


129,767,890 


110,367,494 


119,400,396 


Sept 


139,710,611 


156,052,333 


16,341,722 


Oct. 


137,978,778 


195,283,852 


57,305,074 


Nov. 


126,467,062 


205,878,333 


79,411,271 


Dec. 


114,656,545 


245,632,558 


130,976,013 


1915— 








Jan. 


122,265,267 


267,801,370 


145,536,103 


Feb. 


125,123,391 


298,727,757 


173,604,366 


Mar. 


158,022,016 


296,501,852 


138,479,836 


Apr. 


160,576,106 


294,746,117 


134,170,011 


May 


142,284,851 


273,769,093 


131,484,242 


June 


157,695,140 


268,547,416 


110,852,276 


July 


143,099,620 


267,978,990 


124,879,370 


Aug. 


l 11,830,203 


261,025,230 


119,195,028 


Sept. 


151,236,026 


300,676,822 


149,440,796 


Oct. 


148,529,620 


*334,638,578 * 


186,108,958 


Nov. 


164,3191,169 


331,144,527 


166.825,358 



* High record. 

f Balance unfavorable. 



[RON wi> ST] El I \ i [STICS. 



STEEL MAKING PIG IRON 
AVERAGES. 

Bessemer and basic pig iron averages, 
compiled by W. P. Snyder & Company from 
sales in the valley market of 1,000 tons and 



Jan. 

Feb. 

Mar. 

April 

May 

June 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec, 

Year 



Bessemer. 

1914. 1915. 

$14,035 $13.5375 

14.225 13.60 

14.1667 13.60 

. 14.00 13.60 



Basic. 
L914. 1915. 
$12,325 $12.50 
13.059 12.50 
13.041 
13.00 



12.50 

12.50 

12.65 

12.724 

12.959 

14.364 

15.00 

15.0147 

15.518 

17.4S7 

13.810 



14.00 13.659 13.00 
14.00 13.75 13.00 
14.00 13.991 13.00 
14.00 15.064 13.00 
14.00 15.906 13.00 
13.9375 16.00 12.85 
13.6375 16.615 12.477 
13.75 19.081 12.50 
13.9793 14.870 12.S54 
Above prices are f.o.b. valley furnace; de- 
livered Pittsburgh is 95 cents higher. 

BAR IRON AVERAGES. 

Average realized prices on shipments of 
base sizes of common iron bars by the Re- 
public Iron & Steel Company, Union Roll- 
ing Mill Company, Fort Wayne Rolling 
Mill Company and Highland Iron & Steel 
Company, as disclosed by wage adjustments 
of Amalgamated Association of Iron, Steel 
and Tin Workers, prices realized in bi- 
monthly periods, governing wage rates for 
succeeding two months. 

1913. 1914. 1915. 
January-February. 1.4831 1.1590 1.024 

March-April 1.5430 1.176 1.087 

May-June 1.5273 1.1257 *1.10 

July-August 1.5029 1.0928 *1.15 

September-October 1.3931 1.0847 *1.20 
November-Dec'ber 1.2030 1.037 
Year's average 1.4421 1.1125 

* Settlement basis. 



TIN PLATE MOVEMENT , 

United States imports and exports of tin 
plate in gross tons have been as follows, 
the imports of course including those for 
drawback purposes: Imports. Exports. 



1908 58]4ao 

1909 G2) 593 

1910 66,640 

1911 14,096 

1912 2,053 

1913 20,680 

1914 15,411 

January, 1915 1,608 

February 355 

March 53 

April 44 

May 24 

June 75 

July 71 

August 50 

September 31 

( >ctober 15 

Ten months 2,236 



11,878 

9,327 

12,459 

61,466 

81,694 

57,812 

59,549 

7,014 

5,834 

10,500 

9,084 

7,218 

8,024 

13,845 

21,939 

22,262 

16,922 

122,031 



British tin plate exports have been as fol- 
lows, in gross tons: 

1912 481,123 

1913 494,921 

1914 435,497 

January 1915 29,216 

February 25,101 

March 36,170 

April 40,135 

May 33,727 

June 33,986 

July 39,528 

August 22,572 

September 20,002 

October 31,968 

W.vember 25,556 



eleven months 337,961 







BRITISH IRON AND STEEL EXPORTS. 






1914— 


Pig Iron 


Rails. 


Tin Plate 


Total.* 


Mar. 


20,172 


17,572 


36,170 


239,342 


May . 


95,037 


56,881 


48,628 


437,648 


Apr. 


. . 35,309 


21,602 


40,135 


264,244 


June . 


88,569 


39,700 


36,565 


366,066 


May 


. . 29,342 


21,776 


33,727 


267,524 


July . 


74,617 


43,133 


47,237 


385,301 


June 


. . 39,127 


23,728 


33,986 


272,195 


Aug. . 


28,342 


22,763 


21,414 


211,605 


July 


78,370 


33,224 


39,528 


351,984 


Sept. . 


37,793 


39,185 


23,440 


228,992 


Aug, 


. . . 73,283 


32,962 


22,572 


295,260 


Oct. . 


47,188 


37,005 


26,950 


263,834 


Sept. 


. . 53,068 


15,800 


20,002 


249,501 


Nov. . 


. 49,666 


16,181 


::o,942 


240.60S 


Oct. 


. . . 78,973 


13,640 


31,968 


312,141 


Dec. . 


31,705 


16,315 


30,254 


212,667 


Nov. 


. . 86,109 


12,760 


25,556 


308,319 


Year 


. 90,405 


435,440 


435,497 


3,977,468 


* I 


lcludes scrap 


, pig iron, rolled 


iron and 


1915— 










steel, 


cast and wrought i 


ron mano 


factures, 


Jan. . . 


21,138 


34,411 


29,216 


230,204 


bolts, 


nuts, etc., but not fi 


nished machinery, 


Feb. . 


21.934 


14.877 


25,101 


198,804 


boilers, tools, etc. 









THE STEEL AND METAL DIGEST 



Januarj 



Copper in 1915. 



Activity, buoyancy and strength were the 
predominant features of the 1915 copper 
selling campaign. At the close of the year, 
the industry, having travelled from pro- 
found depression fifteen months previous 
ly, was on the heights of prosperity. Each 
of these extreme conditions was the result 
of the European war. At the end of De- 
cember heavy buying, attended by much 
excitement carried prices to the highest 
level of the year — electrolytic selling at 
22j4c to 23c per pound — and within x />c per 
pound of the highest point reached in com- 
mercial history, without taking into account 
some sales made in the infancy of the in- 
dustry. 

At the beginning of 1915, although prices 
had advanced l? s c per pound from the low- 
est point touched in 1914, an extremely 
conservative sentiment prevailed. The re- 
fineries then were producing at the rate of 
only 35,000 tons per month, but as the 
demand increased and prices became more 
remunerative, larger output at the mines 
and smelters was reflected at the refineries. 
As it became evident from month to month 
that all of the copper refined would be 
needed to meet domestic and foreign re- 
quirements, redoubled efforts were made 
to increase production until in October the 
refined output was almost 75,000 tons, ac- 
cording to reliable estimates. This was 
record-breaking and was followed by a de- 
crease of about 5,000 tons per month in 
November and December due to labor dif- 
ficulties in the west. 

Throughout the year commercial devel- 
opments were unusually interesting and 
significant all of which received coloring 
from the attitude of the Allied governments 
whi' largely shaped the destinies of the 
I situation. Conditions were ripe for 
heavy speculative transactions and the spec- 
ulator was u'biquitious. During each ac- 
tive buying movement reports were cir- 
culated that German consumers had pur- 
chased large tonnages of American elec- 
trolytic copper to be delivered after the 
war. Sometime- it was asserted that as 
much as 2c per pound had been paid as a 
retainer. It may have been that the Teu- 
operators were not unwilling to in- 



dulge in speculation at the expense of the 
enemies of the Fatherland but it is highly 
improbable that any such purchases were 
really made on German account. It de- 
veloped later that most of these purchases 
were made by a pool which acquired about 
60,000,000 pounds at relatively low prices 
which was subsequently resold at a hand- 
some profit after having been transferred 
to Brooklyn warehouses during the inter- 
val. The source of many of Wall Street's 
tips on copper thus seems to be revealed. 
Some large domestic consumers who had 
the temerity to purchase largely in excess 
of requirements were also tempted to sell 
their surplus metal after the market had ad- 
vanced 4c to 5c per pound. Subsequently, 
however, some of this metal was repur- 
chased by the same people at even higher 
prices when domestic melting was increas- 
ed far beyond expectations entertained 
earlier in the year. The buying of copper 
to be used in the manufacture of war muni- 
tions began early in the year but it was 
not until April that the extraordinary de- 
mand culminated in a furor of buying which 
continued throughout May and June, prices 
rising from 15.80c to 18.87j4c in April, up 
to 20c by the middle of June. Contracts 
were placed for various deliveries extend- 
ing over the whole of 1915 and in some 
instances for shipment well through 1916. 
At one time it was possible to purchase 
copper in Europe at lower prices than pre- 
vailed here and some negotiations were 
entered into to return metal to the United 
States but there were few import transac- 
tions of importance put through. One of 
the interesting developments during this 
period of great excitement and activity was 
the purchase of large tonnages of copper 
by the Allied governments who supplied 
it to American brass founders and other 
manufacturers of war munitions, who in 
turn delivered the brass and other products 
at a -tipulated manufacturers profit for con- 
version. This heavy buying movement came 
to an end about the latter part of June 
when a reaction set in that carried prices 
downward to LVi-jJc about August 15th. 

The statistical position had been grow- 
ing less favorable for several months. Sur- 



in uv 



COPPER l\ I'.m;, 



plus >t<'ik- were lowest during the latter 
part >>i May but increased during June, 
July .nul Vugust and even in September, 

due mainly to the light exports ami the 
heavy increase in production. During the 
dull period that followed the stupendous 
buying movement there was again talk of 
concerted action among producing inter- 
ests to bring about another curtailment of 
production at the smelters and refineries. 
In September the output is understood to 
have reached 1C,7. 0011. DUO pounds, but do- 
mestic deliveries had increased from 25,000 
tons in January to 40,000 tons in Septem- 
ber. 

The European markets were then finding 
an increased supply through larger offer- 
ings from Australia and Japan. These for- 
eign producers accepted prices which Amer- 
ican refiners would not entertain. Renew- 
ed demand, however, carried the New York 
market to 17 " s c within a few day, only to 
be followed by another reaction of near- 
ly one cent per pound. This unsettled 
period brought out indications that manu- 
facturing stocks were low but when pro- 
ducing interests attempted to exact oner- 
ous prices, domestic buyers temporarily 
withdrew. 

There were only fractional changes in 
prices during October and an unusual 
phase developed through competition be- 
tween Lake and electrolytic copper sellers. 
During the second quarter buying move- 
ment Lake producers obtained premiums of 
2c to 3c per pound over Electrolytic. Lake 
copper is preferred, because of its fibrous 
character, in the manufacture of brass that 
is to be converted into cartridges, but for 
ordinary manufacturing purposes Lake will 
not command much, if any premium over 
electrolytic. Producers of Lake copper, 
however, who had sold far ahead and re- 
mained out of the market, for important 
tonnages, for nearly three months upon re- 
entering the market in October found the 
field had been pre-empted by the manufac- 
turers of electrolytic, consequently they 
were obliged to accept lower prices to effect 
sales. 

Another buying movement of great mag- 
nitude developed in November that carried 
prices rapidly from L8c to nearly 20c per 
pound. Not only did European govern- 
ments again purchase heavily but domestic 
manufacturers of munitions, oi electrical 



machinery, wire and other products, b 
feverishly for deliveries extending over the 
first quarter and first half of 1916. Excite- 
ment again ran high and sales during the 
month were even greater than in June. 
Early in December a lull in buying, natur- 
ally developed the opinion that as the holi- 
day season was at hand, dullness would 
prevail until the first of the year. Sudden- 
ly, however, another heavy buying move- 
ment carried prices rapidly to 2-2 }/c to 
23c per pound. Particularly large sales 
were made for export but domestic con- 
sumers were most concerned to cover re- 
quirements for the first and second quar- 
ters of 1916. During the last few days of 
December numerous small smelters became 
urgent buyers for early shipment. Tin- 
year closed with an active and feverish 
market and the conviction that prices would 
go higher in January. 

COPPER PRICES IN DECEMBER. 

New York London. 

Lake. Electro. Casting. Standard. 

Day. Cents. Cents. Cents. £ s d 

1 19.87^ 19.75 19.37}/ 80 

2 19.87}/$ 19.75 19.25 79 10 

3 .... 19.625/ 19.62^4 19.13^ 7S 5 

6 19.50 19.50 19.00 78 

7 19.50 19.50 19.00 77 5 

8 .... 19.50 19.37^ 18.87^ 76 10 

9 19.50 19.37^ 18,87}4 77 2 6 

10 19.50 19.37J/ 18.S7}/ 76 12 6 

13 .... 19.37J/.; 19.371/ 1S.S7J/ 76 2 6 

14 19.37}/ 9.37}/ 19-00 76 12 6 

15 19.62^ 19.62}/ 19.12^ 7S 12 6 

16 19.62}/ 19.62}/ 19.12^ 79 2 6 

17 .... 19.75 19.75 19.25 80 12 6 
30 20.00 20.00 19.-37^ 82 17 6 

21 20.25 20.25 19. 62^ 84 5 

22 20.50 20.50 19.75 82 15 

23 .... 20.75 20.75 20.00 S4 2 

24 .... 21.50 21.50 20.50 84 10 

27 21.62^ 21.62^ 20.50 

2s .... 21.87^ 21.S7}/ 21.00 85 15 

29 22.37^ 22.37H 21-75 85 17 6 

30 22.37}/ 22.37}/ 21.75 86 7 6 

31 .... 22.75 22.75 21.75 86 2 6 

High . 23.00 23.00 22,11(1 86 7 6 

Low . 19.25 19.25 is.;:, 76 2 6 

Av'ge 24.375 20 34S L9.7 !8 so t.-, 5 



THE STEEL AND METAL DIGEST. 



January 



Production Of Copper. 



In 1915, according to the Geological 
Survey, the output of copper from domestic 
ores only, was 1,365,500,000 lbs. This is 
smelter output and is an increase of 215,- 
362,808 lbs. over the production in 1914. 
It is also an increase of over 100,000.000 
lbs compared with the 1913 production. 
Thus the 1915 smelter output establishes a 
new high record. The heaviest production 
came during the last few months of the 
year and as it requires sixty to ninety days 
for pig copper to be reflected in the re- 
turns of the refineries, the indication is 
that about 1,212,000,000 lbs. of the smelter 
output was refined in 1915. To this must 
be added 324,800,000 lbs. derived from im- 
portations of foreign smelting. This gives 
a total of 1,536,700,000 lbs. refined copper 
produced from primary sources. It is esti- 
mated that about 50,000,000 lbs. was de- 
rived from secondary sources making the 
total production of refined copper in 1915. 
1,586,700.000 lbs. This is 21,000,000 lbs. in 
excess of the total refined production in 
1914 or an increase of scarcely l'/>%. The 
final returns of the Government which will 
not be available for some months, may- 
show that the 1915 refined output was even 
larger than that of 1913 but it will require 
close official figures to determine the exact 
status. 



Stocks of refined copper at the refineries 
at the close of 1914 were 73,600,000 lbs., 
which added to the estimated refined out- 
put makes the total 1915 available supply 
1.750,300,000 lbs. It is estimated that the 
deliveries into domestic consumption in 
1915 were 952,000,000 lbs. eclipsing all 
previous annual deliveries into home con- 
sumption. The exports were 596,000,000 
lbs. making the total deliveries into 
domestic and foreign consumption 1,548,- 
000.000 lbs. leaving stocks of 202,300,000 
lbs. at the end of the year. This is an in- 
crease of 29,000,000 lbs. over the surplus 
held by the producers at the close of 1914. 

The use of copper in military operations 
has been the most important feature in the 
industry during the past two years. It has 
been variously estimated that the belliger- 
ents are consuming this metal at an annual 
rate of 200,000 to 225,000 tons. Germany, 
in times of peace is the largest consumer 
of American copper having taken 146,000 
tons in the year 1913 and 83,000 tons in 
1914 before the war began. The great in- 
crease in domestic deliveries was largely- 
due to the manufacture of copper products 
for shipment into the war zone. The 
mettallurgical achievements of the Teutons 
have been little less notable than their 
victories in arms. 



Extreme Fluctuations of Metal Prices in 1915. 



The following shows the Opening, Highest. Lowest and Average pri 
DOMESTIC— Opening. Highest. Lowest. 



Pig Tin, (Straits) f.o.b. New York 33.25 57.00 

Lake Copper, f.o.b. New York 13.10 23.00 

Electrolytic Copper, f.o.b. New York .... 12.85 23.00 

Casting Copper, f.o.b. New York 12.75 22.00 

Waterbury Copper Average 

Pig Lead, f.o.b. New York (open market) 3.80 
Pig Lead, f.o.b. New York (Trust price). 3.80 

Pig Lead, f.o.b. St. Louis 1.62 

Spelter, f.o.b. New York 5.75 

Spelter, f.o.b. St. Louis 5.55 

Waterbury Brass Mill Spelter Average • 

Antimony ( Cooksons) f.o.b. New York .. 16.25 
Antimony, (Hallett.-) f.o.b. New York .. 14.75 
Antimony (Chin. & Jap.) f.o.b. New York 13.25 
Aluminum (Xo. 1 Virgin 98-99% I X. Y. . . 19.12^ 

Silver, New York isyi 

* For first nine months; market nominal thereafter 
f For first quarter, no market since April. 



40.00f 
36.00f 
40.00 
60.00 
56^ 



32.00 

13.00 
12.80 
12.70 



ces for Y 
Closing. 

40.50 

22. 7.1 
21.75 



7.62^ 


3.70 


5.50 


7.00 


3.70 


5.50 


7.50 


3.50 


5.42', 


27.50 


*5.70 




27.00 


5.55 


17.25 



16.00f 
14.50f 
13.00 
18.75 
46 % 



ear 1915. 

Average. 

38.658 

17.641 

17.474 

16.758 

18.937 

4.662 

4.676 

4.566 



40.00 
55.00 
55.00 



14.162 
17.407 



29.522 
34.131 

40.68* 



COPPER STATISTICS. 



Av 

in N 



Feb. 
Mar. 
Apr. 
May 
June 
July 
Aug. 
Sept. 
Oct. 
Nov. 
Dec. 
\\ .. 



LAKE COPPER PRICES. 

erage monthly prices of Lake Copper 
e\v York. 
1911. 1912. 1913. 1914. 
12.75 14.37 J4 16.89 14.7 6'.. 
14.38J4 15.3754 14.98 
14.87 14.96 14.72 



12.7;: 
12.56 
12.41 
12.32 



15.98 
16.27 
17.43 
17.37 
17.61 
17.69 



13.63 
12.72 

12.70 
12.57 
12.47"/' 17.69 
12.84 17.66 
13.79 17.62}/ 
12.71 16.58 



15.55 

15.73 
15.08 
14.77 
15.79 
16.72 
16.81 
15.90 
14.82 



14.68 
14.44 
14.15 
13.73 
12.68 
12.44 
11.66 
11.93 
13.16 
13.61 



1915. 

13.89 

14.72 

15.11 

17.43 

18.81 

19.92 

19.42 

17.47 

17.76 

17.92J4 

18.86 

20.3754 

17.64 



ELECTROLYTIC COPPER PRICES. 

Average monthly prices of Electrolytic 
Copper in New York. 

1911. 1912. 1913. 1914. 1915. 
16.75J4 14.45 13.71 
15.27 14.67 14.572 
14.9254 14.3354 14.96 
15.48 14.34 17.09 
15.63 
14.85 
14.57 
15.68 
16.55 
16.54 



Jan. 12.53 14.27 

Feb. 12.48 14.26 

Mar. 12.31 14.78 

Apr. 12.15J4 15.85 

May 12.13 16.16 

June 12.55 17.29 

July T2.6254 17.35 

Aug. 12.5754 17.60 

Sept. 12.39 17.67 

Oct. 13.36 

Nov. 12.77 

Dec. 13.71 

Av.. 12..-).-) 



17.60 



15.47 



14.13 18.60 

13.81 19.71 

13.49 19.08 

12.4154 17.22 

12.09 17.70 

11.40 17.86 
11.74 



17.5054 14.47 
16.48 15.52 



12.9'.! 



18.83 
20.35 



CASTING COPPER PRICES. 

Average monthly prices of Casting Cop- 
per in New York. 





1911. 


1912. 


1913. 


1914. 


1915. 


Jan. 


12.39 


14.02 


16.57 


14.2754 


13.58 


Feb. 


12.33 


14.02 


15.14 


14.48 


14.173 


Mar. 


12.20 


14.53 


14.76 


14.18 


14.34 


Apr. 


12.07 


15.7254 


15.33 


14.18 


16.48 


May 


12.08 


16.01 


15.4554 


14.00 


17.41 


June 


12.40 


17.08 


14.72 


13.65 


18.74 


July 


12.4954 


17.09 


14.4054 13.3454 


17.76 


Aug. 


12.42 


17.35 


15.50 


12.27 


16.46 


Sept. 


12.23 


17.51 


16.3754 


12.00 


16.75 


Oct. 


12.21 


17.44 


16.33 


11.29 


17.32 


Nov. 


12.61 


17.34 


15.19 


11.63 


18.41 


Dec. 


13.5654 


17.34 


14.22 


12.83J4 


19.73 


Av.. 


12.42 


16.29 


15.33 


13.18 


16.76 



SHEET COPPER PRICE CHANGES. 

The changes in the base price of sheet 
copper since March 27, l'.ll.j, are > i, 
the following table together with the price 
of Lake copper on the same dates: 

1915— 

March 27 20.75 

April 8 21.00 

April 13 21.25 

April 14 21.50 

April 17 22.00 

April 19 22.50 

April 22 23.00 

April 28 24.00 

June 8 24.50 

June 9 85.00 

July 27 24.50 

July 31 24.00 

August 18 23.00 



November 3 
November 15 
November 16 
November 17 
November 18 
Ni ivember 22 
November ?:; 
December 21 
December 22 
December 30 
December 31 

1916— 
January 3 ... 



Sheet Copper. Lake Copper. 

15.75 
16.50 
16.6254 
16.75 
17.00 
17.6254 
18.00 
18.93J4 
19.6254 
19.8754 
18.8754 
18.75 
16.75 
23.25 18.0654 

23.50 18.6254 

23.75 18.75 

24.00 18.8754 

24.25 19.00 

24.50 19.8754 

25.00 19.8754 

25.50 20.25 

26.00 20.50 

27.50 22.3754 

28.00 22.75 

29.00 23.25 



31,229 
31,894 
27,074 
22,591 



EXPORTS OF COPPER FROM THE 
UNITED STATES. 

(In tons of 2,240 lbs.) 

1912. 1913. 1914. 1915. 

25,026 36,018 26,193 

26,792 34,634 15,583 

42,428 46,504 30,148 

33,274 35,079 18,738 

38,601 32,077 28,889 

28,015 35.182 16.976 

29,596 34,145 17,708 

35,072 16,509 17,551 

34,356 19,402 14,877 

29,239 23,514 24,087 

29,758 24,999 23,168 

30,653 22, 166 *32,93(i 

382,810 360,229 f266,854 

* Includes only exports from Atlantic ports. 

f Approximate. 



January 
February 
March . 
April . . . 

May 32,984 

June 26,669 

July 26,761 

August . . 29,526 

September 25,572 

October . 25,020 

November 19,171 

December 29,474 
Total . . 327,965 



THE STEEL AND METAL DIGEST 



January 



Tin in 1915. 



The United States consumers of tin were 
victims of fortutitious circumstances in 
1915 — a year that will live in the memory 
of the trade for the rapid birth of many 
imaginary difficulties; yet inventions of the 
mind, were potent enough to derange the 
course of prices and to set ordinary calcu- 
lations at naught. It was the American 
dealer, however, who felt the primary ef- 
fect of the war and who was most im- 
periled, through the war-measures taken 
by the British Government to prevent tin 
from reaching the hands of the enemy. 
Other trials and tribulations to test the pa- 
tience, endurance and ingenuity of the 
dealer were legion throughout the year. 

About the middle of January a serious 
scarcity of spot tin at London developed 
from the congestion of shipping in the 
Thames. The inadequate labor forces at 
the docks — one result of the war — caused 
long delays in the discharge of vessels. 
Consequently, small supplies were available 
for transshipment to this country. This 
phase of the market was expressed in an 
advance in the price of spot Straits tin at 
Xew York from 33J4c on Jan. 15th — the 
same price that prevailed when the year 
opened — to 38c on Feb. 1st. Small deliv- 
eries to American consumers in January, 
following the meager deliveries in Decem- 
ber — the smallest since the panic of 1907 — 
were discouraging to selling interests. 

Indifference of the American consumer 
was still obvious in February and while 
spot tin at London rose rapidly, because 
of the shipping congestion, the price at 
Xew York dropped to 36J4 on Jan. 17th 
which was nearly 4c per lb. under the cost 
at London. In the next two days, how- 
ever, the activities of German submarines 
creating fear, the New York price jumped 
to 39 l / 2 c but reacted to 38c before the 
month closed. One feature of interest at 
this time was the release of 1,900 tons of 
Banca tin for London, which had been long 
accumulating at Java, and the sale of other 
lots for direct shipment from Batavia to 
New York. 

Early in March importers and dealers 
became alarmed about the continued freight 
congestion at London docks and the diffi- 
culty of securing freight room on ships 
sailing for New York. These facts pointed 
to probable default on March contracts. 



The sensational demand for spot tin thus 
created, caused an advance of 10c per lb. 
in five days — from 40;4c on March 1st to 
50c on March 5th. A 5c per lb. reaction 
in the next few days was succeeded by a 
10c rise to 55c on March 19th, from which 
time until the end of the month, the violent 
fluctuations ranged from 46 to 54c amid 
great excitement. The strain was even 
more severe than in the feverish days of 
August, 1914, following the beginning of 
hostilities. There was no lack of tin at 
London, but, as ships were withdrawn from 
commercial channels to transport troops, 
the metal could not be moved. Only one 
day's supply of tin Teached the American 
market in the first eighteen days of March. 
An accident delaying a ship enroute from 
the East Indies to New York made the 
local situation worse. Some large consum- 
ers having tin due them on March pur- 
chases, realizing the serious outlook, re- 
lieved the strain by not calling for the 
metal to be delivered on contract time. 
Temporarily, there was no trading in future 
positions because no one could guarantee 
deliveries. Spot Straits tin sold at 51}4c 
at the close of the month when the London 
congestion was relieved and shipments to 
the United States were resumed. Strenu- 
ous conditions continued,, however, because 
England placed a partial embargo on tin 
shipments from British possessions by re- 
quiring special licenses for such shipments 
to be procured from the Admiralty. It 
was also obligatory that all consignments 
should be made to the British Consul at 
New York, the metal to be released by 
him only when the consignee had agreed 
that the metal would not be re-exported 
in any form to any country other than 
Great Britain or France. 

The embargo was designed primarily to 
prevent large shipments from London to 
Scandinavia and thence to Germany that 
through inadvertancy previously had been 
allowed. Early in April the British re- 
strictions on American deliveries were se- 
vere. The importer was required to sign 
a guarantee for the performance of this 
contract to give the name of the consumer 
to whom he had previously sold, and to 
submit the original contracts and docu- 
ments as evidence of the sale. The con- 
sumer interested was also required to guar- 



IN Si V.TISTICS 





VISIBLE 


SUPPLIES. 




Visible supply of tin at end of each 


month. 




1911. 


1912. 


1913. 


1914. 


1915. 


Jan. 


18,616 


16,707 


13,971 


16,244 


13,901 


Feb. 


17,260 


14,996 


12,304 


17,308 


14,548 


Mar. 


16,683 


15,694 


11,132 


16,989 


15,467 


April 


14,441 


11,893 


9,823 


15,447 


15,785 


May 


L5.938 


14,345 


13,710 


17,862 


14,646 


June 


16,605 


12,980 


11,101 


16,027 


15,927 


July 


16,707 


13,346 


12,063 


14,167 


16,084 


Aug. 


16,619 


11,285 


11,261 


14,452 


15,127 


Sept. 


16,672 


13,245 


12,943 


14,613 


15,191 


Oct. 


14,161 


10,735 


11,857 


10,894 


13,154 


Nov. 


16,630 


12,348 


14,470 


11,483 


16,451 


Dec. 


16,514 


10,977 


13,893 


13,396 


16,216 


Av'ge 


16,404 


13,207 


12.377 


14,907 


15,208 



SHIPMENTS FROM THE STRAITS. 



Monthly shipments of 
Settlements to Europe 
as per Powell's returns: 
1910. 1911. 1912. 
Jan. 5,895 4,290 4,018 
Feb. 4,147 4,290 5,260 
Mar. 2,877 4,510 5,150 
Apr. 4,025 3,140 4,290 
May 4,965 4,310 5,760 
June 4,120 5,0'50 4,290 
July 5,040 4,660 4,580 
Aug. 5,700 4,680 5,210 
Sep. 4,220 5,150 5,430 
Oct. 4,480 4,350 4,450 
Nov. 4,840 5,070 5,600 
Dec. 4,270 5.970 4,980 
54,579 55,470 59,018 
Av. 4,548 4,622 4,918 



tin from the Straits 
and United States, 



1913. 
6,050 
4,660 
4,810 

4,400 
6,160 
4,820 
4,770 
6,030 
5,160 
5,020 
5,560 
5,110 
62,550 
5,213 



1914. 
5,290 
6,520 
4,120 
4,930 
6,900 
5,870 
4,975 
3,315 
4,973 
4,610 
5,155 
6,435 
63.093 
5,358 



1915. 
5,200 
5,584 
4,970 
5,270 
6,759 
6,665 
5,606 
4,712 
5,296 
4,441 
6,713 
5,301 
.6,517 
5,543 



CONSUMPTION IN THE U. S. 

Monthly deliveries of tin in the United 
States exclusive of Pacific Coast. 

1910. 1911. 1912. 1913. 1914. 1915. 

Jan. 3,500 3,200 3,700 3,7-00 3,600 2,300 

Feb. 3,600 3,800 4,050 3,500 3,300 3,375 

Mar. 4,000 5,100 4,000 5,900 4,450 3,200 

Apr. 4,025 4,100 3,300 5,400 3,450 3,200 

May 3,600 3,400 4,250 3,350 3,800 5,600 

June 5,000 2,900 2,850 3,800 3,650 3,900 

July 3,800 4,300 5,150 3,900 3,900 5,300 

Aug. 3,700 3,800 4,300 3,600 2,900 4,500 

Sep. 3,300 4,200 3,600 3,100 3,600 4,300 

Oct. 3,350 3,500 3,850 3,700 3,700 4,900 

Nov. 3,800 3,100 4,300 2,800 2,600 2,975 

Dec. 3,600 3,700 4,050 3,100 1,900 5,200 

45,350 44,300 49,500 43,900 41,700 48,750 

Av.. 3,779 3,692 4,125 3,658 3.475 4.062 



MONTHLY TIN STATISTICS. 
* . inpiled by New York Metal Exchange, 

I >' i Nov, Dec. 

Straits shipments 1915. 1915. 1914. 

To Gr. Britain. . 777 1,838 3,715 

Continent .. 959 825 400 

U. S 3,565 4,050 2,320 

Total from Straits 5,301 6,713 6,435 

Australian shipments 

To Gr. Britain . . 245 298 nil 

U. S nil nil nil 

Total Australian. 245 298 nil 

Consumption 

London deliveries 1,189 1,402 2,464 

Holland deliveries 105 147 58 

U - S 5,200 2,975 1,900 

Total 6,494 4,524 4,442 

Stocks at close of month 

In London — 

Straits, Australian 2,221 1,569 3,009 

Other kinds 1,682 1,430 531 

In Holland 

1,1 U. S 1,371 1.849 1,386 

Total 5,274 4,848 4,926 

Afloat, close of month 

Straits to London. 1,378 2,515 4,:;4;. 

To U. S 8,125 8,213 4,125 

Banca to Europe.. 1,439 875 

Total 10,942 11.603 8,470 

Dec. 31, Nov. 30. Dec. 31, 

Total visible 1915. 1915. 1914. 

supply 16.216 16,451 13,396 



STRAITS 

1911. 

Jan. 41.39 

Feb. 42.83 

Mar. 40.76 

Apr. 42.20 

May 43.10 

June 46.16 

July 42.96 

Aug. 43.45 

Sept. 39.98 

Oct. 41.21 

Nov. 43.13 

Dec. 44.97 

Year 42. 6S 



TIN PRICES IN NEW YORK. 


1912. 


1913. 


1914. 


1915. 


43.24 


50.45 


37.74 


34.3Q 


43.46 


48.73 


39,93 


37.32 


42.86 


46.88 


38.08 


48.93^ 


44.03 


49.12 


36.10 


47.97 


46.12 


49.14 


33.30 


38.78 


47.77 


44.93 


30.65 


40.37 


44.75 


40.39 


31.75 


37.50 


45.87 


41.72 


50.59^ 


34.39 


49.18 


42.47 


32.79 


33.13 


50.11 


40.50 


30.39J4 


33.08 


49.90 


39.81 


33.50 


39.37^ 


49.90 


37.64 


33.60 


38.75 


46.43 


44.32 


35.70 


38.66 



THE STEEL AXD METAL DIGEST. 



January 



antee that the tin delivered was solely for 
his own manufacturing purposes and that 
he would not execute any orders to be sent, 
directly or indirectly, to a country at war 
■ with Great Britain. 

Should the instructions be enforced to 
the letter, it was clearly evident, that trad- 
ing in spot tin at Xew York would be 
eliminated, as no provision was made for 
the delivery of tin to jobbers from stock, 
and no dealer could obtain tin imported 
until he had furnished the name of the 
consumer. Facing a chaotic condition in 
consequence, excitement in the trade again 
ran high in April; the price of spot tin 
leaping from 48><c on April 1st, to 57c on 
April 13th, after which there was a steady 
decline to 39 r /-c at the close of the month. 
A recession in prices during the second 
half of the month followed negotiations 
between the Tin Committee of the Xew 
York Metal Exchange and the British 
authorities at Washington, through which 
plans were evolved by which the British 
Government could be safe-guarded without 
further demoralizing the American trade. 
The present arrangement allows tin to be- 
come available upon the signing of guar- 
antees by the importer and the consumer 
or by the jobber as the case may be. 

The American statistical position changed 
in April with the arrival of 4,300 tons at 
Atlantic ports and 1,100 tons at Pacific 
ports and deliveries of 3,200 tons into con- 
sumptive channels. 

In May, a relatively quiet and steady 
market was experienced although an ef- 
fort was made to further excite the trade 
upon the sinking of the Lusitania when 
spot tin sold at 40*> 4 c after having declined 
to 39c a few days before. The industry 
was in no mood for another sensational 
whirl, but was rather inclined to be con- 
servative and prices gradually receded to 
37f6c with a slight recovery later. One 
result of the experiences in April and Max- 
was the effort made by the small consumer 
to be better prepared for an emergency in 
the future which was reflected in the larger 
buying of future positions. 

June proved to be a quiet and uneventful 
month in marked contrast to the dramatic 
developments in other metals. The restric- 
tions imposed by the British Government 
at least have protected American consum- 
ers from the predatory incursions of the 
speculator that for many years have been 
the bane of the industry. Exploitations 
under present conditions, are difficult be- 



cause of the increased expense in carrying 
tin when the importer is unable at once 
to furnish consumers' or jobbers' guaran- 
tees. Fluctuations in prices during the 
month ranged between 37,25 and 42.75c, 
due mainly to changing spot conditions. 

July was an uneventful month from a 
market standpoint but prices steadily de- 
clined from 39.25c at the opening to 35^c 
at the end of the month. American con- 
sumption in May, June and July increased 
satisfactorily. Tin has suffered abroad 
somewhat with "peaceful" metals through 
the disorganization of industrial plants 
most of which have been converted into 
factories for war supplies. 

The decline, that began about the middle 
of June, continued with slight reactions 
throughout August; that is, from 35.50c to 
32.50c for spot. London no longer con- 
trolled the destiny of the metal being cut 
off from the continent by the logic of 
events, while more American orders were 
placed directly at the Straits. The excel- 
lent demand for tin in the United States 
was met with an ample supply without 
interruption from speculators, September 
was even quieter than August and fluctua- 
tions were narrow. A slight rise from 
33 s /ic to 33^c was followed by a decline, 
with a reaction to 32J^c at the end of the 
month. Sales of some of the largest deal- 
ers were the smallest in two years. A de- 
velopment, that almost quenched buying- 
interest, was a new regulation by the Brit- 
ish consul to govern the use of tin in the 
manufacture of goods for export The ex- 
tremely low rate of sterling exchange also 
made the importers careful not to commit 
themselves on future contracts. Rumors 
that the British Government contemplated 
levying an export duty of 10% on tin was 
circulated but received small credence. It 
subsequently was contradicted but the ef- 
fect was unsettling. 

On October 1st, American stocks were 
shown to be the largest on record and a 
further drop in prices was naturally ex- 
pected, but the revival of the export-duty 
rumor counteracted this depressing influ- 
ence. Fear of such an impost engendered 
a better demand for spot and for tin on 
steamships afloat while sellers were reluc- 
tant to make commitments. Authorities at 
London and in the East Indies declared the 
export-duty rumors baseless but the idea 
still persisted in the trade. 

The extension of active hostilities into 
the Balkans gave rise in October to fear 



TIN l\ L915 



that transportation through the Meditei 
ranean and Sue/ Canal might be imperilled. 

\ desire to secure "safe tin" was thus 
aroused and caused an increased demand 
through which prices steadily rose from 
32c on (>ct. 4th, to 34j4c. at the close oi 
the month. 

An upward movement was suddenly in- 
augurated with the opening of November 
at London and the Straits, attributed to a 
decrease of 2,000 tons in the visible supply 
during October. Nine days later reports 
of the sinking of steamships in the Medi- 
terranean by submarines, in the route of 
the tin laden boats, was followed by re- 
ports of similar losses two days later which 
set the market aflame. Excitement in- 
creased when it was reported that the Brit- 
ish Government had ordered the Suez 
Canal closed. Had it been, this act would 
have necessitated the bringing of tin to 
America via the Pacific, entailing a delay 
of three weeks in transit. An active and 
urgent demand for "safe tin" again devel- 
oped carrying prices from 36c to 44, r /Sc by 
November 15th. The irrational efforts to 
secure spot tin and metal afloat from Lon- 
don, rivalled the wild scramble to obtain 
tin at the beginning of the war. The spec- 
ulators who circulated the false rumors, to 
exploit consumers, took profits on the rise 
causing a reaction. The decline continued 
until November 24th when sales were made 
at 39;4c. A recovery to 39->4c occurred be- 
fore the month closed because of the delay- 
in discharging the cargo of the steamship 
Indraghiri, while the Indrawadi was several 
days overdue 

Other steamships were reported sunken 
in the Mediterranean but the November sta- 
tistics made it evident that 1,000 tons or 
more might be lost without seriously af- 
fecting the available supply. Consequently 
the "news" for once fell upon barren 
ground. 

Early in December the trade had lapsed 
into dullness from which it was startled by 
renewed reports of the sinking of East 
Indian ships by submarines. The ill-fated 
ships, however, carried rubber, not tin. 
Private cables again reported that thereafter 
all East Indian steamers would come to the 
U. S. via the Pacific. Some boats with 
products other than tin have taken trie 
longer route to this country but Great 
Britain has intimated that direct shipments 
of tin from the Straits to the U. S. will not 
be allowed with freedom. Indeed, permits for 



such shipments were granted with mm h 
reserve in December. Permits were and are 
equally difficult to obtain at London al- 
though the English authorities encourage 
the 1 1 affic \ ia the Thame--. 
The export of several small lots of tin 

from the U. S. in violation of the agree- 
ments made between some local jobbers 
and the British Government agents caused 
much concern to the English authorities. 
The culprits were later apprehended and 
some of the tin was held up in transit. 
A repetition of the offense may place the 
whole trade in jeopardy. The situation is 
now being closely watched by American 
and English authorities to safe guard all 
interests. 

Some interest was shown in future posi- 
tions of tin during the first half of Dec. 
were made. Spot tin slowly receded from 
39c to 37J^c during the same fortnight. 

( )n Dec. 16th. private cables from Lon- 
don announced the intention of the British 
Government to maintain a stock of 4.000 



TIN 


PRICES 


IN DECEMBER 






New York. 





^ondon - 










Prompt 




Future 




Day. 


Cent-. 


£ s 


d 


£ 


s 


d 


1 


39.00 


166 5 





165 


10 





2 


38.75 


165 5 





164 


10 





3 


38.75 


168 





167 


10 





6 


37.87JX 


166 





165 


5 





7 


3~.37y 2 


165 15 





165 





■) 


S 


37.25 


166 





165 


10 





9 


37.35 


166 15 





166 


10 





10 


37.75 


168 15 





168 


5 









166 15 





166 


10 





14 


37.75 


167 15 





167 


10 









167 10 





167 


15 





16 


39.00 


165 





165 


10 





17 


40.00 


167 10 





168 


10 





20 


40.00 


168 10 





169 








21 


39 62J 


167 5 





168 


5 





22 


39.00 


1 66 





167 








23 


38.75 


166 





167 








24 


39.25 


HIS 1) 





169 








.,- 


39.12! ■ 

39.12; ; 












28 


167 to 





1 69 








30 


40.00 


1 68 





169 








31 


40.50 


168 





169 








High ... 


40.50 


L68 15 





169 








Low 


. 


165 





164 


111 





Average . 


38.749 


167 





167 


4 


9 



THE STEEL AND METAL DIGEST. 



January 



tons at London thereafter as a pre- 
cautionary measure. The custom has been 
tc maintain stocks of only 1,000 to 2,000 
tons at London. These reports have not 
been confirmed but are accepted as prob- 
ably true. The result was a stronger tone 
and an advance in spot to 40c. In the 



next two weeks prices ranged between 39c 
and 40c. the year closing at 40%c per lb. 

During the year there was a range of 
24c between the highest point in April and 
the lowest level in October and the net 
result of the fluctuations was an advance 
of 7c per lb. 



Spelter in 1915. 



The events enacted in the zinc industry 
in 1915 were highly dramatic — with some 
comedy and much tragedy before the year 
closed. The market for spelter was essen- 
tially a child of the war god. Born and nur- 
tured in a bellicose atmosphere it soon ex- 
hibited traits of a martial character. Fluc- 
tuations in prices were violent; transac- 
tions were heavy and dealings were made 
amid unusual excitement; in fact, there 
were frequent exhibitions of irrationality. 
From time immemorial tin has been re- 
garded as the most erratic among metals; 
temporarily, it has given place to spelter. 

When the year began spelter was selling 
at slightly under the average run of prices 
in the last decade, at 5.50c per pound but 
with the development of the phenomenal 
demand, largely for consumption in the 
manufacture of war munitions, prices of 
common spelter advanced in June to 26^c 
per pound; in fact, some small quantities 
sold as high as 27c and 2Sc while the high 
grades of brass spelter sold at 40c to 50c 
per pound. Subsequently there was a sharp 
reaction but prices still remained in the 
clouds when the year closed. 

The result of the extraordinary call for 
the metal caused feverish activity in an 
effort to increase productive capacity. Ob- 
plants were remodelled and even 
new smelters were laid down in the second 
and third quarters of the year which will re- 
sult in a heavy increase in output during 
1916. It required four or five months of 
sustained buying to convince the manufac- 
turers of the practicality of increasing cap- 
acity. At first there was a natural disposi- 
tion to regard the new conditions as ephe- 
meral but as it became evident that the war 
would continue for possibly three years 
the building of new plants was pushed with 
vigor. The most important development of 
this character was the construction of the 



smelter at Donora, Pennsylvania, by the 
United States Steel Corporation which plant 
went into operation in October, having an 
annual capacity to smelt 100,000 tons of ore 
and to produce approximately 40,000 tons 
of refined spelter. This is the largest single 
zinc smelting plant in the world. Ordinarily 
it requires from eight months to a year to 
construct a smelter but by working night 
and day shifts and giving construction 
precedent over all other work, the Don- 
ora plant became active four months after 
the first spadeful of earth was turned. The 
United States Steel Corporation is one of 
the largest consumers of spelter and the 
loss of its trade to the merchant zinc smelt- 
ers will be sadly felt in coming years. This 
was '>ne result of the onerous prices pre- 
vailing for spelter during the second quarter 
of the year. 

At the beginning of 1915 spelter sold at 
hVz per pound at East St. Louis. During 
times of unusual industrial activity spelter 
on several occasions had sold as high at 8c 
per pound and for brief periods had touch- 
ed 10c, but experience in the trade proved 
that any advance to 8c per pound was fol- 
lowed by a speedy reaction. 

In normal times European consumers are 
dependent upon Belgium and Germany for 
their supply of spelter so that when the 
Belgium smelters passed into the hands of 
the Germans it was clearly evident that 
Europe must turn to the United States soon- 
er or later for its supply of this metal. 
The demand did not develop into extra- 
ordinary proportions, however, until April 
when large orders were received from 
Europe as well as from domestic consum- 
ers. Military authorities, however, have 
small sense of merchandising and conse- 
quently the amateurish way in which buying 
onducted at first resulted in unsettling 



1916 



SPE i fER STATISTICS 



SHEET ZINC PRICE CHANGES. 
The Following table gives the changes in 
ilu price of sheet zinc March 1st 1915 to- 
gether with the price of spelter ruling on 

the same day. 

Spelter 

1915— Sheet Zinc. St. Louis. 

March 1 13.00 10.25 

March 5 13.50 11.00 

April 22 13.75 12.1254 

April 23 14.50 12.3754 

April 27 15.50 13.7.5 

April 28 16.00 13.75 

April 30 17.50 13.75 

May 18 18.50 15.12}4 

May 20 19.50 16.00 

May 25 20.00 18.75 

May 26 22.00 19.25 

Myy 29 24.50 20.75 

June 1 26.00 22.50 

June 3 30.00 26.00 

June 9 33.00 25.75 . 

June 14 30.00 22.75 

June 23 27.00 18.25 

July 27 24.00 18.3754 

August 6 21.00 16.1254 

August 16 17.00 12.1254 

August 23 15.00 12.00 

August 24 16.00 12.75 

November 4 16.50 15.1254 

November 9 17.00 15.8754 

November 11 17.60 16.1254 

November 12 18.00 16.3154 

November 17 19.00 17.25 

November 18 20.00 17.3754 

November 22 21.00 18.75 

November 23 22.00 18.75 

LEAD (Monthly Averages.) 

New York* ■ St. Louis 

1913. 1914. 1915. 1913. 1914. 1915. 
3.74 4.20 3.9954 3.57 
3.82 4.20 3.95 3.72 
4.03 4.21 3.8 3.98 

4.19 4.2554 3.70 4.11 
4.2354 4.22 3.81 4.16 
5.86 4.21 3.80 5.76 

5.74 4.25 3.75 5.52 

4.75 4.56 3.7354 4.59 
4.62 4.62 3.67 4.53 
4.5954 4.31 3.39 4.51 
5.15 4.18 3.58 5.07 
5.3454 3.94 3.67 5.26£ 
4. 67J4 4.26 3.74 4.57 



Jan. 


4.35 


4.11 


Feb. 


4.35 


4.06 


Mar. 


4.35 


3.97 


Apr. 


4.40 


3.82 


May 


4.36 


3.90 


June 


4.35 


3.90 


July 


4.37 


3.90 


Aug. 


4.63 


3.90 


Sep. 


4.75 


3.86 


Oct. 


4.45 


3.54 


Nov. 


4.34 


3.68 


Dec. 


4.0G 


3.80 


Av. 


4.40 


3.87 


* Trust 


price. 



Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sep. 

Oct. 

Nov. 

Dei 

Av. 



SPELTER (Monthly Averages.) 

New York St. Louis 

1913, 1914. 1915. 1913. 1914. 1915 
7.23 5.33 6.52 7.04 
6.49 5.46 8.86 6.25 
6.29 5.35 10.1254 6.08 
5.79 5.22 11.51 5.59 
5.51 5.16 15.8254 5.31 
.22.63 5.05 



5.2354 5.12 
5.41 5.03 



5.80 
5.83 

5.17 



5.63 
5.52 
4.9954 
5.15 



20.80 
14.45 

14.49 



30 fl3.91 



5.23 
5.64 
5.65 



5.03 

5.61 



5.14 
5.27 
5.15 

5.03 
4.96 
4.93 
4.84 
5.45 
5.33 
4.81 
4.97 
5.49 



6.33 
8.61 
9.80 
11.22 
15.52 
22.14 
20.53 
14.19 
14.10 
1:; 89 
16.81 i 
16.72 



Market nominal, f First nine months 



WATERBURY SPELTER 


AVERAGES. 




1911. 


1912. 


1913. 


1914. 


1915. 


Jan. 


5.77 


6.78 


7.56 


5.54 


6.55 


Feb. 


5178 


6.85 


6.81 


5.70 


11.85 


Mar. 


6.01 


7.17 


6.56 


5.59 


12.15 


Apr. 


5.85 


7.07 


6.08 


5.50 


13.85 


May 


5.76 


7.13 


5.77 


5.38 


20.55 


June 


5.89 


7.25 


5.50 


5.37 


25.60 


July 


6.11 


7.46 


5.61 


5.26 


24.90 


Aug. 


6.29 


7.34 


5.99 


5.66 


19.30 


Sep. 


6.29 


7.72 


6.13 


5.91 


17.85 


Oct. 


6.49 


7.83 


5.74 


5.23 


16.85 


Nov. 


6.90 


7.74 


5.60 


5.38 


19.36 


Dec. 


6.81 


7.65 


5.44 


5.90 


21.15 


Av.— 


6.16 


7.33 


6.0654 


5.5354 


17.50 



SPELTER PRICES 

Extreme fluctuations 
Spelter, East St. Louis 
and years: 

• 1914 

High. Low. Av'ge. 
Jan. 5.25 5.10 5.14 



IN ST. LOUIS. 

of Prime Western 
delivery, by months 



5.16 



Feb. 5.35 

Mar. 5.32i 

Apr. 5.124 

May 5.51 

June 4.9754 4.82 

July 4.95 4.80 

Aug. 6.00 
5.85 



5.20 5.27 

5.124 5.15 

4.85 5.03 

15.82* 

4.93 

4.84 



Sep. 
Oct. 5.00 
Nov. 
Dec. 



4.70 
4.95 
4.60 



5.20 
5.65 



Year 6.00 



5.20 
4.60 



5.45 
5.35 

4.81 
4.97 
5.49 
5.114 



High. 

7.624 
10.00 
11.00 
14.00 

21.00 

27.00 

22.75 

18.00 

15.25 

14.62i 

19.00 

18.00 

27.00 



- 1915 

Low. 

5.55 

7.65 

8.874 

9.25 

13.00 

17.50 

17.75 

10.75 

13.374 

13.25 

14.37J 

14.75 

5.55 



Av'ge. 

6.33 

8.62 

9.80 

11.22 

15.524 

22.14 

20.53 

14.19 

14.10 

13.89 

17.14 

16.7^ 

14.16 



'HE STEEL AND METAL DIGES'l 



January 



the market ami accelerating the upward ten- 
•dency of prices. 

The I". S. Government statistics published 

early in January, 1915, showing that the 
surplus stocks of spelter which had been 
weighing heavily on the American market 
throughout 1914, had been reduced to 20,000 
tons, gave an incentive to the advance in 
prices that subsequently followed. It was 
assumed that speculators had taken a 
large tonnage of the metal from the mar- 
ket with similar intent. Whatever may have 
been the validity of this claim it had some 
influence in stimulating the rise in prices. 
I onsumers, at first inclined to be dilatory 
in supplying their requirements soon awoke 
to the real situation and rushed wildly into 
■competition with foreign buyers. The re- 
sult was a rapid absorption of the surplus 
supplies and a variation in prices of spot 
spelter of from 2 to 3c per pound. Belated 
buyers were forced to pay extravagant pre- 
miums for prompt metal; but very little 
-attention was paid to contracts for future 
delivery there being a general disposition 
to regard the buying movement, with its 
extraordinarily high price-, as a temporary 
•condition. 

By the fourth of March spot spelter had 
advanced to lie per pound when the ex- 
traordinary buying temporarily ceased. 
Some producing interests at that time mis- 
reading the signs of unusual prosperity be- 
came anxious to make additional sales at 
the then relatively high prices, but this 
pressure to sell resulted in a reaction of 
■2c per pound and a further decline was an- 
ticipated. According to all precedent, the 
market should have dropped below 8c per 
-pound, especially as there were numerous 
complaints that the high prices prevailing 
"were ruining the business of the galvanizers. 
Early in April the demand for war purposes 
began with renewed \ iu: ir and as spot sup- 
plies had been previously exhausted buyers 
were anxious to place contracts for future 
■delivery. The upward movement was again 
resumed energetically and the methods of 
buying previously referred to gave produc- 
ers an opportunity to practically make their 
own prices. : made at 16c before 

the month closed. In the de-ire to sell 

capacity ahead a- far a- p line they often 

lied consumer- to take double the 
•quantity for which their inquiries called and 
for a long period of time. The imp: 
-seemed ng the consuming inter- 



ests that there was a famine in spelter 
which could never be relieved and they 
acted immediately and precipitately to se- 
cure a share of the light supply. 

By the end of May -tiles were made at 
21c. In June there was a wide variation 
between price- for spot and for future de- 
livery but this extreme differential later 
was corrected. On June 4th common spelter 
sold from 26J/>c to 28c per pound, the lat- 
ter in small quantities. From this high 
point the subsequent declines and rallies 
carried the market down to 10 to 12c per 
pound during the third quarter. About 
the middle of August the market had 
reacted to Hit,,,- from which there was a 
rally in November to 16 to 19c per pound. 
In December the market was relatively quiet 
with fluctuations between 14}4c to ISc per 
pound. Spot selling at the close of the year 
was at 17?4c per pound. 

The easier feeling prevailing at the end 
of the year was attributed to the extraordin- 
arily large output which was reported by 
the Government to have been 560,000 short 
tons — an increase of 409t over the preceding 



SPELTER PRICES IN DECEMBER. 

St. Louis. London. 

Day. Cents. £ s d 

1 17.75 99 

2 17.12}/ 100 

3 16.00 93 

6 15.00 89 

7 15.00 87 

8 15.00 84 

9 15.00 82 

10 15.37.' j 82 

13 16.00 82 

14 16.37^. 86 

15 17.50 9:; 

16 17.50 90 

17 17.50 90 

20 17.50 90 

21 17.50 90 

22 17.37' j 90 f) 

23 17.371/ 90 

24 17.25 90 I) 

27 17.25 

28 17.37^ 90 

211 17.37;/ 90 

30 17.25 90 

31 17.25 90 

High 18.00 100 

Low 14.75 82 

Average 16.723 89 4 1 1 



1916 



JOPLIN ZINC \\l> I E \i> i IRE \i \\< KE r 



year. the production oi primarj spelter 
From domestic and foreign ores was 490,- 
000 tons, Domestic consumption ^ shown 
to have been approximately 363,000 tons of 
which it is estimated thai 200,000 tons were 
utilized in the manufacture of brass, 100,000 
tens in galvanizing and 62,000 tons in the 
manufacture of sheet zinc and for miscel- 
laneous purposes The exports were 128,000 
tons and stocks at the close of the year 
were slightly under :.M,000 tons. It had 



I" en assumed that the surplus w 1 malli 
in tonnage. It is a significant fact thai the 
industry begins the year L916 with a speltet 
productive capai itj in ex< ess of ri5,00 tons. 
Prior to the European wai the annual pro- 
ductive capacity of the world was I, inn, nun 
tons. Greal Britain also has increased 

capacity. The result of this development 
will doubtless be proclaimed in lower prices 
before the close of the European war. 



Joplin Zinc And Lead Ore Market 



The zinc blende ore market for December 
was strong and buying was fairly active 
throughout the entire month, with the ex- 
ception of the second week of the month 
when the smelters bought a very limited 
tonnage and prices went to the lowest level 
for the entire month but rose rapidly the 
following two weeks till a high base price 
of $116 was paid. The lowest base price 
paid during the entire month was $80 per 
ton, the highest settlement price reported 
for premium ore was $119 per ton. The 
production has held up remarkably well 
for this season of the year, the sales for 
the month totaling 30.023 tons, selling at 
an average price of $89.70 per ton, giving 
a total value of $2,693,063. There was sold 
an average of 6,005 tons of ore each week, 
the total sales for the month were 4,953 
tons greater than for the month of Novem- 
ber, while the average selling price was 
S7.22 per ton less. The sales for the year 
total 293,373 tons, which sold at an average 
price of $78 per ton, giving a total valua- 
tion of $22,878,395; this total is greater than 
the 1914 production by 47,318 tons, selling 
at a price $38.90 per ton greater and giving 
a total increase in valuation 61 $13,258,890 
The greatly increased production this year 
has been brought about by the abnormally 
high prices that have been paid for zinc 
ore during practically the entire year: the 
highest prices on record for zinc ore were 
paid last June, when ore sold at a high base 
price of $135 per ton. During the month 
of January 1915 zinc ore prices were com- 
paritively low, spelter being quoted that 
month at 6 to 7c. St. Louis, but rose rapidly 
until the middle of June when the highest 
price was reached, being 27c per lb. The 
spelter market has fluctuated considerably 
up to the present time, during which time 
prices have not gone below 12c. or above 



20c. per lb. The ore market lias followed 
closely the trend of the spelter market. 
The strongest feature about the blende 
market is the demand for the high grade 
ore produced, due no doubt to the fact 
that a large tonnage of low grade ore has 
been produced in the Western States, and 
this is the only camp where high grade 
pure ore can be had in any quantity; the 
increased production has hardly been suffi- 
cient to supply the demand at all times. 
The unusually large surplus that was held 
by the producers the first part of the year 
has been absorbed, and until recently only 
a very small tonnage was being held. Dur- 
ing the month of December some of the 
producers have held a large part of their 
production until the surplus has increased 
to approximately 7,000 tons, which is 3,000 
tons greater than for the previous month. 

Calamine ore was in good demand the 
first part of the month and production was 
normal, both demand and production 
slackened the latter part cutting down the 
sales for the month considerably. The 
prices paid during' the month covered a 
range of $50 to $85 per ton on a basis of 
40 per cent zinc. The sales for the month 
total 1,963 tons selling at an average price 
of $66.40 per ton giving a valuation of 
$130,343, which is 978 tons less than was 
sold the previous month. This month's 
sales make a total for the year of 21,569 
tons selling at an average price of $50.56 
per ton, giving a total valuation of $1,090,- 
521. This year's production is greater than 
the 1914 production by 3,075 tons and $677,- 
545. 

The market for lead ore was strong and 
buying was active during the entire month, 
the highest price paid was $72.50, the lowest 
$65 per ton, the sales for the month totaling 
5,286 tons at an average price of $69.76 per 



THE STEEL AND METAL DIGEST. 



January 



ton giving a total valuation of $368,801.36, 
there was sold by weeks 1,057 tons. This 
month's production makes a total for the 
year of 46,035 tons which sold at an average 
price of $54.62 per ton, giving a total valu- 
ation of $2,514,313, which is greater than the 
1914 production by 3,219 tons with an 
average price $8.42 greater, giving a total 



increase in value of $535,862. 

The total value of all the ores produced 
and sold for the year 1915 is $26,483,229, 
which is more than double the value of all 
ores sold during 1914, the increase being 
$14,472,297, and is by far the greatest year 
the zinc mining industry has ever experi- 
enced in the Joplin District. 



Lead in 1915. 



Business in lead in 1915 was satisfactory 
from the standpoint of profits and liberal 
in volume. The foreign demand was the 
mainstay of the market. In comparison 
with other me'tals, such as copper and 
spelter, there was little to excite inter- 
est outside of the trade until in June when 
a speculative wave rushed over the industry 
resulting in a phenomenal volume of busi- 
ness, high prices and feverish excitement. 
The speculative tire was quenched with the 
passing of June and business resumed its 
ordinary channel witli relatively moderate 
fluctuations. Renewed foreign buying re- 
stored a more vigorous tone after a reac- 
tion in July and August, but there were no 
dramatic developments when the year 
closed. 

At the beginning of 1915 the lead produc- 
ers, who generally hold the market well in 
hand, were disconcerted to find that produc- 
tion in 1914 had increased 100,000 tons over 
the preceding year in the face of a curtail- 
ment in output which it was presumed had 
been carried out with more or less fidel- 
ity according to program. The significant 
fact was that a large unsold stock was in- 
dicated. The immediate result was a de- 
cline in price from ?,.S0c to 3.70c per pound 
at New York the latter being an unsatisfac- 
tory price even in ordinary times. The 
salvation of the trade, however, came 
igh the large export demand and the 
market, under this stimulus, gradually im- 
d until the price had advanced to 4.25c 
in February. In March the outlook had so 
tly improved that producers increased 
production. Prices remained steady until 
toward the end of May, when a new ele- 
ment was introduced through outside in- 
fluences, evident in the sharp advance in 
prices which originated in the open mar- 
ket. Excitement began to run high in the 
!r--t week of June, domestic and 



consumers as well as speculative buyers 
made haste to place contracts for early ship- 
ment until the movement was little short 
of a runaway market. The American 
Smelting & Refining Co. at least lost its 
usual control and its successive advances 
were merely the reflection of the selling 
prices of independent producers. Specula- 
tive orders excited the actual consumers 
who placed large contracts for future deliv- 
ery at steadily advancing prices. 

In the aggregate a very heavy volume of 
business was placed in the first half of 
June, individual transactions running from 
1,000 to 10,000 tons each. There were not a 
few in the trade, however, who were skep- 
tical regarding large tonnages reported sold 
for foreign account. For several days, mar- 
ket events were most dramatic and prices 
had an unusually wide range — from }ic to 
lc per pound. Sales were made at New 
York from June ninth to June fifteenth at 
6.25c to 7.50c per pound. A reaction to 
5.40c came on June 22nd. 

At this time excitement was running high 
in spelter, and lead was expected to follow 
in the same channel. Galvanizers whose 
business was paralized by the extraordinary 
advance in spelter came into the market 
for large tonnages of lead and it was nat- 
urally assumed that terne plate was to be 
manufactured at the expense of galvanized 
products. Large orders, for lead were 
actually placed by consumers for domestic 
and foreign shipment. Some exceptionally 
busy contracts were entered into for de- 
livery over the first half and whole of 1916 
. These transactions seemed to create a 
sound basis for higher prices but the main- 
spring of the movement was discovered to 
be in a speculative pool. Just prior to the 
sudden and sharp advance in lead Wall 
street operators were tipped to buy lead 
mining stocks in an effort to create new 



LEAD IN 1915, 



w 



"war brides." Some of the manipulators 
were identified as having been connected 
with the successful June cupper pool. 

Few, if any, transactions between pro- 
ducers and consumers were reported above 
60c per 11). The speculators were held re- 
sponsible for the subsequent rise to 7c and 
■8c per lb. An effort was then made to 
liquidate which resulted in much irregular- 
ity in the decline that followed, as there 
was a lack of solid foundation in the mar- 
ket previously established As the specula- 
tive operators withdrew the market again 
passed into the hands of producers at the 
5.75c. per lb. level. Dullness and weakness 
followed in July, but in August, the spot 
price having fallen to 4.40c, when large 
sales restored healthful conditions. The 
market was uneventful during the remain- 
der of the third quarter and the price was 
steady at about 4.50c to 4.90c. Early in 
November larger buying by domestic con- 
sumers and also contracts placed for mili- 
tary purposes for export developed a 
stronger tone and the price advanced to 
5.25c. The extraordinary demand for sul- 
phuric acid, among other chemicals to be 
used in the manufacture of high explosives, 
at this time was reflected in an active de- 
mand for special brands of lead to be util- 
ized in the manufacture of sulphuric acid 
chambers. Fractional premiums were paid 
for this lead. In December liberal con- 
tracts were placed for export resulting in 
an advance to 5.50c per lb. A reasonably 
confident feeling prevailed as the year 
closed. 

According to government returns just made 
made the production of refined lead from 
domestic and foreign ores in 1915 was ap- 
proximately 565,000 net tons and the lead 
content of ore mined in the United States 
was apparently in excess of 600,000 net 
tons. This is a gain of 15% compared 
with the previous year and establishes a 
new record of output. 



COMPOSITE METAL PRICES. 

Computation of January 3, 1916. 
Pounds. Metal. Price. Extension. 

2 l / 2 Spelter (St. Louis) 17.35 43.125 

4 Lead (St. Louis.) 5.45 21.800 

3 Copper (Electro) 23.25 69.750 

Vi Tin (New York) 42.00 21.000 

10 pounds 155.675 

One pound 15.5675 



LEAD PRICES 
New York. 

Day. Cts. 

1 5.25 

- 5.25 

3 5.25 

(i 5.25 

T 5.25 

8 5.25 

9 5.25 

10 5.25 

13 5.25 

14 5.40 

15 5.40 

16 5.37^ 

17 5.37H 

20 5.37J/J 

21 5.40 

23 5.40 

23 5.40 

24 5.40 

27 5.40 

28 5.45 

29 5.45 

30 5.45 

31 5.50 

High 5.50 

Low 5. as 

Average . . . 5.349 
* Outside market. 



IN DECEMBER. 
* St. Louis. London 

Cts. 



5.21) 

5,20 

5.21) 

5.17)^ 

5.12^ 

I 
5.15 
5.15 
5.15 

5.32'.. 

5.32 K- 

5.30 

5.30 

5.30 

5.'30 

5.32 y, 

5.32J4 
5.32J4 

5.32H 
5.35 
5.35 
5.35 

5A2Yz 
5A2y 2 
5.10 
5.265 



£ s d 

28 17 ti 

28 15 

28 5 

28 5 

27 15 

28 2 6 
28 

27 15 

37 15 

28 5 

29 5 
28 1/5 

28 15 

38 17 G 

29 
29 
29 

39 5 

29 10 

29 17 6 

30 5 
30 2 6 
30 5 
27 15 



LEAD PRICE CHANGES. 

The changes in the Trust price at New 
York since June 10, 1915, have been as 
follows: 

June 11, 1915 Advanced .25c to 6.50 

June 12 " ,50c to 7.00 

June 17 Reduced .75c to 6.25 

June 18 " ,25c to 6.00 

June 19 " .25c to 5.75 

July 30 " ,25c to 5.50 

August 2 " .25c to 5.25 

August 7 " .35c to 5.00 

August 9 " .25c to 4.75 

August 10 ' " .25c to 4.50 

August 25 Advanced .10c to 4.60 

August 26 " ,10c to 4.70 

August 27 " .20c to 4.90 

September 9 Reduced .20c to 4.70 

September 14 " .20c to 4.50 

October 21 Advanced ,25c to 4.75 

October 29 " .15c to 4.90 

November 4 " ,10c to 5.00 

November 10 " .15c to 5.15 

November 15 " .10c to 5.35 

December 14 .15c to 5.40 

December 31 " .10c to 5.50 



THE STEEL AXD METAL DIGEST. 



Jamia 



Aluminum In 1915. 



Aluminum in 1915 experienced a phe- 
nomenal advance in price in common with 
other metals largely used in the manufac- 
ture of war munitions. In January sales 
were difficult to make at 19c per lb. Late 
in the year transactions in the open market 
were reported at 60c per lb. A more ample 
supply and a less heavy demand brought 
about a reaction toward the close of the 
year. 

After a quiet period, Jan. to April in- 
clusive, in which prices ranged between 
18}4 and 19><c per lb. for ingots, a large 
buying movement developed early in May, 
carrying prices upward rapidly, from 
19j4c to 26c per lb. on June 1st In two 
or three weeks the available supply for 
sixty days of domestic and foreign origin 
was sold by importers and the American 
pioducers. At this time, Government 
>latistics made it known that importations 
during the nine months ending March 1915, 
were a little over 11,250.000 lbs. against 
arrivals during the corresponding period 
in 1913-14 and imports of 19,315.592 lbs. 
in the similar period of 1912-3. Thus, it 
was shown that the foreign supply for 
American consumption was being reduced. 
This was one result of the commandeering 
by the Governments, of all the aluminum 
v, orks in France, to be devoted exclusively 
to the manufacture of war munitions. 
France is the second largest producer of 
aluminum in the world and in 1913 con- 
tributed 25% of the total output. 

The extraordinary rise in the price of 
copper, spelter and antimony opened a 
wider field to ingot and sheet aluminum, 
while increased demand from automobile 
manufacturers and from the aeroplane in- 
dustry, placed the foundries making alumi- 
num castings in full operation after a long, 
1. an period. 

Manufacturers of aluminum utensils, also, 
from German competition, benefited 
from an increased demand, including repeat 
orders from several large foreign govern- 
ments for water bottles and cooking utensils 
armies in the field and 
trenches. 

\t the close of June ingot aluminum 

sold at 32c per lb. and before the end of 

July sales were made at 33c per lb. In 

ist it was evident that importantions 

lirely ceased and open market opera- 



tions were necessarily confined to small 
lots that commanded between 35 and 40c 
per lb. This brought out the fact that the 
situation was under the control of the 
American Aluminum Co , the one producer 
of ingots in the United States. Affairs of 
this company are not made public and 
prices of the product are a matter of 
private treaty. It was indicated, however, 
that the alumnium productive capacity was 
inadequate to meet the increased demand 
which grew greatly as the war progressed. 
The company was reported to be heavily 
sold into the future and behind in making 
deliveries on contracts. 

Early in September the scarcity of spot 
metal was more pronounced and the few 
small lots available in the open market 
were difficult to buj- under 43 to 45c with 
buyers bidding several cents less per lb. 
One significant development was the 
appearance of an export demand followed 
by one shipment of 181 tons. Stocks 
carried by dealers and by the recoverers of 
old material were reduced to a very low 
point but an advance to 48 and 50c per 
lb. discovered some previously invisible 
supplies. At this time it was reported that 
the Amercian producer had sold for 1916 
delivery at 35c but that its capacity into 
the middle of 1916 had been disposed of 
to regular customers. The difficulty of 
obtaining supplies and the high prices pre- 
vailing caused the foundry industry to look 
for a substitute, which was found in grey 
iron — the demand for aluminum castings 
fell off 50' 

In October the most important event 
was the purchase of the French interest in 
the hydro-aluminum works that were build- 
near Whitney, X. C. by the Aluminum Co. 
of America. Construction of this plant 
began early in 1914 but work was stopped 
shortly after the outbreak of the European 
war. At the end of October the price of 
No. 1 Virgin aluminum in the open market 
was 55 to 56c per lb. and it was reported 
that the largest interests had sold at the 
inside price. In November when prices 
had advanced to 58 to 60c per lb. producers 
were able to make closer deliveries on con- 
tracts. The domestic and foreign demand 
was less urgent and a large supply of old 
material was offered through trade channels 
when several hundred tons of alumnium 



L916 



\\ riMON'i i.\ 1915 



I 



were derived through the substitution of 
copper wire for aluminum wire by power 

tian-.inis.siun, cable and telegraph compan- 
ies. These companies had made aluminum 
installations in 1914 when aluminum was 
selling at lT^e. the minimum price in the 
historj of the industry and when copper 
prices were regarded as prohibitive. 

December witnessed the placing of few 



contracts, Important domestic buyers re- 
mained out of the market and no export 
orders could be filled because of the em- 
bargo upon foreign traffic. Offerings by 
second hands were largely increased 
through accummulations of the interior. In 
consequence, prices dropped 3 to 4c per lb. 
The trade assumed a waiting attitude as 
the year closed. 



Antimony In 1915. 



Antimony was active and strong through- 
cut the first quarter of the year, prices of 
all kinds steadily advancing under a con- 
tinuous heavy demand from manufacturers 
of war munitions. Supplies were absorbed 
with avidity and by the end of February 
the stocks of Hungarian were exhausted. 
A quiet period was experienced during the 
lirst half of April without any reaction in 
prices and renewed heavy buying by shrap- 
nel manufacturers caused a resumption of 
upward movement attended by feverish ex- 
citement. The volume of business trans- 
acted in the last two weeks of April was 
the heaviest in the history of the trade. 
It is estimated that 75% of the buying was 
for consumptive account. Probably one- 
third of the sales were to consumers other 
than manufacturers of munitions and of 
other war materials. 

Early in May supplies of English 
antimony disappeared entirely and quota- 
tions were necessarily dropped. From Jan. 
1st there had been a continuous rise of 23 
j-ic. per lb. on Cooksons and from Jan 1st, 
to April 26th, an advance of 18j4c. per lb. 
on Hallets. As England had placed an em- 
bargo on exports of antimony in 1914, ex- 
hausted supplies could not be replenished 
Hungarian had advanced from 13J4c. on 
Jan. 1st, to 19c at the end of Feb. when 
it vanished from the market. Attention 
was therefore centered more upon the 
Chinese and Japanese metal. Russia had 
already placed huge contracts in the Far 
East so that in Feb. there were few offer- 
ings from Japan to the U. S. even for 
March-April shipment but there were fair 
sized local stocks to draw from when Japan 
later came into competition with Russia 
and Italv in the New York market for the 



Japanese metal. As domestic consumers 
also continued to buy freely the advance 
in prices was accelerated. 

In May some dullness and a slight reac- 
tion were followed by active buying and 
higher prices, the rise extending into June. 
Prices were well sustained during the 
second half of June although there was less 
demand. At 34-H to 37j£c, it is said, that 
there is a profit of 500% to the Oriental 
producer of refined antimony. It is most 
dangerous to speculate on antimony at such 
levels, prices having doubled 7 times since 
the declaration of war, July 31st, 1914 but 
consumers are obliged to have the metal 
whatever the cost and some fair orders 
were placed in July for shipment to the 
Far East. 

Concessions were made early in Aug. to 
stimulate buying and were successful. 
Russia was again in the market but was 
quickly satisfied. Renewed efforts to sell 
caused a dowward movement. Evidence of 
increased output seemed at hand. The de- 
cline, however, again brought ammunition 
makers into the market. As buyers with- 
drew prices receded. Late in Aug. some 
few lots of English metal were alowed to 
come from London on special permit to be 
used in the manufacture of munitions for 
the Allied Governments. 

Relatively small business was transacted 
in Sept., but there were some active days 
during the month. Chinese offerings were 
few. The main feature of interest was the 
appearance of American antimony, refined 
on the Pacific coast. The output of the 
home product is estimated 100 to 150 tons 
per month. Importations increased. 

In Oct. the closing of the Panama Canal 
stimulated buying and prices advanced 



THE STEEL AND METAL DIGEST. 



January 



rapidly. Buying was larger especially for 
export to Canada. The result was reduced 
stocks. There was also a good demand for 
future shipments from China and Japan 
via rail from the Pacafic coast. Domestic 
ammunition manufacturers wore small 
buyers having covered requirements for six 
months or so. It is estimated that the 
monthly consumption by the U. S. and 
Canada for war munitions alone, is now 
600 to 700 tons which is equal to the entire 
monthly consumption for all purposes in 
times of peace. 

Continued buying in November caused a 
further advance in prices. The demand 
was mainly for prompt shipment and the 
spot market was excited. Shipments from 
China and Japan were restricted as a war 
measure and local stocks were reduced to 
a low point. Large sales were made in 
the last half of the month while spot sold 
up to 40c. per lb. Larger imports and 
more metal afloat relieved the market at 
the close of the month. An active demand 
and strong market for spot early in De- 
cember carried the price to 41c, but gave 
place later to dullness and lower prices 
following the arrival of larger supplies from 
the Orient. Future positions were in more 
favor after the middle of the month and 
about the 20th, more interest in spot was 
developed prices recovering much of the 
loss sustained earlier in the month. At 
the close of the year stocks were again 
light. 

CHINESE and JAPANESE ANTIMONY. 

Average monthly price of Chinese and 

Japanese (ordinary brands) in New York. 

1911. 1912. 1913. 1914. 1915. 

Jan. 7.15 6.S9 8.77% 6.03 15.24 

Feb. 7.53 6.78 8.16 6.00 17.62 % 

Mar. 8.75 6.78 7.91 5.94% 20.93% 

Apr. 8.34 6.87 7.82 5.82 23.97 

May 8.06 6.98 7.75 5.78 34.71 

June 7.3S 7.07 7.62 5.62% 36.53% 

July 7.32 7.37 7.55 5.44 35.98 

Aug. 7.22 7.58 7.48 13.05 32.57 

Sept. 7.13 8.00 7.31 9.79*4 28.50 

Oct. 6.94 9.11 6.46 11.64 30.96 

Nov. 6.94 9.11 6.28 14.14 37.881 

Dec. 6.97 9.05 6.05 13.15 39.36 

Av.. 7.48 7.63 7.43 8.53% 29,52 



ALUMINUM AND SILVER PRICES. 

New York 

— Aluminum — Silver 

1913. 1914. 1915. 1913. 1914. 1915. 

Jan. 26.31 18.86 19.01 62.93 57.56 48.894 

Feb. 26.20 18.804 19.20 61.64 57.504 48.48 

Mar. 26.72 18.30 18.944 57.87 58.07 50.24 

Apr. 26.91 18.08 18.83 59.49 58.52 50.25 

May 25.95 17.93 21.85 60.36 58.18 49.914 

June 24.79 17.8? 29. 6^, 58.99 56.47 49.03 

July 23.34 17.59 32.50 58.72 54.68 47.52 

Aug. 22.73 20.38 34.00 59,29 54.34 47.18 

Sep. 22.00 19.284 46.75 60.64 53.29 48.68 

Oct. 20.32 18.25 54.174 60.79 50.65 49.38. 

Nov. 19.49 18.83 57.85 58.99 49.10 51.71 

Dec. 18.85 19.02 56. 80* 57.76 49.38 54.9? 

Av. 23.63 18.594 34.13 59.79* 54.81 49.69 



ALUMINUM, SILVER and ANTIMONY 
PRICES IN DECEMBER. 

Aluminum. — Silver — . Antimony* 

N. Y. N. Y. London. N. Y. 

Day. Cents. Cents. Pence. Cents 

1 .. 59.00 56% 26iS 39.87% 

2 .. 58.00 55% 26ii 39.87% 

3 .. 58.00 55 26fs 39.25 

4 55 26-ft 

6 .. 58.00 56% 26-rff 39.25 

7 .. 58.50 56% 26ig 39.25 

8 . . 58.50 55% 2654 39.25 

9 . . 58.50 56 26% 39.25 

10 . . 58.50 55% 26% 39.25 

11 56 26% 

13 . . 5S.50 55% 26H- 39.12% 

14 .. 5S.00 55% 26 U 39.12% 

15 . . 58.00 55 26% 39.00 

16 .. 58.00 54% 25iH 39.00 

17 .. 57.00 54% 2511 39.00 
IS 54J4 26 

20 . . 56.00 54% 26^ 39.00 

21 . . 54.00 54% 26A 39.00 

22 . . 55.00 54% 25if: 39.25 

23 .. 55.00 54 25ii 39.25 

24 . . 55.00 53% 25% 39.25 

27 .. 55.00 53% 39.50 

28 .. 55.00 54% 25% 39.62% 

29 .. 55.00 54% 26 40.00 

30 .. 55.00 54% 26A 40.00 

31 .. 55.00 55 26% 40.00 
High 60.00 56% 27-i\r 40.00 
Low 53.00 53% 25% 39.00 
Av... 56.805 54.971 26.372 39.364 

* Chinese and Japanese. 



llll SI I M AND METAL DIGEST. 



BRANDS OF COPPER IN UNITED STATES. 



Adventure 

Atlantic 

Calumet & Hecla 

Calumet & Hecla 

Calumet & Hecla 

Centennial 

Copper Range 

Franklin 

Isle Royale 

Mass. 

Michigan 

Mohawk 

Osceola 

Quincy 

Tamarack 

Victoria 

Winona 

Wolverine 



American S. & R. Co. 
Balback S. & R. Co. 
Baltimore Copper Works 
Boston & Montana Co. 
Chicago Copper Ref. Co. 
Copper Queen 
Miami 

Nichols Copper Co. 
Orford Copper Co. 
Raritan Copper Works 
U. S. Metals Ref. Co. 
United Metals Selling Co. 



Balbach S. & R. Co. 
Boston & Montana Co. 
Chicago Copper Ref. Co. 
Duquesne Reduction Co. 
Nichols Copper Co. 
Phelps, Dodge & Co. 
Tottenville Copper Co. 
U. S. Metals Ref. Co. 
White & Bro., Inc. 



LAKE. 

Refined at: 
Hancock, Michigan. 
Houghton, Michigan. 
Hubbell, Michigan. 
Buffalo, N. Y. 
Buffalo, N. Y. 
Hancock, Michigan. 
Houghton, Michigan. 
Hancock, Michigan. 
Dollar Bay, Michigan. 
Hancock, Michigan. 
Houghton, Michigan. 
Houghton, Michigan. 
Dollar Bay, Michigan. 
Hancock, Michigan. 
Dollar Bay, Michigan. 
Hubbell, Michigan. 
Hubbell, Michigan. 
Houghton, Michigan. 

ELECTROLYT 

Refined at: 
Perth Amfcoy, N. J. 
Newark, N. J. 
Baltimore, Md. 
Great Falls, Mont. 
Blue Island, 111. 
Laurel Hill, L. I. 
Laurel Hill, L. I. 
Laurel Hill, L. I. 
Chrome, N. J. 
Perth Amboy, N. J. 
Chrome, N. J. 
Laurel Hill, L. I. 

CASTING. 

Refined at: 
Newark, N. J. 
Great Falls, Mont. 
Blue Island, 111. 
Pittsburgh, Pa. 
Laurel Hill, L. I. 
Laurel Hill, L. I. 
Tottenville, N. Y. 
Chrome, N. J. 
Philadelphia, Pa. 



Branded. 
Adv. C. Co. 
A. 

C. & H. M. Co. 
C. & H. M. Co. 

B. L. 

C. C. M. Co. 
C. R. 

F. M. Co. 
I. R. C. Co. 
Mass. 
M. C. 
M. M. 
T. O. 
Q. M. C... 
T. O. 
V. C. 
W. A. 
W. 



I c . 



Branded. 
P. A. 

Cathodes only. 
B. E. R. 

B. & M. 

C. C. R. 

C. * Q. 
A. L. S. 
L. N. S. 
O. E. C. 
N. E. C. 

D. R. W. 
R. M. C. 

Branded. 
N. B. C. 
M. A. 

C. C. R. 

D. E. C. 
C N. C. 
P. D. Co. 
C T. C. 
D. S. 

W. B. 



THE STEEL AND METAL DIGEST. 



January 



Trade Notes. 



TORONTO, ONT.— D. M. Gilpin & Co., 
Ltd., lias been incorporated to manufacture 
iron, steel and other metals; $250,000 capital 
stock; provisional directors Dalton McC 
Gilpin, D'Arcy B. Gilpin and James R. 
Koaf, Toronto. 

Milwaukee, — Leo G. Smith former man- 
ager of the Prime Steel Co., Milwaukee, 
which went into bankruptcy several months 
ago, has organized the Electric Steel Cast- 
ing Co. of Milwaukee, and will engage in 
the production of electric steel material 
at once. 



The National Copper Works. Boston, 
jUass., is a new corporation with capital 
of $100,000. Morris Broomfield, Hubert 
H. Snow and John J. Connolly are the in- 
corporators. 



MONTREAL, QUE.— Canadian Electro- 
Products, Ltd.. has been incorporated to 
manufacture metals; $500,000 capital stock; 
by Walter R. L. Shanks, Daniel P. Gillmor. 
Francis G. Smith Bush and others, Mon- 
treal: J. S. Xorris of the Monrteal Power 
Co. and Julian C. Smith, of the Shawinigan 
Power Co., are interested. The new com- 
pany proposes to smelt 50 tons of steel 
per day by the electric smelting process 
and will have one unit for 25 tons per day 
operating in about six weeks. 



The Hoevel Mfg. Co., Hornell, X. Y.. has 
been formed with $60,000 for the purpose 
of manufacturing sandblast machines and 
foundry equipment. F. W. Weiss. H. Law- 
son and H. G. Wenzel, Jr.. are the officers. 

AUGUSTA. ME.— The Rochester Ma- 
chine Co. has been incorporated; $1,000 
capital stock: by Ernest L. McLean, S. L. 
Hall and E. M. Leavitt, Winthrop. 

The Marlin Arms Corporation, which has 
just taken over the Marlin Fire Arms Co., 
New Haven, Ct., has signed an agreement 
with the Colt's Patent Fire Arms Mfg. Co., 
Hartford, Ct., to make its machine guns 
of 1914 model, and has closed a $10,000,000 
contract with J. P. Morgan & Co., New 
York, to furnish 10,000 guns for the allies, 
delivery to begin in February. 



The Consolidated Steel Company, Ltd, 
Toronto, has been incorporated with a 
capital stock of $100,000 by William H. 
Beatty, Francis A. Hammond, Charles B. 
McClurg and others to manufacture ma- 
chinery, shells boilers, rolling stock, etc. 



The Valley I'ark Mfg. Company, Vallej 
Park, Mo., a suburb of St. Louis, has been 
incorporated with a capital stock of $150,- 
000 by Henry M. Blossom, I. Folger and 
E. D. Blossom, and will equip with wood- 
working machinery. 



The Canadian Chadwick Metal Co , Ltd,. 
Dundas, Ont , has been incorporated with 
$40,(X>0 capital to carry on business as 
founder, engineer and machinist, by J. R. 
Marshall. A. B. Turner and H. A. Bud- 
bridge. 



MUSKEGON. MICH.— The Lindermann 
Machine Co. is constructing an addition 
and will start to build metal working ma- 
chines. The addition will be 31 x 153 feet. 
Thirty-two additional motors will be in- 
stalled. 



The Harding Metal Products Co., Phil- 
adelphia, Pa., has been formed with $25,- 
000 capital by R. M. Harding. H. Bonsall 
and J. M. Frere. to manufacture steel, iron, 
copper, brass, etc. 



ROCKAWAY, N. J.— The Internationa! 
High Speed Steel Co., 99 Nassau street. 
New York, is having plans prepared for a 
1-story, 173 x 300-foot manufacturing build- 
ing to be erected at Rockaway. 

The Oldroyd Mfg. Company. Knxville. 
Tenn., has been organized with a capital of 
$50,000 to manufacture coal-cutting ma- 
machines. The incorporators are C. S. 
Oldroyd. J. R. Foster, E. H. Ford and 
others. 

The Yankee Farm Tractor Company has 
been organized at Westfield, Mass., with 
capital stock of $50,000, to manufacture a 
tractor invented by E. R. Pendleton, who 
is the president of the company. The 
factory site has not been selected, but the 
company will probably locate in Westfield 



The 



Steel and Metal 
DIGEST 



VOL. VI. 



NEW YORK, FEBRUARY 1916. 



NO. 2. 



Published Monthly by the American Metal 

Market Company, 81 Fulton St., New York. 

C. S. Trench, President, 

C. S. J. Trench, Secretary and Treasurer. 

Branch Office, 627 Oliver Bldg., Pittsburgh. 

Subscription Price Two Dollars a year 
for United States, Canada and Mexico; for 
other countries $2.25. 

Advertising rates on application. 

Entered at Post Office of New York as second class 
mail matter. 



CONTENTS. 

A Remarkable Business Situation 

Steel Corporation Earnings 

World Trade Conditions After the War 

Wages and Output Compared 

Value of Finished Steel Products 

Tin Plate Production 

Steel Plants 

Topical Talks on Iron 

Business Trends 50. 

Comparison of Metal Prices 

Comparison of Security Prices 

Market Reviews: 

Iron and Steel 

Copper 

Tin 

Spelter 

Lead 

Antimony 

Aluminum 

U. S. Steel Corporation Operations ... 

Railroad Earnings 

Joplin Zinc and Lead Ore Market 

Iron and Steel Imports and Exports . . . 

Emmigration Statistics 

Price Changes of Iron and Steel 

Products 



Remarkable Business 
Situation. 

The opening month of the New Year 
has served to demonstrate the tremen- 
dous momentum that business in this 
country has attained. Several unsettl- 
ing features have come up lately, which 
under ordinary circumstances would 
have caused hesitancy, and they have 
had this effect in Wall Street, but in 
all lines of industry these features have 
not had the slightest influence. The 
physical fact of there being more or- 
ders than our mills can fill has caused 
our manufacturers to be indifferent to 
everything except to keep up with the 
demand being made on them for fin- 
ished goods and to get the raw mater- 
ial and labor to produce them, while 
capital has stood with open hands 
ready to do its share to its utmost. 
Domestic and War Orders Late Last 
Year Underestimated. 
It proves that the volume of orders 
placed in the closing months of last 
year were underestimated, and further- 
more that they were for real necessi- 
ties, and not subject to changes that 
might be expected to influence them 
if they contained any element of specu- 
lation or a draft on the future continu- 
ing to be promising. 
Cause of Present Condition of Affairs. 
To tin 1 requirements of a country 



I UK STEEL AND METAL DIGEST 



February 



which for two years bad undergone in 
its legitimate needs no fundamental 
curtailment, bu1 which had cut to the 

i m thai time the purchase of all 

requirements thai could be curtailed, 
in which operating production was cut 
in half, and stocks of merchandise in 
all hands wen- diminished to the van- 
ishing point, there came in the last half 
of the year L915 a mass of war orders, 
and with mounting prosperity, the 
opening of the floodgates of long pent 
up enterprise and confidence, it has 
taxed our facilities to cope with the 
situation. 

In considering present conditions we 
believe too much credit has been given 
to the part these war orders have play- 
ed, for even without them a great vol- 
ume of trade for our home require- 
ments would have come. But of course 
these war orders have made the move- 
ment spectacular, the profits from them 
have glutted our banks with money, 
speeded up operations enormously, ad- 
vanced prices sensationally and over- 
whelmed the country with wealth and 
confidence. There has been the de- 
mand to make up the vacuum that had 
accumulated in 1913 and 1914 in dim- 
inished stocks and forced economy, and 
added to it is an extraordinary war de- 
mand and the natural movement to 
carry and accumulate supplies, which 
is always the ease in an advancing 
market. 

This explains our production of iron 
and steed having in about a year ad- 
vanced from the rate of IS. 100, 000 tons 
per annum to to-day's rate of 39,000,000 
tons per annum, with apparently great- 
er amounts needed than we can supply, 
and this trade is so heavily hooked into 
the future thai operations a1 presenl 
rate seem assured for six months or 
mora. 



Is This Situation Assured for Months 
to Come ? 

Does this mean that the general bus- 
iness future is assured for months to 
come? We think not, because stand- 
ing out beyond all other dangers to 
our present prosperity is the chance 
of the war coming to an early end also 
the danger of our being involved. 

What Will Follow End of War? 

As regards the ending of the war 
and its results, we refer our readers 
to a speech printed in this issue by 
Alba B. Johnson, President of Baldwin 
Locomotive Works, and which we re- 
produce as it seems to us to cover the 
queston better than anything we 
have seen. Also the change will not 
wait until peace is declared. Long be- 
fore the end comes it will be foreshad- 
owed and elect minds will take time 
by the forelock to anticipate the fu- 
ture. The chill will come before the 
fever, and it is this that must be 
watched for. When the change comes 
we will appreciate the danger of the 
price platform on which we stand, and 
when prices begin to decline we will 
again learn that while there is almost 
no limit to the buying power of the 
American public on an advancing mar- 
ket, there is also no limit to the w T ay 
they can stay out of the market on a 
declining one. This is a trait of our na- 
tional disposition that some of us bave 
learnt by experience to hold in respect- 
ful fear. 

Has our increased production made 
up yel the vacuum of reduced stocks? 
Perhaps not, plus war orders, but the 
longer the end of the war is delayed, 
the greater will he the collapse we 
think in the values and activities we 
have built up) under war influences. 



I III STEE] \\H METAL DIGES1 



What Will Be the Effect on Iron and 
Metals If We Become Involved? 

As we write, the situation has be- 
come grave between our country and 
Germany. Should relal ions be broken 
off it seems to us it would mean the 
instant starting in on our programme 
of preparedness which is so absolutely 
necessary, and that can only mean one 
thing, increased demands on our fac- 
tories for war munitions, and this 
means a still greater demand for 
metals, iron and steel. True, it may 
upset speculation and confidence, and 
some industries that are swimming on 
such waters may be tossed about to the 
sickness and discomfort of those in 
such boats, but the ship in which the 
iron and steel and metal trade is sail- 
ing' is not dependent on the winds of 
speculation or even confidence, but on 
the actual necessities of our re- 
quirements, which would be increased 
by our county joining the belligerents 
in demand for war supplies. We will 
proceed under a greater head of steam, 
and high as prices are it would seem 
they must go higher in such an event. 
Capital may become s*hy for ordinary 



requirements of peace and specula 

lion. Inn it will be la\ ished into what 
is necessary Tor war if war is near at 
hand. 
Baring a sudden and unexpected 

collapse of the war, and the settling 

dow n of the world i<> |m.\ the lull by 
economy, we ran see nothing in the 
trades we represenl hut continued and 
perhaps increasing activity; continued 
and perhaps still higher prices and 
profits, but the greater the facilities 
to produce which we bring into play, 
and the consequent increase in output 
\he more sensational will be the col- 
lapse when peace is declared. 

Cyclone Cellar for Profits. 
The wise man will meanwhile put 
his profits in safety, and perhaps it 
is because this is being done that bonds 
and undoubted securities continue to 
command a price out of all relation to 
the increased rate value of capital, and 
this is why securities that depend for 
their market price on the imagination 
and speculation, refuse to sell at what, 
in normal times, the prosperity of 
the country and their present earning 
power would seem to justify. 



-o o 



THE STEEL AND METAL DIGEST 



Feb r uar v 



Business Trends. 



1915— OUR GREATEST YEAR IN 
EXPORT TRADE. 

The December exports of merchandise 
were the largest ever recorded in any 

in the country's history. T] 
i mlar year's total of exports $3,550,915,393 
exceeded that of 1914 by almost 6895 and 
that of 1913, the hitherto record year in 
export trade b} $1,066,000,000 or 12%, com- 
irith imports, and which totaled $1,- 
?78,605,855 and which was only :."'< below 
the high record year 1912. 

Our foreign trade in December and for 
the \ear 1915 and 1914 compare as follows: 

Decei 1915. 1914. 

Exports $359,301,274 $245,632,558 

Imports 171.s41.HGa 114,656,545 

Excess of exports 3l87.4a9.609 $130,970,013 

Year. 1915. 1914. 

Exports $3. 550, 915. 393 $2,113,024,050 

Imports 1,778,«05,855 1,789,276,001 

Ex. of exports $1,772,309,538 $324,348,049 



INCREASE IN NEW ENTERPRISES. 
Not in years has the formation of new- 
enterprises been on such an extensive scale 
as during the past month. The grand total 
of all companies incorporated with a 
of $100,000 or over, covering all State-, in- 
cluding those of the East, aggregated $334,- 
10. This in an increase of more than 
"ii . iver December, and more than 300% 
greater than in January. 1915. Papers filed 
for new companies in the Eastern States 
with a capital of $1,000,000 or over, however, 
involved $270,995,000. With the exception 
;>tember last, when the incorporations 
amounti I 625 000, the current exhi- 

i -i monthly showing in 
Very interes details 

Following are the comparative figures as 

specially compiled by The Journal of < out- 

merce ' and Commercial Bulletin of com- 

i ■ Ea stern States 

LSt three year- with an ...■ 

ized capital of $1,( ,00 - m 

191(1 1915 1914 

■•■■.1,15(1.9(111 ■ I 'H II.', 

■,,■■(. 51,575,000 



1916. 1915. 1914. 

March 70,050,000 57,700,000 

April 32, 200, hod 136,185,000 

May 78,950,000 62,700.000 

June 181,247,100 70,050,000 

July 71,100,000 68,700,000 

Aug 67,100,000 50,600,000 

Sept 286,625.000 54,800,000 

Oct 208,695,000 35,487,500 

NOV 190,075,000 81, 650, 110(1 

Dec 135.125.000 105.450,000 

Total $1,426,267,100 $894,947,500 



COMPARISON OF JANUARY 
FAILURES. 

There were 1,771 failures reported in 
Bradstreet's Journal in January this year, 
a decrease of 25.5% from January a year 
ago, though they were 11% more numerous 
than in December 1915 and 2% in excess of 
January 1914. 

Liabilities in January 1916 totaled $17,- 
179,977, a decrease of 36% from December 

1915 and l'.i'/i from November, and only 
about one-third of what they were in Jan- 
uary 1915. 

We give below a table showing the num- 
ber of failures, assets and liabilities dating 
back to January 1893: 

No. Assets. Liabilities. 

1916 1,771 $8,077,596 $17,179,977 

1915 2,378 35,428.030 50,576,581 

1914 1.729 20,421,273 35,196,682 

L913 1,566 s. 404, 342 15,619,19 ' 

1912 1,701 10,766,526 20.120.690 

1911 1,376 18.972,069 30,456,469 

1910 1.241 9,560,351 17,333,849 

1909 1,317 7,217,612 14,073,264 

1908 1.706 45,344,483 64.922.45(1 

1907 1,109 8,593,134 18,075,595 

1906 1.213 6.636,350 15,360,188 

1905 1.199 6,058,467 11,113,964 

1904 1.121 9.765.868 17,076.595 

1903 1,113 4.538,343 10,529,372 

1902 1.343 6,113,284 14,589,064 

1901 1,253 6,611,238 12,33 I ' 

1900 1,138 4,166,630 10,256.120 

1899 1,252 6.669,748 14,369,596 

l 398 . 1.540 7,083,327 14,359,335 

1891 1,867 14. .".si, 506 25.490,042 

L896 ...... 2.117 1(1.097,359 30.207.250 

1895 1,818 14.505,120 24,883,550 

1S94 1,953 I L,913,989 22,516,848 

1.430 9,271,163 16.7:13.9 12 






in \ .i) \n i \i DIGES1 



Business Trends. 



HIGH RECORD FOR JANUARY 
BANK CLEARINGS. 

Bank clearings For the month of January 
last, $19,958,401,410, represent a new high 
record for that month, The total is the 
third heaviesl evei registered, the honors 
in this respect being held by October and 
December of last year, when the respective 
sums were $20,050,000,000 and $20,167,000,- 
000. Indeed, the showing for January is 
but 1% under the high point made in the 
final month of 1015. 

Following are the aggregates of clear- 
ings monthly at all cities, compared with 
the like periods in four preceding years: 
(Six figures omitted.) 
1916 1915 1914 1913 1912 

Jan. .$19,957 $13,389 $16,100 $16,090 $14,977 

Feb 11,832 12,770 13,4S1 12.7S8 

Mar 13.733 14,148 13,985 14,330 

1st q'r 38,954 43,018 43,556 42,095 

April 14,900 14,791 14,153 14,855 

May 14,516 13,061 13,980 14,708 

June 14,011 13,841 13,580 13,519 

2d q'r 43,427 41,693 41,713 43,082 

July 14,812 14,385 13,422 13,487 

Aug 14,170 9,840 12,260 13,097 

Sept 15,289 9,927 13. 293 12,956 

3d q'r 44,271 34,152 3S.975 39,900 

Oct 20,050 11,624 15,551 17,003 

Nov 19,249 10,982 13.742 15,228 

Dec 20,167 12.540 14,537 15,217 

4th qr 59,466 35,146 43,830 47,447 



(id. total. 



186,118 154,009 168,(174 1 ;2..V_'I 



HEAVY IRON PRODUCTION. 

Pig iron production in January fell off 
slightly from the December rate, but the 
loss was due entirely to the strikes at 
Youngstown. The . 45,000 tons reduction 
there was nearly made up by the blowing 
in of furnaces in other districts. In Jan- 
uary the country's output was 3,188,344 
tons, or 102,850 tons a day, against 3,203,- 



328 tons in I (ecember, or in.;, 
day. 

There was a net gain of 12 in the number 
"i active furnaces last month, 307 being in 
blast February 1st, with a capacity of 106,- 
172 a day, against 295 on January 1st, with 
■i capai it} of id.-., 4()() tons a day. 



STOCK EXCHANGE TRANSACTIONS 
IN JANUARY. 

During the month of January sales of 
stocks on the New York Stock Exchange 
aggregated 15,313,998 shares, as against 
14,647,353 shares, in December and 5,109,700 
in January, 1915. The largest day's trad- 
ing was 1,009,799 shares on the 3rd, and 
the smallest 465,300, on the 25th. 

Bond business amounted to $114,683,000, 
against $120,110,000 in December, and $57,- 
246,000 in the month of January, 1915. The 
largest single day's transactions were $7,- 
062,000, on the 14th. the smallest, $3,449,000 
on the 25th. 



RAILWAY MILEAGE BUILT IN 1915 
AND OTHER YEARS COMPARED. 

Fewer miles of railroad were built in the 
United States during the past year than 
in any other year since 1864. There have 
only been three other years since 1848 in 
which the increase in mileage was less than 
1,000. The following table taken from the 
Railway Age Gazette shows new railway 
mileage by years: 

19.5 933 

191* .-.. 1,532 

191 3 3,071 

1913 2,997 

19 H 3,066 

19 " 4,122 

1909 ' 3 74g 

"08 3^214 

1907 5j31a 

"06 5 ' 6 23 

1905 4 ;388 

"04 3,832 

1903 5>653 

1902 6,026 

1901 5,368 

1900 4, SOI 



THE STEEL AND METAL DIGEST. 



February 



Steel Corporation Earnings. 



Unlike the earnings reported by the Steel 
Corporation for the September quarter, 
which fell short of expectations derived 
from a computation based on the June 
earnings, the earnings for the December 
quarter are fully as high as would have 
been expected. They arc, indeed a trifle 
higher. The $51,232,788 earnings reported 
exceed the highest estimate seriously made 
,11 the trade, $50,000,000, and they slightly 
exceed what we should have estimated just 
before the report was made. 

The September earnings, $13,763,327. may 
be taken at around $13,000,000 for profits 
on goods shipped, dropping the $793,327 
as representing in a rough way the profits 
on ore transportation. At estimated ship- 
ments of 1,110,000 tons there appeared to 
be a profit of $11.70 per ton. Dropping 
the odd figures from the December quar- 
ter's earnings there is left $50,000,000, on 
shipments which we estimate at 3.750.000 
tons, making $13.32 earnings per ton, an 
increase over September of $1.62, or just 
abdut what would be expected from the 
working off of lower priced orders and 
the shipping of larger proportions of 
higher priced steel. 

Estimating shipments in the current 
quarter at three times the December ship- 
ments, which is about as well as the cor- 
m could do, the earnings at $1.40 
per ton more than in December would be 
1.000. The increase in invoice prices 
probably average fully $1.40 per ton, 
but the wage increase effective February 
1st increases the operating cost by about 
$1,500,000 a month, and costs are probably 
up in other directions. Hence it 
does not seem probable that the earnings 
in the present quarter will materially ex- 
f55,O0O,O0O. 

As the regular charges preceding the 
common dividend are only about $22,000,- 
000, the declaration of a dividend of l'i 
per cent, on the common stock for the 
December quarter seems conservative, for 
the dividend amounted to $6,353,781, when 
there was nearly $20,000,000 left for the 
non stock, and the current quarter 
more than $20,000,000 
left. 



The 

lows : 



statement for last quarter is as fol- 



Earnings 



Before 



Less: In- 







charging 


terest on 






interest on 


subsid- 






subsid- 


iary Balance of 






iary bonds. 


bonds, earnings. 


Oct. 


1915. 


$17,335,747 


$771,893 $16,563,854 


Nov. 


1915 


17.760,310 


769,342 16,990,968 


Dec 


1915. 


18,440.024 


782,058 17,677,966 



$53,536,081 $2,303,293 

Total earnings after deducting 
all expenses incident to oper- 
ations, including those for or- 
dinary repairs and mainte- 
nance of plants and interest 
on bonds of the subsidiary 

companies $51,232,788 

Less charges and allowances 

for depreciation, viz.: 

Sinking funds on bonds 
of subsidiary and ex- 
traordinary replace- 
ment funds $8,729,053 

Sinking funds on U. S. 

Steel Corp. bonds . 1,650,622 

10,379,675 

Net income $40,853,113 

Deduct: Interest for 
the quarter on U. S. 
Steel Corp. bonds 
outstanding $5,451,876 

Premium payable on 
bonds redeemable 

under sinking funds. 235,901 

5,687,777 



Balance 35,165,336 

Add net balance of sundry 

charges and receipts 794.05" 7 

Total $35,959,393 

Dividends for the quarter on 

stocks of the U. S. Steel Corp. 

viz.: 

Preferred. IV $6,304,920 

Commi in, 1 ' i ' . 6,353,781 

12,658,70! 

Surplus for the quarter S23,300,6Q> 



WORJ D I R VD1 I ONDF] IONS Kf I IK EUROPEAN W \K. 



World Trade Conditions After 
the European War. 



By Alba B. Johnson 

Locomotive Works, at National Foreign 



President of the Baldwh 

Convention, New Orleans 
The subject which 1 wish to discuss is 
"World Trade Conditions following the 
War." This naturally divides itself into 
conditions in the United States and those 
abroad. 1 will treat them in this order. 

Every great change from existing condi- 
tions introduces elements to which com- 
merce is unaccustomed and brings about 
a dislocation of business. The outbreak of 
the present European War was such a 
change, and whilst our own country was at 
peace, nevertheless our business, in com- 
mon with that of all neutral countries, was 
paralyzed. Far-sighted men could perceive 
that soon our crops and foodstuffs would 
become necessary for the subsistence of 
warring Europe, that our manufacturers 
would be needed as auxiliary to those of 
the belligerent nations, and that we were 
the only great industrial nation free to 
supply the world's needs. Nevertheless, it 
took about a year for this expectation to 
he realized. 

But our industries are now overcrowded 
with war orders, our crops and foods are 
being shipped as fast as vessels can be 
found to carry them, new plants of vast 
capacity have been constructed and 
equipped with machinery, there is a short- 
age of skilled labor, and our banks are 
overflowing with idle money. So long as 
the war continues we shall enjoy a large 
degree of prosperity. Beginning with 
those lines of business which relate closely 
to the war. it affects secondarily other lines 
not so related, until the revivifying influ- 
ence of war orders has infused prosperity 
throughout perhaps ninety-five per cent of 
all lines of business. 

New Dislocation of Business After the 

War. 
When the war stops — when the first 
peace negotiations begin, the uncompleted 
portions of all the vast volume of the for- 
eign war contracts which are being ex- 
ecuted in this country, will be suspended, 
thousands of men will be deprived of em- 
ployment, numberless inflowing streams of 



Ira.l, 



golden profits will be slopped and business 
of every kind will suffer another disloca 
tion. 

In Europe, the return of men now un 
der arms, together with the cessation of 
work on arms and ammunition, will alike 
affect the belligerent countries as well as 
ourselves, and great numbers of men will 
be forced again to seek employment. 

It has been estimated that in (ireat Brit- 
ain considerably over a million men will 
be thrown out of work within the three- 
months following peace, and perhaps as 
many more in the United States and Can- 
ada. The lapse of time within which re- 
employment will come, will depend then 
upon the extent of the exhaustion follow- 
ing the war, and here upon the soundness 
of the business conditions which will then 
exist. These were not sound with us prior 
to the war, and but for the powerful influ 
ence of war orders there is no reason to 
believe the) would be better now. 

Prime Factors Influencing American 

Business. 
Let us consider for a moment what are 
the prime factors influencing American 
business. 

Aside from the abundance of our crops, 
which is not within our control, amongst 
these factors are banking, inland transpor- 
tation, the tariff, the labor situation and 
the merchant marine. 

Except in war stocks and automobile fi- 
nance, there has been no undue financial 
expansion. A guarantee of safety is to !>■ 
found in continuing this conservative 
course, 

After having worked for forty years mi 
der the national hank act, which well 
served the purpose for which it was in- 
tended but which had the objection of 
such inflexibility as to exaggerate the ten 
dency to panics, if it did not cause them, 
we have now. by the Federal Reserve Act, 
created a currency responsive to the needs 
of business- The new system has wisely 
been developed slowly and much remains 



THE STEEL AND METAL DIGEST. 



February 



to be clone to enlarge its usefulness. It 
will, however, afford the country a power- 
ful safeguard against panics. From this 
point of view our ability to withstand a 
financial storm is better than it has e.ver 
been. 

Xaturally, however, there can be little 
danger of a shortage of money after the 
war, because the money now employed as 
working capital in filling war orders, will 
be released, and because the demands from 
Europe for war loans will cease. The 
amount of idle money then will be large 
until reabsorbed in legitimate business en- 
terprises at home or abroad. 
Large Increase in Railroad Earnings. 
Our railroads have shared the improved 
conditions due to abundant crops and to 
the war business, and during the last three 
months of 1915, they have experienced a 
large increase of earnings. The value of 
their stocks has responded to this increase 
of earnings, and the large volume of money 
seeking investment has further raised their 
market quotations. The fact is, however, 
that under normal conditions their rates 
are dangerously close to the cost of the 
service. With phenomenal tonnage, and 
with the advantages of economies which 
are possible only in times of stress, they 
are able for the present to make satisfac- 
tory earnings. It has not been shown that 
under the restrictions imposed upon them 
such earnings are normal. 

There is every reason to believe that at- 
the close of the war they will fall off to 
Mich figures as will not only again make 
the vast capital locked up in railroad 
stocks and debentures unattractive as in- 
vestments, but also will again restore the 
difficulty of securing the new- capita! neces- 
sary for the continued growth of railroad 
facilities to keep pace with the industrial 
and agricultural development of the coun- 
try. 

Xext to agriculture, transportation con- 
stitutes the largest industry in the land. 
It is of vital importance to every other 
interest that the railroads should be placed 
upon a permanent basis of soundness and 
prosperity. They are the largest pur- 
chasers. When they prosper every other 
industry prospers. When they are com- 
pelled to stop building the extensions nec- 
essary to open new and to develop old ter- 
ritory, and to cease placing orders for ma- 
terial and equipment, all manufactures and 
consequently all general lines of business 



dependent upon industrial prosperity are 
depressed. 

Should the railroad interests be allowed 
to lapse into a doubtful position as to their 
earnings and as to the security of their in- 
vestments, it must react disastrously upon 
every other business interest of the coun- 
try, when we come to deal with the read- 
justments which are to follow the conclu- 
sion of peace. The appointment of the 
commission of inquiry proposed by the 
President, is wise and statesmanlike, and if 
realized it should prove productive of a 
broader and more liberal policy to the 
great interests affected. 

The Place of the Tariff in Post-Bellum 

Development. 
Prior to the last presidential election all 
three political parties declared themselves 
in favor of tariff reduction. The traditional 
adherence of the 'Democratic Party to a 
tariff for revenue only, would not have per- 
mitted a reduction, because the tariff which 
was in effect when that party came into 
power was not higher than was necessary 
to provide the expenses of government. 
The principle was adopted of transferring 
the burdens of taxation from consumption 
to wealth, and instead of a tariff for rev- 
enue only, one was enacted based upon the 
partial substitution of direct taxation in 
the form of an income tax for the indirect 
taxation derived from imports. 

The war in Europe was unforeseen when 
this legislation was enacted, but it resulted 
in a withdrawal of foreign competition 
more complete than could have been de- 
sired by the most radical protectionist. 
Furthermore, the war prevented our manu- 
facturers from obtaining abroad many raw 
materials essential to our industries but 
not made in this country. Great distress 
resulted from this cause, principally to our 
textile manufacturers. These needs have 
in part been supplied by the substitution 
of other things, and in part by our own 
enterprise in new lines of production. 

So far as we have undertaken new lines 
of manufacture hitherto pursued only 
abroad and which after the war can be un- 
dersold by foreign competitors, we have ac- 
tually created infant industries which 
should receive as full protection as that 
enjoyed during the last half century by 
other infant industries since grown to man- 
hood, for our present pre-eminence as a 
manufacturing nation is the result of hav- 
ing so fostered our industries. Those who 



WOR] 11 I R \hf CI iND] [TONS VF I I- k EUROPE \N U VK 



1,1 



by their enti rprisi ave sup 

plied our national needs, should nol be lefl 

i" extinction In reason of international 

petition after the war. 

Indeed it lias no1 yet been proven 

her under normal conditions, many of 

our industries can continue to exist under 

the present tariff. For the welfare oi the 

nation, these should surely he placed upon 

a basis of assured prosperity. 

Old methods of tariff revision 1>\ I 01 
gressional Committees have proven incapa- 
ble of providing a tariff adaptable to the 
changing conditions of business. To be 
effective tariff laws must be responsive to 
changes in our own country and abroad. 
The only practicable method of creating a 
tariff sufficiently flexible and scientific to 
meet our national needs is by a permanent 
non-partisan tariff commission. 

Necessity for a Merchant Marine. 
Probably the most important question 
which has been forced upon our nation by 
the outbreak of war, is the absence of 
merchant fleets upon the sea. The vast de- 
struction of ships during the war must be 
met by building a new supply before ocean 
transportation can be restored to its nor- 
mal condition. If the existing obstacles to 
the commercial success of operating Amer- 
ican ships were to be removed, a large part 
of this restored tonnage would undoubtedly 
be constructed in American yards and op- 
erated under the American flag. As to the 
importance of restoring shipping under our 
flag, all agree that this problem is likely 
to be one of the most important which will 
engage the consideration of the existing 
Congress. The facts relating to our ocean 
shipping as they actually exist, have been 
so fully and clearly set forth in the pamph- 
let recently issued by the National Foreign 
Trade Council, that it is unnecessary to en- 
large further upon the subject on this occa- 
sion. 

At the outbreak of the present war our 
industries were so depressed that the with- 
drawal from our labor supplies of the many 
thousands of reservists who left to join 
foreign armies, both by way of our Atlantic 
seaports and by Canada, caused no incon- 
venience. 

The abnormal demand for munition work- 
ers has since provided work for so many 
skilled and unskilled laborers that there is 
now a shortage of labor. Many who have 
taken contracts for war supplies are bid- 
ding against each other for workmen, whilst 



lequati to thi d 
This condition w ill continue, and will prob 

ably be intei 

'. tl i ontinues. 

Little interferenci b; 01 ganized labot ha 
resulted, because tin , age paid are highei 
than labor organizations could generallj 

i hi high special rates ha 
acted upon the entire labor situation and 
will, doubtless, continue to affect it until 
the war stops, wdicn a readjustment oi 
wages will necessarily follow. 
Depression Will Follow Present Activity. 
Summarizing the views above expressed 
at length, 1 look for a period of feverish 
activity in this country during the continu- 
ance of the war, and upon its close a pros- 
tration of the industry and commerce of all 
countries. This will be due to the exhaus- 
tion caused by the waste of lives, of prop- 
erty and of treasure resulting from the war, 
to the changes which will be brought about 
by readjustment, and to the certainty of 
excessive taxation to replenish the ex- 
hausted treasuries. 

It is impossible to foretell how long this 
depression will last. Slowly re-employment 
will come. Depleted stocks must be re- 
plenished, railways, towns, government 
buildings, forts, arsenals, and ships must 
be replaced. The labor necessary for re- 
construction will be required throughout 
the countries devastated by war. Not onlv 
will the great demand for labor in Europe 
cause a permanent advance in the wages 
which will be necessary to keep their peo- 
ple at home, but it is quite possible that 
emigration may be checked by law. At 
the same time the shortage of labor here, 
due to the fact that since the outbreak of 
the war the inflow from Europe has been 
retarded or stopped, will for a time resist 
the tendency of business depression to 
lower wages. Eventually the latter must 
prove to be the stronger force and a re- 
adjustment of wages will result. 

The history of every previous depression 
will be repeated. Sooner or later re-em- 
ployment will come; manufacturers' stocks 
will be depleted and the continuous ex- 
penses caused by the necessary operation 
of railroads and public utilities must be re- 
paid. Enforced economies will result in 
abnormal savings, thus creating new re- 
sources for investment and the re-establish- 
ment of prosperity. 

Increased Demands by Europe After War. 
Turning now to the conditions abroad 



THE STEEL AND METAL DIGEST 



February 



which will follow the war, it is clear that 
there will be an increased need of machinery. 
Many goods which have been produced by 
hand labor in Europe, and have therefore 
commanded high prices, must, because of 
i ruction of lives and the scarcity of 
labor, be made thereafter by machinery. 
France already has a commission in the 
United States investigating this subject. It 
will follow that the pre-eminence of Eur- 
ope in the highest grades of goods largely 
irod teed by hand labor, will no longer ex- 
ist, and that we shall be more nearly upon 
a parity with Europe in supplying machine- 
made products. To this extent the position 
of the United States in the world markets 
should be improved. 

We must look for important changes in 
the political relations of the countries now 
at war. During the years 1806 to 181?, in- 
clusive, i. wing to the Napoleonic wars, emi- 
i ition was restricted, and ceased alto- 
gether, to begin again after the restoration 
of peace, when its volume was greatly in- 
creased for two or three years. Similarly 
the present war has caused a suspension of 
immigration, but when it is over, provided 
they are not prevented from doing so, many 
will seek a country not torn by the condi- 
tions i f warfare and its resulting exhaus- 

! 1. Ill 

The sacrifices which the self-governing 
col. mics of Great Britain have been called 

iOi i" make for the mother country, and 
the recognition thereof by the latter, as 
well a> the necessity for conserving British 
trade, are likely to bring about a closer 
bond of union which may take the form of 
3omi kind of World British alliance or fed- 
eration which cannot prove advantageous 
to the interests of the United States. 

Preferential Trade Among Allied Nations 
to Follow War. 

Furthermore as the British armies have 

been lighting side by side with tli : 

France, Italy. Russia and Servia, and in al- 
liance with Japan, and as England has had 
lo bear a part of the financial burdens of 
her allies, it is not unlikely that the alli- 
.'. ing the war will be bn iader 
Hi. in the I'.ntish Empire, and will take the 
form of preferential trade amongst the al- 
lied nations. Strong as are the political 
reasons for such closer ties amongst them, 
and notwithstanding that they are not to 
ated in any spirit of hostility to us. 
■ i I v i iiild be to in- 



crease the difficulties of our struggle for 
foreign trade. 

The foreign trade of Germany which had 
been patiently developed by forty years of 
continuous, laborious, persistent effort, was 
totally destroyed at the outbreak of war 
by England's command of the sea. For 
years I have watched with great interest 
the subtle methods employed by German 
firms for forcing their wares in South 
American markets, methods which would 
never occur to the English, and which 
would never be approved by Americans. 
For the time being the moral sense of the 
world has been shocked by the German 
Government's violations of international 
law, and of their own sacred treaty obli- 
gations. 
Distrust of Germany Will Long Survive. 

Even were the seas free to German com- 
merce, the distrust of German political and 
commercial morality would tend powerfully 
to destroy her export trade. This distrust 
will long survive the war and cannot be 
wholly eradicated during this generation. 
Recovery therefrom will vary according to 
the degree of political animosity engen- 
dered by the war. It will come first in 
countries like Sweden, China, Mexico, and 
in some of the South American countries, 
whose sympathies have not been strongly 
enlisted by the enemies of Germany. 

The frugality and energy of the German 
merchant, backed by the power of German 
industry, finance and diplomacy, must 
again, however, in time make Germany a 
powerful commercial rival. Meanwhile, 
those who would take a leading position in 
the world's markets, must learn to produce 
the lines of goods in which Germany was 
pre-eminent, and to adopt the creditable 
methods of German trade. They must for- 
tify themselves by strengthening their rep- 
resentation wherever possible, and by cre- 
ating such financial relations as will so far 
as possible remove the business from com- 
petition. 

One-sided International Trade Cannot 
Continue. 

International trade must be reciprocal 
and cannot long continue if it is wholly 01 
largely one-sided. We cannot continue to 
sell to other nations whilst buying nothing 
from them. What they can buy from us 
is limited by what we buy from them. 
Therefore our tariff policy should be based, 
so far as is consistent with adequate pro 



WORLD I'RADK CONDITIONS AFTKK KUROPEAN WAR. 



tcction i" our own industries, upon en- 
couraging the importation of products of 
customer nations. Other nations are ex- 
pending theii resources at a prodigious rate 
and are accumulating colossal debts in 
maintaining the war, whilst we, save for 
<uir extravagance in luxuries, are accumu- 
lating at a rate far beyond what is required 
for the development of our own country. 
Cor the lirst time in our history we have 
the resources both in money and in goods 
lor investment in foreign development. 
< hir hankers should carefully plan to en- 
sure that our money shall he so invested 
abroad as to create markets for our goods. 
It must mil he forgotten, moreover, that 
1 lie present balance of trade in out favor, 
amounting to $1,500,000,000 annually, is ab- 
normal and temporary, and is made up 
largely of commodities for which in times 
■ it peace there is little demand. Our sales 
of war materials are made ar extraordinary 
prices. 

< >ur expectations as to the future must 
not be based upon these present conditions. 
I quote the following from the "New York 
Journal of Commerce": 

"The undeveloped countries of the world 
that have been financially dependent on 
liuropc found their purchasing power 
greatly lessened by the interruption of the 
How of foreign capital due to the outbreak 
of war. This was notably the case in 
South America, to which, in face of the 
enormous gain in the total of our exports, 
there was a decrease in our sales for the 
first nine months of the year as compared 
with the same period of 1913. When closer 
comparison becomes possible, however, the 
relative share of the United States in the 
trade of South American countries will he 
found to have been considerably enlarged. 
The drop in our exports to all South Amer- 
ica for the nine months was, on the basis 
<>f 1913. $6,710,180. Hut for the first seven 
months of the year the imports of Brazil 
from all countries showed a shrinkage of 
$118,000,000, and those of Chili for six 
months of $41,000,000— losses which are du- 
plicated by the enormous shrinkage in Ar- 
gentine imports of $154,000,000 for nine 
months. In whatever way the industrial 
and financial experience of the year may be 
interpreted, there can be no escape from the 
conclusion that one result of it will he to 
demonstrate the necessity of largelj ex 
tending the capital investments of our peo- 
ple in other lands if we are to create a 



1 eallj gi 1 .0 ioi eign ti ade In South \mei 

ica alone, British capital has alrcad\ bet i 

placed to the amount of at least $4,000 
000,000 hall of winch is 111 Argentina 

Less than one tenth of that total would 
represent the entire investment of Amer 
ican money in South \merican enterprises 
to-day. The only securities of any foreign 
government or corporation which are ac- 
tive 011 the New York Stock Exchange arc 
those of Canadian and Mexican railroad 
companies. Except for the recent Argen 
tine loans, no serious effort with the back- 
ing of first-class financial houses has been 
made to sell South American securities in 
this country on a large scale. There are 
evidences enough, of a highly satisfactory 
character, that by another year a very dif- 
ferent statement can confidently be made. 
"Those among us who deal in sanguine 
talk about making New York the financial 
center of the world fail to appreciate the 
magnitude of the change which that would 
imply. Take these figures of British for- 
eign trade which have already been given 
in these columns: In 1913 the United King- 
dom exchanged articles valued, in round 
figures, at $2,675,000,000. In return for the 
services of British shipping there stood on 
the credit side of the account a further sum 
ranging between $600,000,000 and $750,- 
0(10,1)00, while an additional $1,000,000,000 
was due for interest on foreign investments. 
But of this $1,700,000,000 the British credi- 
tor took only $670,000,000 leaving the bal- 
ance to be added to existing investments. 
In other words, while the British people in 
1913 produced a large amount of articles 
which they consumed, they produced a still 
larger amount which represented a surplus 
As a similar process had been going on for 
long years before, Great Britain stood as 
the creditor of foreign countries for a very 
large sum, whose total at the outbreak of 
the war was placed at $20,000,000,000. The 
interest due on this sum meant that in ad- 
dition to the articles exchanged with the 
debtor country the latter was bound to sup- 
ply to the creditor a considerable amount 
more. In the case of the United Kingdom, 
the amount was so vast that the creditor 
did not take it all, hut left much of the 
products exported to he reinvested abroad. 
Brilliant as the record of our export trade 
for 1915 has been, and impressive as is the 
readiness with which the productive energy 
of the country has responded to the sudden 
demands made on ii, the fact must he stead- 



04 



THE STEEL AND METAL DIGEST. 



February 



ily kept in mind that we have been supply- 
ing needs almost wholly abnormal and tem- 
porary." 

We cannot successfully compete with 
British goods until we begin to place our- 
selves in a position comparable with Eng- 
land in investment in and the development 
and management of those opportunities 
which other nations offer for the profitable 
extension of our business activities. 
Correlation of Great Interests Essential. 
Finally, it will be necessary for us to 
learn team work, by which is meant corre- 
lation of the efforts of manufacturer, 
merchant, banker and investor. Hitherto, 
our bankers have been reluctant to enter 
the field of foreign finance, and especially 
of that branch involving investment in en- 
terprises requiring patient development. 
Commission houses have too frequently- 
been free lances, pushing trade along lines 
of least resistance, but not in such a way as 
to create permanent and reliable trade. Our 
manufacturers have had to fight single- 
handed for their foreign trade and it is 



wonderful how well they have succeeded 
in view of the conditions of competition 
which they have had to meet. 

The creation of the Federal Trade Com- 
mission must prove to be of great benefit 
to our manufacturers and exporters. The 
Board is studying with minds free from 
prejudice the complicated problems which 
affect our export trade, and I am sure they 
will remove any doubts as to the rights of 
Americans to engage in combinations for 
foreign trade such as are lawful to their 
competitors of other nations. 

I rejoice at the establishment of Ameri- 
can banks in South American and other for- 
eign fields, and in the organization of the 
American International Corporation, with 
a capital of fifty millions for the develop- 
ment of American trade. I see the first 
great systematic attempt at the correlation 
of effort to which I refer. I hope that sim- 
ilar enterprises will be formed representing 
many different lines of business, for by this 
means alone can we effectively meet the 
world's competition. 



Wages and Output Compared. 



Coal, Iron and Other 

The latest available report of the Penn- 
sylvania Bureau of Industrial Statistics 
gives light on the relation which the pay- 
rolls of Pennsylvania's various industries 
bear to the value of their manufactured 
products. During the year considered, 
1912, there was turned out by plants of all 
kinds a total product valued at $2,450,- 
000,000, with a total of payrolls amounting 
to about $600,000,000, or approximately 25 
per cent, of the entire manufactured values. 
Of the important industries of the state 
other than mining, the relation that pay- 
roll bore to the value of the manufactured 
product varied from 11 per cent, in the 
making of enameled leather and glazed kid, 
valued at $21,700,000. to as high as 30 per 
cent, in the manufacture of locomotives 
and of iron and steel ingots and castings, 
outputs valued at $50,000,000 and $25,- 
000,000, respectively. 

In the mining and preparation of anthra- 
cite coal comparisons of these figures in- 
dicate a largely increased relative labor 
cost, as a payroll of over $99,000,000 was 
provided from a total value in production 



Products in Pennsylvania. 

of $168,000,000, or about 59 per cent, of 
the whole, more than twice as much rela- 
tively as that of the combined plants of 
the state and 1% times as great as in any 
industry outside of mining. It is quite evi- 
dent, moreover, that the report of the 
Bureau is conservative in its statement re- 
garding anthracite production, for accord- 
ing to the United States Census Report of 
1909 the wages paid in that industry rep- 
resented 63 per cent, of the total selling 
value of the output, and there were ad- 
vances in the wage rate in 1912 as a result 
of the agreement made on May 20 of that 
year. The bituminous rate is higher still 
than that of anthracite, as 74 per cent, of 
the total value of $160,000,000 goes into the 
payroll. 

The industry whose output stands high- 
est in value was that of rolled iron and 
steel, of which there was produced in that 
year $477,000,000 in finished products, of 
which 21 per cent, or $100,100,000 went into 
payroll — an amount slightly greater than 
that paid out in anthracite mining. 

Cars and car wheels were made to the 



■Jill PL V.YI.v 



«ilue of $58,900,000, on which th< labo: 
cosi was $13,500,000, or -'I per cent. Iron 

.mil steel hedges, valued al $19,400, 

paid out 25 per cent in labor cost and a 
like percentage applied to the manufac- 
ture of boots and shoes, of which |] 00 
000 were produced. On the production of 
$37,460,000 of tin plate, 26 per cent of the 
value represented labor cost, and the pay- 
roll was 28 per cent of the value in the 
cement and furniture plants, the total out- 
put of each being about $19,500,000. 

I lie labor cost on the manufactured value 
of $.'1,500,000 of railroad supplies was 29 
per cent and on $34,700,000 worth of ma- 
chinery it was 36 per cent. The payroll 
on over $30,000,000 of manufactured elec- 
tric supplies was 38 per cent of the total 
value. 

In the production of $36,700,000 of yarns 
16 per cent represented the labor cost and 
it was 17 per cent in the cotton goods in- 



•-■ hit li production value was $40,- 
000,000. on $27,000,000 worth oi 
and rugs the payroll was 23 per cenl oi 
ll "' value. Hosiery valued al $>l,300,000 
had a payroll charge of 31 per cenl an. I 
$39,840,000 worth of silk was produced at 
a labor cost of 3/ pet cenl of the entire 
value. 

In the manufactui ed i lui ts, to he 

sure, a large part of the difference be- 
tween the labor cost and the value of the 
output is in the value of the raw materials 
which do not enter into the cost of coal 
mining. Outside of labor cost the chief 
expenses in mining is in the purchase of 
supplies, which in anthracite production 
constitutes about 20 per cent of the total 
cost. In bituminous production the cost 
of supplies constitutes about 14 per cent 
of the total expense. Nearly 6 per cent 
of the cost of anthracite is in the royalties 
paid to land owners. 



Steel Plants. 



III. The Edgar 

In 1872 William Coleman and Thomas M. 
Carnegie his son-in-law, secured an option 
■on 107 acres of farm land, known as Brad- 
dock's Field, where General Braddock met 
his memorable defeat in 1755 at the hands 
of the French and Indians. On the first 
day of the next year the option was ex- 
ercised, with the payment of $59,003.30 cash 
and the assumption of a mortgage of $160,- 
000. Within a fortnight the firm of Carne- 
gie, McCandless & Company was organized 
with $700,000 capitalization, Mr. Coleman 
putting in $100,000 and Tom Carnegie $50,- 
000, while Andrew Carnegie put in $25,000 
of his earnings in other iron enterprises, to- 
gether with $225,000 he had just made in 
commissions by selling some railroad bonds 
as a side issue. Six men, some of whom 
are now well nigh forgotten, put in $50,000 
each, Messrs. Kloman, Scott, Stewart, 
Shinn, McCandless and Henry Phipps. Less 
than two years later the partnership was 
dissolved and the Edgar Thomson Steel 
Company, Lim., with $1,000,000 caph il 
stock, took its place. Under the super- 
vision of A. L. Holley, experienced in the 
building of Bessemer steel plants, distinctly 
a pioneer industry at the time, a Bi :emer 
steel plant was built. The first Bessemer 



Thomson Works. 

blow was made August 25, 1875, and the 
first rail rolled September 1st following, un- 
der the management of a group of super- 
intendents and foremen who had come from 
the Cambria works at Johnstown. Among 
these was the famous Capt. William R. 
Jones. The cost of making Bessemer steel 
rails at other works at that time was 
slightly in excess of $50 a ton, and it was 
one of Capt. Jones' tasks to bring this 
down. 

In nearly all of its forty years the Edgar 
Thomson Steel Works has been practically 
a one-product plant. For many years it 
contained but one rail mill, which occasion- 
ally made billets. Eventually a second rail 
mill was built, and ten years ago a third, 
electrically driven, to roll light rails. 

In 1880 the first of the eleven blast fur- 
naces now at the plant was blown in. The 
battery of furnaces is the greatest in the 
world, having a capacity in excess of 1,500,- 
000 tons annually. 

The rapid change in demand from Besse- 
mer to open-hearth steel for rails a few ' 
years ago made it that full employment 
could not possibly be found for a Bessemer 
rail mill with four 12-ton converters and 
capable of producing over a million tons of 



THE STEEL AND METAL DIGEST. 



Fel 'i nary 



rails a year. Early in 1912 the management 
of the Steel Corporation made appropria- 
tions for the construction of 14 basic open- 
hearth furnaces at Edgar Thomson, to- 
gether with some other extensions. The 
main principle involved was to provide 
greater flexibility as to the steel rolled, 
rather than to increase the total capacity 
of the works in finished steel. The open- 
hearth department has a capacity of not far 
from a million tons of steel ingots a year, 
as the furnaces take charges of from 80 to 



100 tons, and thus its capacity falls but lit- 
tle short of that of the Bessemer deparl 
ment. Plans were adopted some time ago 
for the rebuilding of one of the rail mills 
and when this has been done the linishing 
capacity of the plant will be brought some- 
what closer to the steel making capacity. 
As the plant is now very busy making rails 
and large steel rounds the interruption 
which rebuilding a mill would occasion 
cannot be considered. 



Topical Talks On Iron. 



XXXIV. 

According to the common statement the 
oldest piece of iron in the world is a frag- 
ment of an iron tool, about 5,000 years old, 
found in 1837 in blasting at the pyramid 
of Cheops. This is in the British Museum. 
In the same collection is a mass, not of 
iron but of rust, found in Egypt wrapped 
in fabric together with a mirror and tools 
of copper, and supposed to date between 
3300 and 3100 B.C.. so that here is a trace 
of iron, though not the iron itself, dating 
slightly earlier. 

These relics do not represent the oldest 
iron on earth, but the oldest iron known to 
have been made by dwellers on the earth. 
There has been found in the world about 
14t) tons of iron whose age is probably 
thousands of times 5,000 years. That is 
meteoric iron, made somewhere else, but 
how. when, where and why the writer is 
in no position to speculate. 

The view has sometimes been expressed 
that the earliest use of iron by man was of 
meteoric iron, but this view does not stand 
the higher criticism. As a rule meteoric 
iron is extremely hard, and difficult to cut 
with modern tools, SO that it is hard 
to conceive of the ancients doing anything 
with :t. excepl perhaps to tin- extent here 
and there of using a meteor as an anvil. 
Furthermore there have been SO few iron 
meteors found all over the globe that it 
could be only in very rare instances that 
the ancients would have found any. 

What is regarded as the earliest found 

rite is Hadscharel Aswad in the kaa- 

ba at Mecca. The story, for which the 

writer does not vouch, is that it fell from 

heaven as a ruby, but the sins of mankind 



Meteoric Iron. 

turned it black. At Otumba, Peru, was 
found a meteorite estimated to weigh 33,000 
pounds. Another large specimen, 19,000 
pounds, was found on the river BemdegO, 
Brazil. On the Red River, Louisiana, a 
3,200 pound specimen was found, while 
Krasnajarsk. Russia, contributes one of 
1,800 pounds. 

Several scores of samples of meteorites 
have been carefully examined, but not a 
large enough number to permit of anything 
like accurate generalization. The specimens 
can be arranged in a series, beginning with 
those which are practically meteoric stone 
and ending with those that are very nearly 
pure iron. The nickel content varies within 
wide limits. That it is impossible to gen- 
eralise is shown by the fact that European 
scientists, examining their specimens, have 
found them as a rule unmalleable, while 
American scientists, using their specimens. 
have found precisely the reverse. Dana, 
the eminent American geologist of a past 
generation, says: "Meteoric iron is per- 
fectly malleable and may be readily worked 
into cutting instruments and put to the 
same uses as manufactured iron." < lb 
viously there is no astronomical reason why 
the meteorites found in one country should 
differ a particle from those found in an- 
other. The showing made is pure chance, 
which would be eliminated were a suffici- 
ently large number of specimens available. 

There is a geological theory that all the 
iron in the world may have originally have 
fallen as meteors, subsequently turning to 
rust. In the present state of knowledge ol 
the history of the universe nothing definite 
can be said in this respect. A particular 



r< mm i\ zin( \\D i.i. \n , m 



difficulty in tracing the histoi j ol tl 
'" thr Fi unci is that as ,,, ,, la , M 

" not all deposits worked the ore we 
find is known to have been carried 
in geological times from anothi ■ plai 
fhis is particularly well shown ii 
i ake Superior deposits, which exist as 
Die transportation was doni 



wh < n there was vegetation, all Lake Su 
perioi ores, liowi vi i thii 1, th. d 

taining throughout minu aii ... 

'• ,, ' 1 >- matter. The i listing d< posit can b, 
studied, but the nature of the prei i ding de 

I "■ ''""'» which the material 

l,i water, can only be matti r foi 
ture 



Joplin Zinc And Lead Ore Markets. 



i he month closed was one of the most 
remarkable in many ways that has ever 
characterized the local market. With a 
record of settlements and shipments of 
zinc ore reaching 6,935 tons and 945 
tons lead ores weekly one wonders how 
it was possible in the face of the 
conditions that prevailed for three weeks 
of the month. For three weeks of 
the month the industry has been as- 
sailed with floods, zero weather and fuel 
shortages to an extent never before known 
and yet the actual shipments reached the 
wonderful weekly average shown above. 
That there will be diminution of this record 
for the next few weeks admits of no doubt 
tor there has been remarkable team-work 
on the part of buyers, producers and trans- 
portation companies to keep ore moving 
even if the production did suffer. But had 
not the weather been bad the record ship- 
ments for the month would have been from 
25 to 40% greater and the surplus stocks 
would not have been affected either. 

The average weekly shipment of blende 
ores was 6,599 tons at an average of $98.90 
per ton. The calamine shipped was 336 
tons weekly at an average price of $74.17. 
This gives a total valuation of zinc ores of 
$2,707„619 for the four weeks of the month. 
The surplus stocks of ore were estimated 
at the end of the month at 4,650 tons. 

The variations of the market were from 
$80 up to $120. The market opened at $85 
to $115 but eased off to $80 to $110. 



The following week there was a slight 
tendency to advance and $85 to $110 
was the range. The next week the 
market went upward with a swing touching 
$120 as the maximum base but gradually 
eased off till the month closed at $95 to 
$112.50. The close was inexplicable based 
solely upon the local situation. Produc- 
tion was lower at the end of the month, 
conditions insure it being low for some time 
to come, and the surplus was drawn upon. 
The lead ore market also developed 
strength as the month wore around. The 
month opened at $70 to $72 being paid for 
standard grades. The second week it ad- 
vanced to $76 as a maximum dropping back 
to $73 and then again advancing to $78 to 
$81 at which point the monthly market 
closed. 

Shipments for the month aggregated 
3,781 tons at an average price of $75.68. 

It is interesting to compare tonnages and 
prices against the same month one year 
ago. The total tonnage of zinc ore sold in 
January, 1915 was 18,187 tons as compared 
with 27,739 tons or an increase of 50%. 
Of blende ores there were 17,034 tons as 
against 26,396 tons, and 1,153 tons of cala- 
mine as against 1,343 tons of calamine and 
2,963 tons as against 3,781 tons in 1910. 

The average of blende ores for January, 
1915 was $49.43 as against $98.90 this year; 
for calamine $28.08 as against $74.15; for 
lead $47 as against $75.68 



-o-O-o- 



THE STEEL AND METAL DIGEST. 



February 



The Iron and Steel Position. 



Position of Mills and Furnaces. 



At the beginning of February pig iron is 

being produced at the rate of about 39,- 

10 tons a year, steel ingots at 40,000.000 

to 41.000,000 tons, castings at 1,000,000 

ons or more and finished rolled steel at 

about ^9,000,000 tons. 

The steel mills have actual shipping or- 

rs and specifications on books for an av- 
irage of about four months of operation, 
with contract obligations that in some in- 
stances would run them practically through 
the year, while the general average prob- 
ably represents close to nine months of 
full operation. The blast furnaces are sold 
up to the extent of four or five months of 
production. A little iron has even been 
sold for the second half of the year, but 
not enough to affect the general average 
materially. 

January Showing Indecisive. 

It is very difficult to analyze the market's 
developments in January and reach any def- 
inite conclusion as to what they portend 
for the future. At the beginning of Febru- 
rj a clearer conception as to what the fu- 
ture is likely to bring forth is to be ob- 
tained from a general survey of the mar- 
ket history of the past six months or year, 
such as was given in our last issue in the 
form of a general review of the year, than 
can be derived from a study of January's 
developments alone. A composite of the 
various items making up January's market 
history is rather colorless. 

The month opened with enough signs of 
market activity to suggest plainly the 
thought that the holiday dulness which 
usually characterizes the iron trade at that 
time had passed, and had amounted to little 
in the aggregate. It was rather surprising 
to see things "pick up" before the middle 
of January, indeed, but the second half of 
the month developed a very distinct dul- 
ness. Viewed solely from the standpoint of 
market activity, of actual sales, there is now 
much less being done than at any time in 
December, holidays included, or in the fore- 
part of January. 

As to prices, there were advances in 
bars, plates, shapes, standard steel pipe and 
boiler tubes on January 4th, and these ad- 
vances seemed to constitute a clear signal 
that steel prices had by no means ceased 



to advance. On January :21st (as to boiler 
tubes January 14th) these same products 
advanced again, while on January 34th wire 
products advanced. Despite these impor- 
tant advances in January, occuring after 
"the turn of the year" and therefore by 
ordinary rules furnishing a suggestion of 
the character of the year's market, it can 
hardly be said at the beginning of Febru- 
ary that finished steel products as a whole 
show a definite advancing tendency. 

In pig iron the quieter conditions of 
December, particularly the latter part of 
that month, developed in January into what 
may properly be called stagnation. There 
were no advances in pig iron prices in Jan- 
uary except that southern iron early in the 
month became quotable 50 cents higher, but 
even with respect to this solitary advance 
it may be noted that at the close of the 
month some weakness was observed in 
southern iron. The pig iron market ap- 
pears to have given a poor account of it- 
self 

The showing, on the surface at least, is 
not a good one. It is not what one had 
reason to expect when each of the closing 
months of last year was so full of favor- 
able, even startlingly favorable, develop- 
ments. One naturally recalls Chairman 
Gary's interview published January 6th, in 
which he indicated a strong belief that we 
were going too fast. The interview followed 
by two days the important price advances 
mentioned above, but contained the words 
"the requirements of purchasers and the 
offers they make fix the prices to a large 
extent." On the day the interview was 
published the subsidiary company presi- 
dents met and recommended that the Steel 
Corporation make a general advance in 
wages of about 10%, the Finance Commit- 
tee immediately passing favorably upon 
the recommendation. Here was presented 
an interesting if not a complicated situ- 
ation. 

The General Outlook. 
It is readily realized on all hands that the 
conditions are utterly abnormal. The 
trends of the moment cannot be judged by 
ordinary standards. For several months 
the steel mills have followed a policy of re- 
stricting as far as possible their forward 



1916 



PIG [RON PRICES. 






i ommitments. In proporl ion to the pres- 
sure for steel they have sold a li 
tance ahead than they did in L906, 
" r in l! ' 1 '-'- The general assumption has 
been that they pursued this policy in large 
pari foi the reason thai thej saw prices 
tending to advance rapidly and could not 
observe the same reasons for holdin; 

within a certain range that they adopted as 
sufficient in previous times of market ac- 
tivity. Doubtless they were also moved by 
consideration of the fact that buyers who 
were ready to sign open contracts for far 
forward delivery had much less means than 
usual of determining what their require- 
ments would really be when the delivery 
period should arrive. 

The position of the buyer is likewise one 
of being governed by circumstances. He 
may be very busy indeed at the moment, 
and may be filled with business for six 
months, but he knows little if anything 
about the seventh or the eighth month. It 
is really conjecture. 

Thus there is some reason for conclud- 
ing that the present quietness in the mar- 
ket may be due simply to the fact that 
practically everything in the way of buy- 
ing or selling that can reasonably be done 
at this time has already been done. The 
market has been sold to a standstill. In 
past periods of activity great pressure for 
steel at the moment indicated that there 
would be continued pressure, until times 



should change, and the < g, rould be 

foreshadowed in variou waj 

■-'■"'• ll change thai is to occur is thi 

"' the war. Mi. ( ,,,, x , ic pres ,, ,| , 

tion that it will end sooner than tin- in... 
ioril .»| men think, which we take to 

1,1 ' year or less. M,-. Maxim, In., , 
says "three to five j ears." 

High Prices and Consumption. 
As long as the war lasts one of the mo 
important questions will be the extent to 
which high prices for steel will operat. t. 
curtail consumption. At the present tin,, 
consumptive demand apparently greatly 
outruns the supply, in domestic channels, 
while there would be a much larger export 
movement if the mills make the shipments 
and ocean vessels could be found to carry 
them. The steel being consumed in the 
domestic market, however, is relatively 
cheap steel. Roughly, we should estimate 
that the average invoice price of steel ship- 
ped on the first day of February represent- 
ed about two-fifths of the total advance- 
that occurred in open market prices from 
the low point of December, 1914, to that 
date, the total advance being represented 
by a change in our composite finished steel 
from 1.42c to 2.19c, or between $14 and $15 
per net ton. 

Orders for about 21,000 freight cars were 
placed during January, a fact which does 
not indicate reduced buying on account of 
high prices, but a similar showing for three 









PIG 


IRON 


PRICES. 










(Averaged 


from daily quotations 


at Phi 


adelph 


a, Buffalo, Cleveland 


and Chicaeo. 


prices are delivered) 
































No. 2 fdy 




Ferro- 


Fur- 


Bessemer, Basic 
1915 i7-_ii. 


No. 2 


dy, Basic, No. 2 


Xfdy, 
Buffalc 


Cleve- 


Chi. 


Birm- 


mangan- 


nace 




v aucy 


- Phil 


a. rnna 


. land. 


cago. 


ingharr 


. ese.* 


coket 


Jan. .. 13.75 


12.50 


12.75 


13.50 


14.45 


13.25 


13.25 


13.45 


9.50 


68.00 


1.55 


Feb. . 13.64 


12.50 


12.75 


13.50 


14.50 


13.25 


13.25 


13.50 


9.50 


68.00 


1.55 


Mar. . 13.60 


12.50 


12.75 


13.50 


14.35 


12.74 


13.25 


13.39 


9.42 


78.00 


1.53 


April . 13.60 


12.50 


12.75 


13.40 


14.05 


12.69 


13.25 


13.50 


9.25 


78.00 


1.55 


May . . 13.60 


12.50 


12.75 


13.25 


14.25 


13.17 


13.25 


13.50 


9.47 


91.00 


1.50 


June . . 13.75 


12.57 


12.70 


13.42 


14.25 


13.08 


13.25 


13.50 


9.50 


100.00 


1.50 


July . . 13.98 


12.87 


12.72 


13.83 


14.28 


12.83 


13.20 


13.50 


9.61 


100.00 


1.67 


Aug. . 15.12 


13.98 


13.71 


14.83 


14.91 


13.85 


14.08 


13.88 


10.77 


100.00 


1.54 


Sept. . 15.93 


14.80 


14.50 


16.70 


15.91 


15.43 


15.04 


14.30 


11.22 


107.50 


1.66 


Oct. . . 16.00 


15.00 


14.58 


17.25 


16.25 


15.75 


15.25 


15.08 


11.71 


105.00 


2.18 


Nov. . 16.67 


15.88 


15.82 


17.40 


16.95 


16.73 


16.47 


17.50 


13.14 


100.00 


2.35 


Dec. . 19.19 


17.73 


17.98 


18.01 


18.81 


18.02 


18.13 


18.48 


14.00 


105.00 


2.85 


Year . 14.90 


13.78 


13.81 


14.88 


15.25 


14.23 


14.31 


14.47 


10.59 


91.71 


1.79 


Jan. . . 21.00 


18.00 


18.50 


19.24 


19.50 


18.25 


18.80 


19.00 


14.92 


115.40 


3.14 


* Contract price, f. 


3.b. Baltimore 


t 


Prompt, f.o.b. 


Connellsville 


nvens. 





THE STEEL AND METAL DIGEST 



February 



01 foui additional would be much 

conclusive. The ship building indus- 
adily pays high prices, the limit of 
activitj being the capacity of the yards, 
not the cost of material. The automobile, 
machine tool and similar industries the 
value of whose products is very high per 
ton have no occasion whatever to hesitate. 
The building industry, on the other hand. 
scrutinizes costs very carefully, and will 
undoubtedly be somewhat less active at 
least than if iron and steel prices were low- 
er, other conditions remaining as they are. 
The whole subject is one of quantities, not 
of principles, whether the reduction in con- 
sumption caused by high prices will be suf- 
ficienl to i ring the total consumption to a 
level below the productive capacity. 
How Much Steel is Stocked? 
If the recent and present mill shipments 
precise index to the current ultimate 
ption, the excess of demand over 
shipments, indicated by premiums being 
paid for many commodities for early deliv- 
ery and by there being a large export in- 
quiry that cannot be met. would indicate 
conclusively that the tendency to consume 
steel could be reduced materially without 
consumptive demand passing below 
the level of productive capacity, and partic- 
ularly so since we arc approaching spring 
when in many directions the ultimati con- 
sumption should increase. It is not the 
er, that all the steel lately ship- 
ped has passed into ultimate consumption 
at once, or with anything like the rapidity 
i d say from July 1, 1914, to July 



I, 1915. During that period the mills were 
able to make very quick shipment on all 
: ders and jobbers and manufactur- 
ing consumers carried extremely light 
stocks. In conditions that have obtained in 
more recent months buyers have been 
moved by two considerations, first that 
much larger stocks must be carried, oi 
business in some directions come to a stand- 
still, second that stocks laid in against old 
and low priced contracts are an excellent 
investment. Doubtless all jobbers and man- 
ufacturing consumers have been stocking 
up in the past few months to the greatest 
possible extent. It is simply a question of 
what was this extent. If half the total 
number of customers a mill carries on its 
books importune it for better deliveries a 
very strong showing indeed is made that 
steel is scarce, but the other half more 
lucky, may be accumulating stocks. 

The fact that pressure for material arose 
very suddenly has two bearings. First it 
indicates that no great opportunity was 
afforded buyers to stock up. Second it in- 
dicates quite clearly that a sudden desire to 
stock up arose. It would have required a 
miraculous increase in consumption to ac- 
count for all the increase in pressure for 
deliveries that arose. 

Unless there are large "speculative" 
stocks, which seems improbable, the in- 
crease in stocks is healthy. For economical 
operation of mills and for the convenience 
of buyers themselves the buyers should 
carry moderate stocks. As long as the mills 
are behind in deliveries, and presumably 









FINISHED STEEL 


PRICES. 












i A vera 


jed from dail 


itions, 


i'.o.b. 


Pittsbur 


gh.) 


Composite 














Wire 


Cut 


Sheets 


Tin 


Finished 






-. Plates. Ba 


5, Pipe 


W'-.tl 


.Nails, 


Nails 


Black 


Galv 


plate. 


steel. 


January 




l.iu 


1.10 


-i 


1.34 


1.54 


1.5S 


1.80 


2.80 


3.10 


1.4554 


February . 


. i. in 


1.10 


1.10 


80% 


1.38 


1 58 


1.53 


1.80 


3.09 


3.10 


1.4716 


March . . . 


5 


1.1.-, 


1.1.'. 


80 


1.40 


60 


55 


1 SO 


3.40 


3.15 


1.5098 





1.20 


1.20 


1.20 


so 


1.37 


1 . ."> 7 


1.55 


1 -II 


H 


'.'ii 


1.5357 


May 




LIT 


1.20 


79 


1.35 


1.55 


1.55 


1 80 


:: no 


3.11 


1.5381 




1.20 


1.1.', 


1.20 


79 


1.."..", 


1.55 


1.55 


1.76 


4.80 


3.10 


1.5312 


July 


1.25 


1.22 


1.27 


70 


1.38 


1.58 


1.55 


1.74 


4.65 


3.10 


1.5692 


August 


. 1.30 


1.26 


1.30 


79 


1.43 


1.61 


1.55 


1.85 


4.40 


3.10 


1.6059 


September 




1.33 


1.35 


79 


1.54 


1 69 


1.58 


1.91 


3.6S 


3.10 


1.6506 


October . . 


. 1.4 + 


1 12 


1.43 


79 


1.63 


1.7s 


1.65 


2 03 


3.57 


3.15 


1.7264 


tuber 


. 1.63 


1.63 


1.63 


78 


1.72 




1.72 


! 10 


4.07 


3.45 


1.9089 


December 




1.75 


1.75 


78 


1.88 


2 1 1 : 


1.85 




4.7.1 


3.60 


2.0329 


Year ... 


1.30 


!0 


1.31 


■" 


1.48 


1 69 


L.58 


1.85 


4.40 


:;.ni 


1.6506 


L916 
























January . . 


- 


1.90 


l SI 


.6-] 


! ' 


2.13 


1.90 


GO 


4.75 


3.75 


2.1410 



LUX6 



U. S. STEEJ a IRPORATION'S OPER \ ["IONS 



they will be behind for mam months at 
least, the stocks are needed and the total 
should not decrease. 

How Define "War Demand"? 
The term "war demand" so "Urn used, is 
largelj a maun oi words. Some observers 
urge that the demand is largelj wai de 
mand. Others deny the assertion. It is a 
question of terms. For illustration, one 
reason why the country is as prosperous as 
is the case is because the favorable mei 
chandise balance in foreign trade in the 
calendar year 1915 was $1,778,605,855, as 
against an average in normal yens pre- 
viously of about $500,000,000. That large 
favorable balance is due to the war. The 
country was not prosperous when the war 
started. It docs not follow that it would 
not have become prosperous by this time 
if there had been no war, although it is 
certainly the case that with the war and 
no large favorable trade balance it would 
now be quite otherwise than prosperous. 



^■gain, ii tin wai ended and m> changes 
occurred ol liei « isi . the i ounti \ would bi 
"" , " prosperou i, with the capital i 

■ id, than WOUld otherwise he th, , , 

There are gradations in the classification ol 

steel demand with respect to its relation to 
the war. There is steel that is ordered fot 
shells, illustrating the closest relation. 
There is steel required (or ships, a decidedly 
more removed relation, for the war has 
destroyed many ships even though it has 
also interned many. There is steel that is 
bought b) farmers who have realized high 
prices lor crops, a much more removed re- 
lation. 

There is. however, this pertinent obser- 
vation to he made, that the steel that is 
being consumed in this country does not. 
■ i' hast in the main, represent the usual 
proportion of new construction. It is more 
than usual in the line of current consump- 
tion, such as may certainly be expected as 
long as the country is prosperous. 



U. S. STEEL CORPORATION'S OPERATIONS. 

EARNINGS AND UNFILLED ORDERS. BOOKINGS AND SHIPMENTS. 

In this table, first two columns, percenT- 
ages of bookings and shipments to total ca- 
pacity, our own estimates, while last column 
is derived from official reports of "unfilled 
tonnage" while third percentage column is 
directly computed from this tonnage column. 
Ship- Book- Dif- Dif- 

ments. ings. ference. ference. 



Earnings by Quarters. 

Xet earnings by quarters since 1909: 



Quarter. 1915. 

1st $13,457,809 

2nd 27,950,055 

3rd 38,710,644 

4th 51,232,788 

Year 130,351,296 

1912. 



1914. 1913. 

£17,994,382 $34,426,802 

20,457,596 41,219,813 

2:3,270,002 38,450,400 

10,935,635 23,084,330 

71,663,615 137.181,345 



1911 



1910 



1st $17,826,973 $23,519,203 $37,616,877 

2nd 25,102,266 28,108,520 40,170,961 

3rd 30,063,512 29,522,725 37,365,187 

4th 35,181,922 23,155,018 25,901,730 



Year 



1906. 
1907. 
1908. 
1909. 
1910. 
1911. 
1912. 
1913. 
1914. 
191.'. 



108,174,673 104,305,466 141,054,755 



Unfilled Orders. 

(At end of the Quarter) : 

First. Second. Third. Fourth. 

7,018,712 6,809,584 7,936,884 8,489,718 

8,043,858 7,603,878 6,425,008 4,642,553 

3,765,343 3.313,876 3,421,977 3,603,527 

3,542,590 4,057,939 4,796,^33 5,927,031 

5,402,514 4,237,794 3,158,106 2,674,757 

3,447,301 3,361,058 3,611,317 5,084,761 

5,304,841 5,807,346 6,551,507 7,932,164 

7,468,956 5,807,317 5,003,785 4,282,108 

4,653,825 4,032,857 3,787,667 3,836,643 

1,855,749 l.('.78,190 5,317,608 7,X0,V."- > n 



% 
January 1914 55 
February ... 67 

March 72 

April 67 

May 63 

June 63 

July 64 

August 67 

September . . 62 
October .... 55 
November . . 45 
December .. 38 
January 1915 44 
February ... 57 

March 67 

April 71 

May 76 

June 79 

July 83 

August 91 

September . . 98 
October ... 103 
November . 102 
December III'.' 



% 


% 


Tons. 


83 


+28 


+331,572 


105 


+38 


+412,764 


40 


—32 


—372,615 


35 


—32 


—376,757 


37 


—25 


—378,908 


66 


+ 3 


+ 34,697 


75 


+11 


+125,732 


72 


+ 5 


+ 54,742 


24 


—38 


—425,664 


28 


27 


—326,570 


32 


—13 


—136,505 


82 


+44 


+512,051 


81 


+37 


+411,928 


66 


+ 9 


+ 96,800 


60 


— 7 


— 89,622 


63 


— 8 


— 93,505 


S5 


+ 9 


+102.354 


113 


+34 


+413,598 


104 


121 


-| 250.344 


89 


2 


— 30,085 


133 


+35 


+409,163 


172 


+69 


+847,834 


186 


+84 


+ 1,024,037 


1 r,:.> 


+ 50 


| 615,731 



THE STEEL AND METAL DIGEST 



February 



Comparison Of Metal Prices. 



Pig Iron. 



High. 



Bessemer, valley 14.25 

Basic, valley 13.25 

No, 2 foundry, valley .... 13.25 

No. 2X fdy. Philadelphia. 1500 

No. 3 foundry, Cleveland . 14.25 

No. 2X foundry, Buffalo.. 13.75 

No. 2 foundry, Chicago . . 14.75 

Xo. 2 South'n Birmingham 10.75 

Scrap Iron and Steel. 

Melting steel, Pittsburgh. 12.00 

Heavy melt, steel, Chicago 11.00 

No. 1 R. R. wrought. Pitts. 12.75 

No. 1 cast, Pittsburgh .... 12.25 

Heavy steel scrap, Phila... 11.25 

Iron and Steel Products. 

Bessemer rails, mill 1.25 

Iron bars, Pittsburgh 1.35 

Iron bars, Philadelphia . . . l.27J/> 

Steel bars, Pittsburgh .... 1.20 

Tank plates, Pittsburgh . . 1.20 

Structural shapes, Pitts. . . 1.25 

Grooved steel skelp, Pitts.. 1.20 

Black sheets, Pittsburgh.. 1.95 

Galv. sheets, Pittsburgh . . 3.00 

Tin plate, Pittsburgh 3.75 

Wire nails, Pittsburgh .... 1.60 

Steel pipe, Pittsburgh 79J/^% 

Connellsville Coke at ovens. 

Prompt furnace 2.00 

Prompt foundry 2.50 

Metals — New York. 

Straits Tin 65.00 

Lake copper 15.50 

Electrolytic copper 14.87J4 

Casting copper 14.65 

Sheet copper 20.:.'.", 

Lead (Trust price) 4.15 

Spelter 6.20 

Chinese & Jap. antimony. 18.00 

Aluminum, 98-99% 21.50 

Silver 59J4 

St. Louis. 

Lead 4.10 

Spelter 6.00 

■ zinc (f.o.b. smelter) 8.75 

London. £ 

Standard tin, prompts 188 

Standard copper, prompts .. 66J4 

Lead 24 

Spelter '■'•'■'> 

Silver 



■ 1914. : 


Range for 1915. 


Range for 1916. 


Closing, 


Low. 


High. 


Low. 


High. 


Low. 


Jan. 31 
1916. 


13.75 


31.00 


13.60 


21.00 


21.00 


21.00 


12.50 


18.00 


12.50 


18.00 


18.00 


18.00 


I-:.;:. 


18.50 


12.50 


18.50 


18.50 


18.50 


14.20 


19.50 


14.0(1 


19.50 


19.50 


19.50 


13.25 


18.80 


13.00 


18.80 


18.80 


18.80 


12.25 


18.00 


11,75 


is. (1(1 


18.00 


18.00 


13.00 


18.50 


13.00 


18.50 


18.50 


18.50 


9.50 


14.50 


9.25 


15.00 


14.5(1 


15.00 


9.75 


18.00 


11.00 


18.00 


17.5(1 


17.75 


8.00 


15.25 


8.75 


15.75 


15.25 


15.75 


10.00 


17.25 


10.75 


18.50 


17.50 


18.50 


10.50 


15.00 


11.00 


15.25 


15.00 


15.00 


9.00 


16.25 


9.50 


16.50 


16.00 


16.25 


1.25 


1.25 


1.25 


1.25 


1.25 


1.25 


1.20 


1.90 


1.20 


2.20 


1.90 


2.20 


1.12J4 


2.06 


i.i2 y 2 


2.26 


2.06 


2.26 


1.05 


1.80 


1.10 


1.90 


1.85 


1.90 


1.05 


1.80 


1.10 


2.00 


1.85 


2.00 


1.05 


1.80 


1.10 


1.90 


1.85 


1.90 


1. 12', 


1.75 


1.12J/2 


1.75 


1.75 


1.75 


1.80 


2.60 


1.70 


2.60 


2.60 


2.60 


2.75 


5.00 


2.65 


4.75 


4.75 


4.75 


3.10 


3.60 


3.10 


3.75 


3.75 


3.75 


1.50 


2.10 


1.50 


2.20 


2.10 


2.20 


81% 




81% 


76% 


78% 


76% 


1.60 


3.50 


1.50 


5.00 


2.50 


3.00 


2.00 


3.75 


2.00 


4.25 


3.75 


4.25 


28.50 


57.00 


32.00 


45.00 


40.87^ 


41.75 


11.30 


23.00 


13.00 


25.50 


23.00 


25.25 


11.10 


23.00 


12.80 


25.50 


23.00 


25.25 


11.00 


22.00 


12.70 


24.25 


22.00 


24.00 


16.50 


27.50 


18.75 


32.00 


28.00 


32.00 


3.50 


7.00 


3.70 


6.10 


5.50 


6.10 


4.75 


27.50 


5.70 


19.42 K- 


17.30 


18.80 


5.30 


40.00 


13.00 


43.50 


41.00 


43.25 


17.37^ 


60.00 


18.75 


56.00 


53.00 


54.00 


475^ 


56J4 


I''.', 


5754 


55^ 


57 1/6 


3.35 


7.50 


3.50 


6.00 


5.45 


6.00 


4.60 


27.00 


5.55 


19.25 


17.12J4 


18.62»4 


7.00 


33.00 


9.00 


24.00 


23.00 


24.00 


£ 


£ 


£ 


£ 


£ 


£ 


132 


190 


H8 4 


180^ 


172 


179^ 


49 


86^ 


57^ 


91J4 


8434 


91?4 


17^ 


30 y 4 


18J4 


323,4 


2954 


32 


21/4 


110 


28^ 


92 


88 


91 


i 


27J4d. 


22-fe 


27 A 


26}* 


27^ 



1 HE sun \ XI , META] DIG] 



Comparison Of Security Prices. 



Range for 1913. Range for 1914. Range for 1915. Closing 
Ra,lr ° ads - Hi S h - Low - High. Low. High. Low. Jan. 31 



Canadian Pacific 266% 204 



1916. 



Atchison, Top. & Santa Fe... 106% 90% LOO^g 89% tn % Vl y loa „ 

Atch Top & Santa Fe, pfd. 102% 96 ■,,,. l 96 m „; ^ 

Baltimore & Ohio 106% 905 



100 

67 96 63% 87 

"""' L53 I'.il 138 1667% 

Chesapeake & Ohio 80 57% 68 to 64% 35% 61% 

Chicago Mil. & St. Paul .... 116% 96% 107% 84% 101% 77% 953% 

Ene R ' R 33 ^ 20% 32% 20% l5 % 19% 35% 

Great Northern, pfd 132% 115% 134% 111% 128% 112% 119% 

Lehigh Valley 168% 141% 156% 118 833% 6 4% 75% 

Louisville & Nashville 142% 126% 141% 125 130% 104% 124 

Missouri, Kansas & Texas .. 29% 18% 24 8% 15% i~ 5% 

Missouri Pacific 43% 21% 30 7 18% 13% 5 

New York Central 109% 90% 96% 77 110% 81% 104% 

N. Y., N. H. & Hartford .... 129% 65% 78 49% 89 43 66 

Northern Pacific 122% 101% 118% 97 119 99% 112% 

Pennsylvania R. R 123% 106 L15% 102% 61% 51% 57% 

Reading "1% 151% 172% 137 85% 69% 75% 

Rock Island 24% 115% i 6 % % 1% y g y 2 

Southern Pacific 110 83 99% 81 104% 81% 98% 

Union Pacific 162% 137% 164% 112 141% 115% 1313% 

Industrials. 

Am. Beet Sugar 50% 19% 33% 19 72% 33% 62% 

American Can 46% 21 35% 19% 68% 25 61% 

American Can, pfd 129% 80% 96 80 113% 89 110 

Am. Car & Foundry 56% 36% 53% 42% 98 40 65 

Am. Cotton Oil 57% 33% 46% 32 64 39 51% 

Am Locomotive 44% 27 37% 29% 74% 19 63% 

Am. Smelting & Refining 74% 58% 71% 50% 108% 56 96% 

Brooklyn Rapid Transit 92% 83% 94% 79 93 83% 86% 

Chino Copper 475% 30% 44 31% 573% 32% 52 

Colo. Fuel & Iron Co 41% 24% 34% 29% 66% 21% 42% 

Consolidated Gas 142% 125% 139% 112% 150% 113% 137 

General Electric 187 129% 150% 137% 185% 138 169 

Interborough-Metropolitan .. 19% 12% 16% 10% 25 10% 173% 

International Harvester 111% 96 113% 82 114 90 109% 

Lackawanna Steel 49% 29% 40 26% 94% 28 81% 

National Lead 56% 43 52 40 70% 44 66% 

Ray Consolidated Copper 22 15 15 27% 15% 23% 

Republic Iron & Steel 28% 17 27 18 57% 19 49% 

Republic Iron & Steel, pfd... 92% 72 91% 75 112% 72 108 

Sloss-Sheffield 45% 23 . 35 19% 66% 22 553% 

Texas Co 132% 89 149% 112 237 120 192% 

U. S. Rubber 69% 51 63 44% 74% 44 49 

U. S. Steel Corporation 69% 49% 67% 48 89% 38 80 

U. S. Steel Corporation, pfd.. 110% 102% 1123% 103% 117 103 115% 

Utah Copper 60% 39% 593% 45% 81% 48% 77% 

Va -Carolina Chem 43% 22 34% 17 52 15 45% 

Western Union Telegraph . . . 75% 54% 66% 53% 90 57 87'% 



[•HE STEEL AND METAL DIGEST. 



February 



While it is impossible to devise a defin- 
ition of what is "war demand" and what is 
not that will satisfy everyone, or even a ma- 
jority, perhaps, it is illuminating to consider 
the steel which actually leaves the country. 
I'be exports of all iron and steel that are 
reported by weight amounted in November, 
the last month reported upon, to 363,000 
gross tons. The average for the five months 
ending November was 376,000 tons. Such 
exports included pig iron, scrap, unfinished 
steel, etc.. as well as ordinary rolled steel 
and some fabricated products such as weld- 
ed steel pipe and barb wire. The finished 
steel involved, in the form in which fin- 
ished steel is usually returned for statis- 
tical purposes, represented an annual rate 
of about 4,000,000 tons a year. Apart from 
such direct exports there is finished steel 
made for manufactures, such as loaded and 
unloaded shells, railroad rolling stock, au- 
tomobiles, machine tools, etc. For that 
>teel an estimate of 3.000,000 tons a year 
would undoubtedly be outside, making 7,- 
000,000 tons altogether, when the current 
production of finished steel certainly ex- 
, eeds 28,000,000 tons a year and may be as 



high as 39,000,000 tons. Thus all the ex- 
ports direct and indirect represent less than 
25% of the steel production, and these ex- 
ports include material, though not a great 
deal, which goes to neutral countries, a 
much smaller tonnage than would normally 
be shipped to neutral countries, by the 
way. 

In tonnage exports at least the high point 
was reached as long ago as last August, 
with 405,853 tons, the three months follow- 
ing showing a smaller volume. There has 
been no sharp increase, if any, since No- 
vember. In manufactures of steel there is 
no reason to believe there has been a large 
increase, if any. The volume of steel that 
was directly attributable to the war, though 
staying within the country, such as steel 
used to build and equip ammunition factor- 
ies, was inconsequential, set against a year's 
production of 29,000,000 tons. 

Thus domestic buyers really are taking 
an enormous quantity of steel, more than 
ever before. Unless they have been stock- 
ing up unduly, or are going to become less 
prosperous, there is no reason why they 
should not continue to demand this steel. 



Value of Finished Steel Output. 



The invoice value of the finished steel 
now being shipped is more than three times 
that of the steel that was being shipped 
in December, 1914. A fairly accurate esti- 
mate can be made by using our composite 
finished steel, which is made up by averag- 
ing certain prices weighted according to 
the relative tonnage importance of the dif- 

erenl commodities and representing, each 
in its group, about the average value of 
the products as they are shipped from the 
mills proper. Some of the products 
m a group bring more than the base price, 
others less. Thus hoops, and bars that 
command an extra, bring on an average 
mure than the base price. Sheets bring a 
lower price, as the average gauge produced 
is below the base gauge. In general, the 
average invoice value would be a trifle 
higher than our composite, but for com- 
parative purposes it is quite adequate. 
In December, 1914, the mills were opi ral 

ing at less than 35 per cent, of capacity, ac- 
cording to common report, which would 
make their shipments of finished steel at a 
rate of not over about 10,000.000 gross tons 



a year, and our composite stood at about 
$32 a gross ton, making the invoice value 
of the steel shipped run at the rate of 
about $320,000,000 a year. 

To-day the composite stands at about 
$49 a gross ton. Shipments of finished 
steel are at a rate between 28,000,000 and 
29,000,000 gross tons a year. If the aver- 
age invoice price be taken at two-fifths the 
way from the low level to the present 
quoted prices, for forward delivery at mill 
convenience, the average invoice price of 
steel shipments to-day is equal to about 
$1.10(1.000,000 a year, or three and one-half 
times the rate of 13 months ago. If the 
mills should work up to the point of re- 
ceiving on current shipments the full quoted 
prices of to-day their gross income would 
be about $1,400,000,000. or more than four 
times tin- rate of December a year ago. 
While prices have advanced fully 50 per 
cent, production has increased in much 
greater ratio, and thus the increase in in- 
i ome is due much more to the tonnage than 
to the price. 



l\ I'l \ ii- PRODI CTIO 



Tin Plate Production, 



I'm plat( production in 1915 undoubtedly 
made a new record, passing by at least 10 

th( record made in 1912, three 

fears earlier. On the basis of the activity 
of the mills during the year the output can 
hardly be estimated at less than 1,000,000 
gross tons of tin plate and 60,000 tuns of 
terne plate. If the mills increased their 
output per turn as much as they have in 
previous years the output will be found to 
have been still larger, when the official re- 
turns are made. The- official statistics for 
1913 appeared about the middle of the fol- 
lowing July, while the 1 ( >14 statistics were 
made public at the beginning of August. 
' >ur ( stimate for 1915 compares with pro- 
duction in previous years as follows start- 
ing with the hitherto record year 1912: 
Tin and Terne Plate Production. 
(Gross tons). 
Tin plate Terne plate Total 

1912 877,526 85,445 962,971 

1913 762,583 61,136 823,719 

1914 . .. 865,975 65,266 931,241 

... 1,000.000 1,0,000 1.060,000 

Estimated. 
It must be remembered that the tin plate 
production in 1915 was not entirely in pro- 
>ortion to the consumption of the year, for 
with the advance that occurred for 1916 
buyers were disposed to use their 1915 con- 
tracts to cover on some material intended 
for 1916 consumption. There was consider- 



able i,i ibis business in tin aggi i gat< 

though perhaps no more was mad, il, ,, 

the mills used i,, make for st, H k towards 

the close of the year. As a rule such ac 
tivitj in ilu- past balanced, the stocks (,-,- 
quently not varying widely from one Janu 
arj 1st to the next. 

Another consideration making for a large 
tin plate output in 1915 was that there was 
an unprecedented export demand. We es 
timate the year's exports at fully 1 50.001 ) 
ions, against an average in immedi- 
ately preceding years ,,| about 00,0011 to 

It may easily be that last year's tin plate 
production was a few per cent, in excess 
of our estimate Riven above. Assuming the 
estimate to be correct, it can be seen that 
by allowing for the increased exports and 
the stocks made for consumption in the 
present year the actual domestic con sump 
tion was not particularly heavy, not as large 
indeed as would be indicated by the produc- 
tion of 1912. the record year up to 1915, as 
the total gain over 1912 would !>,- only about 
100,000 tons. 

The stocks accumulated will tend to tie- 
crease correspondingly the output this year, 
but on the other hand there may be a con- 
tinued heavy export demand. All the indi- 
cations are that there will be heavier ex- 
ports this year than last, as the heavy 
movement out of the country did not b< 
gin until after the middle of the year. 



RAILROAD EARNINGS, 



Railroad earnings per mile of road, of roads having annual operating revenues 
above $1,000,000, this being about 229,000 miles or about 90% of the total steam rail- 
way mileage; compiled by the Bureau of Railway Economics from duplicates of re- 
ports furnished the Interstate Commerce Commission. 





1 


913-14 






1914-15 - 


— ■ — 


1915-16 






Revenue. 


Expenses 


Net. 


Revenue 


Expena 


s. Net. 


Revenue. Expenses. 


Net. 


July .... 


$1,183 


$s:;r 


$346 


$1,127 


$786 


$341 


$1,130 $750 


$330 


August . 


1.244 


S56 


388 


1,174 


788 


386 


1,19-1 765 


426 


Scptembei 


1,257 


s.ri 


403 


1,18-5 


;s:: 


402 


1,251 774 


477 


October . 


1,31 t 


s'.l] 


12:; 


1,171 


7S7 


:;s4 


1,333 815 


SOS 


Novembei 


1,180 


SS4 


337 


1,026 


7.44 


292 


1,30.4 sun 


503 


December 


1,116 


S'.'l 


296 


990 


728 


262 






January 


1,021 


795 


226 


936 


716 


220 






February 


111 4 


746 


168 


397 


678 


219 






March . . 


1,091 


sot 


290 


1,012 


720 


292 






April .... 


1,038 


782 


256 


1,010 


722 


288 






May .... 


1,047 


800 


247 


1,040 


732 


308 






I une ... 


1.097 


789 


30S 


1,090 


730 


360 







I III STEEL AND METAL DIGEST. 



February 



Price Changes Of Iron and Steel Products 
From January 1, 1915 to Date. 

Price changes in merchant bars, structural shapes, plates, wire nails, merchant 
pipe, sheets and tin plates are given below, with dates. These are the commodities 
used in compiling our composite finished steel. In some cases the dates named are 
those upon which prominent producers announced price changes, but more frequently 



the dates are merely those upon which our quotations 
price changes are included. 



were changed. A few other 



1915- 
Jan. 



Feb. 11 



Mar. 1 
1 
1 
1 

" 17 
April 1 



May 1 
" 1 
1 
" 12 
" 17 
" 24 

June 1 



Bars 

Plates 

Shapes 

Wire nails 

Wire nails 

Pipe 

Galv. sheets 

Galv. sheets 



1.05 
1.05 
1.05 
1.50 
1.55 



to 1.10 
to 1.10 
to 1.10 
to 1.55 
to 1.60 



81% to SO"! 
3.00 to 3.25 



3.25 
1.10 
1.10 
1.10 
40c 
50c 



Bars 

Plates 

Shapes 

Wire galvanizing 

Wire galvanizing 

Boiler tubes 
Bars 
Plates 
Shapes 
Wire nails 

Steel pipe 

Boiler tubes 

Tin plate 

Plates 

Galvanized sheets 3.40 

Galvanized sheets 3.60 



to 3.40 
to 1.15 
to 1.15 
to 1.15 
to 50c 
to 60c 

75% 
to 1.20 
to 1.20 
to 1.20 
1.60 to 1.55 
80% to 79% 
75% to 74% 
3.20 to 3.10 
1.20 to 1.15 
to 3.60 
to 3.75 



1.15 
1.15 
1.15 



Galvanized pipe 62 J / 2 to 63J4 
Galvanized sheets 3.75 to 4.25 
Wire galvanizing 60c to 80c 



8 


Sheets 




1.80 


to 1.75 


9 


Galv. 


sheets 


4.25 


to 5.00 


15 


Boiler 


tubes 


74% 


to 73% 


1 


Bars 




1.20 


to 1.25 


1 


Plates 




1.15 


to 1.20 


1 


Shapes 




1.20 


to 1.25 


2 


Sheets 




1.75 


to 1.70 


6 


Wire r 
Painted 


lails 


1.55 
1.55 


to 1.60 


6 


barb wire 


to 1.70 


7 


Sheets 




1.70 


to 1.75 


14 


Galvanized sheets 5.00 


to 4.50 


16 


Boiler 


tubes 


73% 


to 72% 


20 


Plates 




1.20 


to 1.25 



July 30 



Aug. 



" 27 
" 31 

Aug. 31 

Sept. 15 



Oct. 1 



Oct. 21 



Wire nails 
Plates 
Shapes 
Tin plate 
Galv. sheets 



1.60 
1.50 
1.50 
3.10 
3.70 



Blue ann. sheets 1.70 



12 Tin plate 



3.30 



Shapes 

Sheets 

Black sheets 

Wire galvanizin 

Blue ann. sheets 1.35 

Wire galvanizing 60c 



1.25 

1.75 
1.S0 
80c 



Wire 

Wire nails 
Black sheets 
Plates 
Bars 



1.40 
1.60 
1.85 
1.25 
1.30 



to 1.55 
to 1.60 
to 1.60 
to 3.30 
to 3.80 
to 1.80 
to 3.60 

to 1.30 
to 1.80 
to 1.85 

to 60c 
to 1.40 

to 70c 
to 1.50 
to 1.65 
to 1.90 
to 1.30 
to 1.35 



Blue ann. sheets 1.40 to 1.50 



Plates 
Shapes 
Wire nails 
Sheets 
Shapes 
Boiler tubes 
Bars 

Sheets 1.95 

Blue ann. sheets 1.55 



1.30 
1.30 
1.65 
I 90 
1.35 



Bars 
Plates 
Shapes 
Galv. sheets 
Black sheets 

Wire nails 
Blue ann 
Bars 
Plates 
Shapes 
Blue ann 



to 1.35 

to 1.35 

to 1.75 

to 1.95 

to 1.40 

72% to 71% 

1.35 to 1.40 

1.95 to 2.00 

to 1.60 

to 1.45 

to 1.45 

to 1.45 

to 3.50 

to 2.10 



1.40 
1.40 
1.40 
3.60 
2.00 



1.75 
sheets 1.60 
1.45 
1.45 
1.45 
sheets 1.65 



Boiler tubes 



to 1.85 
to 1.65 
to 1.50 
to 1.50 
to 1.50 
to 1.70 
71% to 69% 



[MMIGR \Tio\ Si \ MM I. S 



77 



Nov. i 


Steel pipe 


79% to 78% 




Gal v. 


10 


to 3.60 




Black 


3.10 


to 2.20 




Galv. sheets 


3.60 


to 3.70 




Bars 


1.51) 


to 1.60 


- 31 


Bars 


1.25 


to 1.30 


■ 38 


Galvanized sheet? 


4.50 


to 4.25 


" 29 


Wire nails 


1.55 


to 1.60 


Nov. 13 


Sheets 


3.30 


to 2.35 


■' 15 


Sheets 


2.25 


to 2.40 


'• 15 


Galv. sheets 


.; 80 


i i t.OO 


" 15 


Blue ann. sheets 


1.80 


to 2.00 


•' 16 


Wire nails 


1.85 


to 1.90 


- 18 


Bars 


1.60 


to 1.70 


" 18 


Plates 


1.60 


to 1.70 


'■ 18 


Shapes 


1.60 


to 1.70 


" IS 


Galv. sheets 


4.00 


to 4.25 


" 24 


Galv. sheets 


4.25 


to 4.50 


" 30 


Sheets 


2.40 


to 2.50 


" no 


Galv. sheets 


4.50 


to 4.75 


" 30 


Blue ann. sheets 


2.00 


to 2.25 


Dec. 1 


Wire nails 


1.90 


to 2.00 


1 


Boiler tubes 


69% 


to 68% 


" 15 


Bars 


1.70 


to 1.80 


" 15 


Plates 


1.70 


to 1.80 


" 15 


Shapes 


1.70 


to 1.80 


" 21 


Wire nails 


2.00 


to 2.10 


" 22 


Sheets 


2.50 


to 2.60 


1916— 








Jan. 3 


Tin plate 


3.60 ' 


to 3.75 


4 


Bars 


1.80 


to 1.85 


4 


Plates 


1.80 


to 1.85 


4 


Shapes 


1.S0 


to 1.85 


4 


Pipe (with extra 








2V 2 % 


;-'. 


to 7 7% 


7 


Boiler tubes 


68% 


to 66% 


•' 14 


Boiler tubes 


66% 


to 64% 


- 31 


Bars 


1.85 


to 1.90 


*' 21 


Plates 


1.85 


to 2.00 


" 21 


Shapes 


1.85 


to 1.90 


'■ 21 


Pipe 


77% 


to 76% 


" 24 


Wire nails 


2.10 


to 2.20 


Feb. 7 


Bars 


1.90 


to 2.00 


7 


Plates 


2.00 


to 2.10 


7 


Shapes 


1.90 


1.. 2.00 



IMMIGRATION STATISTICS. 
Years mentioned refer to fiscal years 
ended June 30th. Aliens admitted, both 
immigrant and non-immigrant, and aliens 
departed, both emigrant and non-emigrant, 
with change thereby effected in United 
States population: 

Admitted. Departed. Change. 

1912 1,017,155 615,292 +401,863 

1913 1,427,227 611,924 +815,303 

1914 1,403,081 633,805 +769,276 

July, 1914 .. 72,015 54,885 + 17,130 

August 51,231 54,112 — 2,881 

September . 44,634 34,757 + 9,867 
October . . . 45,241 39,410 + 5,831 

Novemiber . 35,325 40,748 — 5,423 

December . . 27,458 42,525 — 15,067 
January, 1915 20,684 31,556 — 10,872 
February . . 18,704 14,188 + 4,516 

March 26,335 15,167 + 11,168 

April 31,765 17,670 + 14,095 

May 32,363 17,624 + 14,739 

June 28,499 21,532 + -6,967 

Year 1915 . . 434,244 384,174 + 50,070 

July 27,097 16,015 + 11,082 

August 27,413 41,737 — 14,324 

September . . 31,096 33,061 — 1,965 
October . . . 31,215 26,338 + 4,877 
November . 29,297 26,005 + 3,292 
December . . 23,173 23,743 — 570 
United States citizens arrived and depart- 
ed, with change thereby effected in United 
States population: 

Admitted. Departed. Change. 

1913 286,604 347,702 — 61,098 

1914 286,586 368,797 — 82,211 

1915 239,579 172,412 + 67,167 

July, 1915.. 9,027 5,115 + 3,912 

August 9,506 10,310 — 804 

September . 9,054 8,188 + S66 

October . . . 8,991 8,329 + 662 

November . 8,364 9,166 — 802 

December . . 8,458 9,349 — 891 
Net change in population caused by the 

movement of both aliens and citizens: 
1913, +754,205; 1914, +687,065; 1915, + 117,- 
237; July, 1915, +14,994; August, 1915, —15,- 
128; September, 1915, —1,099; October, 1915, 
+5,539; November, 1915, +2,490; Decem- 
ber, 1915, —1,461. 



THE STEEL AND .METAL DIGEST 



Eehruar 



COMPOSITE STEEL. 

1 omputation for February 1, 1910. 



1 'i mnds 
■'-■ 

i 



III pounds 



Group 
Bars 
Plates 

Shapes 
Pipe (<,:; i 
Wire nails 2.20 

Sheets (28 1)1.) 2.60 
Tin plates :;.:;. 



1'rice. 
t.90 

'Mill 
1 .'.HI 



Extension. 
4.750 
3.000 
i.850 
3.525 
:s.:too 
2.600 
1.875 
21.900 



One pound 2.1900 



Averaged from daily quotations: 



Jan. 

Feb. 

Mar. 

April 

May 

June 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 

v i eai 



1912. 
1.5123 
1.4878 
1.4790 

i 5590 
1.5794 
1.6188 
1.6781 
1.7086 
1.7588 
1.7750 
L7789 
1.621 1 



1913. 
1.7737 
1.7625 
1.7646 
1.7742 
1.T7SC, 
1.7719 
1.7600 
1.7400 
1.7093 
1.6779 
1.6203 

1.558 
1.7241 



1914. 
1.5394 

i..-,; tit 
1.5638 
1.5337 
1.5078 
1.4750 
1.4805 
1.5241 
1.5632 
1.5236 
1.4769 
1.4 324 
1.5182 



L915. 1916. 

1.4554 2.1410 

1.4716 

1.5098 

1.5357 . ... 

1.53S1 

1.5P12 

1.5692 

1.6059 

1.6506 

1.720 1 

1.9089 

2.0329 

1.6230 



SCRAP IRON & STEEL PRICEh. 



Melting 
Steel. 
Pitts. 
1914— 

May 11.75 
June 11.7:. 
July 11.7;, 
Aug. 11.50 
Sep. 11.2:, 
Oct. 10.75 
Nov. in. in 

I)..', in. :,ll 

Year 1 1.42 

i91C 

Jan. 11.4(1 
11.70 
1 1.80 
11.65 
11.65 
11.75 



Bundled No. 1 R. R. No. 1 No. 1 Heavy 
Sheet. Wrought. Cast. Steel. Melt'g. 
Pitts. Pitts. Pitts. Phlla. Ch'go. 



9.10 

i, In 

s..",() 

s.50 
8.70 

8.50 
S.10 
S.50 



11.50 
10.50 
10.25 
10.25 
10.50 
11.51 1 L0.5 



10.60 
10.50 
1 0.60 
10.75 
10.75 
10.00 
9.25 
'.i.e.;, 



10.00 
9.80 



Pel.. 
Mar. 
Apr. 
May 



July 

Aug 

Sep. 

' I, 1 

Nov 

Year 13. 
1916 

Ian. 17. 



12.H2 
1 l.o:, 
t 1.25 
14.50 
16.12 
17.65 



9.25 in.;:. 



10.54 12.26 



11.2., 
11.25 
11.5(1 
i I 85 
ll.s:, 
ti.s.-, 
12.00 
12.85 
13.10 
13.35 
I 3. '.Ml 
I 4. '.I.". 
12.4(1 



10.30 

10.70 
10.85 
11.10 
11.25 
11.25 
ll.s;, 
13.70 
14.70 
14.511 
14.65 
15.6(1 



'.I. oil 
9.2(1 



'' 13 
9.50 



10.90 

ll.s;, 

12.15 
12.00 
13.95 
L5.25 
12.51 10.99 



13.40 ls.no 15.10 16.30 15. c,o 



COMPOSITE PIG IRON. 

Computation for February 1. 1916. 

One ton Bessemer, valley $21.00 

Two tuns basic, valley (1S.00) .... 36.00 

One t ■ • 1 1 No. 2 foundry, valley 18.50 

One ton Xo. 2 foundry, Philadelphia 19.50 
One ton No. 2 foundry, Buffalo .... 18.25 
One ton No. 2 foundry, Cleveland . . . 18.80 
One ton No. 2 foundry. Chicago ... 19. oo 
Two tons No. 2 Southern foundry, 

Cincinnati (17.90) 15.80 

Total, ten tons 186.85 

One ton 18.685 



Averaged from daily quotations: 



Jan. 
Feb. 
Mar. 
April 
May 
Tune- 
July 
Aug. 
Sept. 
Oct. 
Nov. 
Dec. 
Year 



1912. 
13.420 
13.427 
13.581 
13.779 
13.917 
14.005 



1913. 
1 7.391 
17.140 
16.775 



1914. 
13.492 
13.721 
13,843 
13.850 
13.808 



10.363 

15.682 

14.968 13.606 
14.288 14.57 s 13.520 
14.669 14.565 13.516 

14.692 



15.386 

16.706 14.737 



17.226 14.2S2 



L3.503 
13.267 

13.(147 
13.838 13.073 
L5.418 L3 520 



1915. 

13.070 

13.079 
12.971 
12.914 
12.201', 
13.(147 
13.12.-, 
14.082 
I t.895 

15.213 
L6.398 

i ; us; 

14.150 



1916. 

is. ecu 



UNFINISHED STEEL 

AND IRON BARS. 

(Averaged from dai'y quotations.; 
Sheet 
Billets, bars. Rods. — Iron bars, dellv. — 
Pitts. Pitts. outs. Phlla. Pitts. Ch'eo. 



1914- 
Sep. 
Oct. 
Nov. 
Dec. 
Year 
1915- 
Jan. 
Feb. 
Mar. 
Apr. 
May 
I une 
July 
Aug. 
Sep. 
(>et. 
Nov. 
n, i 
Year 
1916- 
Jan. 
+ I 1 



20.75 21.75 26.00 1.18 1.20 1. 117 

20.00 20.70 26.00 1.14 1.20 1.01 

19.25 19.75 25.00 1.13 1.20 .90 

18.75 19.25 24.40 1.12 1.20 .91 

20.06 20.82 25.50 1.20 1.27 l.o; 



19.25 

19.25 

19.30 

19.50 

19.50 

20.00f 

21.40T 

23.50f 

20.50t 

20. (Hit 

20.2(lt 

3(1. 73f 

22.51 



19.75 24.80 

19.75 25.00 

19.80 25.00 

20.00 25.00 

20.00 25.00 

20.50t 25.00 

21.90f 25.75 

24.00f 27.00 

26.00f 29.75 

20. not 31.50 

20.5llt 36.00 

30.7 3t 39.50 

22.91 28.28 



1.12 
1.12 
1.13 
Lis 
1.18 
1.20 
1.32 
1.43 
1.49 
1.57 
1.72 
1.99 
1.37 



1.20 
1.20 
1.20 
1.20 
1.20 
1.2(1 
1.20 
1.25 
1.35 
1.45 
1.54 
1.83 
1 .32 



I. in 
1.14 
1.15 
1.17 
1.20 
1 .22 
1.30 
1.3s 
1.51 
1.69 
1.2 1 



12.50t 32.5(»t 42.00 2.24 
emium for open-hearth. 



IRON VND STEE] FORE tGN ri; \hi STA1 ISTICS 



IRON AND STEEL IMPORTS AND EXPORTS. 



VALUE OF TONNAGE AND 

1910. L911. 1912. 

January $14,513,394 $18,738,391 $18,451,914 

February .... 13,949,082 18,690,792 21,801,570 

March 17,253,503 22,591,991 24,474,79'.) 

April 1 6, .V.". i. 260 24,916,912 26,789,853 

May 17,658,042 20,616,795 28,050 i 

June 16,503,204 20,310,053 24,795,802 

July 16,10S,102 17,454,772 24,917,952 

August 17,628,537 20,013,557 25,450,107 

September ... 16,776,178 19,875,308 23,286,040 

October 17,452,085 20,22-0,833 25,271,559 

November . . . 18,594,806 20,823,061 26,406,425 

December . . . 1S,300,710 22,186,996 23,750,864 



NON-TONNAGE. 



1913. 

$25,141,409 
24,089,871 
27,221,210 
27,123,044 
26,718,970 
25,228,346 
24,170,704 
23,947,440 
22,831,082 
25,193,887 
20,142,141 
22,115,701 



1914. 

$16,706,836 
16,520,260 
20,551,137 
20,639,569 
19,734,045 
18,927,958 
16,737,552 
10,428,817 
12,531,102 
16,455,832 
15,689,401 
14,939,613 



1915. 

$18,053,421 
16,470,751 
20,985,505 
25,302,649 
26,536,612 
31,757,103 
35,891,575 
37,726,822 
38,415,180 
43.(102.741 



Totals ... $201,271,903 $249,656,411 $289,128,420 $293,934,160 $199,861,684 $294,822,223 



EXPORTS OF TONNAGE LINES— Gross tons. 

1908. 1909. 1910. 1911. 1912. 1913. 1914. 1915. 

January 74,353 70,109 118,681 152,362 151,575 249,493 118,770 139,791 

February 81,773 84,837 110,224 150,919 204,969 241,888 121,206 144,366 

March 96,681 94,519 124,980 216,360 218,219 257,519 159,998 174,313 

A P ril 93,285 100,911 117,921 228,149 267,313 259,689 161,952 223,240 

M^ 64,041 109,808 135,306 178,589 307,656 242,353 139,107 263,649 

J une 69,770 114,724 120,601 174,247 273,188 243,108 144,539 355,402 

J ul y »6,796 100,850 127,578 162,855 272,778 237,159 114,790 378,897 

Au&ust 86,244 105,690 131,391 177,902 282,645 209,856 86,599 405,853 

September .... 76,732 97,641 119,155 181,150 248,613 213,057 96,476 381,917 

October 85,766 110,821 129,828 186,457 251,411 220,550 147,293 350,955 

November 71,130 116,105 155,138 187,554 233,342 175,961 140,731 363,000 

December 77,659 137,806 150,102 190,854 235,959 181,715 117,754 

Totals 961,242 1,243,567 1,540,895 2,187,724 2,948,466 2,730,681 1,549,503 3,181,383 





IRON 


ORE IMPORTS. 






IRON AND STEEL 


IMPORTS. 




1912. 


1913. 


1914. 


1915. 




1911. 


1912. 


1913. 


1914. 


1915. 


Jan. . 


154,118 


175,463 


101,804 


75,286 


Jan. 


33,071 


20,008 


21,740 


17,776 


10,568 


Feb. . 


129,693 


188,734 


112,574 


78,773 


Feb. 


20,812 


11,622 


25,505 


14,757 


7,506 


Mar. 


157,469 


164,865 


68,549 


88,402 


Mar. 


23,533 


15,466 


27,467 


27,829 


8,025 


April 


178,502 


174,162 


111,81a 


91,561 


April 


22,392 


12,481 


25,742 


30,585 


16,565 


May . 


194,482 


191,860 


125,659 


98,974 


May 


23,347 


15,949 


28,728 


28,173 


28,916 


June . 


. 180,122 


241,069 


188,647 


118,575 


June 


29,399 


21,407 


36,597 


23,076 


32,200 


July . 


. 185,677 


272,017 


141,838 


119,468 


July 


15,782 


17,882 


36,694 


25,282 


20,858 


Aug. . 


178,828 


213,139 


134,913 


126,806 


Aug. 


10,944 


20,571 


18,740 


28,768 


27,556 


Sept. 


180,571 


295,424 


109,176 


173,253 


Sept. 


14,039 


18,740 


19,941 


38,420 


23,344 


Oct. . 


202,125 


274,418 


114,341 




Oct. 


21,035 


25,559 


20,840 


22,754 


34,319 


Nov. . 


163,017 


179,727 


90,222 




Nov. 


13,880 


24,154 


25,809 


24,165 


37,130 


Dec. . 


199,982 


223,892 


51,053 




Dec. 


19,665 


21,231 


26,454 


9,493 





Totals 2.104,576 2.594.770 1.351,368 971,098 



Total 256,903 225,072 317,260 290,394 246,98' 



THE STEEL AND METAL DIGEST 



January 



CAR BUYING. 

Freight cars ordered: 

First half 1913 114,000 

ond half :9i3 33,000 

Year 1913 147,000 

First half 1914 11,380 

nd half, 191 : 13,6.0 

Year, 1914 80,000 

1915— 

uary 3,300 

February 4,255 

March 1,287 

April 3,000 

May 20,210 

June 129,864 

Six months 61,916 

July 5, cr:, 

August 4,625 

September 5,060 

October 26,939 

November 19,863 

December 7,055 

Six months 69,217 

Year 1915 131,133 

1916 — 

January 21,337 

PIG IRONTRODUCTION. 

Rates per annum, including charcoal pig. 

March, 1914 28,000,000 

April 28,000,000 

May 25,000,000 

June 23,650,000 

July 23,350,000 

August 23,600,000 

September 23,200,000 

October 21,200,000 

November 18,700,000 

December 18,100,000 

January, 1915 19,100,000 

February 22,100,000 

March 24,600,000 

April 26,000,000 

May 26,800,000 

June 29,250,000 

July 30,300,000 

August 31,800,000 

September 35,000,000 

October 37,100,000 

November ; ",u i 

December 3S,000,000 

January, 1910 37,850,000 

I In February 1st 9 00 

Actual production: 

1910 27,303,567 

19);; 30,9 

1914 . 23,3 2,244 



OUR FOREIGN TRADE 

Value of merchandise imports and ex- 
ports, and favorable trade balance, calendar 
years. 

Imports. Exports. Balance. 

1902 989,316,870 1,360,685,933 391,369,063 

1903 995,494,327 1,484,753,083 489,258,756 

1904 1,035,909,190 1,451,318,740 415,409,550 

1905 1,179,144,550 1,626,990,795 447,846,245 

1906 1,320,501,573 1,798,243,434 477,741,862 

1907 1,423,169,820 1,923,426,205 500,256,385 

1908 1,116,374,087 1,752,835,447 636,461,360 

1909 1,475,520,724 1,728,198,645 252,677,921 

1910 1,562,904,151 1,866,258,904 303,354,753 

1911 1,532,359,160 2,092,526,746 560,167,586 

1912 1,818,133,355 2,399,217,993 581,084,638 

1913 1,792,596,480 '2,484,018,292 691,421,812 

1914 *1,789,276,001 2,113,624,059 324,348,049 

1915 1,772,309,538 *3,550,915,393 *1,778,605,855 
1913— 

June 131,245,877 163,404,916 32,159,039 

July 139,061,770 160,990,778 21,929,008 

Aug. 137,651,553 187,909,023 50,257,467 

Sept. 171,084,843 218,240,001 47,155,158 

Oct. 132,949,302 271,861,464 138,912,162 

Nov. 148,236,536 245,539,042 97,302,506 

Dec. *184,025,571 233,195,628 49,170,057 
1914— 

Jan. 154,742,923 204,066,603 49,323,680 

Feb. 148,044,776 173,920,145 25,875,369 

Mar. 182,555,304 187,499,234 4,943,930 

April 173,762,114 162,552,570 +11,209,544 

May 164,281,515 161,732,619 t2,548,896 

June 157,529,450 157,072,044 +457,406 

July 150,677,291 154,138,947 +5,538,344 

Aug. 129,767,890 110,367,494 tl9,400,396 

Sept 139,710,611 156,052,333 16,341,722 

Oct. 137,978,778 195,283,852 57,305,074 

Nov. 126,467,062 205,878,333 79,411,271 

Dec. 114.656,545 245,632,558 130,976,013 
1915— 

Jan. 122,265,267 267,801,370 145,536,103 

Feb. 125,123,391 298,727,757 173,604,366 

Mar. 158,022,016 296,501, S52 138,479.836 

Apr, 160,576,106 294,746.117 134,170,011 

May 142,284,851 273,769,093 131,484,242 

June 157,695,140 268,547,416 110,852,276 

July 143,099,620 267,978,990 124,879,370 

Aug. 141,830,202 261,025,230 119,195,028 

Sept. 151,236,026 300,676,823 149,440,79« 

Oct. 148,529,620 334,638,578 186.108,958 

Nov. 164,319),169 331,144,527 166,825,358 

Dec. 171,841,665 *359,301,274 *187, 459.609 



High record. 
Balance unfavorable. 



I '.I It, 



\.ND STEE] iTATISTK 



STEEL MAKING PIG IRON 
AVERAGES. 

Bessemer and basic pig iron ai 
compiled by W. P Snydei & Compai 
sales in the valley market of 1,000 tons and 



OVl 



Bessemer. 



Basic 





i'ii 5, 




916. 




19] 5 


1916. 


Jan. . . 
Feb. . 


$13.6375 
i i.GO 


$: 


0.645 




$13.50 
12.50 


$17,833 


Mar. . 


. 13.60 








[2.50 




\|M ll 


13 «;ii 








L2.50 




May . 


13.65'J 








12.65 




June 


13.75 








12.72-1 




July . 


L3.993 








12.959 




Au K . ■ 


15.064 








L4.364 




Sept. . 
Oct. . 


. 15.900 
16.00 








15.00 
15.0147 




Nov. . 
Dec. . 


16.615 
19.021 








15.51S 
17.487 




Year . 


14.870 








13.810 




Above prices 
livered Pittsbur 


are 
gh 


f.o.b. 

is 95 


V£ 

ce 


lley furnace; de- 
ars higher. 



BAR IRON AVERAGES. 

Average realized prices on shipments of 
base sizes of common iron bars by the Re- 
public Iron & Steel Company, Union Roll- 
ing- Mill Company, Fort Wayne Rolling 
Mill Company and Highland Iron & Steel 
Company, as disclosed by wage adjustments 
of Amalgamated Association of Iron, Steel 
and Tin Workers, prices realized in bi- 
monthly periods, governing wage rates for 
succeeding two months. 

1913. 1914. 

January-February. 1.4831 1.1590 

March-April 1.5430 L.176 

May-June 1.5272 1.1257 

July-August 1.5029 1.0928 

September-October 1.3931 1.0847 
November-Dec'ber 1.2030 1.037 
Year's average .... 1.4421 1.1125 

* Settlement basis. 



1915. 
1.024 
1.087 
*1.10 



*1.30 
1.14 



TIN PLATE MOVEMENT. 

1 nited Stales imports and i p I of tin 
plate in gross tons have been as follows, 
the imports of course including those for 
drawback purposes: Imports. Exports. 

1909 62,593 

1910 66,640 

1911 14,098 

1912 3,053 

1913 20,680 

1914 15,411 



January, 1915 
February .... 

March 

April 

May 

June 

July 

August 

September . . . 

October 

November . . . 



1,608 



9,327 

12,459 

61,466 

81,694 

57,812 

59,549 

7,014 

5,834 

10,500 

9,084 

7,218 

8,024 

13,845 

31,939 

22,262 

16,922 

15,538 



Eleven months 



2,290 137,569 

British tin plate exports have been as fol- 
lows, in gross tons: 

1913 494,921 

1914. 435,497 

January 1915 29,216 

February 35,101 

March 36,170 

April 40,135 

May 33,737 

June 33,986 

July 39,528 

August 22,572 

September 20,002 

October 31,968 

November 25,556 

December 30,641 



Year 368,602 



1914— 
July . 
Aug. . 
Sept. . 
Oct. . 
Nov. . 
Dec. . 
Year . 
1915— 
Jan. . . 
Feb. .. 
Mar. .. 
April . 



BRITISH IRON AND 

Pig Iron. Rails. Tin Plate. Total.* 



74,617 
28,342 
37,79:: 
47,188 
49,666 
31,705 
780,763 



43,133 
22,763 
39,185 

37,005 

16,181 

16,315 

433,507 



47,237 
21,414 
23,4411 
36,950 
30,942 
30,254 
435. 392 



385,301 
211,605 
228,992 
263,834 
240,608 
212,667 
3,972,348 



21,138 24,411 29.2 1ii 230,204 

21,934 14,877 25,101 198,804 

20,172 17,572 30,170 259.342 

35,209 21,002 40,135 264,244 



STEEL EXPORTS. 

21,776 
23,728 
33,224 

32,962 
15,800 
13,640 
12,760 
9,937 
242,289 
* Includes scrap, pig iron, rolled iron and 
steel, cast and wrought iron manufactures, 
bolts, nuts, etc., but not finished machinery, 
boiles, tools, etc. 



May . 


. 29,343 


June . 


. 39,137 


July . 


. 78,370 


Aug. . 


. 73,383 


Sept. . 


. 53,068 


Oct. . 


7S.973 


Nov. . 


. 86,109 


Dec. . 


. 74,892 


Year . 


. 011,017 



33,737 


267,524 


33,986 


372,19-5 


39,538 


351,984 


22,572 


295,260' 


20,002 


249,501 


31,968 


312,141 


25,556 


308,219- 


30,643 


259,782 


368,602 


3,250,299 



THE STEEL AND METAL DIGEST 



February 



Tin in January. 



After closing on the last day of the year 
at 10.50c spot New York for Straits tin, 
the first day of the new year found the mar- 
ket at 4:V and exeited over news that the 
Ken Kon Marti" en route from the East 
Indies had been torpedoed and sunk in the 
Mediterranean, and a situation developed 
where for several days sellers were de- 
clining to cpjote on any deliveries, and only 
a small business being done on bids. Con- 
sumers, however, kept wonderfully cool, 
although on the following day as the mar- 
ket advanced sharply in London there was 
a further advance here, no spot being avail- 
able under -toe and sellers declining to quote 
future deliveries. A great uncertainty ex- 
isted for a few clays as to whether the 
steamer sunk was the "Ken Kon Maru" 
bringing about 500 tons of tin. or the "Kan 
Kokou Maru" which had no tin aboard. 
and the strained condition here continued 
until January 7th when on an easier Lon- 
don market, and no confirmation that any 
tin had really been lost, the market de- 
clined to 41.75c and a period of stagnation 
started in which lasted more or less dur- 
ing the entire month. 

Opening at 4:.'c the highest point touched 
the following day was 45c from which the 
market declined on January 18th to 40J-8C. 
Later recovering to 42J4c on the 24th and 
closing for the month at 41.75c. the aver- 
age for the month being 41.sse. 

Among the features to be noted, are that 
the American trade is beginning to get im- 
mune to the influences of reports of trans- 
portation and British Government restric- 
tion or other matters appertaining to the 
war. At first they caused panicky fears and 
excitement but we have learnt to await con- 
firmation before acting on these reports. 
Also they have proved often only rumors, 
and even when the)- have been true we have 
found them not serious in their effect on 
our supply. Hut another reason is that 
mers are carrying safety stocks 
• unexpected loss o) cargo or delayed 
arrivals, and this partly explains why we 
have in the past twelve months taken into 
our deliveries to consumers over 10,000 
than in the previous twelve 
I onsumption has increased but 
; -i to that extent. 

The fears of there not being enough tin 



forthcoming for our requirements have en- 
tirely disappeared. The falling off in Eu- 
ropean consumption by reason of the Teu- 
tonic nations being cut off and poor trade- 
in England, France, etc. (for tin does not 
enter into war munitions) has resulted in 
an increase of visible supply in stocks in 
Xew York. London and afloat of over 3,000 
tons for the past twelve months, viz. Feb- 
ruary 1. 1916, 17.041 tons as against 13,901 
tons February 1. 1915. But that is not all. 
There has been a very large accumulation 
of Bolivian ores in Liverpool, which if 
smelted would reach nearly 1:2,000 tons 
pure, which does not appear in the statis- 
tics; also an unknown slock of Banca tin 
at Batavia, held there by the Dutch Gov- 
ernment by reason of the suspension of 
shipments to Holland since the early 
months of the war and which must be at 
least 5.000 tons; also not appearing in the 
statistics. It can then be seen that statis- 
tically, tin is not in a strong position, and 
if the fear of something unexpected hap- 
pening were entirely removed present prices 
might prove high. 



TIN PRICES 


IN JANUARY. 








New York. 






^ondon - 






Day. 


Cents. 


£ 


s 


d 


£ 


s 


d 


:: 


42.00 


171 








it;: 








4 


15.00 


174 





(i 


175 










44.75 


173 


15 


n 


174 


15 


I) 


i 


12.50 


175 


5 





175 


15 





7 


41.75 


L73 


10 





174 


II 





10 


U.50 


175 





o 


175 


15 





11 


41.37) - 


it:: 


5 





174 


HI 





l :.' 


41.00 


it:; 


10 


1) 


174 


10 





1 :: 


t 1.00 


174 








175 


5 





14 


41.00 


n:; 


10 





175 








17 


n.oo 


it;: 


15 





174 


15 





18 


in. ST 1 


it:: 


10 





174 


10 





19 


11. 1'.' 1 . 


175 








175 


10 





20 


11.50 


ITT 


5 





177 


10 





21 




ITS 


15 





1 7(1 


■"> 


II 


24 


12.25 


180 








ISO 


10 





25 


1 : I ! 


179 








179 


to 





26 


11. ST 


17S 


5 





17'J 








:>7 


41.75 


177 


10 





ITS 


5 





■is 


U.50 


178 


5 





179 


■' 





31 


41.75 


170 








179 


10 


II 


High 


. 45.00 


180 








ISO 


10 





Low . 


10.81 


171 








1 7L> 








Average 


H.88 


175 


11 


5 


17(1 


7 


■' 



n\ S I' \ riSTK s 



VISIBLE SUPPLIES. 
\ isible supply of tin at end of ea< 





1012 


1913. 


1914. 


1915. 


1916. 


I.M 


16,707 


13.971 


16,244 


13,901 


7,041 


Feb. 


1 t,90(i 


I >,304 


1 7,308 


14,548 




Mar. 


15,694 


i t,i3a 


16,989 


15, 167 




\pril 


i i.s:i;; 


9,822 


15,447 


15,735 




Maj 


1 t,34!i 


13,7 10 


1 7,862 


14,640 




June 


12,020 


1 l.ldl 


16,027 


15,927 




Jul) 


13,346 


12,063 


14,167 


16,084 




Auk. 


1 1,285 


11,261 


14,452 


15,127 




-sept. 


13,245 


12,943 


14,613 


15,191 




Oct. 


1(1,7:::. 


11,857 


L0.894 


13,154 




\". 


12,348 


1 1, 1 ?0 


1 1,483 


16,451 




I >ec. 


10,977 


13,893 


13,396 


16,216 




Wge 


13,207 


12,377 


1 1,907 


15,208 





SHIPMENTS FROM THE STRAITS. 

Monthly shipments of tin from the Straits 
Settlements to Europe and United States: 

1912. 1913. 1914. 1915. 1910. 

Jan. 4,018 6,050 5,290 5,200 6,095 

Feb. 5,260 4, ()(io 6,520 5,584 

Mar. 5,150 4,810 4,120 4.97(1 

April 4,290 4,400 4,930 5,270 

May 5,760 6,160 6,900 6,759 

June 4,290 4,280 5,870 0,665 

July 4,580 4,770 4.975 5,606 

\»s. 5,210 6,030 3,315 4,712 

Sept. 5,430 5,100 4,973 5,296 

Oct. 4,450 5,020 4,610 4,441 

Nov. 5,00(1 .-,,.-,00 5,155 6,71:! 

Dec. 4,980 5,110 6,435 5,301 

Total 59,018 62. 550 63,093 66,517 

Wge 4,918 5,213 5,258 5,54:; 

CONSUMPTION IN THE U .S. 

Monthly deliveries of tin in the United 
States exclusive of Pacific Coast: 

1912. 1913. 1914. 1915. 1916. 

Jan. 3,700 3,700 3,600 2,300 4,452 

Feb. 4,050 3,500 3,300 3,375 

Mar. 4,000 5,900 4,450 3,200 

April 5,400 3,450 4,300 3,200 

May 4,250 3,350 3,800 5,600 

June 2,85(1 3,800 3,650 .1,900 

July 5,15(1 3,900 3,900 5,300 

Aug. 1,300 3,600 2,900 4,500 

Sepl. 3,600 3,100 3,600 4,300 

Oct. 3,850 3,700 3,700 4,900 

Nov. 1,300 3,800 2,600 2,975 

Dec. 4,050 3,100 1,900 5,200 

Total 49,50(1 43,900 41,700 48,750 

Av'ge 4,125 3,658 3,475 4,062 



MONTHLY TIN STATISTICS. 
Compiled bj New York Metal Exchang< 
Jan Dec. Jan. 

Straits shipments 1916. 
To ( ir. Britain . . 1,540 
Continent . . 350 

" U. S t,205 




Total from Straits 6, 

Australian shipments 
I" ( ir. Britain . . 32 i 

" V. S „il 



i,301 5,200 



nil 



Total Australian 



32 I 



( onsumption 

London deliveries 1,377 

Holland deliveries 57 

U. S 1,452 



Total 



i,886 



Stocks at close of month 

In London — 
Straits, Australian 1,165 
Other kinds .... 1,940 

In Holland 

In U. S 2,401 

Total >,506 

Afloat, close of month 
Straits to London. 3,129 

To U. S 8,315 

Banca to Europe. . 1 ,091 



1,189 

105 

5,300 

6,494 



2.221 
1,682 



1,378 
8,125 
1,439 



3,104 

34 

2,300 



t,308 

375 



3,287 
5,160 



Total 1 1,535 10,942 8,447 

Jan. 31, Dec. 31, Jan. 31, 

Total visible 1916. 1915. 1915. 

supply 17,041 16,216 13,901 

STRAITS TIN PRICES IN NEW YORK. 

1913. 1913. 1914. 1915. 1910. 

Jan. 43.24 50.45 37.74 34.30 41.88 

Fel). 43.46 48.73 39.93 37.32 

Mar. 42.86 46.88 38.08 48.93J^ 

Apr. 44.02 49.12 36.10 47.98 

May 40.12 49.14 33.30 38.78 

June 17.77 44.9:: 30.65 40.37 

July 44.75 40.39 31.75 37.50 

Aug. 45.87 41.72 50.59;:. 34.39 

Sept. P.). IS 42.47 32.79 33. 13 

Oct. 50.1 1 40.50 ::<l.:!9'_. 33.08 

Nov. 49.90 39.81 33.50 ::'.). :i7', 

Dec. 49.90 37.64 33.60 38.75 

Year 46.43 14.32 35.70 38.66 



84 



THE STEEL AND METAL DIGEST. 



February 



The average price For the past five years 

has been: 

1911 42.68c 

1012 46.43c 

1913 44.32c 

1914 35.70c 

1915 38.66c 

But we are in war times, and anything 
maj happen at any time in loss of cargoes, 
embargoes, and government restrictions 
and the only safe policy of our consumers 
would seem to be to take advantage of 
present prices to keep well booked ahead. 
Only in this way can they protect them- 
selves in excited periods and high prices 
that for a while are almost certain to come 
up unexpectedly while the war lasts — of 
getting permits. Early in the month it was 
given out that one-half of all the tin ship- 
ped from the East Indies would have to be 
sent via London and on arrival in London 
might be retained there by the government 
if they did not consider that their interests 
were fully protected by the amount of tin 



held in the British Isles. Instead of any- 
thing of the kind taking place we find that 
the shipments from the Straits were above 
normal, a little over 6,000 tons, and that 
more than two-thirds of that amount has 
been shipped direct from the East Indies to 
America It is still reported however that 
a change 'will be seen in the months to 
come and that the British Government is 
only going to issue permits of direct ship- 
ments to America of one-half of the total 
shipments from the Straits and that the 
balance of America's requirements must 
come via London. 

An item of interest during the month has 
been the arrival of the first cargo of tin 
ore from Bolivia for the new tin smelting 
and refining plant that was erected by the 
American Smelting & Refining Company 
at Perth Amboy. The tin arrived via the 
Straits of Magellan on account of the Suez 
Canal being closed This plant expects to 
be producing tin in March and to work up 
to an output of 500 tons per month. 



Lead in January. 



Lead was active and strong with large 
contracts placed for domestic and foreign 
shipment at the beginning of the year. The 
strength of the market was emphasized 
January 4th, when the American Smelting 
& Refining Company advanced the price 
$5 per ton to 5.75c New York and 5.67^c 
at East St. Louis. On January 7th, anoth- 
er advance of $3 per ton established the 
Trust price at 5.90c, at New York and 
5.67J^c at East St. Louis. On January 7th, 
another advance of $3 per ton established 
the Trust price at 5.90c at New York and 
5.82j4c at East St. Louis. The independent 
companies soon followed the action of the 
American Smelting &; Refining Company. 
Nearly all of the producing interests were 
sold far into the future and even the cur- 
rent production was applied on contracts 
leaving a light supply of spot metal to meet 
demand of consumers. 

Not a few of the domestic melters for 
several months had been buying from hand- 
to-mouth in anticipation of lower prices 
but miscalculations placed them in a serious 
position. Efforts of such consumers to se- 
cure enough metal for current require- 



ments were responsible for much of the 
strength of the market. Export demand, 
however, was also active and some large 
sales w-ere reported to have been made for 
shipment to Europe and to the Far East. 
Even Japan was reported to be in the mar- 
ket for 500 tons. 

Mail advices from London, reported the 
sinking of a Japanese line steamship in the 
Mediterranean with a cargo of lead for 
Yladivostock, foreshadowing renewal of 
buying by Russia. English dealers found 
much difficulty in obtaining lead from eith- 
er Australia or Spain while the demand 
from English consumers continued active. 
Consequently there was more buying here 
on January 5th, the strength of the Lon- 
don market expressed in a further ad- 
vance of 15s, bringing spot to £.31 15s. 
The advance from Christmas had been £2 
15s, equivalent to z / 2 c per pound. Upon the 
announcement of another rise in the Ameri- 
can market on January 7th, London advan- 
ced to £32 15s but there was a reaction on 
January 10th. to £.32, equivalent to 6.62.'/<c 
per pound, leaving London above the New 
York parity. 

The National Lead Company, following 



i EAD IN JANUARY 



the advance by the Trust on January rth, 
raised the price of all manufactured prod- 
uct,-. ' [c per pound) but, while lead con- 
tinued strong in the domestic market with 
the demand taking up all the metal avail 
able, there was a flurry at London, partially 
due to the attitude of the British I lovern- 
ment in attributing the sharp rise in prices 
to speculative operations that were consid 
ered inimicable to the interests of the Eng- 
lish people. The British munitions depart- 
ment subsequently prohibited dealing in 
lead except under permit with the hope of 
eliminating undesirable and unwarranted 
speculation. The effect of this action was 
seen in the break in the English market to 
£.29 is for spot and £28 10s for futures. 
This was the lowest price at London since 
December 27th, when the Trust price at 
New York was 5.40c per pound. 

The domestic market also was unsettled 
with second hands eager to sell at con- 
cessions from the Trust price. Several days 
of dulness followed, but on January 17th, 
the London market was stronger and New 
York, sympathetically firmer. Reports of 
an inquiry for 10,000 tons for Russia, was 
reflected in an advance in the foreign mar- 
ket. The indication is that some large ex- 
port contracts were quietly closed, followed 
by an unexpected advance in the Trust 
price, on January 21st, of $4 per ton to 
6.10c at New York and 6.02J4c at East St. 
Louis. The interest of domestic consumers 
was stimulated by reports of larger foreign 
sales. 

The largest producing interests claimed 
■ that their output is sold for months ahead 
and that they had little if any metal to offer. 
Occasionally, a few round lots were offered 
by dealers which were quickly taken up at 
full prices. Weather conditions tended to 
restrict production and during the last ten 
days of the month both the foreign and 
home markets continued strong, but there 
was little buying for any account. Second 
hands, however, offered future deliveries at 
concessions and some sporadic sales were 
made. On January 26th, the London mar- 
ket had recovered most of its previous de- 
cline and a further advance was established. 
London reported that lead received from 
abroad was taken up with avidity by con- 
sumers, the extent of the English demand 



being a jrea! urprisi to th< trade The 
increased British requirements was attri 
buied to the energy put into the manufac- 
ture of munitions. Mm h oi thi \,i tralian 
lead was shipped directly to the Far blast 
making London more dependent upon the 
United States. 
During the last few da} i oi the ml 

the (U)Uiestic market was lifeless but there 
was small disposition to shade the Trust 
price on nearby positions. Some of the 
larger independent producers refused to of- 
fer lead for any delivery. Consumers, how- 
ever, had ample supplies to meet current 
needs. Selling interests pointed to the 
strength of the foreign situation as sup- 
porting- their contention that another ad- 
vance was done when the month closed. 

It is an interesting fact that the domestic 
market steadily advanced from October 31, 
1915 to January 21, 1916. During that time 
the Trust price was advanced $32 per ton 
equivalent to 1.60c per pound. Renewed 
foreign buying is expected at any moment 
to cause another advance in the market. 



Day. 



LEAD PRICES 
New York. 

Cents. 
. . 5.52*4 
.. 5.75 
. . 5.75 
. . 5.75 
. . 5.90 
. . 5.8754 
. . 5.85 
. 5.90 
. . 5.80 



IN JANUARY. 
* St. Louis. London. 



24 



26 

27 

28 

31 

High .., 
Low . . 
Average 



5.8 2 J4 

5.82*4 

5.82K 

5.8714 

6.05 

6.10 

6.10 

6.10 

6.10 

6.15 

6.15 

6.20 
.5.52J4 
.5.90J4 



Cents. 
5.45 
5.67J4 
5.67*4 
5.67J4 

5.82 y 2 

5.77J4 

5.75 

5.70 

5.70 

5.70 

5.72 y 2 

5.72*4 

5.75 

5.80 

5.97J4 

5.97J4 

6.00 

6.00 

6.00 

6.00 

6.00 

6.00 

5.45 

5.80 



£ s d 

30 7 6 

31 
31 15 

31 15 

32 15 
32 
31 
29 5 
29 5 
29 5 
29 10 

29 17 6 

30 15 

31 15 
31 5 
31 15 

31 17 6 

32 5 
32 5 



32 2 <; 

32 I) 

32 15 

29 5 

31 2 7 



* Outside market. 



THE STEEL AND METAL DIGEST 



February 



Copper in January. 



In January the commercial .strength of 
copper was emphasized by an advance of 
:>c per pound at New York and an equiva- 
lent rise of £14 at London for American 
Electrolytic. 

The statistical position of the industry, 
according to trade reports. was much 
stronger than seemed possible at the close 
of the year. Those who claim to be in touch 
with the producing interests, declared that 
surplus stocks carried at the refineries at 
the beginning of 1916 were less than 75,000 
tons; in fact, the surplus was said to be 
less than 150,000,000 pounds. It was believ- 
ed, however, that more than 50,000,000 
pounds was being carried in warehouse on 
speculative account making 200,000.000 
pounds available for quick shipment. The 
course of the market, however, failed to 
demonstrate that there was any appreciable 
amount of copper available for delivery 
over the first two months of the year. 

According to the Geological Survey the 
output of the refineries in 1915 was 1,047,- 
(100,000 pounds, exceeding the previous max- 
imum production in 1913, slightly; but de- 
tails of the secondan- production may make 
the increase in 1915 more apparent. Stocks 
at the beginning of 1915. according to gov- 
ernment returns, were 173,000,000 pounds, 
making the total available supply in 1915, 
1,820,000 pounds. The exports, according 
to Custom House returns, in 1915, wore 
slightly less than 620,000,000 pound-, which 
deducted from the available supply leaves 
L,200,000,000 pounds. Assuming that the 
estimate of stocks. 200.000,000 pounds, on 
the first of the year, were correct, the in- 
ference is that 1,000,000,000 lbs. were de- 
livered into domestic consumptive channels 
last year. It seems almost incredible that 
this amount of copper was melted in 1915, 
when it is recalled that during the first 
quarter of the year the industry was limp- 
nig along at little more than a :>t)'c rate. 

It was confidently asserted that by sell- 
ing interests that deliveries of domestic and 
foreign consumers in December were in ex- 
cess of '.''"I. lino. uno pounds. The exports in 
December, according to reports made in the 
last ten days, were 42.421'. tons, equivalent 
to 95,024,240 pounds. The December ex- 
ports were exceeded only in March I'll:;. 



Indeed, revised reports may show that the 
December foreign shipments were never 
exceeded. The total deliveries in Decem- 
ber were also record-breaking. The pre- 
vious monthly maximum deliveries wen 
64.053.000 pounds in April 1913. 

It is estimated that the output of the re- 
fineries in January were 167,000,000 pounds. 
Deliveries into domestic consumption were 
cheeked by the railroad embargoes on 
freight shipments into New England. The 
exports, with Southern and Pacific ports 
estimated, were 23,000 tons equivalent t<> 
51,520,000 pounds. The deliveries into do- 
mestic consumption were considerably less 
than 100,000.000 pounds, because of the re- 
striction on rail shipments. The indication, 
thus, is that there was an accumulation of 
25,000,000 pounds in producers' hands in 
January. Judging from the course of the 
market, however, the surplus available had 
small influence upon the policy of the pro- 
ducing interests. 

The selling campaign throughout the 
month was marked by more or less vigor. 
Manufacturers of war munitions placed some 
additional heavy contracts for March, April 
and May deliveries. Other domestic con- 
sumers were inclined to be conservative un- 
til late in the month when the upward ten- 
dency of prices was more apparent, they 
threw off reserve and purchased liberally 
for April. May and June shipment. Export 
purchases were also fair in volume. The 
result was that prices were established at 
practically the highest level ever attained in 
the industry. 

One of the most startling developments 
of the month was the effort by specula- 
tors to increase excitement by reports of a 
corner in spot metal with sales at all sorts 
of prices ranging from 26c to 30c per 
pound. The rumors for the time being 
defeated their own purpose; the actual mar- 
ket at that time being not over 25c per 
pound. At the close of the month Elec- 
trolytic sold at 25y 2 c for March, April and 
May delivery and slightly higher prices 
were asked for nearby shipments by pro- 
ducers. 

It is difficult to reconcile reports of 
large sales for future delivery at prices from 
J4c to l /ic higher than offerings by second 



I '.I 111 



THE STEEL AND METAL DIGEST 



LAKE COPPER PRICES. 

Average monthly prices of Lake Copper 
in New York. 

1912. 1913. 1914. 191.V i'ii,;. 

Jan. 14.3; ' L6.89 14.76 13.89 24.10 

Feb. 14.38J-3 15.37J<£ 14.98 14.72' 

Mar. 14.87 14.96 14.72 15.1] 

Apr. 13.98 LS.55 14.68 17.43 

May 16.27 15.73 14.44 18.8] 

June 17.43 15.08 14.15 19.92 

July 17.37 14.77 L3.73 19.42 

Aug. 17.61 15.7(1 12.68 17.47 

Sept. 17. (id 16.72 12.43', 17.76 

Oct. 17.69 16.81 11.66 17.92 J/ 

Nov. 17.66 15.90 11.93 1C-36 

Dec. 1 T.I'.-: ' _■ 14.82 13.16 20.37.'. • 



Av. 



10.58 15.70 13.61 17.64 



ELECTROLYTIC COPPER PRICES. 

Average monthly prices of Electrolytic 
Copper in New York. 

1912. 1913. 1914. 1915. 1916. 

Jan. 14.27 16.75.Vj 14.45 13.71 24.10 

Feb. 14.26 15.27 14.67 14.57 

Mar. 14.78 14.92^ 14.33 J/ 14.96 

Apr. 15.85 15.48 14.34 17.09 

May 16.16 15.63 14.13 18.60 

June 17.29 14.85 13.81 19.71 

July 17.35 14.57 13.49 19.08 

Aug. 17.60 15.68 12.41J4 17.22 

Sept. 17.67 16.55 12.08K' 17.70}/ 

Oct. 17.60 16.54 11.40 17.86 

Nov. 17.49 15.47 11.74 18.83 

Dec. 17.50J4 14.47 12.93 20.35 



Av 



16.4S 15.52 13.3iy 2 17.47 



CASTING COPPER PRICES. 

Average monthly prices of Casting Cop- 
per in New York. 

1912. 1913. 1914. 1915. 1916. 

Jan. 14.02 16.57 14.27J-4 13.52 23.06J4 

Feb. 14.02 15.14 14.48 14.17 

Mar. 14.53 14.76 14.18 14.34 

Apr. 15.72 ^ 15.33 14.18 16.48 

May 10.01 15.45^ 14.00 17.41 

June 17.08 14.72 13.65 18.74', 

July 17.09 14.40}/, 13.34>-i 17.76J4 

Aug. 17.35 15.50 12.27 16.46 

Sept. 17.51 16.37'./ 12.00 16.75 

Oct. 17.44 16.33 11.29 17.32 

Nov. 17.34 15.19 11.63 18.41 

Dec. 17.34 14.:.':: 12. S3}/ 19.73 



\\ 



16.29 15. 33 13. IS 16.76 



SHEET COPPER PRICE CHANGES. 

The changes in the base price of sheel 
copper since March 27. L915, arc given in 
the following table together with the price 
of Lake Copper on the same dates: 

1 '•"■*' Sheel Copper. Lake Coppei 

March 27 211. 75 j r> 7r , 

A P"1 8 21.00 L6.50 

A P ril l:i 2 1.25 i, i.,;:: i . 

A l»"il W 21.50 i,i.75 

A ' ,ril 17 22.00 17.00 

April 19 22.5(i 17.62J4 

A l Jril 22 23.00 18.00 " 

A P«1 28 .... 24.00 18.93% 

J mu ' s 24.50 19.62}/ 

• lu,u ' 9 25.00 l9. 87 i/» 

Jl,1 - V : - >T 24.50 18.75 

J u 'y 30 24.00 18.75 

August 18 23.oo 16^75 

November 3 .... 23.25 i 8 .06y 4 

November 15 .... 23.50 18.62^ 

November 16 .... 23.75 is 75 

November 17 .... 24.00 18.87}/ 

November 18 .... 24.25 19.00 

November 2.2 .... 24.50 19.87VJ 

November 23 25.00 19.87}/ 

December 22 .... 25.50 20.50 

December 23 ... 26.00 20.75 

December 24 27.00 21.50 

December 30 .... 27.50 22 37 J/ 
1916— 

January 3 29.00 2 3.25 

January 5 30.00 23.50 

January 18 30.50 23.87' 

January 24 31.50 2 5.25 

January 31 .12.00 25.25 

EXPORTS OF COPPER FROM THE 
UNITED STATES. 

(In tons of 2.240 lbs.) 

1913. 1914. 1915. 1916. 

January .. 25,026 36,018 20,193 21,863 

February . 26,792 34,634 15,583 

March ... 42,428 46,504 30,148 

April .... 33,274 35,079 18,738 

May 38,601 32,077 28,889 

June 28,015 35,182 16,976 

July 29,596 34,145 17,708 

August .. 35,072 16,509 17,551 

September 34,356 19,402 14,877 

October . 29,239 23,514 24,087 

November 29,758 24,999 23,168 

December 30,053 22,166 *32,936 

Total . . 382,810 360,229 f266,854 

* Includes only exports from Atlantic ports, 
t Approximate. 



THE STEEL AND METAL DIGEST 



February 



hands for nearby shipments. The explana- 
tion offered was that large consuming in- 
terests had their requirements well covered 
for the first quarter of the year, while only 
small buyers needed metal for January and 
February shipment. 

One of the most interesting developments 
of the month was the action taken by the 
munitions department of the British govern- 
ment limiting the sale of Electrolytic cop- 
per in London to 50 tons at one time and 
at a maximum price of £100. without per- 
mission from the government. It is under- 
stood that the British authorities believe 
that the Allied governments are being ex- 
ploited by speculators in copper and other 
metals. The English attitude had a tem- 
porary retarding influence upon the mar- 
ket but the price of Electrolytic at London 
has advanced £6 since the limitation of the 
buying price at London. 

Another feature, worthy of note, is that 
Standard copper at London during the 
month advanced £4 10s to £5, while Elec- 
tro advanced £14. There was thus a mar- 
gin of from £25 to £30 between Standard 
and Electrolytic or Best Selected. The re- 
sult was the withdrawal of considerable 

COPPER PRICES IN JANUARY. 



Day. 
3 .. 



G .. . 
7 .. . 

10 .. . 

11 .. . 

12 .. . 

13 .. . 

14 . . . 
17 .. . 
L8 ... 

19 .. . 

20 .. . 
2] 

24 ... 

25 .. . 

26 . . . 
27 

28 .. . 
31 . . . 
High 
Low 
Av'ge 



Lake. 

Cents. 

23.25 

23.25 

23. 5d 
23.75 
23.50 

23.50 

23.50 

23.62}^ 

23.87!^ 

24.75 

25.25 
25.25 

25.25 
25.25 
2 5.50 
23.00 
24.10 



New York 

Electro. Casting. 

Cents. Cents. 

23.25 22.25 

23.25 22.25 

23.50 22.1.2 '_ 

23.75 22.75 

23.50 22.5H 

23.25 

22.25 22.25 

; 
23.5(1 

23 50 22.50 

' 22.62 y. 

22.87 !/• 

24.12 J/ 23.12 y. 

24.25 22.25 

24.75 25.75 

25.25 24.12' 

2 4.12V, 

25.25 21.12'- 

25.25 24.1 2 y. 

25.25 24.12'.. 

25.25 24.00 

25.50 24.25 

23.00 !2.00 

24.10 23.06'/ 



London. 

Standard. 
£ s d 
86 15 



91 

S7 10 

86 

S4 15 

84 17 6 
S7 

85 5 
85 15 
85 15 
85 15 
81 15 
B9 o 
'.11 

Ml -, 

90 5 

89 15 



'.II 15 

91 15 

84 15 

88 



Standard copper from warehouses to be 
converted into higher grade metal. 

The month closed upon a very strong 
but quiet market with producing interest 
apparently anticipating another buying 
movement with higher prices. 



Jan. 4.11 

Feb. 4.06 

Mar. 3.97 

Apr. 3.82 

May 3.90 

June 3.90 

July 3.90 

Aug. 3.90 

Sep. 3.86 

Oct. 3.54 

Nov. 3.68 

Dec. 3.80 

Av. 3.87 



LEAD (Monthly 
New York* 

1914. 1915. 1910. 1 
3.74 
3.82 
4.05 
4.19 
4.23 



i.98JS 



Averages.) 

St. Louis 

914. 1915. 1916. 
3.99J4 3.57 



5.80 



5.74 

4.75 

4.62 

4.59) _, 

5.15 

5.34K' 

4.67^ 



3.95 
3.80 
3.70 
3.81 
3.80 
3.75 



3.72 

3.98 
4.11 
4.16 
5.76 
5.52 



3.73^ 4.59 

3.67 4.53 

3.39 4.51 

3.58 5.07 

3.67 5.26^ 

3.74 4.57 



* Trust price. 



LEAD PRICE CHANGES. 

The changes in the Trust price at New 
York since June 10, 1915, have been as 
follows: 

June 11, 1915 Advanced .25c to 6.50 

June 12 " .50c to 7.00 

June 17 Reduced .75c to 6.25 

June 18 " .25c to 6.00 

June 19 " .25c to 5.75 

July 30 " .25c to 5.50 

August 2 " ,25c to 5.25 

August 7 " ,25c to 5.00 

August 9 " ,25c to 4.75 

August 10 " .25c to 4.50 

August 25 \dvanced .10c to 4.60 

August 26 " .10c to 4.70 

August 27 " .20c to 4.90 

September 9 Reduced .20c to 4.70 

September 14 " ,20c to 4.50 

October 21 Advanced .25c to 4.75 

October 29 " .15c to 4.90 

November 4 " .10c to 5.00 

November 10 ,15c to 5.15 

November 15 " .10c to 5.25 

December 14 .15c to 5.40 

December 31 " .10c to 5.50 

January 4, 1916 " .25c to 5.75 

January 7 .15c to 5.90 

January 21 " .20c to 0.10 



nil'', si i i i \\i» \ii. i \i DIGEST 



Spelter in January. 



Spelter gained strength in January not 
withstanding the enormous output, pn enl 
and prospective. The net resull of the fluc- 
tuations in prices was an advance oi I . 
to 8c per pound at East St. Louis, and .1 rise 
of £l in spot and £5 on future at London. 
The highest prices of the month, touched 
" January 24th, however, were not fully 
maintained. 

During the first ten days of January the 
domestic market was relatively quiet and 
the London market receded £.'.' on the spot 
position. 1,1 the next ten days better de- 
mand was developed for January, February, 
and March deliveries with a stronger tone 
prevailing and some advance in price-. The 
rise was attributed partially to the severe 
weather, accompanied by storm and floods 
in the zinc ore districts, especially in Okla- 
homa and in the Joplin districts. Property 
was damaged, wire service was prostrated. 
Much difficulty was experienced in obtain- 
ing fuel and pressure in the natural gas 
fields was too low 'to permit some plants 
to operate. At the same time, there was a 
sudden increase in the demand for spelter 
and some heavy buying was dune bet ween 
January 14th and January 20th. 

The embargo on freight shipments into 
New England was responsible for the ac- 
tive and urgent demand developed for near- 
by shipments. On some days the market 
was excited and feverish. Manufacturers of 
war munitions, hyper-sensitive because of 
past experience, came into the market for 
round tonnages without special regard to 
prices. The demand was mainly for first 
quarter shipment but there were also large 
purchases over the second quarter and some 
contracts were closed for shipment-, over 
the entire year. 

Although manufacturers of brass had 
large spelter shipments in transit there was 
no certainty as to when supplies would be 
received at the New England plants be- 
cause of the traffic congestion on many of 
the Eastern roads. Consequently, new 
orders were placed for prompt shipment, 
the metal to be accumulated at New York 
and shipped by water to New England as 
required. For a few days there was a 
scramble even for small lots of spelter 
which were shipped by water to Bridge- 



port and then by trolley to the work- that 

were pressed for material. Thi hi • \ di 
mand from domestic consumers culmin- 
ated about January 24th, but it is signifi- 
cant that galvanizers, who were operal 

ing between only :.!)' ', to 60% of capacity, 

made few purchases. Some large inquiries 
also came from drain- but resulted in 
only moderate transactions 

The London market after receding from 
£90 to £88 had advanced to £93 for spot 
while future positions had advanced from 
£78 to £83, but on January 18th, three 
months spelter had sold at £73. At London 
£92 is equivalent to 19.55c per pound, 
but with a freight rate of $28 per ton, equi- 
valent to II4C per pound, London was too 
low to invite exports from New York mar- 
ket. 

Large smelting interests had little or no 
spot s-pelter to offer for sale but made 
heavy deliveries on lower priced contracts. 
Some resales were made by dealers to 
take advantage of the rise in the market. 
On January 25th a few large sales of spe- 
cial brands were made for export and the 
prices of spot spelter at St. Louis was 
advanced to 19J4c. Some large contracts 
for the second quarter were also closed with 
domestic consumers about this time. 

During the last few days of the month 
there was a sudden and sharp falling off 
in buying and with freer offerings Dy pro- 
ducers and dealers, prices receded from y 2 c 
to y A z on all positions. At the close of 
the month spot was held at 18^c to lS^c, 
February at 1814c to 18K'C, March at 17J^c 
to XlY^z and second quarters at I5.V2C to 
ISi^c. Sales of second quarter had been 
made at 14c at the beginning of the month 
and at 16c on January 24th. 

Several large inquiries for export, prior 
to May, for England, France and other 
European countries, marked the close of 
the month. Russia also purchased more in 
' untry, although she is now receiv- 
ing some supplies from Japan. The zinc 
ores being concentrated in Japan, are de- 
rived partially from Chosen, the coast pro- 
vince of Siberia, also from Australia and 
from Japanese mines 

It will be recalled that at the close of 
1915, the United States Government re- 



THE STEEL AMD METAL DIGEST 



February 



ported a production of approximately 490,- 
000 tons of primary spelter from domestic 
and foreign ores and that the productive 
al the beginning of the year was 
in excess of 715,000 tons. Some trade 
authorities, however, estimate that nearly 
tons of primary spelter was pro- 
duced in the United States lasl year. The 
difference being accounted for by a trans- 
some of the "dross and scrap smelt- 
ers" to the list of "ore smelters." The 
interests estimate the total prospec- 
ipacity at nearly S00.0OO tons. 
The smelters in the L T nited States with 
155,000 retorts, it is estimated have a pro- 
ductive capacity of 650,000 tons a year. In 
addition, 23,234 retorts with a capacity of 
97,500 tons of spelter are building. The 
Anaconda Copper Co. is to build a new zinc 
concentrator at the Washoe smelter which 
will have a capacity of 2,000 tons of ore 
per day. The new plant is expected to 
be in operation July first and the concen- 
trates will be sent to the electrolytic zinc 
refinery now under construction at Great 
Falls; the latter plant is expected to be in 
operation September first. The Anaconda 



SPELTER PRICES IN JANUARY. 

New York.* St. Louis. London. 

Day. Cents. Cents. £ s d 

3 17.42 "4 17.25 90 

4 17.40 17.1824 90 

5 17.30 17.1214 88 

6 17.30 17.12^ 90 

7 17A2y 2 17.25 90 

10 17.42J4 17.25 88 

11 17.421/ 17.05 90 

12 17.4254 17.25 89 

13 17.55 17.37 1 /' 90 

14 17.92 1 / 17.75 88 

17 IS. 4254 18.25 88 

18 18.42J4 18.25 88 

19 18.55 18.3754 88 

20 18.80 is. 02 }X S8 

21 19.05 18.87J/' 90 

24 19.17J4 19-00 92 

25 L9.30 19.12^ 92 
19.1754 19.00 92 

27 18.92J4 18.75 91 

28 18.671/ 18.50 91 

31 18.80 1S.6254 91 

High 19.4254 19.25 92 

Low 17.30 17.1254 88 

Average . . . 18.18J4 18.01 89 14 3 

* Prompt western shipment. 



production will be at the rate of 35,000 tons 
a year. Electrolytic spelter will also be 
produced at the rate of 12,000 tons a year 
by the Trail plant which will be a factor in 
the market during the current month. The 
plant of the United States Steel Corpora- 
tion at Donora is producing at present at 
rate of 40 tons per day and by September is 
expected to reach their proposed full cap- 
acity of 40,000 tons per annum. It is es- 
timated that zinc ore producers to-day are 
showing a profit of 100% on ore sold at 
$100 per ton. In turn the smelting plants, it 
is estimated, are reaping a profit of from 
$60 to $80 per ton on the metal sold to-day 
for delivery during the balance of the first 
quarter and through the second quarter of 
the year. In ordinary times a margin of 
from $16 to $17 per ton is considered satis- 
factory. 



SPELTER (Monthly Averages.) 
New York St. Louis- 





1914. 


1915. 1916 


1914. 


1915. 


1916. 


Jan. 




B.52 * 


5.14 


6.33 


18.01 


Feb. 


5.46 


8.86 


5.27 


8.61 




Mar. 


5.35 


10.1254 


5.15 


9.80 




Apr. 


5.22 


11.51 


5.03 


11.22 




May 


5.16 


15.82 J4 


4.96 


15.52 




June 


5.12 


22.63 


4.93 


22.14 




July 


5.03 


20.80 


4.84 


20.53 




Aug. 


5.63 


14.45 


.5.45 


14.19 




Sep. 


5 . 5 '.' 


14.49 


5.33 


14.10 




Oct. 


4.99J4 * 


4.S1 


13.89 




Nov. 


5.15 


* 


4.97 


16.8754 




Dec. 


5.67 


* 


5.49 


16.72 




Av. 


5.30 


tl3.91 


5.11* 


14.16 




* Market nominal. 


t First 


nine months. 



WATERBURY SPELTER AVERAGES. 

1912. 1913. 1914. 1915. 1916. 

Jan. 6.78 7.56 5.54 6.55 22.25 

Feb. 6.85 6.81 5.70 11.85 

Mar. 7.17 5.56 5.59 12.15 

April 7.07 6.08 5.50 13.85 

May 7.13 5.77 5.38 20.55 

June 7.25 5.50 5.37 25.60 

July 7.46 5.63 5.26 24.90 

Aug. 7.34 5.99 5.66 19.30 

Sept. 7.72 6.13 5.91 17.85 

Oct. 7.83 5.74 5.23 16.85 

Nov. 7.74 5.60 5.38 19.36 

Dec. 7.65 5.44 5.90 21.15 

Av'ge 7.33 6.0654 5.53J4 17.50 



AN I l,\IO\N |\ JANU \m . 



Antimony In January. 



Antimony was spasmodically active in 

January and prices fluctuated within a 
range of Lc to 2c per pound. The needs 
oi manufacturers of war munitions and the 
movements of antimony-laden vessels 

afloat from the Orient, were the main caus- 
es tor the changes in the market through- 
out the month. There was almost a fam- 
ine in spot supplies when the month open- 
ed but relief was anticipated from the dis- 
charge of a steamship at dock and one due 
to arrive in a few days. There was a good 
demand for future positions and sales were 
made of January shipments from China at 
33c. Some business was also transacted 
in February shipments at ^c to l / 2 z per 
pound less. November shipments from 
China and Japan were in demand at 34^c 
in bond, at New York. 

Dealers were anxious to purchase Jan- 
uary and February deliveries but import- 
ers, unwilling to take the risk of trans- 
portation would sell only from shipments 
from the Far East. A quiet period for a 
few days was followed by freer offerings of 
American 99% metal at 36c for March deliv- 
ery and importations at 34c in bond avail- 
able in March. With the arrival of a 
steamship on January 11th, there were freer 
offerings, at concessions, in round lots of 
spot at ±\ l / 2 z to 42c. January sold at 40^c 
to 41c and steamships due in early Febru- 
ary at 35c in bond. January shipments from 
China and Japan receded to 33c to 3354c. 

An unsettled feeling developed on Jan- 
uary 11th, from the injudicious offering of 
supplies by importers on an unwilling mar- 
ket; but a few days of dulness were follow- 
ed by smaller offerings and a stronger tone 
for spot and nearby positions while futures 
continued dull, weak and irregular. Sales 
of 100 ton lots ex ship, due in February, 
were made at 34c in bond while American 
metal sold at 34^c for February and March 
shipment from the Pacific coast. 

It is interesting to note that the British 
government, in complete control of prices 
of all metals in England, reduced the price 
of antimony from £100 to £95, equivalent 
to 19^c per pound early in January. This 
action, of course, had no bearing upon the 
trend of prices in the United States. 



^ ' iod demand was deveh iped aboui . n 
in \ isth for antimony cargoes to arrivi 
in early February at :; t ' i<- to 34jMsc per 

pound in bond, for 35 ton lots, freight con- 
gestion on the eastern railroads, causing 
delay in deliveries from the Pacific coast, 
made buyers reluctant to purchase for Feb- 
ruary shipment from San Francisco, and 
spot metal at New York was firmer al 13' < 
and January at 4:.'c. On January 20th, guar- 
anteed February deliveries sold at 38J4c 
and March at SlYzC, free of duty. More in- 
terest was also taken in cargoes afloat from 
the Orient. After several quiet days hold- 
ers were more anxious to sell January and 
February deliveries at concessions but spot 
continued strong at 42J^c to 43c. It 
should be noted that because of the very 
high prices dealers are carrying unusually 
light stocks for the jobbing trade. It is 
estimated that only one-quarter of ordin- 
ary supplies are carried in store. From 
January 25th to January 28th, the market 
was quiet for nearby positions and futures 
were neglected with buyers holding off, 
but, on the closing day of the month, there 
was an active demand for future deliveries 
and heavy sales of all positions were made 
for shipment from the Far East up to 
March. Spot was also active and stronger 
with sales at 43c to 43^c per pound. 



CHINESE and JAPANESE ANTIMONY. 
Average monthly price of Chinese and 
Japanese (ordinary brands) in New York. 
L912. 1913. 1914. 1915. 1916. 
Jan. 6.89 8.77^4 6.03 15.24 42.26 

Feb. 6.78 8.16 6.00 17.62*4 

Alar. 6.78 7.91 5.94^20.93^ 

Apr. 6.87 7.82 5.82 23.97 

May 6. '.IS 7.75 5.78 34.71 

June 7.07 7.62 5.63J4 36.53^ 

July 7.37 7.55 5.44 35.98 

Aug. 7.58 7.48 13.05 32.57 

Sept. 8.00 7.31 9.79J4 28.50 

Oct. 9.11 6.46 11.64 30.96 

Nov. 9.11 6.28 14.14 37.88 

Dec. 9.05 6.05 L3.15 39.36; I 

Av. . 7.63 7.43 8. 53' ;. 29.52 



THE STEEL AND METAL DIGEST. 



January 



Aluminum In January. 



Aluminum was but slightly changed in 
January; commercially and statistically 

i Inn- wen- few developme nts of import- 
ance. Early in the month a strong tone 
prevailed but buying was of small propor- 
tions. No. 1 Virgin was held at 54%c for 
spot but there was no pressure to sell, 
while future positions were less strong dur- 
ing the first ten days. There was some 
evidence of a more ample supply toward the 
middle of the month and a slightly easier 
feeling prevailed for future positions while 
spot was held at 55c and there were few 
buyers over 53c per pound. 

There was evidence, however, that con- 
sumption continued at the maximum rate 
and large profits were being made by pro- 
ducing interests. One of the most signifi- 
cant developments was the preparations 
for increasing output both at home and 
abroad. The United Smelting & Aluminum 
Company, that had about completed a plant 
at New Haven, found orders so heavy that 
it secured more land adjoining the new 
plant and projected plans for new build- 
ings to largely increase capacity. 

The Aluminum Company of America con- 
tinued to push construction at its new 
plants in the South but neither the works 
at Baden, North Carolina, nor the concen- 
trating plant at Marysville, Tenn., is ex- 
pected in operation before the end of the 
year. It is estimated that about $30,000,000 
will be expended in developments in the 
South during the next two years. 

In Europe, the principal new develop- 
ment was the organization of a Scandinav- 
ian Company to construct a hydro-electric 
plant and smelter at Hoyanfjord. Norway, 
having a capacity to produce 4,000 tons of 
aluminum per year. Bauxite, beds in 
Southern France were secured where the 
concentrates will be produced and subse- 
quently shipped to Norway. 

The Munitions Department of the Brit- 
ish Government continued to exercise con- 
trol over the aluminum industry in Great 
Britain, allowing no sales, purchases or ex- 
ports, except by special permit from the 
government and the maximum price was 
reduced to £155. Some odd lots in sec- 
ond hands, however, were allowed to be 



sold as high as £220. At the same time, 
Italy secured supplies from the United 
States, paying at the equivalent of £250. 

A strike at the Niagara Falls Works of 
tlie Aluminum Company of America, was of 
short duration and its effect upon the mar- 
ket was not apparent. Aluminum sheets 
were sold as high as 60c per pound for 
delivery in three to four weeks, in the open 
market, but the Aluminum Company of 
America is reported to have made sales of 
sheets at 50c per pound. 

During the second half of the month the 
market was quiet but steady with ingots 
held at 55c and buyers at 53c to 54c for 
early shipment. 

ALUMINUM, SILVER and ANTIMONY 
PRICES IN JANUARY. 
Aluminum. — Silver — Antimony* 





N. Y. 


N. Y. 


London. 


N. Y 


Day. 


Cents. 


Cents. 


Pence. 


Cents. 


3 . 


. 55.00 


55% 


26il 


41.00 


4 . 


55.00 


56% 


26% 


41.50 


5 . 


. 55.00 


56% 


26% 


42.75 


(i . 


. 55.00 


56% 


267/ 8 


43.00 


7 . 


55.00 


56% 


26 i§ 


42.50 


8 




5614 


. 26 H 




10 . 


. 55.00 


56% 


26% 


41.75 


11 . 


. 55.00 


56?4 


2611 


41.50 


12 . 


. 54.00 


57 


27 


41.50 


13 . 


. 5400 


56% 


27 


41.50 


14 
15 . 


54.00 


57 
56% 


27A 
27 


42.25 


17 . 


. 54.00 


56% 


26% 


42.25 


18 . 


. 54.00 


56% 


26% 


42.25 


19 . 


. 54.00 


56% 


26% 


4 2.25 


■-Ml . 


. 54.00 


56% 


2611 


42.25 


21 . 


. 54.00 


56% 


27 


42.25 


22 . 




57% 


27 A 




:.»4 . 


. :,-4.(l(l 


57% 


27A 


42.75 


25 . 


. 54.00 


57% 


27% 


42.75 


2(1 . 


. 54.00 


57 


27A 


42.75 


27 . 


. 54.0(1 


5634 


26l§ 


42.75 


28 - 


. 54.00 


57J/ 8 


27% 


42.75 


29 . 




56% 


27 




::i 


. 54.00 


57% 


27% 


43.25 


Higl- 


56.00 


57% 


27 A 


43.50 


Low 


. 53.00 


55% 


26fi 


41.00 


Av.. 


54.33 


56.77) : 


26.96% 


42.26 



The 

Steel and Metal 
DIGEST 



VOL. VI. 



NEW YORK, MARCH, 1916. 



NO. 3. 



Published Monthly by the American Metal 
Market Company, 81 Fulton St., New York. 

C. S. Trench, President, 

C. S. J. Trench, Secretary and Treasurer. 
Branch Office, 627 Oliver Bldg., Pittsburgh. 

Subscription Price Two Dollars a year 
for United States, Canada and Mexico; for 
other countries $2.25. 

Advertising rates on application. 



Entered at Post Office of Ne 
mail matter. 



• York as second class 



CONTENTS. 

Editorials. Page. 

Business Situation and Outlook .... 93 
Pig Iron Statistics for an Interesting 

Year 95 

Trade Commission to Help 98 

Pig Iron Production, 1915 100 

The Manganese Situation 102 

Pig Iron Statistics 108 

War Exports 131 

Topical Talks on Iron 103 

Steel Plants 104 

Business Trends 90, 97 

Comparison of Metal Prices 112 

Comparison of Security Prices 113 

Market Reviews: 

Iron and Steel 105 

Copper 123 

Tin 118 

Spelter 126 

Lead 121 

Antimony 129 

Aluminum 130 

U. S. Steel Corporation Operations . . . 109 

Railroad Earnings . 109 

Joplin Zinc and Lead Ore Market .... 128 
Iron and Steel Imports and Exports . .. 115 

Immigration Statistics Ill 

Price Changes of Iron and Steel 

Products 110 



BUSINESS SITUATION AND 
OUTLOOK, 

We think when the economic history 
of the war is written, it will show that 
January and February of this year 
marked high tide in the sensational 
business developments of this country 
that accompanied the great war, and 
which from our being the only neutral 
able to furnish those requirements of 
food, ammunition and the commodities 
required by the warring nations, result- 
ed in a flood of wealth and the greatest 
and a year of the most intense commer- 
cial activity perhaps any counti-y in the 
annals of the past has ever experienced. 
The enormous orders still on our books, 
and the momentum we have reached, 
may carry us along at a heavy rate for 
months to come, but we believe we have 
reached and passed the apex of war 
orders. Even if the needs of those who 
have been our customers increases, they 
have arranged their affairs so that they 
will be able to provide for more at 
home, and buy less from us than at the 
rate they have during the past six 
months. We are not considering what 
might happen with an end of the war, 
but taking it for granted it is to con- 
tinue for a year or more to come. 

The unpreparedness of the Allies was 
not confined to their military affairs. 
They were unprepared in war supplies. 
and the means of producing them and 
therefore had to come in a sudden flood 
to the only country that could begin 
to supply their necessities. A change in 
this direction is taking place, and will 
grow with every month. In no field of 



THE STEEL AND METAL DIGEST 



Marcl 



commodities has there been a greater 
war demand than in metals if we omit 
explosives, etc. There may be as great 
a demand for the raw material, but 
these materials will be more largely 
put into the manufactured commodities 
that are made abroad, and less here. 
Meanwhile we have been forced into an 
unsound condition on volume of facil- 
ities to produce and the wages paid for 
producing. We have enormously in- 
creased our cost of manufacture and 
placed it on a basis that only extra- 
ordinary demands almost greater than 
we can supply has justified. It was in- 
evitable, but so also is the aftermath. 
That may be some way off yet but we 
believe it will begin to be felt this sum- 
mer. 

To come to the metal trade. While 
the war lasts one realizes the dan- 
ger of predictions, as there are so many 
unexpected developments that may 
take place, but we venture the opinion 
that we have reached and passed, as 
we said before, the apex of foreign war 
orders, and therefore have perhaps 
reached the apex of advances in the 
metals that have been so extraordinar- 
ily advanced by this demand, namely 
copper, spelter, lead and antimony, also 
iron and steel. There is of course an 
"if" to this opinion, and that is if we 
do not become involved in the war. 
Should this take place there would be 
sensational activity for home war re- 
quirements, that would bring an addi- 
tional sudden flood of orders from our 
government, but there would also be 
great disturbance in our home business 
and the demand for home peace re- 
quirements would fall off sharply, and 
we are inclined to think would more 
tli. 'i n offset the war demand for metals. 
Furthermore prices are at such a sensa- 
tionally high basis, and production at 
considerably above the highest on rec- 
ord, that any change from demand able 
to keep up every ounce of supply, 
would result in a price reaction, how 
serious if the supply continued more 
than the demand we are afraid to sug- 
We fail to see how we can in- 
crease ouf consumption this summer 
'•very available plant is at work, 
and it takes time to build new ones, and 
when they may not be needed. 
We believe there is each day a growth 



in the number of clear, cool headed mei 
who have made up their minds tha 
they are satisfied with what they hav< 
made on the war boom, and whose 
motto is now "Safety first" in future 
operations, and a safe deposit for thei) 
profits, and certainly not prepared tc 
risk increasing them by taking the 
risks that up to now have proved safe 
and profitable. Purchasing agents are 
being warned to talk nothing that 
would cast discredit on maintainance 
or even further advances, but to buy 
nothing they have not booked orders 
for, and where they have surplus stocks 
to quietly reduce them without hurting 
the market. What individual in any 
company having the buying end of the 
business could look his partners or em- 
ployers in the face, should a decline 
come and it was shown that he had 
heavily committed them to receive 
goods against which they had no orders 
at eight times normal prices in case of 
antimony, four times normal prices in 
spelter, double normal prices in copper, 
double normal prices in lead, three and 
one-half times normal prices in alum- 
inum, and perhaps as serious in its con- 
sequence at double normal price on iron 
and steel and their products. Of course 
there is going to be some day just such 
disasters to many. There are a grow- 
ing few that are thoroughly awake to- 
the certainty and determined that noth- 
ing shall tempt them into it. But there- 
is another danger, the danger of the 
customer you have sold futures to being 
able to take and pay for the goods 
should prices collapse. Is there suffi- 
cient thought being given to the state 
of order books, when although virtually 
everything is sold cash on delivery, the 
difference in price may be more than 
the entire ordinary invoice value of the 
material in normal times. Of course if 
big profits had not been made by almost 
-ne, the chance of a collapse of 
present prices would be positively 
alarming. This will come some day. It 
is a wise man who pastes it up before 
him and keeps it there. The ice is go- 
ing to get weaker the longer present 
prices last, and the weight of our stim- 
ulated production will be harder to 
bear. We do not care if we are criti- 
cised for preaching extremely conser- 
vatism, and the chorus of voices one- 



1916 



THE STJ 11 \ND METAL DIGEST 



B( 



hears now-a-days on very side that we 

are wound up, especially in iron and 

steel, to go with increasing momentum, 
only made us more certain that the 
opinion is too unanimous to be safe and 
that those preaching higher prices and 
increasing consumption have prepared 

themselves to meet it. lleuce the old 
adage — majorities are invariably wrong 
in business opinions. It is going again 
to be proved that the pauper iron trade 
of a year ago, now a prince beyond all 
past experiences, will become the paup- 
er again. 

We are facing' some sensational 
changes from present prices and condi- 
tions with the end of the war. We have 
largely taken up the vaccuin of 1913 
and 1914 in our home requirements. 
Present prices are sure to decrease 
home consumption although we see no 
signs of it yet. There must be a re- 
adjustment from war insanity to nor- 
mal peace conditions. But when peace 
conies it won't even then be normal 
conditions, but abnormal, because there 
will be 

1st. An abnormal price platform to 
be lowered and adjusted. 

2nd. An abnormal production to be 
lowered and adjusted. 

3rd. A changed tariff policy of Eng- 
land. We will have to face much high- 
er tariffs for our goods. 

4th. An extraordinary period of 
economy to pay their war debts by our 
foreign customers. 

We do not expect our warning to be 
heeded by a few. We have not forgot- 
ten how optimistic we were thought by 
our readers when about a year ago we 
were predicting with iron output 25% 
of normal that we would at this time 
not be able to fill the demands to be 
made in this industry. We are quite 
ready to be considered pessimistic in 
saying that present conditions of affairs 
cannot last, war or no war. 

One reason why the edge is off our 
stock market, and why reactions are 
taking place there is that the clever 
men in Wall St. realize that from now 
on we are about the only country the 
warring nations can turn to for loans, 
or a market for our securities that they 
may hold and which is a good lot in 
England's case. We are like the boy 
playing marbles who has Avon all the 



others had, ami if the game is to be con- 
tinued he must lend some of them to the 
others. When you get to that point the 
security may he good, but it is not, like 
the hard cash, it does not create the 

bulging of the pocket, and the A ri 

can pocket-book must now contain 
promises to pay instead of hard cash. 
We have won nearly all the marbles. 



PIG IRON STATISTICS FOR AN 
INTERESTING YEAR. 

While the official statistics of pig iron 
production in 1915 do not show the inter- 
esting- fact that the year closed with pro- 
duction at a rate double the opening rate, 
they still show some very interesting things 
about the year. The production in the first 
half of the year, 12,233,791 gross tons, was 
less than the production in the first half 
of 1906, nine years earlier, while the pro- 
duction in the second half, 17,682,422 tons, 
broke all previous records for a half year. 
The production for the year, 29,916,213 
tons, fell a million tons short of the record 
for a calendar year, made in 1913, but with 
that exception was the largest tonnage on 
record for a calendar year. 

Bearing in mind that the total production 
in 1915 yielded to but one year in mag- 
nitude, it is interesting to examine the pro- 
duction by grades. The production of basic, 
13,093,214 tons, was the largest on record, 
as was the production of ferromanganese. 
In Bessemer no less than seven of the pre- 
ceding years showed larger production. In 
foundry iron there were five years preced- 
ing with larger production. 

The production of Bessemer steel ingots 
and castings in 1915 can be estimated very 
closely from the Bessemer pig iron produc- 
tion, at about 9,500,000 gross tons. The 
maximum Bessemer steel production was 
in 1906, 12,275,830 tons. Within a short 
time after 1906 it became very probable 
that as much Bessemer steel would never 
again be made in a calendar year, but the 
demand for steel of all descriptions is now 
so strong, and steel works have such a 
way of breaking their production records 
when pushed, that we think there is a dis- 
tinct possibility of this year breaking the 
1906 record in Bessemer steel production, 
even though on account of the abandon- 
ment of a few converters and the diversion 
of some others to the duplex process the 
(Continued on page 131.) 



THE STEEL AND METAL DIGEST 



March 



Business Trends. 



STOCK MARKET NERVOUS AND 
UNSETTLED. 

The improvement in the position of stock 
values which set in at the opening of Feb- 
ruary as a result of the better outlook for 
a final settlement with Germany of the 
submarine question was carried further dur- 
ing: the first half. of the month but really 
important developments in the situation 
were lacking. Under the lead of the copper 
shares the industrial stock list showed a 
fairly general advance while railroad stocks 
continued to be neglected, speculation in 
them being at a standstill, largely as a re- 
sult of forebodings concerning the railway 
labor outlook. While there were occasional 
spurts of activity, business in the aggregate 
was m reduced volume and it was clearly 
apparent that outside interest had abated. 
About the middle of the month the mar- 
ket became very depressed over the pros- 
pect of fresh complications with Germany 
growing out of the latest announcements as 
to its submarine policy and a considerable 
part of the gains noted early in the month 
were lost. Then, too, the proposed in- 
crease of both British and Canadian war 
taxation upon corporations had an unfavor- 
able effect, and as a result stock prices tend- 
ed to decline under liquidation, the down- 
ward progress of quotations being only 
checked by covering of shorts. Later on a 
calmer feeling asserted itself, and at the 
close the market tended to regain ground 
though the dealings remained for the most 
part professional in origin and character. 

The month's developments in'stocks show 
clearly that the market for securities will 
continue nervous until our international 
position becomes clearly defined. Home 
conditions are satisfactory and justify ample 
confidence, but the possibilities of foreign 
complications are constantly present and 
must continue to remain the controlling fac- 
tor in all financial operations which can be 
conducted only upon a day to day basis. 

COMMODITY PRICES REACH NEW 
HIGH POINT. 

There is no better evidence of the pros- 
perous condition of the country than the 
I nt advance in commodity prices. 
During the last five months the upturn in 
the leading articles of consumption has con- 
tinued unchecked, the high prices being due 
to the great uplift in domestic trade and in- 



fluences arising from the war in Europe. 
The enhanced purchasing power of the 
masses is reflected in sustained buying of 
the staple necessities, and disproportion be- 
tween supply and demand has had a 
strengthening effect on numerous commodi- 
ties, while speculative influences have ac- 
celerated the rise in some quarters. 

Indeed all of the influences at work seem 
to point toward higher prices so long as 
Europe wages war and it is not at all sur- 
prising to find that the latest index numbers 
are the highest on record. 

The following table gives both Dun's and 
Bradstreet's index prices on the first of 
each month since January 1st, 1915: 

Dun's Bradstreet's. 

1913. 1916. 1915. 191(5. 

Jan. . . $124,168 $137,666 $ 9,143 $10,916 
Feb. . . 125,662 142,260 9,662 11,141 

Mar. . 124,158 9,620 

Apr. . 125,090 9,775 

May . 126,649 9,798 

June . 125,992 ' 9,743 

July . 124,958 9,870 

Aug. . 125,079 9,821 

Sept. . 124,684 9,803 

Oct. . 126,663 9,977 

Nov. . 130,467 10,377 

Dec. . 133,146 10,647 

Year . 125,559 9,853 



RECORD IMPORTS IN JANUARY. 

Reports of the foreign trade of the United 
States for the month of January show a de- 
cline in exports of $17,364,000. Imports in- 
creased, amounting to $184,192,299, a shade 
larger than in December, 1913, the hitherto 
record month. For seven, months ending 
with January, the grand total of export 
values reached $2,181,312,322. The grand 
total of imports for the seven months end- 
ing with January last, was $1,096,484,767. 

Our foreign trade in January and for the 
seven months ending January 31st compare 
as follows: 

January 1915. m6 

Exports $267,879,313 $335,535,303 

Imports 122,148,317 184,192,299 

Excess of exports $145,730,996 $151,343,004 

Seven months ended January 31st: 
1915. 1916. 

Exports $1,534,660,148 $2,181,312,322 

Imports 930,508,236 1.096,979,173 

Ex. of exports $404,151,912 $1,084,333,149 



Ill I STEEL AND .\IKI \i. DIGEST. 



Business Trends. 



MANY NEW ENTERPRISES. 
U'thit\ on the pari of promoters of new 
enterprises is now more marked than at any 
previous time in years. No better index 
of this is afforded than the showing made 
by the incorporations for February, when 
papers filed For new companies in the East- 
ern States with a capital of $1,000,000 or 
over represented $365,995,300. This shows 
the remarkable increase of almosl 580% 
over the returns for February a year ago. 
Compared with January of this year an in- 
crease of over ::o'< is recorded. 

In large part the increase was due to the 
incorporation of the $150,000,000 Pan-Amer- 
ican Petroleum & Transportation Company, 
which is the much talked of oil combination. 
with Mexican Petroleum as the nucleus; the 
re-incorporation of the $60,000,000 American 
Woolen Company, and the $34,245,300 
United Drug Company, representing the 
Riker-Hegeman and the United Drug 
merger. 

The grand total of all companies incor- 
porated with a capital of $100,000 or over, 
covering all States, including those of the 
East, aggregates $420,608,500. This com- 
pares with $91,720,000 a year ago. 

Following are the comparative figures as 
specially compiled by The Journal of Com- 
merce and Commercial Bulletin of com- 
panies incorporated in the Eastern States 
during the last three years with an author- 
ized capital of $1,000,000 or more: 

1916 1915 1914 

Jan. ..$270,995,000 $51,150,000 $120,050,000 

Feb. .. 365,995,300 53,950,000 51,575,000 

Totals $636,990,300 $105,100,000 $171,625,000 

1916. 1915. 1914. 

March 70,050,000 57.700,000 

April 32,200,000 136,185,000 

May 78,950,000 62,700,000 

June 181,247,100 70,050,000 

July 71,100,000 68,700,000 

Aug 67,100,000 50,600.000 

Sept 286,625,000 54.800,000 

Oct 208,695,000 35,487,500 

Nov 190,075,000 81,650,000 

Dec 135,125,000 105,450,000 

Year $1,426,267,100 $894,947,500 



BANK EXCHANGES CONTINUE 
HEAVY. 

Bank clearings for February aggregated 
$18,130,396,007, the heaviesl total evei n 

ported for that month, and a sum that has 
been exceeded by hut four other months; 
that is. by January, December, November 
and October last. The total for New York 
$11,106,737,277, is within $700,000,000 of the 
grand total for the entire country in Fchru- 
ary of last year. While the grand total for 
tlie month just passed reveals a decrease of 
9.:."'< from January, it nevertheless exhibits 
an increase over every other February, the 
ratio of gain over that month last year be- 
ing 53%, and contrast with the like time in 
the two preceding years discloses advances 
of 42% and 34%, respectively. The show- 
ing for February, when contrasted with the 
low level of August, 1914. reveals an uplift 
of 86%. 

Following are the aggregate of clearings 
monthly at all cities, compared with the 
like periods in four preceding years; com- 
piled by "Bradstreets": 

(Six figures omitted.) 

1916 1915 1914 1913 1912 

Jan. .$19,957 $13,389 $16,100 $16,090 $14,977 

Feb. . 18,130 11,829 12,77(1 13,481 12,788 

Mar 13,7:;:! 14.14s 1X9S5 14,330 

1st q'r 38,951 43,018 43,556 42,00:. 

April 14,900 14,791 14,153 14,855 

May 14,516 13,061 13,980 14,708 

June 14,011 13,841 13,580 13,519 

2d q'r 4:;, 427 41, 69:; 41,71;; 43,08a 

July 14,812 14,385 13,422 13.487 

Aug 14,170 9,840 12,260 13,097 

Sept 15,289 9,927 13,293 12.956 

3d q'r 44,271 34,152 38,975 39,900 

Oct 20,050 11,624 15,551 17,00a 

Nov 19,249 10,982 13,742 15,228 

Dec 20,167 12.540 14,537 15,217 



4th qr 



59,466 35,146 43,830 47,447 



Gd. total 



186,1 15 154. 009 168.074 172,524 



THE STEEL AND METAL DIGEST. 



March 



Trade Commission To Help. 

Its Vice Chairman Urges Co-operation and Mobolization of Industries — Germany Has 

Trimmed Our Copper Producers — Associations of Producers a Great Aid — 

Don't Neglect Depreciation Cos ts When Naming Selling Prices. 

Before the annual meeting in Cleveland, 
of the American Pig Iron Association on 
February 18th, Hon. Edward N. Hurley, 
Vice Chairman of the Federal Trade Com- 
mission, delivered a stirring address, com- 
mending the co-operative work of associa- 
tions of producers, urging the mobilization 
of our industries, pointing out that mining 
and manufacturing corporations are trustees 
for the people and should not let foreigners 
have their products too cheap and warning 
against loose methods of accounting, where- 
by costs of production appear lower than 
they really are. The following important 
extracts are reprinted. 

Mobilize Industries by Organization. 

All of us are talking a great deal these 
days about mobilizing American resources. 
Mobilizing means simply effective organiza- 
tion to achieve a common purpose. The 
American Pig Iron Association is an instru- 
ment for mobilizing industry. Associations 
such as this exist for this very purpose. 
They constitute a most potent influence for 
improving the condition under which busi- 
ness is done. They are the outward ex- 
pression of the spirit of co-operation and 
of self-help and it is in that spirit that 
all of us must approach the task of bet- 
tering business conditions. 

A demand for better things is typical of 
our American business. It is found in Cleve- 
land; it is present in Washington; it lies in 
the heart of the activities of this associa- 
tion. It is the basis of the work of the 
federal trade commission. 

Remember Depreciation Expense. 

In analyzing the data for the larger and 
more successful corporations of the coun- 
try a striking fact developed in tabulating 
the data for these large and successful cor- 
porations, comprising those doing a busi- 
ness of $100,000 a year or over. We found 
that out of a total of 60,000, 30,000 charged 
off no depreciation whatever. Some of them 
may have included this in other items, but 
the large majority appear clearly to have 
made no allowance whatever for deprecia- 
tion. Does this not demonstrate the need 



of a most thorough study of our indus- 
tries as a basis for remedying these condi- 
tions? Does it not also show the necessity 
for better accounting methods and busi- 
ness practice? 

There is no question but that the business 
of the country requires some re-adjustment 
in a helpful way. There is no one remedy 
that will give relief to all of our ills. What 
will help one industry may injure or kill 
another, but I believe that there are a few 
fundamental principles upon which may be 
based the diagnosis and treatment of ail- 
ments of industry and commerce. If the 
patient does not become nervous and lose 
confidence in his doctor, he will be able to 
do as much for himself as is done for him 
by others. 

German Associations. 

In Germany every important industry is 
organized into trade associations, and 85% 
of the manufacturers engaged in those in- 
dustries are represented in their respective 
trade organizations. Germany's success as 
a commercial and industrial world power 
is due very largely to the policy of or- 
ganizing and co-operating, of the working 
together of its captains of industry, of es- 
tablishing communities of interest between 
the small and big business men for the mu- 
tual purpose of promoting trade at home 
and abroad. The old adage "in unity there 
is strength" has proved to be the backbone 
of Germany's industrial and commercial 
achievements, efficiency and strength. More 
than 600 independent associations of manu- 
facturers, producers and merchants exist in 
Germany to-day, and beside, the entire in- 
dustrial system of that country is honey- 
combed with about 5,000 subsidiary business 
organizations. 

\\ ' are confronted by the fact that when 
we buy abroad we are at the mercy of the 
foreign seller and when we sell abroad we 
are at the mercy of the foreign buyer. The 
reason is that the European industries are 
organized scientifically to capture foreign 
trade while we in America have suffered the 
consequences of this one-sided organization. 



1916 



[TRADE COMMISSION l<> H] I i 



I »ui method ol disposing of our natural 
products containing our valuable raw ma 
tnd d m - 1 ituting the chief wealth of 
;i:n i j ihi mid be sti ipped by the adi ip 
tion of some practical, reasonable business 
method. For every dollar's worth ol addi 
tional wealth that we receive for these prod- 
ucts the people of the United States profit 
and when we do not receive a fair price for 
the products that we ship abroad, we are 
impoverishing our people and our country 
is that much poorer. 

Our buyers seeking raw and finished ma- 
ul- in foreign countries, who formerly 
had a free competitive field from which to. 
receive goods, now find that the great man- 
ufacturing industries have been formed into 
combinations or cartels and instead of re- 
ceiving goods from several concerns, the 
American buyers now have to do business 
with central selling agencies which repre- 
sent a wdiole industry, but when the foreign 
buyer seeks material, he finds our unsys- 
tematized market much to his own satisfac- 
tion. 

English Beat Down Our Coal Prices. 

I want to emphasize the fact that the 
owners of our vast natural resources are 
the trustees of the American people. When 
they sell their product at ridiculously low 
prices they are violating their trust, since 
the ruinous trade spells a waste that brings 
nothing in exchange. We do not export 
much coal, but we sell a great deal to for- 
eign ship-owners to bunker their vessels 
in our ports. At Newport News some of 
the finest coal in the world goes into for- 
eign bunkers and the price is set a year 
ahead by a combination of English brokers. 
In the face of rising labor costs because 
certain operators were induced to make low 



bids, the price this j ea va fori ed dov. n 

'•' ll cents a ton. \\ iih freight an. I othi 

charges deducted, the w i pi i. es ai the 

1 ' 6 or 7 i : m . , l: ,i 

mestic price and this advantage will be 

handed reign ship-owners on nearly 

'-'■""i'. i-n, -i West \ ii ;inia - >al this 

year. 

Germans Trim Our Copper Producers. 
At Frankfort on-the Main, Germany, there 
i- a combination— a family affair — which in 
normal times controls the world market Eoi 
copper and Mtlier metals. It has frequently 
depressed the price of American lake cop- 
per despite the fact that this countrj 
duces two-thirds of the world's supply of 
that material. The trick if performed by 
dealing with our producers as individuals 
and playing one against the other. 

We are selling the best we have as fast 
a- we can at European prices. 

After the war — what? Shall we grow and 
expand while the growing is good or calmly 
await the time when peace in Europe will 
be followed immediately by keen competi- 
tion, not only in foreign markets but in 
our domestic market as well? Have we 
taken an adequate inventory of our busi- 
ness resources? Are these resources being 
developed to the best advantage? Are our 
associations doing all they can? Are we 
diligent in standardizing our methods and 
processes? In short, are we mobilizing our 
industries? 

Let us seek better organization and great- 
er efficiency at home. Let us push our 
trade abroad. Let us develop our indus- 
tries so strongly that no foreign competi- 
tion can dislodge it. Industrial prepared- 
ness must be our watchword. 



-o-o-o- 



THE STEEL. AND METAL DIGEST. 



Pig Iron Production, 1915. 

Second Largest Year in History — Basic Iron Breaks Record. 

Production of pig iron in 1915 is officially reported by the Bureau of Statistics 
of the American Iron and Steel Institute at 39,916,213 gross tuns, thus conforming 
closely with estimates previously made. The production was a million tons short of that 
of 1913 and was otherwise the largest production on record. Production in the sec- 
ond half of the year was 17,682,432 tons, or at the rate of nearly 35,400,000 ton- ., 
year, breaking the former half year record. 16,488,602 tons in the first half of 1913, by 
Tin production of ferromanganese broke its former record, made in 1912, by 
3.0%. The production by grades was as Follows: 
Production of Pig Iron by Grades, 1914-1915, Showing Increase or Decrease by Grades. 



Grade- 1915 

Basic 13,093,214 

Bessemer 10,523,306 

Foundrj 4,864,348 

Malleable 829,921 

Forgi :;16,214 

Spiegeleisen . . . 1)7,885 

Ferromanganese 129,072 

All other 62,25 ! 



Per 

cent. 



35.17 

16.26 



1914 
9,670,687 
7,859,127 
1,533,254 

671. TT1 
361,651 

79,935 
106,083 

49,736 



Per 
cent. 
41.45 
33.68 

l!i.4:i 



Total 



29,916,213 



Id 



* Decrease. 
Tin- production of ]ii;; iron for salt was 
1913. 

Bessemer 1,203.6SO 

Basic 1,1)09.279 

Forge 238,:;61 

Foundry 5.084,952 

Malleable 1189,241 

All other 98,372 



Increase. 

:;.422.52? 

2,664,171) 

331,094 

158.150 

*45,437 

17,950 

32,989 

12.517 

6,583.969 



Total 9,523,! 



follows: 

1914. 

527,905 

1.479,721 

196,058 

1,393,089 

671,771 

94,436 

7,362,980 



1915. 
871,730 

1.747.265 
1T4.:;55 

4. SOI, 711 
829,981 
15S.025 



8,583,007 



Half Yearly Production, 1915. 

First Half. Second Half. 

Bessemer and low phosphorus .... 4,238,587 6,284,719 

Basic 5. 251), 614 7,833,600 

Foundry 2,207,375 2,656 9 i I 

Malleable 27.S.512 551,409 

Forge 1 38,789 1 77.425 

Ferromanganese and spiegel 90,310 136,647 

All other 20,604 41,649 



Total 15 



791 



i 7,682,422 



Year. 

10,523,306 

13,093,214 

1,864,348 

829,921 
316,214 

226,957 
62,253 

29,916,213 



States 



Massachusetts 

Connecticut . 



All Descriptions of Pig Iron. 
Number of .-tacks. Jons produced. 

In 
blast 
June 30, Dec. 31, 1915. First half Second half 

1915. In. i hit. Total. of 1915. of 1915. 



n 



Pet- 
cent. 
::5.::u 
33.90 

7.30 
23.54 
L2.56 
22.46 
21.67 
25.17 

28.22 



Total, 

11115. 



2 



:.<'-: 



4,71 { 



PIG IKON PR< >DU< I t( IN, 1913. 

Number of stacks. ["ons Produced, 

In 
States. blast 

June 30, Dec. 31, L915 Firsl half Second half 

1915. In. Out. Tola], of L915. of L915. 

New York 16 is 9 37 

New Jersey I i I 5 921,566 1,183,2] i 

Pennsylvania 96 125 31 156 5,199,42] r,591,247 

Maryland 3 3 2 5 85,673 165,875 

Virginia ."> ? 15 22 105,244 146,102 

Georgia <> 4 4 

Texas 2 3 

Alabama 20 27 20 47 868,341 1,181,112 

West Virginia 1 3 1 4 

Kentucky 1 :i 3 6 79,228 211,812 

Mississippi () 1 1 

Tennessee 5 6 12 is 82,992 94,737 

Ohio ., 50 62 12 74 2,964,211 3,948,751 

Illinois 12 21 5 26 801,95] 1. (145.269 

Indiana 10 10 10 

Michigan S n 3 14 854,375 1,132,403 

Wisconsin 4 7 1 S 

Minnesota 1 :.' 2 130,514 . 242,452 

Missouri 1 1 1 2 

Colorado 2 2 4 6 

Oregon 3 1 1 

California 137,188 134,733 

Total 236 310 135 445 12,233,791 17,682,422 

Anthracite and Mixed Anthracite and Coke Pig Iron. 

New York 3 3 

Pennsylvania 2 4 8 12 42.487 42,266 

Total 2 4 11 15 42,487 42.266 

Charcoal Pig Iron. 

Massachusetts 2 

Connecticut 1 1 2 3 

New York 1 1 

New Jersey 3,087 4,715 

Pennsylvania 3 3 2 5 1,814 1,764 

Maryland 1 1 

Virginia '0 2 2 95 309 

Alabama 2 1 3 4 14.896 12,058 

Georgia 2 2 

Texas 1 1 

Kentucky 1 1 204 662 

Tennessee 1 1 

Mississippi 1 1 

Ohio 1 1 1 

Michigan 6 9 2 11 98,856 118.946 

Wisconsin 1 3 

Missouri 1 1 1 

Oregon 1 1 

California fl 10,544 28,202 

Total 15 17 23 40 129,496 166,656 



I otal, 
L915, 

2,104,780 

L2;790,668 

151,548 

251,346 



2,049,453 

291,040 

177,7 39 
6,912,962 
2,447,220 

L,986,778 

372,966 



84,753 

84,753 



7,802 
3.578 



404 
36.9.74 



THE STEEL AND METAL DIGEST 



March 



The Manganese Situation. 



The sharp advance in the past month in 
ferromanganese for prompt shipment has 
aroused an interest in this alloy which 
might well have been exhibited months 
ago. Evidence is furnished by events that 
many consumers have been remiss. Ever 
since the war started there has been grave 
danger of a shortage in manganese ore or 
ferromanganese. It was the plain business 
duty of consumers to fortify themselves. 
Evidently many of them did not do so. 
There has been no important development 
in the past few weeks, no fresh blockade 
or anything that would suddenly alter the 
situation for a group of consumers with re- 
serve stores. The market has advanced 
suddenly, not gradually. If there had been 
well distributed reserves, and current sup- 
plies had begun to arrive at a diminished 
rate, the market would have advanced grad- 
ually rather than suddenly. 

In some quarters there is a disposition 
to study statistics bearing on ferromanga- 
nese. We doubt whether the statistics are 
illuminating at this time. There are figures 
available as to British imports of manga- 
nese ore. United States imports of ore 
and of alloys, and United States produc- 
tion of ferromanganese, all practically com- 
plete to January 1, 1916, but the showing 
such figures would make in ordinary cir- 
cumstances is largely vitiated by two cir- 
cumstances. The first of these circum- 
stances is that at times there have been 
large stocks of ore or alloy. In a careful 
study of this point, in issue for March. 
1915, it was developed that there were con- 
siderable — abnormally large — stocks of 
manganese ore in United States on January 
1, 1913, and the analysis then given, with the 
addition of some data that had to be es- 
timated at that time, shows that on Jan- 
uary 1. 1913, there were stocks of ore or 
alloy in the United States to the extent of 
20,000 tons of ferromanganese more than 
whatever stocks existed January 1, 1913, so 
that the stocks really were large at the 
beginning of 1915. Statistics of how much 



ore and alloy was imported in 1915 would 
therefore not be particularly illuminating. 
The same observation can be made with re- 
spect to the British supplies, for their ore 
imports have varied vastly more widely 
than their consumptive requirements. 

The second circumstance is that we do 
not know the actual consumptive require- 
ments. All we know is, approximately, the 
rate of production of steel and the 
amount of ferromanganese that has hither- 
to been in making it, for instance, when the 
price was $38, Baltimore. There is every 
reason to believe that great changes have 
been made in practice, by reason of the 
scarcity of ferromanganese. Those who 
have made the changes are naturally silent. 
There does not seem to be any public in- 
formation to speak of with respect to this 
matter. We were rather surprised recently 
to see, in what seemed to be an exhaustive 
presentation of manganese statistics in 
which might be considered an authorita- 
tive quarter the statement that ferroman- 
ganese is not needed for the production of 
Bessemer steel. We doubt that statement, 
being unable to see why the open-hearth 
process cannot go farther than the Besse- 
mer in this respect. It is well known, of 
course, that ferromanganese has never 
been used in making Bessemer rail steel, 
but that has nothing to do with the case, for 
in 1914 less than 7<f of the Bessemer steel 
produced went into rails. 

Therefore, so far as the American statis- 
tics are concerned we think the ground is 
fairly well covered by a statement that to 
January 1, 1916, the imports of ore and alloy 
have seemed amply sufficient for require- 
ments, probably involving very consider- 
able stocks in the hands of some consumers. 
The British imports of manganese ore may 
possibly be of some slight value. They are 
as follows, in gross tons: 

1911 358,915 

1912 387,738 

1913 601,177 

1914 479,435 

1915 377,324 



rOPK \l. rALKS ON [RON. 



Topical Talks On Iron. 



XXXIV. Thin-Lined Blast Furnaces. 



It is rather a curious thing that the blast 
furnace, which performs what appeal to 
be a relatively simple function, and has 
been in use such a long time, has changed 
and is changing so much in design and op- 
eration. The first blast furnace of record 
was built in L340 Marche les Dames, Bel- 
gium, but its general introduction was 
rather slow. It was called a "high furnace," 
distinguishing it from the "low furnace," or 
Catalan forge, and the motive in its adop- 
tion was to utilize the enormous amount of 
waste heat in the Catalan process. As the 
first "high furnace" was built more than 
four centuries before the invention of the 
steam engine, it can be seen that it was 
a very long time before anything at all re- 
sembling in equipment the modern blast 
furnace was developed. In these times, a 
period of ten or twenty years works quite 
a revolution in blast furnace construction 
and operation, hence it is perfectly cor- 
rect, at long range, to say that the blast 
furnace is now changing much more rap- 
idly, in point of time, than it did in its 
early years. In the past twenty years or 
so, for instance, we have the automatic 
skip hoist, a great enlargement in the bosh 
diameter, a great increase in the volume of 
air blown, the gas blowing engine, using 
the gas produced by the furnace itself, the 
dry air blast and the thin-lined furnace. 

What different blast furnace managers 
may have quite positive individual opinions 
it is probably correct to say that the thin- 
lined blast furnace is still on trial. It is 
not positively shown that it is worth while. 
After several years' trial abroad, it was in- 
troduced in the United States, first at one 
of the Lucy furnaces, in Pittsburgh, under 
the management of -Mr. James Scott. Other 
furnaces with the thin-lined construction 
were built or rebuilt by the Illinois Steel 
Company, American Steel & Wire Com- 
pany at Cleveland, Detroit Iron & Steel 
Company, Tennessee Coal, Iron & Railroad 
Company, Warwick Iron Company and 
others. At the Port Henry furnace a com- 
promise was adopted, the upper half be- 
ing of the ordinary type of wall and the 
lower half thin. 

The motive of the thin-lined construction 



is to preserve the lines of the furnace and 

greatly reduce the wear. The Ordinary con- 
struction involves walls of lire brick rang 
mi two to five feel in thickness. The 
wear of the lining depends largely upon it- 
temperature and by making the lining very 
thin and providing water cooling on the 
outside the brick is kept at a lower temper 
ature and preserved. The water cooling is 
furnished in various way-, by annular 
troughs around the -tack, water passing 
from one trough to the one below, by spiral 
troughs and in other ways. The design of 
the water circulation presents engineering 
problems of considerable importance. 

Thin-lined furnaces have in many cases 
given great satisfaction, showing more reg- 
ularity in operation, lower costs, and less 
time and expense involved in re-lining. 
There are, however, certain drawbacks to 
the adoption of this construction, making 
it a matter of individual choice as to each 
furnace whether the construction should 
be adopted. For instance, there is some 
difference of opinion as to the precise lines 
the interior of the furnace should follow, 
and there is also some occasion to change 
the lines somewhat in case there is a change 
in the coke or ore available. With the reg- 
ular construction the fire brick wall inside 
the steel shell is so thick that considerable 
variations can be made in the interior lines, 
when relining, with no additional expense. 
If the thin-lining principle be adopted, the 
interior lines must be fixed in advance and 
cannot thereafter be changed without sub- 
stituting a new shell as well. In this re- 
spect in particular, the adoption of the thin 
wall construction is one for individual 
choice, it being necessary for the furnace 
manager to have confidence that he will 
have no desire to change the lines of the 
furnace for many years. Another point 
sometimes suggested, is that while on the 
one hand the thick lining may be objection- 
able in that the wear of the lining changes 
the interior lines of the furnace, on the 
other hand the furnace may indeed wear 
it-elf to the best lines, and then perform 
better. The lines cannot be examined from 
time to time to see precisely what is the 
contour at the time the furnace is working 



:o4 



THE STEEL AND METAL DIGEST. 



March 



best. Ii is well established that as a rule 
the furnace produces its largest weekly ton- 
nage towards the end of the life of its 
lining. Provided the lines of the furnace 
at the time of maximum production were 
known precisely, all that would be neces- 
sary would he to rebuild the furnace to 
those line.-, with water cooling, if neces- 
sary, to preserve those lines, but unfor- 



tunately the case is complicated by this and 
other considerations, and the thin-lined fur- 
nace is -till on trial, promising good re- 
sults where conditions chance to be favor- 
able and not so good results in other case-. 
There would be many more thin-lined furn- 
ace?, to-day if it were certain that favorable- 
experience with the type at one stack would 
be duplicated at another stack. 



Steel Plants. 



IV. The Atlantic Steel Company. 



The Atlantic Steel Company p"resents an 
interesting case of a steel mill quite with- 
out neighbors, and a steel mill that was 
built originally to supply a local demand 
for one particular product, afterwards find- 
ing such demand developed that it could 
diversify its product. The Atlanta Steel 
Hoop Company was formed in 1900 and 
completed its plant in May. 1901, the plant 
comprising merely three heating furnaces 
and an 8-inch train of rolls, making cotton 
ties chiefly, though of course a tonnage 
of hoops and bands was also rolled. For 
cotton ties there was of course a large de- 
mand. In the course of a short time it ap- 
peared feasible to enlarge the list of prod- 
ucts and an 18-inch mill was installed, mak- 
ing light rails and some other products. 

In 190.5 it was decided to add a steel mak- 
ing department and engage also in the 
manufacture of wire, two 35-ton basic open- 
hearth furnaces being installed, together 
with a rod mill of six stands of continuous 
and six stands of Belgian rolls. 14 wire 
drawing blocks and 40 nail machines. On 
January 1. 1907, there was a reorganization 
whereby the properties were acquired by 



the Atlanta Steel Company, and in 1915 the 
name was changed to the Atlantic Steel 
Company. 

Early in 1914 another batch of improve- 
ments was completed. Small billets had 
previously been made on the blooming 
mill, this practice being replaced by the in- 
stallation of a Morgan six-stand continuous 
billet mill, to receive 4-inch billets from the 
blooming mill and reduce them to small 
billets, down to lj4-inch. There is cheap 
hydro-electric power available in Atlanta. 
and accordingly the new billet mill is driven 
by a geared electric motor. The improve- 
ment practically doubled the billet rolling 
capacity of the plant and for a time the 
blooming and billet mills had occasion to 
operate single turn only. In 1915 a 40-ton 
open-hearth furnace was added to the two 
35-ton furnaces originally installed, where- 
by the plant has been balanced and the fin- 
ished steel output is greatly increased. 
From an original basis of 12,000 tons an- 
nually of finished steel, made from pur- 
chased billets, the plant has grown to a 
capacity of 50.000 to 60.000 tons of finished 
steel, made from the pig iron. 



-o-O-o- 



THE IKON AND STEEL Sill ATION. 



The Iron and Steel Situation. 



Steel plants air running at their fullest 
capacity, as they have been doing for six 
months, and have been producing fully as 
large a tonnage as at any time, despite the 
fad thai February weather is usually un- 
favorable. All the blast furnaces that are 
in for at all economical operation are in 
blast, producing pig iron at the rate of 
at least 39,000,000 tons a year. The rest of 
the world is producing pig iron at a rate 
between 30,000,000 and 35,000,000 tons. The 
best previous records were made in 1913, 
31,000,000 tons for the United States and 
78,000,000 tons for the world. 

Definite orders and specifications on the 
books of steel mills represent an average 
of three months or more of production, 
while definite contract obligations, certain 
to be specified against, barring accidents, 
would carry the mills to some time in Sep- 
tember. As a matter of fact the tonnage 
is quite unequally divided among the dif- 
ferent finishing branches, and mention of 
September indicates merely an average 
date. The mills have made more or less 
specific promises to regular customers that 
they will be taken care of in the second half 
of the year as well as possible, and the 
total obligations of one sort or another 
represent a larger tonnage than can be pro- 
duced up to the end of the year. 

The blast furnaces on an average have 
sold a tonnage full}' equal to their pros- 
pective output to July 1st, possibly to Au- 
gust 1st. 

Producers of steel are very reserved 
about selling, or rather about accepting 
open contract obligations. The large in- 
terests all express a willingness to book 
specific orders when the buyer is in posi- 
tion to show that the steel will be accept- 
ed irrespective of developments that may 
occur. Even with specific orders the de- 
livery promises are rather indefinite and in 
the case of bars and plates usually refer to 
September or a later month. 

Buyers of steel are in what appears to be 
a panic. Almost universally they are afraid 
they will not be given deliveries as needed 
in second half, and are urging mills to give 
them better protection for the future, as 
well as to increase current shipments. The 
mental condition is such that assertions 
made as to requirements cannot he accept- 



ed with implicit confidence, the situation 
being such that buyers may easily be over- 
stating their prospects. In this possibility 
lies one of the uncertainties, and the only 
serious suggestion that the situation may 
perhaps not be altogether as strong as ap- 
pears on the surface. 

The Trends. 

The curve representing the average of 
steel prices, for delivery at mill convenience, 
has been trending more and more sharply 
upwards, curving upwards in such manner 
as to show, if it were plotted, a trend that 
cannot possibly be maintained for many 
months. There is no absolute reason why 
steel prices may not continue to advance, 
not merely for a few months, but for years, 
for decades, until the end of the world, but 
what they cannot do is to continue to ad- 
vance each month by a larger amount than 
in the preceding month. Up to this date 
that is what they have done. The advance 
started with January 1, 1915. In nine 
months prices had advanced by between $5 
and $6 a net ton. In the next three months 
they advanced more than they had in the 
previous nine months, and in the next two 
months, January and February of this year, 
they advanced practically as much as in 
the preceding three, while finally it is to 
be observed they advanced more in Febru- 
ary than in January. The monthly ad- 
vance cannot continue to increase indefinite- 
ly. The trend, however, is for prices to ad- 
vance as they have been doing. 

The trend as to actual consumption ap- 
pears to be upward rather than downward. 
Jobbers and manufacturing consumers ap- 
pear to have smaller stocks than two or 
three months ago, while the advent of 
spring, now near at hand, promises to in- 
crease consumption, if the material can be 
secured. 

It would appear that the disposition to 
consume steel, if it could be had at the 
average prices of the last quarter of last 
year, or at the average prices of the past 
ten years, is increasing, but much work is 
being indefinitely postponed by reason of 
high prices and uncertainty in delivery 
promises. As the mill position seems to 
strengthen from week to week, with obliga- 
tions on books increasing, and buying even 
at the very high prices, the demand that 



THE STEEL AND METAL DIGEST. 



March 



is expressed seems to be equal to, or to 
exceed, the productive capacity, so that 
the underlying demand, the expressed de- 
mand plus the latent demand, is far in ex- 
cess of the productive capacity. Require- 
ments that are not expressed, by being 
matched with actual orders, are not as a 
rule being met by the use of other material 
than steel; they are rather simply post- 
poned. It depends upon the manner in 
which the steel market is let down from 
the point to which it is soaring, whether 
these deferred projects will come to life 
from time to time as prices decline, wheth- 
er they will act as a support to the steel 
market and retard, finally arrest the de- 
cline that will start some time in the fu- 
ture, as the covering of shorts in the stock 
market eventually steadies it. In all its 
history the steel market has presented no 
clear case of such a phenomenon, as pri- 
ces once started downward always went the 
limit, plunging the industry into a longer 
or shorter depression, but because the phe- 
nomenon has never before been witnessed 
is no argument that it will not be witness- 
ed this time. Many unprecedented things 
have already occurred. This whole pres- 
ent movement in steel is unprecedented. 
Export Movements and Conditions. 
The iron and steel export movement can- 
not be studied as closely as formerly, by 
reason of the fact that the exports of man- I 



ufactures, including cars and locomotives, 
loaded and unloaded shells, and some other 
items, not returned by weight, and the ag- 
gregate value of which furnishes little clue 
to the weight of steel involved in their 
manufacture, have been increasing, while 
the exports that are returned by weight 
have tended rather to decrease. The ton- 
nage exports reached their maximum last 
August, with 405,853 gross tons, dropping 
somewhat in September, and ranging be- 
tween 350,000 and 363,000 tons in the next 
three months. There are no statistics as 
yet for January of this year. Deducting 
scrap, pig iron, etc., the tonnage exports 
may be taken as representing about 3,500,- 
000 tons of finished steel a year. The value 
of all iron and steel exports increased al- 
most continuously after August, as did most 
of the manufactures representing steel con- 
sumption, but not included in the govern- 
ment returns under the iron and steel head- 
ing, these other manufactures comprising 
sucli items as loaded shells, automobiles, 
freight cars, agricultural implements, etc. 

It seems to be a fairly large estimate to 
take the finished steel involved in the pro- 
duction of goods not returned by weight as 
equal to the finished steel exported in ton- 
nage form, and this would give us 7,000,- 
000 tons of finished steel a year, involved 
in direct and indirect exports, or not over 
25% of the production, which is 28,000,- 



PIG IRON PRICES. 



(Averaged from daily quotations; at Ph 
prices are delivered). 



iladelphia, Buffalo, Cleveland and Chicago, 



Jan. 

Feb. 

Mar. 

April 

May 

June 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 

Year 

1916- 

Tan. 

Feb. 



Bessemer, Basic, No. 
1915 Valley — 



13.75 
13.64 
13.60 
13.60 
13.60 
13.75 
13.98 
15.12 
15.93 
16.00 
16.67 
19.19 
14.90 



12.50 
12.50 
12.50 
12.50 
12.50 
12.57 
12.87 
13.98 
14.80 
15.00 
15.88 
17.73 
13.78 



2 fdy, Basic 
Phila. 
13.50 
13.50 
13.50 
13.40 
13.25 
13.42 
13.83 
14.83 
16.70 
17.25 
17.40 
18.01 
14.88 



.. 21.00 18.00 18.50 19.24 

. .20.50 17.88 18.50 19.50 

Contract price, f.o.b. Baltimore; 



No. 
. Phil 
14.45 
14.50 
14.35 
14.05 
14.25 
14.25 
14.28 
14.91 
15.91 
16.25 
16.95 
18.81 
15.25 

]9.71 
19.75 

t 



2X fdy, 
a.Buffal 
13.25 
13.25 
12.74 
12.60 
13.17 
13.08 
12.83 
13.80 
15.43 
15.75 
16.73 
18.02 
14.23 



No. 2 fdy 

Cleve- Chi. 
3. land. cago. 

13.25 13.45 



Ferro- 
Birm- mangan- 
ingham. ese.* 
9.50 68.00 



13.25 
13.25 
13.25 
13.25 
13.25 
13.20 
14.08 
15.04 
15.25 
16.47 
IS. 13 
14.31 



13.50 
13.39 
13.50 
13.50 
13.50 
13.50 
13.88 
14.30 
15.08 
17.50 
18.48 
14.47 



9.50 
9.42 
9.25 
9.47 



68.00 
78.00 
78.00 
91.00 



9.50 100.00 

9.61 100.00 

10.77 100.00 

11.22 107.50 

11.71 105.00 

13.14 100.00 

14.00 105.00 

10.59 91.71 



1S. :.'.-, IS. 80 19.00 14.92 115.40 
18.25 18.80 19.00 14.64 139.00 
Prompt, f.o.b. Connellsville ovens. 



Fur- 
nace 
cokef 
1.55 
1.55 
1.53 
1.55 
1.50 
1.50 
1.67 
1.54 
1.66 
2.18 
2.35 
2.85 
1.79 

3.14 
3.41 



1910 



THE IKON AND STEEL SITUATION. 



107 



ooo or 29,000,000 tons a year at the present 
time. 

The exports are chiefly to the allies. Ex- 
ports of the United States to neutral coun- 
tries probably involve less than 2, 000, ooo 
tons of finished steel a year. The only 
other exporting country, the United King- 
dom, is sending to its colonies and neutral 
countries about 2,500,000 tons a year, so 
that the neutral countries and British col- 
onies are receiving not much more than 4,- 
500,000 tons a year, if as much, when be- 
fore the war they took, from the various 
iron producing countries, as much as 10,- 
000,000 tons in a year. 

The export demand appears insistent. 
some very high prices being bid fo.b. ship- 
ping port, in the face of extremely high 
ocean rates. So little export business has 
been accepted of late that it does not fol- 
low that these high prices would be bid 
on really large tonnages. If the mills would 
take on a few hundred thousand tons of 
export business with neutral countries the 
pressure, as expressed in high bids, might 
be very considerably reduced, and even at 
relatively low prices sales might rather 
promptly exhaust the buying power. 
The Future. 

Both producers and consumers are beset 
by the greatest difficulties. They are sail- 
ing forth on a sea absolutely uncharted by 
precedents and with no compass or other 
guide. To mention the difficulties is much 
easier than to suggest any of the ways in 



which they may ultimately be resolved. 
Manufacturing consumers do not know 
whether they will secure the deliveries they 
now think they should have, nor do they 
know how much, if any, the higher prices 
they must charge for their products will 
reduce the purchases. In the case of some 
manufactures there is no established prac- 
tice of changing prices according to 
changes in the cost of raw materials. The 
steel mills are confronted with many un- 
certainties. Of perhaps the least real con- 
cern is the course of prices and the vol- 
ume of buying. There is already a large 
tonnage of business on books, and the pro- 
ducing and shipping of the tonnage is of 
more vital concern than the booking of 
the tonnage that is to be produced later. 
Labor is already scant at the mills, the sit- 
uation growing worse weekly, and with 
spring near at hand, when a demand for 
additional labor for outdoor work is to 
be expected. Railroad embargoes are num- 
erous, with car shortages at many points, 
and conditions in this respect promising to 
grow worse. It is much more likely that 
the mills will be called upon to produce and 
ship, to January 1, 1917, a tonnage equal 
to their full capacity under favorable con- 
ditions, than it is that they will be physical- 
ly able to produce and ship the material. 
For the remainder of the year the situation 
as to producing and shipping is much more 
important than the situation as to the mar- 
ket. 









FINISHED STEEL 


PRICES. 














(Avera 


ged from 


daily 


quo tations 


f.o.b. 


Pittsb 


urgh.) 






















Grooved — 


-Sheet 






Comp. 














Wire 


Steel 






Blue 


Tin 


Fin. 


1915— Shapes, 


Plates, 


Bars, P 


pe, Wire, 


Nails 


Skelp 


Black. Galv 


Annld. plate, steel. 


January . . 


. 1.10 


1.10 


1.10 


81 


1.34 


1.54 


1.13 


1.80 


2.80 


1.30 


3.10 


1.4554 


February . 


. 1.10 


1.10 


1.10 


80^ 


1.38 


1.58 


1.13 


1.80 


3.09 


1.30 


3.10 


1.4716 


March .... 


1.15 


1.15 


1.15 


80 


1.40 


1.60 


1.13 


1.80 


3.40 


1.30 


3.15 


1.5098 


April 


1.20 


1.20 


1.20 


80 


1.37 


1.57 


1.13 


1.80 


3.40 


1.33 


3.20 


1.5357 


May 


1,20 


1.17 


1.20 


79 


1.35 


1.55 


1.14 


1.80 


3.00 


1.35 


3.11 


1.5381 


June 


1.20 


1.15 


1.20 


79 


1.35 


1.55 


1.15 


1.70 


4.80 


1.33 


3.10 


1.5312 


July 


. 1.25 


1.22 


1.27 


79 


1.38 


1.58 


1.18 


1.74 


4.05 


1.32 


3.10 


1.5692 


August . . 


. 1.30 


1.26 


1.30 


79 


1.43 


1.61 


1.25 


1.85 


4.40 


1.37 


3.10 


1.6059 


September 


. 1.33 


1.33 


1.35 


79 


1.54 


1.09 


1.28 


1.91 


3.08 


1.51 


3.10 


1.6506 


October . . 


. 1.44 


1.42 


1.43 


79 


1.63 


1.78 


1.40 


2.03 


3.57 


1.00 


3.15 


1.7264 


November 


. 1.63 


1.63 


1.63 


78 


1.72 


1.87 


1.50 


2.30 


4.07 


1.90 


3.45 


1.9089 


December 


. 1.75 


1.75 


1.75 


78 


1.88 


2.03 


1.70 


2.53 


4.75 


2.20 


3.00 


2.0329 


Year 


. 1.30 


1.20 


1.31 


79^4 


1.48 


1 .69 


1.27 


1.85 


4.40 


1.49 


3.10 


1.0506 


1916— 


























January . . 


. 1.87 


1.90 


1.87 


7&H 


1.98 


2.13 


1.75 


2.60 


4.75 


2.55 


3.75 


2.1410 


February . 


. . 2.06 


2.16 


2.00 


IhVi 


2.11 


2.26 


1.94 


2.00 


4.80 


2.05 


3.83 


2.2988 



THE STEEL AND METAL DIGEST 



Pig Iron Statistics. 



I i Bureau of Statistics of the American 
Iron and Steel Institute presents the of- 
ficial statistics of pig iron production in the 
United States in 1915, all figures referring 
to gross tons of 2,240 pounds. 

Production by States. 

Number of stacks, Produc- 

In. Dec. 31, 1915. tion, 

June 30. In. Out. Total. 1915. 
Massachusetts (10 2 2 7,802 

Connecticut .1 1 2 - 3 
New York ... 16 
New Jersey ... 1 
Pennsylvania . 96 

Maryland 2 

Virginia 5 

Georgia 

Texas 

Alabama 20 

West Virginia 1 

Kentucky ! 

Mississippi ... o 
Tennessee .... 5 

Ohio 50 

Illinois 12 

Indiana 10 

Michigan 8 

Wisconsin .... 4 
Minnesota . . l 

Missouri 1 

Colorado 2 

Oregon 

California .... 
Total .... 



9 


27 


2, 104.780 


4 


5 




31 


156 


12,790,668 


2 


5 


251,548 


15 


22 


251,346 


4 


4 




20 


47 


2.049,453 


1 


4 




3 


6 


291,040 


1 


I 




12 


18 


177,729 


12 


74 


6,912,962 


5 


26 


2,447,220 



3 


10 

14 


1,986,778 




135 



445 29,916,213 



Half-Yearly Production by Fuels, 1915. 

Bituminous is included with coke. An- 
thracite includes mixed coke- and anthra- 
cite. Production in electric furnaces is in- 
cluded, according to whether coke or char- 
coal is used in connection with the current. 
1st half. 2nd half. Year. 

Coke 12,061,808 L7,473,500 29,535,308 

Anthracite 42,487 42,266 84,753 

Charcoal . 129,496 166,656 296,153 



!3,791 17,682,422 29.916,213 
At the close of the year there were 390 
i i furnaces, with 289 in blast, 15 anthra- 
cite furnaces, with four in blast and 40 
charcoal stacks, with 17 in blast. 

Of the 1915 production of charcoal pig 



iron, 5,302 tons was by cold blast and 290,- 
850 tons by hot and warm blast including 
pig iron made with charcoal and electricity. 

Merchant Iron. 

1914. 1915. 

For sale 7,362,980 8,583,007 

For consumption .... 15,969,264 21,333,206 

Totals 23,332,244 29,916,213 

J 915. 

Bessemer B71.730 

Basic 1,747,265 

Foundry 4,801,711 

Malleable 829,921 

Forge 174,355 

All other 158,025 



Total 8,583,007 

Delivered Condition of Basic Pig Iron. 
1914. 1915. 

Sand cast, machine cast, 

chill cast, etc 2,391,440 .;, 064,484 

Molten 6,436,146 9,648,769 



Totals 9,670,687 13,093,214 

Delivered Condition of Bessemer and 
Low-Phosphorus Pig Iron. 

191 ',. 1915. 
Sand cast, machine cast, 

chill cast, etc 2, 391. 440 3,064,484 

Molten 5,467.687 7,458,822 

Totals 7.859,127 10,523,306 

Delivered Condition of All Pig Iron. 

1914. 1915. 

Molten 11,911,247 17,108,891 

Sand cast 4,814,959 5,076,469 

Machine cast 5,854,661 6,969,108 

Chill cast 738,018 740,413 

Direct castings 13,359 21,332 

Totals 23,332,244 29,916,213 

Production by Grades. 

Grades — 1914. 1915. 

Bess, and low phos. .. 7,859,127 10,523,306 

Basic (mineral fuel) . . 9,670,687 13,093,214 

F'dy and ferrosilicon 4.533,254 4,864,348 

Malleable . . . .' 671,771 829,921 

Forge pig iron 361,651 316,214 

Spiegeleisen 79,935 97,885 

Ferromanganese .... 106,083 129,072 
White, mottled, direct 

castings, etc 49,736 62,253 

Totals 23,332,244 29,916,213 



U. S. STEEL CORP. OPERATIONS. 



U. S. STEEL CORPORATION'S OPERATIONS. 



EARNINGS AND UNFILLED ORDERS. 



Earnings by Quarters. 
Net earnings by quarters since 1909: 
Quarter. 1915. 1914. 1913. 

1st $12,4-57,809 $17,994,382 $34,426,1 



2nd 27,950,055 

3rd 38,710,644 

4th 51,233,788 

Year .... 130,351,296 

1912. 



20,457,596 41,219,813 

22,276,002 38,450,400 

10,935,63. r » 23,084,330 

71,663,615 137,181,345 



1911. 



1910. 



1st $17,826,973 $23,519,203 $37,616,877 

2nd 25,102,266 28,108,520 40,170,961 

3rd 30,063,513 29,522,725 37,365,187 

4th 35,181,922 23,155,018 25,901,730 



Year 



1906. 
1907.. 
1908. 
1909. 
1910. 
1911.. 
1912. 
1913. . 
1914.. 
1915. 



108,174,673 104,305,466 141,054,755 



Unfilled Orders. 
(At end of the Quarter): 
First. Second. Third. Fourth. 
7,018,712 6,809,584 7,936,884 8,489,718 
8,043,858 7,603,878 6,425,008 4,642,553 
3,765,343 3,313,876 3,421,977 3,603,527 
3,542,590 4,057,939 4,796,<J33 5,927,031 
5,402,514 4,237,794 3,158,106 2,674,757 
3,447,301 3,361,058 3,611,317 5,084,761 
5,304,841 5,807,346 6,551,507 7,932,164 
7,468,956 5,807,317 5,003,785 4,282,108 
4,653,825 4,032,857 3,787,667 3,836,643 
4.255.749 4,678,196 5,317.608 7,805,220 



BOOKINGS AND SHIPMENTS. 
In this table, first two columns, percent- 
ages of bookings and shipments to total ca- 
pacity, our own estimates, while last column 
is derived from official reports of "unfilled 
tonnage" while third percentage column is 
directly computed from this tonnage column. 
Ship- Book- Dif- Dif- 

ments. ings. ference. ference. 
% 
February ... 67 

March 72 

April 67 

May 62 

June 63 

July 64 

August 67 

September . . 62 
October .... 55 
November . . 45 
December . . 38 
January 1915 44 
February ... 57 

March 67 

April 71 

May 76 

June 79 

July 83 

August 91 

September . . 98 
October ... 103 
November . 102 
December . 102 
January 1916 102 



% 


% 


Tons. 


105 


+38 


+412,764 


40 


—32 


—372,615 


35 


—32 


—376,757 


37 


—25 


—278,908 


66 


+ 3 


+ 34,697 


75 


+H 


+125,732 


72 


+ 5 


+ 54,742 


24 


—38 


—425,664 


28 


—27 


—326,570 


32 


—13 


—136,505 


82 


+44 


+ 512,051 


81 


+37 


+411,928 


66 


+ 9 


+ 96,800 


60 


— 7 


— 89,622 


63 


— 8 


— 93,505 


85 


+ 9 


+102.354 


113 


+34 


+413,598 


104 


■{21 


-1-250.344 


89 


2 


— 20,085 


133 


+35 


+409,163 


172 


+69 


+847,834 


186 


+ 84 


+1,024,037 


152 


+50 


+615,731 


112 


+10 


+ 116,547 



RAILROAD EARNINGS. 

Railroad earnings per mile of road, of roads having annual operating revenues 
above $1,000,000, this being about 229,000 miles or about 90% of the total steam rail- 
way mileage; compiled by the Bureau of Railway Economics from duplicates of re- 
ports furnished the Interstate Commerce Commission. 

1913-14 1914-15 1915-16 

Revenue. Expenses. Net. Revenue. Expensis. Net. Revenue. Expenses. Net. 

July $1,183 $837 $346 $1,127 $786 $341 $1,130 $750 $3S0 

August . . 1,244 856 388 1,174 788 386 1,191 765 426 

September 1,257 854 403 1,185 783 402 1,251 774 477 

October . . 1,314 891 423 1,171 787 384 1,323 815 508 

November 1.180 884 337 1,026 734 292 1.303 800 503: 

December 1,116 821 296 993 730 263 1,253 802 451 

January .. 1,021 795 226 936 716 220 

February . 914 746 168 897 678 219 

March ... 1,091 801 290 1,012 720 292 

April 1,038 782 256 1,010 722 288 

May 1.047 8O0 247 1,040 732 308 

June 1.097 789 -308 1,090 730 366 



THE STEEL AND METAL DIGEST. 



March 



Price Changes Of Iron and Steel Products 
From January 1, 1915 to Date. 

Price changes in merchant bars, structural shapes, plates, wire nails, merchant 
pipe, sheets and tin plates are given below, with dates. These are the commodities 
used in compiling our composite finished steel. In some cases the dates named are 
those upon which prominent producers announced price changes, but more frequently 



the dates are merely those upon which our quotations 
price changes are included. 



were changed. A few other 



1915— 
Tan. 1 



Feb, 



Mar. 



i: 



April 1 
" 1 



May 1 
1 
1 

" 12 

" 17 

" 24 

June 1 



July 



1.05 
1.05 
1.05 
1.50 
1.55 



Bars 

Plates 

Shapes 

Wire nails 

Wire nails 

Pipe 

Galv. sheets 

Galv. sheets 

Bars 

Plates 

Shapes 

Wire galvanizing 

Wire galvanizing 

Boiler tubes 

Bars 

Plates 

Shapes 

Wire nails 

Steel pipe 

Boiler tubes 

Tin plate 

Plates 

Galvanized sheets 3.40 

Galvanized sheets 3.60 



to 1.10 
to 1.10 
to 1.10 
to 1.55 
to 1.60 
81% to 80% 
3.00 to 3.25 
to 3.40 
to 1.15 
to 1.15 
to 1.15 
to 50c 
to 60c 

75% 
to 1.20 
to 1.20 
to 1.20 
to 1.55 
80% to 79% 
75% to 74% 
3.20 to 3.10 
1.20 to 1.15 
to 3.60 
to 3.75 



3.25 
1.10 
1.10 
1.10 

40c 
50c 

1.15 
1.15 
1.15 
1.60 



Galvanized pipe 62'/ 2 to 63J4 
Galvanized sheets 3.75 to 4.25 
\\ ire galvanizing 60c to 80c 



8 


Sheets 


1.80 


to 1.75 


9 


Galv. sheets 


4.25 


to 5.00 


15 


Boiler tubes 


74% 


to 73% 


1 


Bars 


1.20 


to 1.25 


1 


Plates 


1.15 


tol.20 


1 


Shapes 


1.20 


to 1.25 


2 


Sheets 


1.75 


to 1.70 


6 


Wire nails 


1.55 


to 1.60 


6 


Painted barb wire 


1.55 


to 1.70 


7 


Sheets 


1.70 


to 1.75 


14 


Galvanized sheets 


5.00 


to 4.50 


16 


Boiler tubes 


73% 


to 72% 


20 


Plates 


1.20 


to 1.25 


20 


Wire nails 


1.60 


to 1.55 



July 



" 21 
" 28 
" 29 

Aug. 3 
4 
6 
" 16 
" 19 
" 23 
" 24 
" 24 
" 25 
" 27 
" 31 

Aug. 31 

Sept. 15 
" 15 
" 20 
" 28 
" 29 

Oct. 1 



Oct. 



X 1 1 \ 



21 
25 
26 
26 
26 
28 
29 
1 



Plates 1.50 

Shapes 1.50 

Tin plate 3.10 

Galv. sheets 3.70 

Blue ann. sheets 1.70 

Bars 1.25 

Galvanized sheets 4.50 

Wire nails 1.55 

Shapes 1.25 

Sheets 1.75 

Black sheets 1.80 

Wire galvanizing 80c 

Blue ann. sheets 1.35 

Wire galvanizing 60c 

Wire 1.40 

Wire nails 1.60 

Black sheets 1.85 

Plates 1.25 

Bars 1.30 

Blue ann. sheets 1.40 

Plates 
Shapes 
Wire nails 
Sheets 
Shapes 



to 1.60 
to 1.60 
to 3.30 
to 3.80 
to 1.80 
to 1.30 
to 4.25 
to 1.60 
to 1.30 
to 1.80 
to 1.85 
to 60c 
to 1.40 
to 70c 
to 1.50 
to 1.65 
to 1.90 
to 1.30 
to 1.35 
to 1.50 



1.30 

1.30 
L.65 

1.90 
1.35 



Boiler tubes 

Bars 

Sheets 

Blue ann 

Bars 

Plates 

Shapes 

Galv. sheets 

Black sheets 

Wire nails 

Blue ann 

Bars 

Plates 

Shapes 



1.95 
sheets 1:55 
1.40 
1.40 
1.40 
3.60 
2.00 
1.75 
sheets 1.60 
1.45 
1.45 
1.45 



Blue ann. sheets 1.65 
Boiler tubes 
Steel pipe 



to 1.35 
to 1.35 
to 1.75 
to 1.95 
to 1.40 
72% to 71% 
1.35 to 1.40 
to 2.00 
to 1.60 
to 1.45 
to 1.45 
to 1.45 
to 3.50 
to 2.10 
to 1.85 
to 1.65 
to 1.50 
to 1.50 
to 1.50 
to 1.70 
69% 
78% 



71% to 
79% to 



IMMIGRATION STATISTICS. 



Ill 



Nov. 1 


Galv. sheets 


3.50 


to 3.60 


4 


Black sheets 


2.10 


to 2.20 


4 


Galv. sheets 


3.60 


to 3.70 


4. 


Bars 


1.50 


to 1.60 


•' 12 


Tin plate 


3.30 


to 3.60 


" 13 


Sheets 


2.20 


to :::.::> 


" 15 


Sheets 


2.25 


to 2.40 


" 15 


Galv. sheets 


3.80 


to 4.00 


" 15 


Blue ann. sheets 


1.80 


to 2.00 


" 16 


Wire nails 


1.85 


to 1.90 


" 18 


Bars 


1.60 


to 1.70 


•' 18 


Plates 


1.60 


to 1.70 


" 18 


Shapes 


1.60 


to 1.70 


" 18 


Galv. sheets 


4.00 


to 4.25 


" 24 


Galv. sheets 


4.25 


to 4.50 


" 30 


Sheets 


2.40 


to 2.50 


" 30 


Galv. sheets 


4.50 


to 4.75 


" 30 


Blue ann. sheets 


2.00 


to 2.25 


Dec. 1 


Wire nails 


1.90 


to 2.00 


1 


Boiler tubes 


69% 


to 68% 


" 15 


Bars 


1.70 


to 1.80 


" 15 


Plates 


1.70 


to 1.80 


" 15 


Shapes 


1.70 


to 1.80 


- 21 


Wire nails 


2.00 


to 2.10 


" 22 


Sheets 


2.50 


to 2.60 


1916— 








Jan. 3 


Tin plate 


3.60 


to 3.75 


4 


Bars 


1.80 


to 1.85 


4 


Plates 


1.80 


to 1.85 


4 


Shapes 


1.80 


to 1.85 


4 


Pipe (with extra 








2^% 


78% 


to 77% 


" 7 


Boiler tubes 


68% 


to 66% 


•' 14 


Boiler tubes 


66% 


to 64% 


" 21 


Bars 


1.85 


to 1.90 


" 21 


Plates 


1.85 


to 2.00 


" 21 


Shapes 


1.85 


to 1.90 


" 21 


Pipe 


77% 


to 76% 


" 24 


Wire nails 


2,10 


to 2.20 


Feb. 7 


Bars 


1.90 


to 2.00 


" 7 


Plates 


2.00 


to 2.10 


7 


Shapes 


1.90 


to 2.00 


" 14 


Wire nails 


3.30 


to 2.30 


" 15 


Pipe 


:,;<, 


to 75% 


" 21 


Bars 


2.00 


to 2.25 


" 21 


Plates 


2.i0 


to 2.35 


" 21 


Shapes 


2.00 


to 2.25 


•' 21 


Tin plate- 


3.75 


to 4.00 


" 29 


Pipe 


75% 


to 74% 


" 29 


Boiler tubes 


64% 


to 63% 


Mar. 1 


Wire nails 


3 30 


1- " in 



IMMIGRATION STATISTICS. 

Years mentioned refer to fiscal years 
ended June 30th. Aliens admitted, both 
immigrant and non-immigrant, and aliens 
departed, both emigrant and non-emigrant, 
with change thereby effected in United 
States population: 

Admitted. Departed. Change. 

1912 1,017,155 615,298 +401,863 

1913 1,427,227 611,924 +815,303 

1914 1,403,081 633,805 +769,276 

July, 1914 .. 72,015 54,885 + 17,130 

August 51,231 54,113 — 2,881 

September . 44,624 34,757 + 9,867 
October . . . 45,241 39,410 + 5,831 
November . 35,325 40,748 — 5,423 
December . . 27,458 42,525 — 15,067 
January, 1915 20,684 31,556 — 10,872 
February . . 18,704 14,188 + 4,516 

March 26,335 15,167 + 11,168 

April 31,765 17,670 + 14,095 

May 32,363 17,624 + 14,738 

June 28,499 21,532 + 6,967 

Year 1915 . . 434,244 384,174 + 50,070 

July 27,097 16,015 + 11,082 

August 27,413 41,737 — 14,324 

September .. 31,096 33,061 — 1,965 

October ... 31,215 26,338 + 4,877 

November . 29,297 26,005 + 3,292 

December .. 23,173 23,743 — 570 

January, 1916 17,293 4,015 + 7,303 
United States citizens arrived and depart- 
ed, with change thereby effected in United 
States population: 

Arrived. Departed. Change. 

1913 386,604 347,702 — 61,098 

1914 286,586 368,797 — 82,311 

1915 239,579 172,412 + 67,167 

July, 1915.. 9,027 5,115 + 3,913 

August 9,506 10,310 — 804 

September . 9,054 8,188 + 866 

October . . . 8,991 8,329 + 662 

November . 8,364 9,166 — 802 

December .. 8,458 9,349 — 891 

Jan. 1916 .. 8,257 9,469 — 1,212 
Net change in population caused by the 

movement of both aliens and citizens: 
1913, +754,205; 1914, +687,065; 1915, +117,- 
237; July, 1915, +14,994; August, 1915, — 15,- 
128; September, 1915, —1,099; October, 1915, 
+5,539; November, 1915, +2,490; Decem- 
ber, 1915, —1,461; January, 1916, +6,091; 
seven months, +11,326. 



THE STEEL AND METAL DIGEST 



March 



Comparison Of Metal Prices. 



Range for 1914. Range for 1915. 

p 'g ^on. High. Low. High. Low. 

Bessemer, valley 14.25 13.75 21.00 13.60 

Basic, valley 13.25 12.50 18.00 12.50 

No. 2 foundry, valley 13.25 12.75 18.50 12.50 

No. 2X fdy. Philadelphia. 1500 14.20 19.50 14.00 

No. 2 foundry, Cleveland . 14.25 13.25 18.80 13.00 

No. 2X foundry, Buffalo.. 13.75 12.25 18.00 11.75 

No. 2 foundry, Chicago .. 14.75 13.00 18.50 13.00 

No. 2 South'n Birmingham 10.75 9.50 14.50 9.25 

Scrap Iron and Steel. 

Melting steel, Pittsburgh. 12.00 9.75 18.00 ll.OO 

Heavy melt, steel, Chicago 11.00 8.00 15.25 8.75 

No. 1 R. R. wrought, Pitts. 12.75 10.00 17.25 10.75 

No. 1 cast, Pittsburgh 12.25 10.50 15.00 11.00 

Heavy steel scrap, Phila... 11.25 9.00 16.25 9.50 

Iron and Steel Products. 

Bessemer rails, mill 1.25 1.25 1.25 1:25 

Iron bars, Pittsburgh 1.35 1.20 1.90 1.20 

Iron bars, Philadelphia ... 1.27% 1.12% 2.06 1.12% 

Steel bars, Pittsburgh 1.20 1.05 1.80 1.10 

Tank plates, Pittsburgh .. 1.20 1.05 1.80 L.10 

Structural shapes, Pitts. .. 1.25 1.05 1.80 1.10 

Grooved steel skelp, Pitts. . 1.20 1.12% 1.75 1.12'. 

Black sheets, Pittsburgh.. 1.95 1.80 2.60 1.70 

Galv. sheets, Pittsburgh .. 3.00 2.75 5.00 2.65 

Tin plate, Pittsburgh 3.75 3.10 3.60 3.10 

Wire nails, Pittsburgh 1.60 1.50 2.10 1.50 

Steel pipe, Pittsburgh .... 79%% 81% 79% 81% 

Connellsville Coke at ovens. 

Prompt furnace 2.00 1.60 3.50 1.50 

Prompt foundry 2.50 2.00 3.75 2.00 

Metals — New York. 

Straits Tin 65.00 28.50 57.00 32.00 

Lake copper 15.50 11.30 23.00 13.00 

Electrolytic copper 14.87% 11.10 23.00 12.80 

Casting copper 14.65 11.00 22.00 12.70 

Sheet copper 20.25 16.50 27.50 18.75 

Lead (Trust price) 4.15 3.50 7.00 3.70 

Spelter 6.20 4.75 27.50 5.70 

Chinese & Jap. antimony. 18.00 5.30 40.00 13.00 

Aluminum, 98-99% 21.50 17.37% 60.00 18.75 

SiIver 59% 47% 56% 46% 

St. Louis. 

Lea <i 4.10 3.35 7.50 3.50 

Spelter 6.00 4.00 27.00 5.55 

Sheet zinc (f.o.b. smelter) 8.75 r.oo 33.00 9.00 

London. £ £ £ £ 

Standard tin, prompts 188 132 190 148% 

Standard copper, prompts . . 66% 49 86% 57% 

Lead 24 17% 30% 18% 

Spelter 31 % 1 10 28% 

Syver 27%d 23%rl 27%d 22Ad 



Range for 1916. Closing, 
High. Low. Feb. 29. 







1916. 


21.00 


20.00 


20.50 


18.50 


17.75 


18.50 


18.50 


18.50 


18.50 


19.75 


19.50 


19.75 


18.80 


18.80 


18.80 


18.00 


18.00 


18.00 


18.50 


18.50 


18.50 


15.00 


14.50 


1 5.00 


18.00 


17.25 


17.75 


15.75 


15.25 


15.75 


18.50 


17.50 


18.50 


15.50 


15.00 


15.50 


16.50 


16.00 


16.25 


1.25 


1.25 


1.25 


2.40 


1.90 


2.40 


2.41 


2.06 


2.41' 


2.25 


1.85 


2.25 


2.35 


1.85 


2.35 


2.25 


1.85 


2.25 


2.00 


1.75 


2.00 


2.60 


2.60 


2.60 


4.85 


4.75 


4.85 


4.00 


3.75 


4.00 


2.40 


2.10 


2.40 


74% 


78% 


74% 


5.00 


2.50 


3.50 


4.25 


3.75 


4.00 


50.00 


40.87% 


48.00 


28.50 


23.00 


28.37% 


28.50 


23.00 


28.37% 


27.00 


22.00 


26.87*4 


35.00 


28.00 


35.00 


6.30 


5.50 


6.30 


21.17% 


17.30 


20.67% 


45.00 


'41.00 


44.50 


63.00 


53.00 


62.00 


57% 


55% 


56% 


6.37J4 


5.45 


6.35 


21.00 


17.12% 


20.50 


25.00 


23.00 


25.00 


£ 


£ 


£ 


188 


17 2 


188 


108 


-»'■, 


105% 


33% 


29J4 


33% 


110 


88 


110 


-: fed 


26iJd 


26Hd 



I III SI KM ■ l> UK 1 \ I . |)|i,|..S[ 



Comparison Of Security Prices. 

Range for 1914. Range for 1915. Range for 1916. Closing. 

Railroads. High. Low. High. Low. High. Low. Feb. 29. 

1916. 

Atchison, Top. & Sante Fe... iik>.; 8 89J4 111% 92% 108% lOl^fj 103 

Atch. Top. & Santa Fe,. pfd. HH^ 96% 102% 96 in:.' ;i7% 101% 

Baltimore & Ohio 95% 67 96 63% 96 83 85% 

Canadian Pacific 320% LS3 194 138 183% 162% 167 

Chesapeake & Ohio 08 40 r,|i, 35% .ic,7 s , , t > • s gl 

Chicago, Mil. & St. Paul .... 107% 84% ioi% 77% L02% 93% 93% 

Erie R. .R 32% 20% 45-% 19% 4 3% 35 35% 

Great Northern, pfd 134% 111% 128% 112% 127% 119% 120% 

Lehigh Valley 156J4 118 83% 04% 83 74% 77% 

Louisville & Nashville 141% 125 130% 104% 130% 121% 121% 

Missouri, Kansas & Texas . . 24 8% 15% 4 7% 4% 5 

Missouri Pacific 30 7 18J4 1% 6% 4 4% 

New York Central 96% 77 110% 81% 111% 101% 103% 

N. Y., N. H. & Hartford 78 49% 89 43 77% 65% 67% 

Northern Pacific 118% 97 119 99% 118% 111% 112 

Pennsylvania R. R 115% 102%. 01% 51% 59% 55% 56% 

Reading 172% 137 85% 09% 84% 75% 83 

Rock Island 16% % 1%' % % % % 

Southern Pacific 99% 81 104% 81% 104% 96% 97% 

Union Pacific 164% 112 141% 115% 140% 130% 133% 

Industrials. 

Am. Beet Sugar 33% 19 72% 33% 71% 01% 65% 

American 35% 19% 08% 25 64% 56% 58% 

American Can, pfd 96 80 113% 89 113% 109% 110 

Am. Car & Foundry 53% 42% 98 40 78 63% 66 

Am. Cotton Oil 46% 32 04 .;'.! 57% 51% 52 

Am. Locomotive 37% 29% 74% 19 71% 60% 67% 

Am. Smelting & Refining 71% 50% 108% 50 113% 95% 97% 

Brooklyn Rapid Transit 94% 79 93 83% 88 84% 85% 

Chino Copper 44 31% 57% 32% 60 51% 55% 

Colo. Fuel & Iron Co 34% 29% 66% 21% 53 39% 41 

Consolidated Gas 139% 112% 150% 113% 144% 130% 131% 

General Electric 150% 137% 185% 138 178% 165 167% 

Interborough-Metropolitan .. 16% 10% 25 10% 20% 17 18 

International Harvester 113% 82 114 90 112% 108% 109 

Lackawanna Steel 40 26% 94% 28 86 72% 74% 

National Lead 52 40 70% 44 73% 64% 66 

Ray Consolidated Copper 22% 15 27% 15% 20 22% 24% 

Republic Iron & Steel 27 18 57% 19 55% 48% 49% 

Republic Iron & Steel, pfd... 91% 75 112% 72 111% 108 110 

Sloss-Sheffield 35 19% 66% 22 63% 53% 55 

Texas Co 149% 112 237 120 235% 190 198% 

U. S. Rubber 63 44% 74% 44 58% 47% 49% 

U. S. Steel Corporation 67% 48 89% 38 89 79% 82% 

U. S. Steel Corporation, pfd.. 112% 103% 117 102 118% 115% 116% 

Utah Copper 59% 45% 81% 48% 86% 77 83% 

Va.-Carolina Chem 34% 17 52 15 51 42 44% 

Western Union Telegraph . . . 00% 53% 90 57 92 87 87% 



THE STEEL AND METAL DIGEST 



March 





COMPOSITE 


STEEL. 






COMPOSITE PIG IRON 




Computation for Marc 


1 1, 1916. 




Computation for 


March 1, 1910. 




Poun 


ds. 


Group. 


Price. 


Extension. 


One 


ton Bessemer 






$20.50 


1% 




Bars 




2.25 


5.625 


Two 


tons basic, valley (18.50) 




37.00 


1/2 




Plates 




2.35 


3.525 


One 


ton No. 2 fou 


ndry, valley , 




18.50 






Shapes 




2.25 


3.375 


One 


ton No. 2 foundry, Philade 


Iphia 


19.75 


1% 




Pipe ( 


H-3) 


2.55 


3.825 


One 


ton No. 2 foundry, Buffalo 




18.25 


v/* 




Wire nails 


2.40 


3.600 


One 


ton No. 2 foundry, Clevelan 


d ... 


18.80 


1 




Sheets 


(28 bl.) 


2.60 


2.600 


One 


ton No. 2 fot 


ndry, Chicago . . . 


19.00 


. 




Tin plates 


4.00 


2.000 


Two 


tons No. 2 Southern foundry, 










. . 24.550 


Cincinnati (17.90) 




35.80 




One pound 

eraged from 
1912. 19 






2.4550 

ns: 
1915. 


1916. 


A\ 


'otal, ten tor 
One ton . , 






187.60 


Av 


daily quotatic 
3. 1914. 




.18.7 

ns: 


50 




eraged from 


daily quotatio 




Jan. 


1.51 


23 1.7737 1.5394 1.4554 


2.1410 




1912. 1913. 1914. 1915. 


1916. 


Feb. 


1.48 


78 1.7625 1.5 


794 1.4716 


2.2988 


Jan. 


13.420 17.391 13.492 13.070 


18.690 


Mar. 


1.47 


JO 1.7G46 1.5638 1.5098 




Feb. 


13.427 17.140 13.721 13.079 


18.564 


April 


1.5206 1.7742 1.5337 1.5357 




Mar. 


13.581 16.775 13.843 12.971 




May 


1.5590 1.7786 1.5078 1.5381 




Apri 


13.779 16.363 13.850 12 


.914 




June 


1.57 


34 1.7" 


19 1.4750 1 


5312 




May 


13.917 15.682 13.808 13.206 




July 


1.6188 1.7600 1.4805 1.5692 




June 


14.005 14.968 13.606 13.047 




Aug. 


1.67 


34 1.7400 1.5 


241 1.6059 




July 


14.288 14.5 


78 13.520 13.125 




Sept. 


1.7086 1.7093 1.5632 1.6506 




Aug. 


14.669 14.565 13.516 14.082 




Oct. 


1.7588 1.6779 1.5236 1.7264 




Sept. 


15.386 14.692 13.503 14.895 




Nov. 


1.7750 1.6203 1.4769 1.9089 




Oct. 


16.706 14.7 


37 13.267 15.213 




Dec. 


1.7 


'89 1.558 1.4 324 2 


0329 




Nov. 


17.226 14.282 13.047 16.398 




Year 


1.62 


11 1.7:. 


41 1.5 


182 1.62S0 




Dec. 
Year 


17.475 13.838 13.073 17.987 
14.823 15.418 13.520 14.150 




sc 


IRAP IRON & STEEL PRICES. 

[eltlng Bundled No. 1 R. R. No. 1 No. 1 Heavy 
8teel. Sheet. Wrought. Cast. Steel. Melt'g. 




ft 


UNFINISHED 


STEEL 






1914- 


Pitts. 


Pitts. 


Pitts. 


Pitts. 


Phlla. 


Ch'go. 




AND IRON BARS. 


May 


11.75 


9.10 


11.75 


12.25 


10.60 


10.00 




(Averaged from dally quotations.) 
Sheet 




June 


11.75 


9.10 


11.75 


12.25 


10.50 


9.80 




Billets, bars. 
Pitts. Pitts. 


Rods. — Iron 
Pttts. Phlla. 


bars, dellv. — 
Pitts. Ch'so. 


July 


11.75 


8.50 


11.75 


11.50 


10.60 


9.75 


1914— 








Aug. 


11.50 


8.50 


11.50 


11.25 


10.75 


9.75 


Sep. 


20.75 21.75 


26.00 1.18 


1.20 


1.07 


Sep. 


11.25 


8.70 


10.50 


11.25 


10.75 


9.25 


Oct. 


20.00 20.70 


26.00 1.14 


1.20 


1.01 


Oct. 


10.75 


8.50 


10.25 


11.25 


10.00 


9.00 


Nov. 


19.25 19.75 


25.00 1.13 


1.20 


.96 


Nov. 


10.10 


8.10 


10.25 


10.75 


9.25 


8.25 


Dec. 


18.75 19.25 


24.40 1.12 


1.20 


.91 


Dec. 


10.50 


8.50 


10.50 


11.00 


9.65 


8.40 


Year 


20.06 20.82 


25.50 1.20 


1.27 


1.07 


Year 


11.42 


8.52 


11.51 


11.71 


10.53 


9.55 


1915- 










1916- 














Jan. 


19.25 19.75 


24.80 1.12 


1.20 


.97 


Jan. 


11.40 


9.20 


10.75 


11.25 


10.30 


9.00 


Feb. 


19.25 19.75 


25.00 1.12 


1.20 


1.03 


Feb. 


11.70 


9.25 


10.75 


11.25 


10.70 


9.20 


Mar. 


19.30 19.80 


25.00 1.13 


1.20 


1.10 


Mar. 


11.80 


9.37 


10.75 


11.50 


10.85 


9.25 


Apr. 


19.50 20.00 


25.00 1.18 


1.20 


1.14 


Apr. 


11.65 


9.37 


10.75 


11.85 


11.10 


9.13 


May 


19.50 20.00 


25.00 1.18 


1.20 


1.15 


May 


11.65 


9.37 


10.75 


11.85 


11.25 


9.50 


June 


20.00f 20.50f 


25.00 1.20 


1.20 


1.17 


June 


11.75 


9.37 


10.75 


11.85 


11.25 


9.75 


July 


21.40f 21.90f 


25.75 1.32 


1.20 


1.20 


July 


12.62 


9.60 


11.00 


12.00 


11.85 


10.90 


Aug. 


23.50f 24.00f 


27.00 1.43 


1.25 


1.22 


Aug. 


14.05 


11.40 


12.25 


12.85 


13.70 


11.85 


Sep. 


2G.50f 26.00f 


29.75 1.49 


1.35 


1.30 


Sep. 


14.25 


11.90 


13.15 


13.10 


14.70 


12.15 


Oct. 


26.00f 26.00J 


31.50 1.57 


1.45 


1.38 


Oct. 


14.50 


12.00 


13.75 


13.35 


14.50 


12.00 


Nov. 


26.20f 26.50f 


36.00 1.72 


1.54 


1.51 


Nov. 


16.12 


12.55 


15.35 


13.90 


14.65 


13.95 


Dec. 


30.73f 30.73f 


39.50 1.99 


1.83 


1.69 


Dec. 


17.65 


13.15 


17.10 


14.95 


15.60 


15.25 


Year 


22.51 22.91 


28.28 1.37 


1.32 


1.24 


Year 


13.26 


10.54 


12.26 


12.40 


12.54 


10.99 


1916- 










1910- 














Jan. 


32.50f 32.50f 


42.00 2.24 


2.02 


1.79 


Jan. 


17.75 


13.40 


18.00 


15.10 


16.30 


15.60 


Feb. 


34.00f 34.00f 


48.00 2.41 


2.25 


1.92 


Feb. 


17.20 


13.00 


18.7 5 


15.35 


16.25 


15.75 


t Premium for open-hearth. 







6 IRON AND STEEL FOREIGN TRADE STATISTIC S. 

IRON AND STEEL IMPORTS AND EXPORTS. 



VALUE OF TONNAGE AND NON-TONNAGE. 

1910. 1911. 1912. 1913. 1914. 1915. 

January $14,513,394 $18,738,391 $18,451,914 $25,141,409 $16,706,836 $18,053,421 

February 13,949,082 18,690,792 21,801,570 24,089,871 16,520,260 16,470^751 

March 17,253,503 22,591,991 24,474,799 27,221,210 20,551,137 2o|985*505 

April 16,529,260 24,916,912 26,789,853 27,123,044 20,639,569 25i302,649 

May 17,658,042 20,616,795 28,050,247 26,718,970 19,734,045 26,536!ei2 

June 16,503,204 20,310,053 24,795,802 25,228,346 18,927,958 31^757403 

July 16,108,102 17,454,772 24,917,952 24,170,704 16,737,552 3539L575 

August 17,628,537 20,013,557 25,450,107 23,947,440 10,428,817 37,726322 

September . . . 16,776,178 19,875,308 23,286,040 22,831,082 12,531,102 38'4is|l80 

October 17,452,085 20,220,833 25,271,559 25,193,887 16,455,832 43'o02|741 

November ... 18,594,806 20,823,061 26,406,425 20, 142, 141 15,689,401 48,056'220 

December ... 18,300,710 22,186,996 23,750,864 22,115,701 14,939,613 45,'825,'277 

Totals ... $201,271,903 $249,656,411 $289,128,420 $293,934,160 $199,861,684 $388,703,720 

EXPORTS OF TONNAGE LINES— Gross tons. 

1908. 1909. 1910. 1911. 1912. 1913. 1914. 1915. 

January 74,353 70,109 118,681 152,362 151,575 249,493 118,770 139,791 

February 81,773 84,837 110,224 150,919 204,969 241,888 121,206 144,366 

March 96,681 94,519 124,980 216,360 218,219 257,519 159,998 174,313 

April 93,285 100,911 117,921 228,149 267,313 259,689 161,952 223,240 

May 64,041 109,808 135,306 178,589 307,656 242,353 139,107 263,649 

June 69,770 114,724 120,601 174,247 273,188 243,108 144,539 355,402 

July 86,796 100,850 127,578 162,855 272,778 237,159 114,790 378,897 

August 86,244 105,690 131,391 177,902 282,645 209,856 86,599 405,853 

September 76,732 97,641 119,155 181,150 248,613 213,057 96,476 381,917 

October 85,766 110,821 129,838 186,457 251,411 220,550 147,293 350,955 

November 71,130 116,105 155,138 187,554 233,342 175,961 140,731 362,766 

December 77,659 137,806 150,103 190,854 235,959 181,715 117,827 353,840 

Totals 961,242 1,243,567 1,540,895 2,187,724 2,948,466 2,730,681 1,549,543 3,532,432 





IRON 


ORE IMPORTS 




1912. 


1913. 


1914. 


Jan. . . 


154,118 


175,463 


101,804 


Feb. . 


129,693 


188,734 


112,574 


Mar. . 


157,469 


164,865 


68,549 


April . 


178,502 


174,162 


111,812 


May . 


194,482 


191,860 


125,659 


June . 


. 180,122 


241,069 


188,647 


July . 


. 185,677 


272,017 


141,838 


Aug. . 


178,828 


213,139 


134,913 


Sept. . 


180,571 


295,424 


109,176 


Oct. . 


202,125 


274,418 


114,341 


Nov. . 


163,017 


179,727 


90,222 


Dec. . 


199,982 


223,892 


51,053 



1915. 

75,2«6 

78,773 

88,402 

91,561 

98,974 

118,575 

119,468 

126,806 

173,253 

138,318 

113,544 

118,321 



Totals 2,104,576 2,594,770 1,350,588 1,341,281 



Jan. 

Feb. 

Mar. 

April 

May 

June 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 



IRON AND STEEL 

1911. 1912. 1913. 

33,071 20,008 21,740 

20,812 11,623 25,505 

23,533 15,466 27,467 

22,392 12,481 25,743 

23,347 15,949 28,728 

29,399 21,407 36,597 

15,782 17,882 36,694 

10,944 20,571 18,740 

14,039 18,740 19,941 

21,035 25,559 20,840 

13,880 24,154 25,809 

19,665 21,231 26,454 



IMPORTS. 

1914. 1915. 

17,776 10,568 

14,757 7,506 

27,829 8,035 

30,585 16,565 

28,173 28,916 

23,076 32,200 

25,282 20,858 

28,768 27,556 

38,420 23,344 

22,754 34,319 

24,165 37,131 

9,493 35,455 



Total 256,903 225,072 317,200 289,778 282 443 



110 



THE STEEL AND METAL DIGEST 



CAR BUYING. 

Freight cars ordered: 

First half 1913 114,000 

Second half 1913 33,000 

Year 1913 147,000 

First half 1914 11,380 

Second half, 1914 : 

\ ear, 1914 80,000 

1915— 

January 3,300 

February 4,255 

March 1,287 

April 3,000 

May 20,210 

June 29.864 

Six months 61,916 

July 5,675 

August 4,625 

September 5,060 

October 26,939 

November 19,863 

December 7,055 

Six months 69,217 

Year 1915 131,133 

1916— 

January 21,337 

February 13,043 

PIG IRON PRODUCTION. 

Rates per annum, including charcoal p ; g. 

May 1914 25,000,000 

June 23,650,000 

July 23,350,000 

August 23,600,000 

September 23,200,000 

October 21,200,000 

November 18,700,000 

December 18,100,000 

January, 1915 19,100,000 

February 22,100,000 

March 24,600,000 

April 26,000,000 

May 26,800,000 

J une 29,250,000 

July . ; 30,300,000 

August 31,800,000 

September 35,000.000 

October 37,100,000 

November 37,350,000 

December 38,000,000 

January, 1916 37.850,000 

On February 1st 39,000,000 

Actual production: 

19 1 27,303.507 

1913 30,966,152 

1914 23,332,244 

,.,,.-, 29.910.213 



OUR FOREIGN TRADE. 

Value of merchandise imports and ex- 
ports, and favorable trade balance, calendar 
years. 

Imports. Exports. Balance. 

1902 989,316,870 1,360,685,933 391,369,063 

1903 995,494,327 1,484,753,083 489,258,756 

1904 1,035,909,190 1,451,318,740 415,409,550 

1905 1,179,144,550 1,626,990,795 447,846,245 

1906 1,320,501,572 1,798,243,434 477,741,862 

1907 1,423,169,820 1,923,426,205 500,256,385 

1908 1,116,374,087 1,752,835,447 636,461,360 

1909 1,475,520,724 1,728,198,645 252,677,921 

1910 1,562,904,151 1,866,258,904 303,354,753 

1911 1,532,359,160 2,092,526,746 560,167,586 

1912 1,818,133,355 2,399,217,993 581,084,638 

1913 1,792,596,480 '2,484,018,292 691,421,813 

1914 *l,789,276,O01 2,113,624,059 324,348,049 

1915 1,772,309,538 *3, 550,915, 393 *1, 778,605, 855 
1913— 

163,404,916 32,159,039 

160,990,778 21,929,008 

187,909,029 50,257,467 

218,240,001 47,155,158 

271,861,464 138,912,162 

245,539,042 97,302,506 

233,195,628 49,170,057 



131,245,877 
139,061,770 
137,651,553 
171,084,843 
132,949,302 
148,236,536 
184,025,571 



June 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 

1914- 

Jan. 

Feb. 

Mar. 

April 

May 

June 

July 

Aug. 

Sept 

Oct. 

Nov. 

Dec. 

1915- 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 

1916— 

Jan. *184,192,299 

* High record. 

t Balance unfavorable 



154, 742,923 
148,044,776 
182,555,304 
173,762,114 
164,281,515 
157,529.450 
150,677,291 
129,767,890 
139,710,611 
137,978,778 
126,467,062 
114,656,545 

122,265,267 
125,123,391 
158,022,016 
160,576,106 
142,284,851 
157,695,140 
143,099,620 
141,830,202 
151,236,026 
148,529,620 
1 ill.:; 19.169 
171.S41.665 



204,066,603 49,323,680 

173,920,145 25,875,368 

187,499,234 4,943,930 

162,552,570 +11,209,544 

161,732,619 +2,548,896 

157,072,044 f457,406 

154,138,947 t5,538,344 

110,367,494 tl9,400,396 

156,052,333 16,341,722 

195,283,852 57,305,074 

205,878,333 79,411,271 

245,632,558 130,976,013 

267,801,370 145,536,103 

298,727,757 173,604,366 

296,501,852 138,479.836 

294,746,117 134,170,011 

273,769,093 131,484,242 

268,547,416 110,852,276 

267,978,990 124,879,370 

261,025,230 119,195,028 

300,676,823 149,440,796 

334,638,578 186,108,958 

331,144,527 166,825,358 

♦359,301,274 *187,459,609 

335,535,303 151,343,004 



I '.1 1 6 



IRON AND STEEL SI ATIST1CS 



STEEL MAKING PIG IRON 
AVERAGES. 

Bessemer and basic pig iron avei i ;< 
compiled by W. P Snyder & Company from 
sales in the valley market of 1,000 tons and 
over. Bessemer. Basic, 

1915. 1910. 1915. 1916, 
Jan. .. $13.6373 $20,643 $12.50 $17,833 

Feb. . 13. Co 30.2136 12.50 L7.984 

Mar. .. 13.60 12.50 

April . . 13.60 L2.50 

May .. 1,3.039 13.65 

June .. L3.75 12.72-1 

July . . 13.991 13.959 

Aug. .. 15.064 14.364 

Sept. . . 15.900 15.00 

Oct. . . 16.00 15.0147 

Nov. .. 16.615 15.518 

Dee. .. 19.021 17.487 

Year . . 14.870 13.810 

Above prices are f.o.b. valley furnace; de- 
livered Pittsburgh is 95 cents higher. 

BAR IRON AVERAGES. 

Average realized prices on shipments of 
base sizes of common iron bars by the Re- 
public Iron & Steel Company, Union Roll- 
ing Mill Company, Fort Wayne Rolling 
Mill Company and Highland Iron & Steel 
Company, as disclosed by wage adjustments 
of Amalgamated Association of Iron, Steel 
and Tin Workers, prices realized in bi- 
monthly periods, governing wage rates for 
succeeding two months. 

1913. 1914. 1915. 

January-February. 1.4831 1.1590 1.024 

March-April 1.5430 1.176 1.087 

May-June 1.5272 1.1257 *1.10 

July-August 1.5029 1.0928 *1.15 



I'.l.:. mil. PH., 

September-October 1.3931 1.0817 *1.20 

November-Dec'ber 1.2030 1.037 *1.30 

S ear's average .... 1.1 121 1.1 125 1.11 

f Settlement basis. 



TIN PLATE MOVEMENT , 

United States imports and exports of tin 
plate in gross tons have been as follows, 
the imports of course including those for 
drawback purposes: Imports. Exports. 

1909 62,593 9,327 

1910 66,640 12,459 

1911 14,098 61,466 

1912 2,053 81,694 

1913 20,680 57,812 

1914 15,411 59,549 

1915 2,350 154,541 

January, 1915 1,608 7,014 

February 265 5,834 

March 53 10,500 

April 44 9,084 

May 24 7,218 

June 75 8,024 

July 71 13,845 

August 50 21,939 

September 31 22,262 

October 15 16,923 

November 54 15,538 

December 61 16,972 

British tin plate exports have been as fol- 
lows, in gross tons: 

1913 494,931 

1914 435,497 

1915 ■ 368,602 

January 1916 26,271 







BRITISH IRON AND STEEL EXPORTS. 






1914— 


Pig Iron 


Rails. 


Tin Plate 


Total.* 


June . . 39,127 


23,728 


33,986 


272,195 


July . 


74,617 


43,133 


47,237 


385,301 


July . . 78,370 


33,324 


39,528 


351,984 


Aug. . 


28,342 


23,763 


21,414 


211,005 


Aug. . . . 73,283 


32,962 


22,572 


295,260 


Sept. . 


37,793 


39,185 


23,440 


238,992 


Sept. . . 53,068 


15,800 


20,002 


249,501 


Oct. . 


47,188 


37,005 


26,950 


263,834 


Oct. . . . 78,973 


13,640 


31,968 


312,141 


Nov. . 


. 49,666 


16,181 


30,942 


240,008 


Nov. .. 86,109 


12,760 


25,556 


308,219 


Dec. . 


31,705 


16,315 


30,254 


212,667 


Dec. . . 74,892 


9,937 


30,641 


259,782 


Year 


. 780,763 


433,507 


435,392 


3,972,348 


Year .. 611,617 


242,289 


368,602 


3,250,299 


1915— 










1916— 








Jan. . 


21,138 


2 Mil 


29,210 


230,204 


Jan. .. 78,271 


3,151 


26,271 


292,203 


Feb. . 


21,934 


14,877 


25,101 


198,804 


* Includes scrap, pig iron, rolled 


iron and 


Mar. . 


20,172 


17,573 


36,170 


239,342 


steel, cast and w 


rought iron mam 


factures, 


April . 


. 35,209 


21,002 


40,135 


264,244 


bolts, nuts, etc., but not fi 


nished machinery, 


May . 


39,342 


21,776 


33,737 


267,524 


boiles, tools, etc. 









THE STEEL AND METAL DIGEST 



Tin in February. 



There were many interesting episodes in 
the merchandising of tin in February with 
some dramatic developments toward the 
close of the month. A strong tone pre- 
vailed in the main, although there were fre- 
quent re-actions and the net result of the 
fluctuations in prices was an advance of 5c 
to 6c per pound on nearby positions and 
3c to 4c per pound on future deliveries in 
New York. The foreign markets also were 
strong and higher with a net advance of 
£10 10s on spot Straits tin and a rise of 
£8 5s to £8 10s on standard tin at Lon- 
don. The Singapore market shadowed Lon- 
don more or less closely with a net ad- 
vance of £9 5s for spot metal. 

Apparently, there was small interest tak- 
en by the majority of consumers when 
the month opened but some of the larg- 
est melters were attracted by the low lim- 
its from the Far East for late future de- 
liveries. Consumption throughout the 
United States was unusually heavy and 
with the tin plate mills was record-break- 
ing, but the larger supplies were ample to 
meet current requirements. The trade, how- 
ever lived in constant expectancy of startl- 
ing new phases resulting from the war. A 
sudden change in market prices is always 
a possibility in tin but recently American 
consumers have been less inclined to act 
precipitously upon sensational reports con- 
cerning tin-laden ships passing through the 
war zone. One specific instance may be 
mentioned of the Takata Maru in collision 
with the Silver Bell off Cape Race early in 
the month; both these vessels were re- 
ported to have been sunken with their 
cargoes, including 50 tons of tin, but the 
metal was subsequently safely landed in 
New York. The Appam incident is an il- 
lustration also, of what may happen to al- 
most any merchant ship in the Atlantic. For 
this reason a much larger proportion of 
tin- tin destined to American consumers is 
coming by way of the Pacific. 

According to foreign advices there were 
some fair sales at the Straits prior to the 
Chinese New War holidays when the out- 
put of the mines was reduced. These sales 
included some Banca and Billiten as well as 
Straits, purchases being made by Russia for 
early shipment to Vladivostock. 



During the first week of the month there 
were only fractional changes in prices and 
buying of all positions was very light. For- 
eign limits of 40c for June and July ship- 
ments from the Straits became increasing- 
ly interesting to large consumers and, about 
the tenth of the month, when July and 
August had dropped to 39^4c, a large vol- 
ume of business was developed with liber- 
al purchases of all future deliveries from 
March to August, inclusive. The buying 
continued for several days with interest ex- 
tending to spot and ex steamships at dock. 
Buying, apparently, was well timed as sell- 
ers were inclined to meet the views of 
buyers and purchases were made without 
unduly exciting the market. The increased 
buying both before and after the February 
12th holiday, developed higher prices both 
at London and the Straits; upward of 600 
tons were bought in Singapore for Ameri- 
can account influencing prices at that point. 
It is estimated tiiat between the tenth and 



TIN PRICES IN FEBRUARY. 

New York. London - 

Day. Cents. £ s d £ 

1 41.80 179 10 180 

2 41.25 178 15 179 

3 41.25 178 5 178 

4 41.62J4 180 180 

7 41.50 179 15 179 

8 41.25 179 10 179 

9 41.25 179 15 179 

10 41.25 179 10 179 

11 41.25 180 179 

14 41.75 181 180 

15 42.25 182 10 182 

16 42.12J4 182 182 

17 42.00 181 181 

18 42.00 180 180 

21 42.25 180 5 180 

22 180 180 

23 42.62"^ 181 5 181 

24 43.25 182 182 

25 44.IMI 184 184 

28 50.00 186 5 186 

29 48.00 188 188 

High ... :.o.iio 188 9 188 

Low 41.25 178 5 178 

Average . 42.034 181 2 3 181 



5 
10 <> 



10 O 
10 





















5 





5 





10 





15 





15 





15 





10 





10 





15 





6 


2 



I IN SI ATI M [( S. 



119 





VISIBLE SUPPLIES. 




Visible supi> 


y of tin 


at end 


af each 


nontli ; 




L912. 


1913. 


1914. 


1915. 


1910. 


Jan. 


16,707 


13,971 


16,244 


13,901 


17,041 


Feb. 


1 1,996 


12,304 


17,308 


14,548 


16,511 


Mar. 


15,694 


11,132 


16,989 


15,467 




April 


1 1,893 


9,822 


15.447 


15,785 




May 


14,345 


13,710 


17,862 


14,646 




June 


12,920 


11,101 


16,027 


15,927 




July 


13,346 


12,063 


14. 1(57 


16,084 




Vug. 


11,285 


11,261 


14, 452 


15,127 




Sept. 


13,245 


12,943 


14,613 


15,191 




Oct. 


10,735 


11,857 


10,894 


13,154 




Nov. 


12,348 


14,470 


11,483 


16,451 




Dec. 


10,977 


13,893 


13,396 


16,216 




Av'ge 


13,207 


12,377 


14,907 


15,208 





SHIPMENTS FROM THE STRAITS. 

Monthly shipments of tin from the Straits 

Settlements to Europe and United States: 

1912. 1913. 1914. 1915. 1916. 

Jan. 4,018 6,050 5,290 5,200 6,095 

Feb. 5,260 4,660 6,520 5.584 6,250 

Mar. 5,150 4,810 4,120 4,970 

April 4,290 4,400 4,930 5,270 

May 5,760 6.160 6,900 6,759 

June 4,290 4,280 5,870 6,665 

July 4,580 4,770 4,975 5,606 

Aug. 5,210 6,030 3,315 4,712 

Sept. 5,430 5,160 4,973 5,296 

Oct. 4,450 5,020 4,610 4,441 

Nov. 5,600 5,560 5,155 6,713 

Dec. 4,980 5,110 6,435 5,301 

Total 59,018 62,550 63,093 66,517 

Av'ge 4,918 5,213 5,258 5,543 

CONSUMPTION IN THE U .S. 

Monthly deliveries of tin in the United 
States exclusive of Pacific Coast: 

1912. 1913. 1914. 1915. 1916. 

Jan. 3,700 3,700 3,600 2,300 4,452 

Feb. 4,050 3,500 3,300 3,375 6,388 

Mar. 4,000 5,900 4,450 3,200 

April 5,400 3,450 4,300 3,200 

May 4,250 3,350 3,800 5,600 

June 2,850 3,800 3,650 3,900 

July 5,150 3,900 3,900 5,300 

Aug. 4,300 3,600 2.900 4,500 

Sept. 3,600 3,100 3,600 4,300 

Oct. 3,850 3,700 3,700 4,900 

Nov. 4,300 2,800 2,600 2,975 

Dec. 4,050 3,100 1,900 5,200 

Total 49,500 43,900 41,700 48,750 

Av'ge 4,125 3,658 3,475 4,062 



MONTHLY TIN STATISTICS. 
Compiled by New York Metal Exchange. 
Feb. Jan. Feb. 
Straits shipments 1916. 1916. 1915, 

Vo < .r. Britain. . 3,015 1,540 3,254 

" Continent .. 1,145 350 625 

U. S 2,090 4,205 1,705 



Total from Straits 6,250 6,095 5,584 



Australian shipments 
To Gr. Britain . . 316 
" U. S nil 



324 
nil 



377 



Total Australian 316 324 377 

Consumption 

London deliveries 1,183 1,377 3,378 

Holland deliveries 57 27 

U. S 6,388 4,452 3,375 

Total 7,571 5,886 6,780 

Stocks at close of month 

In London — 

Straits, Australian 974 1,165 1,721 

Other kinds 1,607 1,940 272 

In Holland 17 

In U S 1,308 2,401 2,046 

Total 3,906 5,506 4,039 

Afloat, close of month 

Straits to London. 4,645 2,129 5,217 

" to U. S. . . 6,703 8,315 3,365 

Banca to Europe. . 1,257 1,091 1,927 

Total 12.605 11,535 10,509 

Feb. 29, Jan. 31, Feb. 28, 

Total visible 1916. 1916. 1915. 

supply 16,511 17,041 14,548 

STRAITS TIN PRICES IN NEW YORK. 

1912. 1913. 1914. 1915. 1916. 

Jan. 43.24 50.45 37.74 34.30 41.88 

Feb. 43.46 48.73 39.93 37.32 42.63 

Mar. 42.86 46.88 38.08 48.93^ 

Apr. 44.02 49.12 36.10 47.98 

May 46.12 49.14 33.30 38.78 

June 47.77 44.93 30.65 40.37 

July 44.75 40.39 31.75 37.50 

Aug. 45.87 41.72 50.59^ 34.39 

Sept. 49.18 42.47 32.79 33.13 

Oct. 50.11 40.50 30.39^ 33.08 

Nov. 49.90 39.81 33.50 39.37J4 .... 

Dec. 49.90 37.64 33.60 38.75 

Year 46.43 44.32 35.70 38.66 



120 



THE STEEL AND METAL DIGEST. 



March 



fifteenth of February, American buyers pur- 
chased between 2,500 and a, 000 tons here 
and abroad, causing an advance of from 
if 1 ii nd on the various posi- 

During this peri I (here were reports of 
- difficulty of securing permits 
oi direct shipment from the Straits to 
the United States; however, nearly two- 
thirds of the tin shipped in January came 
by way of the Capes or by the Pacific 
I >cean to escape the heavy war insurance 
charged by way of London — now about 5% 
for ships coming through the danger zone. 
With a lull in buying an easier tone was 
developed here and at London. 

On the 16th instant the partial destruc- 
■ f the s. s. Bolton Castle by fire at 
in Brooklyn, while loading ammuni- 
tion, is an illustration of the constant dan- 
ger to wdiich tin-carrying ships are exposed, 
but this vessel had discharged its cargo 
before the mishap. There was a sharp drop 
in prices on February 18th, at Singapore, 
and a moderate recession at London, but 
the re-action failed to stimulate buying here. 
The large consumers whose purchases had 
caused the previous advance in the market 
: nd who later withdrew, were much im- 
pressed by the failure of the market to 
hold the advance and consequently lacked 
courage to again inaugurate a buying move- 
ment, anticipating a further decline. 

On February 21st. an interesting cable 
from London announced the purchase of 
some Banca tin by France and 300 tons 
Straits tin by the L T . S. Government for the 
Navy Department. It was subsequently 
learned that this tin was contracted for in 
London by the American Embassy through 
Boiling & Lowe at £183 f.a.s. Singapore 
for March and April shipment. The Amer- 
ican Government will utilize U. S. colliers, 
on their return trips from the Phillipines. 
The tin will be brought to New York and be 
distributed from here. If this tin were car- 
ried by merchant vessels the freight rate 
would be about £8 and the war and marine 
insurance about £3 to £4 additional. Thus 
the Government will make a large saving 
by utilizing its own ships. It is understood 
that the tin will cover the requirements of 
the Government for the balance of the cal- 
endar year. 

An effort to sell future deliveries at con- 

■.■ic per pound under 

foreign limits, prior to Washington's birth- 



day, failed to bring any important increase 
in business. The advance abroad, during 
the holiday here, apparently was made to 
impress American consumers and to devel- 
op more interest at rising prices. Sales 
were not large hut there was a better de- 
mand for March to July in 25 ton lots. Im- 
porters and dealers were holding nearby 
positions more firmly because of the rela- 
tively small tonnages to arrive in the United 
States during March but there was a fair 
business done in July and August deliver- 
ies at 4024c. Large importers however, 
were not inclined to sell any deliveries be- 
fore June. It is understood that about 
2,000 tons to make March delivery, are 
coming by way of the Pacific coast as the 
saving in ocean freight more than offsets 
the extra overland rail freight. Much of 
this tin from the Pacific coast will go di- 
rect to Pittsburgh. 

On February 25th, there was a sudden 
and sharp rise in the foreign markets and 
a stronger tone here, with light offerings 
of March, April and May positions by deal- 
ers and importers, but consumers held 
aloof. Spot tin at New York was especially 
strong and difficult to buy even at 40c. On 
February 26th, there were large sales in 
the East Indies, estimated at 650 tons, fol- 
lowed by an advance of £2 15s at Singa- 
pore. These transactions were somewhat 
mysterious. American consumers did not 
buy but apparently operators were prepar- 
ing for the extraordinary situation that 
developed during the closing days of the 
month. The difficulty of securing tin from 
London, which had previously been pur- 
chased by American interests, indicated an 
inadequate supply to meet February con- 
tracts, consequently several buyers were 
forced into the open market to secure spot 
tin and. as the supply was concentrated in 
a few hands, the stringency was expressed 
in a sharp rise on spot which was little less 
than a squeezing of the short interests. 

On February 28th, sales were made early 
in the day at 45c but on call at the Metal 
Exchange, 50c was bid. In the afternoon, 
however, there were offerings at 48c in the 
open market. About 800 tons of the stocks 
in store at the close of the month — 1,300 
tons — were held by consumers. Ir ordinary 
times re-sales would have been made by 
consuming interests, thus readjusting the 
forced advance, but, under the agreement 
now in force between the British authorities 
and American consumers, no tin purchased 



1 9 1 6 



1 I \l> 1\ I EBR1 AKY. 



foi i onsumption ran be re sold. \ little 
over 500 tons of tin in stock at New v > ork, 
ami output is controlled by several large 
importers and dealers which they refuse to 
sell even for March delivers except at ex- 
ceptionally high prices claiming that the 
metal was needed to meet March obliga- 
tions and that the light prospective arrivals 
in March would not allow the replacing of 
tin sold, in time to meet contracts. The ex- 



citement u hii li was e\ idei i a U n daj • 

u.in confined aim. .si entirelj to operators, 
consumers remaining aloof ami av 
de\ elopments. 

\l tin close of the in. mill spot i iii ,, .i . 
held at 4Sc. March was difficult to Inn m, 
dor 46c, April was nominally held at n i 
May at 13J ■> . June a1 13| s c ami later posi 
tions at 12 to I " < per pound. 



Lead in February. 



Lead was active and strong throughout 
February with large domestic and foreign 
contracts placed at higher prices. The 
Trust price was advanced 20 points on spot 
but the outside market rose 40 points, the 
Trust price being 6.30c against sales in the 
open market at (i.JOc at the close of the 
month. On the first of February the Trust 
and outside prices were each 6.10c for 
prompt shipment. 

It is a significant fact, that while the 
price made by the American Smelting & 
Refining Company does not affect current 
buying outside of its own obligations, it 
does have a far-reaching influence by 
governing contracts for metal and for ore 
made on a sliding scale basis. It was pain- 
fully evident throughout the month that the 
largest interests announced advances in 
prices very reluctantly and even grudging- 
ly. The foreign market too. for several 
days, early in the month, failed to reflect 
the strength and activity existing in the 
Cnited States; even late advances were 
made hesitatingly, but the result of the 
month's fluctuations was a rise of £l 7s 6d 
on spot and an advance of £2 2s 6d on 
future deliveries. 

The month opened with the foundation 
of the market firmly established, as produ- 
cers were well booked, heavy deliveries 
were being made to home consumers, little 
metal was available from second hands, 
and a good demand from foreign consum- 
ers was evident. During the first week, al- 
though the English market receded some- 
what, slight premiums were obtained here 
on both domestic and foreign sales in the 
open market. Subsequently London re- 
sponded, followed by additional large buy- 
ing in the United States for both domestic 
and foreign shipment covering prompt and 
future deliveries. 



On February 9th, the American Smelting 
& Refining Company advanced its price 
$:', per ton; that is, from 6.10c to 6.25c New 
York, for shipments from the West in 50 
ton lots; the East St. Louis price was ad- 
vanced to 6.17J/£c per pound for spot. The 
recognized strength in the refined metal 
was quickly followed by an advance in the 
price of ore in the Joplin district to $S4 pet- 
ton fur 80% ore. Further liberal transactions 
in pig lead, especially for export, led to an- 
other advance of $1 per ton on February 
16th, by the American Smelting & Refin- 
ing Company to 6.30c for prompt shipment 
from the West and 6.22^<c at East St Louis. 
The English market, however, continued 
relatively easy for several days but without 
in any way jeopardizing the increasing 
strength in the domestic industry. 

As was to be expected, the rising market 
for the metal caused another advance of 
$2 per ton on lead ore in the mining dis- 
tricts. In fact, some sales were made as 
high as $88 which was an advance of $4 
per ton. All of the small lots of ore avail- 
able were eagerly absorbed. Indeed, it 
was the strongest market experienced in 
the ore districts for many years. Most of 
the mine output was under contract and 
it was difficult, if not almost impossible, 
to obtain round tonnages at any price. 

The domestic market for pig lead con- 
tinued very strong with premiums of from 
.'. to Hi points made for prompt shipment 
to home consumers while on the r* 5 1 h of the 
month large export sales were made at 6.50c 
per pound for shipments to the Far East as 
well as to Europe. London reported a 
scarcity of spot metal with the English ex- 
port trade almost suspended due to the dif- 
ficulty of securing permits to make foreign 
shipments as well as to the inadequate sup- 
ply. During the last two days of the month 



THE STEEL AND METAL DIGEST. 



March 



the American Smelting & Refining Com- 
pany refused to make sales at its nominal 
asking price of 6.30c but additional con- 
tracts were made in the open market at 
6.50c tor prompt shipment and for March 
delivery. London responded by another 
advance on all positions, and the close was 
strong here, as well as abroad, with the ten- 
dency toward still higher prices. 

The annual report of the St. Joseph Lead 
Company, made February 23rd, clearly re- 
flects the prosperity enjoyed by the lead 
producers last year, the net profit being $4,- 
V The revival in the industry about 
the middle of March 1915 was reflected in 
a resumption of productive activities pre- 
viously suspended. Curtailment of output 
had been necessary during the fourth quar- 
ter of 1914, but the smelter has been run 
to the limit of capacity since last June and 
the desilverizing plant, which was finished 
early in the year, was put into operation, 
last December. 

Since March 1st large sales at still higher 
prices have been made for export and for 
domestic consumption. 



LEAD PRICES 
New York 

Day. Cents. 

1 '-,. l :. 

2 6.15 

3 6.15 

4 6.15 

: 6.15 

8 6.15 

9 6.25 

10 6.25 

11 6.25 

14 6.25 

15 6.25 

16 6.30 

17 6.30 

18 6.30 

21 6.30 

22 

23 . 6.32 

24 6.35 

25 6.45 

28 6.45 

2« 6.50 

High 6.55 

Low 6. It) 

Average . . . 6.271 

* Outside market. 



IN FEBRUARY. 
* St. Louis. London. 
Cents. £ s d 



6.00 
6.00 
6.02 J4 

6.02 J4 

6.02^ 

6.17K- 

6.15 

6.15 

6.17*4 

6.17*4 

6.22^ 

6.22^ 

6.2214 

6.22 K' 

6.25 
6.27J4 

6.32 y 2 

G.32>/> 
6.35 

6.37J4 

6.00 

6.167 



31 15 

31 10 

31 

31 

31 5 

32 

31 15 

32 
32 2 6 



32 2 6 

32 

32 

32 

32 11 11 

32 5 

32 5 

32 7 6 

32 17 6 

33 2 6 

33 2 6 

31 

31 19 9 



LEAD (Monthly Averages.) 

New York* St. Louis 

1914. 1915. 1916. 1914. 1915. 1916. 



Jan. 4.11 

Feb. 4.06 

Mar. 3.97 

Apr. 3.82 

May 3.90 

June 3.90 

July 3.90 

Aug. 3.90 

Sep. 3.86 

Oct. 3.54 

Nov. 3.68 

Dec. 3.80 

Av. 3.87 



3.74 5.92H 3.99J4 3.57 



3.82 

4.03 

4.19 

4.23J4 

5.86 

5.74 

4.75 

4.62 

4.59J4 

5.15 

5.34J4 

4.67*4 



6.23 



3.95 

3.80 
3.70 
3.81 
3.80 
3.75 



3.72 
3.98 
4.11 
4.16 
5.76 
5.52 



5.80 

6.17 



3.7314 4.59 
3.67 4.53 



3.39 

3.58 
3.67 

3.74 



4.51 
5.07 
5.261/$ 

4.57 



* Trust price. 



LEAD PRICE CHANGES. 

The changes in the Trust price at New 
York since June 10, 1915, have been as 

follows : 

June 11, 1915 6.50 

June 12 Advanced .50c to 7.00 

June 17 Reduced .75c to 6.25 

June 18 " .25c to 6.00 

June 19 " .25c to 5.75 

July 30 '• .25c to 5.50 

August 2 " ,25c to 5.25 

August 7 " .25c to 5.00 

August 9 " .25c to 4.75 

August 10 " .25c to 4.50 

August 25 Advanced .10c to 4.60 

August 26 " .10c to 4.70 

August 27 " .20c to 4.90 

September 9 Reduced .20c to 4.70 

September 14 " .20c to 4.50 

October 21 Advanced .25c to 4.75 

October 29 " .15c to 4.90 

November 4 " ,10c to 5.00 

November 10 .15c to 5.15 

November 15 .10c to 5.25 

December 14 " .15c to 5.40 

December 31 " .10c to 5.50 

January 4. 1910 .25c to 5.75 

January 7 " .15c to 5.90 

January 21 " .20c to 6.10 

February 9 .15c to 6.25 

February 16 " .05c to 6.30 

March 3 " .10c to 6.40 

March 7 " ,20c to 6.60 



COPPER IN FEBRU \k\ 



Copper in February. 



Copper continued phenomenally strong 
throughout February, although there was a 
reaction at London late in the month — the 
first since the middle of December — with an 
easier undercurrent on nearby positions in 
this country. The net advance in price at 
New York was 2c to 2l/ 2 c per pound while 
the net result of fluctuations at London, 
was a rise of £10 10s on spot Electrolytic. 
Standard, was more or less erratic with vio- 
lent fluctuations but the net result was an 
advance of £10 10s on spot, and £9 10s 
on futures. 

The prices prevailing for copper to-day 
are the highest since 1873; that is, during a 
period of 43 years. Prior to 1873, Lake 
copper which was then the standard, sold 
at various times between 27c and 55c per 
pound. The highest price ever recorded 
was 55c in 1864; the next highest price was 
50J4C in 1865; 42c was the top price touch- 
ed in 1866, 44c was the maximum in 1872 
and 35c was the pinnacle in 1875. Previous 
to 1883, interest was almost entirely cen- 
tered in Lake copper as from 67 to 95% of 
the production was in the Lake Superior 
region. Electrolytic copper is the standard 
to-day, and has steadily gained in favor 
since 1883 when Montana and Arizona first 
became factors in the production of copper 
ore. 

Buying of refined copper in February 
was largely confined to May and June de- 
liveries although early in the month con- 
siderable April Electrolytic was sold to do- 
mestic consumers and later, some liberal 
contracts for third quarter delivery were 
closed. A few important orders, mainly for 
export, were also taken for shipment over 
the last three months of the year; one con- 
tract for 12,000,000 pounds was reported as 
high as 2ey 2 c late in the month. Sales of 
April, May and June, ranged from 25J^c 
to 27y 2 c; July, August and September from 
25e to 27c and October, November and 
December from 24c to 26'/ 2 c, the outside 
prices prevailing at the close of the 
month. For nearby delivery, business was 
of much smaller volume, necessarily, as 
such requirements of consumers were well 
covered during January while producing in- 
terests, generally, reported capacity sold, 
through April and May. Toward the close 



"i the month, however, the higher prices 
prevailing brought out larger offerings of 
February and March deliveries with scc- 
"li.l hands shading producers' prices from 
Vi,z to -)4c per pound; the large selling in- 
terests also found some surplus for Febru- 
ary and March delivery al 28c i<> ''s'jc per 
pound. 

The total production of the refineries in 
February is estimated at 75,000 tons, equiv- 
alent to 168,000,000 pounds. The heavy 
snows in the Lake region during January 
and early February curtailed output some- 
what. The high prices, however, natural- 
ly stimulate output wherever possible. 
Alaska is now yielding 9,000,000 pounds to 
10,000,000 pounds per month while the out- 
put in the porphyry districts, is at the rate 
of 500,000,000 pounds a year. Refining ca- 
pacity is also being increased liberally. The 
Anaconda improvements are rich in prom- 
ise and the refinery at Great Falls is al- 
ready producing at the rate of 15,000,000 
pounds per month. The American Smelt- 
ing & Refining Company will have its Ta- 
coma refinery in full operation in March. 
One of the principal activities of this com- 
pany is the extension of its Baltimore 
plant. According to official reports the 
American Smelting & Refining Company 
will have a total refining capacity of 1,- 
000,000,000 pounds by the middle of the 
summer. 

On the other hand, consumers are also 
increasing capacity enormously. Brass 
founders have been especially active in 
making improvements while one rolling mill 
has added a brass department capable of 
casting 1,000,000 pounds of brass per day. 
Melting of copper by domestic consumers, 
according to some estimates, has varied 
from 100,000,000 pounds to 125,000,000 
pounds per month. The strike at the An- 
sonia works of the American Brass Com- 
pany, which continued for ten days, cut 
down production somewhat in February. 
The freight embargo declared by the New 
Haven Railroad intermittently, and fre- 
quent embargoes against the New Haven 
by connecting lines, also had some influ- 
ence in checking manufacturing operations 
in New England. Heavy movements by 



THE STEEL AND METAL DIGEST 



March 



LAKE COPPER PRICES. 

Monthly average prices of Lake Copper 
in New York. 

1912. 1913. 1914. 1915. 1916. 

Jan. 14.;-:?'.. 16.su 14.76 13.89 24.10 

Feb. 14.3S54 15.37J4 14.98 14.72*4 27.44 

Mar. 14.87 14.96 14.72 15.11 

Apr. 15.98 15.55 14.68 17.43 

May 16.27 15.73 14.44 18.81 

June 17.43 15.08 14.15 19.92 

July 17.37 14.77 13.73 19.42 

Aug. 17.61 15.79 12.68 17.47 

Sept. 17.69 16.72 12.4314 17.76 

Oct. 17.69 16.81 11.66 17.92^ 

Nov. 17.66 15.90 11.93 18.86 

Dec. 17.6254 14.82 13.16 20.37J4 



Av. 



16.58 15.70 13.61 17.64 



ELECTROLYTIC COPPER PRICES. 

Monthly average prices of Electrolytic 
Copper in New York. 

1912. 1913. 1914. 1915. 1916. 

Jan. 14.27 16.7554 14.45 13.71 24.10 

Fel). 14.2fi 15.27 14.67 14.57 27.46 

Mar. 14.78 14.92J4 14.3354 14.96 

Apr. 15.85 15.48 14.34 17.09 

May 16.16 15.63 14.13 18.60 

June 17.29 14.85 13.81 19.71 

July 17.35 14.57 13.49 19.08 

Aug. 17.60 15.68 12.41J4 17.22 

Sept. 17.67 16.55 12.08*4 17.70J4 

Oct. 17.60 16.54 11.40 17.86 

Nov. 17.49 15.47 11.74 18.83 

Dec. 17.5054 14.47 12.93 20.35 



A\ 



16.48 15.52 13.3154 17.47 



CASTING COPPER PRICES. 

Monthly average prices of Casting Cop- 
per in New York. 

1912. 1913. 1914. 1915. 1916. 

Jan. 14.02 16.57 14.27J4 13.52 23.06J4 

Feh. 14.02 15.14 14.48 14.17 26.03 

Mar. 14.53 14.76 14.18 14.34 

Apr. 15.72 54 15.33 14.18 16.48 

May 16.01 15.4554 14.00 17.41 

June 17.08 14.72 13.65 18.7454 

July 17.09 14.4054 13.3454 17.7654 

Aug. 17.35 15.50 12.27 16.46 

Sept. 17.51 16.3754 12.00 16.75 

Oct. 17.44 16.33 11.29 17.32 

Nov. 17.34 15.19 11.63 18.41 

Dec. 17.34 14.22 12.8354 19.73 

Av.. 16.29 15.33 13.18 16.76 



SHEET COPPER PRICE CHANGES. 

The changes in the base price of sheet 

copper since April 22, 1915, are given in 

the following table together with the price 

of Lake Copper on the same dates: 

1915 — Sheet Copper. Lake Copper. 

April 22 23.00 18.00 

April 28 24.00 18.93)4 

une 8 24.50 19.6254 

une 9 25.00 19.8754 

July 27 24.50 18.75 

July 30 24.00 18.75 

August 18 23.00 16.75 

November 3 23.25 18.0654 

November 15 23.50 18.6254 

November 16 23.75 18.75 

November 17 ... . 24.00 18.8754 

November IS .... 24.25 19.00 

November 22 .... 24.50 19.8754 

November 23 25.00 19.8754 

December 22 25.50 20.50 

December 23 26.00 20.75 

December 24 27.00 21.50 

December 30 .... 27.50 22.3754 
1916— 

January 1 28.00 22.75 

January 3 29.00 23.25 

January 5 30.00 23.50 

January 19 30.50 24.1254 

January 22 31.00 24.75 

January 24 31.50 25.25 

January 31 32.00 25.25 

February 5 33.00 26.00 

February 11 34.00 27.50 

February 23 35.00 28.25 

March 1 34. no 28.12J4 

EXPORTS OF COPPER FROM THE 
UNITED STATES. 

( In tons of 2.240 lbs.) 
1913. 1914. 1915. 1916. 

January .. 25,026 36.018 26,193 22,132 

Februarv . 26,792 34.634 15,583 *20,548 

March . . . 42,428 46,504 30,148 

April 33,274 35,079 18,738 

May 38,601 32,077 28,889 

June 28,015 35,182 16,976 

July 29,596 34,145 17,708 .."... 

August . . 35,072 16,509 17,551 

September 34,356 19,402 14,877 

October . 29,239 23,514 24,087 

November 29,758 24,999 23,168 

December 30,653 22,166 36,786 

Total .. 382,810 360,229 270,704 

* Includes only exports from Atlantic ports. 
f Approximate. 



THE STEEL AND M E I A EST 






water, however, relieved the situation de- 
cidedly. 

It is estimated tint deliveries of refined 
metal into domestic consumption during 
February were betwet n LOO.000,000 and L15,- 

000,000 pounds. Exports during the month, 
estimating shipments from Southern and 
Pacific ports, wen- about 17,000,000 pounds 
making total deliveries about 158,000,000 
pounds and indicating that surplus stocks 
in the hands of producers were increased 
about 10. 000. ooo pounds. The result of these 
various developments was an easier under- 
current, as previously noted, at the close oi 
the month, with concessions made in prices 
for late, as well as for nearby deliveries. ■ 

It is a point of some interest that Aus- 
tralia is also building a refinery with a ca- 
pacity of '.'4,000 tons. 

It is notable that there were fewer con- 
tracts for war munitions placed in Febru- 
ary as compared with the three preceding- 
months but the brass founders, electrical 
equipment manufacturers and wire draw- 
ers have their capacity sold for three to six 
months and most of the orders for finished 
products have been covered by contracts 
for unwrought copper. Domestic consum- 



COPPER PRICES IN FEBRUARY. 




Day. 
1 ... 


Lake. 
Cents. 
25.50 


New York 

Electro. Casting. 

Cents. Cents. 
25.50 ■.'4.3:. 


London. 
Standard. 
£ s d 

94 10 


:: ... 




25.75 


24.37^ 


94 


10 





3 .. . 

4 .. . 


26.00 


30.13', 
30.35 


24.62 J/2 
24.87J4 


95 
96 










7 .. . 


26.37^4 


26.3 7 JA 


25.00 


97 


10 





s . . . 


27.00 


27.00 


25.00 


101 


10 





'J .. . 


27.00 


37.00 


25.37 yz 


100 








10 ... 


27.50 


27.50 


20.00 


104 


10 





11 .. . 


27.50 


27.50 


20.00 


103 


10 





14 . . . 

i :, ... 


' 28.00 

28.25 


28.00 
3S.25 


26.50 
26.75 


100 
100 



10 






16 .. . 


28.25 


28.25 


30.75 


104 


10 





17 . . . 

18 . . . 


28.2:. 
28.25 


28.25 
28.25 


26.87^ 
26.87^ 


106 
108 


10 







•: i ... 


28.25 


28.25 


26.87^ 


108 
107 










23 . . . 

34 ... 


28.25 
28.25 


3S.35 
28.25 


26.87"/. 
26.87^ 


1 06 

103 


10 






25 


28.00 


28.00 


26.75 


102 


5 





28 . . . 


28.12] .. 


28.12) 2 


20.87 y 2 


105 








29 . . . 


28.37J^ 


!8 :;; ' 


26.87J4 


105 


10 





High 
Low 
Av'ge 


28.50 

37.437 


28.50 
27.462 


27.00 
24.12J ■ 
26.031 


108 
94 
102 



10 

13 





4 



ers oi wire, plates, shapes .oi, I eastings 

placed heavy orders with manufacturers 

early in the nth. Ret eni ly, ome ex 

port orders were taken for wire and d 

tie buyers gave evidence ol greatet inter- 
est in electrical equipment when the month 
closed. 

The industry is benefitting from 1 rv 1 
minis profits resulting from the relativelj 
low cost ol production and from the rec- 
ord-breaking prices received for coppei in 
various stages of manufacture. According 

to some estimates, copper producers' profits 
during the current year will be $400,000,000. 
This seems a modest return, under present 
conditions, when the net earnings of the 
companies are at the rate of nearly $500, 
000.000 annually. 



WATERBURY SPELTER AVERAGES. 



1913. 
6.78 

0.S5 
7.17 



Jan. 

Feb. 

Mar. 

April 

May 

June 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 7.65 

Av'ge 7.33 



1913. 
7.50 
0.S1 
0.56 
6.08 



7.25 
7.40 
7.34 

7.83 
7.74 



5.50 
5.61 
5.99 

6.13 
5.74 
5.60 
5.44 
6.06H 



1914. 

5.54 
5.70 
5.59 
5.50 
5.38 
5.37 
5.26 
5.60 
5.91 
5.23 
5.38 
5.90 



1915. 
6.55 
11.85 
12.15 
13.85 
20.55 
■i:,y,<i 
24.90 
19.30 
17.85 
16.85 
19.36 
21.15 



I'.MO. 
22.35 
3 3. TO 



5.53^ 17.50 



SHEET ZINC PRICE CHANGES. 

The following table gives the changes in 
the price of sheet zinc Aug. 23rd, 1915 to- 
gether with the price of spelter ruling on 
the same day. 

Spelter 

1915 — Sheet Zinc. St. Louis. 

August 23 15.00 12.00 

August 24 16.00 12.75 

November 4 16.50 \5.1Zyi 

November 9 17.00 15.87J4 

November 11 17.50 16.1234 

November 12 18.00 16. 31 % 

November 17 19.00 17.25 

November 18 20.00 17,37J/> 

November 22 21.00 18.75 

November 23 22.00 18.75 

December 31 23.00 17.25 

1916 — 

January 26 24.00 19.00 

February 17 25.00 20.87'/. 



THE STEEL AXD METAL DIGEST. 



March 



Spelter in February. 



nary dawned upon a quiet but steady 
domestic market for spelter. Later, activ- 
ity developed with large sales at higher 
prices, accompanied by some excitement 
late in the month. The net result of the 
February movements was an advance of 
3c per pound on spot and 2%c on March, 
and second quarter positions. The London 
market also was strong and higher with the 
establishment of a record-breaking spot 
price at the close of the month. 

On February 1st spot and nearby ship- 
ments from the West sold at 18J^c, Febru- 
ary at lS'-tc. March at ISJXc, and second 
quarter at 15^>c East St. Louis. There was 
some evidence that producers had caught 
up with contract obligations and were read- 
ier sellers of February and March deliver- 
ies, the demand being mainly confined to 
such positions, but dealers, selling in com- 
petition with producing interests, kept the 
market from rising perceptibly. Consump- 
tion continued at an enormous rate, the 
heaviest melting being by the brass works. 
It was evident that consumptive require- 
ments taking up the increased production 
which developed a stronger undertone. In 
fact, the consumptive and speculative de- 
mand exceeded all expectations, so that 
the flood of zinc that was expected to sub- 
merge the market, failed of realization. 

By the seventh of the month, large sales 
on domestic account had taken up most of 
the February and March offerings and the 
demand was extended into April. Up to 
this time. 75% of the inquiries were for 
prompt shipment from the West and for 
February and March deliveries, and the 
large business transacted had carried prices 
up He to yic per pound. Within the next 
day or two. several large contracts were 
placed at St. Louis for export over the 
second quarter, as well as for March ship- 
ment. There were also reports of con- 
tracts closed for shipment over the second 
half of the year at about 13 l / 2 c. 

The London market during the first week 
of February receded £l on spot which 
was then quoted at £S'J equivalent to 
18.95c, while the three months position ad- 
vanced £2 to £84, equivalent to n.ST/ic. 

There was an especially good demand for 
the "brass special" but small inquiry for 



the high grade spelter, and scarcely any de- 
mand for metal for galvanizing. Large 
manufacturers of war munitions, however, 
on February 9th were well represented in 
the market for shipments over the second 
and third quarters of the year. Dealers 
also bought heavily of these positions re- 
sulting in a further sharp advance in the 
market. London, while irregular, was also 
strong and higher with a general tendency 
toward a still higher level. By the end of 
the second week, spot spelter at St. Louis 
had advanced to 20c per pound with light 
offerings and an active demand for Feb- 
ruary and March, but with less inquiry in 
futures. 

It is interesting to note that production 
in January and February was steadily in- 
creased in other countries as well as in the 
United States. The larger output was es- 
pecially notable in Australia, France and 
in Spain. Japan also was a factor, having 
purchased, about the middle of January. 
20,000 tons of Australian concentrates for 
shipment over six months. In Holland, 
however, production was reduced because 
of the scarcity of raw material. The out- 
put in Great Britain was, and still is in 
excess of the production in normal times 
but was not up to expectations or to the 
amount deemed desirable under present 
needs and stress. Consequently, Great Brit- 
ain is still compelled to depend largely up- 
on the Umited States. 

The English galvanizers, as in the Uni- 
ted States, are making minor purchases but 
the war demand is heavy, especially from 
the brass founders who are working at 
high pressure. The difficulty of ocean 
transportation, delay in shipments and 
great expense, due to high freight rates and 
war risks, while militating against purchas- 
es in this country, are not insurmountable. 

On February 15th, London was greatly 
excited, expressed in an advance of £6 on 
spot and £3 on futures. The American 
market also was active, strong and sym- 
pathetically higher, the rise being J^c to 
fygc per pound with large sales for second 
quarter delivery and heavy buying for de- 
livery in six to nine months by domestic 
manufacturers of war munitions. On the 
following day there was a good demand 



SPELTER l.\ FEBRUARY 



For spot, February and April but less in- 
terest in future positions. Spot had then 
reached 21c, March 20J-gc and second quar- 
ter t9c, but the higher prices brought out 
freer offerings, by producers, for future 
deli\ ery. 

Ou February 18th manufacturers of sheet 
zinc advanced prices one cent per pound 
to 25c, this was the first change in the 
price of sheets since January 26th. Large 
foreign spelter orders about this time ex- 
cited the St. Louis market, with sales of 
second quarter delivery at 18c to 18}4c. 

On February 21st, the market was again 
strong and higher, even the galvanizers 
made some purchases, but foreign orders 
were the main support of the market. Pro- 
ducers during the next few days were more 
anxious to sell for deliveries over the third 
and fourth quarters of the year, but buy- 
ers confined their inquiries mostly to ship- 
ments for this side of June. Some 
sales, however, were made for third 
quarter at 16J4c while spot and February 
remained firm, close to 21c. From Febru- 
ary 23rd to 28th, there was a lull in domes- 
tic buying and some recession in prices but 
the foreign market continued strong. By 
February 25th, London had advanced to 
£108 which was a rise of £18 since the 
beginning of the month and within £2 of 
the highest point touched 1915. The New 
York market was very dull and foreign 
business was being done only by exporters 
who had previously secured ocean freight 
room. 

Toward the close of the month, the mar- 
ket was unsettled by offerings of high 
grades for re-sale, by consumers, at all 
sorts of prices. 

Intermediate, and "brass special" grades 
also while still scarce were available from 
producers and dealers for May and later 
delivery — intermediate grades at 6c to 8c 
and "brass special" at 3c to 4c per pound 
premium over the price prevailing for 
prime western spelter. 

On February 28th, a stronger tone was 
developed and the previously cheaper offer- 
ings were withdrawn, confidence being re- 
established by foreign advices. On the last 
day of the month London advanced to £110 
for spot, the highest price ever quoted, up 
to that time, at London. The English spot 
market was then 3c per pound over the 
spot price at St. Louis but futures receded 
£1 to £95. 



A feature of some interest in February 
was the sale by the Anaconda Coppi 
' ompanj oi the prospei tive output o( thi 
new electrolytic zinc plant at Seneca for a 

year at a profit of $4,000, This plant is 

now in partial operation and when com 

pleted will have a capacity of 70,000, I 

pounds annually. 



SPELTER PRICES IN FEBRUARY 

New York.* St. Louis 

Day. Cents. Cents. 

1 18.80 is. <;:.".. 

•-' 18.80 18.62^ 

3 18.92J/ 18.75 

4 18.92J4 18.75 

7 19.05 18.87^ 

8 19.30 19.12^ 

9 19.55 19.37^ 

10 19.80 I'M',-.", 

11 19.93^ 19.75 

14 20.17^ 20.00 

15 20.67H 20.50 

16 20.92^ 20.75 

17 21.05 20.87^ 

18 21.05 20.87^ 

21 21.05 20.87J4 

22 

23 21.05 20.87^ 

24 20.92IX 20.75 

25 20.55 20.37^ 

28 20.67}/ 20.50 

29 20.67;% 20.50 

High 21.17J4 21.00 

Low 18.67^ 18.50 

Average ... 20.094 19.919 

* Prompt western shipment. 

SPELTER (Monthly Averages.) 
New York St. Louis 

1914. 1915. 1916. 1914. 1915. 1916. 



London. 

£ s d 

90 n ii 

90 (I o 
88 

88 

89 
89 

91 

92 I) n 

93 
93 
99 

100 

102 

103 
103 
105 

105 

106 

108 

109 

110 
110 

88 

97 15 3 



Jan. 5.33 6.52 18.18 

Feb. 5.46 8.862 20.09 

Mar. 5.35 10.13J4 

Apr. 5.22 11.51 

May 5.16 15.82^ 

June 5.12 22.62^ 

July 5.03 20.80 

Aug. 5.63 14.45 

Sep. 5.52 14.49 

Oct. 4.99i 14.07 

Nov. 5.15 17.04 

Dec. 5.67 16.91 

Av. 5.30 14.44 



5.14 6.33 18.01 
8.62 19.92 

5.15 9.80 
5.03 11.22 

4.96 15.52}/ 
4.93 22.14 
4.84 20.53 
5.45 14.19 
5.33 14.10}/ 
4.81 13.89 

4.97 16.87J4 
5.49 16.72 
5.111 14.16 



THE STEEL AXD METAL DIGEST 



Joplin Zinc And Lead Ore Markets. 



Influenced to a great extent by the weath- 
er conditions, local production and deliv- 
eries fell below what had been anticipated, 
although the record was held up as far as 
deliveries were concerned by drawing upon 
the surplus stocks of the district. Higher 
prices were responsible for the movement 
of the surplus stocks, the average being 
over ten dollars per ton higher in February 
than in January upon blende ores with 
little or no change in calamine ..res. The 
market was a steadily ascending one for 

the first three week- of the month-, after 
which there was a spectacular drop ten dol- 

.er ton just when the mine operators 
had predicted from the condition- of the 
-pelter market and the depletion of the 
surplus stocks that there was certain to be 
another advance. The month opened up 
with ore at $90 to Si IS. 50, the next week 
it had risen to as much as $125, then went 
up to $130, and dropped back to $120 for the 

g week. The average base for the 
month was better than $110. 

With such price conditions prevailing, 
every operator strained every effort to bring 
up his production to the maximum but 
was greatly hindered in doing this by the 
bad weather, bad roads and lack of fuel, 
especially during the first two weeks of the 
month. The last two weeks of the month 

i d some improvement until the last 
few day-, when there wa- a return to the 
bad weather. 

Actual shipments of zinc blend.' ores 
reached 27. 4('.."> ton-, or an average of 6,866 

per week. The average settlement up- 
on these "re- wa- Sins. ;is. Calamine ores 
d i total of 2,860 tons, or an average 
of 715 tons at an average price of $75. 82. 
This compared witli an average weekly ship- 
ment of 6,599 t'.n- of blende and 336 tons 
of calamine in January. The stocks of ore 
in bins at the close of January were 1,650 
tons, while at the close of February they 
were estimated at only :;,l|{|fi ton-. 

Lead ore -ale- also increased to an aver- 

■ r.-kly tonnage of 1,055 tons a- against 
945 tons the previous month. The average 



settlement price also mounted upward to 
Ss4.(i4 as against $75.68 for January. The 
month showed practically the same advance 
m lead ..re price- as that shown for zinc 
ore prices, the net advance being close t.. 
ten dollars per ton upon top grades. The 
market also closed stronger at the month 
end than did the zinc ore market. The 
market at the end of the month was very 
strong at $89, while the previous month saw 
only $81 a- a maximum and as low as $70. 
The advance in lead has been one of the 
features that ha- put new life into some. 
portion of the district where lead is quite 
an adjunct of the ores being mined. Its 
presence in the zinc ore concentrates is 
very undesirable and the penalties this year 
have been such as to make the premiums 
upon ores free from it, so great that every- 
one has striven to eradicate all lead in the 
zinc concentrates and have corresponding- 
ly decreased the grade of the lead concen- 
trates by throwing considerable zinc into 
them. The higher base prices paid for 
lead will therefore help materially in the 
losses sustained previously by penalization 
on account of zinc. This has resulted in a 
decrease of ore surplus from 1,435 in Jan- 
uary to 1,100 in February. 

The formation of a number of zinc min- 
ing corporations much upon the order of 
syndicates in the district has resulted in a 
large number of sale- of mining properties 
the la-t month. Three different group- so 
far have appeared and have taken over 
mining properties. These have been the 
Johnson and Gibson interests that have ac- 
quired the A. W. C. group of mines 
and will probably take over others the com- 
ing month: the Kenefick Zinc Corporation 
which took over the Muskingum, Samson 
Electrical and Media mines; and the R. R. 
Conklin interest- that have acquired the 
Bradley mines at Joplin and the Tom C 
mine at Prosperity and plans the early ac- 
quirement of large number of other prop- 
erties. The month saw the transfer of 
approximately $1,500,000 worth of proper- 



ANTIMONY IN FEBRUARY 



Antimony In February. 



Antimony at the beginning of February 
was strong but less active. Importers, con- 
fident in the strength of their position, were 
holding for higher prices and consumers 
found it difficult to obtain spot metal un- 
der 43j4c and February under 41c per 
pound. Although they were reluctant to 
pay these prices for foreign material Ameri- 
can antimony was not available before 
shipment in April. Shipments from the 
Orient in January were held at 34c to 35c, 
February shipments at 32^c to 33J^c and 
March shipments at 32c to 33c per pound. 
Nearby positions continued to gain in 
strength and within two days February de- 
livery was advanced y 2 c per pound to 41J^c 
to 42c. On the 4th inst. cables from the 
Far East were stronger and higher, en- 
couraging purchases here and resulting, 
February 7th, in liberal sales of February 
and March shipments from the Orient at 
33J/2C in bond. 

Jobbers of antimony, about February 
9th, were all at sea when it was learned that 
the British Consul at New York would not 
release imported antimony until satisfied 
that the metal would go directly into con- 
sumption; compelling importers to furnish 
consumers names as well as requiring a 
guarantee from both importer and con- 
sumer that the antimony would not be re- 
exported. It has been the practice for many 
years of some large consumers in this 
country to re-sell antimony they owned, but 
this method will no longer be permitted 
while the British government exercises con- 
trol over the supply which it is possible to 
■do, while the importations from China are 
in ships sailing under the British flag or 
while the metal from Japan is under the 
joint control of the Japanese and English 
governments. Subsequently, it was ar- 
ranged that jobbers may carry stocks of 
antimony in public stores, subject to the 
order of the British Consul, to be released 
when the jobber furnishes the consumer's 
name and each jobber and consumer has 
signed the regular guarantee to the satis- 
faction of the British authorities. 

The higher prices prevailing for spot 
and nearby deliveries developed a more ac- 
tive demand for future positions resulting 
in a large amount of business, about the 



10th of the month, for February, March 
and April shipments from the Far East. 
In the face of large cargoes on the s.s. 
St. Bede, and Inverclyde, then at Boston, 
it was surprising how few offerings were 
made for February and March delivery. 
Subsequently, it was learned that seven- 
eighths of the 840 tons on these two ves- 
sels were delivered directly to consumers 
on contracts but some small sales of spot 
were made at 43Hc to 44c and additional 
sales of March shipments from the Orient 
at 34c in bond. 

Manufacturers of war munitions and oth- 
er large consumers came into the market 
in force about February 15th when large 
sales were made by importers from car- 
goes afloat from the Far East at further 
advances in prices. A more active demand 
also was experienced for early delivery and 
for March arrival. Buying continued more 
or less heavy for all positions for several 
days. 

It became evident about February 23rd, 
that large deliveries were being made di- 
rectly to consumers and that the supply 
in dealers hands was smaller than at the 
beginning of the month notwithstanding 
the large arrivals. This fact gave added 
strength to the market and it was pointed 
out that purchases of January-February 
shipments from the Far East would not 
make deliveries in New York before May. 
Toward the close of the month some sales 
of American antimony were made at 41^c 
to 42c for March delivery and there was 
renewed buying of March shipments from 
Japan at 34c in bond eqiuvalent to Ziyic 
duty paid delivered in New York. The mar- 
ket closed strong February 29th at 44c to 
44J^c for spot and with fewer offerings of 
February, March and April shipments from 
the East at 34c in bond. 

The United States government during 
the month, reported importations of anti- 
mony in 1915, aggregated 17.4S4.030 pounds 
against 13,070,381 pounds in 1914 an increase 
of nearly 36%. The importation of anti- 
mony contents of crude ore, in 1915 were 
3,374,012 pounds against importations in 
1914 of 1,980,082 pounds, an increase of 
about 69%. 



THE STEEL AND METAL DIGEST. 



Marc)* 



Aluminum In February. 



The supply of aluminum available in the 
open market in February was entirely in- 
adequate to meet the demand either for ex- 
port or for domestic consumption and the 
result was an advance of from 7c to 8c per 
pound on No. 1 Virgin during the month. 

Early in February some large inquiries 
for several hundred ton lots attracted at- 
tention but there was very little spot metal 
offered. The domestic demand was confined 
largely to small lots which were quotable 
lc to 2c per pound under the nominal prices 
for carload lots. In fact, the stocks were 
scarcely sufficient to take care of the jobbing 
trade. 

About February 4th, the demand becom- 
ing more pressing for five ton lots, the price 
for spot was advanced about lc per pound; 
whereas buyers bid only 53c for No. 1 
Virgin on the first of the month before the 

ALUMINUM, SILVER and ANTIMONY 
PRICES IN FEBRUARY. 
Aluminum. — Silver — Antimony* 





N. Y. 


N. Y. 


London. 


N. Y. 


Day. 


Cents. 


Cents. 


Pence. 


Cents. 


1 . 


. 54.00 


56% 


27 


43.75 


2 . 


. 54.00 


56% 


27 


43.75 


3 . 


. 54.00 


5634 


26.9334 


43.75 


4 . 


. 55.00 


57 


27.0654 


43.75 


7 . 


. 55.00 


56J4 


27.06J4 


43.75 


8 . 


. 55.00 


56% 


27 


43.75 


9 . 


. 56.50 


56% 


27 


43.50 


10 . 


. 56.50 


56% 


27 


43.50 


11 . 


. 56.50 


56% 


27 


43.50 


12 . 






26.9334 




14 . 


. 57.00 


56% 


26.8754 


44.00 


15 . 


. 58.00 


5654 


26.81^ 


44.00 


16 . 


. 58.50 


:,iii 4 


26.9354 


44.00 


17 . 


. 58.50 


56% 


26.8754 


44.00 


18 . 


. 59.00 


56% 


26.8754 


44.00 


19 . 




56% 


26.8754 




21 . 


. 59.00 


56J4 


26.9334 


44.00 


22 . 






27 




23 . 


. 59.00 


57 


27.0654 


44.00 


24 . 


. 60.50 


57 


27.0654 


44.00 


25 . 


. 61.00 


57 


27.0654 


44.00 


26 . 




56% 


27 




28 . 


. 61.00 


56% 




44.00 


29 . 


. 62.00 


56% 


26.9334 


44.50 


Higr 


63.00 


57 


27.1254 


45.00 


Low 


53.00 


5654 


26.8154 


43.00 


Av. 


. 57.50 


5G.755 


26.975 





close of the week they were bidding 54c 
with holders asking 56c. During the next 
few days when buyers bid higher prices, 
sellers withdrew from the market on spot 
and asked 2c to 3c higher for future deliv- 
eries. 

By the middle of the month the price had 
advanced to 57c with little available at even. 
2c to 3c per pound higher. The demand be- 
came more active and urgent by the 20th, 
when some sales were made for export at 
59c and small lots for domestic shipment 
were held at 60c per pound. On the 25th 
of February, bids of 60c per pound were 
refused for No. 1 Virgin, but bids were- 
solicited for 98% to 99% remelted metal 
for delivery in New York late in March or 
early in April in 25 ton lots. This metal 
could have been sold at about 57c, but pro- 
ducers were not inclined to entertain bids 
under 58c. No. 12 alio}', remelted. was sal- 
able at about 4Sc per pound. 

Toward the close of the month some fair 
size sales of No. 1 Virgin were made at 
61c for immediate delivery and holders ad- 
vanced their asking price to 62c. On the 
closing day of the month, sales of carload' 
lots were reported as high as 62c and smalr 
lots at 63c. Later in the day, carload lots 
were held at 63c while spot, April and May 
deliveries, were available at 62c per pound. 

In some European countries the price of 
aluminum has advanced even more rapid- 
ly than in the United States. In Sweden, 

CHINESE and JAPANESE ANTIMONY. 
Average monthly price of Chinese and 
Japanese (ordinary brands) in New York. 
1912. 1913. 1914. 1915. 1916. 
Jan. 6.89 8.7754 6.03 15.24 42.26 

Feb. 6.78 8.16 6.00 17.6254 43.8754 

Mar. 6.78 7.91 5.9454 20.9354 

Apr. 6.87 7.82 5.82 23.97 

May 6.98 7.75 5.78 34.71 

June 7.07 7.62 5.6254 36.5354 

July 7.37 7.55 5.44 35.98 

Aug. 7.58 7.48 13.05 32.57 

Sept. 8.00 7.31 9.7954 28.50 

Oct. 9.11 6.46 11.64 30.96 

Nov. 9.11 6.28 14.14 37.88 

Dec. 9.05 6.05 13.15 39.3654 

Av 7.63 7.43 8.5354 29.52 



1916 



WAR E XPOR I S 



aluminum was quoted as high as $i 15 pei 
pound, due to the English embargo against 
shipments to Scandinavia. This, of course, 
has no hearing upon the price of the metal 
in this country, but is an interesting side- 
light upon the market. 

The imports of aluminum into the United 
States during 1915, according to the United 
States Government report available in Feb- 
ruary, were 8,534,834 pounds, which were 
about one-half of the imports of 1914 and 
about 63% less than the imports in 1913. On 
the other hand, the exportation of metallic 
aluminum and its manufactures in 1915, from 
the standpoint of value, were nearly three 
times as large as the exports in 1914, the 
value of the 1915 exports being placed at 
$3,682,117. These changes, of course, were 
brought about by the extraordinary condi- 
tions abroad, incidental to the war. 



PIG IRON STATISTICS FOR AN 

INTERESTING YEAR. 

(Continued from page 95.) 

nominal vessel capacity is smaller now than 

in 1906. 

The production of acid open-hearth steel 



in 1915 can hardly be estimated at all. At 
the paee the iron and sleel industry in gen- 
eral was going one would expect it to be 
about 1,200,000 tons, but a portion of the 
war steel demand was for acid open- 
hearth, and quite a number of open-hearth 
furnaces had their linings changed from 
basic to acid. This occurred rather late 
in the year, and so may not have affected 
the production very much, still it would not 
surprise us to see more than 1,500,000 tons 
of acid open-hearth steel reported for the 
year, against a previous record of 1,255,- 
305 tons, made in 1913. 

The production of basic open-hearth steel 
ingots and castings in 1915 can be estimat- 
ed roughly at 21,000,000 tons, or over half 
a million tons in excess of the best pre- 
vious record, made in 1913. 

Adding these estimates and making an 
allowance for crucible and miscellaneous 
steel, it appears that the production of steel 
ingots and castings in 1915 was over rather 
than under 31,000,000 gross tons, and if the 
production was only half a million tons 
over, a new calendar year record was made 
for steel production, even though pig iron 
fell 3% short of making a new record. 



War Exports. 

The following table, which appeared in recent issue of The Annalist, illustrates the 
enormous increase in our outbound trade in articles of war. There is given below a table 

of twenty of the principal classes of commodities, the exports of which were largely 
utilized for war purposes: 

Article. 1915. 1914. 1913. 

Horses and mules $118,653,095 $ 19,136,817 $ 5,015,298 

Brass and manufactures 54,813,315 6,766,911 7,945,417 

Aeroplanes and parts 5,418,596 399,496 86,931 

Automobiles and parts 111,180,139 34,171,568 33,300,567 

Acids and chemicals 49,984,594 12,056,174 9,250,813 

Miscellaneous iron and steel 62,012,371 16,012,371 19,597,063 

Bars or rods of steel 21,118,506 6,422,586 9,370,145 

Metal-working machinery 42,037,779 14,841,380 15,558,212 

Firearms 12,166,481 5,146,867 3,920,008 

Explosives 181,778,033 10,037,587 5,525,071 

Medical and surgical instruments and appli.. 4,686,549 2,SG2,971 1,297,411 

Rubber boots and shoes 2,704,378 2,019,105 1,290,765 

Rubber tires 11,415,698 3,315,116 3,910,688 

Wire , 25,830,628 8,568,589 9,237,541 

Sole leather 26,598,487 14,192,678 7,808,866 

Men's boots and shoes 30,599,650 9,580,316 11,018,167 

Harness and saddles 18,237,507 ::. 478,248 751,426 

Miscellaneous leather products 18,254,761 2,378,218 1,993,486 

Zinc and manufactures 33, 504,908 8,571,576 1,101,651 

Total $831,695,000 $180,128,574 $147,979,526 



THE STEEL AND METAL DIGEST 



March 



Trade Notes. 



The Wolverine Starter Co., Grand Rapids, 
Mich., has been incorporated with a capital 
of $10,000, to manufacture mechanical 
starters for automobiles at the plant of the 
Wolverine Brass Works. 



The Akron Aluminum Co., Akron, Ohio, 
to manufacture aluminum products. Capital 
$10,000. Incorporators: W. C. Washburn, 
George F. Andrews, H. W. Heckman and 
John Dildine. 



The Albany Equipment Corporation, Al- 
bany, N. Y., has been formed with $1,000,- 
000 capital, to manufacture copper, brass 
and other metals. H. M. Scheesinger, H. 
M. Sparrow and A. H. Goodwin are the of- 
ficers of the company. 



The Specialty Casting Company, Dayton, 
Ohio, has been incorporated with $10,000 
capital stock by George C. Benner, and 
others. It operates a foundry at 438 Home- 
stead Avenue, but contemplates moving in- 
to a new building on East First Street. The 
capacity of the plant will be doubled. 



The Sterling Metal Mfg. Co., has been in- 
corporated with a capital of $25,000 to oper- 
ate a factory in Huntington, Ind. The head 
of the concern is Orlando Rex, of Chicago, 
and the firm will manufacture tableware 
from a new metal, made by a secret process, 
and said to have all the qualities of silver, 
being non-rusting and non-tarnishing. 



The Connecticut Alloyed Metals Co., 
Millbrook, N. Y., has been organized with 
a capital stock of $15,000 to engage in the 
manufacture of metals, alloys, and metallic 
compounds, by Joseph Beihilf, E. Dennes 
and others. 



H. D. Kramm, 917 Fletcher Trust Build- 
ing. Indianapolis, Ind., has sold his inter- 
est in the Pioneer Brass Works and is in- 
corporating a company for the manufacture 
of malleable aluminum castings and finished 
pistons. The new company's office will be 
for the present at 917 Fletcher Trust Build- 
ing until it completes and equips its plant. 
The Pioneer Brass Works will continue to 
manufacture malleable aluminum castings 
tinder a royalty. 



The Glens Falls Forging & Welding 
Company, Glens Falls, N. Y., has filed in- 
corporation papers showing a capital stock 
of $75,000. It will operate a general foun- 
dry and manufacture motor vehicle parts, 
special hardware, etc. J. A. Curley, Glens 
Falls; C. Hibbard and J. H. Conley. Fort 
Edward, are the incorporators. 

The Penn Foundry & Mfg. Co., Reading, 
Pa., has been incorporated with a capital 
stock of $15,000 by Edgar P. Fidler, James 
L. Mark and George W. Bland. The com- 
pany has taken over the former Wyomis- 
sing foundry at Wyomissing, Pa. 



The Crary Tool Company, Milwaukee, 
has been organized to manufacture chisels, 
pliers, wrenches and similar back tools. The 
capital stock is $30,000 and the incorpora- 
tors are John M. Hoerl, George Haubert, 
William C. Garent and George E. Garent. 
A workshop will be established at once on 
the south side of Milwaukee. 



The Waterbury Brass & Bronze Co., 
Waterbury, Conn., has been incorporated 
with $10,000 capital to engage in the man- 
ufacture of brass and aluminum castings 
and ingots. Henry L. Silver, Harry W. 
Even and Edward B. Riley are the incor- 
porators. 



American Brass Forging Co., Inc., New 
York, N. Y., to manufacture sheets, rolls, 
wire bars, rods, tubes, etc. incorporators: 
G. W. Coughlan, president & treasurer and 
F. E. Hallfeld, vice-president and secretary. 
Brass and bronze foundry, brass machine 
shop, grinding room, plating, japanning, 
stamping, tinning, soldering, polishing and 
lacquering are the departments operated by 
this company. 



The E. H. Myers Mfg. Co., Myerstown, 
Pa., will be incorporated in the near future 
to take over the machine shop and gaso- 
line-engine-making plant of F. H. Myers & 
Bro. The new company will do automobile 
and general machine shop work and manu- 
facture the engines as before. Data from 
companies making anything applying to 
their lines will be appreciated. Charles C. 
Loose is treasurer. 



The 



Steel and Metal 
DIGEST 



VOL. VI. 



NEW YORK, APRIL, 1916. 



NO.4. 



Published Monthly by the American Metal 
Market Company, 81 Fulton St., New York. 

C. S. Trench, President, 

C S. J. Trench, Secretary and Treasurer. 
Branch Office, 627 Oliver Bldg., Pittsburgh. 

Subscription Price Two Dollars a year 
for United States, Canada and Mexico; for 
other countries $2.25. 

Advertising rates on application. 



Entered at Post Offic 
mail matter. 



of New York as second class 



CONTENTS. 

Business Situation and Outlook 133 

War Profits and Security Prices 138 

Astonishing Export Record for Feb- 
ruary 140 

A New Bessemer Steel Plant 142 

U. S. Steel Corporation's Earnings .... 143 

Topical Talks on Iron 14,"> 

Steel Plants 146 

Business Trends 136, 137 

Comparison of Metal Prices 154 

Comparison of Security Prices 135 

Market Reviews: 

Iron and Steel 147 

Copper 165 

Tin 159 

Spelter 16S 

Lead 10:2 

Antimony 171 

Aluminum 1 7:> 

U. S. Steel Corporation Operations ... 1.57 

Railroad Earnings 157 

Joplin Zinc and Lead Ore Market 173 

Iron and Steel Imports and Exports .. 153 

Immigration Statistics 151 

Price Changes of Iron and Steel 

Products 150 



Business Situation and 
Outlook. 

If our foreign trade is to be taken as 
a measure of ou.r industrial situation 
ami prospect we are in a very sound 
position. Beyond question our foreign 
trade is the most important element at 
this time. We do not need to measure 
our activity; we are surfeited with it. 
What we need to scrutinize is the char- 
acter of the activity, and what is prom- 
ised fo.r the future. It is the time to 
look for flaws, for the surface is so 
bright and promising- that no one could 
ask for more in that respect. 

There are times when we have infla- 
tion in security values. ' That is not the 
case now, except in a proportion of the 
total issues so small as not to be threat- 
ening. Sometimes we have an excess 
of new construction, whereby too much 
liquid capital is put into permanent in- 
vestments, upon which the future does 
not furnish the adequate .return. On ac- 
count of extremely high prices we have 
rather a deficiency in new construction, 
except perhajis that which is based im- 
mediately or remotely upon war de- 
mand of one sort or another, and as to 
this exception a prosperous foreign 
trade may remove much if not all of the 
danger. 

Turning to the important index men- 
tioned, our foreign trade, we have sbiee 
our summary of a month ago the de- 
tailed statement of imports and exports 
in January and the statement of totals 
for February. The January trade is to 
be observed to determine the character 
of the remarkable foreign business we 
are doing, while February returns are 



THE STEEL AND METAL DIGEST 



April 



noteworthy in that they show the lar- 
gesl aggregates in history. 

January. 1914, is found by compari- 
son with other months of the period to 
have been closely representative of nor- 
mal times before the war. Comparing 
the detailed figures for January. 1914, 
with those now available for January, 
1916, we find the following : 
Imports : 

Materials for manufacturing greatly 
increased. 

Crude foodstuffs unchanged. 

Manufactured foodstuffs slightly in- 
creased. 

Manufactures for manufacture un- 
changed. 

Manufactures for consumption great- 
ly decreased. 
Exports : 

Materials for manufacturing greatly 
decreased. 

('rude foodstuffs greatly increased. 

.Manufactured foodstuffs greatly in- 
creased. 

Manufactures for manufacturing 
somewhat increased. 

Manufactures for consumption enor- 
mously increased. 

The above is the picture of a good 
business. We are importing less manu- 
factures and exporting vastly more. We 
are exporting more partly manufactur- 
ed goods and importing no more. We 
are exporting less crude materials for 
manufacturing and importing a great 
deal more, which is perfectly sound 
business when we export the finished 
manufactures in so much larger volume. 
As to foodstuffs we are exporting much 
more, imparting only a negligibly in- 
creased amount, and are securing good 
prices, even though only temporarily, 
for goods that we can produce every 
year and are now aide to produce cur- 
rently at the rate at which sold. 

We a.re not importing luxuries. We 
are not spending our profits abroad in 
any form. It is a very good and sound 
business, while it lasts. 

Xow as to the volume of this business. 
The January returns were not entirely 
reassuring, for they showed a new high 
record for a month's imports, whereas 
the exports decreased nearly $29,000.- 
000 from December, which held the 
month's record. As a result the favor- 
able balance of trade decreased $41,- 



000,000 from its record made in Decem- 
ber. 

The trend of decreased exports and 
increased imports was not reassuring. 
Now, however, we have the February- 
figures, and the month wins "hands 
down" as to making a favorable show- 
ing, for although the imports made a 
new high record, so did the favorable 
balance. The heavy imports were evi- 
dently needed for the conduct of our 
manufacturing business. The Febru- 
ary figures are : 

Exports $409,836,525 

Imports 193,935,117 

Balance $215,901,408 

Each of the three items constitutes a 
new record, passing previous records 
as follows: Exports,. $50,000,000; im- 
ports, $10,000,000 ; balance, $28,000,000. 
From December, 1914, when occurred 
the first large balance, through last 
February the total favorable balance 
in 15 months has been $2,262,000,000, or 
at the rate of $1,810,000,000 a year, 
when as an offset to the unseen and un- 
favorable balance we had had for many 
y y ears an average merchandise balance 
of $500,000,000 to $600,000,000 a year. 
The total of the unseen balance, against 
us. has probably not changed greatly, 
though the individual items have chang- 
ed. This statement, of course, is neces- 
sarily a qualified one. for from the pres- 
ent viewpoint we omit from the so- 
called unseen balance the settlement 
made as by the Anglo-French external 
loan, against merchandise exported. 

The aggregate of imports and exports 
in February was $604,000,000. In the 
best year of foreign trade before the 
war. 1913. the imports plus exports av- 
erage $356,000,000. The figures are 
no index to the volume of the trade, as 
prices per unit are now high. The net 
vessel tonnage, the mean between ves- 
sels entered and vessels cleared, was 31,- 
267,000 tons in the seven months end- 
ed last January, against 33,368,000 tons 
in the seven months ended January, 
1914, quite a prosperous period. 

A month ago we undertook to sound 
a note of warning as to the dangers we 
must ultimately face. We believe the 
past month has brought us nearer to 
those dangers, even though they may 
still lie far in the future. There is no 



Nil STEE1 AND METAL DIG! 



question thai the number of men who 
are acting very conservatively as to 
the future has been considerably aug 
merited in the pasl month, though it 
must be remembered that as there had 
been much buying for future delivery a 
time would necessarily come when the 
desire would be largely satisfied and 
men would settle down to carry out the 
business undertaken. Nevertheless we 
are confident the sentiment is ^-rowin^ 
that it is wise to take what we have ami 
make the best use of it. rather than to 
expend our energy in looking for still 
greater thine-s. 

The metal and the iron and steel 
trades have not moved together in the 
past month. Iron and steel prices have 
advanced sharply, while in the metals 
tin and lead advanced and copper and 
spelter declined. It may be more than 
an accident that the metals that are so 
commonly alloyed together moved in 
harmony, the one pair advancing, the 
other declining. The declines Avere 
somewhat the more pronounced 

In steel products there was a full con- 
tinuance of the advances that made 
February such a remarkable month, for 
in each month finished steel products 
advanced an average of $5 a ton. At 
the beginning of April, however, there 
are signs that the edge is off the steel 
advance. Pig iron may easily advance 
further, and even spectacularly. To elate 
pig iron has by no means equaled the 
advance in steel. 



During the progress of this wonder 
ful business movemenl the opinions of 
men as to the future have been in a '-on 
stant flux, and it is well to recapitulate 
now and then, as well as to set down 
what appears to be the latest thoughl 
at the time. The first thoughl upon the 
outbreak id' war was that our trade 
with neutral countries would be great- 
ly increased. The next was that we 
could have no prosperity until the war 

should end, if ind I then. The next 

thought was that we were being giv- 
en a temporary prosperity, direct!} 
through the filling of "war orders'*'. 
Then it began to be realized that the 
profits on the war business were mak- 
ing us prosperous in our dealings with 
each other. It was the opinion of the 
great majority, we believe, that pros- 
perity would continue unabated, and 
prices would continue to rise to the end 
of the war, or at least would not de 
cline, while notice that the end of the 
war was at hand would usher in a more 
o.r less prolonged period of unsatisfac- 
tory conditions. 

The latest changes in thought, how- 
ever, seem to be that we shall more like- 
ly than not have some general readjust- 
ments in commodity values before the 
end of the Avar, unless it is concluded 
sooner than is noAV expected, but that 
furthermore we shall have moderately 
good business if not very good business 
for a period of a feAV years at least after 
the war ends. There is more disposition 
to plan Avhat we shall do after the war. 



O-o- 



THE STEEL AND METAL DIGEST 



April 



Business Trends. 



THE STOCK MARKET 
Foreign relations, both European and 
Mexican, caused decided uncertainty in the 
stock market during March and as a result 
the market showed a depressed tendency 
with extremely narrow trading. The new 
submarine policy of Germany to sink armed 
merchant ships officially began at the open- 
ing of the month, and this was accompan- 
ied by many wild rumors, causing a sharp 
break in prices. The reports of German 
successes around Verdun also were an in- 
fluencing factor. Mexican guerrillas under 
the leadership of Villa, raided American 
border towns, killing many citizens. When 
the Government ordered 5,000 troops into 
Mexico to capture the bandits, prices of se- 
curities, especially Mexican issues, began 
to advance. Wild rumors regarding the 
manner which the Mexican people would 
take this step caused subsequent unsettle- 
ment. 

About the middle of the month there was 
renewed peace talk, causing a break of two 
to seven points in the war industrial shares. 
It was reported that the German Chancellor 
had intimated to our Ambassador at Berlin 
that the time for peace negotiations to be- 
gin was near at hand, and that it would be 
inadvisable for him to leave his post for 
the time being. 

Later in the month the further reckless 
sinking of armed and unarmed passenger 
and merchant ships by German submarines 
caused further anxiety in diplomatic circles. 
The matter of breaking off diplomatic rela- 
tions was discussed by President Wilson at 
the Cabinet meeting March 28th, and it was 
then agreed, providing Germany would not 
: ■' • present the 

matter to Congress. 

Several of the railroad unions made de- 
mands for shorter hours and increased com- 
pensation upon the carriers. This cause, 1 a 
rather sharp decline in railroad shares in the 
closii - da ■■ s i if the month. 

Dome-tic trade conditions continued 
vi r, sound, many of the industrial corpora- 
te, n rei ord amounts of cash hold- 
their balances. Business was very 
active, with a noted increase in exports of 

jirtirtcs used in peaceful lines. 



BUSINESS BOOMING ALL OVER 
UNITED STATES. 

According to a summary published by. 
the Federal Reserve Bulletin at Washing- 
ton, D. C, business conditions throughout 
the country continue to improve. 

Throughout the district of New York, 
trade continues on a broad scale, with no 
apparent signs of a slackening in industrial 
activity at a time when some contraction 
is usually experienced. The month has wit- 
nessed a steady growth in the volume of 
business with production considerably be- 
low consumption. In spite of the advan- 
cing prices, which would ordinarily check 
the inquiry for merchandise, current de- 
mand is very large. Manufacturers are re- 
jecting urgent demands for goods which 
they are unable to supply either because 
their plants are booked to capacity or be- 
cause of inability to obtain raw materials. 

In practically all sections of New Eng- 
land and in almost all lines of trade, ex- 
ceptionally good business is reported. 
While there is a feeling of caution among 
manufacturers and the more conservative- 
ones are trying to restrict buying to actual 
needs, the tendency of the retailer is t'> 
buy more freely than he has for some time 
past. 

The principal deterring factors are the 
embargo on freight, the high cost of raw 
niaterial, and the shortage of skilled labor. 
Most important is the embargo on freight. 
1 his has become necessary because of the 
sudden expansion of trade and the lack of 
railroad and steamship facilities for hand- 
ling it. It is practically impossible to get 
some kinds of freight from one section of 
this district to another, and through freight 
to Xew York is indefinitely tied up. 

General business throughout the Phila- 
delphia district is good. Complaint of dif- 
ficulty in obtaining raw materials and satis- 
factory deliveries is becoming rather gen- 
eral, resulting in heavy advance purchases. 
Earnings are breaking records in many 
lines and prospects for the future are con- 
sidered to be favorable. 

Throughout the West and South condi- 
tions of trade and industry have not chang- 
ed materially within the last month, but the 
prospects are bright for increased business. 



KUSINESS TRENDS. 



Business Trends. 



RECORD PIG IRON OUTPUT. 

Pig iron production in March, as esti 
mated by the "Iron Age", was 3,337,691 

tons, or 107,667 tons a .lay, against 3,081 'i ! 
tons in February, or 106,456 tons a day. Ac- 
tive capacity April 1st was 108,509 tons a 
day for .'SIT furnaces, as compared with 
107,310 tons a day for 312 furnaces one 
month previous. Thus, April opened with 
production at the rate of 39,606,000 tons a 
year for coke iron. Estimating charcoal 
iron at 1,000 tons a day, brings the yearly 
rate within 30,000 of 40,000,000 tons. 

It was said in some quarters three months 
ago that furnaces compelled to go out for 
relining would thereafter nearly balance 
those going in. But meanwhile, the active 
list lias grown from 295 to 317 — a gain of 22. 
The daily average production of coke and 
anthracite pig iron in the United States by 
months since January, 1913, is given as fol- 
lows by the "Iron Age." 

1913. 1914. 1915. 1916. 

January . . 90,172 60,808 51,659 102,746 
February . 92,369 67,453 59,813 106,456 
March . . . 89,147 75,738 66,575 107,667 

April 91,759 75,665 70,550. 

May 91,039 67,506 73,015 

June 87,619 63,916 79,361 

July 82,601 63,150 82,691 

August . . . 82,057 64,363 89,666 

September 83,531 62,753 95,085 

October . . 82,133 57,316 100,822 

November 74,453 50,611 101.244 .... 
December. 63,987 48,896 103,333 



NEW INCORPORATIONS. 

The volume of new enterprises continues 
to show a large increase over the early 
months of 1915. However, incorporations 
in March do not make as good a showing 
as those in previous months this yoar, when 
the output of charters was oi ., n exception- 
ally heavy scale. Papers filed for new com- 
panies in the principal Eastern States .vit'i 
a capital of $1,000,000 or over involved $1.14,- 
750,000, an increase of about 170% over the 
total for March a year ago. Compared \w'l 
February this year the returns ii I'ica c a 
decrease of over 40%. No small part of 
the last month's total was the $53,500,000 
United Drug Company, which abandoned 
its New York charter and reincorporated 



under the laws of Massachusetts. A con- 
siderable portion of the total was also made 
up by the refinancing of maturing pblifca 
tions. 

The grand total of all companies with a 
capital of $100,000 or over, covering all 
States, including those of the East, reached 
$261,027,000. 

Following are the comparative figures as 
specially compiled by The Journal of Com- 
merce and Commercial Bulletin of com- 
panies incorporated in the Eastern States 
during the last three years with an author- 
ized capital of $1,000,000 or more: 

1916 1915 1914 

Jan. ..$270,995,000 $51,150,000 $120,050,000 
Feb. .. 365,995,300 53,950,000 51,575,000 
Mar. . . 194,750,000 70,050,000 57,700,000 



Totals $831,740,300 $175,150,000 $229,325,000 

FAILURES DURING MARCH. 

Making relatively the best exhibit in four 
months, strictly commercial failures in the 
United States during March, as reported to 
R. G. Dun & Company numbered 1,690 and 
supplied an aggregated indebtedness of $16,- 
885,295. Though showing a slight increase 
over the 1,688 defaults in the shorter month 
of February, the latest figures compare 
with 2.009 insolvencies in January. 1.704 in 
December and 2,090 in March 1915, the 
amount involved a year ago,, reaching $23, ~ 
658,130. Besides being the smallest since 
last November, when 1,565 firms suspended, 
owing $15,694,434, the present liabilities are 
the lightest for any March back to 1910, 
notwithstanding that reverses, as was to 
have been expected in view of the steady 
growth in the number of new enterprises, 
were more numerous than in all years prior 
to 1915. Classification of the March re- 
turns shows that there were 408 failures in 
manufacturing lines for $9,524,230 last year, 
while trading suspensions numbered 1,180 
and involved $9,497,409, as compared with 
$12,366,775 in the earlier period. On the 
other hand, there were more defaults in 
other commercial occupations 102 against 85 
while the indebtedness in this class, which 
embraces agents, brokers and similar con 
cerns, was $2,567,637, in comparison with 
$1,767,125 in 1915. 



THE STEEL AND METAL DIGEST. 



ApriL 



War Profits and Security Prices. 



By Warren F. Hickernell, Editor, The Brookmire Economic Service. 



In the STEEL AND METAL DIGEST 
of September last, I pointed out that a new 
cycle of the stock market was beginning, 
and that prices were being elevated in an- 
ticipation of a period of prosperity. The 
accompanying chart, showing cycles in the 



steel industry, indicates that the anticipa- 
tions of the stock market have been real- 
ized in the sense that the new business tak- 
en since that time, as reflected in the un- 
filled tonnage of the Steel Corporation, has 
increased tremendously. 




The new business of many smaller com- 
panies, of course, has increased faster than 
that of the Steel Corporation, probably the 
most startling increase being that of the 
Bethlehem Steel Corporation, which, on De- 
cember 31, 1915, had unfilled orders amount- 
ing to over ten times the average of the 
past ten years, as is shown in the following 
table: 

Orders on Hand. 

190 s $ 14,466,307.01 

190G 13,300,885.36 

1907 8,425,736.88 

1908 7,592,502.62 

1909 14,073,834.25 

1910 17,370,660.17 

1911 15,885,198.70 

1912 29.282,182.27 

1913 24,865,560.10 

vni 46,513,189.95 

l9 15 175,432,895.00 

In my article last September, I also sug- 
gested that the profits would be largest in 
those companies which made a regular busi- 
ness of manufacturing powder, ammunition, 



ordnance, and automobiles, whereas profits 
would be relatively less in companies com- 
pelled to go out of their regular line. The 
purpose of this article is to tabulate the pre- 
liminary reports of war profits and state 
what conclusions seem indicated by the 
present trend of affairs. 

Profits of 1915. 

During 1915 the Bethlehem Steel Corpo- 
ration earned 112% on its common stock as 
compared with only about 6% from 1910 to 
1912, and a deficit in 1908 and 1909. The 
General Motors Company, during the fiscal 
year ending last June, earned 81% as com- 
pared with from 15 to 38% during the four 
years previous. These two stocks, like the 
powder and ammunition companies, were 
working in their regular line during the first 
year of the war, and therefore increased 
their profits rapidly. In the case of the steel 
and equipment companies which attempted 
to go out of their regular line and take war 
orders, such as American Can, Baldwin Lo- 
comotive, and Pressed Steel Car, the earn- 
ings have not responded so quickly. 



W \K PROF] IS WD mm I K| \\ PRI , ES 



Annual Earnin( 
L909 

American Can o.3l 

Baldwin Locomotive 

Central Leather ,; ;;„ 

General Chemical Co. . 

Lackawanna Steel 

N. Y. Air Brake 3 ,,;., 

Pressed Steel Car r.68 

Republic Iron & Steel ~o 44 

U.S. Steel l0 .59 



s, P 

1910 



er Cent Per Share. 

1911. 1912. 

0.07 8.86 

11.49 

8.58 



19 .:, 



Average 



The average per cent earned by these nine 
stocks during the past seven years is 
plotted on the accompanying chart, along 
with a trend line of the average price. The 
chart shows that the average price has ad- 
vanced out of proportion to earnings for 
1915. The explanation for this, however, is 
that most of the profits of 1915 were real- 
ized during the last half of the year, so that 
it is probable that the total earnings for 
1916 will be so much higher than those of 
1915 as to make the present prices of In- 
dustrial stocks seem reasonable. Since we 
are only in the middle of the present Cycle 
of Trade, there is a good chance that the 
earnings of 1916 will show large increases 
over 1915, but our conclusion is that the 
Stock Market prices of 1915 were too high 
for the earnings of that year, with the ex- 
ception of Bethlehem Steel and a few other 
companies, so that the justification for the 
manipulation of Industrial shares last Fall 
must be based upon earnings to be realized 
during the coming year. 




4.24 
12.23 



5.0'.) 
19.77 

i).:.' 4 
0.48 
0.14 



6.38 



7.50 



L913. 
2.66 
13.09 

5.ls 
19.19 

;.'.!.; 

6.55 
10.56 

4.97 



7.91 



1 9 1 1 . 
3.61 
5, 'i 
6.41 

18.73 

-4.72 
6.41 
0.14 
2.65 

-0.34 

1.37 



L915. 
5. 1 9 
7.14 

10.82 

1 t.21 
6.88 

13.44 
3.60 
6.49 
9.95 

11.97 



1 Ik- oppc- companies were favored with 
large orders immediately upon the outbreak 
of the war. and before the end of 1915 
showed a large increase in earnings, as re. 
fleeted in the following table: 

1911 1912 1913 1914 1915 

Amalgamated 
(Anaconda) . 4.3 



Chino 0.17 



4.29 



Utah . 



3.51 



3.57 

3.44 



Average 2.82 



3.96 5.35 5.38 5.34 11.02 



4.14 4.89 4.09 8.99 



1911 1912 1913 1914 1915 1 1916 



THREE COPPER 
STOCKS^m- 




_ Aveper cenr 
earned 



JL% 



-Q_ 



The railroads, of course, did not begin 
to show increased earnings until war sup- 
plies began to be shipped in large quan- 
tities, so that large earnings during the first 
year of the war showed little benefit from 
European hostilities. In fact, the financial 
shock (luring the latter part of 1914 hurt 



HO 



THE STEEL AND METAL DIGEST. 



April 



mere than the war business early in 1915 
helped. We have made estimates for rail- 
road earnings for the fiscal year ending 
next June, however, which show very hand- 
some increases over the past few years, and 
since the prices of railroad shares have been 
somewhat heavy on account of the selling 
cf railroad securities from Europe, the ma- 
jority of railway shares are selling on a 
fair investment basis. The accompanying 




chart shows that railroad prices have ad- 
vanced only moderately in proportion to 
the very small recovery in railroad profits 
Conclusions. 
To sum up: The stock market was man- 
ipulated upward last Fall in anticipation of 
large profits. In case of the railroads, prices 
have risen only moderately and the in- 
creases in current earnings are large enough 
to support present prices. In case of the 
copper stocks, prices were advanced con- 
siderably above the average, but not enough 
tf fully discount the rate of profits being 
earned in 1916, although it is likely that the 
prices of copper shares are high enough to 
discount what will be earned on the aver- 
age during the next two or three years. In 
cai;e of the manufacturing stocks which 
went out of their regular line to make war 
supplies, security prices were advanced far 
out of proportion to the earnings of the 
past few years, and in most cases too high 
to be justified by the earnings of 1915. 
Since earnings during the coming months 
will be larger than in 1915, however, it 
will be premature to say that Industrial 
slocks have been badly inflated until we 
know how long the war is going to last. 



Astonishing Export Record 
For February. 



American exports for February reached 
a total of $409,836,525 according to an an- 
nouncement made by the Bureau of Foreign 
and Domestic Commerce, of the Depart- 
ment of Commerce. This is the highest 
point ever reached by the export trade in 
this country and exceeds the high mark for 
December, 1915, by $50,000,000. It exceeds 
the total for January by $83,000,000. The 
decline in January had been taken in some 
quarters to mean that the record figure for 
December had marked the high tide in the 
flow of' American exports. The total ex- 
ports for the first eight months of the fiscal 
H6 are $3,586,301,570 and it now seems 
probable that the exports for the whole 
fiscal year will reach $4,000,000,000. 

February imports also set a new high 
record, being valued at $193,935,117, which 
is about $10,000,000 more than in January, 
and much ab >ta! f <t any earlier 



February. Over two-thirds of the month's 
imports entered free of duty. 

The excess of exports over imports ami Hint 
ed to $215,901,408 in February and to $1, 
295,217,462 during the eight months ending 
with February. Last year February showed 
an excess of $174,682,478 and eight-months 
period an excess of $578,834,390, or less than 
one-half that of the current period. 

The international gold movements foi 
February included imports valued at $6,- 
016,006, against $12,726,492 for February, 
1915; and for the eight months, $328,054,- 
.",92 in 1916, against $46,267,209 in 1915. Gold 
exports in February totaled $13,684,667, 
against $1,053,879 in February, 1915; and in 
the eight months, $47,741,575, compared with 
$140,387,009 in a like period of 1915. The 
current fiscal year to the end of February 
showed a net inward gold movement of 



ASTONISHING EXPOR1 RECORD FOB FEBR1 AKY 



Ml 



$380,312,817, while 


.i ci n 1 1' pon 


in ward 




movement o 


i $94,119,800. 




Imports and Exports of Merchandise, by 






Months. 




Following is th 


e complete record of ex- 


ports 


and import 


by months 


for tin pasl 


three 


years: 


Imports. 






1914. 


1915. 


1916. 


Jan. 


$154,742,923 


$122,148,317 


$184,193,299 


Feb. 


i 18,044,776 


1.35,123,391 


193,935,1 i; 




L913. 


1914. 


1915. 


Mar. 


$155,445,491' 


$182,555,304 


$157,982,016 


Apr. 


146,194,461 


173,7(12,114 


160,576,106 


May 


133,723,713 


164,281,515 


142,284,851 


June 


131,245,877 


157,529,450 


157,695,140 


July 


139,061,770 


159,677,291 


143,244,737 


Aug. 


137,651,553 


129,767,890 


141,804,202 


Sep. 


171,084,843 


139,710,611 


151,236,026 


Oct. 


132,949,302 


138,080,520 


149,172,729 


Nov. 


148,236,536 


126,467,062 


164,319,169 


Dec. 


184,025,571 


114,656,545 


171,841,665 


*8 mos. 






$1,146,110,571 $1,214,845,272 


11,281,714,468 


*12 mos. 








1,782,406,823 


1,733,760,010 


1,918,284,057 




Exports. 






1914. 


1915. 


1916. 


Jan 


$204,066,603 


$267,879,313 


$335,535,303 


Feb. 


173,920,145 


290,805,869 


409,836,525 




1913. 


1914. 


1915. 


Mar. 


$187,426,711 


$187,499,234 


$296,611,852 


Apr. 


199,813,438 


162,552,570 


294,745,913 


May 


194,607,422 


161,732,619 


274,218,142 


June 


163,404,916 


157,072,044 


268,547,416 


July 


160,990,779 


154,138,947 


268,974,610 


Aug. 


187,909,020 


110,367,494 


261,025,230 


Sep. 


218,240,001 


156,052,333 


300,676,822 


Oct. 


271,861,464 


194,711,179 


328,030,281 


Nov. 


245,539,042 


205,878,333 


331,144,527 


Dec. 


233,195,628 


245,632,558 


359,301,274 



*8 mos. 

$1,481, l' J 9,034 $1,492,048,090 $2,399,494,991 
*12 mos. 

2,444,975,169 2,294,322,484 3,718,647,895 
Excess of Exports. 
1913-14 1914-15. 1915-16. 

*8 mo. $335,028,463 $277,202,818 $1,117,780,523 
*12 mo. 662,568,346 560,562,474 1,800,363,835 
* Ended January. 

Following were the changes last month 
compared with February, 1915: 

Exports Inc. $111,108,768 

Imports Inc. 68,811,726 

Excess exports Inc. $ 42,297,042 



Changes in exports and imports for the 
eight months period follows: 

Exports Inc. $953,913,665 

Imports Inc. 346,530,593 

Excess exports Inc. $706,3 1,0*3 ! 

The February returns are compared in the 
following table with the returns of January 
and with February last year: 
Exp. $409,836,525 $335,535,303 $298,7:.'7,?;,7 
Imp. 193,935,117 184,192,299 125,123,391 

Exc. exp. 

$215,901,408 $151,343,004 $173,604,366 

Our Foreign Trade. 

The National City Bank of New York, in 
their April letter say: 

"The rise of prices, scarcity of materials. 
difficulties and high cost of ocean transpor- 
tation, and recovery of the home market, 
are together seriously interfering with our 
promising export trade in new markets. 
Many manufacturers who were eager for 
foreign orders a year ago now find them- 
selves unable to take care of even the do- 
mestic business offered, and naturally feel 
that they must give their first attention to 
patrons of long standing. The rise of prices 
is not fully understood by new customers, 
who are inclined to think that dealers and 
manufacturers in the United States are tak- 
ing advantage of their situation. Of course 
the situation is world-wide, beyond any 
possible control, and affecting domestic pur- 
chases as much as those for foreign deliv- 
ery. Manufacturers and dealers are gener- 
ally showing all possible consideration to 
people who have been accustomed to look 
to them for supplies, and in many instances 
orders from abroad are being filled without 
profit or at a loss, rather than have misun- 
derstanding. 

"It is of little avail to say that the United 
States is not making the most of its oppor- 
tunity in foreign trade. Of course it is not 
doing all that might be done if the country 
was put in the hands of an Executive Com- 
mittee with full powers to manage its af- 
fairs as though it was a single business cor- 
poration. The needs of the world, and our 
corresponding opportunities, are so great 
at this time that in surveying them the ob- 
server is almost persuaded that the people 
of the United States should be put on siege 
rations, with bread cards, meat cards and 
milk tickets, and compelled to economize 
and save, to offset the waste which is go- 



THE STEEL AND METAL DIGEST 



April 



ing on elsewhere and to make this country- 
headquarters for world trade and finance. 
But that is an imaginary efficiency, worth 
ih inking of only as it may influence the ac- 
tion of individuals. The consumptive re- 
quirements of the United States grow so 
fast that in each new period of general 
prosperity they over-run all anticipations. 
When the pressure upon our productive ca- 
pacity comes, as we have it now, we pro- 
ceed to enlarge it, as we are doing now, and 
this construction work increases the con- 
gestion for the time being. We can only 
build up a permanent foreign trade as we 
plan, to care for it regularly, and although 
the present affords an unusual opportunity 
also create great difficulties in the way of a 
rapid development of new trade. The trade 
of the world cannot be shifted or re-organ- 
ized over night; too, many relationships are 



affected and too many readjustments are re- 
quired. For one thing it is certain that 
there can be no great expansion of industry 
in the United States, and no extensive shift 
of trade from Europe to the United States, 
without a revival of immigration. If Europe 
loses trade the people who have been em- 
ployed upon it Will certainly want to fol- 
low the trade, and they will be needed where 
the trade is taken on, but there is a popu- 
lar feeling in the United States that this 
country no longer needs or wants immigra- 
tion. People who think we can increase 
our foreign trade, or even hold what we 
have of it, without a growing supply of 
labor, are as obtuse as the British public 
which think? that higher wages will en- 
able it to have as many goods as formerly, 
although the goods cannot be made." 



A New Bessemer Steel Plant. 



For the first time in more than ten years 
there is occasion to record the news that a 
new Bessemer steel plant is to be built. 
On August 22, 1906, the first Bessemer steel 
was made by the Youngstown Sheet & Tube 
Company. Since that date no Bessemer 
steel plants have been built. Two Bessemer 
departments, those at Duquesne and Home- 
stead, have been abandoned, and at other 
plants Bessemer converters have been turn- 
ed more or less to duplexing. There was a 
serious question, indeed, whether any more 
Bessemer steel plants would ever be built, 
not because Bessemer steel would no longer 
be required, but becau.se it might be that 
the existing Bessemer plants would be able 
to furnish all required. For steel pipe Bes- 
semer seems to have the preference. 

The new Bessemer steel plant will be 
built by the National Tube Company, at 
Gary, Ind.. the following synopsis of the 
construction planned giving a full idea of 
the size and scope of the plant: 

Ore docks. 

Four blast furnaces, about 500 tons daily 
capacity each. 

Two 12-ton Bessemer converters. 

Two skelp mills, one universal plate mill 
and one sheared plate mill. 

Five butt-weld and five lap-weld furnaces. 

Galvanzing shop, coupling shop and job- 
bing s] 10 p. 



A large warehouse. 

The capacity will be about 500,000 tons 
of finished product a year. 

From a purely business standpoint the 
item is of great importance. There is 
much new construction in the steel indus- 
try at present. Without counting the Na- 
tional Tube Company's plant at Gary, which 
will have a capacity of fully 600,000 tons of 
ingots a year, the Steel Corporation is mak- 
ing additions to capacity involving about 
2,000,000 .tons of ingots a year, while the 
independents are also engaged in a great 
deal of new construction. All this, how- 
ever, may be classified as pertaining more 
or less to the heavy demand for steel that 
occurs in these war times, for in each in- 
stance there has been a strong chance that 
the new capacity would become productive 
before the war ends. With the National 
plant at Gary the case is different. The 
probabilities are strongly that the war will 
be over before the plant is completed. Even 
with the great facilities at command of the 
Steel Corporation the building of such a 
large and complete plant will take a great 
deal of time, more than a year, certainly, 
from the time actual construction work is 
begun. 

The plant is clearly based upon expec- 
tations of a heavy demand for tubular goods 
after the war. Whether the Finance Com- 



UNITED STATES STEEL COKl'OKATloN'S EARNINGS. 



14. 'J 



mittee, which has approved the targe ex- 
penditure involved, felt that the demand 
after the war would run more strongly to 
tubular goods than to other linos we do not 
know, but it is significant that before the 
war the pipe mills were no more crowded 
with work than other departments of the 
finished steel trade, and since the war start- 
ed the Jones & Laughlin Steel Company has 
projected a pipe mill for its Woodlawn 
works, which could be completed within 
the next six months if necessary. 

In current market developments there are 
indications that there will be a heavy de- 
mand for tubular goods. In these war con- 
ditions, not only is there no demand for 
welded tubular goods for war purposes, but 
there is a great curtailment in the normal 
export trade, for while there is demand from 
neutral countries there are not sufficient 
shipping facilities to satisfy that demand. 



Nevertheless the orders of the pipe mills 

are running very heavy. The specifil 01 
ders being booked from week to week, 
are far in excess of the shipments, even 
though shipments are being made from mill 
Stocks in addition to the full output of the 
mills. It seems perfectly logical to assume 
>that when trade has been restored to its 
normal channels, and the usual export trade, 
or a greater, is enjoyed with a heavy de- 
mand at home for oil development work, 
there will be a greater demand than ever 
for welded tubular goods. 

The December earnings of the Steel Cor- 
poration were nearly ten millions in excess 
of the amount necessary to meet all charges, 
including 5% on the common stock, while 
month by month the earnings are increas- 
ing. Thus the financing even of so large a 
plant does not appear formidable by any 
means. 



United States Steel Corporation's 
Earnings. 



Earnings and Sales Total $726,683,589, 
Surplus $44,260,374; 

The United States Steel Corporation is- 
sued its annual report on Mar. 16 for the 
year ended December 31, 1915. The re- 
port shows that ithe gross sales and 
earnings equalled the sum of $726,683, 
589, an increase of $168,268,656 ever 1914. 

Starting in 1915 with earnings during 
the first quarter of $1-5,082,369, which were 
second to the smallest in any quarter 
since 1910 and were $5,368,619 less than in 
the same period in the preceding year, the 
United States Steel Corporation, accord- 
ing to its report, closed the twelve months 
ended December 31st with a surplus net in- 
come of $44,260,374, as against a deficit of 
$16,971,984. This was left after dividends 
amounting to $31,573,458 had been paid 
from a balance of $75,068,019. It was equiva- 
lent to 9.97% earned on the $508,302,500 
common stock, as compared with 6.52% 
earned on the same stock in the year be- 
fore. 

In his report to stockholders, Chairman 
Gary says: 

"The improvement in the demand for iron 



Increase of $168,268,656 Over 1914 
Dividends $31,573,458. 

and steel products which became evident 
before the middle of 1915 continued in in- 
creasing volume throughout the remainder 
of the year, both for the domestic and the 
export trade Until the latter part of the 
year, however, the advances in the prices 
received for domestic business were mod- 
erate and the average selling prices receiv- 
ed for the year were only slightly in ex- 
cess of those for the preceding year. In 
the closing months of the year the demand 
for products for the domestic trade for fu- 
ture delivery exceeded the producing ca- 
pacity of the country and caused price ad- 
vances. The demand for products for ex- 
port was the largest for any year in the 
history of the corporation. 

"The total production for the year 1915 
of all classes of rolled and other finished 
steel products for sale was equal to about 
85% of the annual capacity of the mills. 
During the last quarter of the year the out- 
put equaled the maximum steel producing 
capacity. The year's production of cement 
was about 64% of the capacity. The pro- 



THE STEEL AND METAL DIGEST 



April 



duction by the subsidiary companies in 1915 
of basic raw and semi-finished materials 
and of rolled and other finished products 
for sale to customers, in comparison with 
the previous year's results, was as follows: 

Tons 

1915. 1914. 

Iron ore mined 23,669,676 17,034,981 

Coal mined — ■ 
For use in making 

coke 20,800,204 15,890,382 

For steam, gas and 

other purposes . . . 5,828,278 5,271,911 

Total 26,628,482 21,162,293 

Coke manufactured 14,500,818 11,173,914 

Limestone quarried 5,795,925 4,676,479 

Pig iron, ferro and 

Spiegel 13,641,508 10,052,457 

Steel ingots (Besse- 
mer and O. H.).. 16,376,492 11,826,476 

Rolled and other fin- 
ished steel prod- 
ucts for sale .... 11,762,639 9,014,512 
Bbls. Bbls. 

Universal Portland 

cement 7,648,658 9,116,000 

The shipments of all classes of products 

to customers during 1915, in comparison 

with the shipments during 1914, were as 

follows: 

Tons 

Domestic shipments — 1915 1914. 

Rolled steel and oth- 
er finished prod- 
ucts 9,331,363 7,982,325 

Pig iron, ingots, Spieg- 
el ferro and scrap 543,193 494,144 

Iron ore, coal and 
coke 1,004,323 1,153,575 

Sundry materials and 

by-products 103,869 80,357 

Total tons all kinds 
of materials, ex- 
cept cement 10,982,748 9,710,401 

Universal Portland 

cement (bbls) . . . 8,176,583 9,117,752 

Tons 

Export shipments — 1915. 1914. 

Rolled steel and oth- 
er fin. products. 2,350,524 1,096,234 

Pig iron, ingots and 
scrap 78,244 47,790 

Sundry materials and 

by-products .... 971 190 

Total all kinds 

materials 2,429,739 1,144,214 



Aggregate tonnage of 
rolled steel and oth- 
er finished prod- 
ucts shipped to both 
domestic and ex- 
port trade 11,681,887 9,078,559 

Total value of business (covering all of the 
above tonnage) — 1915. 1914. 

Domestic $391,188,661 $337,444,052 

Export 95,163,393 42,784,091 

Total $486,352,054 $380,228,143 

The prices received in 1915, based on the 
total tonnage of rolled and other finished 
steel products shipped showed, in respect 
of domestic shipments, an increase of 26 
cents per ton over the average price per 
ton received in 1914, but in respect of ex- 
port shipments the increase was $4.19 per 
ton, and for both domestic and export the 
average increase was $1.05 per ton. 

The following is a statement of the gross 
sales and earnings classified by operating 
groups. Gross sales of products are includ- 
ed on basis of f.o.b. mill values: 
Gross sales by manu- 
facturing, iron ore 

and coke companies. 1915. 1914. 
To customers outside 
of U. S. Steel or- 
ganization $486,352,054 $380,228,143 

Inter-company sales 
(sales between sub- 
sidiary companies) 178,576,468 129,565,729 
$664,928,522 $509,793,872 
*Gross earnings and 
receipts of trans- 
portation and mis- 
cellaneous CO.S . 54,392,457 42,040,131 
Misc. companies.. 7,362,610 6,580,930 

Total $726,683,589 $558,414,933 

* Includes earnings and receipts both for 
inter-subsidiary company business and of 
business with interests outside of the U. S. 
Steel organization. 

The average number of employes in the 
service of the Corporation and the subsi- 
diary companies during the year and the 
total amount of pay roll, in comparison with 
similar statistics for 1914, were as follows: 
1915. 1914. 

Average number of 

employes during 

the entire year.. 191,126 179,353 

Total amount of pay 

rolls $176,800,864 $162,379,907 

Average salary or 

wage per employee 

per day $3.01 $2.97 



rOPICAL TALKS UN IKON. 



145 



The lowest average number of employes 
in any single month in 1915 was 141,461 in 
January, and the highest average was 227,- 
051 in December, 1915. The total pay roll 
in January was $10,677,017 and in December 
$17,801,289. 

On February 1, 1916, an advance was 
made in the wages and salaries of the em- 
ployes of the subsidiary companies. This 
increase averaged approximately 10% on 
the rates previously paid the employes af- 
fected. On basis of an annual pay roll 
equal in numbers to that for 1915, these ad- 
vances in rates will call for an increased 
disbursement of approximately $14,000,000 
per annum, while on basis of an employ- 



ment equal to the average during 1913 the 
increased amount will be about $18,000,000 
annually. 

The expenditures made by all companies 
during the year 1915 for maintenance and 
renewals, including the relining of blast 
furnaces, and for extraordinary replace- 
ments, in comparison with expenditures for 
the same purposes during the preceding 
year, were as follows: 

1915. 1914. 

Ordinary maintenance 

and repairs $39,877,484 $40,345,018 

Extraordinary replace- 
ments 3,489,159 5,027,575 

Total $43,366,643 $45,372,594 



Topical Talks On Iron. 



XXXVI, 

Coke is the favorite fuel for the blast fur- 
nace, to reduce iron ore to pig iron. Raw 
bituminous coal was formerly quite largely 
used, and anthracite, particularly anthracite 
mixed with coke is still used. For the pro- 
duction of particularly pure pig iron char- 
coal is used, though necessarily at a high 
cost. 

The advantage of coke becomes appar- 
ent when it is recalled that in a modern 
blast furnace there must be burned between 
20 and 25 net tons of coke per hour, the 
maximum diameter of the furnace being 
about 23 feet, while the zone in which com- 
bustion occurs is only a small fraction of 
the total height of 80 to 90 feet. The blast 
of air must readily penetrate to the particles 
of carbon in the fuel, and the nature of 
coke facilitates this penetration. The tarry 
matter of the coal has been removed, the 
coke is strong and remains in lumps to the 
last moment, while its structure is finely 
cellular. 

The preferable coke physically is fairly 
strong in structure and minutely cellular. 
Its ash is objectionable, as carbon is the 
required element and the more ash the less 
carbon, while the ash must be heated 
and fluxed away, and the more flux 
charged to the furnace the more coke is re- 
quired to melt it. The ash, however, is 
necessary as it furnishes the coke its 
strength. Sulphur is objectionable as it 
must not be present to any extent in the 
iron and must therefore be fluxed off, in- 



— Coke. 

volving an expense. While standard coke 
is supposed to contain less than 1.00% sul- 
phur it is a superstition though not alto- 
gether an uncommon one that coke with 
somewhat higher sulphur will not produce 
good pig iron. It is simply more or less 
inconvenient up to about 1.50% while 2.00% 
sulphur is practically impossible. 

Phosphorus in coke is a much more se- 
rious matter, as substantially all the phos- 
phorus in the coke, ore and limestone is 
found in the iron produced, and thus phos- 
phorus in the coke is limited to a very few 
hundredths of one per cent. 

About four-fifths of the coke produced in 
the United States is used in the iron blast 
furnaces, the remainder being used in melt- 
ing iron, in smelting other metals and for 
heating purposes generally. 

The blast furnace interests are turning 
very rapidly to what is commonly known 
as by-product coke, though the generic pro- 
cess of manufacture would be described bet- 
ter by the use of the word retort, for it is 
the use of a retort, with heat applied 
through the walls of the retort to the coking 
coal inside, that constitutes the fundamental 
difference in process of manufacture from 
the older or beehive oven process, in which 
air for combustion is admitted directly to 
the coal in the oven. 

There are at present in the United States 
about 93,000 beehive ovens, with a capacity 
for producing about 400 tons of coke each 
per year, on an average, though the larger 



THE STEEL AND METAL DIGEST 



April 



ovens run 500 tons or more a year. There 
are about 6,000 retorts completed, to make 
by-product coke, with capacities ranging 
from perhaps a shade under 3,000 tons a 
year up to about 4,000 tons. Thus the to- 
tal capacities are something like 35,000,- 
000 tons of beehive and 20,000,000 tons of 
by-product coke a year, while there are 



something like 1,500 retorts being built, to 
add 5,000,000 or 6,000,000 tons a year to the 
output, making a prospective capacity of 
over 60,000,000 net tons of coke a year, or 
considerably more than will be required. 
Beehive ovens will probably have to be 
abandoned to an extent in consequence. 



Steel Plants. 



V.— The Tata Works in India. 



At Delhi there is an iron pillar 50 feet 
high and 16 inches in diameter, which dates 
hack at least to 912 B. C. It appears to 
have been made of 50-pound blooms welded 
together. The manufacture of steel in India 
by modern methods, however, dates back 
only to February, 1912, when the Tata Iron 
& Steel Company, Limited, cast its first 
steel ingot and rolled its first rail. 

The works was projected by the late J. 
N. Tata, of Bombay, India, a prominent 
Parsee manufacturer and merchant, and the 
enterprise is now in control of his two sons 
and his nephew, who are members of the 
firm of Tata Sons & Company, dealers in 
diamonds and silks. 

The preliminary investigations, relative 
to the coal and ore that might be available, 
were conducted by C. P. Perin and C. M. 
Weld, the work beginning in 1903. When 
the project was finally adopted, Julian Ken- 
nedy, Sahlin & Company, Limited, of Brus- 
sels, were appointed designing and consult- 
ing engineers, in November, 1907, and W. O. 
Renkin became resident engineer for the 
firm. In 1908 Mr. Sahlin and the resident 
engineer selected the location for the plant, 
Sakchi, two miles from Kalimati, 150 miles 
west of Calcutta on the Bengal & Nangpur 
railway. The iron ore is 44 miles distant, 
at Gurumaishini, chiefly drift. It is picked 
up by women with baskets and carried to 
the stockpile whence it is conveyed by rail 
to the works. The dolomite quarries are 
120 miles away, while the limestone comes 
450 miles. 

Coal is brought about 120 miles, and was 
recently stated to cost $1.04 per ton at the 
works. It has a volatile content ranging 
from 19 to 28%, with about 18% ash, and 
is estimated to yield 75% in coke. The cok- 
ing operation costs about 65 cents, making 
the cost of the coke about $2.05. 

In these costs there is a suggestion of the 



low wage rates prevailing in India, and 
thus the fact that at times there were as 
many as 8,000 men engaged in the prelimin- 
ary work of building the plant is not so 
staggering, for they received only from 
four to six cents a day. 

The coke plant comprises 180 Coppee re- 
tort ovens, but there is no by-product work 
conducted, partly for the reason that all 
the water there is from 98 to 110 degrees 
and that is too high for condensing am- 
monia vapor. 

There are two blast furnaces, 20x80 feet, 
with a capacity of about 250 tons of pig 
iron each per day, with four stoves each, 
blast being supplied by turbo blowers, op- 
erated condensing. 

Direct furnace metal is used through a 
250-ton gas fired mixer to four 40-ton sta- 
tionary open-hearth furnaces. Ingots 16x20- 
inch are cast, weighing about 2J4 tons, and 
bloomed in a 40-inch two-high reversing 
mill, driven by a three cylinder engine of 
12,000 h. p. This engine also drives a 20- 
inch two-high reversing rail and structural 
mill with three stands of rolls. This mill 
produces rails as well as a fairly large line 
of structural shapes. For light rails, smalt 
shapes and merchant sections generally 
there is a separate mill with a 16-inch 
roughing and finishing train and two 10- 
inch finishing stands. 

The power plant comprises 8,000 h. p. of 
boilers, of which 5,000 h. p. is fired by blast 
furnace gas, 1,000 h. p. by coke breeze and 
2,000 h. p. by coal. 

While a great deal of native labor is em- 
ployed at the plant it is necssary to use im- 
ported labor for the jobs requiring any skill, 
and this labor is high priced, so that the 
economic advantages lies more largely in 
the low cost of the ore, coal and coke de- 
livered than in low costs of conversion to 
finished product. 



I Ml' [RON \\i> STEE l. si n VTION. 



The Iron and Steel Situation. 



During the past month the viewpoint from 
which the iron and steel situation must be 
studied has changed. The current develop- 
ments have become of less importance, not 
because such developments would be of less 
value at this time than at other times, if 
they were of their usual character, but be- 
cause perforce they have themselves become 
unimportant. It is not the situation in 
which important developments can well oc- 
cur, unless they were such as would be con- 
sidered beyond question as unfavorable. The 
market is sold, and bought, practically to a 
standstill, in other words. There are de- 
velopments which regarded superficially 
may be regarded as suggestive but upon 
analysis they are seen to indicate but little 
as to the real foundation upon which the 
market must rest. 

For instance, the large mills after definite- 
ly advancing bars and shapes to 2.35c and 
plates to 2.60c on March 13th, later in the 
month have been found to be quoting 2.50c 
and 2.75c respectively, but this later advance 
is not really significant because there is no 
volume of buying at these high prices com- 
parable to that which occurred at lower 
prices. Only those to whom cost is a minor 
matter can afford to pay the prices and thus 
an advance at this time is vastly less signifi- 
cant than were the advances some time ago, 
which everyone was expected to pay — and 
did pay. 

Again, the official announcement of the 
Chairman of the Steel Corporaticn made 
early in April, may easily be interpreted as 
more significant of conditions than it really 
is. It reads: "The subsidiary companies of 
the United States Steel Corporation which 
manufacture rails have decided to maintain 
present prices until May 1, 1916, as to rails 
sold for delivery up to May 1, 1917 but will 
make no commitment beyond that date." 
This was taken, no doubt rightly, to presage 
an advance of $5 or $10 a ton in the rail 
price, practically unchanged for 15 years. 
Such an advance would naturally constitute 
a very important event indeed, but what 
does the announcement really mean but 
that the railroads will be covered for the 
1917 season, if they are willing to run the 
risk of having to take some of their rails 
a few months before they intend to lay 
them, and that for the season of 1918, two 



years hence, they may have to pay an ad- 
vance. When the trade is wondering how 
many months this steel movement will last 
it is not particularly illuminating to learn 
that it is in the minds of the rail makers to 
make it possible to secure more money for 
rails to be made two years hence. Much 
can happen, much certainly will happen, be- 
fore the two years have expired. 

The Foundation of the Market. 
The real foundation of the market can be 
discovered only by analyzing the condition 
rather than the trends that can be observed, 
for the trends that can be observed are not 
conclusive, and the trends that would prove 
conclusive cannot be analyzed. One can ob- 
serve the trend of prices, but prices are al- 
ready far beyond the levels that have hith- 
erto been regarded as safe. They are be- 
yond all precedents that have occurred in 
the present order of things, hence no one 
can possibly undertake to assert that they 
are safe. The trends that can be observed 
as to the rate of buying are not conclusive 
for months ago buyers fell into a panic for 
fear lest they should be unable to secure de- 
sired deliveries and in the circumstances 
what they do from day to day is not con- 
clusive. If, on the other hand, it were pos- 
sible to study the trends in the invoice 
prices of steel as it is shipped from week 
to week, and follow each ton of steel at its 
given price to its ultimate destination, com- 
paring the tonnage consumed with the ton- 
nage consumed at other prices, the study 
of such trends would prove very enlighten- 
ing, beyond question. We just used the 
expression "ultimate destination," but a 
question mark at once springs up. How 
much of the steel shipped to-day is going 
to an ultimate destination? Who can make 
a comprehensive survey of the amount of 
steel that has been going into stocks of job- 
bers and manufacturing consumers? 

Let us take a glance at the foundation of 
the market by reverting to the history of 
it in the making. In our review of October 
there were two sub-heads "Steel prices run- 
ning away" and "Illustration of the run- 
away" and the illustration was that the 
Carnegie Steel Company advanced bars, 
plates and shapes from 1.40c to 1.45c on 
October 15th, to 1.50c on October 25th and 
to 1.60c on November 4th, advances at ten- 



THE STEEL AND METAL DIGEST 



April 



day intervals. Later the remark was made 
"The expiration of third quarter contracts 
and the coming into effect of fourth quarter 
contracts did not retard the rate of speci- 
fying hy contract holders." See what a 
strong market that was! There was prob- 
ably $1 to $2 a ton difference in the third 
quarter and fourth quarter contracts re- 
ferred to, prices being in the neighborhood 
of 1*4 cents, while now they are 3 T 4 to 354 
cents. Those specifications the mills are 
now filling. The contracts now being speci- 
fied against, with a freedom that in some 
quarters is considered so reassuring, are. 
the contracts that were being made while 
the market was advancing at ten-day inter- 
vals. 

On January 6th Chairman Garv's inter- 
view was published, expressing the general 
view that we were going too fast. There 
was expansion, and he feared there was in- 
flation. Since then finished steel prices 
have advanced $11 a ton. At the time of the 
interview they were $6 a ton above the av- 
erage level of the past 15 years. Mow they 
are $17 a ton above that level. 

The foundation the steel market is resting 
upon is not the fortuitous buying now in 
progress at high prices for early deliveries, 
or the greater or less willingness of some 
buyers to place contracts for specification 



long in the future, but the volume of ton- 
nage being filled and to be filled, against 
such contracts as were referred to above. 
The high prices paid currently on some ton- 
nage are doing scout duty for the army in 
the concrete trenches below. They may be 
able to discern the approach of an enemy, 
but the resistance offered is in the strong- 
ly fortified position. 

The lower the price at which the mills 
are obligated upon this large tonnage the 
stronger the foundation of the steel situa- 
tion. With contracts made for forward spe- 
cification, and with mills far behind in fill- 
ing the specifications after they are filed, it 
will be many months indeed before all the 
business placed on contract books before 
January 1st has been filled, and yet on Jan- 
uary 1st finished steel prices stood at an 
average level $12.50 a ton, as shown by our 
composite, below the present level. In fact, 
prices were then just half way between the 
low level of December, 1914, and the pres- 
ent level. Thus the steel now being ship- 
ped and paid for, or the prices now ruling 
on such steel as is bought, are no indica- 
tion as to the distant future. 
The Future. 

There is no reason to suppose that the 
tonnage now on the books of steel com- 
panies will be shipped when it can be ship- 



PIG IRON PRICES. 

(Averaged from daily quotations; at Philadelphia, Buffalo, Cleveland and Chicago, 
prices are delivered). 

— ; — No. 2 fdy Ferro- Fur- 



Bessemer, Basic, No. 2 fdy, Basic, No. 2X fdy, Cleve 
1915 Valley 



Jan. . 
Feb. 

Mar. 

April 

May 

June 

July 

Aug. 

Sept. 

Oct 

Nov. 

Dec. 

Year 

1916- 

lan. 

Feb. 

Mar. 



13.75 
13.64 
13.60 
13.60 
13.60 
13.75 
13.98 
15.12 
15.93 
16.00 
16.67 
19.19 
14.90 

21.00 
20.50 
20.67 



12.50 
12.50 
12.50 
12.50 
12.50 
12.57 
12.87 
13.98 
14.80 
15.00 
15.88 
17.73 
13.78 

18.00 

17.88 
18.48 



Contract price. 



12.75 
12.75 
12.75 
12.75 
12.75 
12.70 
12.73 
13.71 
14.50 
14.58 
15.82 
17.98 
13.81 

18.50 

18.50 
18.50 
f.o.b. 



Fhila. Phila.Buffalo. land. 
13.50 14.45 13.25 13.25 



13.50 
13.50 
13.40 
13.85 
13.42 
13.83 
14.83 
16.70 
17.25 
17.40 
18.01 
14.88 

19.24 

19.50 
19.60 



14.50 
14.35 
14.05 
14.25 

14.25 
14.28 
14.91 
15.91 
16.25 
16.95 
18.81 
15.25 

19.71 
19.75 
19.77 



13.25 
12.74 
12.65 
13.17 
13.08 
12.83 
13.8S 
15.43 
15.75 
16.73 
18.02 
14.23 

18.25 
18.25 
18.77 



13.25 
13.25 
13.25 
13.25 
13.25 
13.20 
14.08 
15.04 
15.25 
16.47 
18.13 
14.31 

18.80 
18.80 
18.86 



Chi. Birm- mangan- nace 
cago. ingham. ese.* coket 
9.50 68.00 1.55 
9.50 68.00 1.55 
9.42 78.00 1.53 
9.25 78.00 1.55 
9.47 91.00 1.50 
9.50 100.00 1.50 
9.61 100.00 1.67 
10.77 100.00 1.54 
1.66 
2.18 
2.35 
2.85 
1.79 



13.45 
13.50 
13.39 
13.50 
13.50 
13.50 
13.50 
13.88 
14.30 
15.08 
17.50 
18.48 
14.47 

19.00 
19.00 
19.24 



11.22 107.50 

11.71 105.00 

13.14 100.00 

14.00 105.00 

10.59 91.71 

14.92 115.40 

14.64 139.00 

15.00 175.00 



3.14 
3.41 
3.45 



Baltimore; t Prompt, f.o.b. Connellsville ovens. 



THE IKON AND STEEL SI 1 l.W I ION. 



14) 



ped, and paid lor by the consignees. It 
is well recalled how when the steel market 
in- experienced an advance, and seems to 

be about I,, stop advancing, there has been 
talk of the possibility of a flood of cancel- 
lations and postponements that would turn 
an apparently strong situation into a weak 
one, but we search steel market history in 
vain for an illustration of such a thing oc- 
curring. Rather one find- that when the 
edge comes off the market the mills run 
along on their old orders for a greater time 
than was expected. The keenest edge is 
probably off this market now, but if the 
volume of new obligations entered has fall- 
en below the rate at wdiich shipments are 
being made the crossing has occurred only 
very recently, since the end of February. 
The tonnage on books is sound and will in 
itself carry the mills for many months. 
If the bookings decrease month by month, 
say from 100% of capacity in March to 
nothing at all in Ootober there will still 
be added enough to carry the mills several 
months longer. If steel prices should drop 
$10 a ton over night they would only he 
back to the level of February 1st, and the 
great bulk of the tonnage now in books 
was contracted for before that date. Thus 
the future promises, with almost absolute 
certainty, full operation of the mills for 
many months, probably at the worst 
through this year, and at the best, even 
with occasional price readjustments, for an 



indefinite period thereafter. 

The March Movement. 

Finished steel prices advanced about $5 
a t-ii in Match, against about the same 
amount i n February, ami $2 a ton in Jan- 
uary, Tin total advance from the low point 
is about $:>.-> a ton. In the early da; 
April the advancing tendency has become 
much less pronounced, though the period 
is too short for a conclusive deduction, and 
there is even question raised whether some 
of the recent advances are fully maintained. 
Another month will probably tell an im- 
portant tale. 

Pig iron production reached the 40,000,- 
000 ton rate at the end of March, equal 
to the whole world's rate 16 years ago. 
When a rate of 38, 000,000 tons was reached 
in December, it was regarded as substan- 
tially the limit, being indeed in exec-- of 
the estimates made of capacity not a yeaT 
earlier. Possibly it is the phenomenal pro- 
duction of pig iron that has prevented the 
spectacular rise in pig iron prices predicted 
in so many quarters. Pig iron was strong 
in March, but not particularly active. There 
is still room for every interesting develop- 
ments, for whatever the course of steel 
prices the requirements of the steel mills 
are likely to increase month by month, both 
by existing facilities making new records 
and by the completion of new construction, 
to balance which there is scarcely any blast 
furnace- construction. 









FINISHED 


STEEL PRICES 














(Averaged 


from daily quotations, f.o.b. Pittsburgh.) 




















Grooved 


- Sheets 




Comp. 














Wire 


Steel 






Blue Tin 


Fin. 


1915— 


Shapes, 


Plates, 


Bars, 


Pipe, Wire, 


Nails 


. Skelp 


. Black. Galv 


Ann 


d. plate, steel. 


January . 


.. 1.10 


1.10 


1.10 


81 


1.34 


1.54 


1.13 


1.80 


2.80 


1.30 


3.10 


1.4554 


February 


. . 1.10 


1.10 


1.10 


803/6 


1.38 


1.58 


1.13 


1.80 


3.09 


1.30 


3.10 


1.4716 




1.15 


1.15 


1.15 


80 


1.40 


1.60 


1.13 


1.80 


3.40 


1.30 


3.15 


1.5098 


April . . . . 


1.20 


1.20 


1.20 


80 


1.37 


1.57 


1.13 


1.80 


3.40 


1.33 


3.20 


1.5357 




1.20 


1.17 


1.20 


79 


1.35 


1.55 


1.14 


1.80 


3.60 


1.35 


3.11 


1.5381 




1.20 


1.15 


1.20 


79 


1.35 


1.55 


1.15 


1.76 


4.80 


1.33 


3.10 


1.5312 


July 


1.25 


1.22 


1.27 


79 


1.38 


1.58 


1.18 


1.74 


4.65 


1.32 


3.10 


1.5692 


August . . 


.. 1.30 


1.26 


1.30 


79 


1.43 


1.61 


1.25 


1.85 


4.40 


1.37 


3.10 


1.6059 


September 


. 1.33 


1.33 


1.35 


79 


1.54 


1.69 


1.28 


1.91 


3.68 


1.51 


3.10 


1.6506 


October . 


.. 1.44 


1.42 


1.43 


79 


1.63 


1.78 


1.40 


2.03 


3.57 


1.60 


3.15 


1.7264 


November 


. 1.63 


1.63 


1.63 


78 


1.72 


1.87 


1.56 


2.30 


4.07 


1.90 


3.45 


1.9089 


December 


.. 1.75 


1.75 


1.75 


78 


1.88 


2.03 


1.70 


2.53 


4.75 


2.26 


3.60 


2.0329 




1.30 


1.20 


1.31 


79J4 


1.48 


1.69 


1.27 


1.85 


4.40 


1.49 


3.10 


1.6506 


1916 — 


























January . 


.. 1.87 


1.90 


1.87 


7654 


1.98 


2.13 


1.75 


2.60 


4.75 


2.55 


3.75 


2.1410 


February 


.. 2.06 


2.16 


2.06 


75/ 2 


2.11 


2.26 


1.94 


2.60 


4.80 


2.65 


3.83 


2.2988 




2.36 


2.53 


2.36 


73 % 


2.25 


2.40 


2.24 


2.73 


4.93 


2.85 


4.20 


2.5579 



THE STEEL AND METAL DIGEST. 



April 



Price Changes of Iron and Steel Products 
From February 11, 1915 to Date. 

Price changes in merchant bars, structural shapes, plates, wire nails, merchant 
pipe, sheets and tin plates are given below, with dates. These are the commodities 
used in compiling our composite finished steel. In some cases the dates named are 
those upon which prominent producers announced price changes, but more frequently 



the dates are merely those upon which our quotations 
price changes are included. 



were changed. A few other 



1915- 










Aug 


3 


Shapes 


1.25 


to 1.30 


Feb. 


11 


Wire nails 


1.55 


to 1.60 


" 


4 


Sheets 


1.75 


to 1.80 


" 


11 


Pipe 


81% 


to 80% 


" 


6 


Black sheets 


1.80 


to 1.85 


" 


15 


Galv. sheets 


3.00 


to 3.25 




16 


Wire galvanizing 


80c 


to 60c 


" 


25 


Galv. sheets 


3.25 


to 3.40 


" 


19 


Blue ann. sheets 


1.35 


to 1.40 


Mar. 


1 


Bars 


1.10 


to 1.15 


" 


23 


Wire galvanizing 


60c 


to 70c 




1 


Plates 


1.10 


to 1.15 


" 


24 


Wire 


1.40 


to 1.50 


- 


1 


Shapes 


1.10 


to 1.15 


" 


24 


Wire nails 


1.60 


to 1.65 




1 


Wire galvanizing 


40c 


to 50c 




25 


Black sheets 


1.85 


to 1.90 


" 


17 


Wire galvanizing 


50c 


to 60c 




27 


Plates 


1.25 


to 1.30 


Apri 


1 


Boiler tubes 




75% 


" 


31 


Bars 


1.30 


to 1.35 


" 


1 


Bars 


1.15 


to 1.20 


Aug 


31 


Blue ann. sheets 


1.40 


to 1.50 


" 


1 


Plates 


1.15 


to 1.20 


Sept 


15 


Plates 


1.30 


to 1.35 


" 


1 


Shapes 


1.15 


to 1.20 




15 


Shapes 


1.30 


to 1.35 


•" 


14 


Wire nails 


1.60 


to 1.55 


" 


20 


Wire nails 


1.65 


to 1.75 


May 


1 


Steel pipe 


80% 


to 79% 




28 


Sheets 


1.90 


to 1.95 


" 


1 


Boiler tubes 


75% 


to 74% 




29 


Shapes 


1.35 


to 1.40 


" 


1 


Tin plate 


3.20 


to 3.10 


Oct. 


1 


Boiler tubes 


72% 


to 71% 




12 


Plates 


1.20 


to 1.15 


" 


6 


Bars 


1.35 


to 1.40 




17 


Galvanized sheets 


3.40 


to 3.60 


" 


6 


Sheets 


1.95 


to 2.00 




24 


Galvanized sheets 3.60 


to 3.75 


" 


7 


Blue ann. sheets 


1.55 


to 1.60 


June 


1 


Galvanized pipe 


62^ 


to 6zy 2 




15 


Bars 


1.40 


to 1.45 


" 


1 


Galvanized sheets 3.75 


to 4.25 




15 


Plates 


1.40 


to 1.45 




1 


Wire galvanizing 


60c 


to 80c 




15 


Shapes 


1.40 


to 1.45 


" 


8 


Sheets 


1.80 


to 1.75 




15 


Galv. sheets 


3.60 


to 3.50 


•• 


9 


Galv. sheets 


4.25 


to 5.00 




19 


Black sheets 


2.00 


to 2.10 


« 


15 


Boiler tubes 


74% 


to 73% 


Oct 


21 


Wire nails 


1.75 


to 1.85 


July 


1 


Bars 


1.20 


to 1.25 


" 


25 


Blue ann. sheets 


1.60 


to 1.65 




1 


Plates 


1.15 


to 1.20 




26 


Bars 


1.45 


to 1.50 




1 


Shapes 


1.20 


to 1.25 


" 


26 


Plates 


1.45 


to 1.50 


« 


2 


Sheets 


1.75 


to 1.70 


" 


26 


Shapes 


1.45 


to 1.50 


" 


6 


Wive nails 


1.55 


to 1.60 




28 


Blue ann. sheets 


1.65 


to 1.70 


" 


6 


Painted barb wire 


1.55 


to 1.70 




29 


Boiler tubes 


71% 


to 69% 




7 


Sheets 


1.70 


to 1.75 


Nov 


. 1 


Steel pipe 


79% 


to 78% 


" 


14 


Galvanized sheets 5.00 


to 4.50 


" 


1 


Galv. sheets 


3.50 


to 3.60 




16 


Boiler tubes 


73% 


to 72% 




4 


Black sheets 


2.10 


to 2.20 


" 


30 


Plates 


1.20 


to 1.25 


" 


4 


Galv. sheets 


3.60 


to 3.70 


" 


"0 


Wire nails 


1.60 


to 1.55 


" 


4 


Bars 


1.50 


to 1.60 


July 


4 
4 

5 

9 

9 

21 

28 

29 


Plates 1.50 
Shapes 1.50 
Tin plate 3.10 
Galv. sheets 3.70 
Blue ann. sheets 1.70 
Bars 1.25 
Galvanized sheets 4.50 
Wire nails 1.55 


to 1.60 
to 1.60 
to 3.30 
to 3.80 
to 1.80 
to 1.30 
to 4.25 
to 1.60 


■■ 


12 
12 
15 
15 
15 
16 
18 
IS 


Tin plate 

Sheets 

Sheets 

Galv. sheets 

Blue ann. sheets 

Wire nails 

Bars 

Plates 


3.30 
2.20 
2.25 
3.80 
1.80 
1.85 
1.60 
1.60 


to 3.60 
to 2.25 
to 2.40 
to 4.00 
to 2.00 
to 1.90 
to 1.70 
to 1.70 



IMMIGRATION STATISTICS. 



Nov. 18 
" 13 
•' 84 
■ 30 
" 30 
' 30 
1 



Dec 



1916- 
lan. 



Feb. 



April 



Shapes 
Galv. sheets 
Galv. sheets 
Sheets 
Galv. sheets 
Blue ann. she 
Wire nails 
Boiler tubes 
Bars 
Plates 
Shapes 
Wire nails 
Sheets 



Tin plate 

Blue ann. sheets 

Bars 

Plates 

Shapes 

Pipe (with extra 

Blue ann. sheets 
Boiler tubes 
Blue ann. sheets 
Boiler tubes 
Blue ann. sheets 
Bars 
Plates 
Shapes 
Pipe 

Wire nails 
Bars 
Plates 
Shapes 
Wire nails 
Pipe 
Bars 
Plates 
Shapes 
Tin plate 
Pipe 

Boiler tubes 
Wire nails 
Black sheets 
Blue ann. sheets 
Bars 
Plates 
Shapes 
Steel pipe 
Boiler tubes 
Bars 
Shapes 
Plates 
Sheets 
Steel pipe 
Boiler tubes 
Sheets 



L.60 

4.00 

I .•_■:, 
2.40 
4.50 
ts 2.00 
1.90 



to 1.70 
to 4.25 
to 4,50 
to 2.50 
to 4.75 
to 2.25 
to 2.00 
69% to 68% 
1.70 to 1.80 
tOl.SO 
to 1.80 
to 2.10 
to 2.60 



1.70 
1.70 
2.00 
2.50 



3.60 to 3.75 

2.25 to 2.35 

1.80 to 1.85 

1.80 to 1.85 

1.80 to 1.85 



78% 
2.35 

68% 
2.40 

66% 
2.50 
1.85 
1.85 
1.85 

77% 
2.10 
1.90 
2.00 
1.90 
2.20 
76% 
2.00 
2.10 
2.00 
3.75 

75% 
64% 
2.30 
2.60 



2.35 
2.25 

74% 
c,:;', 

2.35 

2.35 

2.60 

73% 
61% 
2.85 



to 77% 

to 2.40 

to 66% 

to 2.50 
to 64% 

to 2.65 

to 1.90 

to 2.00 

to 1.90 
to 76% 

to 2.20 

to 2.00 

to 2.10 

to 2.00 

to 2.30 
to 75% 

to 2.25 

to 2.35 

to 2.25 

to 4.00 
to 74% 
to 63% 

to 2.40 

to 2.75 

to 2.90 

to 2.35 

to 2.60 

to 2.35 
to 73% 
to 61% 

to 2.50 

to 2.50 

to 2.75 

to 2.85 
to 72% 
to 60% 

to 2.90 



IMMIGRATION STATISTICS. 

Years mentioned refer to fiscal years 
ended June 30th. Aliens admitted, both 
immigrant and non-immigrant, and aliens 
departed, both emigrant and non-emigrant, 
with change thereby effected- in United 
States population: 



Admitted. Departed. 



1912 1,017,155 

1913 1,427,227 

1914 1,403,081 



July, 1914 
August .... 
September . 
October ... 
Novemlber . 
December . . 
January, 1915 
February . . 

March 

April 

May 

June 



72,015 
51,231 
44,624 
45,241 
35,325 
27,458 
20,684 
18,704 
26,335 
31,765 
82,363 
28,499 



Year 1915 . . 434,244 

July 27,097 

August 27,413 



September . . 
October . . . 
November . 
December . . 
January, 1916 
February . . 



615,292 
611,924 
633,805 
54,885 
54,112 
34,757 
39,410 
40,748 
42,525 
31,556 
14,188 
15,167 
17,670 
17,624 
21,532 

384,174 
16,015 
41,737 
33,061 
26,338 
26,005 
23,743 
4,015 
10,824 



Change. 
+401,863 
+815,303 
+769,276 
+ 17,130 

— 2,881 
+ 9,867 
+ 5,831 

— 5,423 

— 15,067 

— 10,872 
+ 4,516 
+ 11,168 
+ 14,095 
+ 14,738 
+ 6,967 



+ 50,070 
+ 11,082 

— 14,324 

— 1,965 

+ 4,877 

+ 3,292 

570 

7,303 



+ 

+ 19,420 



31,096 

31,215 

29,297 

23,173 

17,293 

30,244 

United States citizens arrived and depart- 
ed, with change thereby effected in United 
States population: 

Arrived. Departed. Change. 

1913 286,604 

1914 286,586 

1915 239,579 

July, 1915.. 9,027 
August .... 9,506 
September . 9,054 
October . . . 8,991 
November . 8,364 
December . . 8,458 
Jan. 1916 .. 8,257 
February . . 11,082 
Net change in population caused by the 

movement of both aliens and citizens: 
1913, +754,205; 1914, +687,065; 1915, +117,- 
237; July, 1915, +14,994; August, 1915, —15,- 
128; September, 1915, — 1,099; October, 1915, 
+5,539; November, 1915, +2,490; Decem- 
ber, 1915, —1,461; January, 1916, +6,091; 
Februray, +17,594; eight months, +28,920. 



347,702 


— 


61,098 


368,797 


— 


82,211 


172,412 


+ 


67,167 


5,115 


+ 


3,912 


10,310 


— 


804 


8,188 


+ 


866 


8,329 


+ 


662 


9,166 


— 


802 


9,349 


— 


891 


9,469 


— 


1,212 


12,908 


— 


1,826 



152 



THE STEEL AND METAL DIGEST 



April 



COMPOSITE STEEL. 

Computation for April 1, 1916. 
Pounds. Group. Price. Extension. 

2'/ 3 Bars 2.50 6.250 

\Vi Plates 2.75 4.125 

1J4 Shapes 2.50 3.750 

1J4 Pipe (J4-3) 2.75 4.125 

\Vi Wire nails 2.40 3.600 

1 Sheets (28 bl.) 2.85 2.850 

Yz Tin plates 4.50 2.250 

10 pounds 26.950 

One pound 2.6950 

Averaged from daily quotations: 

1912. 1913. 1914. 1915. 1916. 

Jan. 1.5123 1.7737 1.5394 1.4554 2.1410 

Feb. 1.4878 1.7625 1.5794 1.4716 2.2988 

Mar. 1.4790 1.7646 1.5638 1.5098 2.5579 

April 1.5206 1.7742 1.5337 1.5357 

May 1.5590 1.7786 1.5078 1.5381 

June 1.5794 1.7719 1.4750 1.5312 

July 1.6188 1.7600 1.4805 1.5692 

Aug. 1.6784 1.7400 1.5241 1.6059 

Sept. 1.7086 1.7093 1.5632 1.6506 

Oct. 1.7588 1.6779 1.5236 1.7264 

Nov. 1.7750 1.6203 1.4769 1.9089 

Dec. 1.7789 1.558 1.4 324 2.0329 

Year 1.6214 1.7241 1.5182 1.6230 

SCRAP IRON & STEEL PRICES, 

Melting Bundled No. 1H.B. No. 1 No. 1 Heavy 

Steel. Sheet. Wrought. Cast. Steel. Melt'g. 

Pitta. Pitts. Pitts. Pitts. Phlla. Ch'go. 
1914 — 

June 11.75 9.10 11.75 12.25 10.50 9.80 

July 11.75 8.50 11.75 11.50 10.60 9.75 

Aug. 11.50 8.50 11.50 11.25 10.75 9.75 

Sep. 11.25 8.70 10.50 11.25 10.75 9.25 

Oct. 10.75 8.50 10.25 11.25 10.00 9.00 

Nov. 10.10 8.10 10.25 10.75 9.25 8.25 

Dec. 10.50 8.50 10.50 11.00 9.65 8.40 

Year 11.42 8.52 11.51 11.71 10.53 9.55 
1916— 

Jan. 11.40 9.20 10.75 11.25 10.30 9.00 

Feb. 11.70 9.25 10.75 11.25 10.70 9.20 

Mar. 11.80 9.37 10.75 11.50 10.85 9.25 

Apr. 11.65 9.37 10.75 11.85 11.10 9.13 

May 11.65 9.37 10.75 11.85 11.25 9.50 

June 11.75 9.37 10.75 11.85 11.25 9.75 

July 12.62 9.60 11.00 12.00 11.85 10.90 

Aug. 14.05 11.40 12.25 12.85 13.70 11.85 

Sep. 14.25 11.90 13.15 13.10 14.70 12.15 

Oct. 14.50 12.00 13.75 13.35 14.50 12.00 

Nov. 16.12 12.55 15.35 13.90 14.65 13.95 

Dec. 17.65 13.15 17.10 14.95 15.60 15.25 

Year 13.26 10.54 12.26 12.40 12.54 10.99 
1916— 

Jan. 17.75 13.40 18.00 15.10 16.30 15.60 

Feb. 17.20 13.60 18.7 5 15.35 16.25 15.75 

Mar. 18.40 14.80 19.15 15.75 17.15 16.75 



COMPOSITE PIG IRON. 

Computation for April 1, 1916. 

One ton Bessemer, valley $21.00 

Two tons basic, valley (18.50) .... 37.00 

One ton No. 2 foundry, valley 18.50 

One ton No. 2 foundry, Philadelphia 20.00 
One ton No. 2 foundry, Buffalo .... 19.25 
One ton No. 2 foundry, Cleveland . . 19.00 
One ton No. 2 foundry, Chicago . . . 19.50 
Two tons No. 2 Southern foundry, 

Cincinnati (17.90) 35.80 

Total, ten tons 190.05- 

One ton 19.005 



Averaged from daily quotations: 



1912. 
Jan. 13.420 
Feb. 13.427 
Mar. 13.581 
April ' 13.779 



May 
June 
July 
Aug. 
Sept. 
Oct. 
Nov. 
Dec. 
Year 



13.917 
14.005 
14.288 
14.669 
15.386 
16.706 
17.226 
17.475 
14.823 



1913. 
17.391 
17.140 
16.775 
16.363 
15.682 
14.968 
14.578 
14.565 
14.692 
14.737 
14.282 
13.838 
15.418 



1914. 
13.492 
13.721 
13.843 
13.850 
13.808 
13.606 
13.520 
13.516 
13.503 
13.267 
13.047 
13.073 
13.520 



1915. 
13.070 
13.079 
12.971 
12.914 
13.206 
13.047 
13.125 
14.082 
14.895 
15.213 
16.398 
17.987 
14.150 



1916. 
18.690 
18.564 
18.857 



UNFINISHED STEEL 

AND IRON BARS. 

(Averaged from da-l'y quotations.) 
Sheet 

Billets, bars. Rods. — Iron bars, dellv. — 

Pitts. Pitts. Pitts. Phila. Pitts. Ch'go. 



Oct. 


20.00 


20.70 


26.00 


1.14 


1.20 


1.01 


Nov. 


19.25 


19.75 


25.00 


1.13 


1.20 


.96 


Dec. 


18.75 


19.25 


24.40 


1.12 


1.20 


.91 


Year 


20.06 


20.82 


25.50 


1.20 


1.27 


1.07 


1915- 














Jan. 


19.25 


19.75 


24.80 


1.12 


1.20 


.97 


Feb. 


19.25 


19.75 


25.00 


1.12 


1.20 


1.03 


Mar. 


19.30 


19.80 


25.00 


1.13 


1.20 


1.10 


Apr. 


19.50 


20.00 


25.00 


1.18 


1.20 


1.14 


May 


19.50 


20.00 


25.00 


1.18 


1.20 


1.15 


June 


20.00f 


20.50f 


25.00 


1.20 


1.20 


1.17 


July 


21.40f 


21.90f 


25.75 


1.32 


1.20 


1.20 


Aug. 


23.50f 


24.00f 


27.00 


1.43 


1.25 


1.22 


Sep. 


26.50f 26.00f 


29.75 


1.49 


1.35 


1.30 


Oct. 


26.00f 


26.00f 


31.50 


1.57 


1.45 


1.38 


Nov. 


26.20f 26.50T 


36.00 


1.72 


1.54 


1.51 


Dec. 


30.73f 30.73t 


39.50 


1.99 


1.83 


1.69 


Year 


22.51 


22.91 


28.28 


1.37 


1.32 


1.24 


1916- 














Jan. 


32.50f 


32.50f 


42.00 


2.24 


2.02 


1.79 


Feb. 


34.00f 34.00f 


48.00 


2.41 


2.25 


1.92 


Mar. 


41.00f 


41.00f 


56.00 


2.56 


2 40 


2.1T 


t Premium for c 


pen-hearth. 







[RON \\l> Ml Ml. FOREIGN TKADF MATl.sTUS. 



IRON AND STEEL IMPORTS AND EXPORTS. 



VALUE OF TONNAGE AND NON-TONNAGE. 



1911. 

January $18,738,391 

February .... 18,690,792 

March 32,591,991 

April 24,916,9,12 

May 20,616,795 

June 20,310,05 

July 17,454,773 

Vugust 20,013,551 

September . . 19,875,308 

i (ctober 20,220,S33 

November ... 20,823,061 

December ... 22.186,990 



L912 

$18,451,914 
21,801,570 
24,474,799 
2.6,789,853 
28,050,241 
24,795,802 
34,917,952 
25,450,107 
23,286,040 
25,271,559 
26,406,425 
23,750,864 



I ;il 



$25,141,409 $16,706,836 
34,089,81 l 16,5 10 !60 



27,221,210 
27,123,044 
26,718,970 
35,228,346 
24,170,704 
23,947,440 
22,831,082 
25,193,881 
20,142,141 
22,11.-,. 701 



20,551,131 
20,639,569 
L9,734,045 
L8,927,958 
16,737,552 
L0,428,811 
12,531,102 
16,455,832 
15,689,401 
l 1,939,613 



I 

,42 1 $51,643,801 

,751 

505 

,649 

012 

103 

S22 

.ISO 

741 '. 

220 



Totals 



$249,656,411 $289,128,420 $293,934,160 $199,861,684 $388,703,720 $51.64:;.: 



EXPORTS OF 
1909. 10 lo. 

January 70,109 lis, cm, 

February 84,837 1 10,224 

March 94,519 124,980 

April 100,911 117.021 

May 100, SOS 135,306 

June 114,724 120,601 

July 100,850 127,578 

August 105,090 131,391 

September 07.041 119,155 

October 110,821 129,828 

November 110.105 155,138 

December KIT, 800 150,102 



TONNAGE LINES— Gross tons. 
1912. 



1911 
152,362 
150,919 
216,360 
22S. 149 
178,589 
174,247 
162,855 
17 7.002 
181,150 
186.457 
187,554 
190,854 



151,575 
204,000 
218,219 
267,313 

307,656 

273.18S 

272.77S 
2S2.645 
248,613 

251.411 

233.342 
• ;5 959 



1913. 

240,493 
241,888 
257.510 
259, 689 
242,:;.-.:; 
243,108 
237,159 
209,856 
213,051 
230,550 
175,961 
181,715 



1014. 
IIS, 770 
L21.206 
159,998 

101.052 

i:;o,!07 
144,5:10 

114,790 
86,599 

00,470 
14 7,20:i 
140,731 
117,827 



1915. 1010 

140,550 357,12 

144.306 

174,313 

22::. 240 

203,049 

355,402 

378,897 

405,853 

381,917 

350,955 

362,766 

353,840 



Totals 



1,343 



1,540,89 



.1S7.724 



0is,4ii0 2. 730,081 1,540, :,4:; : 



,532,432 



.12: 



Jan. . 
Feb. . 
Mar. 
April 
May 
June 
July 
lug. 
Sept. 
Oct. . 
Nov. 
Dec. 

Totals 



IRON 

1913. 
175,463 
188,734 
164,865 
174.102 
191,800 
241,000 
272.017 
213,139 
295,424 
274,418 
170,727 
223,892 



ORE IMPORTS. 



1914. 
101.804 
112.574 
68,549 
111,812 
125.650 
188,047 
141,838 
134,913 
100,170 
114,341 
00,222 
51,053 



1915. 1016. 

75,286 89,844 

78,773 

88,402 

91,561 

98,974 

118,575 ' 

119,468 

126,800 

173,253 

138,318 

11:1,544 

118,321 



14.7 70 1.350.5SS 1.341.281 



89,844 



IRON AND STEEL IMPORTS. 

1913. 1913. 1014. 1915. 1916. 

Jan. . 20,008 21,740 17,776 10,568 15,824 

Feb. . 11,622 25,505 14.757 7,506 

Mar, . 15,400 27,407 27,829 8,025 

April. 12,481 25,742 30,585 10,505 

May . 15,949 28,728 28,173 2S,916 

June. 21,407 30.. ",07 23.070 32,200 

July . 17,882 36,694 25.282 20,858 

Aug. . 30,571 18,740 28,768 27,550 

Sept.. IS. 7 10 19,941 38,420 23.344 

Oct. . 25,559 20,840 22,754 34,310 ..... 

Nov. . 24,154 25,800 24.105 37, 131 

Dec. . 21,231 20,454 0,403 35, 455 



ttotal 225,072 317.200 289,778 282,443 15,824 



THE STEEL AND METAL DIGEST 



April 



Comparison of Metal Prices. 



Pig Iron. 



High. 



Bessemer, valley 14.25 

Basic, valley 13.25 

No. 2 foundry, valley .... 13.25 
No. 2X fdy. Philadelphia. 1500 
No. 2 foundry, Cleveland . 14.25 
No. 2X foundry, Buffalo.. 13.75 
No. 2 foundry, Chicago . . 14.75 
No. 2 South'n Birmingham 10.75 

Scrap Iron and Steel. 
Melting steel, Pittsburgh. 12.00 
Heavy melt, steel, Chicago 11.00 
No. 1 R. R. wrought, Pitts. 12.75 

No. 1 cast, Pittsburgh 12.25 

Heavy steel scrap, Phila... 11.25 

Iron and Steel Products. 

Bessemer rails, mill 1.25 

Iron bars, Pittsburgh 1.35 

Iron bars, Philadelphia ... 1.27% 
Steel bars, Pittsburgh .... 1.20 
Tank plates, Pittsburgh . . 1.20 
Structural shapes, Pitts. .. 1.25 
Grooved steel skelp, Pitts.. 1.20 
Black sheets, Pittsburgh.. 1.95 
Galv. sheets, Pittsburgh .. 3.00 

Tin plate, Pittsburgh 3.75 

Wire nails, Pittsburgh .... 1.60 
Steel pipe, Pittsburgh 79%% 

Connellsville Coke at ovens. 

Prompt furnace 2.00 

Prompt foundry 2.50 

Metals— New York. 

Straits Tin 05.00 

Lake copper 15.50 

Electrolytic copper 14.87% 

Casting copper 14.65 

Sheet copper 20.25 

Lead (Trust price) 4.15 

Spelter 6.20 

Chinese & Jap. antimony. 18.00 

Aluminum, 98-99% 21.50 

Silver 59% 

St. Louis. 

Lead 4.10 

Spelter 6.00 

Sheet zinc (f.o.b. smelter) 8.75 

London. £ 

Standard tin, prompts 188 

Standard copper, prompts . . 66% 

Lead 24 

Spelter 33 

Silver 27%d 



r 1914. 


Range f 


or 191P. 


Range for 1916. 


Closing, 


Low. 


High. 


Low. 


High. 


Low. 


Mar. 81, 
1916. 


13.75 


21.00 


13.60 


21.00 


20.00 


21.00 


12.50 


18.00 


12.50 


18.50 


17.75 


18.50 


12.75 


18.50 


12.50 


18.50 


18.50 


18.50 


14.20 


19.50 


14.00 


19.75 


19.50 


20.00 


13.25 


18.80 


13.00 


19.00 


18.80 


19.00 


12.25 


18.00 


11.75 


19.00 


18.00 


19.00 


13.00 


18.50 


1 s.oo 


19.00 


18.50 


19.00 


9.50 


14.50 


9.25 


15.00 


14.50 


15.00 


9.75 


18.00 


11.00 


18.75 


17.25 


18.75 


8.00 


15.25 


8.75 


16.75 


15.25 


16.75 


10.00 


17.25 


10.75 


19.50 


17.50 


19.50 


10.50 


15.00 


11.00 


16.00 


15.00 


16.00 


9.00 


16.2:, 


9.50 


17.75 


16.00 


17.75 


1.25 


1.25 


1.25 


1.25 


1.25 


1.25 


1.20 


1.90 


1.20 


2.50 


1.90 


2.50 


1.12% 


2.06 


1.12% 


2.56 


2.06 


2.56 


1.05 


1.80 


1.10 


2.50 


1.85 


2.50 


1.05 


1.60 


1.10 


2.75 


1.85 


2.75 


1.05 


1.80 


1.10 


2.50 


1.85 


2.50 


1.12 % 


1.75 


1.12% 


2.35 


1.75 


2.35 


1.80 


2.60 


1.70 


2.85 


2.60 


2.85 


2.75 


5.00 


2.65 


5.00 


4.75 


5.00 


3.10 


3.60 


3.10 


4.50 


3.75 


4.50 


1.50 


2.10 


1.50 


2.40 


2.10 


2.40 


81% 


79% 


81% 


72% 


78% 


72% 


1.60 


3.50 


1.50 


5.00 


2.50 


2.75 


2.00 


:;.;:, 


2.00 


4.25 


3.75 


3.75 


28.50 


57.00 


32.00 


50.00 


40.87% 


49.25 


11.30 


23.00 


13.00 


28.50 


23.00 


27.12% 


11.10 


23.00 


12.80 


28.50 


23.00 


27.12% 


11.00 


22.00 


12.70 


27.00 


22.00 


25.75 


16.50 


27.25 


18.75 


35.00 


28.00 


34.50 


3.50 


7.00 


3.70 


7.50 


5.50 


7.50 


4.75 


27.25 


5.70 


21.17^3 


16.42% 


17.67% 


5.30 


40.00 


13.00 


45.00 


41.00 


45.00 


17.37% 


60.00 


18.75 


03.00 


53.00 


60.00 


475% 


56% 


46% 


60% 


55% 


60% 


3.35 


7.50 


:;.50 


8.25 


5.45 


8.00 


4.60 


37.00 


5.55 


21.00 


16.25 


17.50 


7.00 


33.00 


9.00 


25.00 


23.00 


25.00 


£ 


£ 


£ 


£ 


£ 


£ 


132 


190 


148% 


202 


172 


199 


49 


86% 


57% 


118% 


84% 


116 


17% 


30% 


18% 


36^ 


29% 


■iiVs 


21% 


110 


28% 


111 


85 


96 


23% d 


27%d 


22 Ad 


28*g 


26ild 


28iid 



I OMPARISON OF SECURITY PRICES. 



Comparison of Security Prices. 



Railroads. *&£ 'ToT *££ ""i m5 - ^J°' ^ ^^ 

nigh. Low. High. Low. High. Low Mar. 31, 

Atchison, Top ft Same Fe 100* 89* ill* 92* 108 * iom ™L 

Atch. rop & Santa Fe„ pfd. 101* 96* 102* 96 10 / 97 £ ™g 

Balfmore & Oh.o 95* 67 96 63* 96 85 87 

£■ ad ™ Pa f «. 320K , 15:t m 138 « 

Chesapeake & Ohio 08 40 64* 35* 66 7* 60* 61* 

Chicago Mil. & St. Paul .... 107* 84% 101* 77% 102/, 93* 93 

f"* t W ' ^ *>* 45* 19* 43* 35 36* 

Great Northern, pfd 134* 111* 13s* lnH m * ^ JJ'* 

Lehigh Valley 15654 118 83* 645* 83 tiV 

Louisville ft Nashville 14 l* 125 130 J £% ^ «* ^ ' 

Missoun, Kansas & Texas .. 24 8 * 15* 4 7* 3* L 

Missouri Pacific 30 7 18* \y, 6 <z 

N. \ N. H. & Hartford .... 78 49* 89 43 77 * 63 ^ 

Northern Pacific 118 * 97 119 99* H8* m* n 2 * 

I ennsylva.ua R. R U 5* 102* 61* 51* 59 ^ 55 * *g 

^7, 172K4 137 M * 69 ^ »•« 75* 84* 

Rock Island lsH % l% % ^ 

Southern Pacific 99 * 81 104 * 81* 10i% ^ ^ 

Um ° n PaC " ,C 16 ^ "2 HI* 115* 140* 130* 132* 

Industrials. 

Am. Beet Sugar 33* 19 72* 33* 74 61* 71* 

American Can 35* 19* 68 * 35 65 j/ g 56 L 4 61 g 

American Can, pfd 96 80 113* 89 n 3% 109* m^ 



Am. Car & Foundry 531 



98 40 78 633* 68', 



Am. Cotton Oil i6 y 2 33 (H 39 ^ 

Am. Locomotive 37* 29* 74* 19 8 3* 60* 79 

Am. Smelting & Refining .... 71* 50* 108* 56 113* 95* !00* 

Brooklyn Rapid Transit 94* 79 93 83* 88 84* 85* 

Ch.no Copper 44 31* 57* 32* 60 51* 55* 

Colo Fuel & Iron Co 34* 29* 66* 21* 53 39* 447X 

Consolidated Gas 139* 113* 150* 113* 144* 130* 13454 

General Electric 150* 137* 185* 138 178* 165 167* 

Interborough-Metropolitan .. 16* 10* 25 10* 20* 17 17 

International Harvester 113* 82 114 90 113* 108* 110* 

Lackawanna Steel 40 26* 94* 28 86 ' 73* 76* 

National Lead 52 40 70* 44 73* 64* 67' 

Kay Consolidated Copper .... 22* 15 27* 15* 26 ->^ 24 

Republic Iron ft Steel 27 18 57* 19 55* 48* 50* 

Republic Iron & Steel, pfd... 91* 75 112* 72 112 108 108* 

SToss-Shefneld 35 19* 66* 23 63* 53* 56* 

Texas Co 149* 112 237 120 235* 189 192* 

U. S. Rubber 63 44* 74* 44 58* 47* 51* 

U. S. Steel Corporation 67* 48 89* 38 89 79* 8 4* 

U. S. Steel Corporation, pfd.. 113* 103* 117 103 118* 115* 116* 

Utah Copper 59* 45* 81* 48* 86* 77 83* 

Va.-Carolina Chem 34* 17 52 15 51 42 44 

Western Union Telegraph .. . 66* 53* 90 57 92 87 9114 



THE STEEL AND METAL DIGEST 



April 



CAR BUYING. 

Freight cars ordered: 

First half 1913 114,000 

Second half 1913 33,000 

Year 1913 147,000 

First half 1914 11,380 

Second half, 191-1 13,6,0 

Year, 1914 80,000 

January, L915 3,300 

February 4,255 

March 1,287 

April 3,000 

May 20,210 

June 29,864 

Six months 61,916 

July 5,675 

August 4,625 

September 5,060 

October 26,939 

November 19,863 

December 7,055 

Six months 69,217 

Year 1915 131,133 

1916— 

January 21,337 

February 13,043 

March 10,725 

PIG IRON PRODUCTION. 

Rates per annum, including charcoal p ; g. 

June 1914 23,650,000 

July 23,350,000 

August 23,600,000 

September 23,200,000 

October 21,200,000 

November 18,700,000 

December 18,100,000 

January, 1915 19,100,000 

February 22,100,000 

March 24,600,000 

April 26,000,000 

May 26,800,000 

June 29,250,000 

July 30,300,000 

August 31,800,000 

September 35,000,000 

October 37,100,000 

November 37,350,000 

December 38,000,000 

January, 191G 37,850,000 

February 39,700,000 

On March 1st 40,000,000 

Actual production: 

1910 27,303,567 

1913 30,966,152 

1914 23,332,244 

19i:. 29,916.213 



OUR FOREIGN TRADE. 



Va 


ue of merchandise impor 


s and ex- 


ports 


and favorab] 


e trade balance, calendar 


years 










Imports. 


Exports. 


Balance. 


1904 


1,035,909,190 


1,451,318,740 


415,409,550 


1905 


1,179,144,550 


1,626,990,795 


447,846,245 


1906 


1,320,501,572 


1,798,243,434 


477,741,862 


1907 


1,423,169,820 


1,923,426,205 


500,256,385 


1908 


1,116,374,087 


1,752,835,447 


636,461,360 


1909 


1,475,520,724 


1,728,198,645 


252,677,921 


1910 


1,562,904,151 


1,866,258,904 


303,354,753 


1911 


1,532,359,160 


2,092,526,746 


560,167,586 


1912 


"1,818,133,355 


2,399,217,993 


581,084,638 


1913 


1,792,596,480 


'2.484,018,292 


691,421,812 


1914 


1,789,276,001 


2,11.3,624,050 


324,348,049 


1915 


1.778,596,695 * 


1,547,480,372*3 


,768,883,677 


1913- 








June 


131,245,877 


163,404,916 


32,159,039 


July 


139,061,770 


160,990,778 


21,929,008 


Aug. 


137,651,553 


187,909,023 


60,257,467 


Sept. 


171,0S4,843 


218,240,001 


47,155,158 


Oct. 


132,949,302 


271,861,464 


138,912,162 


Nov. 


148,236,536 


245,539,042 


97,302,506 


Dec. 


184,025.571 


233,195,628 


49,170,057 


1914- 








Jan. 


154,742,923 


204,066,603 


49,323,680 


Feb. 


148,044,776 


173,920,145 


25,875,36? 


Mar. 


182,555,304 


187,499,234 


4.943,930 


April 


173,762,114 


162,552,570 


fll, 209,544 


May 


164,281,515 


161,732,619 


12,548,896 


June 


157,529,450 


157,072,044 


f457,406 


July 


150,677,291 


154,138,947 


t5,538,344 


Aug. 


129,767,890 


110,367,494 


119,400,396 


Sept 


139,710,611 


156,052,333 


16,341,722 


Oct. 


137,978',778 


195,283,852 


57,305,074 


Nov. 


126,467,062 


205,878,333 


79,411,271 


Dec. 


114,656.545 


245,632,558 


130,976,013 


1915- 








Jan. 


122,148,317 


267,879,313 


145,730,996 


Feb. 


125,123,391 


298,727,757 


173,604,366 


Mar. 


158,022,016 


296,501,852 


13S,479,836 


Apr. 


160,576,106 


294,746.117 


134,170,011 


May 


142,284,851 


273,769,093 


131,484,242 


June 


157,695,140 


268,547,416 


110,852,276 


July 


143,099,620 


267,978,990 


124,879,370 


Aug. 


141,830,202 


261,025,230 


119,195,028 


Sept 


151,236,026 


300,676,S22 


149,440,796 


Oct. 


14S, 529,620 


334.638,578 


186,108,958 


Nov 


164,319.169 


331,144.527 


166,825,358 


Dec. 


171,832,505 


359,306,492 


1S7.473.987 


1916- 








Jan. 


184,362,117 


330,784,847 


146,422,730 


Feb. 


*193,935,1 K 


*409,836,525 


*215,901,408 


* High record. 






t Balance unfavorable. 





U- S. STEEL CORP. OPERATIONS. 



U. S. STEEL CORPORATION'S OPERATIONS 

EARNINGS AND UNFILLED ORDERS. BOOKINGS AND SHIPMENTS. 



Earnings by Quarters. 
Net earnings by quarters since 1909: 
Quarter. 1915. 1914. 1913 

!st $12,457,809 $17,994,382 $34,426,802 

2nd 27,950,055 20,457,596 41,319,813 

3rd 38,710,644 22,276,002 38,450,400 

4th 51,277,504 10,935,635 23,084,330 

Year .... 130,396,012 71,603,615 137,181,345 

1912. 1911. 1910. 

1st $17,826,973 $23,519,203 $37,616,877 

*nd 25,102,266 28,108,520 40,170,961 

3rd 30,063,513 29,522,725 37,365,187 

*th 35,181,922 23,155,018 25,901,730 

Year .... 108,174,673 104,305,466 141,054,755 



In this table, first two columns, percent- 
ages of bookings and shipments to total ca- 
pacity, our own estimates, while last column 
is derived from official reports of "unfilled 

S*F C i h r' rd P ercenta ge column ii 

directly computed from this tonnage column. 
Ship- Book- Dif- Dif- 

ments. ings. ference. ference. 



1906.. 
1907.. 
1908. . 
1909.. 
1910.. 
1911.. 
1912.. 
1913. . 
1914.. 
1915.. 



Unfilled Orders. 
(At end of the Quarter) 
First. Second. Third. 
7,018,712 6,809,584 7,936,884 
8,043,858 7,603,878 6,425,008 
3,765,343 3,313,876 3,421,977 
3,542,590 4,057,939 4,796,<i33 
5,402,514 4,237,794 3,158,106 
3,447,301 3,361,058 3,611,317 
5,304,841 5,807,346 6,551,507 
7,468,956 5,807,317 5,003,785 
4,653,825 4,032,857 3,787,667 
*,255,749 4,678,196 5,317,608 



Fourth. 
8,489,718 
4,642,553 
3,603,527 
5,927,031 
2,674,757 
5,084,761 
7,932,164 
4,282,108 
3,836,643 
7,805,220 



1914— % 

March 73 

April 67 

May 62 

June 63 

July 64 

August 67 

September . . 62 
October .... 55 
November . . 45 
December . . 38 
January 1915 44 
February ... 57 

March 67 

April 71 

May 76 

June 79 

July 83 

August 91 

September . . 98 
October . . . 103 
November . 102 
December . 102 
January 1916 102 
February . . 102 



% 
40 
35 
37 
66 
75 
72 
24 
28 
32 



00 

63 
85 
113 
104 
89 
133 
172 
186 
152 
112 
157 



—3a 

—32 
—25 

+ 3 
+11 
+ 5 
—38 
—27 
—13 
+44 
+37 
+ 9 

— 7 

— 8 
+ 9 
+34 

I 21 

2 

+35 
+69 
+84 
+ 50 
+10 
+55 



Tons. 
—372,615 
—376,767 
—278,908 
+ 34,697 
+135,732 
+ 54,742 
—425,664 
—326,570 
—136,505- 
+512,051 
+411,928 
+ 96,800 

— 89,622 

— 93,505 
+102.354 
+413,598 
+250.344 

— 20,085 
+409,163 
+847,834 

+1,024,037 
+615,731 
+116,547- 
+646,199' 



RAILROAD EARNINGS. 

Railroad earnings per mile of road, of roads having annual operating revenue, 

above $1,000,000, this being about 229,000 miles or about 90% of the total steam rail 
way mileage; compiled by the Bureau of Railway Economics from duplicates of re- 
ports furnished the Interstate Commerce Commission. 

1913-14 1914-15 1915-16 

Revenue. Expenses. Net. Revenue. Expends. Net. Revenue. Expenses Net 

J u 'y $1,183 $837 $346 $1,127 $786 $341 $1,130 $750 $ 3 « ft 

August .. 1,244 856 388 1,174 788 386 1,191 765 426 . 

September 1,257 854 400 1,185 783 402 1351 m 

Octdber .. 1,314 891 423 1,171 7 87 3S4 ^ glg 

November 1,180 884 337 1,026 734 292 1,303 800 

December 1,116 821 296 993 730 263 1253 802 

January .. 1,021 795 226 939 718 221 I433 797 *" 

February . 914 146 168 897 678 219 

March . . . 1,091 801 290 1,012 720 192 

April 1,038 782 256 1,010 722 288 

May 1,047 800 247 1,040 732 308 

June 1,097 789 308 1,090 730 360 



158 



THE STEEL AND METAL DIGEST 



April 



STEEL MAKING PIG IRON 
AVERAGES, 

Bessemer and basic pig iron averages, 
compiled by W. P Snyder & Company from 
sales in the valley market of 1,000 tons and 
over. Bessemer. Basic. 

1915. 1916. 1915. 1916. 

Jan. . . $13.6375 $20,645 $12.50 $17,833 
Feb. . 13.60 20.2136 12.50 17.984 
Mar. . . 13.60 20.8625 12.50 18.25 
April .. 13.60 12.50 

May .. 13.659 12.65 

June .. 13.75 12.721 

July .. 13.991 12.959 

Aug. .. 15.064 14.364 

Sept. .. 15.906 15.00 

Oct. .. 16.00 15.0147 

Nov. .. 16.615 15.518 

Dec. .. 19.021 17.487 

Year .. 14.870 13.810 

Above prices are f.o.b. valley furnace; de- 
livered Pittsburgh is 95 cents higher. 

BAR IRON AVERAGES. 

Average realized prices on shipments of 
base sizes of common iron bars by the Re- 
public Iron & Steel Company, Union Roll- 
ing Mill Company, Fort Wayne Rolling 
Mill Company and Highland Iron & Steel 
Company, as disclosed by wage adjustments 
of Amalgamated Association of Iron, Steel 
and Tin Workers, prices realized in bi- 
monthly periods, governing wage rates for 
succeeding two months. 

1914. 1915 1916. 

January-February. 1.1590 1.024 *1.40 

March-April 1.176 1.087 

May-June 1.1257 *1.10 

July-August 1.0928 *1.15 



1913. 1914. 

September-October 1.0847 *1.20 

November-Dec'ber 1.037 *1.30 

Year's average .... 1.1125 1.14 
* Settlement basis. 



TIN PLATE MOVEMENT. 

United States imports and exports of tin 
plate in gross tons have been as follows, 
the imports of course including those for 
drawback purposes: Imports. Exports. 

1910 66,640 12,459 

1911 14,098 61,466 

1912 2,053 81,694 

1913 20,680 57,812 

1914 15,411 59,549 

1915 2,350 154,541 

January, 1915 1,608 7,014 

February 265 5,834 

March 53 10,500 

April 44 9,084 

May 24 7,218 

June 75 8,024 

July 71 13,845 

August 50 21,939 

September 31 22,262 

October 15 16,922 

November 54 15,538 

December 62 16,792 

January, 1916 62 12,178 

British tin plate exports have been as fol- 
lows, in gross tons: 

1913 494,921 

1914 435,497 

1915 368,602 

January 1916 26,271 

February 27,289 



1914— 
July .. 
Aug. . 
Sept. . 
Oct. ., 
Nov. . 
Dec. . 
Year . 
1915— 
Jan. . 
Feb. . 
Mar. . 
April . 
May . • 
Tune . 



BRITISH IRON AND 

Pig Iron. Rails. Tin Plate. Total.* 

74,617 43,133 47,237 385,301 

28,342 22,763 21,414 211,605 

37,793 39,185 23,440 228,992 

47,188 37,005 26,950 263,834 

. 49,666 16,181 30,942 240,608 

31,705 16,315 30,254 212,667 

. 780,763 433,507 435,392 3,972,348 



21.138 
21,934 
20,172 
35,209 
29,342 
39,127 



24,411 
14,877 
17,572 
21,602 
21,776 
23,728 



29,216 
15,101 
36,170 
40,135 
33,727 
33,986 



230,204 
198,294 
239,342 
264,244 
267,524 
272,195 



STEEL EXPORTS. 

1915— Pig Iron. Rails. Tin Plate. Total.* 
July . . 78,370 33,224 39,528 351,984 
Aug. . . . 73,283 32,962 22,572 295,260 
Sept. .. 53,068 15,800 20,002 249,501 
Oct. ... 78,973 13,64-0 31,968 312,141 
Nov. .. 86,109 12,760 25,556 308,219 
Dec. .. 74,892 9,937 30,641 259,782 

Year .. 611,617 242,289 368,602 3,250,299 
1916— 

Jan. .. 78,271 3,151 26,271 292,203 

Feb. .. 84,351 3,905 27,289 283,250 

* Includes scrap, pig iron, rolled iron and 
steel, cast and wrought iron manufactures, 
bolts, nuts, etc., but not finished machinery, 
boilers, tools, etc. 



TIN IN MARCH. 



Tin in March. 



Unprecedented Heavy Consumption, Record-Breaking Production and Radical Change 
in Merchandising Methods the Outstanding Features. 

of submarines and the carrying of unusually 
heavy stocks by American consumers as 
a protection against sudden changes in 
trade relations, which stocks they are un- 
able to resell under the provisions of the 
•agreement with the British government. 

The result of these combined influences 
was to maintain the price of spot tin at 
New York abnormally high but there was 
a variation of 10c per pound during the 
month, sales being made as high as 5Gc and 
as low as 46c per pound. On the first of 
March spot tin commanded 47'^c New York 
and the March position sold at 45-Kc. These 
tempting prices brought out offers to sell 
from dealers in the interior and from deal- 
ers on the Pacific coast. There was also 
some interest in far-off positions such as 
August, September arrivals from the Straits 



In considering March developments in 
the tin trade, three features stand out prom- 
inently upon the background of the war in 
Europe: The unprecedented heavy con- 
sumption in the United States, the record- 
breaking output at the Straits, and the rad- 
ical change in methods of merchandizing 
•due to the British trade regulations inciden- 
tal to the war. 

Shipments from the Straits in March — 
5,170 tons — while smaller than during each 
•of the preceding four months, exceeded the 
March shipments last year by 200 tons. 
Total shipments from the East Indies since 
the first of January have been 17.515 tons 
and since the first of November last year, 
29,529 tons. This is at an average monthly 
rate of 5,90G tons. The shipments during 
the first quarter of the year exceeded the 
shipments during the corresponding quarter 
last year by 1,671 tons. 

The deliveries into domestic consump- 
tion in March were 4,726 tons, making total 
•deliveries since the first of January 15,566 
tons, exceeding the total deliveries during 
the corresponding period last year, by 6,388 
tons. 

Visible Supply Largest Since 1910. 
The visible supply at the end of March 
-was 18,782 tons an increase of 2,271 tons 
•during the month and 3,315 tons larger than 
the supply held on the corresponding day 
last year. The visible March 31st was the 
largest since November 1910 when spot tin 
was selling in New York at 37.30c per 
pound. In addition to this supply, officially 
reported, there are still heavy stocks of un- 
smelted Bolivian tin ores held at Liverpool 
and a large accumulation of Banca tin at 
Batavia. Another source of supply in a very 
short time will be the smelting of Bolivian 
ores by the local works about to go into 
commission. Evidently, the statistical posi- 
tion alone gives small support to the high 
prices prevailing for spot at New York and 
London. Other factors of course, are re- 
sponsible, such as the British- government 
restrictions, including the difficulties of se- 
curing permits for shipment from either the 
Straits or London; the fear of heavy loss 
during transportation, due to the activities 



TIN PRICES IN MARCH. 

New York. London 

Day. Cents. £ s d £ s 

1 47.75 188 188 5 

2 46.00 185 10 185 15 

3 46.50 183 10 184 

6 48.50 187 187 

7 48.50 186 186 5 

8 50.00 187 186 15 

9 51.00 188 187 15 

10 56.00 189 10 189 

13 55.00 192 10 191 

14 55.00 192 10 191 

15 53.50 194 10 191 

!tf 52.00 195 190 

lr 52.00 195 10 191 

20 51.00 196 10 191 5 

21 50.00 196 191 

22 49.50 196 10 191 

: - :; 49.50 197 5 191 10 

24 50.00 199 15 194 

27 50.00 201 10 195 

28 50.00 202 190 

29 49.50 200 196 

30 49.25 200 195 

31 49.25 199 193 5 

High .. . 56.00 202 196 

Low 46.00 183 10 184 

Average . 50.424 193 12 2 190 11 



100 



THE STEEL AND METAL DIGEST 



April 



VISIBLE SUPPLIES. 

Visible supply of tin at end of each month; 

1912. 1913. 1914. 1915. 1916. 

Jan. 16,707 13,971 16,244 13,901 17,041 

Feb. 14,996 12,304 17,308 14,548 16,511 

Mar. 15,694 11,132 16,989 15,467 18,782 

April 11,893 9,822 15,447 15,785 

May 14,345 13,710 17,862 14,646 

June 12,920 11,101 16,027 15,927 

July 13,346 12,063 14,167 16,084 

Aug. 11,285 11,261 14,452 15,127 

Sept. 13,245 12,943 14,613 15,191 

Oct. 10,735 11,857 10,894 13,154 

Nov. 12,348 14,470 11,483 16,451 

Dec. 10,977 13,893 13,396 16,216 

Av'ge 13,207 12,377 14,907 15,208 

SHIPMENTS FROM THE STRAITS. 

Monthly shipments of tin from the Straits 
Settlements to Europe and United States: 

1912. 1913. 1914. 1915. 1916. 

Jan. 4,018 6,050 5,290 5,200 6,095 

Feb 5,260 4,660 6,520 5.584 6,250 

Mar. 5,150 4,810 4,120 4,970 5,170 

April 4,290 4,400 4,930 5,270 

May 5,760 6,160 6,900 6,759 .... 

June 4,290 4,280 5,870 6,665 

July 4,580 4,770 4,975 5,606 

Aug. 5,210 6,030 3,315 4,712 .... 

Sept. 5,430 5,160 4,973 5,296 

Oct. 4,450 5,020 4,610 4,441 

Nov. 5,600 5,560 5,155 6,713 

Dec. 4,980 5,110 6,435 5,301 

Total 59,018 62,550 63,093 66,517 

Av'ge 4,918 5,213 5,258 5,543 

CONSUMPTION IN THE U .S. 

Monthly deliveries of tin in the United 
States exclusive of Pacific Coast: 

1912. 1913. 1914. 1915. 1916. 

Jan 3,700 3,700 3,600 2,300 4,452 

Feb. 4,050 3,500 3,300 3,375 6,388 

Mar. 4,000 5,900 4,450 3,200 4,726 

April 5,400 3,450 4,300 3,200 

May 4,250 3,350 3,800 5,600 

June 2,850 3,800 3,650 3,900 

July 5,150 3,900 3,900 5,300 

Aug. 4,300 3,600 2,900 4,500 

Sept 3,600 3,100 3,600 4,300 

Oct. 3,850 3,700 3,700 4,900 

Nov. 4,300 2,800 2,600 2,975 

Dec. 4,050 3,100 1,900 5,200 

Total 49,500 43,900 41,700 48,750 

Av'ge 4,125 3,658 3,475 4,062 



MONTHLY TIN STATISTICS. 

Compiled by New York Metal Exchange. 
Mar. Feb. Mar. 
Straits shipments 1916. 
To Gr. Britain.. 2.175 
" Continent . . 495 

" U. S 2,500 



1916. 


1915. 


3,015 


2,29.> 


1,145 


1,220- 


2,090 


1,555 



Total from Straits 5,170 6,250 4.970. 



Australian shipments 
To Gr. Britain . . 
" U. S 

Total Australian 245 



316 

nil 



316 



200- 

nil 



Consumption 

London deliveries 1,416 1,183 2,754 

Holland deliveries nil nil 2,150' 

TJ. S 4,726 6,388 3,200- 



Total 



6,142 



8,104 



Stocks at close of month 
In London — 

Straits, Australian 

Other kinds .... 

In Holland 

In U. S 

Total 



1,644 


974 


3,317 


886 


1,607 


2,123 


17 






2,746 


1,308 


905- 


5,293 


3,906 


6,345 



Afloat, close of month 

Straits to London. 4.945 4,645 3,363 

" to U. S. .. 3,340 1,257 649 

Banca to Europe.. 5,204 6,703 5,110- 

Total 13,489 12,605 9,122 

Mar. 31, Feb. 29, Mar. 31, 

Total visible 1916. 1916. 1915. 

supply 18,782 16,511 15,460- 

STRAITS TIN PRICES IN NEW YORK. 

1912. 1913. 1914. 1915. 1916. 

Jan. 43.24 50.45 37.74 34.30 41.88 

Feb. 43.46 48.73 39.93 37.32 42.63 

Mar. 42.86 46.88 38.08 48.93^ 50.42 

Apr. 44.02 49.12 36.10 47.98 

May 46.12 49.14 33.30 38.78 

June 47.77 44.93 30.65 40.37 

July 44.75 40.39 31.75 37.50 

Aug. 45.87 41.72 50.59^34.39 

Sept. 49.18 42.47 32.79 33.13 

Oct. 50.11 40.50 30.39J4 33.08 

Nov. 49.90 39.81 33.50 39.37J4 

Dec. 49.90 37.64 33.60 38.75 

Year 46.43 44.32 35.70 38.66 



1916 



TIN IN MAKl I! 



at 4MV but there was relatively small at- 
tention paid to intermediate deliveries. 
Heavy Break Precipitated by Suspension of 
Trading Order. 

(in March 3d, it was announced that the 
British government, in an effort to stop all 
speculation in metals used in the manufac- 
ture of war munitions, would prevent trad- 
ing except to cover consumers' urgent re- 
quirements. Pig tin was the sole excep- 
tion to this general rule, as tin is not used in 
the manufacture of destructive war muni- 
tions. The drastic action by the British gov- 
ernment demoralized the trade in tin, how- 
ever, as well as in other metals, resulting 
in a break of £4 in spot tin to £190; Stand- 
ard tin fell £2 10s and the Singapore re- 
sponded with a drop of £2, sales being 
made at £193 c.i.f. London equivalent. At 
Xew York there were free offerings of fu- 
ture positions from April to December ar- 
rivals at cut prices. 

On the next day, March 3d there was 
another drop in all positions here and 
abroad. August, September and October 
arrivals breaking to 40Hc when a large 
business was done with leading consumers 
who recognized an unusual opportunity to 
secure metal at relatively low prices. Spot 
tin remaining scarce and was held at 46c 
to 46J^c while March arrivals were quotable 
at 45c. 

Ban on Trading Lifted and Prices Ad- 
vance Sharply. 

The British government rescinding its or- 
ders against trading in metals on the Lon- 
don Exchange, there was a sudden rise, 
March 6th, in all positions in the English 
market but the Singapore market again 
dropped £2 5s to £186 c.i.f. London, this 
was £7 under the price at the beginning of 
the month, but, on the following day, there 
was a sharp recovery in the East Indies 
while the English market continued to ad- 
vance further and the New York market 
rose to 48^c for spot, 46j4c for March and 
41J4c for October arrivals from the East. 

At this time there was a general belief 
that the spot and March price at New York 
was being manipulated but the premium of 
7c per pound prevailing on spot over July 
and August arrivals, would doubtless have 
been quickly eliminated if consumers could 
have sold the surplus they were carrying in 
stock. Naturally, interest in far off posi- 
tions increased. On March 8th, all the for- 
eign limits, of 4l'Ac to 41J4c for July to 



October arrivals, were taken and not a few 
Unfilled Orders were carried over into the 
'"•si (lay, when sellers demanded an ad- 
vance oi from ,c to '/ 2 c per pound. Coll- 
ide business was again done in May 
to October arrivals, the chief interest being 
in June at 42^c. For August, September 
and October arrivals, late in the day, sellers 
made concessions resulting in large buying 
at llJXc to 41£gc. There also was an urgent 
demand for spot tin from consumers and 
even dealers bid 50y 2 c. At the close there 
was some excitement and sales of spot were 
made at 55c per pound. 

Strong Spot Position Due to Very Small 
Arrivals. 
On March 10th the foreign market re- 
sponded moderately to the activity in the 
American trade, and spot tin at New York 
was bid up to 55J4c; in fact, sales were re- 
ported as high as 56c for spot and 50c was 
freely bid for March. The strength of near- 
by positions during the first ten days of the 
month was mainly due to the small arrivals 
from abroad and the stringency in the local 
supply available for the open market. Sub- 
sequently, there were freer offerings of spot 
and March but buyers, anticipating heavier 
shipments from abroad, held aloof. 

Up to March 13th, only 343 tons had ar- 
rived at New York available for delivery 
compared with an average of 2,000 tons 
needed in a half month. The foreign mar- 
ket continued high, as a reflection of the 
extreme prices prevailing here, and one re- 
sult was to bring out liberal offerings of 
English and Chinese tin for American im- 
portations. 

During the next few days the market was 
relatively quiet and prices on nearby posi- 
tions receded at the approach of steamships 
afloat, but future positions, notably August, 
September and October arrivals, remained 
strong at 42c to 43c. On March 22nd, the 
offering of tin ex steamer at dock, at 49c 
or less, reflected the relief afforded by ar- 
rivals of Straits and other tin. 

The strength of the London market dur- 
ing the first half of the month was some- 
what of a mystery here but the tightening 
of the position in nearby deliveries tended 
to accentuate the nursing of spot metal, the 
arrivals from the Straits being abnormally 
small at London as well as at New York. 
The famine conditions in Great Britain had 
the effect of stimulating the short interest 
to cover, which assisted the rapid advance 
in the cash metal in the English market. 



THE STEEL AND METAL DIGEST 



ApriS 



The rise in the foreign markets on March 
24th, was attributed to the increased diffi- 
culty in securing permits to ship tin from 
the Straits to America. Others claimed that 
the advance was due to important buying 
by a London operator who had been long 
out of the speculative market. From an 
American standpoint the movement was 
due to the efforts made here to buy tin 
afloat for America which disclosed the fact 
that there was very little tin in transit that 
was available. 

Futures Irregular. 

During the last week of the month there 
was considerable irregularity in future posi- 
tions and sales were made on profit-taking 
as low as 45c ex steamships due to arrive 
in June. The same was true of July and 
August positions but foreign limits on far- 
off positions remained quite uniform. Con- 
sumers found increased difficulty in se- 
curing offers for definite delivery because of 
renewed submarine activities, tenders gen- 
erally were made only "from specific steam- 
ers due to arrive during definite months." 

On the last two days of the month there 



was a tendency toward reaction foreshad- 
owing the unfavorable statistical position. 
now fully apparent but there was a good de- 
mand here for spot at 49c to 49>4c and for 
April at isyic to 49c. Far off positions were 
easier with importers willing to make con- 
cessions in prices. 

A recapitulation of the movement in pri- 
ces abroad is interesting. On the first of 
March spot tin at London was quoted at 
£194, spot Standard at £188 and future 
Standard at £188 5s. On March 3rd spot 
Straits had dropped £5, spot Standard was- 
down £4 10s and futures were £4 5s lower. 
The Singapore market, also, had broken £4 
5s from the quotation at the opening of the 
month. From this time on, the market rose, 
with inconsiderable reactions, until March 
29th, when the advance culminated in a net 
rise of £13 on spot Straits, £16 on spot 
Standard and £12 on future Standard at 
London, while the Singapore market had ad- 
vanced £10 5s. In the next two days prices- 
reacted £2 on spot Straits, £1 on spot 
Standard and £2 15s on future Standard 
while Singapore dropped £2 with further 
declines anticipated. 



Lead in March. 



Lead dealings throughout the greater part 
of March were marked by activity, strength 
and buoyancy. At times excitement ran 
high in the western field where domes- 
tic consumers, previously sceptical of the 
strength of the market were compelled by 
their necessities to enter into unwilling com- 
petition with dealers who were also forced 
to cover contracts on future positions pre- 
viously made and left unprovided for until 
the eleventh hour. The volume of business 
would have been even heavier had the metal 
been available but the largest producing 
interests were largely sold ahead and little 
metal was available for the current market. 
Refiners, however, did all they possibly 
could to supply the needs of regular con- 
sumers but the frantic efforts to buy nearby 
lead carried the market upward steadily to 
record-breaking prices. 
Trust Loses Control of Market — Output 
Largely Oversold. 
Evidence steadily accumulated during the 
month to show that the American Smelting 
and Refining Company had largely over-sold 



its output at relatively low prices for future- 
delivery and consequently had lost control! 
of the market which they usually maintain 
and exercise with impunity. Although the 
Trust price was advanced four times during 
the month it continued to drag hopelessly 
in the trail of the independent producers 
who constantly sold after the first week of 
the month, at from $2.00 to $10.00 per ton 
above the Trust nominal quotation. 

However much the extremely high prices- 
prevailing may be deplored they came about 
naturally from the relation between supply 
and demand without any effort at manipula- 
tion. One of the chief causes for the ad- 
vance was the extraordinary demand that 
continued throughout the month for ex- 
port to the Orient. It is estimated at about 
5,000 to 6,000 tons were sold for prompt 
shipment and for delivery in March and 
early April to representatives of the Japan- 
ese and Russian governments. Most of the 
metal was sold for rail shipment across the 
continent to Seattle and San Francisco for 
later trans-Pacific shipment to destination. 



l'J16 



LEAD IN MARCH 



103 



Trices realized on these transactions rangi 
all the way from O'.-c to 8J4c per pound at 
W» York and East St. Louis. Some sales 
were also made at 8I4C and 8J/-C delivered 
on the Pacific coast. It is understood that 
special arrangements were made with the 
railroads for this movement of freight. Some 
of the metal sold for shipment to the Orient 
came from surplus stocks of consumers who 
were tempted to sell because of the large 
profits secured. Speculative orders were al- 
so released on these foreign orders at prices 
which easily enabled the purchases to pay 
the additional freight on the Atlantic coast 
as compared with the railroad rates in force 
from St. Louis to the western coast. 
Trust Price Suddenly Advanced 
$10 Per Ton. 
One of the significant developments of 
the month was the attitude taken by the 
American Smelting & Refining Company to 
justify its official prices which were practic- 
ally a dead letter as far as actual business 
was concerned. The failure to keep pace 
with the advance in prices on current 
transactions was excused on philanthropic 
grounds but later, when the open market 
had receded, the Trust price was suddenly 
advanced $10 per ton. The business done 
by the American Smelting & Refining Com- 
pany was largely on a sliding scale basis 
which may prove satisfactory to consumers 
but can hardly encourage the ore producers 
having contracts with the Trust. 

Even as early as March 4th, the scarcity 
of spot lead in the St. Louis market, in con- 
junction with the active demand, enabled 
producers to obtain almost any price they 
asked. One of the interesting reports from 
St. Louis was that the Trust made purchases 
of lead in the open market at higher prices 
than they were quoting. Brokers paid as 
high as G'/ic at a time when the market was 
$2.00 per ton less and it was simply impos- 
sible to supply the demand. On March 14th, 
when domestic consumers were eagerly tak- 
ing all the lead available and the export de- 
mand was urgent, one block sold at 7Y 2 c 
East St. Louis. On the following day, sell- 
ers asked 7%c. The market had now reach- 
ed the highest point in the history of the 
trade, the previous maximum price, of 7^c 
East St. Louis, having been established 
June 14th, 1915. Excitement at this time 
was running high in the western market 
and in the next few days prices advanced 
to 8 and 8J4c for prompt shipment. The 
St. Louis market for the first time in the 



history of the industry was maintained at a 

premium over the New York market due 

ly to the demand from the Orient. 

There was small sympathy between ih 
American and European markets during the 
first half of the month and the suspension 
of trading upon the London Exchange for 
a few days made no impression upon the 
domestic market. At the beginning of the 
market month G. M. B. lead at London sold 
at £32 17s Cd for spot and at £32 2s 6d for 
futures. Business was suspended on the 
following day and when trading was re- 
sumed on March 6th, the London price had 
dropped to £31 15s for spot and £31 17s 
6d for futures. By March 20th, the Lon- 
don market had advanced to £36 7s 6d for 
spot and £3G 10s for futures. These prices 
were equivalent to 7.55c and 7.60c respec- 
tively. Prices prevailing in the United 
States were )A and f^c per pound premium. 



LEAD PRICES IN MARCH. 

New York.* St. Louis. London. 

Da y- Cents. Cents. £ s d 

1 6.30 6.45 32 17 6 

2 C.30 6.45 f 

3 6.40 6.45 f 

4 6.40 

6 6.40 6.55 31 15 0- 

'• 6.60 6.60 31 17 6 

8 6.60 6.75 32 

9 6.60 6.75 32 15 0- 

1° 6.60 6.87; .::: 10 11 

11 6.60 

13 6.60 7.12K' 34 5 

1-1 7.00 7.50 35 5 

15 7.00 7.75 35 

16 7.00 8.00 35 

1' 7.00 7.87^ 35 10 

18 7.00 .... 

20 7.00 7.93^ 36 7 6 

21 7.00 8.12^ 36 

22 7.00 8.18% 36 

23 7.00 8.12y 2 35 2 6- 

24 7.00 8.12^ 35 5 

25 7.00 .... ' 

27 7.00 8.12J^ 35 5 0- 

28 7.00 8.00 34 15 

29 7.00 7.87^ 35 

30 7.50 7.87^ 34 17 6 

31 7.50 8.00 34 IT 6 

High 7.50 8.25 36 7 f, 

Low 6.30 6.40 ;il 15 

Average . . . 6.83 7.456 3<J 8 !> 

* Trust price, f Trading suspended. 



164 



THE STEEL AND METAL DIGEST. 



April 



England, however, obtains its lead supply 
largely from Spain and Australia. In this 
connection it may be noted that in 1915 
tld imported 256,476 tons of lead, of 
which only 52, OSS tons came from America. 
Market Closes Slightly Easier. 

Toward the close of the month, although 
large export inquiries were in the market, 
the undertone was not quite so strong. Jap- 
anese and Russian agents were holding 
aloof in anticipation of a reaction in prices 
and domestic consumers were less eager to 
purchase nearby positions. The New York 
market receded fractionally below the St. 
Louis market but there were bids of 7£gC 
for prompt shipments of round lots while 
•carload lots sold at 8c. The net result of 
the month's movements was an advance of 
from 1^4c to lj^c in the domestic market 
and a rise of £2 at London. 

The American Smelting and Refining 
Co.'s official price was advanced $2.00 per 
ton on March 3rd, $4.00 per ton on March 
7th. SS.OO per ton on March 14th and $10.00 
per ton on March 30th, making a total ad- 
vance of $24.00 per ton during the month. 
:Since the first of the year, the Trust price 

LEAD (Monthly Averages.) 
New York* St. Louis 



1914. 


1915. 1916. 


1914. 


1915. 


1916. 


Jan. 4.11 


3.74 


5.94 


3.99 J4 


3.57 


5.80 


Feb. 4.06 


3.82 


6.23 


3.95 


3.72 


6.17 


Mar. 3.97 


4.03 


6.83 


3.80 


3.9S 


7.46 


Apr. 3.82 


4.19 




3.70 


4.11 




May 3.90 


4.23^ 




3.81 


4.16 




June 3.90 


5.86 




3.80 


5.76 




July 3.90 


5.74 




3.75 


5.52 




Aug. 3.90 


4.75 




3.73H 


4.59 




Sep. 3.86 


4.62 




3.67 


4.53 




Oct. 3.54 


4.59J4 




3.39 


4.51 




Nov. 3.68 


5.15 




3.58 


5.07 




Dec. 3.80 


5.3iy 2 




3.67 


5.26^ 




Av. 3.87 


4.67J4 




3.74 


4.57 




* Trust 


price. 











has been advanced 2c per pound equiva- 
lent to $40.00 per ton. Since September 14th, 
1915, the Trust price has been advanced 3c 
per pound equivalent to $60.00 per ton while 
the open market price has been advanced 
3^4c equivalent to $75.00 per ton. 



Trust price at New 
1915, have been as 



LEAD PRICE CHANGES 

The changes in the 
York since June 10, 
follows: 

June 11, 1915 

June 12 
June 17 
June 18 
June 19 
July 30 
August 2 
August 7 
August 9 
August 10 
August 25 
August 26 
August 27 
September 3 
September f4 . 
October 21 
October 29 
November 4 
November 10 . 
November 15 . 
December 14 
December 31 
January 4, 1916 

January 7 

January 21 ... . 
February 9 . 
February 16 

March 3 

March 7 

March 14 

March 30 



Advanced .50c 
. Reduced .75c 
.25c 
.25c 
.25c 
25c 
25c 
.25c 
25c 
Advanced .10c 
.10c 
,20c 
Reduced .20c 
20c 
Advanced .25c 
15c 
10c 
15c 
10c 
15c 
10c 
25c 
15c 
.20c 
15c 
05c 
10c 
20c 
40c 
50c 



. . 6.50 
to 7.00 
to 6.25 
to 6.00 
to 5.75 
to 5.50 
to 5.25 
to 5.00 
to 4.75 
to 4.50 
to 4.60 
to 4.70 
to 4.90 
to 4.70 
to 4.50 
to 4.75 
to 4.90 
to 5.00 
to 5.15 
to 5.25 
to 5.40 
to 5.50 
to 5.75 
to 5.90 
to 6.10 
to 6.25 
to 6.30 
to 6.40 
to 6.60 
to 7.00 
to 7.50 



I OPPEK IN MAK< II 



Copper in March. 



Large Orders Placed by British and French 
Governments. 
The vigorous buying of copper on for- 
eign and domestic account that occurred 
during the last few days of March was in 
marked contrast to the dulness that pre- 
vailed most of the month. The buying 
movement was inaugurated by the an- 
nouncement of the purchase of 10,000 tons 
of Electrolytic copper for April, May and 
June shipment by the French government. 
This was quickly followed by additional 
purchases by other French interests and 
the report that the British government had 
exercised an option of 60,000 tons of cop- 
per over the balance of this year, the option 
having been given at the time of a previous 
purchase— December 22, 1915— of an equal 
tonnage for shipment at the rate of 5,000 
tons per month during 1916. It is now 
also reported that the British government 
is negotiating for 60,000 tons more but this 
report lacks confirmation. The first pur- 
chase was made at 20c per pound and the 
option was at the same price, latest nego- 
tiations, however, are reported to be 6c to 
~c per pound higher. 

According to the U. S. Government report 
exports of copper to the allied governments 
in 1915 were nearly 582,000,000 pounds, and 
these same governments are expected to 
take 120,000,000 pounds more in 1916 or a 
total of 702,000,000 pounds. The total ex- 
ports in March were approximately 50,000,- 
000 pounds, which is at the rate of 600,000,- 
000 pounds annually. The shipments dur- 
ing the last week of the month were over 
11,000 tons which is at a much heavier rate. 
Evidently the difficulty of securing steam- 
ships has much to do with the spasmodic 
foreign movement. 

U. S. Consumption Record-Breaking. 
Consumption of copper in this country 
reached record-breaking proportions dur- 
ing the month when 30,000,000 pounds are 
estimated to have been melted. The brass 
founders and other manufacturers of war 
munitions, were by far. the heaviest consum- 
ers but there was also unprecedented con- 
sumption by wire drawers and electric 
equipment manufacturers. The railroads, 
too, placed larger orders for finished cop- 
per shapes and power companies in the 



Central and Far West bought heavily of 
copper wire. Consequently, it was only a 
question of time when manufacturer', of 
such material would place additional large 
orders for refined copper. 

The heavier purchases on foreign ac- 
count stimulated the placing of contracts 
for home consumption. It is estimated that 
during the last five days of the month near- 
ly 400,000,000 pounds were placed under 
contract by domestic and foreign consum- 
ers for delivery over the second, third and 
fourth quarters of the year, but mainly for 
third quarter delivery. The prices ranged 
from 27^£c for second quarter down to 
26^c for the last quarter. At the close of 
the month, however, it was difficult to pur- 
chase anything under 27J4c for fourth quar- 
ter delivery while prompt shipment com- 
manded 27^<c to 2Sc. 

At the beginning of the month producing 
interests were holding prices firmly at 28 
to 28*4c for spot and March shipment and 
at 27J4 to 27j4c for June, but second hands 
were more anxious to sell and before the 
end of the first week, there was some pres- 
sure to dispose of resale lots as far forward' 
as July and August at 2654c to 26^c cash. 

Suspension of Trading on Metal Exchange 
Has Unsettling Effect. 
The open market was unsettled by the ac- 
tion of the British government in suspend- 
ing trading on the London Exchange on 
March 2nd to March 6th, but the American 
producers, confident of the strength of their 
position, made no change in their attitude 
and belittled the importance of the London 
Standard market. It was pointed out that 
the embargo placed upon exports by the 
British government and its previous unsuc- 
cessful effort to control prices of copper at 
home had depressed prices of the Standard 
market unnaturally; and, if steamships were 
available and freight rates normal, copper 
could have been brought from England to 
the United States, refined and returned to- 
Great Britain at a profit. Of course this 
was idle talk considering the conditions re- 
sulting from the war surrounding the mar- 
ket. 

The British government believing that 
speculation and manipulation was largely 
responsible for the high prices prevailing 



160 



THE STEEL AND METAL DIGEST 



April 



LAKE COPPER PRICES. 

Monthly average prices of Lake Copper 
in New York. 

1912. 1913. 1914. 1915. 1916. 

Jan. 14.37^4 16.89 14.76 13.89 24.10 

Feb. 14.38J4 15.37J4 14.98 14.72J4 27.44 

Mar. 14.87 14.96 14.7'.' 15.11 27.42 

Apr. 15.98 15.55 14.68 17.43 

May 16.27 15.73 14.44 18.81 

June 17.43 15.08 14.15 19.92 . 

July 17.37 14.77 13.73 19.42 

Aug. 17.61 15.79 12.68 17.47 

Sept. 17.69 16.72 12.43 H 17.76 

Oct. 17.69 16.81 11.66 17.92J4 

Nov. 17.66 15.90 11.93 18.86 

Dec. 17.62^14.82 13.16 20.37J4 

Av.. 16.58 15.70 13.61 17.64 

ELECTROLYTIC COPPER PRICES. 

Monthly average prices of Electrolytic 
Copper in New York. 

1912. 1913. 1914. 1915. 1916. 

Jan. 14.27 16.75^4 14.45 13.71 24.10 

Feb. 14.26 15.27 14.67 14.57 27.46 

Mar. 14.78 14.92J/' 14.33J^ 14.96 27.44 

Apr. 15.85 15.48 14.34 17.09 

May 16.16 15.63 14.13 18.60 

June 17.29 14.85 13.81 19.71 

July 17.35 14.57 13.49 19.08 

Aug. 17.60 15.68 12.41 H 17.22 

Sept. 17.67 16.55 12.08^ 17.70J4 

Oct. 17.60 16.54 11.40 17.86 

Nov. 17.49 15.47 11.74 18.83 

Dec. 17.50J4 14.47 12.93 20.35 ..... 

Av.. 16.48 15.52 13.31J4 17.47 



CASTING COPPER PRICES. 
Monthly average prices of Casting Cop- 
per in New York. 

1912. 1913. 1914. 1915. 1916. 

Jan. 14.02 16.57 14.2T/ 2 13.52 23.06^ 

Feb. 14.02 15.14 14.48 14.17 26.03 

Mar. 14.53 14.70 14.18 14.34 25.90 

Apr. 15.72J4 15.33 14.18 16.48 

May 16.01 15A5 l / 2 14.00 17.41 

June 17.08 14.72 13.65 18.74J4 

July 17.09 14.40J4 13.34J4 17.76^ 

Aug. 17.35 15.50 12.27 16.46 

Sept. 17.51 16.37H 1200 16.75 

Oct. 17.44 16.33 11.29 17.32 

Nov. 17.34 15.19 11.63 18.41 

Dec. 17.34 14.22 12.83^4 19.73 

Av.. 16.29 15.33 13.18 16.76 



SHEET COPPER PRICE CHANGES. 

The changes in the base price of sheet 

copper since April 22, 1915, are given in 
the following table together with the price 

of Lake Copper on the same dates: 

1915 — Sheet Copper. Lake Copper. 

April 22 23.00 18.00 

April 28 24.00 18.93& 

June 8 24.50 19.62J4 

June 9 25.00 19.87J4 

July 27 24.50 18.75 

July 30 24.00 18.75 

August 18 23.00 16.75 

November 3 23.25 18.06J4 

November 15 23.50 18.62J4 

November 16 23.75 18.75 

November 17 24.00 18.87J4 

November 18 24.25 19.00 

November 22 24.50 19.87J4 

November 23 25.00 19.87^ 

December 22 25.50 20.50 

December 23 26.00 20.75 

December 24 27.00 21.50 

December 30 27.50 22.37J/2 

1916— 

January 1 28.00 22.75 

January 3 29.00 23.25 

January 5 30.00 23.50 

January 19 30.50 24.12J4 

January 22 31.00 24.75 

January 24 31.50 25.25 

January 31 32.00 25.25 

February 5 33.00 26.00 

February 11 34.00 27.50 

February 23 35.00 28.25 

March 1 34.00 28.1254 

March 25 34.00 27.37J4 

EXPORTS OF COPPER FROM THE 
UNITED STATES. 

(In tons of 2,240 lbs.) 





1913. 


1914. 


1915. 


1916. 


January . . 


25,026 


36,018 


26,193 


23,663 


February . 


26,792 


34,634 


15,583 


20,648 


March . . . 


42,428 


46,504 


30,148 


*24,231 


April .... 


33,274 


35,079 


18,738 




May 


38,601 


32,077 


28,889 




June 


28,015 


35,182 


16,976 




July 


29,596 


34,145 


17,708 




August . . 


35,072 


16,509 


17,551 




September 


34,356 


19,402 


14,877 




October . 


29,239 


23,514 


24,087 




November 


29,758 


24,999 


23,168 




December 


30,653 


22,166 


42,426 




Total . . 


382,810 


360,229 


276,344 




* Includes 


only ex 


sorts from Atlantic ports. 


t Approximate. 









laics 



( OPPEB l.\ MARC 11. 



Hi? 



for refined copper, acted to correct this 
evil. Evidently the government's intention 

was known in the English market when on 

the first ot" March, prices of Standard 

broke from £4 to £4 10s on futures and 
spot respectively. During the second, 
third and fourth of March, business was 
suspended in the London Exchange but 
alter a conference between the Minister of 
War Munitions and trade representatives, 
business was resumed on March 6th. It was 
agreed that all speculative trading in Stand- 
ard copper on the English Exchange should 
be immediately discontinued and that all 
contracts in force should be liquidated by 
-May :ilst. The violent fluctuations since 
that time in prices of Standard copper — 
often ranging from £4 to £6 daily— have 
been entirely due to the efforts of long in- 
terests to liquidate and short interests to 
square their deals. The net result of the 
fluctuations during the month was an ad- 
vance of £15 on spot and £14 on futures 
but the range from high to low point was 
fully £25. At one time, Standard copper 
was fully £40 under the price of Electro- 
lytic but this was afterward shortened to 
£18. Of course these changes are abnor- 
mal and entirely independent of the supply 
of and the demand for the actual metal. 
Eventually the harmony between Electro- 
lytic and Standard will be re-established. 

In ordinary times, dealings in Standard 
copper create sentiment in the trade and 
are influential in causing a rise or fall in 
the market for Electrolytic and none know 
this better than the large producing inter- 
ests in America. Recently, however, Ameri- 
can refined copper has remained steady at 
£136 at London, for spot without refer- 
ence to the fluctuations in Standard. On 
one day the price was advanced to £137 
but quickly reacted, while late in the month 
there was some pressure to sell American 
Lake copper at £129 for May and June 
shipment which is equivalent to 2754c de- 
livered abroad and 2Gc at New York. Thia 
brings out the fact that Lake copper had 
been offered abroad at £2 less than Elec- 
trolytic which was held at £134. The re- 
cent offerings of Lake represent a conces- 
sion of £5. 

Consumption Equals Production. 
It is estimated that the consumption of 
American copper on domestic and foreign 
account is about 6,000,000 pounds per day 
which is also the rate of production at the 
refineries. Stocks in producers' hands at the I 



" EM i'li are estimated to be I L0,000, 
ooo pounds which is equivalent to require- 
ments for about 18 days. This surplus is of 
small moment under present conditions. 

At various times during the month pur- 
chases of several thousand ton lots of bars, 
cakes and shapes were reported made on 
"German account" which possibly may be 
simply another name for "speculative ac- 
count" for delivery, in monthly instalments 
from March to July inclusive, into American 
warehouses and for export after the war 
is over. That Germany will need to re- 
plenish supplies is clearly evident from re- 
ports that copper coins derived from Bel- 
gium, France, Italy and Spain have been 
sold by Switzerland to Germany at prices 
ranging from 15c to 80c per pound. 

It develops that about the third week ot 
the month brass founders in the Connect- 
icut valley picked up quietly quite a fair 
tonnage of Electrolytic copper from second 
hands for April, May and June delivery at 
concessions of y 2 c per pound from produ- 
cing interests' asking prices. Dealers also 
purchased quite liberally, in the aggregate, 



COPPER 


PRICES 


IN MARCH. 









New York — 


London. 




Lake. 


Electro. 


Casting 


Standard. 


Day. 


Cents. 


Cents. 


Cents. 


£ s 


d 


1 .. 


. 28.13^ 


28.12 y, 


26.75 


101 





2 .. 


. 27.75 


28.00 


26.62J4 


t 




3 .. 


. 27.50 


27.62J4 


26.121/ 


t 




6 .. 


. 27.37^ 


27.37^ 


26.00 


101 





7 . . 


. 27.37J4 


27.37^ 


26.00 


100 10 





8 .. 


. 27.37J4 


27.37J4 


25.87^ 


95 15 





9 . . . 


. 27.25 


27.25 


25.62 }4 


97 15 





10 .. . 


. 27.25 


27.25 


25.62^ 


103 





13 .. . 


. 27.50 


27.50 


25.75 


103 





14 .. . 


. 27.62^ 


27.62K» 


25.75 


105 





15 .. . 


. 27.62J/ 


27.62^ 


25.75 


105 10 





16 .. . 


. 27.62 y. 


27.62 y. 


25.75 


106 





17 .. . 


. 27.62*4 


27.62 y 2 


26.00 


107 10 





20 ... 


. 37.63^ 


27.63J4 


26.00 


109 





21 .. . 


. 27.50 


27.50 


26.00 


112 5 





23 


. 27.50 


27.50 


26.00 


118 5 





23 .. . 


. 27.37^ 


27.37J/ 


25.8714 


113 





24 ... 


. 27.37J^ 


27.37H 


25.87^ 


113 10 





27 .. . 


. 27.25 


27.25 


25.75 


114 





28 .. . 


. 27.00 


27.00 


25.62^ 


113 





29 .. . 


. 27.00 


27.00 


25.62J4 


112 10 





30 .. . 


. 27.00 


27.00 


25.621/ 


114 





31 .. . 


. 27.12J4 


27.12^< 


25.75 


116 





High 


. 28.25 


28.25 


27.00 


118 5 





Low 


26.87J4 


26.87J<< 


25.50 


95 15 





Av'ge 


27.424 


27.440 


25.902 


107 13 





t Trading sus 


aended. 









THE STEEL AND METAL DIGEST. 



April 



from speculators and small producing in- 
terests. Some of this metal was disposed 
of toward the close of the month ait frac- 
tional profits. 

Consumer's Stocks Heavy. 
Stocks in consumers" hands generally were 
quite heavy, otherwise many plants in New 



England would have been obliged to close 
down because of the railroad embargoes 
against shipments of metals. 

Some excitement attended the heavy pur- 
chases during the last three days of March 
and apparently the buying movement had 
not spent its full force, when the month 
closed. 



Spelter in March. 



Violent Declines Mark Opening of Month. 

Spelter was subjected to violent declines 
during the first 13 days of March. During 
the following week the lower prices de- 
veloped a buying movement of unusual mag- 
nitude resulting in a partial recovery of the 
previous loss. After March 20th dulness 
prevailed throughout the domestic market, 
relieved by occasional large transactions 
for export. A gradual readjustment of the 
dislocated positions later placed the mar- 
ket in a nearly normal condition and on the 
closing day of the month a stronger and 
more confident tone was developed with an 
upward tendency in prices in anticipation 
of renewed activity, in response to the buy- 
ing movement in copper. 
London Price Reaches New High Record. 
On March 1st, London cables announced 
an advance of £1 on prompt shipment 
spelter to £111, a new high record in the 
history of prices. England was also in the 
market for April, May and June shipments 
from the United States but the American 
market was dull, although firm, for prime 
western grades while there were freer offer- 
ings of grades used by brass manufactur- 
ers. On the following day the announce- 
ment that the British government had stop- 
ped trading, with the exception of tin, in 
all metals on the London Exchange, turned 
the local market downward with smelting 
interests more desirous of selling future 
positions and ready to make concessions 
on May and June and forward positions. 
April remained firm, being scarce, at 17$4c 
but May sold at 16^c, June at 16c and third 
quarter delivery at 15c per pound. Domes- 
tic consumers generally, however, were in- 
different and export orders hung in the bal- 
ance. The downward tendency was more 
apparent on the following day, March 3rd, 
when prices yielded Mic per pound, making 



the decline J4c to %c in two days. Produ- 
cers could see no reason for the lower pri- 
ces and charged operators with an effort to 
utilize developments abroad to make a drive 
against the market. Consumers, however, 
held aloof and dealers, formerly buyers 
turned sellers. 

Trading Resumed. 
On March 6th, trading was resumed on 
the London Exchange, cables reporting a 
decline of £1 on spot and £3 on futures 
from the prices current on March 1st, when 
trading was suspended. The London prices 
were equivalent to 233/ 8 c per pound for 
prompt shipment and 19.80c per pound for 
future delivery, in marked contrast to St. 
Louis prices of 19'4c for prompt and 16j4c 
for second quarter delivery. The difference 
in prices, however, was due largely to the 
high ocean freights and the insurance and 
war risks. 

At St. Louis, although smelting interests 
expressed confidence, the market was in 
danger from the heavy deliveries being 
made against previous low priced contracts. 
Some of the metal then delivered had been 
sold at 10^<c and other consumers and deal- 
ers were receiving spelter bought at 13^c 
to 15c per pound for first quarter delivery. 
However, there was apparently little resell- 
ing by consumers. 

Heavy Break Abroad— Freight Rates Ad- 
vanced. 
On March 7th, sentiment abroad was ex- 
pressed in a break of £8 in the price of 
spot and £5 in the price of futures. These 
prices were equivalent to 21.67/ 2 c and 18.70c 
respectively. It is important to note that 
freight rates on spelter for shipment to 
England, France and Italy had advanced 
to VAc to 154c per pound. Adding insur- 
ance and war ri-k^ of V/ 2 % to 2% 
makes the total cost of shipping spelter 



S I T.I.I KK IN MARCH. 



loy 



abroad 2c ptr pound against a charge of 
1 [c pei pound in normal times ["he do- 
mestic market, in response to London, was 
down J^c to He per pound with consumers 
and dealers holding off. The domestic mar- 
ket at this time suffered the first real reac- 
tion since early December. All the gain 
made in February was lost but prices were 
still lj{>c per pound above those prevailing 
early in January and 4c per pound above the 
low level in December. The Joplin ore mar. 
ket was down $5.00 per ton. On the follow- 
ing day, March 8th, London again broke 
£3 to £4 and prices of prime western and 
brass spelter in the domestic market again 
suffered further decline but there was some 
improvement in the demand from domestic 
consumers. High grade spelter was also 
lower but largely nominal with one sale 
reported at 30c per pound. 

During the next three or four days from 
March 9th, to March 13th, the foreign mar- 
ket broke £12 or more. The drop on the 
13th, was sensational. By this time the 
English market had suffered a reaction of 
£26 and the American market had sustained 
a break of 3J4c to 4J4c per pound. 

Heavy Business Done with Supply of 
Metal Large. 

It is remarkable how plentiful spelter be- 
came even for delivery in April and May 
under the blighting influence of lower pri- 
ces. Producing interests, who, a fortnight 
previous had no April and May spelter un- 
sold, were offering these deliveries quite 
freely, and large invisible stocks were uncov- 
ered under the fear of still lower prices. 
A better demand developed for both do- 
mestic and foreign consumption about 
this time and on March 14th, a heavy busi- 
ness was done at advancing prices. 

During the next week there was a flood 
of orders the demand being in excess of the 
offerings and on each day many unfilled 
commissions were carried over to be placed 
on successive days at higher prices. The 
buying movement was excessively heavy for 
all deliveries up to July and even some third 
quarter business was done at steadily advan- 
cing prices. The volume of bus'ness, crowd- 
ed into a few days, was equal to buying in 
three weeks under ordinary conditions. The 
demand slackened about March 17th, con- 
sumers being less eager, having largely cov- 
ered their requirements, but dealers con- 
tinued to buy moderately. By this time the 
domestic market had recovered 1c to I'T 



per pound and the English market was up 
£7 i" £18 from the low point on March 
13th. According to western advices prompt 
shipment had sold at East St. Louis as high 
as 18c and April at i.T/jc previous to March 
20th, but these reports apparently were ex- 
aggerated just as were the reports from oth- 
er sources of second quarter sales at }4c to 
lc per pound under the general market The 
readjustment that was evident for three or 
four days during the third week of the 
month brought about a closer range be- 
tween prompt and second quarter delivery 
than had previously prevailed. 
Large Orders Placed for Export — Encour- 
aged by Reactionary Tendency. 
On March 23rd, and on the few following 
days, there was a tendency to reaction here, 
which encouraged the placing of several 
large orders for export, one contract for 
April shipment from the West, was made 
at 17>j(C at East St. Louis for English ship- 
ment. Several additional large foreign or- 
ders were also reported for shipment in 
June and July but the domestic market con- 

SPELTER PRICES IN MARCH. 

New York St. Louis. London. 
Day. Cents. Cents. £ s d 

1 20.67J4 20.50 111 

2 20.17J4 20.00 t 

3 19.80 19.62J4 f 

6 19.30 19.12^ HO 

7 18.80 18.62J4 102 

8 18.30 18.12^ 98 

9 17.80 17.62J4 97 

10 17.30 17.1214 93 

L3 16.67J4 16.50 85 

14 16.92^ 16.75 85 

L5 17.4214 17.12J4 90 

lti 17.92J4 17.75 92 

17 17.92J4 17.75 93 

20 17.9214 16.75 92 

21 17.80 17.G2H 92 

22 17.67^ 17.50 94 

23 17.67^ 17.50 94 

24 17.67J< 17.50 93 

27 17.80 17.62^ 96 

28 17.7334 17.56J4 95 

29 17.67^ 17.50 95 

30 17.55 17.37^ 95 

31 17.67J4 17.50 96 

High 20.80 20.62^ HI 

Low 16.42J4 16.25 85 

Average . . 18.096 17.916 95 2 10 

t Trading suspended. 



170 



THE STEEL AND METAL DIGEST. 



April 



tinued quiet. A canvas of the market on 
March 30th, showed that the April position 
was well sold and another lot of 1,000 tons, 
for May, June, July and August .shipment, 
was reported sold, with other large foreign 
inquiries. 

On the closing day of the month, there 
was more activity on domestic account with 
a particularly good demand for April and 
May delivery but producers were reluctant 
to sell for early shipment while more 
anxious to sell for June and later shipments. 
The third quarter was not well sold but a 
confident tone prevailed in anticipation of 
another buying movement. The spot posi- 
tion had now advanced 3^c per pound and 
the second quarter position l^c per pound 
since March 13th. The English market 
closed at £96 for spot and £83 for futures 
this being a recovery of £11 on spot and 
£13 on futures from the low point on March 
13th but a drop of £15 on spot and £13 on 
futures from the high point on March 1st. 



SHEET ZINC PRICE CHANGES. 



SPELTER (Monthly Averages.) 
New York St. Louis 

1914. 1915. 1916. 1914. 1915. 1916 
Jan. 5.33 6.52 18.18 5.14 
Feb. 5.46 8.86^20.09 
Mar. 5.35 10.12^18.09' j 2.15 
Apr. 5.22 11.51 
May 5.16 15.82^ 



June 5.12 22.62J4 

July 5.03 20.80 

Aug. 5.63 14.45 

Sep. 5.52 14.49 

Oct. 4.99* 14.07 

Nov. 5.15 17.04 

Dec. 5.67 16.91 

Av. 5.30 14.44 



6.33 18.01 
19.92 19.92 
9.80 17.91 
5.03 11.22 

4.96 15.52^ 
4.93 22.14 
4.84 20.53 
5.45 14.19 
5.33 14.10J4 
4.81 13.89 

4.97 16.87^ 
5.49 16.72 
%.Ui 14.16 



The following table gives the changes in 
the price of sheet zinc Aug. 23rd, 1915 to- 
gether with the price of spelter ruling on 
the same day. 

Spelter 

!915_ Sheet Zinc. St. Louis. 

August 23 15.00 12.00 

August 24 16-00 12.75 

November 4 16.50 15.12-14 

November 9 17.00 15.87 $4 

November 11 17.60 16.1254 

November 12 18.00 16.3154 

November 17 19.00 17.25 

November 18 20.00 17.3754 

November 22 21.00 18.75 

November 23 22.00 18.75 

December 31 23.00 17.25 

1916— 

January 26 24.00 19.00 

February 17 25.00 20.8TJ4 



WATERBURY SPELTER AVERAGES. 



Jan. 

Feb. 

Mar. 

April 

May 

June 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 

Av'ge 



1912. 

6.78 
6.85 
7.17 
7.07 
7.13 
7.25 
7.46 
7.34 

7.83 
7.74 
7.65 
7.33 



1913. 
7.56 
6.81 
0.56 
6.08 
5.77 
5.50 
5.61 
5.99 
6.13 
5.74 
5.60 
5.44 



1914. 
5.54 
5.70 
5.59 
5.50 
5.38 
5.37 
5.26 
5.66 
5.91 
5.23 
5.38 
5.90 



1915. 
6.55 
11.85 
12.15 
13.85 
20.55 
25.60 
24.90 
19.30 
17.85 
16.85 
19.36 
21.15 



1916. 
22.25 
22.70 
23.15 



6.06^ 5.5314 17.50 



-0-0-0- 



THE STEEL AND METAL DIGEST 



Antimony In March. 



On March 1st, importers of antimony 
reported a fair volume of business transact- 
ed in February and March shipments from 
the Far East. There was also a fair de- 
mand for prompt shipment of moderate 
lots at 44c to 44^c while Marcli delivery 
was available at 42 to 42}4c. Dullness de- 
veloped during the following week with 
small inclination to purchase either future 
or spot metal but cables from Japan con- 
tinued to report a strong tone. Domestic 
consumers for the time being were comfort- 
ably supplied and reluctant to consider pur- 
chases afloat. Dealers, because of the high 
prices, were still carrying light stocks and 
there were few inquiries from home muni- 
tion manufacturers, but a large inquiry 
from Russia was reported about March 
10th. Some quiet orders, however, were 
placed by domestic manufacturers of war 
munitions about the middle of the month. 

An unexpected delay in the receipt of 
supplies, purchased in the Orient, for ship- 
ment by way of the Pacific Coast, caused 
an acute shortage of spot supplies of im- 
porters and dealers. Antimony which should 
have been received in February had not ar- 
rived on March 16th. One lot shipped to 
X T ew York from Seattle by way of Gal- 
veston, was even further delayed by the 
slow movement of overland freight, conges- 
tion of traffic and embargoes against New 
York delivery. The result of this scarcity 
was an advance in the spot price to 45c 
duty paid on March 20th while March de- 
livery was held at 43j4c. A few days later, 
there were freer offerings of future posi- 
tions, and March shipments from the 
Orient, which were available at 3334c to 
34c and April shipments at 33 to 33J4 C in 
bond on March 20th, were later offered at 
concessions of about Vzc per pound. Mod- 
erate arrivals toward the close of the month 
which were applied on consumers contracts, 
failed to relieve the spot market which re- 
mained strong at 45c but April arrivals were 
offered at 40c and May arrivals at 3Sc dutv 



paid. On March 37th, one large contract, 
about 500 tons, was reported placed by a 
Canadian munition manufacturer but this 
purchase failed to stimulate other interest 
in future positions, as consumers anticipat- 
ed further concessions in prices. 

The English market maintained an even 
tenor throughout the month with British 
munition makers supplied at the official 
price of £95 while small lots were sold in 
the open market at £125. 

ALUMINUM, SILVER and ANTIMONY 
PRICES IN MARCH. 

Aluminum. — Silver — Antimony. 
N. Y. N. Y. London. N. Y. 



Day. 


Cents. 


Cents. 


Pence. 


Cents. 


1 .. . 


62.00 


5654 


27ft 


44.75 


2 


62.00 


56% 


27ft 


44.75 


3 


62.00 


56J4 


27 


44.75 


4 .. . 




56J4 


27 




6 . . . 


f.2.00 


5654 


26}g 


44.75 


7 ... 


62.00 


56^4 


27 


44.50 


8 ... 


62.00 


56J4 


27 


44.50 


9 .. . 


62.00 


56^ 


27 


44.50 


10 .. . 


59.00 


56? t 


27 


44.50 


11 .. . 




563/J 


2 7 




13 ... 


59.00 


5654 


27 


44.25 


14 . .. 


60.00 


5654 


27 


44.25 


15 ... 


60.00 


563 i 


27 ft 


44.25 


Hi ... 


60.00 


56% 


m% 


44.25 


17 . . . 


60.00 


57 


27ft 


44.25 


18 .. . 




57 


27 fij 




20 .. . 


60.00 


57% 


273% 


45.00 


21 ... 


60.00 


5754 


27^ 


45.00 


22 ... 


60.00 


58 y 


27% 


45.00 


23 .. . 


60.00 


59-J4 


28H 


45.00 


24 ... 


60.00 


my A 


38 ti 


45.00 


25 ... 




00 y s 


285% 




27 .. . 


60.00 


5954 


28 ft 


45.00 


28 ... 


60.00 


6oy 4 


28H 


45.00 


29 .. . 


60.00 


soy* 


2813 


45.00 


30 ... 


60.00 


60J4 


28*8 


45.00 


31 ... 


60.00 


60J4 


28*3 


45.00 


High 


63.00 


6034 


28rg 


45.00 


Low 


58.00 


5654 


2615 


44.00 


Av'ge 


60.522 


57.926 


27.597 


44. 70S 



THE STEEL AND METAL DIGEST 



March 



Aluminum In March. 



Aluminum sustained a net decline of 2c 
per pound during March, resulting from a 
ample supply, freer offerings and only 
lerate demand. The trade entered the 
month, however, with a strong undercur- 
rent and No. 1 Virgin, quotable at 61c to 
63c per pound for nearby shipment. Do- 
mestic producers were twelve weeks behind 
in making deliveries on contracts but it 
was significant that small lots were avail- 
able at lower prices than were carload lots. 
A firmer tone prevailed for 98 to 99% pure 
metal because of the higher prices prevail- 
ing for scrap and some sales were recorded 
as high as 60c per pound at shipping point; 
No. 12 alloy remelted, was also firmer at 
49c, approximately. 

A ripple appeared on the surface of the 
market early in the month, due to the re- 
port that the British government had re- 
quisitioned fifty tons of aluminum recently 
shipped from this country to a private firm 
but according to London cables it appears 
that fifty tons of aluminum shipped from 
the United States to Sweden was seized at 
the Orkney Islands and pronounced by a 
British Prize Court, to be destined to Ger- 
many. It is interesting to note, at this 
time also, British cables reported that the 
prize fund derived from the sale of contra- 
band goods seized by the British navy in 
the first of March, amounted to about $30.- 
000,000. 

About the tenth of the month, evidence 
of a more ample supply resulted in freer of- 
ferings at concessions, No. 1 Virgin, was 
available at 60c New York, for March de- 
livery, new sheet clippings sold at 50c per 
pound at shipping point while aluminum 
sheets were offered at 62c per pound. No. 
1 Virgin was offered later as low as 58c, 
, 99% remelted, was quotable at 56c 
to 58c; No. 12 all- 49c, showing a 

decline of 3 to 5c per pound on virgin, 
and lc to 2c per pound on remelted. The 
lower prices encouraged exporters to enter 
the market for March and April shipments 
resulting in a firmer tone. 

March and April shipments were offered 
at 60c New York, about the middle of the 
month but at interior points prices were 
higher, May, June and July shipments of 
No. 1 being held at 59c to 61c. A slight re- 



action followed with sales of Virgin at 59J-4c 
but 98% to 99% remelted, was offered at 
57c for prompt, March and April shipments 
and this price might have been shaded. 

During the next few days the market was 
heavy with freer offerings and buyers re- 
luctant to trade. Some sales of remelted 
were made as low as 56c on March 21st. 
Sheet clippings were down to 50c and 50-ton 
lots of cable scrap were offered at 55c with 
buyers views about 52c. A fair volume of 
business was done with domestic consum- 
ers on March 22nd, for shipments over the 
balance of 1916, No. 1 Virgin selling in lots 
of 1O0 tons or more. A period of dullness 
succeeded with only insignificant changes in 
prices during the balance of the month. 

CHINESE and JAPANESE ANTIMONY. 
Average monthly price of Chinese and 
Japanese (ordinary brands) in New York. 
1912. 1913. 1914. 1915. 1916. 
Jan. 6.89 8.77^ 6.03 15.24 42.26 
Feb. 6.78 8.16 . 6.00 17.62^ 43.87'/, 

Mar. 6.78 7.91 5.94J4 20.93^ 

Apr. 6.87 7.82 5.82 23.97 

May 6.98 7.75 5.78 34.71 

June 7.07 7.62 5.6254 36.53J4 

July 7.37 7.55 5.44 35.98 

Aug. 7.58 7.48 13.05 32.57 

Sept. 8.00 7.31 9.79 ^ 28.50 

Oct. 9.11 6.46 11.64 30.96 

Nov. 9.11 6.28 14.14 37.88 

Dec. 9.05 6.05 13.15 39.36^ 



Av.. 7.63 7.43 8.53^ 29.52 



ALUMINUM AND SILVER PRICES. 

New York 

— Aluminum — Silver 

1914. 1915. 1916. 1914. 1915. 1916. 

Jan. 18.86 19.01 54.33 57.56 48.891 56.771 

Feb. 18.801 19.20 57.501 48.48 

Mar. 18.30 18.942 58.07 50.24 

Apr. 18.08 18.83 58.52 50.25 

May 17.93 21.85 58.18 49.9li 

June 17.82 29.66 56.47 49.03 

July 17.59 32.50 54.68 47.52 

Aug. 20.38 34.00 54.34 47.18 

Sep. 19.281 46.75 53.29 48.68 

Oct. 18.25 54.171 50.65 49.381 

Nov. 18.83 57.85 49.10 51.71 

Dec. 19.02 56.801 49.38 54.97 

Av.. 18.59134.13 54.81 49.69 .... 



Mil I \ND METAL DIGEST 



Electrolytic Zinc. 



I In' following is an extract from a paper 
presented at a joint meeting of the New 
York Sections of the American Electro- 
chemical Society, the American Chemical 
Society and the Societj of Chemical Indus- 
try, on February 11, 1916, but somewhat fur- 
ther elaborated for the Engineering & Min- 
ing Journal, of which the author is Editor, 
m its issue i,\ March I, 1916: 

"Willi regard to the grade of electrolytic 
zinc, high purity is easily obtained. This 
is something that is far more under control 
than in refining by fractional distillation. 
Lead ought not to go appreciably into so 
lution at all. while iron, copper, and cad- 
mium — the other common impurities of spel- 
ter — are readily precipitated from the so- 
lution. The spelter first made at Anaconda 
was higher in cadmium than is permitted 
by the standard specifications for 'high- 
grade.' At that time zinc-dust, more or 
less impure, was being used as the pre- 
cipitant for cadmium. Running the clarified 
solution through a tube-mill filled with zinc- 
balls corrected this, and the grade of spel- 
ter was then raised to upward of 99.9%. 
Brunner, Mond & Company have been for 
many years guaranteeing their electrolytic 
spelter at 99.95% Zn, and there is no reason 
why the Anaconda spelter should not be 
made as good as that. 

"Is electrolytic zinc extraction going to 
revolutionize the metallurgy of zinc? Un- 
qualifiedly, no. When the zinc industry re- 
turns to its normal status, conditions will 
be in the main as they were before the 
war and the principles that 1 have previous- 
ly stated will continue to obtain, with the 
difference that some people will have learn- 
ed the details of the art, will have gone 
through the period of infantile mistakes in 
a time when almost any mi-take was of no 
great consequence. By that time some of 
the concerns possessing exceptionally fav- 
orable conditions — Anaconda, if anybody — 
may be able to continue. Others will not. 

"However, there are certain new indus- 
trial features that cannot yet be clearly es- 
timated and may have a modifying effect 
upon this forecast. One of these relate- to 
the matter of high-grade zinc. Previous to 
the war that class of spelter was produced 
i:i limited quantity and sold at a premium 
over common spelter of about :."jc per 



pound. Inventors, promoters and others 

who talked about making such zinc were 

'■' m aged fr eckoning upon the pi e 

iniiim by the dictum that the market would 
not c,k L . any more than the then supply 
which was indeed artificially limited, and 
that it was unsafe to count on anything but 
the price for common spelter. During the 
war high-grade speller has fetched t0< pei 
pound, and tit times the demand for it has 
been insatiable. This demand has been es- 
pecially in connection with the manufac- 
ture of ammunition and may be expected 
io cease with the war, but will the ad- 
vertising that high-grade spelter has had 
and the wider knowledge of its peculiar 
properties that litis been acquired give it 
a more extensive use in the peaceful arts 
.and a maintenance of the premium for 
it, that will be to the advantage of the elec- 
trolytic producer? Or will it become a drug 
in the market, with entire disappearance of 
price differential? These are questions that 
nobody yet knows enough to answer reason- 
ably." 



In reviewing recent metallurgical accom- 
plishments, John D. Ryan, president of the 
Anaconda Copper Co.. has the following to 
say of his company's success in the manu- 
facture of electrolytic zinc: 

"In many of the mining districts of the 
West, particularly those who are producers 
of either silver-lead or copper ores, zinc 
in varying quantities forms an important 
and hitherto very objectionable constitu- 
ent. Found usually in quantities insufficient 
to justify working the ores for the recovery 
of this metal, its presence occasioned the 
metallurgist numerous difficulties in the en- 
deavor to eliminate it while saving the 
valuable metals associated with it in the ore. 
These difficulties compelled the smelters 
to impose heavy penalties on the 7 .inc con- 
tent in excess of certain percentages. 

"The presence of such refractory ores in 
some of the mines of the Anaconda Co. led 
to a careful study of the problem by its 
research department. Gratifying success has 
resulted from this study. An electrolytic 
process has been evolved and patented 
to the company which makes it possible at 
a satisfactory cost to extract a high per- 
centage of the zinc content of such ores, 
while the other valuable metals are precipit- 
ated in the form of an easily reducible resi- 



174 



JOPLIN ORE MARKETS. 



April 



due. Following experiments sufficiently long 
continued to demonstrate the success oi the 

method, a plant capable of producing 20, 

pounds of electrolytic zinc per day was 
built at Anaconda and lias been in suc- 
cessful operation for several months. The 
p, iduct is very pure, its zinc content be- 
ing about 99.9%. The brand, which has 
been trademarked Anaconda Electric, finds 
ready sale at a considerable premium 
anions manufacturers whose requirements 
demand zinc of the highest grade. This 



operatio, has been so successful that the 
company is now enlarging the plant at Ana- 
conda sufficiently to make an output of 
50,000 pounds of zinc per day. The product 
of this plant has been sold for a full year 
from the time when it will be in complete 
operation, at an estimated profit of over 
$4,000,000, and construction has been start- 
ed upon a plant at Great Falls capable of 
making an output of 70,000.000 pounds of 
zinc per annum, which we hope to have in 
operation in the early autumn of this year." 



Joplin Zinc And Lead Ore Markets. 



The month of March showed a uniformly 
lower price level for zinc ores amounting to 
approximately $10 per ton over the month 
of February. The exact opposite took place 
with regard to lead ores the price advance 
being about $12 per ton. These price levels 
were responsible for the relative changes in 
the shipment records of the two ores, zinc 
ore being much lower and the lead ore 
being much higher. The same result is ap- 
parent with regard to the surplus stocks. 
zinc increasing notably and lead decreasing 
in proportion. 

The month opened with sales of zinc 
blende ores from $'.15 to $115 as a general 
level. This was a decrease from the last 
week of February of $5 per ton. While the 
operators took the cut they took it with 
great protesting. This was followed by a 
still more drastic cut the week of March 11 
when attempts to cut the base price to a 
maximum of $100 met with refusals to sell 
and a threat to close down the mines rath- 
er than submit. This brought the price 
back up to $115 at which price the market 
has stuck fast the remainder of the month. 
The average price for the month for blende 
ores was $99.11 as compared with $108.98 
the previous month. Calamine ores sold on 
an average price of $73.(51 as compared with 
$75. s-; the previous month. The tonnage of 
blende shipped for the four weeks was 24,- 
924 tons or an average of 6,231 tons week- 
ly. This compares with 0,866 tons for Feb- 
ruary. The calamine ore tonnage was 2,252 
tons or an average of 563 tons against 715 
tons in February. 

The 5tO( ks if ore in the producer-' bins 
rose from 3,000 tons at the end of February 
to 10,462 tons at the end of March. 

The situation in the lead market was just 

the reverse of that in zinc Lead ore closed 

February at $S9 and at the end of 



March had reached $100. The suddei 
-i-.' in pig lead reflected itself in the loca 
lead ore market immediately although not 
to the extent it had been thought probable. 
The result of the higher prices is apparent 
in the average for the month which shows 
a shipment of 5,332 tons which brought 
$9:.\10 per ton. This compares with the av- 
erage for February at $S4.IU. The average 
weekly shipment was 1.333 tons as against 
1.055 tons in February. Stocks of lead ore 
at the end of February were 1,100 tons and 
at the end of March they were 635 tons. 

Weather conditions have been very good 
on the whole and this ha> favored produc- 
tion. The return of good weather has also 
helped materially in forwarding the new 
construction work now in progress on so 
many new properties. The coming 60 days 
should see a very large addition to the pro- 
ductive list of mines and prospects. 

Only one feature has arisen to interfere 
with the excellent outlook for a larger ton- 
nage. This comes from the announcement 
of a strike by the machinists in the machine 
shops and foundries of the district. The) 
demand more pay, shorter hours and recog- 
nition. Their demands have so far been re 
fused by the employers and if the strike 
continues long, this means stopping all new 
construction work and the rapid addition 
of plant- to the idle list as repairs cannot 
be made till machinists return to work. The 
battle scents to be drawn very tightly and 
it is likely to prove a hard and long tight. 
As a consequence the mine operator- who 
are in a very large measure dependent upoi 
the machine shops for all repair work and 
new supplies will suffer as much as the ma- 
chine shop owners themselves by being de 
prived of a source for their machine' sup- 
plies. 



THE STEEL AND METAL I 



BRANDS OF COPPER IN UNITED STATES. 



Adventure 
Atlantic 
Calumet & Hecla 

Calumet it Hecla 

Calumet & Hecla 

Centennial 

Copper Range 

Franklin 

Isle Royale 

Mass. 

Michigan 

Mohawk 

Osceola 

Quincy 

Tamarack 

Victoria 

Winona 

Wolverine 



American S. & R. Co. 
Balback S. & R. Co. 
Baltimore Copper Works 
Boston & Montana Co. 
Chicago Copper Ref. Co. 
Copper Queen 
Miami 

Nichols Copper Co. 
Orford Copper Co. 
Raritan Copper Works 
U. S. Metals Ref. Co. 
United Metals Selling Co. 



Balbach S. & K. Co. 
Boston & Montana Co. 
Chicago Copper Ref. Co. 
Duquesne Reduction Co. 
Nichols Copper Co. 
Phelps, Dodge & Co. 
Tottenville Copper Co. 
U. S. Metals Ref. Co. 
White & Bro., Inc. 



LAKE. 

Refined at : 
Hancock, Michigan. 
Houghton, Michigan. 
Ilubbell, Michigan. 
Buffalo, N. Y. 
Buffalo, N. Y. 
Hancock, Michigan. 
Houghton, Michigan. 
Hancock, Michigan. 
Dollar Bay, Michigan. 
Hancock, Michigan. 
Houghton, Michigan. 
Houghton, Michigan. 
Dollar Bay, Michigan. 
Hancock, Michigan. 
Dollar Bay, Michigan. 
Hubbell, Michigan. 
Hubbell, Michigan. 
Houghton, Michigan. 

ELECTROLYTIC 

Refined at: 
Perth Amboy, N. J. 
Newark, N. J. 
Baltimore, Md. 
Great Falls, Mont. 
Blue Island, 111. 
Laurel Hill. L. I. 
Laurel Hill, L. I. 
Laurel Hill, L. I. 
Chrome, N. J. 
Perth Amboy, N. J. 
Chrome, N. J. 
Laurel Hill, L. I. 

CASTING. 

Refined at: 
Newark, N. J. 
Great Falls, Mont. 
Blue Island, 111. 
Pittsburgh, Pa. 
Laurel Hill, L. I. 
Laurel Hill, L. I. 
Tottenville, N. Y. 
Chrome, N. J. 
Philadelphia, Pa. 





B 


randed. 


A. 


Iv. 


C. Co. 


A. 






C 


& 


11. M. Co, 


C. 


& 


H. M. Co. 


B. 


L. 




C. 


C. 


M. Co. 


c. 


R. 




F. 


M. 


Co. 


I. 


R. 


C. Co. 


Mi 


iss. 




M. 


C, 




M. 
T. 


M 
O. 




Q. 


M 


O, 


T. 


O. 




V. 


C. 




W 


. A 




W 








B 


randed. 


P. 


A. 




Bb 






B. 


E. 


R. 


B. 


& 


M. 


C. 


C. 


R. 


C. 


* i 


2- 


A. 


L. 


s. 


L. 


N. 


s. 


O. 


E. 


C. 


N. 


E 


c. 


D. 


R. 


w. 


R. 


M 


c. 




B 


randed. 


N. 


B. 


C. 


M. 


A. 




C. 


C. 


R. 


D. 


E. 


C. 


C. 


N. 


C. 


P. 


D. 


Co. 


C. 


T. 


c. 


D. 


S. 




W 


. B 





April 



THE STEEL AND METAL DIGEST. 



Trade Notes. 



The Cleveland Automatic Machine Co, 
Cleveland, O., has been incorporated to 
build machine tools; $500,000 capital stock; 
by J. T. Scott, David L. Johnson, M. C. 
Byrnes, M. C. McAleenan and B. E. Rcfb- 



The Dixon Valve & Coupler Company 

Philadelphia. Pa., has been incorporated 
with a capital stock of $25,000 by F. K. Man- 
sell, Land Title Building, Philadelphia; 
George II. P.. Martin, Camden. N. J., and 
S. ('. Seymour, Camden. X. J., to manufac- 
ture couplers, clamps and articles from 
brass, steel, bronze and other metals. 



The Vernon Machine Co., Worcester 
Mass.. has been incorporated to make an 
11-inch Prentice lathe; $10,000 capital stock; 
by Vernon F. Prentice. Victor E. Rolander 
Harry V. Prentice and Chester W. Warren. 
V. F. and Harry V. Prentice were formerly 
of the Prentice Bros. Co., absorbed by the 
Reed-Prentice Co.. April 1. 1912. Thi- com- 
pany lias started making lathes at 54 Her- 
mon street and plans to build a factory. 



The Jersey City Metal Treating Co., 
Trenton, X. J., has been incorporated to 
handle and prepare steel and metals; $100.- 
000 capital stock by Henry Whitaker, 
Philadelphia, John E. Sandmeyer, Jr.. John 
E. Sandmeyer, Xewark . 

The Louisville Steel & Iron Products Co., 
Louisville, Ky., has been incorporated with 
$1,125,000 capital to buy the plant of the 
Louisville Bolt & Iron Co., and will carry on 
the manufacture of sheet steel and bar iron. 
t) C. Carter. Chicago., is president, and 
George 11. Holzbog, Louisville, is secretary- 
treasurer. 



The: M. & S. Gear Company. Detroit. 

manufacturer of differential gears, has iu- 

d it- capital -tock from $1,000,000 to 

$1,750,000, and is installing a quantity oi 

new machinery. Louis H. Scurlock has 

cted president and general manager. 



[he : ran I ' ' Milwaukee, has Ix.n 

manufacture chisels, pliers. 

wrenches and other tools; $30,000 capital 

stock; by John M. Hoerl, John Haubert and 

] i , irenl 



The Howe Chain Company, Muskegon, 
Mich., will begin business with an author- 
ized capital of $100,000, specializing in the 
manufacture of chains of highest quality for 
elevating, conveying and power transmis- 
sion purposes. The new company has se- 
cured a plant in Muskegon, which it is re- 
modeling and which will be placed in op- 
eration as soon as the difficulty of obtain- 
ing raw material and necessary equipment 
can be overcome. 



The Oakley Machine Tool Co., Cincin- 
nati, has been incorporated with a capital 
stock of $40,000 to build machine tools. The 
company has been operating for six months 
in Oakley, a suburb. L. E. Voorheis will 
be the active head of the plant. The in- 
corporators are George Haydock, Joseph 
L. Lackner, Joseph S. Graydon and L. E. 
Voorheis. 



The Milwaukee Shaper ec Transmission 
Appliance Company has been organized at 
Milwaukee with a capital stock of $75,000. 
to engage in the manufacture of machine 
tools and machinery specialties. The pro 
moters are not ready to divulge their plans 
in detail. 



The Castaluminum Body Company, De- 
troit, has been incorporated to manufacture 
car bodies and frames; $100,000 capital stock 
by Robert F. Byer. W. A. Watts. C. B. 
Bohn. 



The United Electrical Manufacturing 
Company, Adrian, Mich., has been incor- 
porated with $50,000 capital stock to man- 
ufacture electric devices and automobile 
parts. It has secured a factory and will 
begin operations at once. The directors 
include Karl F. Wagner, Walter T. Haley 
and D. B. Hayes. 



The National Electric L'tilities Corpora- 
tion, Danbury, Conn., has been incorporat- 
ed with capital stock of $200,000 to manu- 
facture electrical devices. The incorpora- 
tors are Arthur E. Tweedy. Leopold Levy, 
Martin H. Griffiing, John McCarthy. Martin 
R. Abrial, D. Frank Stevens, Charles D. 
Parks. Frank H. Lee and Charles A. Mal- 
lory. 



The 



Steel and Metal 
DIGEST 



VOL. VI. 



NEW YORK, MAY, 1916. 



Published Monthly by the American Metal 
Market Company. 81 Fulton St., New York. 

G. S. Trench. President, 

C. S. I. Trench, Secretary and Treasurer, 
Branch Office, 627 Oliver Bldg., Pittsburgh. 

Subscription Price Two Dollars a year 
for United States. Canada and Mexico; for 
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CONTENTS. 

Business Situation and Outlook 177 

The Rise in Steel Corporation Earnings 182 

Steel Corporation Earnings 18:1 

The Functions of Speculation 184 

Rail Production Statistics 185 

Spelter Production Statistics for 1915. 180 
Copper Production Statistics for 1915 .. 189 

By-Product Coke Oven Building 188 

The War Copper Production 191 

Topical Talks on Iron 193 

Steel Plants 194 

The Effect of Twenty-One Months of 
War on Metal Prices .. ..Chart appended 

Business Trends 180, 18] 

Comparison of Metal Prices 208 

Comparison of Security Prices 209 

Market Reviews: 

Iron and Steel 196 

Copper 216 

Tin 212 

Spelter '-19 

Lead 215 

Antimony 224 

Aluminum 223 

U. S. Steel Corporation Operations . . . 201 

Railroad Earnings 20 1 

Joplin Zinc and Lead Ore Market 226 

Iron and Steel Imports and Exports . . 207 

Immigration Statistics 205 

Price Changes of Iron and Steel 

Products 204 



Business Situation and 
Outlook. 

A series of important events has 
focused attention upon the labor situ- 
ation, and the attitude of labor is eas- 
ily the most important factor in the 
business situation and outlook at this 
time. The steel industry has an ac- 
cumulation of business on its books 
amply sufficient to warrant expecta- 
tion that it will be called upon to op- 
erate at its fullest capacity into 1917, 
and it lias no occasion to concern it- 
self with questions as to when, and at 
what prices, the next buying move- 
ment will occur, it has great occasion 
to consider whether it will have avail- 
able the labor necessary to operate at 
capacity, and whether its customers 
will be able to operate their shops so 
as to fabricate, at the expected rate, 
the steel they have ordered. 

The seriousness of the labor situ- 
ation is not simply that there are 
strikes and demands for higher wages. 
Strikes for a definite purpose can at 
least be settled by granting the de- 
mands, and higher wages can be paid if 
the prices at which manufactured goods 
are sold justify the payment of such 
higher wages. The seriousness of the 
situation lies chiefly in two facts: (1) 
That men frecpiently strike without 
knowing in advance what they are 



THE STEEL AND METAL DIGEST 



May 



Miikiug for, hence affording no basis 
for an immediate settlement, but in- 
flaming their minds and causing unrest 
in other labor circles; (2) That many 
of the strikes are directly for the pur- 
pose of decreasing the efficiency of the 
individual. The first tends to make 
striking chronic, the second tends to 
reduce the supply of labor when it is 
already insufficient. 

There is a large volume of business 
on the books of manufacturers in the 
various industrial pursuits. The busi- 
ness is of the soundest description, 
provided the war does not end. When 
it does end there will be a pause and 
much of the business will have to be 
readjusted, probably as to delivery 
and possibly as to prine. It is to the 
interest of industry to fill the orders 
as rapidly as possible. There is. per- 
haps, a time limit upon the activity. 
and every day that is lost in strikes, 
every per cent, by which the produc- 
tiveness of the mechanic is decreased, 
is a loss in. this business. Broadly 
speaking, there is no limit to the busi- 
ness to be done except the physical 
capacity to do it, but there is a time 
limit within which the work must be 
performed. 

As soon as the volume of business 
done in the United States passed be- 
yond its normal it was .recognized that 
readjustments would be necessary after 
the war. Naturally those readjust- 
ments were feared, because men would 
with one accord be disposed to wait 
until they were accomplished. Each 
wage advance that is given under the 
pressure of present circumstances, 
each per cent, by which the day's per- 
formance of the mechanic is reduced, 
increases the extent to which readjust- 
ment must be made in future, presum- 
ably right at the close of the war. 
The late thought has been that busi- 
was .attaining such momentum. 



and the country was becoming so pros- 
perous, that the readjustments neces- 
sary at the close of the war would be 
run through with easily and quickly. 
So quickly do circumstances change 
that these views must be modified by 
reason of what has during the past 
month become- so apparent with re- 
spect to the attitude of labor. The 
nature of the demands when made, 
and the fact of men sometimes striking 
first and formulating demands after- 
wards, suggest that labor may be en- 
tering upon a carouse that will grow 
in intensity and madness until the 
foundation upon which our prosperity 
rests, the fact that we can produce 
goods, is destroyed. 

Apart from the conditions disclosed 
with respect to labor the developments 
of the past month have in the main 
been decidedly favorable. The world 
of business and the world of finance 
received with greater calmness than 
would have been expected the despatch 
to Germany of what was virtually 
Washington "s ultimatum on the sub- 
marine issue. If we are unprepared 
physically for war, there is reason to 
infer from what has occurred, or more 
accurately perhaps from what has not 
occurred, that we are mentally prepar- 
ed for anything that may develop in 
our international relations. 

In the kaleidoscopic changes that 
occur in the conditions and develop- 
ments that confront the business man 
sight is lost of the fact that hitherto 
the quadrennial "presidential year" 
has been .regarded as more or less 
inimical to business. If American busi- 
ness had nothing to contend with ex- 
cept the fact that six months hence 
the people are to choose their chief 
magistrate and most of their representa- 
tives in Congress it would have very 
plain sailing indeed. American busi- 
ness is not concerned with what may 



! Ill Mill \ \ I ' \l I I \ 1 DIG] 



occur March t. L917, but with the 
many things thai arc to occur in the 
ten months we musl firsl live through. 

The steel market may now be said 
to have found its position, even though 
the steel trade is confronted with the 
very serious problems already referred 
to, whether it will have the labor to 
produce, and its customers the labor 
to fabricate or consume, the steel that 
has been bought. As to the market, it 
has become inactive as to the far for- 
ward deliveries the mills could com- 
pass conveniently, sellers and buyers 
being alike indifferent. The task is to 
till the business already on books and 
that task would be a great one even 
under conditions universally favor- 
able. The earnings assured if the or- 
ders can be filled in due course are 
such that the future can well be left 
to itself. While the heavy buying is 
over for the time being there is ahvays 
business drifting in from buyers who 
could not foresee their wants, and this 
business tends to strengthen the situ- 
ation further. Steel has not become 
more plentiful but rather has grown 
scarcer, and that despite the fact that 
the productive capacity has been 
slightly increased and the old units 
are almost continually breaking their 
tonnage records. 

Prices for steel products for far for- 
ward delivery, shipment practically at 
mill convenience, showed a slight stiff- 
ening tendency in April, while the 
premiums for early delivery, charged 



bj the small mills that do not till up 
far ah. 'ad, have increased. 

The metals as a whole showed little 
gain or loss in price during April. Tin, 

spelter, lead and alumin showed 

substantially no change. Copper ad- 
vanced about L' 1 " cuds, while anti- 
mony lost (i' L . cents and quicksilver 
lost no less than one-third of its price. 
The comparison suggests how little the 
metal market follows ordinary trade 
laws at a time when every commodity 
is the creature of the circumstances im- 
mediately surrounding it. 

The outlook for business in the Uni- 
ted States is good for months to come, 
the chief disturbing element being la- 
bor. Financial affairs are being conser- 
vatively managed and has been con- 
ducting itself in such a way as neither 
to encourage a break nor to invite the 
unloading upon us of foreign held se- 
curities at prices Ave might regret after- 
wards we had paid. 

The more distant future is "in the 
lap of the puis", but there is an ob- 
servation that is worth setting down, 
with respect to the fears entertained 
of aggressive competition in steel on 
the part of foreign manufacturers, and 
that is that the steel companies are 
amassing huge reserves in liquid cap- 
ital, reserves against aggressions that 
foreign manufacturers will have sense 
enough to fear when they contem- 
plate attempting to make inroads in 
our domestic markets for steel and 
coke by-products or upon our legiti- 
mate foreign trade. 



THE STEEL AND METAL DIGEST. 



May 



Business Trends. 



THE STOCK MARKET. 
Despite periods of depression improve- 
ment in values characterized the trading in 
slocks at the opening of April. Sentiment 
appeared more cheerful in Wall Street and 
as a reflection of the better feeling, the gen- 
eral undertone of the market was stronger 
and the trend of prices was distinctly up- 
ward. But it was not long before the initial 
strength gave way to nervousness and ir- 
regularity which in turn was followed by 
actual weakness. The change in the mar- 
ket's position was ascribed to the strained 
international relations of the United States 
and Germany in connection with the Sus- 
sex case and also to the unfavorable inter- 
pretation placed on reports from Mexico. 

The market continued dull and uninter- 
esting until about the middle of the month 
when a general and sharp decline in values 
was witnessed, followed by heavy offerings, 
caused by late news in connection with 
the Mexican situation, and this nation's con- 
troversy with Germany. The market dis- 
regarded favorable factors and develop- 
ments in the domestic field, notably the 
record-breaking tonnage statement of the 
U. S. Steel Corporation and as a result the 
unsettling nature of the foreign situation 
continue to dominate dealings. 

As was generally expected, a substantial 
improvement set in immediately after the 
Easter holidays and though more or less ir- 
regularity developed as time progressed the 
advance was resumed as the close of the 
month drew near. The largest gains were 
recorded by the industrial issues which 
had previously showed the widest losses. 
In the late dealings sentiment appeared 
more bullish than at the outset of the 
month. The better feeling was variously 
attributed to a more confident view with 
regard to the international political situ- 
ation, to the accumulating evidence of re- 
markable earnings and the prospect of fur- 
ther increases in dividends. 

The future of the stock market depends 
51 entirely on the result of the sub- 
marine controversy between this country 
and Germany, and operators are anxiously 
ting to see what course President Wil- 
low that Germany's reply to 
his ultimatum has been recei 



NEW ENTERPRISES IN APRIL. 
While the output of charters still contin- 
ues largely in excess of the early part of 
1915, it does rot reach the excessive propor- 
tions attained during the previous months 
of the present year. This is indicated in 
the papers filed for' new companies in the 
principal Eastern States with* a capital of 
$1,000,000 or over for April, wdiich repre- 
sented a total of $166,650,000. These figures 
show an increase of about 400% over the 
total for the same month a year ago. Con- 
trasted with March this year, the returns 
show a decrease of about 10%. The Ham- 
mond Arms Company took out a charter 
for $25,000,000, but this was an exception- 
ally large amount. Decidedly the most 
significant feature of the returns was the 
fact that virtually all lines of business were 
represented in the incorporations. 

The grand total of all companies with a 
capital of $100,000 or over, covering all 
States, including those of the East, amount- 
ed to $223,908,900, compared with $77,466,- 
000 in 1915. The March total for this year 
was $261,627,000. 

Following are the comparative figures as 
specially compiled by the Journal of Com- 
merce and Commercial Bulletin of compan- 
ies incorporated in the Eastern States dur- 
ing the last three years with an authorized 
capital of $1,000,000 or more. During the 
first four months of the year the total cor- 
porations of more than a million capital 
reached nearly $1,000,000,000, against over 
$200,000,000 last year and $365,000,000 the 
year before: 

1916. 1915. 1914. 

Jan. $270,995,000 $51,150,000 $120,050,000 
Feb. 365,995,300 53,950,000 51,575,000 

Mar. 194,750,000 70,050,000 57,700,000 

April 166,650,000 32,200,000 136,185,000 



Totals $998,390,300 $207,350,000 $365,510,000 



May 
June 
July 

Any. 
Sept. 

Oct. 
Nov. 
Dec. 



78.950.000 
181.247.100 
71.100,000 
67.100,000 
286,625,000 
208,695,000 
190,075,000 
135,125,000 



62.700.001) 
70.050.000 
68,700,000 
50,000,000 
54,800,000 
35,487,500 
81,650,000 
105,450.000 



year $1,426,267,100 $894,947,500 



BUSINESS TRENDS. 



Business Trends. 



FURTHER RISE IN COMMODITY 
PRICES. 

"Bradstreet's" index number of commod- 
ity prices for April 1st, works out at $11,755 
establishing a new high record and mark- 
ing the seventh unbroken rise in as many 
months. It represents a rise of 3.3% over 
March 1st, of 30.2% over April 1, 1915, and 
of 34.29V over corresponding time in 1914. 

In citing the influences that have forced 
commodity prices up to their present high 
level 'Bradstreet's' says in part as follows: 

"Barring slight reactions, which have 
been of the character of barely perceptible 
eddies in a steadily widening stream, the 
movement of commodity prices has been 
upward since the European war broke out 
a war that lias thrown inordinate de- 
mands into our markets, while keeping 
oversea products from coming here. 

"Domestic developments have been ac- 
centuated by widespread prosperity, which 
has caused merchants to divorce themsel- 
ves from a long practiced policy of buy- 
ing frequently but in small lots on each 
occasion, and the reaction in the opposite 
direction has superinduced demands that 
considerably exceed floating supplies. There 
exists the fear that supplies may become 
still scarcer, that prices may go even high- 
er, and with such factors prevailing, price 
is not being considered. Indeed, the situ- 
ation has got around to the point where 
numerous commodities are marked by what 
are usually designated runaway conditions, 
with goods virtually selling themselves, as 
it were, and with some manufacturers 
evincing a disposition to jack up prices to 
stay insistent demands. Indeed, the more 
prudent are questioning whether prices on 
many commodities have not gone high 
enough, and whether there has not been 
more or less overbuying." 



COMMERCIAL FAILURES SHOW 
FALLING OFF. 

Not since last August have there been 
so few business reverses in the United 
States as during April, insolvencies in that 
period, as reported to R. G. Dun & Com- 
pany, numbering 1,399 and supplying ag- 
gregate debts of $18,382,637. These figures 
do not include a real estate investments 



default in New Y..rk, involving upward ol 
$24,500,000, as this cannot properly be class 
ed as strictly commercial. 

Last month's record compares with 1,690 
failures for $16,885,295 in March; L.688 in 
February for $18,744,165, and 2,009 in Jan 
nary, when the amount owed was $25,863,- 
286. In April, a year ago. 2,063 firms SUS 
pended and the liabilities of these, as a re- 
sult of several bankruptcies of unusual 
size, were $43,517,870. Moreover, the pres- 
ent indebtedness is less than in 1914 and 
19i:i, while the number of insolvencies 
shows a comparatively small increase over 
those years. - 

Prosperity, according to "Bradstreet's", 
made a decided step forward during April, 
judging by the returns of failures and lia- 
bilities in that month. There were less 
failures in April than during any month 
since the war began, while the liabilities 
were the smallest since May, 1912, and the 
lightest for any April since 1907. There 
were 1,262 failures reported during April 
this year, a decrease of 22% from March 
and of 24.6% from April a year ago. 



IRON PRODUCTION SLOWS UP. 

April pig iron production, according to 
the "Iron Age", fell off enough to show the 
strain blast furnaces are under to keep near 
a 40,000,000-ton rate. The total for the 30 
days was 3,227,708 tons, or 107,592 tons a 
day. against 3,337.691 tons in March, or 
107,667 tons a day. Poor working of a 
number of furnaces tells the story of thin- 
ning linings that must soon be renewed. 

The daily average production of coke and 
anthracite pig iron in the United States by 
months since January. 1913, is given as fol- 
lows by the "Iron Age." 

1913. 1914. 1915. 1916. 

January .. 90,172 60,808 51,659 102,746 

February . 92,369 67,453 59,813 106,456 

March . . . 89,147 75,738 66,575 107,667 

April 91,759 75,665 70,550 107,592 

May 91,039 67,500 73,015 

June 87,619 03,916 79,361 

July 82,601 03,150 82,691 

August . . . 82,057 64,363 89,666 

September 83,531 62,753 95,085 

October . . 82,133 57,316 100,822 

November 74,453 50,611 101,244 

December. 63,987 48,896 103,333 



THE STEEL AND METAL DIGFST 



May 



The Rise in Steel Corporation 
Earnings. 



$35,000,000 
■30,000.000 

15.000,000 
10,000,000 
5.000,000 


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March, 1910 May 


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The phenomenal rise in the monthly earn- 
ings of the United States Steel Corporation 
is graphically represented above. The earn- 
ings in January, 1915, where the" diagram 
starts, were the lowest on record. Begin- 
ning with December last the monthly earn- 
ings began making successive new high 
records. 

From the organization of the Steel Cor- 
poration there have been four great move- 
ments in the steel market, and the earn- 
ings in the record high month for each 
movement are plotted in the diagram. The 
high month in each movement is shown be- 
low, with the month's earnings: 

May, 1902 $13,120,930 

October. 1907 17.052.211 

March, 1910 i4.684.ooi 

May. 1913 14.554,56c, 



It is interesting to note that in each of 
the last three movements the high point in 
steel earnings was reached considerably 
after the market activity had subsided, or 
in other words months after the price ad- 
vances had ceased. In the first movement 
the case was different. While the largest 
earnings were in May. 1902. the largest pro- 
duction fell just a year later. The reason 
earnings did not correspondingly increase 
was that the 1902 movement had a legacy 
of some old high prices in certain finished 
products, which yielded under real com- 
petition at a time when tonnage demand 
was good. 

The increase in the Steel Corporation's 
earnings since the beginning of last year 
is certainly a remarkable one and the in- 
crease is emphasized by the fact that the 
start was made from record low earnings, 



1916 



,iiii CORPORATION EARN! 



i 1 - 1 



hi January, LSH5. The monthlj earnings, 
plotted on preceding page, arc as follows: 

January, 1915 $1,61 

February 3,638,578 

March '. 7,132,081 

April 7,286,409 

M.n 9,320,576 

June I 1,343,070 

July 12,048,218 

August L2;869,099 

September 13,793,321 

October 16,563,8 A 

November 16,990,968 

December 17,722,682 

January, 1915 18,794,912 

February 19.190,396 

March 22,728,316 

In the diagram shown we have ventured 
plot with broken lines three of the vari- 
ous possible courses the earnings may pur- 
sue during the present quarter. The great- 
est increase plotted is taken by prolonging 
the line from February to March, which is 
excessive according to the absolutely known 



conditio] a Febi nary had two working 
days less than March. The next plot is bj 
prolonging the straight line that could be 

drawn joining the earnings "I January. 
1915, with those ol Man h 1916. The third 
is plotted by using March, 1916, as ilu 
pivotal point and allowing the ruler to 
touch the highest point in the curve pre- 
ceding. 

It might be suggested that allowance 
should be made, as to earnings in the cur- 
rent quarter, for the wage advance 1" 
ing effective May 1st. and involving a cost 
doubtless exceeding $1,000,000 a month. 
Such a point would be well taken, yet it 
is well to observe that the advance of Feb- 
ruary 1st, fully as large, if not larger, was 
quickly absorbed. The February earnings 
showed but a slight increase over those of 
January, but March showed a tremendous 
gain. If the ruler be laid so as to touch 
the earnings of January, before the advance, 
and those of March, after the advance, it 
will be seen to have a greater inclination 
upwards than the curve as a whole. 



Steel Corporation Earnings. 



Remarkable Record Already With High 

Accum 

Steel Corporation earnings in December 
broke the previous record for a month while 
the monthly earnings in the first quarter of 
this year show progressive increases. Last 
year was a noteworthy one in Steel Corpo- 
ration earnings, January being the lowest 
month on record and December the highest. 
Elsewhere in this issue there is given the 
quarterly statement just issued, and there is 
also a diagram showing the monthly earn- 
ings since the beginning of 1915, the diagram 
depicting also the high months in the pre- 
vious movements. 

With existing trade conditions very large 
earnings for the Steel Corporation arc to 
be expected. Its annual earnings have 
ranged from $71,663,615 in 1914 to $160,964,- 
000 in 1907. If it had not been for the slump 
in the last two months of 1907 the year's 
earnings would have been about $180,000,000. 
In the 12 consecutive months ended Oc- 
tober, 1907, the earnings were $172,000,000, 
and that may be taken as the corporation's 
real record for. a year, reflecting the mar- 
ket conditions and the capacity of that 



er Earnings in Prospect — Reserve Being 
ulated. 

period. 

Starting with $172,000,000 a year earnings 
in 1907 conditions, the Steel Corporation has 
to-day a productive capacity fully one-third 
larger, and the average market for finished 
steel products, delivery at mill convenience, 
is fully $13 a net ton higher than the top 
prices of 1907. Very large earnings are 
therefore to be expected. The earnings in 
any month in the present movement are 
simply a function of the progress the cor- 
poration makes in working off old and low 
priced business and entering upon the filling 
of newer and higher priced orders. We es- 
timate roughly that with production at ca- 
pacity, the corporation would earn about 
$25 000,000 per quarter, if the material were 
priced at the low level obtaining in 1914, and 
$100,000,000 per quarter if the material were 
all priced at the steel prices now ruling for 
delivery at mill convenience. 

The earnings in March, $22,728,316, were 
$5,000,000 in excess of the earnings in De- 
cember, although a wage advance was ab- 
sorbed, the wage advance becoming effective 



184 



THE STEEL AND METAL DIGEST 



May 



February 1st and costing nearly, if not quite, 
$1,500,000 a month. Another wage advance 
is to be absorbed, effective May 1st, and 
i osting doubtless fully $1,000,000 a month. A 
similar $5,000,000 gain Upon the March earn- 
ings would place those in June at $28,000,000, 
or at the rate of $84,000,000 a quarter, to 
be compared with the roughly assigned 
limits of $25,000,000 and $100,000,000 per 
quarter mentioned above, according to in- 
voice prices. 

It may be fairly assumed that at this time 
the Steel Corporation is doing little but 
piling up reserves against what may occur 
in future. The current earnings are to be 
regarded simply as earnings, not as estab- 
I'-hing a rate of earnings. What the earn- 



ings may be after t'he present congestion of 
business is worked off is a question no one 
has either the time or the skill to study. 
There is a large construction program be- 
ing worked upon, but it is impossible to 
place equipment contracts or hire men in 
such volume as to absorb more than a 
small fraction of the surplus earnings. If 
the corporation establishes a defense fund 
that will, when the war is over, command 
the respect and the fear of possible foreign 
competitors, with respect to our domestic 
and the foreign markets it will be a good 
thing for the corporation and the other do- 
mestic producers, as well as for the country 
itself. 



The Functions of Speculation. 



It is time that some action was taken to 
dispel the ignorance which prevails in re- 
gard to the function of speculation in the 
markets of the world, and if possible to dis- 
abuse the mind of the public of a precon- 
ceived idea that speculation is necessarily 
and always an evil tbuig, tending to the 
exaggeration of prices and the robbery of 
the people. There is also urgent need to 
enlighten the minds of those of our pastors 
and masters in England who have recently 
shown such conspicuous inability to under- 
stand commercial platitudes. 

As a matter of fact, speculation, in some 
form or other, enters into almost all com- 
mercial activities, and into many industrial 
activities. There can, for instance, be no 
more doubtful operation than that of the 
agriculturist who plants wheat or cotton in 
the spring of the year, and yet one is 
never taught to believe that this man is a 
"wicked speculator." One would shock the 
conscience of the world by the mere sug- 
gestion of such an idea; but in what i ssen- 
tial so far as the speculative element is 
concerned, does his action rliff t -r from that 
of the man who buys iron or copper in 
the spring because he thinks it cheap, with 
the view of working it off upon manufac- 
turers at a profit during the summer or 
autumn? There is in truth very little or- 
dinary business possible in the world which 
does not include some form of speculation; 
some more telligent anticipation 

of what is likely to happen in the future. 
So much may be said in reprobation of the 



prevalent notion that speculation is neces- 
sarily an evil which must be extirpated. 

The belief, now so common, in the evil 
effects of speculation, has resulted from 
certain kinds of speculation which are gen- 
erally known as "corners," in which an at- 
tempt is made by one wealthy man, or a 
group • i r syndicate of wealthy men, to con- 
trol a certain market by seizing all avail- 
able supplies and compelling the consum- 
er to pay extravagant prices, and it may 
perhaps be admitted that speculation so em- 
ployed is objectionable, although to the 
commercial expert it is obvious that, even 
in this case, there are compensating ele- 
ments. It must, however, be pointed out 
that "corners" are a comparatively rare 
outcome of the speculative spirit; and what 
is more important, they generally result in 
enormous losses which fall upon those in- 
strumental in getting them up. There was 
a great corner in wheat some years ago 
in America, which caused temporary in- 
convenience, but ended in the utter dissi- 
pation of the big fortune of the operator, 
to the general advantage of the commun- 
ity. There was also a corner in copper. 
associated with a big Paris bank, which 
ended in the complete ruin of many con- 
cerned in it, and enabled all consumers of 
copper throughout the world to obtain their 
metal upon exceptionally favorable terms 
for years afterwards. Did these two typical 
"corners" really inflict injury upon the 
community at large' One. is inclined to 
doubt a. and t . • believe that on the other 



116 



RAH PRODUCTION STAT] I - 



i 



in i ■ .■ . rmnunitj : '' n itcd 
case, the operators w ere severely pun 
Other similar historical occurrences might 
be adduced. There was, for instance, a 
few years agi >. an itt< mpl to corn 
ti m i iil, but eni iugh has been done to sin >\\ 
that corners are not only infrequent but 
nn i-t often disastrous to i hose w ho g< I 
them up, ami this latter circumstance is a 
sufficient protection against the abuse of 
speculation. 

There are two main uses for a speculative 
market in all the staples of commerce; firs! 
that there may be a guiding influence which 
prevents too great fluctuations either up- 
ward or downward (acting much in the 
same way as the fly-wheel of a great en- 
gine), protecting consumers from the un- 
checked propensity on the part of manufac- 
turers to obtain the highest possible prices; 
or helping these same manufacturers when 
the pressure or difficulty would drive prices 
(town too far; and secondly, that there may 
be a means of buying at a close market, 
price securities which will move with the 
commodity market, thus covering engage- 
ments which could not otherwise be cov- 
ered at all. We do not know whether this 
statement is quite clear without an illustra- 
tion. Let it be supposed that a manufac- 
turer, say of waterproof sheets, enters in- 
to a contract which will involve the use of 
50 tons of linseed oil next December. It 
is improbable that any mill will sell him 



bin ■ ca fo no. I ■ ;. 

' t a price, ind, indeed 

i Mm -■. ii ii In' will liave to pay 
for it ;i ib contracl In this 

.-a-,, tli.. spe. ii tti . tnarkel is used .1; itin 
in ely i.. enable a trader t. . avi iid taking iin 
l< -. -I hi . .tin i words, to keep him 
from the necessitj ol pi tg in the 

ordinary course of his business. \\ e In 
ii- spai «' i i pm sue tlm subject fui thei . bu 
probably enough has been said to 
attention, and to show that any attempt on 
the part of the (i ivernuient to top 
tion will he unfortunate; first, because il 
must check business by taking away the 
means by which forward transactions can 
he safeguarded; and. secondly, because it 
will remove a valuable market control ami 
enable manufacturers and producers to ob- 
tain higher prices and larger profits from 
the community. The British Government 
recently issued an edict to stop specula- 
tion in metals, and. .if course, as a result 
the prices have risen considerably. We 
have not seen the final issue, but the 
chances are that the closing of the London 
speculative market in copper will throw the 
win ile control of the metal into the hands 
of the Americans, who will know how to 
make us pay for copper just as they have 
known how to make us pay for spelter. 
Anything more futile, indeed, than the offi- 
cial attitude towards the metal trades is 
hardly conceivable. 



Rail Production Statistics. 



The statistics of rail production in 1915 
as gathered by the American Tron and Steel 
Institute 'are given elsewhere. The output 
of all classes of rails, including renewed 
and rerolled rails, was 2,204,203 gross tons, 
the smallest for any year since 1898 bar- 
ring 1908 and 1914. The production was 
only a trifle more than half that of 1906, 
which has now held the record for nine 
years and may possibly hold it for another 
nine. 

■ The statistics are gathered m such detail 
that with the aid of a little other informa- 
tion we are able to make an approximate 
statement of the uses to which rails were 
put in 1915, as follows: 

Industrial purposes 

Light rails 250,000 

Standard sections 



Electric lines 

Chiefly girder and high T 

rails 150.000 

Steam roads: 

\"ew track 150,000 

Renewals 1,315,000 

Exports 390,000 

Total 2,280,000 

The total given here is 75,000 tons above 
the production reported, this being due 
t.i our estimates finding place for the 78,- 
.",:;:, tons of rails imported last year. 

The figures in the above table are all 
practically normal, with the exception of 
the consumption of rails for new steam 
track. This item was extremely light, as 
was shown at the first of the year by the 
statistics of track laying compiled by the 



186 



THE STEEL AND METAL DIGEST 



May 



Railway Age Gazette. There have been 
years in which ten times as much such 
work has been done. Whether there will 
be such years in the future is a question. 
There is no reason to suppose that this 
year's production of rails will materially 
exceed that of last year". Tn this respect 
the present extremely heavy demand for 
steel is peculiar. The remarkable scarcity 
of steel in 1899 is recalled, and 1899 did 
hing the 11 preceding years had fail- 
ed to do; it broke the rail production rec- 
ord made in 1887. The crest of the 1905- 
6-7 movement fell in 1906, and that year 
showed heavy rail production, making a 
record that has stood to date. Tn 1909-10 
there was much heavier production of pig 
iron and steel than in 190S, and in 1912-13 
there was much heavier production than in 
1911, and in each case there was a large in- 



crease in the production of rails. In this 
steel demand rails do not take a prominent 
place. 

The production of Bessemer rails in 1915 
was 326,952 tons, or 3.000 tons more than 
the production in 1914. The 326,952 tons 
of Bessemer rails stood against 1,775,168 
tons of open-hearth, there being besides 
these two classifications 102. 0S3 tons of 
rail- rolled from old rails, which of course 
could not be classified as to Bessemer or 
open-hearth. One need go back only to 
L907 to find the proportions reversed, there 
being in that year 352,704 tons of open- 
hearth rails and 3.380,025 tons of Bessemer. 
The Bessemer rails rolled in 1915 were 
chiefly light rails, with a sprinkling of me- 
dium weight sections. Of the 688,995 tons 
of rails 100-pound and over barely one per 
cent, was Bessemer. 



Spelter Production Statistics 
For 1915. 



The spelter statistics issued by the United 
States Geological Survey and compiled by 
Mr. C. E. Siebenthal, show that the pro- 
duction of primary spelter in the United 
States in 1915 amounted to 489,519 tons, 
valued at $121,401,000 as compared with 
3.53.049 tons, valued at $36,011,000 in 1914. 
The increase on a tonnage basis was 136.470 
tons, or 39%, but the increase in the value 
was no less than 237%. The production ac- 
cording to the locality in which smelted is 
shown in the following table: 

1913. 1914. I'M:,. 

Illinois 106,654 127.946 159,958 

Kansas 74,106 44,510 100,983 

Oklahoma 83,214 91.307 109,208 

Other States .... 82.702 89.226 118,930 

Total 346,676 353,049 489,519' 

The production according to source of 
ore was as follows: 

1913. 1914. 1915. 

Domestic 337,252 343.418 458.135 

Foreign: 

Canada 1.424 4,538 5.103 

Mexico '1.2(15 5.093 13.943 

Europe 1.175 L.073 

Asia 620 1,030 

Australia 10,233 

foreign .... 9,424 9,631 31,384 

Total 346,676 353,049 489,519 



The consumption of primary spelter in 
1915 amounted to 364,382 tons, a- againsl 
299,125 tons in 1914, an increase of 05,257 
tons, <>r :.'-."< The apparent consumption 
for the past ten years is given below: 

Tons. Tons. 

1906 220,781 1911 280,059 

1907 226,969 1912 340,341 

1908 214.167 1913 ". 295,370 

1909 270,730 1914 299,125 

1910 245,884 1915 364.382 

There was also a very large increase in 

the exports of spelter. The exports of do- 
mestic metal amounted to 117,796 tons, or 
nearly double that of the year before. 

There was very little zinc ore exported 
but the importation of zinc ore increased 
\]ve times what they were in 1914. The ex- 
ports and imports are shown in the follow- 
ing table: 

Imports. Exports. 

I'm; 103,117 20.352 

1908 53.757 26,108 

1909 114,850 12.455 

1910 72,626 19,711 

Hill 39,110 18,281 

1912 43,940 23,349 

1913 31.416 17.713 

Kill 31,962 11,110 

1915 158,852 833 



1916 



S 1 • I I ITK PRODI i n> IN 51 >iTIS ni S M IK 191 



Regarding the large increase in th 
ell i ■■ i tpaci j Mr. Siebentha! saj i Fol 
lows: 

The number of retorts at zinc smelters 
has been greatly enlarged in the last year 
as compared with the year before, increasing 
from 111,458 at the end of 1913 to 115,114 
at the close of 1914, to 130,642 at the middle 
of 1915, and to 156,658 at the close of 1915. 
At the beginning of 1916 there was under 
construction or contemplated additional ca- 
pacity amounting to 36,992 retorts, which 
has now been increased to 49,012. When 
these are completed the total number of re- 
torts will be 206,270 capable of an annual 
yield under average conditions of approx- 
imately four tons each, equal to a total of 
825,000 tons, if we neglect the number of 
retorts employed in refining prime western 
spelter by redistillation. To this capacity 
will be added the capacity of the electro- 
lytic zinc plants listed above, over 60,000 
tons a year, giving a capacity for the coun- 
try of about 8S5,000 tons annually. As if 
this were not enough, there are reports of 
still other zinc smelters to be built in 
Illinois, Missouri, Arkansas, and Oklahoma. 

The abnormal demand for high-grade 
spelter at present has resulted in the em- 
ployment of a considerable proportion of 
the retort capacity of the country in the 
redistillation of prime western spelter to 
improve its grade, but with the resump- 
tion of normal conditions these retorts, if 
operated, will necessarily be put back upon 
ore. This prodiction is rendered certain by 
the growth in number and size of the 
plants producing spelter by electrolytic de- 
position, a list which is given above. Elec- 
trolytic spelter is of high grade, and the re- 
covery is high compared with the produc- 
tion of high-grade spelter by two distilla- 
tions. The output of electrolytic zinc in the 
United States in 1915, the initial year of its 
production, was only 252 tons, but the pro- 
duction is rapidly increasing and by the 
end of 1916 will undoubtedly reach the rate 
of over 60,000 tons a year, which, with the 
output of high-grade spelter from lead-free 
zinc ores of the Eastern States will be ample 
to supply the demands for high-grade spel- 
ter in ordinary times, thus releasing for ore 
smelting the retorts engaged in redistilling 
prime western spelter. 

At the close of 1916 the spelter-producing 



Note: These statistics are in tons of 2,000 
lbs. 



i apacity of the country, taking into account 
the capacity for primary spelter listed above, 
the output of secondary spelter by the large 
special retorts, and the output of remelted 
ipelter, will apparently be considerably 
more than 900,000 tons, or nearly three 
times the probable domestic demands. The 
world's consumption of spelter in 1913 was 
1,102,456 short tons. It requires no partic- 
ular insight to recognize that the end of 
the war, except for a single contingency, 
will firing about the sudden extinction of a 
large number of the less advantageously 
situated smelters. That contingency, which 
would perhaps justify this abnormal smelt- 
ing capacity, is the conclusion of arrange- 
ments by which in the future practically 
the whole of the Australian zinc output 
would be smelted in the United States. In 
such an event it would seem that smelters 
tired with producer gas and situated on the 
Atlantic seaboard, with adjacent markets for 
acid, would have the advantage over the 
inland smelters, which have to pay railroad 
transportation charges, even if such charges 
are partly offset by the saving involved in 
using natural gas for fuel. 

Prices and Value. 
In the Survey's New Year estimate of the 
production of spelter in 1915 the value of 
the output was calculated from the yearly 
average of the prices quoted in St. Louis 
for prime western spelter for immediate 
delivery, and the statement was made that 
the real value was probably from 10 to 25% 
higher than the figures given, because a con- 
siderable part of the sales represented the 
better grades — brass special, intermediate, 
and especially high-grade spelter — all of 
which commanded premiums, high-grade 
spelter selling at times for nearly double the 
quoted price of prime western spelter. This 
statement immediately brought the com- 
ment from producers that because spelter 
was largely sold for future delivery at 1 to 3 
cents a pound less than the prices quoted 
for immediate delivery, the average price 
received for all grades was probably under 
rather than over the average price quoted 
for immediate delivery. To settle this very 
interesting question each producer was ask. 
ed to give the average price at which his 
output was sold. From these returns, which 
were received from every producer, the av- 
erage selling price for 1915 for all grades 
was determined at 12.4 cents a pound, as 
compared with 14.2 cents a pound, the av- 
erage quoted price for prime western spel- 



THE STEEL AND METAL DIGEST. 



May 



ter for immediate delivery. It is thus shown 
as was in fact intimated in the trade jour- 
nals, that the output of the smelters was 
generally sold up for two, three, or more 
months in advance. It is also shown that 
the real value, instead of being 10 to 25% 
above the value calculated from the aver- 
age price quoted, as stated in the New 
Year estimate, was in fact about 13% be- 
low that value. 

Explanatory Note. 
The figures given in the foregoing tables 
are based on confidential reports by each 



zinc-smelting company in operation in the 
United States. The figures of imports and 
exports are taken from the records of the 
Bureau of Foreign and Domestic Commerce 
of the Department of Commerce, recalcu- 
lated to short tons, and those for 1915, not 
having been finally checked, are subject to 
minor revision. This statement is designed 
to afford at the earliest practicable date au- 
thentic figures of the production of spelter 
in the United States in 1915. The co-oper- 
ation of zinc smelters is cordially acknowl- 
edged. 



By- Product Coke Oven Building. 



There are more than 2,100 by-product 
coke ovens either under actual construction 
or planned with the idea of construction 
work being started as soon -is possible. It 
is not likely our list is absolutely complete, 
but we feel that it is substantially accurate 
as far as it goes. The last new by-product 
ovens completed and put in operation were 
the additional 75 of the Republic, making 
141 in the plant. The Lehigh (Bethlehem) 
Coke Company's addition of 214 ovens, to 
214 in operation for some time, is under- 
stood to be practically completed though 
not in absolutely full operation. Starting 
with it we have the following, roughly ar- 
ranged in order of probable completion: 

Independents. 

Lehigh Coke Company. 
River Furnace & Dock Company. 
Toledo Furnace Company. 
United Furnace Company. 
Gulf States Steel Company. 
Wickwire Steel Company. 
Dover By-Products Company. 
Inland Steel Company. 
La Belle Iron Works. 
Brier Hill Steel Company. 
Zenith Furnace Company. 



Steel Corporation 

National Tube Company, Lorain, O. 

American Steel & Wire Company, Cen- 
tral Furnaces, Cleveland. 

Clairton Steel Company. 

Carnegie Steel Company. Ohio works, 
Youngs town. 

Carnegie Steel Company, New Castle 
works. 

The independent by-product ovens make 
a total of about 1.200, while the Steel Cor- 
poration ovens total 965, making a grand 
total of over 2,100 ovens. It would prob- 
ably be conservative to estimate the capac- 
ity of the total at 7,000,000 tons of coke a 
year. This is about one-half the maximum 
output of by-product coke that has thus 
far been attained, while it is more than one- 
seventh of the maximum productoin of 
coke reached, beehive and by-product com- 
bined. 

Unless unusual construction difficulties 
intervene it would seem that practically all 
the by-product plants considered above will 
be completed and in operative condition a 
twelvemonth hence. The Lehigh.Youngs- 
town Sheet & Tube and Toledo can all be 
counted on by about July 1st of this year, 
together with at least half of the River 
Furnace & Dock Company's retorts. 



o-o-o- 



CQPP] R PRODUCTION Si vi [STII S FOR 1915, 



Copper Production Statistics 
For 1915. 



Advance statement issued by the Uni- 
ted States Geological Survey and com- 
piled by Mr. It. S. Butler, show that the 
smelter production of primary copper in 
the United States in 1915 wis 1,388,000,000 
pounds, compared with 1,150,000,000 pounds 
in 1914, an increase of 21%. The total 
value of the 1915 output at an average price 
of 17. 5 cents a pound is $242,900,000, com- 
pared with $152,900,000 for 1914. 

In the following table the production 
for 1915 is apportioned to the States in 
which the copper was mined. The total 
is made up of lint copper contents of blister 
produced and of the smelter output of in- 
got and anode copper from Michigan. The 
production of 1913 and 1914 is given for 
comparison. 

Production of Copper in the United States 

in 1913, 1914 and 1915. 

(Smelter output, in pounds tine.) 

1913. 1914. 1915. 

Alaska. 23,423,070 24.9S5.S47 70,695,286 
Arizona 404,278,809 3S2.449.922 432,467,690 
29.7S4.173 37,658,444 
7,316,066 7,272,178 

5,875,205 6,217,728 

12,248 15,426 

158,009. 74S 238,956,410 



Cal. .. 


32,492,265 


Col. . 


9,052,104 


Idaho. 


8,711,490 


Md. .. 




Mich. 


155,715,286 





1913. 


1914. 


1915. 


Mo. ... 


576,204 


53,519 


306,406 


Mont. . 


2S5, 719,918 


236, SO.",, 845 


268,263,040 


Nevada 


85,209,530 


110,122,904 


67,757,322 


N. Mex. 


50, 1 '.it',. SSI 


64,204,703 


62,817,234 


X. C. . . 


180 


L9.712 


33,383 


Oregon 


77,812 


5,599 


797,471 


Penn, . 


245,337 
19,489,654 


422,741 

IS, 661,112 




Telnn. . 


18,205,308 


1 exas . 


39,008 


34,272 


38,971 


Utah .. 


148,057,450 


160,589 660 


175,177,695 


Ver. . . 


5,771 




23.995 


Va. . . . 


46,961 


17,753 


50,008 


Wash.. 


732,742 


683,602 


903,661 


Wyo. . 


362,235 


17,082 


351,871 


1 ndi'S, . 


51,385 


65,479 









1,224,484,098 1,150,137,192 1,388,009,527 
Refined Copper. 

The total production of new refined cop- 
per in 1915 was 1,634,000,000 pounds, an in- 
crease of 100,000,000 pounds from the out- 
put in 1914. 

The production of electrolytic, lake, 
casting, and pig copper from primary 
sources and the production of secondary 
copper by the regular refining plants in 
1913, 1914, and 1915 is shown in the follow- 
ing table: 



Production of Primary and Secondary Copper by the Regular Refining Plants in 1913, 
1914, and 1915, in Pounds. 

Primary: 



1913. 

Domestic. 

1,022,497,601 

155,715,286 

22,606,040 

30,004,986 



1914. 



Foreign. 
378,243,869 



Domestic. 

991.573.073 

158,009,748 

21,506,325 

39,334,043 



1915. 



Foreign Domestic 

323,358,205 1.114,345.342 

a 236,757,062 

21,555 L29 

15,047,990 



Foreign 
246,498,925 



Electro. 

Lake . . 

Casting. 

Pig .... 

Total 

primary bl,236,823,913 b378,243,869 bl,210,423,189 b323.35S.205 bl,387,705,523 246,498,925 
1.615, 067, 78? 1,533,781,394 1 .034. 204,448 ' 

Secondary: 

Electrolytic 14,862,577 27,702,928 38,156.789 

Casting 22,360,182 4,224,052 21,417,901 

Total secondary .. 37,222,759 31.926,980 59,574,690 

Total output ...1,652,290,541 1,565,708,374 1,693,779,138 

a Some Lake copper was refined at seaboard plants and doubtless marketed un- 
der some brand other than Lake. This has been excluded from the Lake copper. 

b The distribution of refined copper of domestic and foreign origin is only approxi- 
mate, as an accurate separation at this stage of manufacture is not possible. 



190 



THE STEEL AND METAL DIGEST. 



Ms 



In addition to the secondary material 
egular refining companies, 
ei ondary material ex- 
. duced a total of about 332,700,- 
' i unds of copper as copper and in brass 
her alloy-, of copper, making a total 
tion of 392,374,000 pounds from sec- 
ondary sources. Of this total at least 150,- 
000 pounds was produced by remelting 
5, rap produced in the process of man- 
ufacture of cppcr and brass articles. 

If the output of plant- treating purely 
l.iry material is added to the produc- 
tion of the regular refining companies, the 
contribution from plants in the United 
States to the world's supply of copper for 
1915 is found to be 2, 0215,000.000 pounds. 

In addition to the output of metallic cop- 
per the regular refining companies produced 
bluestone with a copper content of LO,631,- 

i pounds. 

Stocks. 
Returns from all producing companies 
show that the following stocks of elec- 
trolytic, lake, casting, and pig copper were 



on hand at the beginning and end of the 
year 1915: 

Stocks of Refined Copper. 

Pounds 

lanuarv 1, 1915 173,640,501 

January 1, 1916 82,429,666 

Decrease during 1915 91,210,835 

In addition to the stocks of refined cop- 
per, there were reported as at the smelter-. 
in transit to the refineries, and at the re- 
fineries, blister copper and material in pro- 
cess of refining to the amount of 274,000,- 
000 pounds on January 1, 1016, compared 
with 203,000,000 pounds on January 1, 1915. 
Consumption. 
The apparent consumption of refined new 
copper in the United States in 1915 was 
about 1,043,000,000 pounds. In 1914 it was 
about 020,445,373 pounds. The method em- 
ployed in determining the quantity of cop- 
per retained for domestic consumption is 
shown in the following table, which does 
not include stocks of copper held by con- 
sumers: 



Apparent Domestic Consumption of Refined New Copper in 1912, 1913, 1914, and 1915. 

in pounds. 
Total refinery output of new copper 1.568,104.478 1,615,067,782 ^33,781 394 ^34,204,448 
Stock at beginning of year 88,372.105 105,497,683 90,385,402 1 ,3,640,501 

Total available supply 1.656.476,67:: 1,720.505.465 1,634,166,796 

Refined copper exported a 775,000,658 a 817.911.121 a 840.0S0.922 a 681,953,30 I 

Stocks at -<i °f Tear • 105,497,683 90,385,402 173,640,501 82,439,666 

Total withdrawn from supply.... 880,498,341 908,896,826 1,013,721,423 764,382,967 

Apparent consumption 775,978,332 813,268,639 620 445,373 .WW 

a Exports of pigs, ingots, bars, rods, etc., reported by the bureau of Foreign 
and Domestic Commerce. 



If to the 1,043,461,982 pounds of new re- 
fined copper is added the 392,274,000 pounds 
of secondary copper and copper in alloys 

ed during the year, it is found that a 

,f about 1,435,000, I pounds of new 

an d id copper was available for domestic 

iption 

.—A more comprehensive reporl on 
pper industry in L915 is in preparation 
and will later be published by the Geo- 
logical Survey as a part of a general review 
of the industries of gold, silver, lead, zinc, 
and copper. The preliminary statement 
here presented is brought out in advance 
of the fuller report in answer to a demand 
IO] official figure- at earliest possible date. 
, , n d L1 .. , ,pp, i present- 
ed here are estimates b> Mr. I. P. Dunlop 
and are subject to revision when complete 
returns have been compiled. 



The figures presented here are smelter 
and refinery figures and represent the actual 
recovery, in terms of blister and refined 
copper from materials treated in 1915. These 
figures may not exactly correspond with 
those showing the mine production during 
the same period, although the variation 
should not be great. The smelter produc- 
tion and the mine production, representing 
as they do different steps in the process of 
producing copper, should not be confused. 

The statistics here given have not been 
available at an earlier date, although esti- 
mates of the smelter and refinery produc- 
tion were made January <",, 1916. So far as 
known at present, no revision of these 
statistics will be necessary, but any slight 
., apportionment that final analysis of the 
figures may require will be made in the 
complete report 



THE WAR COPPER PRODUl I l< IN. 



The War Copper Production. 



United States Refineries Producing at Rate of 2,000,000,000 Pounds Per Annum— In- 
dications for 1916 are an Increase Over Three Times Larger than Ever Before. 

$305,066,000 for the L914 period Tabulated, 
the gross value of the estimated output of 
1916 and that of the two preceding years 
is as follows: 



The Boston News Bureau, one of the lead 
ing authorities on copper production, pub- 
lishes the following interesting resume of 
the situation existing to-day: 

A most extraordinary situation exist- in 
copper. In the face of an unprecedented 
outpouring of the metal, sales of hundreds 
of millions of pounds are being made to 
eager buyers for delivery up to the end of 
the year at 27 1 / cents. This is the figure 
understood to be the price to be paid for 
the 300,000,000-pound order recently closed 
with the British government. 

On top of all this we have heard of sales 
of electrolytic for May and June at better 
than 29 cents. Not in any year since 1873 
has copper sold above 26'^ cents. 

So spectacular are certain phases of the 
situation that the Boston News Bureau has 
compiled some highly interesting figures 
of probable output for the current year. The 
results are striking. It finds that if the 
present rate of output is maintained our re- 
finery production for the twelve months of 
1916 will for the first time exceed 2.000,- 
000,000 pounds. 

Where the Increase is Coming From. 

We estimate the total at 2,096,875,000 
pounds, an increase of 449,875,000 pounds 
over 1915, or 27%. It is important to note, 
however, that five producers will be re- 
sponsible for 78% of this increase, as fol- 
lows:' 

Lbs. increase. 
Kennecott (Including Braden) 105,000,000 

Inspiration 80,000,000 

Chile Copper 67,000,000 

Anaconda 60,800,000 

Greene-Cauanea 38,500,000 

Never before in the history of the indus- 
try has the increase in any one year ex- 
ceeded 150,000,000 pounds. 

The copper producers would seem to be 
assured of a gross business this year of 
at least $524,000,000 and this assumes an 
average price of only 25 cents per pound. 
If an average of 27 cents is received, the 
producers stand to sell their product for 
$565,920,000. Such is the boon conferred by 
the European war. The full gross value of 
$288,220,000 for the 1915 production and 



Production Av. selling 
Year. lbs. price. Gr. value. 

1916 2,096,875,000 27c $565,920,000 

1915 1,647,000,000 17,'^ 288,220,000 

1914 1,533,781,000 13^ 205,066,500 

In arriving at the output for 1916 — and 

the figures include importations from Can- 
ada, Mexico and South America — we have 
prepared the following table of 27 active 
producers which sets forth the probabilities 
for the current twelve months, contrasted 
with the actual production of 1915. The 
figures for 1916 embrace all but 249,000,000 
pounds of miscellaneous output which is not 
classified and against jtjhis miscellaneous 
output we have reckoned no increase over 

1915 in order to compensate for any possible 
excess estimates for the 27 producers 
enumerated. 

The Total Refinery Output Compared. 

Combining the figures into concrete totals, 
we find that the refinery output for the 
current year will, as above estimated, 
amount to over 2,000,000,000 pounds. These 
figures cover total refinery output, includ- 
ing all the product refined in this country 
from both domestic and foreign ores. It 
will be seen by a little figuring that we are 
turning out to-day 175,000.000 pounds of 
copper per month and yet the supply seems 
unequal to the demand. Refinery figures 
compare: 

Output. 

1916 (est.) 2,096,S75,000 

1915 1,647,000,000 

1914 1,533,781,000 

191:; 1,022,450,829 

1912 1.581,920,287 

1911 1,431, 938.33S 

1910 1.452.122,120 

1909 1,405,403,056 

* Decrease. 

Comment is unnecessary. 
speak for themselves. Nothing 
the 1916 totals was ever before dreamed of. 

Carrying the calculation a step further 
and analyzing the copper situation from a 



Increase. 
449,875,000 
113,219,000 
*88,669,829 

40,530,542 
149,981,949 
*20,183,782 

46,719,064 



The figures 
: approaching 



198 



THE STEEL AND METAL DIGEST 



May 



world viewpoint, we find that allowing for 
an arbitrary increase of 10% in the output 
of the world other than that refined in this 
country — and this is a liberal estimate — the 
United States will this year send forth from 
her refineries no less than 79% of the 
world's output. So rapid has been our ex- 
panding production that we should this 
year produce more than did the whole world 
only five years ago. 

The following percentages are illumin- 
ating i in pounds i : 



1916 
1915 

1914 
1913 
1912 



(es1 i 



World 

output. 

2,692,094,392 

2,225,237,032 

2.101.522.076 
3,198,732,480 

2,259,100,480 



to 



1911 1,954,955.520 



% 

u. s. u. s 

output, world 

2.096,875,000 7< 

1,047,000,000 7- 

1,533,781,000 7: 

1.622,450,829 7'. 

1,581,920.287 71 

1,431,928,338 7: 



% of 
World U. S. U. S. to 

output. output, world. 

1910 1,903,296,640 1.452,122,121) 76 

1909 1,874,588,800 1,405,40:1,056 75 

The production of copper, other than on 
the North American continent, has remain- 
ed practically stationary during the past 
five years. No discoveries of new fields in 
the eastern hemisphere have come forward 
to help out the older producers. 

The United States clearly dominates the 
great copper industry, so essential in man's 
constructive and destructive effort. Great as 
have been our achievements in the past, the 
year 1916 will far surpass all that has gone 
before. 

Twenty-seven Active Producers. 

The table referred to on the previous 
page and which is self explanatory, is ap- 
pended (in pounds): 



1916 (est.) 1915. Inc. 

Anaconda 290,000,000 229,200,000 60,800,000 

Allouez 11,000,000 10,044,000 956,000 

Ahmeek 25,000,000 21.800,000 3,200,000 

Calumet & Hecla 75,000,000 71,000,000 4,000,000 

Calumet & Arizona 72,000,000 65,268,000 6,732.000 

Chile 85,000,000 18,000,000 67,000,000 

Chino 70,000,000 64,887,000 5,113,000 

Cerro de Pasco : 72,000,000 60,000,000 12.000,000 

Copper Range 54,000,000 53,739,000 261,000 

Granby 48,000,000 38,000,000 10,000,000 

Greene-Cananea 55,000.000 16,500,000 38.500,000 

Inspiration 100,000,000 20,000,000 80,000,000 

Kennecott *180,000.000 *75,000,000 105,000,000 

Miami 50,000,000 41,907,000 8,093,000 

Mohawk 16,000,000 15,883,000 117,000 

Nevada Consolidated 70,000,000 62,727,000 7,273,000 

North Butte 22,000,000 19,235,000 2,765,000 

Old Dominion 32,000,000 27,736.000 4.264,000 

Osceola 20,000,000 19,731,000 269,000 

Phelps-Dodge 145,000,000 140,500,000 4,500,000 

Ouincy . . . 7 23,000.000 22,055,000 945,000 

Ray Consolidated 65,000.000 60,339,000 4,661,000 

Shattuck Arizona 17,000,000 11,154,000 5,846,000 

Tennessee Copper 12,000,000 12,000,000 

Utah Copper 160,000.000 148,397,000 11,603,000 

United Verde 50,000,000 45,100,000 4,900,000 

United States Smelting 28.000,000 21 1,923,000 1,077,000 

Total 1.847,000.000 1,397,125,000 449,875.000 

* Including Braden Copper Co. in both years. 



% inc. 

26.5 

9.5 

14.7 

5.6 

10.3 

372.2 

7.6 

20. 

.5 

26.3 

233.3 

400. 

140. 

19.3 

11.6 
14.4 
15.4 

1.4 

3.2 

4.3 

7.7 
52.4 

7.9 
10.9 

4.0 
32.2 



-o-o-o— 



TOPICAL CALKS ON IKON. 



Topical Talks On Iron. 



XXXVI. 

rhe first important adoption of the large 
gas engine in blast furnace and steel works 
practice in the United States was bj the 
Lackawanna Steel Company, which in 1903- 
i completed a very large plant at Buffalo. 
There were eight Koerting gas engines of 
100 h. p. each, driving dynamos, and two 
plants of blast furnace blowing engines, 
each comprising eight Koerting gas engines 
of 2,000 h. p. each. Soon afterwards the 
steam turbine for producing current and 
the direct coupled motor for driving roll- 
ing mills came into vogue. In very recent 
\ear> one has heard nothing of steam en- 
gines but a great deal of gas engines, tur- 
bines and electric motors in connection with 
blowing blast furnaces and driving bloom- 
ing and other large mills. The impression 
created is that there has been in very re- 
cent years a sudden shift, and it seems well 
to devote one of these "Topical Talks" to 
the subject, to point out that the gas en- 
gine and turbine are not so extremely new, 
only their quite general adoption being 
new, while even in relatively recent years 
there lias been great development in steam 
engines. We mention therefore some typical 
new steam engines that have been brought 
out within a dozen years or so, to illus- 
trate the fact that the steam engine has 
been developing in relatively recent times, 
and since the first appearance of the gas 
engine and steam turbine. 

In 1903 Westinghouse built three blast 
furnace blowing engines for the South 
i hicago Furnace Company and a similar 
battery for the Toledo Furnace Company. 
The middle engine was low pressure, the 
two outside engines being high pressure, 
with a receiver between the high and low 
pressure engines, only one of the high 
pressure engines operating at a time, wdiile 
the low pressure engine was arranged to 
run on high pressure steam upon occasion, 
through a reducing valve. The engines 
were to run condensing or non-condensing 
as desired. Facb engine was calculated to 
furnish :.\000 h.p. 

While the Corliss engine had found its 
way into many steel rolling mills a dozen 
years ago the tandem compound engine 
with piston valve steam distribution was re- 
garded as thoroughly modern and of this 



Steam Engines. 

type, made by Tod, there were among 
others the following recent installations: 
18 and 32 by 36 inch at Monterey, Mexico; 
24 and 44 by 48 inch at several mills in 
Voungstown, and 43 and 76 by t>0 inch at the 
Jones & Laughlin works, Pittsburgh. 

In 1905 Mesta built the first Corliss en- 
gine intended for rail mill drive. This was 
a 44 and 72 by GO inch Corliss compound, 
the high pressure cylinder being horizontal 
and the low pressure vertical. With 150 
pounds steam pressure at the throttle and 
85 revolutions the engine indicated 6500 h. p. 
with cut off at one-half stroke, and 10,000 
h.p. with cut off at eight-tenths, the max- 
imum. 

When the Voungstovvn Sheet & Tube 
Company built its Bessemer steel plant, 
completed about August, 1906, there was se- 
lected for blowing a Tod cross compound 
engine, 44 and 84 by 72 inch, and for driv- 
ing the reversing blooming mill a Tod twin 
cylinder, 54 by 06 inch. 

In 1907, owing to a 45 by 72 inch twin 
reversing engine, only a few years old, hav- 
ing proved too light for driving the three- 
high blooming mill at Carnegie's Ohio 
works, Youngstown, there was installed a 
very large Tod tandem compound Corliss, 
52 and 90 by 60 inch. This engine was 
designed to furnish a remarkable range of 
power, for while it was to develop 8,000 
h. p. at its regular rate a 250.000-pound fly- 
wheel was provided to deliver a much great- 
er power momentarily for the first passes of 
the ingot. The range of cut off was from 
nothing to full stroke. 

What was then built, and probably still 
is, the most powerful steam engine in the 
world, was made in 1907 by Allis Chalmers 
for Carnegie's South Sharon reversing mill. 
The engine was rated at 25,000 h. p. and 
weighs 550 tons without foundation plates, 
and no flywheel. It is a horizontal twin 
tandem compound condensing, with cylin- 
ders 42 and 70 by 54 inch, designed for 175 
pounds steam pressure and speed up to 200 
revolutions. The reversing mechanism and 
the valves are operated by auxiliary en- 
gines. 

In 1909 there was installed at the Clair- 
ton beam mill an engine with new and im- 
proved valve mechanism, a Hamilton-Cor- 



THE STEEL AND METAL DIGEST. 



May 



liss compound condensing, 42 and 78 by 60 
inch, weighing 400 tons. 

The engines noted above were all at the 
time of their installation strictly modern, 
involving important new features, and 
showing that for years after the first in- 
stallations of gas engines, turbines and roll- 
in- mill motors the steam engine made im- 
portant progress. The adoption of the new- 
er drives is now proceeding rapidly, but the 
first installations occurred while the steam 
engine was being developed and improved 
in an important way. There is no doubt 
that the steam engine for blowing blast 
furnaces and driving heavy mills made more 



progress in the ten years from 1900 to 1910 
than it had made in any period of 20 years 
previously. Formerly a great many works 
kept their machinery until it was worn out, 
and there was much less incentive for the 
machinery builders to develop new anl bet- 
ter types. As an instance it may be noted 
that when in 1901-2 the Lackawanna Iron 
& Steel Company abandoned and dis- 
mantled its large steel plant at Scranton, 
Pa., preparatory to starting a new and 
larger plant at Buffalo, there were in op- 
eration at the plant engines with one foun- 
dation for the cylinder and separate foun- 
dations for the shaft. 



Steel Plants. 



VI. The Minnesota 

By far the most flexible of the United 
States Steel Corporation's plants, consid- 
ering its size, is the one practically com- 
pleted early this year near Duluth, Minn., 
and operated by its subsidiary the Minne- 
sota Steel Company. The site selected is 
far removed from the great centers of 
steel production and it was desirable to 
make as large a range of products as con- 
sistent with economical operation. The 
plant, however, is much larger than was 
originally contemplated. The project was 
undertaken at the time it was largely as 
a matter of policy. The people of Minne- 
sota had become quite restless over the 
fact that such a large tonnage of iron ore 
was annually shipped from their state 
and schemes of taxation were proposed 
that would have been quite onerous, the 
favorite proposition being one to place a 
tax of five cents on each ton of ore mined, 
quite irrespective of the fact that the ore 
in the ground had been brought to the 
basis of a heavy annual tax as realty. A 
peculiar feature of the tonnage tax propo- 
sition, by the way, was that it would in- 
crease the taxes of the Steel Corporation 
much less than the taxes of many of the 
independents, for the reason that the Steel 
Corporation had larger reserves for the 
future, against which it was already pay- 
ing the realty tax. The Corporation's 
plan; f building a steel plant in the 
northwest were hastened by the attitude of 
the people. 

The original plans for the Mini i ot: 



Steel Company. 

steel plant as conceived in 1906 involved 
an expenditure of about $6,000,000. The 
plans have from time to time been ma- 
terially enlarged. There is no official 
statement on record of the expenditures on 
the plant prior to 1910, but the expendi- 
tures since then are as follows, from the 
annual reports: 

1910 $1,715,518 

1911 1,323,570 

1912 2,676,066 

1913 .... 5,912,027 

1!H4 4,094,364 

1915 2,541,698 



Total $18,263,243 

Thus the plant is likely to have cost 
about $-20,000,000 when entirely completed 
along the present line, there having been 
some construction expenditures since the 
beginning of this year, as well as some ex- 
penditures prior to 1910. Nevertheless it 
is rather a small plant, as steel plants go. 
The work begun in 1907 was chiefly in 
clearing ground and establishing railroad 
connections. In 1912 active work on build- 
ing the plant was begun. A great many 
houses for employes have been built, and 
the establishment of adequate railroad 
facilities cost money, so that the expendi- 
ture has not been on the steel plant alone. 
The plant includes the following: 90 by- 
product coke ovens, producing 1,000 tons of 
coke daily; two blast furnaces, 20 J< l>y 89 
feet. 500 tons of pig iron each per day: 10 
open-hearth furnaces of 75 tons capacity 



I 



STEEL PLANTS. 



each, seven having been completed at the 
end of 1915; 40-inch two-high reversing 
blooming mill, driven by a 40 and 06 by 60 
inch twin tandem reversing steam engine, 
developing 6,000 h. p. at 88 revolutions and 
taking ingot.-- 33x36x77 inches; 38-inch mill 
producing rails and large channels, beams, 
angles, flats, rounds and squares; 18-inch 



mill producing light rails and lighter 
beams, channels, Hats, rounds, square and 
angle splii i bai i 16, 13, L0 and 8 inch mill, 
producing a full complement ..i bai 
tions and sizes. 

The capacity of the plant is stated to be 

about 360,000 tons of finished products ,i 
year. 



u. 



S. Foreign Trade Greatest in History 
of the Country. 



The preliminary returns made public by 
the Bureau of Foreign and Domestic Com- 
merce for the month of March and for nine 
months of the fiscal year exhibit in a strik- 
ing way the abnormal condition of our for- 
eign trade at the present time. Approx- 
imately $410,000,000 worth of goods was ex- 
ported from the United States during 
March, exceeding the corrected total for 
February by $7,000,000 and representing 
more goods than any other nation ever ex- 
ported before in any one month. It was 
$113,000,000 more than the like period of 
1915 and is nearly double the March average 
for the preceding five years. In the nine 
months ending with March exports fell less 
than $5,000,000 short of $3,000,000,000, thus 
exceeding by more than $1,000,000,000 the 
record for the corresponding period of any 
preceding fiscal year. 



March imports amounted to $214,000,000, 
exceeding by $20,000,000 the previous rec- 
ord of February, by $56,000,000 the total for 
March, 1915, and by 50% the March average 
for the preceding five years. Nine months' 
imports to March 31st last aggregated $1,- 
505,000,000, compared with $1,214,000,000 
last year, and $1,402,000,000 in 1912-13, the 
former record year. On March imports 
67.8% entered free of duty. 

The month's export balance was $196,- 
000,000, compared with $139,000,000 in 
March, 1915, and $5,000,000 in March, 1914. 
For the nine months the present fiscal year 
to date shows an export balance of $1,- 
491,000,000, being more than double that of 
last year and more than three times that of 
two years ago. Present indications point 
to an export balance of $2,000,000,000 by the: 
end of the fiscal year. 



o-O-o- 



THE STEEL AND METAL DIGEST 



May 



The Iron and Steel Situation. 



A month ago our review noted "The 
viewpoint from which the iron and steel 
situation must be studied has changed." It 
has changed again. Then the chief point 
was that the steel market was bought and 
sold practically to a standstill. The course 
of the steel trade for as many months 
ahead as one could normally expect to 
look was established by the volume of 
business on books, for that business, plus 
such as would naturally drift in even dur- 
ing the usual spell between great buying 
movements, would call upon the mills to 
operate at capacity not only through this 
year but into 191 T. 

Labor the Dominant Trade Factor. 
Now the point of chief interest is differ- 
ent. The question of labor supply has aris- 
en, and that is a double question, whether 
the number of men, both in the producing 
and in the consuming industries will be 
sufficient, if they worked at former rates, 
and whether the men individually will in 
future be willing to do the same day's work 
as formerly. In a monthly review it is not 
well to atteii'pt to go into details, but in 
general it may be observed that the sup- 
ply of men is not fully adequate, and the 
men in both the steel producing and the 
steel consuming industries are showing a 
disposition to strike, chiefly for shorter 
hours. 

Thus the quantity of work that will be 
done in the next six months is in doubt 
The effect on the steel market cannot be 
predicted. One does not know whether the 
serious labor troubles that have started, 
and the more serious troubles that may 
come, will affect the ability to produce or 
the ability to consume in the greater meas- 
ure. 

After the War Readjustments Serious. 
One thing, however, can be predicted 
with certainty, and that is that the readjust- 
ments through which the iron and steel 
industry as a whole, producers and consum- 
ers, must pass at the close of the war will 
be much more important than would have 
been expected 60 days ago. Business is be- 
ing conducted, and will be conducted for 
months, under hot house culture and the 
plants will not be able to stand the weath- 
er they must live in after the war ends 
without their being made much more hardy. 



Business men may be quick to recognize 
the changed conditions that will come after 
the war, and keen to adjust their affairs to 
them, but labor can be expected to be quick 
only to strike against the removal of war 
bonuses and keen not even to adjust their 
demands to their own best interests. 

War Orders. 

The blunt statement of E. R. Stettinnius, 
of the Morgan firm on his return from 
abroad, that there would be few "war or- 
ders" in future, aroused scarcely a ripple 
of interest in the steel trade. The steel 
trade has been turning down inquiries for 
large tonnages of war steel and is filled at 
capacity to the end of the year. The prince 
and pauper steel trade may be an uncertain 
one for the prophet, but the fortunes of 
war are still more uncertain. 

Before the American Newspaper Publish- 
ers' Association on April 27th Mr. C. M. 
Schwab made the statement: "It may sur- 
prise you to know that less than 10% of 
the steel manufactured in the United States 
has been used outside the United States." 
There was either an error or a "catch" in 
the statement, for the February exports, 
quite typical of the exports in the eight 
months ending February, were 334,178 gross 
tons of steel in the form of billets, rods, 
bars, rails, wire, structural steel, sheets, tin 
plates, and cognate products. If this were 
less than 10% the production of finished 
steel would have to be more than 40,000,- 
000 tons. The production of ingots is more 
than 40,000,000 tons but the production of 
finished rolled steel is under rather than 
over 30,000,000 tons. Apart from these di- 
rect exports, in which the steel certainly 
has not been "used" in the United States, 
there is steel made into shells, some ex- 
ported loaded and some unloaded, steel 
made into automobiles, locomotives, freight 
cars, machinery, etc.. for export. The 
steel is "used" in. the United States 
to produce these manufactures, but the 
manufactures are used abroad. If, how- 
ever, these manufactures, together with the 
tonnage of rolled steel already mentioned 
as export in that form, are exported not 
for use but for ornament or some other 
purpose, Mr. Schwab wins and we lose. 
Our estimate is that from July 1, 1915. to 



198 



THE STEEL AND METAL DIGEST. 



May 



the present time the proportion of the out- 
put of finished rolled steel in the United 
States exported direct or consumed in the 
making of manufactures for export has lain 
within the limits of 20 and 25%, the rate of 
production in recent months having lain 
between the limits of 28,000,000 and 30,- 
000,000 tons a year, and the tonnage in- 
volved in direct and indirect exports being 
less than 7,000,000 tons a year, quite pos- 
sibly a shade less than 6,000,000 tons. 
Steel Price Trends. 

Steel price advances in April included 
the following: Black sheets, $1 a ton; blue 
annealed sheets, $2; steel boiler tubes, $8; 
black iron and steel pipe, $4 a ton on base 
sizes, ranging up to $10 a ton on certain 
large sizes, with an extra $2 a ton on the 
corresponding sizes of galvanized pipe; tin 
plate, 50 cents a box to $5.00; shafting, $5 
a ton; rivets, $10 a ton. 

Our composite finished steel advanced 
$1.20 per ton in April, against advances of 
$5 a ton each in March and February and 
$2 a ton in January. In the 16 months that 
have elapsed since the low level of Decem- 
ber, 1914, the advance in the composite has 
been $26.65 per ton. This advance has been 
distributed as follows: First half of 1915, 
in'. second half, 39%; first four months 
of 1916, 51%. 



The advances since the first of the year 
have been of a nature to discourage buy- 
ing, except for the most pressing require- 
ments, and this, the general view, prob- 
ably, of the trade at large, is supported by 
the interesting coincidence that at the be- 
ginning of this year our composite stood 
precisely at the top level reached in 1907, 
the highest level in really modern times in 
the steel market. Since the first of the 
year, however, there has been heavy buy- 
ing, but in recent weeks the buying has been 
light, the change being attributable in part 
directly to the price advances, but in large 
part also to the fact that the additional 
buying covered the period for which buy- 
ers could rationally commit themselves. 

There was during April a tendency for 
the prices bid for prompt deliveries of cer- 
tain scarce commodities to represent a larg- 
er spread than formerly over prices for late 
deliveries, plates being a conspicuous ex- 
ample. 

An advance of $5 a ton in the price of 
standard steel rails becomes effective May 
1st, making Bessemer approximately $33 
and open-hearth $35 per gross ton, the pre- 
cise prices to be quoted being lAT/ic and 
1.56J^c respectively. The $28 price on Bes- 
semer rails had been established in Febru- 
ary. 1901. open-hearth rails being fixed at 



PIG IRON PRICES, 

(Averaged from daily quotations; at Philadelphia, Buffalo, Cleveland and Chicago, 
prices are delivered). 



1915 


Bessemer 


Basic. 
Vallej 


No. 2 f 


Iv. Basic 

1'hila. 


No. 2 
Phila 


X fdy, 
Buffalo 


N 

Cleve- 
land. 


o. 2 fdy 
Chi- 
cago. 


Ferro- 

Birm- mangan. 

Ingham, ese.* 


Fur- 
nace 

cokef 




Jan. 


L3.75 


l :.'.:,(> 


12.75 


13.50 


14.45 


13.25 


13.25 


13.4-5 


9.50 


68.00 


1.55 


Feb. 


. 13.64 


12.50 


12.75 


13.50 


14.50 


13.25 


13.25 


13.50 


9.50 


68.00 


1.55 


Mar. 


. . 13.60 


12.50 


l :;.<:> 


13.50 


14.35 


12.74 


13.25 


13.39 


9.42 


78.00 


1.53 


April 


. 13.60 


12.50 


12.75 


13.4(1 


14.05 


12.69 


13.25 


13.50 


9.25 


78.00 


1.55 


Ma 3 


. 13.60 


12.50 


12.75 


13.25 


11. 2:, 


13.17 


13.25 


13.50 


9.17 


91.00 


1.50 


June 


. . 1 ::.;:. 


12.57 


12.70 


13.42 


14.25 


13.08 


13.25 


13.50 


9.50 


100.00 


1.50 


July 


. L3.98 


12.87 


12.72 


.13.83 


14.28 


12.83 


13.20 


13.50 


9.61 


100.00 


1.67 


Aug. 


.. 15.1:; 


13.98 


13.71 


1 I 83 


14.91 


13.83 


14.08 


13.88 


10.77 


100.00 


1.54 


Sept. 


15.93 


14.80 


14.50 


16.70 


15.91 


i 5.43 


15.04 


14.30 


1 1.22 


107.50 


1.66 


Oct. 


. Hi. no 


15.00 


14.58 


IT.'.'.-. 


16.25 


15.75 


15.25 


15.08 


11.71 


105.00 


2.18 


Nov. 


. . 16.67 


15.88 




17.40 


16.95 


16.73 


16.47 


17.50 


13.14 


100.00 


2.35 


Dec. 


. 19.19 


I T. 7 H 


1 7.98 


18.01 


18.81 


1 8.02 


18.13 


18.48 


14.00 


1 05.00 


2.85 


Year 


. 14.90 


13.78 


13.81 


1 1.88 


15.25 


14.23 


14.31 


14.47 


10.59 


91.71 


1.79 


1916- 
























Jan. 


. 21.00 


18.00 


18.50 


10.24 


19.71 


l *.2 j 


1 8.80 


19.00 


14.92 


115.40 


3.14 


Feb. 


>0 50 


l ?.88 


18.50 


19.50 


19.75 


18.25 


1 3.80 


19.00 


14.64 


139.00 


3.41 


Mar. 


. 20.6*t 


is. is 


18.50 


19.60 


19.77 


is. 77 


18.86 


19.24 


15.00 


175.00 


3.45 


April 


. 21.00 


18 18 


18.5P 


20 50 


20 20 


in 25 


19.00 


19.50 


15.00 


175.0(1 


'.'.45 




i ontrai 


price. 


f.o.b 


Baltimi ire . 


f Pron 


[It. f.o.l 


. Conn< 


Ilsville 


iveus. 





l'.iu; 



IKON \.ND STEE1 SITUA HON. 



I'.i'i 



$30 when a half dozen years later became 
;i 11 important market commodity. The rail 
advance is not indicative of a current trend, 
as it may be taken to represent the cumula- 
tive Force of the advance in other finished 
steel products. The rail mills covered the 
railroads for l'.u? to the extent of perhaps 
1,500,000 tons, or for what was considered 
normal requirements. 

The Character of Buying. 

As already observed, buying for far for- 
ward delivery has almost ceased. The buy- 
ing for early deliveries, from such mills as 
can make them, is fairly active, but of 
course represent- a relatively -mall ton- 
nage. The volume has been sufficient to 
indicate that the purposes for which very 
high priced steel can be employed are not 
inconsequential, while the premium prices 
obtained indicate that steel is scarcer than 
it was a month or two months ago. 

Buying of freight cars has almost ceased. 
but the buying was good even into the fore 
part of April, leaving a large volume of 
business on books of car companies, suf- 
ficient to run them at their present rate for 
about six months, possibly longer. 

While it is the common observation that 
prices have very largely curtailed build- 
ing plans a great deal of structural business 
has been booked steadily to date, and the 
projects on the boards, with the prospec- 



tive buyers fully apprised of the high costs 
now ruling, arc far from unimportant. 

Belated buyers in the automobile indus 
try have cut some figure in the steel market 
even in the past month. A small pai ' at 
least of the automobile steel recently 
bought lias been for deliver) to July I, Til", 
in other words, in part for "1918" models, 

Future of the Automobile Trade. 
The automobile consumption of steel lias 

come to he regarded as a very important 
item, and it may not be inappropriate to 
mention at this point something that is a 
conundrum to the writer. Using round fig- 
ures, believed to be substantially accurate, 
the production of automobiles in the I'M.", 
season has been given at 700,000; the pros- 
pective production for the 1910 season, to 
August 1st next, at 1,250,000 to 1,400,000. 
The number of automobiles in use at the 
beginning of this year has been given at 
2,200,000. Presumably few of the 1916 sea- 
son cars were in the 2,200,000, and allow- 
ing liberally for discards there should be 
more than 3,000,000 automobiles in use Au- 
gust 1, toll). The last income tax statement 
showed about 275/000 persons with incomes 
of $4,000 a year or more. Those who own 
more. than one automobile are usually those 
who own very high priced cars, of which 
not many are made, so not much allowance 
should be made for duplication. Allowing 



FINISHED STEEL PRICES. 

(Averaged from daily quotations, f.o.b. Pittsburgh.) 

Grooved Sheets - 

Wire Steel 

Nails. Skelp. Black. Galv. 



1915 — Shapes, Plates, Bars, Pipe, Wire, 
January .... 1.10 1.10 1.10 81 1.34 
February ... 1.10 1.10 1.10 80Ji 1.38 

March 1.15 1.15 1.15 80 1.40 

April 1.20 1.20 1.20 80 

May 1.20 1.17 1.20 79 

June 1.20 1.15 1.20 79 

July 1.25 1.22 1.27 79 

August 1.30 1.26 1.30 79 

September . 1.33 1.33 1.35 79 

October 1.44 1.42 1.43 79 

November . 1.63 1.63 1.63 78 

December .. 1.75 1.75 1.75 78 

Year 1.30 1.20 1.31 

1916 — 

January .... 1.87 1.90 1.87 7654 1-98 

February . . . 2.06 2.16 2.06 75^4 2.11 

March 2.36 2.53 2.36 73^ 2.25 

April 2.50 2.75 2.50 71^2.25 



1.37 

79 1.35 

79 1.35 

79 1.38 

79 1.43 

79 1.54 

79 1.63 

78 1.72 

78 1.88 

79J4 1.48 



1.54 

1.58 
1.60 
1.57 
1.55 

1.55 
1.58 
1.61 
1.69 
1.78 
1.87 
2.03 

1 .00 

2.13 

2.26 
2.40 

2.40 



1.13 
1.13 
1.13 
1.13 
1.14 
1.15 
1.18 
1.25 
1.28 
1.40 
1.56 
1.70 
1.27 



1.74 
1.85 
1.91 
2.03 
2.30 
2.53 
1.85 



2.80 
3.09 
3.40 
3.40 
3.60 
4.80 
4.65 
4.40 
3.68 
3.57 
4.07 
4.75 
4.40 

4.75 



1.75 2.60 

1.94 2.60 4.80 

2.24 2.73 4.93 

2.35 2.89 "..00 



Blue 
Annld 
I 30 
1.30 
1 30 
1.33 
L.35 
1.33 
1.32 
1.37 
1.51 
L.60 
1.90 
2.36 
1.49 



Comp. 

Tin Fin. 

plate, steel. 

3.10 1.4554 



3.10 
3.15 
3.20 
3.11 
3.10 
3.10 
3.10 
3.10 
3.15 
3.45 
3.60 
3.10 



1.4716 
1.5098 
1.5357 
1.5381 
1.5312 
1.5692 
1.6059 
1.6506 
1.7264 
1.9089 
2.0329 
1.6506 



2.55 3.75 2.1410 

2.65 3.83 2.2988 

2.85 4.20 2.5579 

2.95 4.70 2.7166 



200 



THE STEEL AND METAL DIGEST. 



Mi 



however, two cars for everyone who reports 
an income over $4,000, there would be left 
about 2,500,000 or fixe-sixths of the total, 
owned by persons having less than $4,000 
income. As incomes run more than half 
the 2,500,000 cars must be against incomes 
of less than $2,000. How is the increasing 
make to be absorbed? It is hard to believe 
it can be by cars being abandoned, for if 
five-sixths are owned by persons with in- 
comes less than $4,000, many with incomes 
much less, it is hard to see how they can 
afford to run their cars to the scrap heap 
and buy new cars at frequent intervals. 
The Future. 
The next few months in the steel indus- 
try will present questions not of markets 
but of production and distribution. The 
business is on books and the question is one 
of filling it. Unless the steel consuming 
industries have much more difficulty in se- 
curing labor than the steel producing in- 
dustry there will be ample call for all the 
steel that can be produced for many 
months, and presumably well into 1917. 

Pig Iron. 

Pig iron ha's been a continued disappoint- 
ment to those who, from grounds that 
seemed reasonable enough, predicted an 



acute scarcity. Pig iron in the various dis- 
tricts has ranged from steady to strong. 
but there has been up to date nothing like 
a spectacular movement in prices, at all 
comparable wjth what has occurred in steel. 
It is still believed in many quarters that 
the many additions to steel making capac- 
ity now being rushed to completion will 
change the balance in such a way as to 
bring very high prices for pig iron within 
a few months. A "tip" may be mentioned 
as one worth bearing in mind. The United 
States Steel Corporation and the Republic 
Iron & Steel Company, both with large 
merchant iron interests in the south, are 
understood to have been chary of late in 
selling their southern iron, because they 
might need additional iron at their north- 
ern steel plants, and in such event they 
could either ship the iron or by matched 
sales and purchases scalp a profit, for the 
southern market can usually be trusted to 
lead the northern in an advance, and par- 
ticularly so if large sellers have sold less 
than their usual quotas. To date the south- 
ern market has not been overly strong. 
and in the circumstances a definite rise in 
southern iron could probably be properly 
interpreted as the forerunner of a general 
advance in all pig iron markets. 



o-o- 



I '. S. STEEL CORP. OPERATIONS. 



U. S. STEEL CORPORATION'S OPERATIONS. 



EARNINGS AND UNFILLED ORDERS. 



Earnings by Quarters. 

Net earnings by quarters since 1909: 
Quarter. 1910. 1915. 1914. 

1st $60,713,624 $12,457,809 $17,994,38 

3nd 27,950,055 

3rd 38,710,644 

•itli 51,277,504 

Year 130,396,012 



20,457,596 
22,276,002 
10,935,635 
71,663,615 



1913. 

1st $34,426,802 



1912. 



1911. 



$17,826,973 $23,519,203 



2nd . 
3rd . 
4th . 
Year 



l 906 . 
1907. 
1908. 
1909. 
1910. 
1911. 
1912. 
1913. 
1914. 
1915. 
1910. 



41,219,813 25,102,266 28,108,620 

33,450,400 30,003.512 29,522,725 

23,084,330 35,181,922 23,155,018 

137,181,345 108,174„673 104,305,466 



Unfilled Orders. 

(At end of the Quarter). 

First. Second. Third. Fourth. 
7,018,712 6,809,584 7,936,884 4,489,718 
8,043,858 7,603,878 6,425,008 4,642,553 
3,765,343 3,313,876 3,421,977 3,603,527 
3,542,590 4,057,939 4,796,833 5,927,031 
5,402,514 4,237,794 3,158,106 2,674,757 
3,447,301 3,361,058 3,611,317 5,084,761 
5,304,841 5,807,346 6,551,507 7,932,164 
7,468,956 5,807,317 5,003,785 4,282,108 
4,653,825 4,032,857 3,787,667 3,836,643 
4,255,749 4,678,196 5,317,608 7,805,220 
9,331,001 



BOOKINGS AND SHIPMENTS 

In this table, first two columns, percent- 
ages of bookings and shipments to total ca 
pacity, our own estimates, while last column 
is derived from official reports of "unfilled 
tonnage" while third percentage column is 
directly computed from this tonnage column. 
Ship- Book- Dif- Dif- 

ments. ings. ference. ference. 
% Tons. 

62 ■'■', —278,908 

63 06 



1914 

May 

tune 

July 

August . . . 
September 
October . . 
November 
December 
January 191 
February . 
March .... 

April 

May 

June 

July 

August . . . 

September . 98 

October ... 103 

November - 102 

December . 102 

January 1916 102 

February . 102 

March 104 



07 



91 



+ 3 

+11 
+ 5 
—38 

—13 

+44 
+37 
+ 9 



113 +34 

104 +21 

89 — 2 
1 33 +35 

172 +69 

+ 84 
+ 50 
+ 10 
+ 55 
+58 



186 
152 
112 



+ 34,697 
I 125,733 
+ 54,742 
—425,664 
—3:20,570 
—136,505 
+ 512,051 
+411,928 
+ 96,800 

— 89,622 

— 93,505 
+102,354 
+413,598 
+250,344 

— 20,085 
+409,163 
+847,834 

+1,024,037 
+615,731 
+116,547 
+646,199 
+762,035 



RAILROAD EARNINGS. 



Railroad earnings per mile of road, of roads having annual operating revenues 
above $1,000,000, this being about 229,000 miles or about 90% of the total steam rail- 
way mileage; compiled by the Bureau of Railway Economics from duplicates of re- 
ports furnished the Interstate Commerce Commission. 







1913-14 — 




] 


914-10 






JLO J.U 






Revenue 


Expenses 


. Net. 


Revenue. 


Expenses 


Net. 


Revenue. 


Expenses 


Net. 


Inly 


$1,183 


$837 


$346 


$1,127 


$786 


$341 


$1,130 


$750 


$380 


August . . 


1,244 


850 


388 


1,174 


788 


380 


1,191 


765 


420 


September 


1,257 


854 


403 


1,185 


783 


402 


1,251 


774 


477 


October . 


1,314 


891 


423 


1,171 


787 


384 


1,323 


815 


508 


November 


1,180 


884 


337 


1,026 


734 


292 


1,303 


800 


503 


December 


1,116 


821 


296 


993 


730 


203 


1,253 


802 


451 


January . . 


1,021 


795 


226 


939 


718 


221 


1.133 


797 


336 


February 


914 


146 


168 


897 


678 


219 








March . . . 


. 1,091 


801 


290 


1,012 


720 


1 92 








April .... 


. 1,038 


782 


256 


1,010 


722 


288 








May 


. 1,047 


800 


247 


1,040 


732 


308 








June .... 


1,097 


789 


308 


1,090 


730 


360 









THE STEEL AND METAL DIGEST. 



May 



Production of Rails in the United States 
in 1915. 



(From Special Bulletin of American Iron and Steel Institute.) 
Production of Rails by Processes, in Gross Tons, 1897-1915. 



Years. 

1897 

1898 

1899 

1900 

1901 

1902 

1903 

1904 145,888 

1905 183,264 

1906 186,413 

1907 252,704 

1908 571,791 

1909 1,256,674 

1910 1,751,359 

1911 1,676,923 

1912 2,105,144 

1913 2,527,710 

1914 1,525.851 

1915 1,775,168 



O. H. 


Bessemer. 


Rerolled : 


500 


1,644,520 


' o 


1,220 


1.976,702 




523 
1.333 


2,270,5S5 
2,383,654 


° o 


2,093 


2,870,816 


u °° 


6,029 


2,935,392 


£ 5 


45,054 


2,946,756 


" P 



Electric 



Iron. 
2,872 
3,319 
1,592 
695 
1,730 
6,512 



ffi J2 



~ j= ", 



91,751 
119,390 
155,043 

95,169 

102,083 



t 
t 
462 
3,455 
2,436 
178 



871 
318 



925 
71 



230 
234 



2,137,957 
3,192,347 
3,791.459 
3,380,025 
3,349,158 
1,767,171 
1,884,442 
1,053,420 
1,099,926 

817,591 

323,897 

326,952 

* Rerolled from old steel rails and renewed rails which the manufacturers could not 
classify as Bessemer or open-hearth, t Small tonnages rolled in 1909 and 1910 but in- 
cluded with Bessemer and open-hearth rails for these years. 

Production of Rails, Showing Increase by Processes, 1914-1915. 

Kinds. 1915. % 1914. % Increase. 

Open-hearth 1,775,168 80.54 1,525,851 78.45 249,317 

Bessemer 326,952 14.83 323,897 16.65 3,055 

All other 102.083 4.63 95,347 4.90 6,736 



Total. 
1,647,892 
1,981,241 
2,272,700 
2,385i682 
2,874,639 
2,947,933 
2,992,477 
2,284,711 
3,375,929 
3,977,887 
3,633,654 
1,921,015 
3,023,845 
3,636,031 
2,822,790 
3,327,915 
3,502,780 
1,945,095 
2,204,203 



% 

16.34 



Total 2,204,203 100.00 1,945,095 100.00 259,108 13.82 

Girder and high T rails for electric and street railways are included in the figures 
given above. For recent years the tonnage thus included was as follows: 1912, 174,004; 
1913, 195,659; ' 1914, 136,889; 1915, 133,965 gross tons. 

The total production of rails as given above includes, in addition to new rails 
rolled during the year, rails rerolled from defective rails and from old rails. The 
total of renewed or rerolled rails so included is given in gross tons in the follow- 
ing table 

Production of Renewed and Rerolled Rails, 1911-1915. 

Rerolled from new seconds, new defective rails, etc. Rolled from 
Years. Open-hearth. Bessemer Total. 



1911 2,631 19,379 22,010 

1912 13,140 29,446 42,586 

1913 13,052 30,741 43,793 

1914 13,538 13,234 26,772 

1915 6.477 2,652 9,129 

(Continued on next page.) 



old rails. 

91,751 
119,390 
155,043 

95,169 
102.0S3 



Total 
rerolled. 
113,761 
161,976 
198,836 
121,941 
111,212 



THE Mill \\l> Mr I \| DIGEST. 



States. 

New York . . . 

Pennsylvania . 
Maryland .... 
West Virginia 

Alabama 

Ohio 

Indiana 

Jllinois 

Wisconsin . . . 

Colorado 

Washington . . 



Works Rolling or Rerolling Rails in 1915. 

active works. O. H. Bessemer 



No. of 



Electric. Rerolled.* 
Of these the following rolled — 
1 1 

4 












3 





1 





1 











1 











1 











1 



Years 



Total ! 22 14 9 9 

♦Includes only plants that renewed rails or rerolled old rails. 

Production of Alloy-Treated Steel Rails, 1909-1915. 

Total Production by Production by Production by weight 
alloys. processes. per yard. 

Open 
Other hearth 



produc- 
tion. 
Gross 
tons. 



1909 49,395 

1910 257,324 

1911 153,989 

1912 149,267 

1913 59,519 

1914 27,937 

1915 24,970 



Tita- 
nium. 

35,945 
256,759 
152,990 
141,773 
47,65f 
23,321 
21,191 



alloys. 

13,450 

565 

999 

7,494 

11,864 

4,616 

3,779 



and 
elect. 
13,696 
27,389 
38,539 
40,393 
33,567 
27,447 
24,367 



45 and 85 and 100 lbs. 
Besse- Under under under and 
mer. 45 lbs. 85 lbs. 100 lbs. over. 



35,699 

229,935 

115,450 

108,874 

25,952 

490 

603 



9,132 
70,170 
27,097 

5,426 
f9,414 
tl,168 
fl,977 



40,263 
187,154 
126,892 
143,820 
50,014 
8,301 18,454 
6,555 16,432 



Includes rails under 50 pounds, t Includes 50 pounds and less than 85 pounds. 
Production of Alloy-Treated Steel Rails, 1915. 

Production by 
processes. 



Production by weight per yard. 



Alloys. 



Titanium 21,191 

Manganese 3,779 



Total 24,970 



Total 


Open- 


Besse- 


Under 


50 lbs. 


85 lbs. 


100 lbs. 


produc- 


hearth. 


mer. 


50 


to 


to 


and 


tion. 






lbs. 


84 lbs. 


99 lbs. 


over. 


21,191 


20,588 


603 


6 


1.823 


6,186 


13,176 


3,779 


3,779 






154 


369 


3,256 



24,367 



603 



1,977 



16,432 



Production of Rails in Pennsylvania, 1906-1915. 





Open- 


Besse- 




Years. 


hearth. 


mer. 


Total. 


1906 . . . 


1,703 


1,298,409 


1,300,112 


1907 . . . 


. . 36,837 


1,093,932 


1,130,769 


1908 . . . 


. . 177,461 


315,547 


493,008 


1909 ... 


. . 301,988 


553,719 


855,707 



Open- 
hearth. 



Besse- All 
mer. other. Total. 



1910 395,229 



Years. 

1911 477,228 352,331 10,104 839,663 

1912 526,755 343,837 18,080 888,672 

1913 618,795 326,819 26,206 971,820 

1914 423,426 142,662 26,444 592,532 

1915 494,595 162,575 37,375 694,545 



THE STEEL AND METAL DIGEST. 



April 



Price Changes of Iron and Steel Products 
From March 1, 1915 to Date. 

Price changes in merchant bars, struc tura ' shapes, plates, wire nails, merchant 
pipe, sheets and tin plates are given below, w * tn dates. These are the commodities 
used in compiling our composite finished steel. In some cases the dates named are 
those upon which prominent producers an nounced P rice changes, but more frequently 
the dates are merely those upon which our quotations were changed. A few other 
price changes are included. 



1915— 
Mar. 1 



1 



April 1 



May 1 

1 

1 

" 12 

" 17 

" 24 

June 1 

" 1 



July- 



July 



Aug. 



1.10 
1.10 
1.10 

40c 
50c 



Bars 

Plates 

Shapes 

Wire galvanizing 

Wire galvanizing 

Boiler tubes 

Bars 

Plates 

Shapes 

Wire nails 

Steel pipe 

Boiler tubes 

Tin plate 

Plates 

Galvanized sheets 3.40 

Galvanized sheets 3.60 



to 1.15 
to 1.15 
to 1.15 
to 50c 
to 60c 

75% 
to 1.20 
to 1.20 
to 1.20 
to 1.55 
80% to 79% 
75% to 74% 
3.20 to 3.10 
1.20 to 1.15 
to 3.60 
to 3.75 



1.15 
1.15 
1.15 
1.60 



Galvanized pipe 62J^ to 63J4 
Galvanized sheets 3.75 to 4.25 
Wire galvanizing 60c to 80c 



8 


Sheets 


1.80 


to 1.75 


9 


Galv. sheets 


4.25 


to 5.00 


15 


Boiler tubes 


74% to 73% 


1 


Bars 


1.20 


to 1.25 


1 


Plates 


1.15 


to 1.20 


1 


Shapes 


1.20 


to 1.25 


2 


Sheets 


1.75 


to 1.70 


6 


Wive nails 


1.55 


to 1.60 


6 


Painted barb wire 


1.55 


to 1.70 


7 


Sheets 


1.70 


to 1.75 


14 


Galvanized sheets 


5.00 


to 4.50 


16 


Boiler tubes 


73% 


to 72% 


20 


Plates 


1.20 


to 1.25 


20 


Wire nails 


1.60 


to 1.55 


4 


Plates 


1.50 


to 1.60 


4 


Shapes 


1.50 


to 1.60 


5 


Tin plate 


3.10 


to 3.30 


9 


Galv. sheets 


3.70 


to 3.80 


9 


Blue ann. sheets 


1.70 


to 1.80 


21 


Bars 


1.25 


to 1.30 


28 


Galvanized sheets 


4.50 


to 4.25 


29 


Wire nails 


1.55 


to 1.60 


3 


Shapes 


1.25 


to 1.30 


4 


Sheets 


1.75 


to 1.80 


6 


Black sheets 


1.80 


to 1.85 


16 


Wire galvanizing 


80c 


to 60c 



23 
24 
24 
25 
27 
31 

Aug. 31 

Sept. 15 

" 15 

" 20 



Oct. l 



Oct, 



Nov. 18 



1.40 
1.60 
1.85 
1.25 
1.30 
sheets 1.40 
1.30 
1.30 
1.65 
1.90 
1.35 



Blue ann. sheets 1.35 

Wire galvanizing 60c 

Wire 

Wire nails 

Black sheets 

Plates 

Bars 

Blue ann 

Plates 
Shapes 
Wire nails 
Sheets 
Shapes 
Boiler tubes 
Bars 
Sheets 
Blue ann 
Bars 
Plates 
Shapes 
Galv. sheets 
Black sheets 
Wire nails 
Blue ann 
Bars 
Plates 
Shapes 



1.95 
sheets 1.55 
1.40 
1.40 
1.40 
3.60 
2.00 
1.75 
sheets 1.60 
1.45 
1.45 
1.45 

Blue ann. sheets 1.65 

Boiler tubes 

Steel pipe 

Galv. sheets 

Black sheets 

Galv. sheets 



Tin plate 
Sheets 
Sheets 
Galv. sheets 



Blue ann. sheets 1.80 



Wire nails 

Bars 

Plates 

Shapes 

Galv. sheets 

Galv. sheets 

Sheets 



to 1.40 
to 70c 
to 1.50 
to 1.65 
to 1.90 
to 1.30 
to 1.8-5 
to 1.50 
to 1.35 
to 1.35 
to 1.75 
to 1.95 
to 1.40 
72% to 71% 
1.35 to 1.40 
to 2.00 
to 1.60 
to 1.45 
to 1.45 
to 1.45 
to 3.50 
to 2.10 
to 1.85 
to 1.65 
to 1.50 
to 1.50 
to 1.50 
to 1.70 
71% to 69% 
79% to 78% 
3.50 to 3.60 
to 2.20 
to 3.70 
to 1.60 
to 3.60 
to 2.25 
to 2.40 
to 4.00 
to 2.00 
to 1.90 
to 1.70 
to 1.70 
to 1.70 
to 4.25 
to 4.50 
to 2.50 



2.10 
3.60 
1.50 
3.30 
2.20 
2.Z5 
3.80 



1.85 
1.60 
1.60 
1.60 
4.00 
4.25 
2 40 



IMMIGRATION STATISTICS. 



205 





Galv. sheets 


4.50 


to 4.75 


" 30 


Blue ami. sheets 


2.00 


to 2.25 


Dec. 1 


Wire nails 


1.90 


to 2.00 


1 


Boiler tubes 


69% 


to 68% 


•' 15 


Bars 


1.70 


to 1.80 


" 15 


1'lates 


1.7C 


to 1.80 


" 15 


Shapes 


1.70 


to 1.80 


" 21 


Wire nails 


2.00 


to 2.10 


" 22 


Sheets 


2.50 


to 2.60 


1916— 








Jan. 3 


Tin plate 


3.60 


to 3.75 


3 


Blue ann. sheets 


2.25 


to 2.35 


4 


Bars 


1.80 


to 1.85 


4 


Plates 


1.80 


to 1.85 


4 


Shapes 


1.80 


to 1.85 


4 


Pipe (with extra 








2Y 2 % 


78% 


to 77% 


" 5 


Blue ann. sheets 


2.35 


to 2.40 


T 


Boiler tubes 


68% 


to 66% 


" 12 


Blue ann. sheets 


2.40 


to 2.50 


" 14 


Boiler tubes 


66% 


to 64% 


" 19 


Blue ann. sheets 


2.50 


to 2.65 


" 21 


Bars 


1.85 


to 1.90 


" 21 


Plates 


1.85 


to 2.00 


" 21 


Shapes 


1.85 


to 1.90 


" 21 


Pipe 


77% 


to 76% 


" 24 


Wire nails 


2.10 


to 2.20 


Feb. 7 


Bars 


1.90 


to 2.00 


7 


Plates 


2.00 


to 2.10 


7 


Shapes 


1.90 


to 2.00 


' 14 


Wire nails 


2.20 


to 2.30 


' 15 


Pipe 


76% 


to 75% 


' 21 


Bars 


2.00 


to 2.25 


" 21 


Plates 


2.10 


to 2.35 


" 21 


Shapes 


2.00 


to 2.25 


" 21 


Tin plate 


3.75 


to 4.00 


" 29 


Pipe 


75% 


to 74% 


" 29 


Boiler tubes 


64% 


to 63% 


Mar. 1 


Wire nails 


2.30 


to 2.40 


8 


Black sheets 


2.60 


to 2.75 


8 


Blue ann. sheets 


2.65 


to 2.90 


" 13 


Bars 


2.25 


to 2.35 


" 13 


Plates 


2.35 


to 2.60 


" 13 


Shapes 


2.25 


to 2.35 


" 15 


Steel pipe 


74% 


to 73% 


" 15 


Boiler tubes 


63% 


to 61% 


" 23 


Bars 


2.35 


to 2.50 


" 23 


Shapes 


2.35 


to 2.50 


" 28 


Plates 


2.60 


to 2.75 


" 29 


Sheets 


2.75 


to 2.85 


" 29 


Steel pipe 


73% 


to 72% 


" 29 


Boiler tubes 


61% 


to 60% 


April 5 


Sheets 


2.85 


to 2.90 


" 15 


Boiler tubes 


60% 


to 56% 


" 19 


Tin plate 


4.50 


to 5.00 


" 24 


Pipe 


72% 


to 70% 


May 1 


Wire nails 


2.40 


to 2.50 



IMMIGRATION STATISTICS. 
Years mentioned refer to fiscal years 
ended June 30th. Aliens admitted, both 
immigrant and non-immigrant, and aliens 
departed, both emigrant and non-emigrant, 
with change thereby effected in United 
States population: 

Admitted. Departed. Change. 
1913 1,017,155 615,298 +401,863 

1913 1,427,227 611,924 +815,303 

1914 1,403,081 633,805 +769,27« 

September 1914 44,624 34,757 + 9,867 
October . . . 45,241 39,410 + 5,831 
November . 35,325 40,748 — 5,428 

December . . 27,458 42,525 — 15,067 
January, 1915 20,684 31,556 — 10,872 
February .. 18,704 14,188 + 4,516 

March 26,335 15,167 +11,168 

April 31,765 17,670 + 14,095 

May 32,363 17,624 + 14,738 

June 28,499 21,532 + €,967 

Year 1915 .. 434,244 384,174 + 50,070 

July 27,097 16,015 + 11,082 

August 27,413 41,737 — 14,324 

September . . 31,096 33,061 — 1,965 

October . . . 31,215 26,338 + 4,877 

November . 29,297 26,005 + 3,292 

December . . 23,173 23,743 — 570 

January, 1916 17,293 4,015 + 7,303 

February .. 30,244 10,824 + 19,420 

March 33,685 9,894 + 23,791 

United States citizens arrived and depart- 
ed, with change thereby effected in United 
States population: 

Arrived. Departed. Change. 

1913 286,604 347,702 — 61,098 

1914 286,586 368,797 — 82,211 

1915 239,579 172,412 + 67,167 

July, 1915.. 9.027 5,115 + 3,912 

August .... 9,506 10,310 — 804 

September . 9,054 8,188 + S66 

October . . . 8,991 8,329 + 662 

November . 8,364 9,166 — 802 

December . . 8,458 9,349 — 891 

Jan. 1916 . . 8,257 9,469 — 1,212 

February .. 11,082 12,908 — 1,826 

March .... 15,065 10,867 + 4,198 
Net change in population caused by the 

movement of both aliens and citizens: 
1913, +754,205; 1914, +687,065; 1915, +117,- 
237; July, 1915, +14,994; August, 1915, —15,- 
128; September, 1915, — 1,099; October, 1915, 
+5,539; November, 1915, +2,490; Decem- 
ber, 1915, — 1,461; January, 1916. +6,091; 
February, +17,594; March, +27,989; nine 
months, +56,909. 



206 



THE STEEL AND METAL DIGEST. 



May 



COMPOSITE STEEL 

Computation for May l, 1910: 
Pounds. Group. Price. Extension. 

Syi Bars 2.50 6.250 

l'A Plates 2.75 4.125 

V/ 2 Shapes 2.50 3.750 

l'A Pipe ($4-3) 2.95 4.425 

V/ 2 Wire nails 2.50 :j.750 

1 Sheets (28 bl.) 2.90 2.900 

Tin plates 5.00 2.500 

10 pounds 27.700 

One pound 2.7700 

Averaged from daily quotations: 

1912. 1913. 1914. 1915. 1916. 

Jan. 1.5123 1.7737 1.5394 1.4554 2.1410 

Feb. 1.4878 1.7625 1.5794 1.4716 2.2988 

Mar. 1.4790 1.7646 1.5638 1.5098 2.5579 

April 1.5206 1.7742 1.5337 1.5357 2.7166 

May 1.5590 1.7786 1.5078 1.5381 

June 1.5794 1.7719 1.4750 1.5312 

July 1.6188 1.7600 1.4805 1.5692 

Aug. 1.6784 1.7400 1.5241 1.6059 

Sept. 1.7086 1.7093 1.5632 1.6506 

Oct. 1.7588 1.6779 1.5236 1.7264 

Nov. 1.7750 1.6203 1.4769 1.9089 

Dec. 1.7789 1.558 1.4324 2.0329 

Year 1.6214 1.7241 1.5182 1.6280 

SCRAP IRON & STEEL PRICES. 

Melting Bundled No. 1 P.. R. No 1 N*o. 1 Heavy 

Steel. Sheet Wrought Cast. Steel. Melfg. 

Pitts. Pitts. Pitts. Pitts. Phila. Ch'go. 
1914— 

July 11.75 8.50 11.75 11.50 10.60 9.75 

Aug. 11.50 8.50 11.50 11.25 10.75 9.75 

Sep. 11.25 8.70 10.50 11.25 10.75 9.25 

Oct. 10.75 8.50 10.25 11.25 10.00 9.00 

Nov. 10.10 8.10 10.25 10.75 9.25 8.25 

Dec. 10.50 8.50 10.50 11.00 9.65 8.40 

Year 11.42 8.52 11.51 11.71 10.53 9.55 
1915— 

Jan. 11.40 9.20 10.75 11.25 10.30 9.00 

Feb. 11.70 9.25 10.75 11.25 10.70 9.20 

Mar. 11.80 9.37 10.75 11.50 10.85 9.25 

Apr. 11.65 9.37 10.75 11.85 11.10 9.13 

May 11.65 9.37 10.75 11.85 11.25 9.50 

June 11.75 9.37 10.75 11.85 11.25 9.75 

July 12.62 9.60 11.00 12.00 11.85 10.90 

Aug. 14.05 11.40 12.25 12.85 13.70 11.85 

Sep. 14.25 11.90 13.15 13.10 14.70 12.15 

Oct. 14.50 12.00 13.75 13.35 14.50 12.00 

NOV. 16.12 12.55 15.35 13.90 14.65 13.95 

Dec. 17.65 13.15 17.10 14.95 15.60 15.25 

Year 13. 26 10.54 12.26 12.40 12.54 10.99 
1916 — 

Jan. 17.75 13.40 18.00 15.10 16.30 15.60 

Feb. 17.20 13.60 18.75 15.35 10.25 15.75 

Mar. 13.40 14.80 19.15 15.75 17.15 10.75 

Apr. I8.00 1 1.75 L9.25 II 00 1 - 00 16 75 



COMPOSITE PIG IRON. 

Computation for May 1, 1916: 

One ton Bessemer, valley 

Two tons basic, valley (18.25) .... 

One ton No. 2 foundry, valley 

One ton No. 2 foundry, Philadelphia 
One ton No. 2 foundry, Buffalo .... 
One ton No. 2 foundry, Cleveland . . 
One ton No. 2 foundry, Chicago . . . 
Two tons No. 2 Southern foundry, 

Cincinnati (17.90) 

Total, ten tons 

One ton 18.980 



$21.00 
36.50 

18.50 
20.25 
19.25 
19.00 
19.50 

35.80 

189.80 



Averaged from dai 


y quotations: 






1912. 


1913. 


1914. 


1915. 


1916. 


Jan. 


13.420 


17.391 


13.492 


13.070 


18.690 


Feb. 


13.427 


17.140 


13.721 


13.079 


18.564 


Mar. 


13.581 


16.775 


13.843 


12.971 


18.857 


April 


13.779 


16.363 


13.850 


12.914 


19.021 


May 


13.917 


15.682 


13.808 


13.206 




June 


14.005 


14.968 


13.606 


13.047 




July 


14.288 


14.578 


13.520 


13.125 




Aug. 


14.669 


14.565 


13.516 


14.082 




Sept. 


15.386 


14.692 


13.503 


14.895 




Oct. 


16.706 


14.737 


13.267 


15.213 




Nov. 


17.226 


14.282 


13.047 


16.398 




Dec. 


17.475 


13.838 


13.073 


17.987 




Year 


14.823 


15.418 


13.520 


14.150 





UNFINISHED STEEL 

AND IRON BARS. 



Billets. 

Pitts. 

1914— 

Nov. 19.25 

Dec. 18.75 



(Averaged frc 
Sheet 
Bars. 
Pitts. 



dally quotatio 



19.75 
19.26 



25.00 
24.40 



Year 20. 00 20.82 25.50 
1915— 



Jan. 19.25 
Feb. 19.25 



19.75 
19.75 



24.80 
25.00 



1.13 
1.12 
1.20 

1.12 
1.12 
1.13 
1.18 
1.18 
1.20 
1.32 
1.43 
1.49 
1.57 
1.72 
1.99 
1.37 

2.24 
2.41 
2.56 
2.62 
t Premium for open-hearth. 



Mar. 19.30 19.80 25.00 
Apr. 19.50 20.00 25.00 
May 19.50 20.00 25.00 
June 20.00f 20.50f 25.00 
July 21.40t 21.90f 25.75 
Aug. 23.50T 24.00f 27.00 
Sep. 26.50f 26.00f 29.75 
Oct. 26.00T 26.00f 31.50 
Nov. 26.20f 26.50f 36.00 
Dec. 30.73f 30.73f 39.50 
Year 22.51 22.91 28.28 
1916— 

Jan. 32.50f 32.50f 42.00 
Feb. 34.00f 34.00+ 48.00 
Mar. 41.00t 41.00+ 56.00 
Apr. 45.00 45.00 60.00 



1.20 
1.20 

1.27 

1.20 
1.20 
1.20 
1.20 
1.20 
1.20 
1.20 
1.25 
1.35 
1.45 
1.54 
1.83 
1.32 

2.02 

2.25 
2.40 
2.50 



.96 
.91 

1.07 

.97 
1.03 
1.10 
1.14 
1.15 
1.17 
1.20 
1.22 
1.30 
1.38 
1.51 
1.69 
1.24 



IRON AND STEEL FOREIGN TRADE STATISTICS. 



[RON AND STEEL IMPORTS AND EXPORTS. 



VALUE OF TONNAGE AND NON-TONNAGE. 



1911. 1912 1913. 1914. 

[anuary $18,738,391 $18,451,914 $35,141,409 $16,706,836 

February .... 18,690,793 31,801,570 34,089,871 L6,5F:0,360 

March ' 33,591,991 34,474,799 37,221,210 30,551,131 

kpril 34,916,912 26,789,853 37,123,044 30,639,569 

Ma 3 30,616,795 38,050,347 26,718,970 19,734,045 

j une 20,310,053 24,795,802 25,838,346 18,927,9*8 

July 17,454,77:3 24,917.1152 24,170,704 16,737,552 

Augtist 20,013,557 25,450,107 33,947,440 10,438,817 

September ... 19,875,308 23,286,040 33,831,083 L3,531,102 

October 20,330,833 25,271,559 25,193,887 16,455,832 

November ... 30,823,061 26,406,425 20,143,141 15,689,401 

December ... 22,186,996 23,750,864 22,115,701 14,939,613 



L915 1916. 

£18,053,421 $51,643,807 

16,470,751 54,155,386 

(0,985,505 

35,308,649 

20,536,012 

31,757,103 

35,891,575 

37,726,883 

38,415,180 

43,602,741 

48,056,220 

45,825,277 



Petals $349,656,411 $289,128,430 $293,934,160 $199,861,684 $388,703,720 $105,799,193 



EXPORTS OF TONNAGE LINES— Gross tons. 



1909. 1910. 1911 1912. 1913. 

fanuary 70,109 118,681, 152,362 151,575 349,493 

February 84,837 110,224 150,919 204,969 341,888 

M arc h 94,519 124,980 216,360 218,219 257,519 

rVp nl 100,911 117,921 228,149 267,313 259,689 

May 109,808 135,306 178,589 307,656 243,353 

j une 114,724 120,601 174,247 273,188 243,108 

July " 100,850 127,578 162,855 272,778 237,159 

\ugust .... 105,690 131,391 177,903 282,645 209,856 

September 97,041 119,155 181,150 248,613 213,057 

October 110,821 139,838 186,457 251,411 220,550 

November 116,105 155,138 187,554 2:13,343 175,961 

December 137,806 150,102 190,854 235,959 181,715 



1914. 
118,770 
121,206 
159,998 
161,952 
139,107 
144,539 
114,790 
86,599 
96,470 
147,29:! 
140,731 
117,827 



1915. 

140,550 
144,366 
174,313 
223,240 
263,649 
355,402 
378,897 
405,853 
381,917 
350,955 
362,766 
353,840 



1916 
357,122 
369,000 



rotaIs 1,343,567 1,540,895 3,187,7243,948,466 2,730,681 1,549,543 3,532,433 736,132 



Jan. . 

Feb. . 

Mar. 

April 

May 

June 

July 

Aug. 

Sept. 

Oct. . 

Nov. 

Dec. 



IRON 

1913. 
175,463 
188,734 
164,865 
174,162 
191,S60 
341,069 
272,017 
313,139 
295,424 
274,418 
179,727 
223,892 



ORE IMPORTS. 



1914. 

101,804 

112,574 

68,549 

111,812 

125,659 

188,647 

141,838 

134,913 

109,176 

114,341 

90,222 

51,053 



1915. 1916. 

75,286 89,844 

78,773 

88,402 

91,561 

98,974 

118,575 

119,468 

126,806 

173,353 

138,318 

113,544 

118,331 



Totals 3,594,770 1.350. .188 1,341.281 89,844 



IRON AND STEEL IMPORTS. 

1913. 1913. 1914. 1915. 1916. 

Jan. . 20,008 21,740 17,776 10,568 15,824 

Feb. . 11,623 25,505 14,757 7,506 20,000 

Mar. . 15,466 27,467 27,829 8,025 

April. 12,481 25,743 30,585 16,565 

May . 15,949 28,728 28,173 28,916 

June. 21,407 36,597 23,076 32,200 

July . 17,883 36,694 25,282 20,358 

Aug. . 20,571 18,740 28,768 27,556 

Sept.. 18,740 19.941 38,420 23,344 

Oct. . 25,559 20,840 22,754 34,319 

Nov. . 24,154 25,809 24,165 37,131 

Dec. .21,331 26,454 9,493 35,455 

Total 225,072 517,260 289,778 382.443 35.824 



THE STEEL AND METAL DIGEST. 



Comparison of Metal Prices. 



Range for 1914. Range for 191?. 

Pig Iron. High. Low. High. Low. 

Bessemer, valley 14.25 13.75 21.00 13.60 

Basic, valley 13.25 12.50 18.00 12.50 

No. 2 foundry, valley .... 13.25 12.75 18.50 12.50 

No. 2X fdy. Philadelphia. 1500 14.20 19.50 14.00 

No. 2 foundry, Cleveland . 14.25 13.25 18.80 13.00 

No. 2X foundry, Buffalo.. 13.75 12.25 18.00 11.75 

No. 2 foundry, Chicago .. 14.75 13.00 IS. 50 i:;.oo 

No. 2 South'n Birmingham 10.75 9.50 14.50 9.25 

Scrap Iron and Steel. 

Melting steel, Pittsburgh. 12.00 9.75 IS. 00 11. 00 

Heavy melt, steel, Chicago 11.00 8.00 15.25 8.75 

No. 1 R. R. wrought, Pitts. 12.75 10.00 17.25 10.75 

No. 1 cast, Pittsburgh 12.25 10.50 15.00 11. 00 

Heavy steel scrap, Phila... 11.25 9.00 16.25 9.50 
Iron and Steel Products. 

Bessemer rails, mill 1.25 1.25 1.25 1.25 

Iron bars, Pittsburgh 1.35 1.20 1.90 1.20 

Iron bars, Philadelphia ... 1.2T/ 2 1.12J/2 2.06 1.12J6 

Steel bars, Pittsburgh .... 1.20 1.05 1.80 i.io 

Tank plates, Pittsburgh .. 1.20 1.05 1.60 1.10 

Structural shapes, Pitts. .. 1.25 1.05 1.80 l.io 

Grooved steel skelp, Pitts. . 1.20 1.12J4 1.75 1.12J4 

Black sheets, Pittsburgh.. 1.95 1.80 2.60 1.70 

Galv. sheets, Pittsburgh . . 3.00 2.75 5.00 2.65 

Tin plate, Pittsburgh .... 3.75 3.10 3.60 3.10 

Wire nails, Pittsburgh 1.60 1.50 2.10 1.50 

Steel pipe, Pittsburgh 79^% 81% 79% 81% 

Connellsville Coke at ovens. 

Prompt furnace 2.00 1.60 3.50 L.50 

Prompt foundry 2.50 2.00 3.75 2.00 

Metals — New York. 

Straits Tin 65.00 28.50 57.00 32.00 

Lake copper 15.50 11.30 23.00 13.00 

Electrolytic copper 14.87J4 11.10 23.00 12.80 

Casting copper 14.05 11.00 22.00 12.70 

Sheet copper 20.25 16.50 27.25 18.75 

Lead (Trust price) 4.15 3.50 7. 00 3.70 

Spelter 6.20 4.75 27.25 5.70 

Chinese & Jap. antimony. 18.00 5.30 40.00 13.00 

Aluminum. 98-99% 21.50 17.37J4 60.00 18.75 

Si,ver 59J4 47^ 56^ 46% 

St. Louis. 

Lead 4.10 3.35 7.50 :;..-.o 

Spelter 6.00 4.60 27.00 5.55 

Sheet zinc (f.o.b. smelter) 8.75 7. 00 33.00 9.00 

London. £ £ £ £ 

Standard tin, prompts 188 132 190 148J4 

Standard copper, prompts . . 6654 49 S6H 57^ 

Lead 24 1::, 30J4 \8% 

• S P elter 21J4 110 28^ 

Si,ver •'• 27J4d 23^d '.' 7 ' ; , 1 22-rVd 



Range for 1916. Closin 
High. Low. April 5 



21.00 


20.00 


18.50 


17.75 


18.50 


18.50 


20.25 


19.50 


19.00 


18.80 


19.00 


18.00 


19.00 


18.50 


15.00 


14.50 



18.75 17.25 17.50 

16.75 15.25 16.75 

19.50 17.50 19.25 

16.00 15.00 16.00 

17.75 16.00 17.7'> 



1.25 


1.25 


1.25 


2.50 


1.90 


2.50 


2.66 


2.06 


2.66 


2.50 


1.85 


2.50 


2.75 


1.85 


2.75 


2.50 


1.85 


2.50 


2.35 


1.75 


2.35 


2.90 


2.60 


2.90 


5.00 


4.75 


5.00 


5.00 


3.75 


5.00 


2.40 


2.10 


2.40 


70% 


78% 


70% 


5.00 


2.50 


2.30 


4.25 


3.75 


3. 75 


56.00 


40.87^4 


50.00 


30.00 


23.00 


29.75 


31.00 


23.00 


30.50 


28.00 


22.00 


27.75 


36.50 


28.00 


36.50 


7.50 


5.50 


7.50 


2i.IT/2 


16.42J4 


17.80 


43.00 


37.50 


38.00 


63.00 


53.00 


60.00 


73 y 2 


55^ 


; 


B.25 


5.45 


7.37) 


21.00 


16.25 


17.62) 


25.50 


23.00 


■•. ifl 


£ 


£ 


£ 


205 


172 


19S 


132 


»m 


132 


36*i 


2954 


34J 


111 


85 


105 


35Mjd 


26t*d 


35 Mi 






u O O t, o 

O ^J |X >H Ph J 

o fe ft-- 3 M » 

■§£"38 

o 5'5 sh hp « 



N-3 

< 


h 


W 


^ 


W S 






s 


w 


HH 


H 


n 



0V3T 


U3X lidb ~i ' ei *i © » x "■ 


g N C9 OH Ol 01 « 


57.00 

57.70 
57.40 
56.10 
50.80 
55.50 
B5.20 

54.90 
54.60 
54.30 
54.00 
58.70 
58.40 
53 10 
52.80 


52.50 
62.20 

52.90 

52.00 

52.30 

51.00 

50.40 
60.10 
49.80 

49.50 
49.20 
48.90 
48.60 
48.30 

48.00 
47.70 


? 




nadv 


N^ v 






CD 


•avn """""--j 


iLceit 61 !-^- 1 """ 






CS 


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1916 Mil- M i i i VND Ml I ■ \l. DIGEST. 20a 

Comparison of Security Prices. 

Range for 1914. Range for 1915. Range for 1916. Closing. 

Railroads. High. Low. High. Low. High. Low. Apr. 28. 

1916. 

Atchison, Top. & Sante Fe... 1003/g 89% 111% 92; , 108% 100% 102 

Atch. Top. & Santa Fe.. pfd. 101 & 96% 102% 96 102 97% 101 

Baltimore & Ohio 95% 67 96 63 I j 96 82% I 

Canadian Pacific 220% 153 194 L38 183% 162% LOT] 

Chesapeake & Ohio 68 40 64 % 35% 66% 58 61 ■, 

Chicago, Mil. & St. Paul .... 107% 84% 101% 77% 102% 91 -it 

Erie R. R 32% 20% 45% 19% 43% 32 35% 

Great Northern, pfd 134% 111% 128% 112% 127% 118% 119% 

Lehigh Valley 156% 118 83% 64% 83 74% 78 

Louisville & Nashville 141% 125 130% 104% 130% 121% 124% 

Missouri, Kansas & Texas .. 24 8% 15% 4 7% 3% 3% 

Missouri Pacific 30 7 18% 1% 6% 3% 4% 

New York Central 96% 77 110% 81% 111% 100% 103% 

N. V., N. H. & Hartford 78 49% 89 43 77% 57 59% 

Northern Pacific 118% 97 119 99% 118% 109% 111% 

Pennsylvania R. R 115% 102% 61% 51% 59% 55% 563% 

Reading 172% 137 85% 69% 895% 75% 87 

Rock Island 16% % 1% % 7/ g % % 

Southern Pacific 99% 81 104% 81% 104% 94% 97% 

Union Pacific 164% 112 141% 115% 140% 129% 133% 

Industrials. 

Am. Beet Sugar 33% 19 72% 33 , 74 61% 69 

American Can 35% 19% 6H i/-, S5 6 5% 52% 56 

American Can, pfd 96 80 113% 89 113% 109 111 

Am. Car & Foundry 53% 42% 98 40 78 55 59% 

Am. Cotton Oil 46% 32 64 39 57% 50% 53 

Am. Locomotive 37% 29% 74% 19 83% 60% 69% 

Am. Smelting & Refining 71% 50% 108% 56 113% 88% 96% 

Brooklyn Rapid Transit 94% 79 93 83% 88 83% 84% 

Chino Copper 44 31% 57% 32% 60 51 54% 

Colo. Fuel & Iron Co 34% 29% 66% 21% 53 38% 41% 

Consolidated Gas 139% 112% 150% 113% 144% 130% 134% 

General Electric 150% 137% 185% 138 178% 159 163 

Interborough-Metropolitan .. 16% 10% 25 10% 20% 17 

International Harvester 113% 82 114 90 114% 108% 113 

Lackawanna Steel 40 26% 94% 2S 86 65 70 

National Lead 52 40 70% 44 73% 60% 66 

Ray Consolidated Copper 22% 15 27% 15% 26 22 23% 

Republic Iron & Steel 27 18 57% 19 55% 43% 46% 

Republic Iron & Steel, pfd... 91% 75 112% 72 112 107% 108 

Sloss-Sheffield 35 19% 66% 22 63% 47 52 

Texas Co 149% 112 237 120 235% 180 186% 

U. S. Rubber 63 44% 74% 44 58% 47% 52f4 

U. S. Steel Corporation 67% 48 89% 38 89 79% 83% 

U. S. Steel Corporation, pfd.. 112% 103% 117 102 118% 115% 116 

Utah Copper 59% 45% 81% 48% 86% 77 81% 

Va.-Carolina Chern 34% 17 52 15 51 36 42% 

Western Union Telegraph ... 66% 53% 90 57 92 87 92 



.'10 



THE STEEL AND METAL DIGEST. 



May 



CAR BUYING. 

Freight cars ordered: 

First half, 1913 114,000 

Second half 1913 33,000 

Year. 1913 

First half 1914 11.380 

second half, 1911 13,630 

Year. 1914 

January. 1915 3,300 

February 4,255 

March I- 87 

April 3,000 

May ~°> 310 

June 29,864 

Six months 

July 5 . 675 

August i - r > : '- r -> 

September ->,060 

October 26,939 

November 19,863 

December 7,055 

Six months 

Year 1915 

1916 — 

January 21,337 

February 13,043 

March 10,725 

April 8 .° 58 



(51,916 



69,217 
131,133 



pig iron;production. 

Rates per annum, including charcoal pig. 

August 1914 23.600.000 

September ' 23,200,000 

October 21,200,000 

November 18,700.000 

December 18.100,000 

January. 1915 19.100.000 

February 22.100,000 

March 24.600,000 

April 26.000,000 

May • 36,800,000 

j une 29,250,000 

j uly 30,300,000 

August 31,800,000 

September 35,000,000 

October 37,100,000 

November 37,350,000 

December 38,000,000 

January, 1916 37,850,000 

February 39,200,000 

March 39,700,000 

On April 1st 40,000,000 

Actual production: 
1910 27,303,567 

1913 30,966,152 

1914 33,332,244 

1915 29,916,213 



OUR FOREIGN TRADE. 

Value of merchandise imports and ex- 
ports, and favorable trade balance, calendar 
years. 

Imports. Exports. Balance. 

1904 1,035,909,190 1,451,318,740 415,409,550 

1905 1,179,144,550 1,626,990,795 447,846,245 

1906 1,320,501,572 1,798,243,434 477,741,862 

1907 1,423,169,820 1,923,426,205 500,256,385 

1908 1,116,374,087 1,752,835,447 636,461,360 

1909 1,475.520,734 1.728,198,645 252,677,921 

1910 1,562,904,151 1.8(56.258,904 303,354,753 

1911 1,532,359,100 2,093,526,746 560,167,586 
1913 *1, 818,133,355 2,399,217,993 581,084,638 

1913 1,792,596,480 2,484,018,293 691,431,812 

1914 1,789,276,001 2,113,624,050 324,348,049 

1915 1,778,596,695 *3, 547,480,372 *1,768,883,677 

1913— 
June 
July 

Aug. 
Sept. 
Oct. 
Nov. 
Dec. 



1914- 
Jan. 
Feb. 
Mar. 
Apr. 
May 
June 
July 
Aug. 
Sept. 
Oct. 
Nov. 
Dec. 

191! 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 



131,245,877 
139,061,770 
137,651,553 
171,084,843 
132,949,303 
148,336,536 
184,035,571 

154,743,933 
148,044,776 
182,555,304 
173,763,114 
164,381,515 
157,539,450 
150,677,291 
129,767,890 
139,710,611 
137,978,778 
126,467,063 
114,656,545 



122 
125 
158, 
160, 
142. 
157, 
143, 
141. 
151, 
148 
164 
171 



1916— 
Jan. 184 
Feb. *193 

* High 

i Balar 



148,317 
123,391 
023,016 
576,106 
384,851 
695,140 
099,630 
830,302 
236,020 
529,620 
319,169 
B32,50a 

,362,117 
.935,117 

record. 



163,404,916 
160,990,778 
187,909,020 
218,240,001 
271,861,464 
245,539,042 
233,195,628 

204,066,603 
173,920,145 
187,499,234 
163,553,570 
161,733,619 
157,073,044 
154,138,947 
110,367,494 
156,053,333 
195,383,853 
305,878,333 
245,632,558 

267.879,313 
298,727,757 
296,501,852 
294,746.117 
273,769.093 
268,547,416 
267,978,990 
261,035,230 
300,676,822 
334,638,578 
331,144,527 
359,306,492 

330,784,847 
*409,836,525 



33,159,039 
31,939,008 
50,257,467 
47,155.158 
138,912,102 
97,302,506 
49,170,057 

49,323,680 

25,875,369 

4,943,930 

tll,209,544 

t2,548,896 

f457,406 

t5,538,344 

tl9,400,396 
16,341,722 
57,305,074 
79,411,271 

130,976,013 

145,730,996 
173,604,366 
138,479,836 
134,170,011 
131,484.243 
110,852,276 
124,879,370 
119,195,038 
149,440,796 
186,108,958 
166,835,358 
187,473,987 

146,422,730 
*215,901,408 



unt'a\ orable 



THE STEEL AND META1 lih.i !T 



STEEL MAKING PIG IRON 
AVERAGES. 

Bessemer and basic pig iron averages, 
compiled by W. P Snyder & Company from 
sales in the valley market of 1,000 tons and 



over. 


Bess< 


'mer. 


Basic, 




1915. 


1916. 


1915. 


1916. 


Jan. . . 


$13.6375 


$20,645 


$12.50 


$17,833 


Feb. . 


13.60 


20.2130 


12.50 


17.984 


Mar. . 


13.60 


20.8625 


12.50 


18.25 


April 


L3.60 


20.70 


L2.50 


18.00 


May . 


13.659 




12.65 




June . 


13.75 




12.724 




Julv . 


13.991 




12.959 




Aug. . 


15.064 




14.364 




Sept. . 


. 15.906 




15.00 




Oct. . 


16.00 




15.0147 




Nov. . 


16.615 




15.518 




Dec. . 


19.021 




17.487 




Year . 


14.870 




13.810 




Above prices 


are f.o.b. 


valley furnace; de- 


livered 


Pittsburgh is 95 


cent s higher. 



BAR IRON AVERAGES. 

Average realized prices on shipments of 
base sizes of common iron bars by the Re- 
public Iron & Steel Company, Union Roll- 
ing Mill Company, Fort Wayne Rolling 
Mill Company and Highland Iron & Steel 
Company, as disclosed by wage adjustments 
of Amalgamated Association of Iron, Steel 
and Tin Workers, prices realized in bi- 
monthly periods, governing wage rates for 
succeeding two months. 

1914. 1915 1916. 

January-February. 1.1590 1.024 *1.40 

March-April 1.176 1.087 ...... 

May-June 1.1257 *1.10 

July-August 1.0928 *1.15 



L913. 1914. 1915. 

Septembei < >> tober L.0847 *1.20 

November-Dec'ber 1.037 *1.:!0 

Year's average .... 1.1125 1.14 
' Settlement basis. 

TIN PLATE MOVEMENT- 

United States imports and exports of tin 
plate in gross tons have been as follows, 
the imports of course including those for 
drawback purposes: Imports. Exports. 

1912 2,053 81,694 

1913 20,680 57,813 

1914 15,411 59,549 

1915 2,350 154,541 



January, 1915 1,608 

February 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 

January, 1916 

February 



265 
53 



62 

107 



7,014 

5,834 

10,500 

9,084 

7,218 

8,024 

13,845 

31,939 

32,262 

16,922 

15,538 

16,792 

12,178 

13,534 



British tin plate exports have been as fol- 
lows, in gross tons: 

1913 494,921 

1914 435,497 

1915 368,602 

January 1916 26,271 

February 27,289 

March 39,482 



1914— Pig Iron, 



BRITISH IRON AND 

Rails. Tin Plate. Total.* 

385,301 
211,605 
228,992 
263,834 
240,608 
212,667 
3,972,348 



STEEL EXPORTS. 



July .. 


74,617 


43,133 


47,237 


Aug. . 


28,342 


22,763 


21,414 


Sept. . 


37,793 


39,185 


23,440 


Oct. .. 


47,188 


37,005 


26,950 


Nov. . 


. 49,666 


16,181 


30,942 


Dec. .. 


31,705 


16,315 


30,254 


Year . 


. 780,763 


433,507 


435,392 


1915— 








Jan. .. 


21,138 


24,411 


29,216 


Feb. .. 


21,934 


14,877 


15,101 


Mar. . 


20,172 


17,572 


36,170 


April . 


35,209 


21,602 


40,135 


May . . 


29,342 


21,776 


33,727 


Tune 


39,127 


23,728 


33,986 



2:S0,2O4 
198,294 
239,341 
264,244 
267,524 



1915- 

July 
Aug. 
Sept. 
Oct. 
Nov. 
Dec. 
Year 
1916- 
Jan. 
Feb. 
Mar. 
♦ I 
steel, 
bolts, 



Pig Iron. Rails. Tin Plate. Total.* 



78,370 
73,283 
53,068 
78,973 
86,109 
74,892 



33,224 
32,962 
15,800 
13,640 
12,760 
9,937 



39,528 
22,572 
20,002 
31,968 
25,556 
30,641 



611,617 242,289 368,602 



351,984 
395,260 
249,501 
312,141 
308,219 
259,782 
3,250,299 



.. 78,271 3,151 26,271 292,203 

.. 84,351 3,905 27,289 283,250 

.. 87,283 3,366 39,482 307,488 

ncludes scrap, pig iron, rolled iron and 
cast and wrought iron manufactures, 
nuts, etc., but not finished machinery. 



72,195 boilers, tools, etc. 



THE STEEL AND METAL DIGEST. 



May 



Tin in April. 



Difficulty in Securing Permits to Ship 

Spot Price and the Sharp Ad 

Predominating 

Three factors governed the price of tin 
in the world's markets during April. The 
most important element was the difficulty 
in securing permits at London for ship- 
ments to the United States from either 
Great Britain or the East Indies. This was 
the unknown quantity of the problem and 
is still more or less an enigma to the trade. 
It caused demand to be turned more heav- 
ily upon Banca, English and Chinese tin 
which brands bought in considerable quan- 
tities by home consumers at concessions 
although the American trade much prefers 
Straits tin. 

The second feature of prominence was 
the continued manipulation of spot tin 
prices in the American market and the 
preference shown by home consumers to 
purchase far-off future deliveries. The third 
development, which came late in the month, 
was the sharp advance in war risks on tin. 
shipped from foreign countries to the Uni- 
ted States. 

There was much irregularity in prices of 
all positions on occasions as the market 
was swayed by various causes from day to 
day and from week to week, and prices 
fluctuated within a range of £6 at Singa- 
pore and £4 at London. Spot tin at Xew 
York varied 6c per pound and futures 
ranged within limits of 2J/>c per pound. 
The result, at the close of the month, was a 
slight change in the New York market 
while spot tin at London way down £2 and 
the Straits market was up £5 compared 
with the prices current on the closing day 
of March. 

Small Stock Carried in Store. 

Early in the month only 700 tons of tin 
were carried in store in this country and 
as the arrivals during the first half of April 
would be light there was a disposition to 
hold spot tin to meet April obligations, es- 
pecially as much of the tin in steamers at 
dock was to be applied on consumers' con- 
tracts. There was not much demand for 
spol tin. however, outside of the small con- 
sumer who generally buys from hand-to- 
mouth and 50c was bid for spot by small 
interests and 49c was bid for April. In- 



Tin, the Continued Manipulation of the 
vance in War Risks, the Three 
Factors. 

terest was largely centered in June-July 
shipments from the Straits and large con- 
sumers purchased this position at 42J^c be- 
ing encouraged to do so by this relatively- 
low price. All of the foreign limits were 
taken for shipment from the Straits on the 
opening day of the month. 

Spectacular Advance in Spot Tin. 
On April 5th there was a spectacular 
demonstration in the spot position on the 
New York Exchange when 55c was bid 
for spot tin at one o'clock and offered bjr 
the same operator for 53c at three o'clock. 
In the next few days prices were irregular 
on all positions; but, w-ith the tendency 
sharply upward, large American consum- 
ers purchased further lots of June-July 
shipments from the Straits at prices rang- 
ing from 4334c to 44J4c. The advance of 4c 
to 5c per pound on spot Straits tin brought 
out freer offerings of English and Chinese 
metal. L. & F. was sold at prices ranging 
from 49^c to 50c for spot, and 48^c for 
delivery during the first half of April. L. & 





riN PRICES IN 


APRIL. 








New York 






London 






Day. 


Cents. 


£ 


s 


d 


£ 


s 


rf 


3 


. 50.50 


197 


10 





192 


10 


O 


4' 


51.00 


197 








192 


5 





5 


52.00 


199 


5 





193 


15 


0- 


6 


. 53.00 


201 








196 





0- 


7 


. 53.50 


202 








196 








10 


54.50 


205 








199 








11 


54.00 


202 








199 


15 





12 


. 54.00 


198 








197 





a 


13 


. 53.75 


199 


5 





198 


5 


» 


14 


53.50 


200 








198 


10 





17 


52.50 


201 








198 


10 





18 


51.50 


200 








198 








19 


. 51.00 


198 








196 


5 





20 


50 no 


19S 


10 





196 


10 





L'4 


. 50.00 
49.50 














25 


198 








196 





a 


26 


49.50 


198 


5 





196 








27 


49.50 


196 


15 





196 





i) 


28 


50.00 


198 








197 








High 


. 54.50 


205 








1!l!i 


15 





Low . . 


. 49.50 


196 


15 





192 


5 


1- 


Average 


. 51.75 


199 


8 


4 


196 


10 


:: 



TIN STATISTICS. 



213 





VISIBLE SUPPLIES. 




Visible supply of tin 


at end 


sf each 


uoiith: 




1012. 


1913. 


1914. 


1915. 


1916. 


Jan. 


16,707 


13,971 


16,244 


13,901 


17,041 


Feb. 


14,996 


12,304 


17,308 


14,348 


16,511 


Mar. 


15,694 


11,132 


16,989 


15,467 


18,782 


April 


11,893 


9,822 


15,447 


15,785 


19,739 


May 


14,345 


13,710 


17,862 


14,646 




June 


12,920 


11,101 


16,027 


15,927 




July 


13,346 


12,063 


14,167 


16,084 




Aug. 


11,285 


11,261 


14,452 


15,127 




Sept. 


13,245 


12,943 


14,613 


15,191 




Oct. 


10,735 


11,857 


10,894 


13,154 




Nov. 


12,348 


14,470 


11,483 


16,451 




Dec. 


10,977 


13,893 


13,396 


16,216 




Av'ge 


13,207 


12,377 


14,907 


15,208 





SHIPMENTS FROM THE STRAITS. 

Monthly shipments of tin from the Straits 
Settlements to Europe and United States: 
1912. 1913. 1914. 1915. 1916. 



Jan. 

Feb. 

Mar. 

April 

May 

June 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 



4,018 
5,260 
5,150 
4,290 
5,760 
4,290 
4,580 
5,210 
5,430 
4,450 
5,600 
4,980 



6,050 
4,660 
4,810 
4,400 
6,160 
4,280 
4,770 
6,030 
5,160 
5,020 
5,560 
5,110 



5,290 
6,520 
4,120 
4,930 
6,900 
5,870 
4,975 
3,315 
4,973 
4,610 
5,155 
6,435 



5,200 
5.584 
4.970 
5,270 
6,759 
6,665 
5,606 
4,712 
5,296 
4,441 
6,713 
5,301 



6,095 
6,250 
5.170 
4,685 



Total 59,018 62,550 63,093 66,517 

Av'ge 4,918 5,213 5,258 5,543 

CONSUMPTION IN THE U .S. 

Monthly deliveries of tin in the United 
States exclusive of Pacific Coast: 
1912. 1913. 1914. 1915 



Jan. 

Feb. 

Mar. 

April 

May 

June 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 



3,700 
4,050 
4,000 
5,400 
4,250 
2,850 
5,150 
4,300 
3,600 
3,850 
4,300 
4,050 



3,700 
3,500 
5,900 
3,450 
3,350 
3,800 
3,900 
3,600 
3,100 
3,700 
2,800 
3,100 



3,600 
3,300 
4,450 
4,300 
3,800 
3,650 
3,900 
2,900 
3,600 
3,700 
2,600 
1,900 



2,300 
3,375 
3,200 
3,200 
5,600 
3,900 
5,300 
4,500 
4,300 
4,900 
2,975 
5,200 



1916. 
4,452 
6,388 
4,726 
4,202 



Total 49,500 43,900 41,700 48,750 
Av'ge 4.125 3,658 3,475 4,062 



MONTHLY TIN STATISTICS. 
Compiled by New York Metal Exchange. 
April March April 
Straits shipments L916. 1916. 1915. 
To ( lr. P.ritaii 
I ontinent 
" U. S 



Total from Straits 4,68 



Australian shipments 
To Gr. Britain 
" U. S 



Total Australian 



Consumption 
London deliveries L,45 
Holland deliverie 
U. S 



2,475 


8,175 


1,865 


950 


195 


1,295 


1,260 


2,500 


2,110 


S 1,685 


5,170 


5,270 


ts 




245 


2 1 .". 


200 


nil 


nil 


nil 


245 


245 


200 


3 1,455 


1,416 


1,607 


s 77 


nil 


681 


4,202 


1,726 


3,200 



Total 



5,734 



Stocks at close of month 

In London — 
Straits, Australian 2,858 
Other kinds .... 1,005 

In Holland 7 

In U. S 2,756 



1,644 
886 



5,54b 



3,598 

1,846 

55 

3,041 



Total 6,626 5,293 8,540 



Afloat, close of month 

Straits to London. 4,242 4,945 

to U. S. . . 4,692 5,204 

Banca to Europe.. 4,179 3,340 



2,315 

4,330 

600 



Total 13,113 13,489 7,245 

Apr. 30, Mar. 31, Apr. 30, 
Total visible 1916. 1916. 1915. 

supply 19,739 18,782 15,785 



STRAITS 

1912. 



TIN PRICES IN 
1913. . 1914. 



43.24 
43.46 



44.02 
46.12 



Jan. 
Feb. 
Mar. 
Apr. 
May 
June 47.77 
July 44.75 
Aug. 45.87 
Sept. 49.18 
Oct. 50.11 
Nov. 49.90 
Dec. 49.90 
Year 46.43 



50.45 
48.73 
46.88 
49.12 
49.14 
44.93 
40.39 
41.72 
42.47 
40.50 
39.81 
37.64 
44.32 



37.74 

39.93 

38.08 

36.10 

33.30 

30.65 

31.75 

50.59J4 

32.79 

30.39J4 

33.50 

33.60 

35.70 



NEW YORK. 

1915. 1916. 

34.30 41.88 

37.32 42.63 

48.93J4 50.42 

47.98 51.75 

38.78 

40.37 

37.50 

34.39 

33.13 

33.08 

39.37J4 

38.75 

38.66 



THE STEEL AND METAL DIGEST. 



May 



F. was offered at 46J^c for prompt ship- 
ment from London but resales were made 
at lower prices. Small lots of April. May 
ami June shipments from the Straits were 
also sold on profit-taking at 46c, 45c and 
44c respectively. 

The foreign markets were extremely 
strong at the end of the first week of the 
month, and active buying caused a sharp 
rise at Singapore. It was surmised here, 
that foreign governments had made heavy 
purchases, as well as American consumers. 
but on April 11th, there was a reaction at 
London and on April 13th the Straits mar- 
ket broke £r> 10s. This was followed by 
irregularity at London and the Singapore 
market became erratic. The difficulty of 
securing permits for shipments caused an 
accumulation of spot tin in the English 
market resulting in a drop of £4 on April 
12th. 

Market Turns Weak and Declining. 
American consumers, encountering much 
difficulty about April 12th in acquiring tin 
for specified deliveries placed unusually 
large orders for solder instead. Compe- 
tition being keen, solder manufacturers 
assumed the risk of obtaining tin and made 
definite sales to meet the requirements of 
the canners and packers. By the end of 
the second week spot tin in New York had 
receded to 53-54c to 54c, and April to 51^c 
to 52c; but, interest still remained mainly 
in far-off positions which were easier at 
44c to 44J/k. 

During the third week of the month 
weakness was developed in all positions and 
in all markets. The smaller demand from 
American consumers was held responsible 
for the reaction at London and the Straits. 
while the local spot market receded because 
of the arrivals of several steamships from 
the East Indies. The quick discharge of 
one of these vessels caused a still weaker 
and more irregular market for spot metal. 
The April position also receded 2c to 3c 
per pound. 

A period of dulness was experienced just 
prior to the Easter holidays, as large con- 
sumers had covered their requirements by 
future contracts and much of this tin was 
coming forward. Some effort to sell tin 
discharged from steamers at dock at this 
time brought about a >till further reaction 
in prices. Banca tin was in especially lib- 
eral supply and its freer offering had an 
unsettling effect upon .spot. It is reported 
that about 4,000 tons of tin wer< recently 



taken out of Banca stock at Batavia 
War Risks Advance iy z %. 

The most important development during 
the last week of the month was the advance 
in war risks which are now 3% against 
iy2% the week previous. The advance in 
the prices for July-August shipments from 
the Straits to the United States at this time 
was attributed to this cause. Spot tin, which 
had receded to 49^c under freer offerings, 
was again advanced to 4954c and at the 
close of the month it was difficult to pur- 
chase spot even at 50c; but, with the ar- 
rivals of the Tuscan Prince and the Toyo- 
hashi Maru. lower prices are anticipated. 
April deliveries were accomplished without 
difficulty as arrivals for the month, at At- 
lantic ports only, were 3.610 tons. 

American consumers and dealers bought 
quite freely of June, July and August ship- 
ments to the United States at prices rang- 
ing from 44 to 44^4c c.i.f. New York. The 
increasing difficulty in securing permits for 
shipment from I.ondon threw more busi- 
ness into the primary market and the latest 
sales made at Singapore were at a premium 
of £3 over the English market, at the 
equivalent of £201 10s c.i.f. London. 

The deliveries of tin into American con- 
sumption in April were 4.202 tons, this be- 
ing 524 tons less than the distribution in 
March. Since the first of January 'otal 
deliveries have been 19,768 tons. Of the 
deliveries in April 3,600 tonf were shipped 
from the Atlantic and 602 tons from Pacific 
ports. Stocks in warehouse and landing 
April 30th, were 2,756 tons, of which 756 
tons only were in store as about 2,000 tons 
is being applied upon consumers' contracts. 





LEAD (Monthly Averages.) 






— New York 


* 


St 


. Louis 




1914. 


1915. 


1916. 


1914. 


1915. 


1916. 


Jan. 


4.11 


3.74 


5.94 


3.99^ 


3.57 


5.80 


Feb. 


4.06 


3.82 


6.23 


3.95 


3.72 


6.17 


Mar. 


3.97 


4.03 


6.83 


3.80 


3.98 


7.46 


Apr. 


3.82 


4.19 


7.50 


3.70 


4.11 


7.67 


May 


3.90 


4.23'/- 




3.81 


4.16 




June 


3.90 


5.86 




3.80 


5.76 




July 


3.90 


5.74 




3.75 


5.52 




Aug. 


3.90 


4.75 




3.73J4 


4.59 




Sep. 


3.86 


t.62 




3.67 


4.53 




Oct. 


3.54 


4.59^4 




3.39 


4.51 




Nov 


3.68 


5.15 




3.58 


5.07 




Dec. 


3.80 


5.34^ 




3.67 


5.26J- 


/ 


Av. 


3.87 


4.67';, 




3.74 


4.57 




* Trust 


price. 











LEAD 1\ APRIL. 



Lead in April. 



Lead Market Dull With Prices D 

Lead suffered a break of % to %c per 
pound during April, the decline being pro- 
gressive throughout the month. The main 
cause of the reaction was the withdrawal of 
large export inquiries that had been the 
mainstay of the market during March. At 
London there was much irregularity but the 
net result of fluctuations was only a slight 
decline. While the English market had 
no direct influence here it was responsible 
for the smaller inquiries from Japan, which 
in turn caused a weaker tone and lower 
prices at St. Louis. 

Spot, April and May lead at E. St. Louis 
was held at 7%c to 8c per pound but there 
were few inquiries from domestic consum- 
ers, who preferred to purchase upon a 
sliding scale basis from the Trust rather 
than pay the high prices asked in the open 
market by the independents. 

On April 5th, the London market for 
prompt shipment broke £2 with sales at 
£32 equivalent to 6^c per pound which 
was from 1 to l%c per pound under prices 
prevailing here. Under these circumstances 
few export orders were likely to come to 
the United States from Japan which country 
would naturally turn to Australia. At the 
close of the first week some small sales 
were made at New York and there were 
free offerings at St. Louis and Chicago at 
7%c for prompt shipment in April and May. 

Word was received on April 10th, of free 
offerings in Japan far below the American 
parity. Japanese speculators and traders 
were reselling because of the large offer- 
ings and lower prices in Australia, con- 
sequently, few orders could be expected to 
come to this country. On the following 
day. however, sales were made for export 
to Russia at 7%c St. Louis for May de- 
livery at New York. The domestic de- 
mand was light. Producers were sold ahead 
but reported few shipping directions indi- 
cating small interest by consumers. 

Several additional orders for carload 
lots were taken at 7%c for shipment to 
Russia at the end of- the second week but 
it was difficult to purchase a round lot of 
one hundred tons under 8c. Prices were 
very irregular in the next few days with 
some sales reported at 7}xc East St. Louis 
for April shipment. The Trust declined to 



eclining Throughout the Month. 

sell at a flat price but continued to take 
business at an average monthly price. 

During the third week, the home market 
continued to recede with few sales of any 
importance for either foreign or domestic 
account. The London market on April 
18th had advanced to £35 for prompt ship- 
ment equivalent to 7%c per pound or slight- 
ly under United States parity. 

During the last week of the month prices 
in the outside market dropped slightly be- 
low the level of the Trust price, the two 
interests having drifted apart for two 
months, and, about the middle of March, 
there was a difference of lc per pound. 
During the latter part of the month the St. 
Louis market was more or less demoraliz- 
ed, although there was not much lead left 
to be sold during May. Producers, con- 
sequently, were not pressing sales but some 
orders were taken at 7%c East St. Louis 
for May shipment and buyers b : d 7%c for 
June shipment without securing any import- 
ant lots of metal. On the closing day of 
the month the market was dull but slight- 
ly firmer in tone. 



LEAD PRICES 

New York.* 

Day. Cents. 

3 8.00 

4 8.00 

5 7.87% 

6 7.8714 

7 7.75 

10 7.75 

11 7.75 

12 7.75 

13 7.75 

14 7.75 

17 7.75 

18 7.68% 

19 7.62% 

20 7.56J4 

24 7.50 

25 7.50 

26 7.50 

27 7.50 

28 7.50 

High 8.12% 

Low 7.50 

Average . . . 7.70 

* Open market. 



IN APRIL. 
St. Louis. London. 



Cents. 

s.oo 

S.00 

7.87% 

7.87% 

7.75 

7.75 

7.75 

7.75 

7.68% 

7.68% 

7.68% 

7.62% 

7.56% 

7.56% 

7.41% 

7.43% 

7.43% 

7.43% 

7.37y 2 

8.12% 

7.32% 

7.67 



£ s d 

34 12 6 

34 5 

32 O 

33 

33 10 

34 
34 5 

34 15 

35 5 



35 5 
35 2 
35 2 
35 2 
34 12 







34 

34 10 

34 15 

34 10 

35 5 
32 
34 7 4 



THE STEEL AND METAL DIGEST 



May 



Copper in April. 

Month Opens With Active and Feverish Buying. 



The active and fevered buying of copper 

characterized trade during the early part of 
April, after a temporary lull. The renewed 
buying was accomplished by vigorous 
strength and no little excitement with prices 
steadily rising on all positions. Before the 
close of the month electrolytic had advanced 
from lc to 3c per pound in the New York 
market which was reflected in an apprecia- 
tion of £6 in American electrolytic at Lon- 
don. It is estimated that April sales made 
an domestic and foreign account aggre- 
gated between 300.000,000 and 400,000,000 
pounds. About one-fourth of the contracts 
was placed by domestic consumers which 
.vas the reverse of the transactions in 
March. 

Many reports were circulated concerning 
foreign negotiations which it was difficult 
to verify, as most of the reports were col- 
ored by kaleidscopic views through Wall 
street. The British Government, which had 
exercised an option on 60,000 tons of elec- 
trolytic copper before the close of March, 
i- aid to have placed an equal tonnage 
for this year's delivery at close to 27c per 
pound. It is significant, however, that dur- 
ing the first quarter of this year Great 
Britain had received only 12.000 tons of 
copper from the United States whereas the 
single purchase made by the English Gov- 
ernment in December last called for ship- 
ments of 5,000 tons per month. It is claim- 
ed that the difficulty of securing -team-hips 
ur freight room was responsible for the 
deficiency in the foreign movement. 

The French Government also was report- 
ed to have purchased between 30,000,000 to 
10,000,000 pounds of American electrolytic 
for May, June and July shipment. Italy, 
and possibly Russia, also boughl a moderate 
tonn tge during the first week of the month. 
During the first quarter of the year, it is 
interesting to note, that France took more 
than 34,000 tons of American copper or 
about 5,000 tons more than during the 
corresponding period last year, whereas 
shipments to the United Kingdom were 
10,000 tons less than during the first three 
months of 1915; while less than 3,000 tons 
were expected to Russia during the same 
period of which 2,000 tons were -hipped in 
March Italy took 14.000 tons during the 



first three months of this year which was 
about 300 tons less than during the corre- 
sponding period last year. The foreign 
shipments to all countries in April aggre- 
gated about 50,000,000 pounds, with ship- 
ments from southern and Pacific ports esti- 
mated. 

Since the first of January the allied gov- 
ernments have taken at rate of about 562,- 
000,000 pounds for the year whereas near. 
ly 582,000,000 pounds were shipped to Great 
Britain, France and Russia in 1915. It is 
evident that there must be a radical increase- 
in the foreign movement if the estimate of 
700,000,000 pounds made early this year for 
these countries in 1916 is even approximated. 
Heavy Buying Sends Price Up 3c Per Lb. 
Consumers of copper wire and also export- 
ers have made heavy purchases for ship- 
ment over the next four months; that is, 
for delivery up to August this year. The 
result of the heavy buying was an advance 
of about 3c per pound. The base price of 
copper wire at the close of the month 
was 33c per pound on the average, but 
prices ranged from ::2'k to 33'/c accord- 
ing to deliveries. 

Nearby Positions Irregular. 
There was considerable irregularity in 
prices on nearby positions during the sec- 
ond half of the month. The large produ- 
cing interests were reported to have sold 
capacity up to August but apparently there 
was an ample amount of copper available to 
meet the reduced requirements of belated 
buyers for April, May. June and July ship- 
ments. It is generally believed in the trade 
that considerable metal carried on specu- 
lative account was fed cautiously to con- 
sumers at high premiums. At times other 
second hand offerings caused temporary re- 
actions in prices but the domestic demand 
absorbed most of these offerings within a 
fraction of the prices asked by large inter- 
ests who, late in the month, discovered mod- 
erate amounts of copper left over available 
for early shipment. 

High Prices Stimulated Production — 
Consumption Impeded by Labor 
Difficulties. 
Production, of course, w as stimulated enor- 
mously by the extraordinarily high prices 



Mil STEEL AND METAL DIGEST 



21 7 



LAKE COPPER PRICES. 

Monthly average prices of Lake Copper 
in New \ ork. 





1918. 


1913. 


1U14. 


1915. 


1910. 


Jan. 


14.37% 


16.89 


14.76 


13.89 


24.10 


Feb. 


14.38% 


15.37% 


14.98 


14.72% 


27.44 


Mar. 


14.87 


14. £6 


14.72 


15.11 


27.42 


Apr. 


15.98 


15.55 


14.68 


17.43 


28.91% 


May 


16.27 


15.73 


14.44 


18.81 




June 


17.43 


15.08 


14.15 


19.92 




July 


17.37 


14.77 


13.73 


19.42 




Aug. 


17.C1 


15.79 


12.68 


17.47 




Sept. 


17.69 


16.72 


12.43% 


17.76 




Oct. 


17.69 


16.81 


11.66 


17.92% 




Nov. 


17.66 


15.90 


11.93 


18.86 




Dec. 


17.62% 


14.82 


13.16 


20.37% 




Av.. 


16.58 


15.70 


13.61 


17.64 





ELECTROLYTIC COPPER PRICES. 

Monthly average prices of Electrolytic 
Copper in New York. 

1912. 1913. 1914. 1915. 1916. 

Jan. 14.27 16.75% 14.45 13.71 24.10 

Feb. 14.26 15.27 14.67 14.57 27.46 

Mar. 14.78 14.92% 14.33% 14.96 27.44 

Apr. 15.85 15.48 14.34 17.09 29.31 

May 16.16 15.63 14.13 18.60 

June 17.29 14.85 13.81 19.71 

July 17.35 14.57 13.49 19.08 

Aug. 17.60 15.68 12.41% 17.22 

Sept. 17.67 16.55 12.08% 17.70% 

Oct. 17.60 16.54 11.40 17.86 

Nov. 17.49 15.47 11.74 18.83 

Dec. 17.50% 14.47 12.93 20.35 



Av. 



16.48 15.52 13.31% 17.47 



CASTING COPPER PRICES. 

Monthly average prices of Casting Cop- 
per in New York. 

19*12. 1913. 1914. 1915. 1916. 

Jan. 14.02 16.57 14.27% 13.52 23.06% 

Feb. 14.02 15.14 14.48 14.17 26.03 

Mar. 14.53 14.76 14.18 14.34 25.90 

Apr. 15.72% 15.33 14.18 16.48 27.16 

May 16.01 15.45% 14.00 17.41 

June 17.08 14.72 13.65 18.7454 

July 17.09 14.40% 13.34% 17.76% 

Aug. 17.35 15.50 12.27 16.46 

Sept. 17.51 16.37% 12.00 16.75 

Oct. 17.44 16.33 11.29 17.32 

Nov. 17.34 15.19 11.63 18.41 

Dec. 17.34 14.22 12.83% 19.73 



16.29 15.33 



SHEET COPPER PRICE CHANGES. 

The changes in the base price of sheet 
copper since August 18, 1915, arc given in 

the following table together with the price 
of Lake Copper on the same dates: 

1915— Sheet Copper. Lake Copper. 

August 18 23.00 10.75 

November 3 23.25 18.06% 

November 15 23.50 18.62% 

November 16 .... 23.75 18.75 

November 17 .... 24.00 18.87% 

November 18 .... 24.25 19.00 

November 22 .... 24.50 19.87% 

November 23 .... 25.00 19.87% 

December 22 .... 25.50 20.50 

December 23 .... 26.00 20.75 

December 24 .... 27.00 21.50 

December 30 .... 27.50 22.37% 

1916— 

January 1 28.00 22.75 

January 3 29.00 23.25 

January 5 30.00 23.50 

January 19 30.50 24.12% 

January 22 31.00 24.75 

January 24 31.50 25.25 

January 31 32.00 25.25 

February 5 33.00 26.00 

February 11 34.00 27.50 

February 23 35.00 28.25 

March 1 34.00 28.12% 

March 25 34.50 27.37% 

April 13 35.50 29.25 

April 19 36.50 29.75 

WATERBURY COPPER AVERAGE. 



The Waterbury copper average for the 
month of April is 29 cents. 



EXPORTS OF COPPER FROM THE 
UNITED STATES. 

tin tons of 2,240 lbs.) 

' 1913. 1914. 1915. 1916. 

January . . 25,026 36,018 26,193 23,663 

February . 26,792 34,634 15,583 20,648 

March . . . 42,428 46,504 30,148 26,321 
April .... 33,274 35,079 18,738 *19,980 

May 38,601 32,077 28,889 

June 28,015 35,182 16,976 

July 29,596 34,145 17,708 

August . . 35,072 16,509 17,551 

September 34,356 19,402 14,877 

October . 29,239 23,514 24,087 

November 29,758 24,999 23,168 

December 30,653 22,166 42,426 

Totals . 382,810 360,229 276,344 90.612 
* Includes only exports from Atlantic ports. 



218 



THE STEEL AND METAL DIGEST. 



prevailing, it being estimated that the April 
output was between. 180,000,000 to 190,000,- 
000 pounds. Those in closest touch with 
the situation confidently predict an output 
of 300,000,000 pounds in July. Domestic 
consumption continued heavy but toward 
the close of the month, because of labor dif- 
ficulties and strikes, melting was somewhat 
reduced. Even if 130,000,000 pounds were 
shipped to consumers in April and 50,000,- 
000 pounds exported a surplus of about 5,- 
000,000 pounds was accumulated by pro- 
ducer- making stocks of about 110,000,000 
pounds at the close of the month. 

Total London advance for month: £7 

10s on Electrolytic; £17 on Standard 

Spot; £13 on Standard Futures. 

The London market for American elec- 
trolytic advanced from £136 at the begin- 
ning of the month to £143 10s at the 
close of the month. Standard copper, while 
irregular for a week or so, developed a 
much stronger tone, spot advancing £17 
and futures advancing £13. It is notable 
that there is now a difference of only £10 
between spot standard and spot electrolytic 
whereas not long since the difference was 
as great as £40, due to the preparations 
making to liquidate all standard contracts 
by the end of May. 

The domestic market during the last 
few day; of the month was moderately ac- 
tive with a firm undercurrent but there was 
considerable irregularity and a wide varia- 
tion in prices on the same position. Small 
sales of April were made as high as 31c 
ten days ago, but at the close of the month 
sales were made at 30J^c. May sold at 30j4c, 
June and July at 30c, July alone at 29^c to 
29J4 and August ranged from 29 to 2954c. 
Small interest was taken in fourth quarter 
shipments at 28^4 to 28J^c which producing 
interests were asking, whereas such sales 
had been early in the month at 27^c. 

Producers Well Sold Ahead. 

The one feature that eclipses all others at 
the end of the month is the fact that pro- 
ducing interests have sold the equivalent 
of nine. months capacity and hence can wait 
pments with confidence. 
Copper Production. 
The total output of refined copper from 



primary sources in 1915. according to the 
final report of the United States Geological 
Survey, was 1,634,204,448 pounds, equiva- 
lent to 619,674 tons; including metal from 
secondary sources the total production was 
1,693,779,138 pounds. The apparent con- 
sumption of refined copper in the United 
States last year was 1.043,000,000 pounds 
in 1914, the indicated consumption was 
620,445,373 pounds. If secondary copper 
and copper in alloys be included, the total 
consumption in this country last year was 
1,435,000,000 pounds. Stocks of refined cop- 
per carried at the refineries on January 1, 
1916, amounted to 82,429,665 pounds against 
refined stocks of 173,640,501 pounds on Jan- 
uary 1, 1915. On the other hand, stocks of 
blister copper at smelters, in transit to the 
refineries and at the refineries on January 
1, 1916, were 274,000,000 pounds, while on 
January 1, 1915, such stocks were 203,000,- 
000 pounds. Thus there was an increase 
of 71,000,000 i ounds in stocks of blister cop- 
per and a decrease of 91,210.935 pounds in 
stocks of refined copper during 1915. 





COPPER 


PRICES 


IN APRIL. 











Xew York — 


London. 




Lake. 


Electro. 


Casting. 


Standard. 


Day. 


Cents. 


Cents. 


Cents. 


£ 


s 


d 






27.62^ 


26.25 


115 


5 





4 .. 


. . 27.75 


27.75 


26.25 


116 








5 . . 


. . 27.75 


'.'7.7.-. 


26.25 


117 








6 .. 


. . 27.75 


27.75 


26.25 


117 








7 .. 


. . 27.75 


27.75 


26.25 


118 








10 .. 


. . 28.25 


28.25 


26.50 


118 


10 





11 


. . 28.50 


28.50 


27.00 


120 








12 .. 


. . 28.75 


29.00 


27.00 


122 


10 





13 . 


29.25 


29.75 


27.50 


124 








14 . . 


. . 29.25 


29.75 


27.50 


126 








17 .. 


. . 29.25 


29.75 


27.50 


127 








18 .. 


. . 29.25 


29.75 


27.50 


128 








19 .. 


. . 29.75 


30.50 


27.75 


130 


10 





20 .. 


. . 29.75 


30.50 


27.75 


131 








24 . . 


. . 29.75 
. . 29.75 


30.50 


27.75 








30.50 


27.75 


131 








26 . . 


. . 29.75 


30.50 


27.75 


132 








27 . . 


. . '.'9.75 


30.50 


27.75 


1 32 










29.75 


30.50 
31.00 


27.75 
38.00 


132 
132 


n 







High 


. 30.00 





Low 


. 27.50 


27.50 


26.00 


115 


5 





Av'gf 


28.9i y* 


29.31 


27.16 


124 


r, 


4 



SPEL I Efi I \ VPRIL 



Spelter in April. 



Spelter was active, strong and bouyani 
during the first half of the month, especially 
so during the first ten days, when heavy 
sales were made for export and .prices 
were advanced from i to 3c per pound on 
all positions. A lull followed and dulness 
was pronounced just preceding and imme- 
diately following the Government statistical 
report on April 17th. Domestic consumers 
remained out of the market during the 
third week of the month and while produ- 
cers continued to have faith in the market 
the balance was turned by the dealers who 
switched from the buying to the selling side 
of the market, bringing about a sharp break 
in prices; and, before the close of the month, 
all the previous advance had been lost. A 
steadier tone was evident on the closing 
day o f the month, however, with galvanizers 
in the market for May and June shipments. 

It is remarkable that London continued 
strong throughout the month, being unaf- 
fected by the reaction in the United States 
and recorded a net advance of £12 on spot 
and £11 on futures witli a very strong tone 
at the close. 

Large Export Business. 

Manufacturers of war munitions, especial- 
ly brass makers, were prominently in the 
market during the first week and dealers 
were also free buyers of second quarter po- : 
sitions. Domestic galvanTzers, however, 
were reluctant buyers and confined their 
purchases to nearby delivery. The main sup. 
por.t of the market, however, came from 
abroad, exporters placing large contracts 
for deliveries from May to September for 
shipments from the West. Domestic buy- 
ers requirements, apparently, were quick- 
ly satisfied and at the end of the first week 
the market was in the hands of the dealers 
and exporter.-. 

In the mining districts the principal fea- 
ture of interest was the strike of the ma- 
chinists threatening- to curtail production, 
following the suspension of work by the 
moulders in many of the producing fields. 

During the second week of tin- month 
more heavy orders were placed upon a 
rising market although domestic consumers 
were inclined to hold aloof anticipating a 
reaction. Dealers and other professional op- 
erators, however, encouraged by the activity 
and strength in copper, confirmed to pur- 



chase as prices advanced h was poii ted 

out that with the exi i ptiotl il In is -. mak- 
ers, domestic consumers were poorlj sup 
plied to meet their requirements beyond 
May. 

Domestic Buyers Enter Market for 
Heavy Tonnages. 

Manufacturers of war munitions entered 
the market with greater force about April 
13th, buying brass special at :.' 1 to 22c pel 
pound for April, May and June, as we!! a, 
prime western. Other domestic consume! 
also came into the market placing liberal 
contracts for delivery up to September, but 
especially for June, July and August. Dur- 
ing the next two days there was some fall- 
ing off in business with freer offerings of 
future positions. Most of the transactions 
were of a professional character, dealers 
both buying and selling. Brass founders, 
already well covered for the third quarter, 
bought for delivery over the fourth quarter, 
but sheet mills and other galvanizers con- 
tinued to confine their purchases to second 
quarter delivery. Few, if any, galvanizers 
had placed any orders for delivery beyong 
June. 

Prices Decline Following Publication 
of Government Statistics. 

On April 17th, the Geological Survey is- 
sued its statistical report for 1915 which had 
a profound effect upon the market and was 
later held responsible for the steady decline 
during the following ten days. The Govern- 
ment report shows that there was an in- 
crease in production of 136,470 tons or 39% 
in 1915, and that to-day there is under con- 
struction or planned for, smelting capacity 
amounting to 49,612 retorts. When these 
are completed the yield of spelter will be 
at the annual rate of 825,000 tons. To this, 
however, must be added 60.000 tons to be 
derived from the electrolytic zinc plants, 
giving a total capacity of 885,000 tons per 
year. 

The Government statement makes clearly 
evident the extraordinary changes in the 
industry resulting from the war. Prior to 
1914 the United States had never pro- 
duced as much as 350.000 tons and had 
never consumed more than 340,000 tuns of 
spelter in one year. It is pointed out that 
when the retorts now building are finished, 
the productive capacity of the United States 



THE STEEL AND METAL DIGEST. 



May 



will be nearly three times the normal do- 
mestic consumption. The world's consump- 
tion of spelter in 1913. as reported by the 
Government, was 1,102,456 tons and there- 
fore the prospective capacity of the United 
States is equal to 80% of the world's con- 
sumption about two year's ago. 

Germany Shall Never Smelt Australian 
Zinc Concentrates Again. 

The changes wrought by the war are 
likely to help the United States to main- 
tain commanding position in the spelter in- 
dustry after hostilities cease. Germany atid 
Belgium, that previously supplied about one- 
half of the world's requirements, obtained 
their ores from Australia but Great Britain 
and Australia have declared that never 
again shall Australian zinc concentrates be 
smelted in Germany or in Belgian plants 
controlled by German interests. 

In the mining district of the west, the 
settlement of the labor difficulties through 
the return to work of molders and the yield- 
ing of several shops to the machinist's de- 
mand, facilitated a larger output of ore. The 
market for spelter, however, remained dull 
and prices yielded during the third week of 
the month about 'Ac per pound. Producers 
did not press sales but the market lacked 
support of buying orders. Foreign politi- 
cal complications also had a depressing 
effect. 

SPELTER PRICES IN APRIL. 

New York. St. Louis. London. 

Day. Cents. Cents. £ s d 

3 17.92^ 17.75 93 

4 18.05 17.87J4 91 

5 18.17J4 18.00 92 

6 18.42J4 18.25 93 

7 18.67J4 18.50 94 

10 18.80 18.62 J4 97 

11 19.05 18.87J4 98 

12 19.17J4 19.00 100 

13 19.30 19.12J4 100 

14 19.30 19.12J4 100 

17 19.17J4 19.00 102 

18 19.17'/^ 19.00 103 

11) 19.05 18.87J/; 103 

20 18.92!-:. 18.75 103 

24 18.55 18.37J4 

25 18.30 18.12J4 103 

2f, 18.05 17. x7'S 103 

27 17.80 17.62J4 103 

28 17.80 17.62J4 105 

High 19.42J4 19.25 105 

Low 17.67J4 17.50 91 

Average ... 18.61 H 18.44 99 1 1 



Weakness Characterizes Close. 

Signs of weakness were more apparent 
during the fourth week and price- suffered 
a break of 1 to IJ-2C per pound under free 
offerings by dealers. Producing interests 
also were more anxious to sell for deliv- 
eries over the second and third quarters of 
the year, as anticipated foreign buying fail- 
ed of realization. Brass makers came into 
the market on April 27th, placing a few or- 
ders for "brass special" and on the closing 
day of the month more interest was shown 
by other domestic consumers at the low- 
er prices current Sheet galvanizers plac- 
ed some orders for prompt. May and June 
shipment at 17^2, 17, and 16J4C respective- 
ly. The London market continued strong, 
advancing £2 on the closing day of the 
month. 



WAT 


^ERBl 

1912. 


JRY SPELTER 


AVER 
1915. 


AGES. 




1913. 


1914. 


1916. 


Jan. 


6.78 


7.56 


5.54 


6.55 


22.25 


Feb. 


6.85 


6.81 


5.70 


11.85 


22.70- 


Mar. 


7.17 


6.56 


5.59 


12.15 


23.15- 


Apri 


7.07 


6.08 


5.50 


13.85 


23.20. 


May 


7.13 


5.77 


5.38 


20.55 




June 


7.25 


5.50 


5.37 


25.60 




July 


7.46 


5.61 


5.26 


24.90 




Aug. 


7.34 


5.99 


5.66 


19.30 




Sept. 


7.72 


6.13 


5.91 


17.85 




Oct. 


7.83 


5.74 


5.23 


16.85 




Nov. 


7.74 


5.60 


5.38 


19.36 




Dec. 


7.65 


5.44 


5.90 


21.15 




Av'ge 7.33 


6.06 J4 


5.53 V-i 


17.50 






SPEL 
N 


TER (Monthly 1 


Average 
-St. Loi 


s.) 




ew York- 




us 




1914. 


1915. 1916. 1914 


1915. 


1916. 


Jan. 


5.33 


6.52 18.18 5.14 


6.33 


18.0* 


Feb. 


5.46 


8.86^20.09 8.62 


19.92 


19.9? 


Mar. 


5.35 


10.12J418.09J4 2-15 


9.80 


17.9r 


Apr. 


5.22 


11.51 18. 


6V/2 5.03 


11.22 


18.44V 


May 


5.16 


15.82H 


4.96 


15.52 


/ 2 


June 


5.12 


22.62 Yi 


4.93 


22.14 




July 


5.03 


20.80 


4.84 


20.53 




Aug. 


5.63 


14.45 


5.45 


14.19 




Sep. 


5.52 


14.49 


5.33 


14.10J4 


Oct. 


4.99J 


14.07 


4.81 


13.89 




Nov. 


5.15 


17.04 


4.97 


16.87J4 


Dec. 


5.67 


16.91 


5.49 


16.72 




Av. 


5.30 


14.44 


JUli 14.1ft 





S I I I I. AND METAL DltiKSl 



LIST OF ACTIVE ZINC SMELTERS IN THE UNITED STATES, SHOWING 
CAPACITY IN 1915, BY COMPANIES AND STATES. 

(From Special Bulletin of U. S. Geological Survey.) 
(Includes plants working on ore alone, on ore and drosses, and on drosses alone.) 

Retorts 

Acid Retorts to be 

Company and State. Location. plant, at close added 

of 1915. in 1916. 
ARKANSAS. 

Fort Smith Spelter Co Fort Snvth 2,560 

Arkansas Zinc Co Van Buren? 2,400 

Total 4,960 

COLORADO. 

United States Zinc Co Pueblo .... 2,208 

ILLINOIS. 

American Zinc Co. of Illinois Hillsboro A 4,000 80U 

Gollinsville Zinc Smelter Collinsvi'le .... 1,792 512 

<Jranby Mining & Smelting Co East St. Louis A 3,220 

Hegeler Zinc Co Danville A 3,600 1,800 

Illinois Zinc Co Peru A 4,640 800 

Matthiesson & Hegeler Zinc Co .. La Salle A 6,168 

Missouri Zinc Co Beckemeyer .... 352 

Mineral Point Zinc Co Depue A 9,068 

National Zinc Co Springfield Aa 3,200 640 

Robert Lanyon Zinc & Acid Co Hillsboro A 1.840 800 

Sandoval Zinc Co Sandoval .... 672 

Total 38,552 5,352 

KANSAS. 

American Spelter Co. (b) Pittsburg .... 896 

American Zinc, Lead & Smelting Co Caney .... c7,360 

Do Dearing .... 4,480 

■Chanute Spelter Co Chanute 1,280 

Cherokee Smelting Co Bruce .... 896 

Edgar Zinc Co Cherryvale 4,800 

Granby Mining & Smelting Co Neodesha .... 3,760 

Iola Zinc Co Concreto .... 660 

Joplin Ore & Spelter Co Pittsburg .... 1,444 

Pittsburg Zinc Co do 1,358 

Prime Western Spelter Co Gas Ad 4,868 

United States Smelting Co Altoona 3,960 

Do Iola 3,440 

Do La Harpe 1,924 

Total 41,126 

MISSOURI. 

Edgar Zinc Co St. Louis 2,000 

Nevada Zinc Co Nevada 672 

Rich Hill Zinc Co Rich Hill 448 

Total 2,672 448 

OKLAHOMA. 

Bartlesville Zinc Co Bartlesville .... 5,184 

Do Blackweli 4,800 

Do Collinsville 10,752 672 

Henryetta Spelter Co Henryetta 1,800 

J. E. Hildt Tulsa? 3,660 

J. B. Kirk Gas & Smelting Co Checotah 3,200 

Kusa Spelter Co Kusa .... 3,720 

La Harpe Spelter Co do 4,000 

Lanyon-Slarr Smelting Co Bartlesville 3,456. 

National Zinc Co do 4,970 

Oklahoma Spelter Co Kusa 1,600 

Picher Lead Co Henryetta 3,200 

Tulsa Fuel & Manufacturing Co Collinsvi'le .... 6,232 

Tulsa Spelter Co Sand Springs 5,680 800 

United States Smelting Co Blackweli 6,000 

Total 39,994 29,732 

(Continued on next page.) 



222 



THE STEEL AND METAL DIGEST. 



May 



PENNSYLVANIA. 

American Steel & Wire Co Donora 

American Zinc & Chemical Co Langeloth 

New Jersey Zinc Co. (of Pennsylvania).. Palmerton 

Total 

WEST VIRGINIA. 

Clarksburg Zinc Co Clarksburg 

Grasselli Chemical Co do 

Do Meadowbrook 



A 
A 


3,648 
3,648 
6,720 


5,472 
3,648 




14,016 

3,648 
5,760 
8,592 


9,120 


Ae 
Ae 



Total 18,000 



Total for all States 156,568 



49,612 



(a) The National Zinc Co. has zinc-roasting furnaces at Argentine, Kans., where the 
sulphur gases are utilized in an acid plant, the roasted concentrates being shipped to 
the smelter at Springfield, 111. 

(b) Completed in 1915, but not operated until 191F. 

(c) Including furnaces of Owen Zinc Co.. operated under lease. 

(d) The Prime Western Spelter Co. has roasting furnaces and an acid plant at Tilt- 
onville, Ohio. 

(e) The Grasselli Chemical Co. operates acid plants in connection with its zinc- 
roasting furnaces at Grasselli, Ind., Cleveland, Canton, and Lockland (near Cincin- 
nati), Ohio, and Newcastle, Pa., the roasted zinc concentrates being shipped to the 
smelters at Clarksburg and Meadowbrook. W. Va. 



TRADE NOTES. 

The United Zinc Smelting Corporation 
was chartered on April 18, under the laws 
of Now York, with 600,000 shares of nc 
par value, to acquire contr>.' .if tin.- zinc- 
lead mines of the Kenenck Zinc Corpora- 
tion in the Joplin district, and of the smelt- 
ing plant of the Clarksburg Zinc Co., at 
Clarksburg, W. Va.. and to conduct a gen- 
eral mining, smelting and manufacturing 
business 

The following directors have been elect- 
ed: Russel A. Cowles, of the Buffalo Cop- 
per & Brass Rolling Mills Corporation; Ar- 
thur Day and Arnold L. Davis, of Parker. 
Davis & Wagner; William Kenefick, Benja- 
min Lissberger, of B. Lissberger & Co., 
New York; Martin M. Pear'.man. of the 
Pearlman Co.. Inc., and George M. Pyn- 
chon, H. Raymond, and William E. Reis 
of Raymond. Yynchon & Co. 

The United Zinc Smelting Corporation 
has offered to purchase all common shares 
(200,000i of Kenefiick Zinc Corporation at 
1J4 shares of its stock for each common 
share of Kenenck Zinc Corporation. 

Stock of Kenefick Zinc Corporation was 
issued '•nly la-t February and has already 
received two monthly dividends of 10 cents 
hare. 

The Kenefick Zinc Corporation proper- 
n dude the following mines in the 
Joplin district: Media (new mill only re- 
cently completed), Electrical, Coyote, Aire- 
dale and Milan: tin-. ]>roperties are esti- 



mated to have an annual ouout of 25,000 
to 30,000 tons of concentrates, and there 
are no outstanding bonds or other liabilities 
other than current indebtedness. The zinc- 
smelting plant of the Clarksburg Zinc Co.. 
controlled by Pearlman Co.. Inc., contains 
3,648 retorts comprised in four blocks of 
912 retorts each. It is planned to con- 
struct two additional blocks, bringing the 
total equipment up to 5,472 retorts. A new- 
acid plant will be an important feature of 
the improvements at this works. 



SHEET ZINC PRICE CHANGES. 

The following table gives the changes in 
the price of sheet zinc Aug. 23rd, 1915 to- 
gether with the price of spelter ruling on 
the same day. 



1915— Sheet Z 

August 23 15.00 

August 24 16.00 

November 4 16.60 

November 9 17.00 

November 11 17.60 

November 12 18.00 

November 17 19.00 

November 18 20.00 

November 22 21.00 

November 23 22.00 

December 31 23.00 

1916— 

January 26 24.00 

February 17 25.00 



Spelter 
inc. St. Louis. 
12.00 
12.75 
15.13J4 
15.87H 
16.12^ 
16.31J4 
17.25 
17.37J4 
18.76 
18.75 
17.25 

19.00 
20.87J4 



ALUM IM'M IN AI'K'II 



Aluminum In April. 



Market Dull and Pr 

Aluminum was dull throughout April 
there being scarcely enough business in the 
opi n market to determine the exact position 
of prices. At the beginning of the month 
No. 1 Virgin for early shipment was of 
fered at 59 to 61c. Pure, 98 to 99%, remelt- 
ed, was offered at 57 to 59c and No. 12 
alloy remelted, at 48 to 50c. The tune of 
the market was easier for several days 
with May, June and July shipment of No. 
1 Virgin available at several cents per 
pound less than the asking price for spot. 
At this time the Aluminum Company of 
America was making better deliveries on 
contracts with consumers bidding 57 to 58c 
for early shipment and holders asking from 
1 in 2c per pound higher. Sales of remelted 
were made in small lots at 57c in the east, 
while western holder- were asking 56 to 
57c at shipping points but there were few 
buyers except at radical concessions 
Deliveries Held Up by Labor Difficulties. 

About April 20th, the Aluminum Co. of 
America, crippled by strikes and other la- 
bor difficulties, fell behind in deliveries: 
consequently, dealers refused to quote small 
consumers for specific shipments but prices 
were nominally from lc to 2c lower. The 
market became more settled toward the 
close of the month when shipments were 
made regularly with the resumption of work 
at the plants of the largest interests; but 

ALUMINUM AND SILVER PRICES. 

New York 

— Aluminum — Silver 

1914. 1915. 1916. 1914. 1915. 1916. 

Jan. 18.86 19.01 54.33 57.56 4S.894 56.77* 

Feb. 18.801 19.20 57.50 57.50i 48.48 56.754 
Mar. 18.30 18.94 1 60.52 58.07 50.24 57.924 

Apr. 18.08 18.83 60.00 58.52 50.25 64.374 

May 17.93 21.85 58.18 49.91i 

June 17.82 29.66 56.47 49.03 

July 17.59 32.50 54.68 47.52 

Aug. 20.38 34.00 54.34 47.18 

Sep. 19.28 J 46.75 53.29 48.68 

Oct. 18.25 54.17i 50.65 49.384 

Nov. 18.83 57.85 49.10 51.71 

Dec. 19.02 56.804 49.38 54.97 

Av.. 18.594 34.1:: 54.81 49.69 



ices Unchanged. 

there were few offerings for future deliv- 
ery because of the uncertainties surround- 
ing the market. Export business was al- 
most entirely suspended because of the re- 
strictions placed by the British Govern- 
ment against purchases by individuals. Trad 
ing in the English market has been elimin- 
ated with all supplies concentrated and 
utilized by the Government in the manu- 
facture of war munitions. Prices in the 
open market here, at the close of the month 
varied but slightly from those prevailing 
when the month opened. 

LEAD PRICE CHANGES. 

The changes in the Trust price at New 
York since June 11, 1915, have been as 
follows: 

June 11. 1915 6.50 

June 12 Advanced .50c to 7.00 

June l ; Reduced .75c to 6.25 

June 18 " .25c to 6.00 

June 19 " .25c to 5.75 

July 30 " .25c to 5.50 

August 2 " .25c to 5.25 

August T " .25c to 5.00 

August 9 " .25c to 4.75 

August 10 " .25c to 4.50 

August 25 Advanced .10c to 4.60 

August 26 " .10c to 4.70 

August 27 " .20c to 4.90 

September 9 Reduced .20c to 4.70 

September 14 " .20c to 4.50 

October 21 Advanced .25c to 4.75 

October 29 " .15c to 4.90 

November 4 " .10c to 5.00 

November 10 .15c to 5.15 

November 15 .10c to 5.25 

December 14 .15c to 5.40 

December 31 " .10c to 5.50 

January 4, 1916 " .25c to 5.75 

January 7 ,15c to 5.90 

January 21 " .20c to 6.10 

February 9 .1 5c to 6.25 

February 16 .05c to 6.30 

March 3 " .10c to 6.40 

March 7 " .20c to 6.60 

March 14 " .40c to 7.00 

March 30 " .50c to 7.50 



THE STEEL AND METAL DIGEST. 



May 



Antimony In April. 



The Month Opened With Heavy Break in Prices, Continuing Weak 
and Dull Throughout. 



Antimony was heavy, weak and lower 
throughout April because of light demand 
from manufacturers of war munitions and 
from other domestic consumers, in conjunc- 
tion with larger arrivals of domestic and 
foreign metal anil freer offerings of future 
shipments from the Orient. The result was 
a break of 6 to 7c per pound on spot, 5 to 
6c per pound on nearby futures and 4 to 
5c per pound on shipments from China and 
Japan. 

At the beginning of the month importers 
and dealers were asking 43 to 44c for either 
American or Oriental antimony for prompt 
shipment while April was offered at 39 to 
10c per pound duty paid. The demand was 
almost entirely confined to small lots of 
one to five tons, as munition makers were 
"in of the market having previously covered 
their requirements by executing future con- 
tracts. 

As the month progressed the spread be- 
tween spot and future positions increased, 
ranging from 5 to 10s per pound for a 
time, through the recession of all positions 
but especially of future contracts. By the 
tenth of the month spot had receded to 
42'jC, April to 39*/ 2 c, May to 37J^c, June 
to :!6c and July to 34c. duty paid. 

Toward the middle of the month larger 
arrivals from the far East caused a further 
•inn of lc to 2c per pound, and im- 
porters were ready to make even greater 

CHINESE and JAPANESE ANTIMONY 

Average monthly price of Chinese and 
Japanese (ordinary brands) in New York. 



.Jan. 
Feb. 
Mar. 
Apr. 
May 
June 
July 
Aug. 
Sept. 
Oct. 
Nov. 
Dec. 
Av. , 



1912. 
6.89 
6.78 
6.78 
6.87 
6.98 
7.07 
7.37 
7.58 
8.00 
9.11 
9.11 
9 05 
7.63 



1913. 
S.7T/, 
8.16 
7.91 
7.82 
7.75 
7.62 
7.55 
7.48 
7.31 
6.46 
6.28 
6.05 
7.43 



1915. 1916. 

15.24 42.26 

17.62J4 43.87!/ 2 

20.93 ]/ 2 44.71 

23.97 41.35J4 

34.71 



1914. 

6.03 

6.00 

5.94^ 

5.82 

5.78 

5.62<4 36.53J4 

5.44 35.98 
13.05 32.57 

9.79^ 28.50 
11.64 30.96 

14.14 37.88... 

13.15 39.36^ 
8.53V4 29.52 



concessions, although unwilling to force 
sales on reluctant buyers. The market was 
almost entirely lifeless, and the previous two 
weeks proved to be the dullest since the 
beginning of the European war. During 
the third week of the month additional ar- 
rivals from Japan caused a further drop in 
prices when some sales for May delivery 
were made at 36J<c followed by several 
large -ales on April 25th, of May. June 
shipments from the Orient at 30c in bond. 
Still lower prices were made in the next 
few days and the market closed heavy, weak 
and lower at 37'^c for prompt, and 35 to 
36c for May delivery, duty paid. Further 
concessions would be made for shipments 
from the Far East but there was scarcely 
enough doing to determine the exact posi- 
tion of the market. 

ALUMINUM, SILVER and ANTIMONY 
PRICES IN APRIL. 
Aluminum. — Silver — Antimony. 



Day 



High 
Lew 
Av'ge 



N. Y. 

Cents 

. 60.00 

. 60.00 

. 60.00 

. 60.00 

. 60.00 

. 60.00 

. G0.00 

. . 60.00 

. 60.00 

. . 60.00 

. . 60.00 

. . 60 00 

. . 60.00 

. . 60.00 

. . 60.00 

. . 60.00 

. 60.00 

. . 60.00 

. 60.00 

61.00 

59 00 

60 00 



N. Y. 

Cents. 
60^ 
61% 
61% 
61% 
61% 
61% 
61% 

62 y A 

62>; 

62% 

63 

63J4 

63% 

64 

63% 

''.4 ' : 

65% 

6534 



London. 
Pence. 

29 

29% 

29 ft 

29% 

29ft 

29% 

29 A 
29ii 
2911 
29% 
30 
30^ 
30% 
30ft 

30 ft 
30% 
31ft 



32 ft 

33 

34'A 



N. Y. 
Cents. 



44.00 

43.50 
43.50 
43.50 
43.50 



43.00 
42.75 
41.50 
41.50 
41.50 



40.51) 
40.5t, 

40 2: 

40.0' 



40.0C 
40.00 
39.25 
39.00 
38.00 



h t ■ i 



44.00 
37.50 
41.3554 



The Extraordinary Effect of 21 Months of War on 
Aluminum and Antimony Prices. 

Plotted Erom monthly averages of No. 1 Virgin Aluminum and Chinese and 
Japanese grade Antimony. 



61 
60 
59 
58 
57 
56 
55 
54 
53 
52 
51 
50 
49 
48 
47 
46 
45 

V 43 

C « 

J 41 

«• 

1 39 

**" 38 

it 37 

tl 36 

Q» 3s 
* « 

_ 33 

J* 32 

n 30 

V 29 
28 
27 
26 
25 
24 
23 
22 
21 
20 
19 
18 
IT 
16 
15 
14 
13 
12 
fl 
10 

9 
8 
7 
- 


1913 


1914 


1915 


1916 


61 
60 
59 

58 
57 
56 
55 
54 
55 
52 
51 
50 
49 
48 
47 
46- 
45 

43 

42 a 

4, 3 

40 •» 
39 ft 
38 « 

36 <j 
35 „, 

34 TJ 

33 
32 £ 

31 3 

30 a 

29 "■ 
28 
27 
26 
25 
24 
23 
22 
21 
20 
19 
IS 
17 
16 
15 
14 
13 
12 
11 
10 
9 
8 
7 
6 
-, ' 


A YEAR BEFORE THE WAR — THE EFFECT OF 21 MONTHS OF WAR— 




















































































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ALUMINUM ANTIMONY- 



THE STEEL AND METAL DIGEST. 



May 



Joplin Zinc And Lead Ore Markets. 



Never in the history of the Joplin dis- 
trict has there been such a monthly ship- 
ment of ores both in tonnage and in value 
as was shipped during the month of April. 
Of blende "res the average for the live 
weeks was 8,750 tons and of calamine 815 
tons, a total of 9,565 tons of all zinc ores 
weekly. Part of this great shipment of ores 
which reached the impressive total of 47,- 
827 tons of zinc ores was surplus stock 
which was enticed out of the bins of the 
holders by the higher priced levels that 
prevailed during the middle of the month. 
The surplus stocks at the beginning of the 
month were 10.S25 tons while at its close 
they had dwindled down to S,200 showing 
an absorbtion of 2,625 tons. Taking this 
into consideration it is evident that the zinc 
ore production is now running above 9,000 
tons weekly, a production level never hith- 
erto believed possible for the field. But 
with the performance now accomplished 
and with a review of the new plants under 
construction it becomes evident that the 
year will see even greater production before 
it closes. It would surprise no one now if 
the year closed with an average of 10,000 
tons per week for the entire period. 

The price levels for the month were also 
higher than those of the previous month. 
The average price for all grades of blende 
ores was $106,47 for the month; for calamine 
ores it was $S1.61. The base range was 
highest for the week of April 15 when it 
touched $125. It ranged from $110 to $120 
for the other weeks of the month. The 
lowest range of base was for the first 
week of the month when ore sold as low as 
$90 base for 60% zinc ores. During no 
week of the month was the average settle- 
ment price for all grades of blende below 
$101.50 and as high as $112.50 was reached 
for the week of April 15. 

Calamine prices were not so variable in 
base price for the month but the average 
settlements for the various weeks did vary 
on account of grade. The base range for 
this class of ore held firmly to $75 to $95 



far 40'. r ores. The average for all grades 
for the month was $81.61. The lowest av- 
erage was for the week of April 22 when 
the average was $76. The production of 
this class of ores has been showing an 
increase recently which has been bringing 
it back somewhat nearer the proper propor- 
tion to blende ores. A few years ago the 
normal relation of calamine ores to blende 
was in the proportion of one ton of cala- 
mine to ten of blende. The last month saw 
a closer approximation of this than for 
some time. 

The lead ore market held steady to the 
mark set the previous month and sold quite 
uniformly from $90 to $102.50 per ton of 
B0$ lead. The average of all grades was 
slightly above $100 per ton. The tonnage 
shipped reached 6,333 tons or an average 
of 1,266 tons per week. This shipment of 
ore took care of practically the output save 
for 250 tons which was added to the sur- 
plus stock. At the end of the month the 
surplus stock was 750 tons. 

The increased output of 1916 over 1915 
for both lead and zinc is assuming a sur- 
prisingly large per cent. With regard to 
blende ores the increase in tonnage is 39,- 
669 tons or 47%, for calamine it is 4,222 tons 
or 67% and for lead ores it is 6,757 tons or 
52%. If these increases are maintained 
throughout the coming months and every 
indication now points in that direction, the 
output of ores will reach very large figures. 

In spite of the increase in production, 
however, there seems an ever increasing de- 
mand for the ores and as rapidly as it 
reaches the bins of the ore producers it 
is purchased by the smelters so that the 
surplus stocks have never reached any dan- 
gerous proportions. This month sees the 
announcement of the building of three more 
zinc smelting plants, one at Quentiu and 
another at Boynton, Okla.. and a third at 
Fori Smith. Ark. All three of the plants 
will be gas fuel plants. Two of the plants 
are already under construction while the 
other i- just starting. 



AN ABNORM \l. M \ K is I . I ON SILVER 



An Abnormal Market on Silver. 



The market situation of silver during the 
past month has been sensational to a mark- 
ed degree, and prices obtaining ;it the time 
of writing are 76Jjj cents New 5fork, and 
37 pence London, w hich show a slight re- 
action from the high points reached May 
3rd, namely: 7T% cents and 37J^ pence in 
the New York and London markets respec- 
tively. These prices are above the high 
level of 1906 and it is necessary to go hack- 
to the silver hoom of 1SU3 to find their 
equal. Withdrawal of gold as a medium 
of circulation from practically all the mar- 
kets of the world except this country ac- 
counts almost fully for the sensational ad- 
vance in silver. Incidentally, the Mexican 
disturbances have served to materially cur- 
tail the supply from that source. 

For the past year, hut more especially in 
recent months, there have been heavy ship- 
ments of silver from this country to Eng- 
land. France and Russia, while the demand 
from China and East India has been almost 
unprecedented. 

The Journal of Commerce has the follow- 
ing to say on the silver situation: 

"The highest prices for silver since the 
halcyon days of so-called free silver hack 
in 1893 are now being enjoyed by the silver 
producers of the country. Last fall, the 
price of silver, at 47 cents per ounce, was 
the lowest in history. This week it passed 
7;: cents an ounce, soaring 10 pounds in a 
week. The average price in recent years 
has been between 55 and 00 cents. During 
the 1900-1907 boom, the price at one time 
passed 71 cents. Up to is;::, the price was 
fixed at $1.29 an ounce. That was in the 
days of real free silver, at 16-to-l. From 
1873 to 1893, under partial free silver, the 
price hovered around $1.00 an ounce, more 
or less. 

"The boom in silver is due to the demand 
for coinage purposes by practically all Eu- 
ropean countries. Gold has disappeared 
from circulation throughout Europe. The 
Allied Powers and the Central Powers are 
issuing torrents of silver money, and 
reams upon reams of silver certificates or 
paper money backed by silver reserves, or 
ostensibly so backed. 



"Already there is talk, owing to tin 

llOarded supply of gold, and the demand for 
silver currency both during the war, ami 
after, that silver may once more be mone- 
tized in Europe. 

"Free silver, due t" the scarcity of gold 
in Europe, is not an impossiblity. 

" \.s a probability it looms up most ex- 
ceedingly remote. 

"But then, this war has upset all estab- 
lished precedents in many other lines of 
thought and action which this world of 
ours had conceived as 'fixed.' 

"Free silver means that silver producers 
may sell their entire output to government 
mints at a fixed price and that the gov- 
ernment may coin this silver in free and 
unlimited amount, according to this price, 
which represents a fixed ratio between gold 
and silver. Bryan's '10-to-l' meant only 
that the price of silver would be fixed at 
l-16th that of gold, which was, and is, 
$20.67 an ounce. That would have made 
silver worth $1.29 an ounce. That was the 
price of silver up to' the time the metal was 
demonetized in this country in 1873. It 
was the price at which the government 
agreed to buy large quantities of silver for 
coinage after 1S73 — but no free and unlim- 
ited quantities. It was this purchase by 
the government which held up the price of 
silver — near or above $1.00 up to 1893. 

"Free silver does not mean necessarily 
16-to-l. The Allied Powers may, conceiv- 
ably declare for free silver at, let us say, 
30-to-l. With gold at $20.67 per ounce, that 
would give silver a fixed value of 68.9 cents 
an ounce, for coinage purposes. Free silver 
at 25-to-l would mean 82.0 cents an ounce 
for silver. 

"As to this war leading to possible re- 
monetization of silver — free and unlimited 
coinage, at a fixed ratio from the Franco- 
Prussian war, and Berlin's demand that the 
war-debt be paid in gold, which was the 
real cause for the demonetization of silver 
in this country in 1873. 

"Will this war swing the pendulum to 
the opposite extreme, and bring silver back 
again to free and unlimited coinage at some 
fixed rate — and fancy price per ounce? 
"Quien sabe?" 



THE STEEL AND METAL DIGEST 



May 19 



BRANDS OF COPPER IN UNITED STATES. 



Adventure 

Atlantic 

Calumet & Hecla 

Calumet & Hecla 

Calumet & Hecla 

Centennial 

Copper Range 

Franklin 

Isle Royale 

Mass. 

Michigan 

Mohawk 

Osceola 

Quincy 

Tamarack 

Victoria 

Winona 

Wolverine 



American S. & R. Co. 
Balback S. & R. Co. 
Baltimore Copper Works 
Boston & Montana Co. 
Chicago Copper Ref. Co. 
Copper Queen 
Miami 

Nichols Copper Co. 
Orford Copper Co. 
Raritan Copper Works 
U. S. Metals Ref. Co. 
United Metals Selling Co. 



Balbach S. & R. Co. 
Boston & Montana Co. 
Chicago Copper Ref. Co. 
Duquesne Reduction Co. 
Nichols Copper Co. 
Phelps, Dodge & Co. 
Tottenville Copper Co. 
U. S. Metals Ref. Co. 
Iphia, Pa. 



LAKE. 






Refined at: 




Branded. • 


Hancock, Michigan. 


Ac 


Iv. C. Co. 


Houghton, Michigan. 


A. 




Hubbell, Michigan. 


C. 


& H. M. Co. 


Buffalo, N. Y. 


C. 


& H. M. Co. 


Buffalo. N. Y. 


B. 


L. 


Hancock, Michigan. 


C. 


C. M. Co. 


Houghton. Michigan. 


C. 


R. 


Hancock. Michigan. 


F. 


M. Co. 


Dollar Bay, Michigan. 


I. 


R. C. Co. 


Hancock, Michigan. 


Mi 


iSS. 


Houghton. Michigan. 


M. 


C. 


Houghton, Michigan. 


M. 


M. 


Dollar Bay, Michigan. 


T. 


O. 


Hancock, Michigan. 


Q. 


M. Ct, 


Dollar Bay, Michigan. 


T. 


0. 


Hubbell, Michigan. 


V. 


c. 


Hubbell, Michigan. 


W 


. A. 


Houghton, Michigan. 


w 




ELECTROLYTIC 






Refined at: 




Branded. 


Perth Amboy, N. J. 


P. 


A. 


Newark, N. J. 


Bb 




Baltimore, Md. 


B. 


E. R. 


Great Falls, Mont. 


B. 


& M. 


Blue Island. 111. 


C. 


C. R. 


Laurel Hill, L. I. 


C. 


* Q- 


Laurel Hill, L. I. 


A. 


L. S. 


Laurel Hill, L. I. 


L. 


N. S. 


Chrome, N. J. 


0. 


E. C. 


Perth Amboy, N. J. 


N. 


E. C. 


Chrome, N. J. 


D. 


R. W. 


Laurel Hill, L. I. 


R. 


M. C. 


CASTING. 






Refined at: 




r.rr.nded. 


Newark, N. J. 


N. 


B. C. 


Great Falls, Mont. 


M. 


A. 


Blue Island, 111. 


C. 


C. R. 


Pittsburgh, Pa. 


D. 


E. C. 


Laurel Hill, L. I. 


C. 


X. C. 


Laurel Hill, L. I. 


P. 


D. Co. 


Tottenville, N. Y. 


c. 


T. C. 


Chrome. N. J. 


D. 


S. 


White & Bro., Inc. 


W 


. B. 



L916 ["HI i m i VND METAL DIGEST 889 

yiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiimiuiiiimiiiiiii liiluillllllllllllllllllllllllllllllllllllllllllllllllllllll iimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii!iiiiiiiiii!!iiiiiiiiiiiiiiiiiimimiiiiiiiii«iiiiiiiiiiiiins 



Index To Advertisements. 



: P|IK<-. 

viv\ metal co 25 

\MI l:l< AN SHEET A I IN PLATE CO ."> 

A.MEKK AN ZINC. LEAD A SMELTING CO. 10 

M. E. APPELBAUM i» 

ASBESTOS PROTECTED MET AX CO. n 

ATRES BRIDGES & CO 84 

BALBACH SMELTING & REFINING CO. "82 

BEER, SONDHEIMER & < 46 

S. BIKKENSTEIN & SONS 82 

BRIER 1111. 1, STEEL CO II 

HKOOKMIKE ECONOMIC SEBTICE 4 

BROWN-WAXES CO IS 

BRUCE .V COOK I» 

C. L. CONSTANT CO I* 

III QUESNE RED! CTION CO 45 

EAGLE SMELTING & REFINING WORKS '- 

FISCHER-SVt EENEY BRONZE CO s<i 

GENERAL SMELTING CO :)li 

(i LASGOW IKON CO u 

JAMES GRAHAM & CO :ili 

lili.WllV MINING & SMELTING CO 38 

GRASSEIXI CHEMICAL CO 3!l 

| MICHAEL DAYMAN & CO 4l 

HENDRICKS BROS 40 

THEODORE HIKKTZ METAL CO 28 

HOMER-LEBOLT CO.. INC 2* 

U. T. HUNGERFORD BRASS & COPPER 46 

ILLINOIS ZINC CO x * 

| II. KRAMER & CO 3S 

LA BELLE IKON WORKS I* 

i ROBERT C. LEA & CO 1 " > 

I LEHMAN BROS » 5 

WALKER M. LEVETT & CO 34 

LORAINE SMELTING & REFINING CO 29 

MANHATTAN PERFORATED METAL CO 6 

MATTHTESSEN * IIEGELER ZINC WORKS 

MITSUI & CO 

E MORE-JONES BRASS & METAL CO 3 ~ 

NASSAU SMELTING & REFINING CO 4 - 

NEW JERSEY ZINC CO 44 

| N. Y. IRON ROOFING & CORRUGATING CO fi 

PAGE WOVEN WIRE FENCE CO 3 

PARKERSBURG IKON & STEEL CO I0 

| PENNSYLVANIA SMELTING CO. 31 | 

1 PHELPS. DODGE & CO 44 | 

f PICHER LEAD CO 3 " 

REEVES MANUFACTURING CO 7 

| REPUBLIC IKON & STEEL CO 10 

1 SENTER METALS CO., INC '' 6 | 

| W. P. SNYDEB & CO (! 

j STANDARD TIN PLATE CO . . . 5 

| STARK ROLLING MILL CO . ... 18 

| ST. JOSEPH LEAD CO 

I SYRACUSE SMELTING WORKS ...42 

I TOTTENMLI.E COPPER CO ~8 

S C. S. TRENCH & CO 41_ f 3 

NATHAN TROTTER & CO S7 § 

E TRUMBULL STEEL CO .8 E 

UNION SMELTING & REFINING CO ~ 4 

UNITED METALS SELLING CO 37 

E VULCAN DETINNTNG CO Vi 

WAII CHANG MINING & SMELTING CO 1!l 

WH1TAKEK-GLESSNEK CO '[ 

WHITE * BRO 

1 ALAN WOOD IKON A STEEL CO 

GEORGE s. YOUNGS 36 | 

= n n , , , ! , , , i ! i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 n 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 > i in I i I miiiiniiiiii milium I iiiiiiiiiiiimiii iiiiiiiiiiimii 11111111111= 



33 



THE STEEL AXD .METAL DIGEST 



May 19: 



Trade Notes. 



The New England Brass Company. Taun- 
ton. Mass.. has been incorporated with a 
capital stock of $125,000. William M. Lov- 
ering is president and Frederick H. Gooch 
treasurer. It plans to build, on Park Street, 
a rolling mill, 60x125 feet and a casting shop 
50x60 feet, to be completed in June. 



A new steel company — Halcomb & David- 
son, Inc. — with offices in the Singer Build- 
ing, New York, has been formed by C. 
Herbert Halcomb. formerly a director and 
works manager, and William P. Davidson, 
for 11 years vice-president and general 
manager of the International High Speed 
Steel Company, who have severed their 
connections with that company. The new 
company will engage in the manufacture 
and sale of all kinds of tool steel, high- 
speed steel, alloy steels and drill steels, 
solid and hollow. 



The Canadian Steel Specialty Company. 
Ltd.. Grimsby, Out., has been incorporated 
with a capital stock of $100,000 by Harry 
G. Hess. Jesse J. Foster, Clyde B. Van 
Dyke and others to manufacture machin- 
ery, tools, metals, etc. 



The Simplex Seamless Tube Corporation, 
according to an announcement made by 
the Buffalo Chamber of Commerce, has 
been incorporated and will erect a plant 
in Buffalo. N. Y. for the manufacture of 
seamless steel tubing. The plant at the 
outset will have a capacity of 7,000,000 to 
10,000,000 lin. ft. per year. Rogers, Locke 
and Babcock, attorneys for the new corpo- 
ration, are conducting the arrangements. 
The plant is to be ready for operation as 
quickly as possible. The first mill will con- 
tain from eight to 12 benches. Representa- 
of the company state that contracts 
have been closed for tubing that will keep 
the plant busy on a 24-hour day basis for 
the nest year. 



The Stanley Steel Company, Ltd., Ham- 
ilton. Out., has been incorporated to carry 
on the business in iron and manufacture 
of steel and iron: $250,000 capital stock; by 
Arthur T. Hatch. Frederick M. Hatch. 
rhomas C. Haslett and others of Hamil- 
ton. 



The Apex Steel Corporation, Port Ewe 
X. Y., has been incorporated by J. J. Mt 
laney, 50 Church Street; W. H. Hicken, 
N. Emley. 1.5 William Street. N. Y., to co 
duct business in mining, smelting. and ma 
ufacturing. The capital stock is $30,000. 



The Roberts Tool Company, 391 Mi 
berry Street, Newark, N. J., has been i 
corporated to manufacture rivet sets ai 
other shock resisting tools by a newly d 
veloped process. It involves the use of 
special analysis steel w-hich is subjected 
a heat-treating process that gives the e 
terior of the tool great heat-resisting qu£ 
ities. By virtue of soft cores, the rivet se 
and other tools will not break at the shan 
The company will begin to manufactu 
early in May. 



It is announced that Philadelphia inte 
ests and others have financed the Delawa 
Steel & Ordnance Company, which h: 
taken over the plant of the Diamond Stat 
Steel Company. The capital subscribe 
was $5,000,000 and operations will be r 
sumed at the plant within 30 days. At fir 
1.000 men will be employed, and the nut" 
ber will be increased to 1,500. 



Maryland Iron and Steel Company a 
plied for articles of incorporation on Apt 
13th at Dover. Del. The company w 
have a capital stock of $1,000,000. 



The Frost Steel & Wire Company, Han 
ilton. Out., has been incorporated with 
capital stock of Sfi.OOO.OOO to manufactui 
fences, gates, posts, etc. 



The Sterling Metal Company. Aubur 
Ind.. organized with $25,000 capital stoc 
will make knives and forks, dental an 
plumbers supplies. Orlando Rex is pres 
dent and A. L. Kuhlman secretary. 



I he Foundry & Machine Company. Moi 
treal. Quebec, has been incorporated t 
carry on a general foundry business, t 
manufacture machinery, tools, shells, mun 
tions. motors, etc.; $200,000 capital stocl 
by John J. Tolland, Joseph U. Emard. Joh 
A. Sullivan. G. A. Normandin, and other 
all of Montreal. 



The 

Steel and Metal 
DIGEST 



VOL. VI. 



NEW YORK, JUNE, 1916. 



NO. 6. 



Published Monthly by the American Metal 
Market Company, 81 Fulton St., New York. 

C. S. Trench, President. 

C. S. J. Trench, Secretary and Treasurer, 
Branch Office. 6:27 Oliver Bldg., Pittsburgh. 

Subscription Price Two Dollars a year 
for United States, Canada and Mexico; for 
other countries $2.:2.">. 

Advertising rates on application. 

Entfied at Post Office of New York as second 



CONTENTS. 



The War to Kill England's Free Trade 

Policy 231 

Cost Readjustments After the War . . 236 

Judge Gary's Views 237 

Tin in Tin Plate and What it Costs . . 238 

Iron Ore Production 239 

American Iron and Steel Institute .... :.'41 

Production of Lead in U. S. in 1915 .. 266 

Spelter From Australian Concentrates 270 

Steel Plants 242 

Topical Talks on Iron 243 

Blast Furnace Slag Utilization 244 

Business Trends 234, 235 

Comparison of Metal Prices 252 

Comparison of Security Prices 253 

Market Reviews: 

Iron and Steel . . 245 

Copper 261 

Tin 258 

Spelter 268 

Lead 264 

Antimony 272 

Aluminum 273 

U. S. Steel Corporation Operations . . 249 

Railroad Earnings 249 

Joplin Zinc and Lead Ore Market .... 274 

Iron and Steel Imports and Exports . . 255 

Immigration Statistics 251 

Price Changes of Iron and Steel 

Products 250 



The War to Kill England's 
Free Trade Policy* 

Some of the great economic changes 
to take place in the British Empire as 
result of the war, are foreshadowed 
in resolutions passed at the special 
and fitfy-sixth annual meetings of 
the Chambers of Commerce of the 
United Kingdom, lately held in Lon- 
don, at which over 100 Chambers of 
Commerce were represented. 

The resolutions that we give below 
were all passed unanimously. The Brit- 
ish nation has been taught by the war 
that the day of free trade is past. The 
protection policy of Germany and the 
United States has been demonstrated 
as the only safe policy for England in 
the future. Nothing else than the pres- 
ent awful war and the economic situ- 
ation uncovered and the effects that 
have followed in consequence could 
have converted the British nation from 
the fetish of free trade. Even free 
trade strongholds like Manchester were 
found voting unanimously for a pro- 
tective policy in future. 

The whole question has been removed 
out of the sphere of a political question. 
All British parties and business inter- 
ests are at one on the question. 

There is also to be no return to or- 
dinary free and unrestricted commer- 
cial intercourse and comity between 
the allies and their enemies after the 
war. As it has been the most extraor- 
dinary war in the annals of the world, 
so also its after effects are to be un- 
precedented and extraordinary. It is 
well that the leading neutral country 



THE STEEL AND METAL DIGEST 



J.111 



the United States, should realize this, 
and in the meanwhile make prepar- 
ations for the new economic conditions 
and tariffs that are to be met and con- 
tended with. 

Some of the resolutions passed unan- 
imously follow : 

"That this Association desires to 
place on record for the guidance of 
those who follow us in days to come, its 
firm conviction, based on experience of 
the war, that the strength and safety 
of the Empire lie in the ability to pro- 
duce all its requiries as largely as may 
be possible from its own soil and fac- 
tories." 

"That H. M. Government take imme- 
diate steps to consult the Governments 
of the Dominions overseas, and ascer- 
tain: (a) Their views in regard to the 
various trade problems arising as the 
result of the war, especially in regard 
to reciprocal trading and (b) The regu- 
lation of trade relations with enemy 
countries and the control of business in 
the Empire managed or owned by the 
subjects of enemy countries; it being 
important that their views be first ob- 
tained before any definite steps are 
taken by this country." 

"That His Majesty's Government be 
urged to inquire into the desirability of 
fostering and safeguarding those in- 
dustries in this country which have 
since the commencement of the war 
been engaged in the manufacture of 
articles formerly made, to a large ex- 
tent, in enemy countries, or any indus- 
tries which have in the past suffered se- 
riously from German and Austrian com- 
petition ; and further for the develop- 
ment of industries generally. His Ma- 
jesty's Government be urged to provide 
larger funds for the promotion of 
scientific research and training, and to 
relax the present restrictions upon tlie 
subscription of capital for existing and 
new enterprises so far as may be con- 
sistent with the conduct of the war." 

"That this Association is of the 
opinion that, with the object of main- 
taining and increasing our trade after 
the conclusion of the war, it is neces- 
sary that the different parts of the 
British Empire be drawn into closer 
commercial onion, and that our trading 



relations with our Allies be fostered an 
that for the accomplishment of this pu: 
pose it is desirable that provision shoul 
be made : 

" (a) For preferential reciprocal tra< 
ing between all parts of the Britis 
Empire ; 

" (b) For reciprocal trading relatioi 
between the British Empire and tl 
Allied Countries ; 

"(c) For the favorable treatment i 
Neutral Countries; and 

"(d) For restricting, by tariffs ar 
otherwise, trade relations with all en 
my countries, so as to render dumpir 
or a return to pre-war conditions ii 
possible, and for stimulating the devc 
opment of home manufacture and tl 
consequent increased employment of n 
tive labor." 

"That His Majesty's Government 1 
without delay requested by deputatii 
from this Association to invite repr 
sentatives from the Colonies and tl 
allied countries to confer in the first i 
stance seperately and subsequent 
collectively with representatives fro 
this country with the object of arri 
ing at common action." 

"That the Association welcome t 
statement made by the President of i 
Board of Trade in the House of Coi 
mons on the 10th of January, that i 
privileges should be given to forei| 
shipping which are not enjoyed by o 
own, and that the handicap under whi 
British shipping labors in this respc 
should be removed. They also welcoi 
his condemnation of the existing la' 
under which subsidized foreign shi 
can make use of British ports and c 
tain the benefit of harbor facilit; 
while escaping the payment of harb 
dues, and they strongly urge His W 
jesty's Government to take such ste 
as will effectively remove the gri( 
ance." 

"That legislation should be enacted i 
der which His Majesty's Governmc 
shall have power to insist that any co 
panies or firms producing, manufacti 
ing or trading in the United Kingdo 
India or the Crown Colonies shall 
British controlled, both as regards mi 
agement and ownership— also that 
the event of enemy companies or fir 



I UK STE EL \\i> Ml- I \l. US , 



being permitted to re-open or com- 
mence trading in any part of the Uni- 
ted Kingdom, India and the Crown Col- 
onies, they shall be subject to such con- 
trol and inspection as shall make it 
impossible for them to be used as polit- 
ical agencies under the guise of com 
mercial establishments. 

''That legislation should be promot- 
ed to prevent enemy subjects for a per- 
iod after the war from taking up em- 
ployment or a domicile in this country 
without special license." 

"That the Association of Chambers 
of Commerce of the United Kingdom, 
recognizing that no sacrifice is too great 
to ensure victory, and that only by rigid 
national and personal economy can the 
material resources of the Empire be 
made available for the prosecution of 
the war to a victorious peace, urges all 
the constituent Chambers of the Asso- 
ciation to support the campaign in- 
augurated by the National Organizing 
Committee for War Savings by every 
means in their power." 

"That this Association urges His Ma- 
jesty's Government to announce a mor- 
atorium simultaneously with the declar- 
ation of peace so as to prevent the pay- 
ment of debts due by British firms to 
enemy firms until such time as His Ma- 
jesty's Government are satisfied that 
the debts due by enemy firms to Brit- 
ish firms will be paid." 

"That the Scientific and Technical 
Staff of the Imperial Institute which 
works in co-operation with the Colonial 
Office and the India Office, having rend- 
ered useful service in securing indus- 
trial employment in this country for 
the raw materials of the Sister States 
and India, be brought into touch with 
the Chambers of Commerce and that the 
Association should be represented on 
the Council of the Imperial Institute." 

"This Association is of the opinion 
that in order to meet the competition of 
Germany and other countries in the 
markets of the world after the war, it 
is absolutely necessary that this coun- 
try should use every endeavor to in- 
crease its exports. The Association is 
further of opinion that this country has 



not hitherto exercised its powers of 
product ion to the fullest, possible ex 
tent, and to rectify this they urge that 
a strong effort should be made both by 
employers and employees to arrive at a 
friendly working agreement by which 
both parties will undertake to encour- 
age the scientific development of their 
maximum powers of production, realiz- 
ing that by so doing they will be aiding 
each other and placing the country in 
a better position to compete with other 
countries." 

"That this Association is of opinion 
that the passing of a Registration of 
Firms Bill is urgently desirable." 

"That in view of the desirability of 

the war of encouraging the develop- 
ment of mutual trading relations be- 
tween the United Kingdom and Russia, 
it is desirable that manufacturers and 
merchants who are in a position to do 
so, and whose products are suitable for 
Russian markets, should be strongly 
urged to provide facilities for some 
member of their family or staff to re- 
side in Russia for a definite period, with 
the view of learning the language and 
studying the commercial requirements 
and trade customs of Russian buyers ; 

"This Association is of opinion: 

"(a) That in the case of aliens from 
late enemy countries British citizenship 
or naturalization should not be allow- 
ed until after twenty years uninterrupt- 
ed residence under police registration 
and supervision in the British Empire ; 
but in the case of aliens from neutral 
countries after ten years. 

"(b) That the Oath of Allegiance 
should be accompanied by an Oath of 
Divestment of Allegiance to the Power 
of which the person has hitherto beeii 
a subject, preceded by a certificate from 
the Government of his native country 
declaring that he is released from all 
obligations and allegiance as a citizen 
thereof. 

"(c) That only persons of British 
birth and parentage should sit in the 
House of Commons, the House of 
Lords, or on the Privy Council, or the 
Commission of the Peace, exception to 
be made in special cases by a resolu- 
tion passed by both Houses of Parlia- 
ment." 



THE STEEL AND METAL DIGEST 



June 



Business Trends. 



THE STOCK MARKET VERY 
IRREGULAR. 
There were many favorable signs during 
the month of May which tended to cause a 
continuance of the spirit of cheerfulness in 
both business and finance. Reports from 
all parts of the country stated that the 
crest of our manufacturing capacity has 
been reached. The returns of the railroads 
continued to show record-breaking earn- 
ings. Our foreign trade also showed no 
signs of slackening. Many of the industrial 
concerns, and some of the railroads re- 
ported increased or extra dividends. Yet 
despite these bullish factors the tone of 
the stock market at the opening of May 
was dull and irregular; declining tendencies 
ruled. As has been the case for several 
months past international uncertainties 
with possibilities of daily surprise influen- 
ced stock trading considerably and were 
factors imposing restraint on operations for 
higher values. 

The market developed a strong under- 
tone about the middle of the month and be- 
came quite active, mainly because of as- 
surances that the crisis between Germany 
and the United States over the submarine 
controversy had passed, and stock values 
responded more readily to constructive fac- 
tors being substantially higher in the aver- 
age. 

After about a fortnight of strength and 
activity, irregular tendencies in the mar- 
ket marked the close of the month. This 
reaction may be attributed to the presi- 
dential conventions and the new Mexican 
uncertainties looming up on the political 
horizon. These influences make for more 
conservative trading and few interests seem 
disposed to take an aggressive position on 
either side. All interest is centered at 
Chicago where the Republicans and Pro- 
gressives are assembled in convention and 
the developments at that point promise to 
have, quite an effect on the future of the 
stock market. 



HEAVY BANK CLEARINGS. 

Convincing evidence of the remarkable 
activity in general business now prevailing 
in every part of the country is provided by 
tin enormous volume of bank exchanges 



during May at practically all the leading 
cities in the United States, the total, ac- 
cording to the statement prepared by 
"Dun's Review," which includes returns 
from 131 centers, amounting to $20,445,769,- 
417, an increase of 40.5% as compared with 
the same month last year and of no less 
than 56.1% as contrasted with the cor- 
responding month in 1914. Greater ac- 
tivity in the speculative markets helped to 
swell bank clearings at New- York City, 
the total at that center being 45.3% larger 
than last year and 72.1% in excess of two 
years ago, but in the main these gains 
must be attributed to the remarkable vol- 
ume of operations in ordinary business 
channels. 



RECORD IRON PRODUCTION. 

May was a month of high-rate production 
in the pig iron trade, the total output being 
3,351,073 tons, according to the "Iron age"; 
or 108,099 tons a day, against 3,227,768 tons 
in April, or 107,592 tons a day, and 107,667 
tons a day in March, the previous high rate. 
With 321 furnaces in blast June 1 the capac- 
ity active was 108,386 tons a day, against 
109,072 tons a day for 322 furnaces at the 
beginning of May. 

Three furnaces have blown in since this 
month opened, so that production is now at 
the yearly rate of about 40,300,000 tons. But 
furnaces keep going out for repairs, and on 
its present base the industry strains hard 
for any output above the 40,000,000-ton 
mark. 

The daily average production of coke and 
anthracite pig iron in the United States by 
months since January. 1913. is given as fol- 
lows by the "Iron Age." 

1913. 1914. 1915. 1916. 

January .. 90,172 60,808 51,659 102,746 
February . 92,369 67,453 59,813 106 456 
March . . . 89,147 75,738 66,573 107,667 

April 91,759 75,665 70,550 107,592 

May 91,039 67.506 73,015 108,099 

June 87,619 63,916 79,361 

July 82,601 03,150 82,691 

August ... 82,057 64.363 89.666 

September 83,531 62,753 95,085 

October .. 82.133 57,316 100,822 

November 74.453 50.611 101,244 

December. 03.187 48.896 103,333 



B( SINESS I R] NDS, 



Business Trends. 



RISE IN COMMODITY PRICES. 

"Bradstreet's" latest index number indi- 
cates that the upward sweep oi commodity 
prices that has been in progress in a broad 
waj since the outbreak of the European 
war has boon halted, for the time being at 
Kast. The number registered for May 1st 
is $11,748 which represents a drop of a 
very small fraction of l'.i from April but 
shows an increase of 19.89i over the same 
period a year ago, when prices were deemed 
to be high and reflects an advance of 36% 
over the like date in 1914, at which time 
prices reached a low level. 

Although the undertone of most com- 
modity prices continues remarkably strong, 
the ebb and flow of the respective move- 
ments seem to be such as to suggest the 
inference that the high point has been 
reached. On this point "Bradstreet's" Jour- 
nal has the following to say: 

"There are so many undercurrents by 
which the general tide is influenced that 
predictions based on the price changes of 
a single month might be deemed hazardous. 
Yet there is enough evidence cropping out 
to warrant the impression that prices from 
now on will be likely to find it harder to 
make further ascents. Indeed, the move- 
ment as a whole has been working upward 
so rapidly and continuously that a halt is 
not unwelcome. While buying has been 
largely on the basis of needs, it is probable 
that fear of still higher prices has spurred 
on demand and has made for what might be 
termed a bidding-up process. At the same 
time it is conceded that some projects, es- 
pecially in the building industry, have been 
put off against the time when lower prices 
shall appear, and it is also admitted that 
buying of cars by the railways has been 
deferred. But the pace of things is so ac- 
tive that a negative influence here and 
there is really a negligible factor." 



CHARTERING NEW ENTERPRISES 
CONTINUES HEAVY. 

Activity among promoters of new en- 
terprises continues on a large scale. This 
is made decidedly apparent by the papers 
filed in May for new companies in the East- 
ern States with a capital of $1,000,000 or 
over, which involved a total of $209,735,000. 
Tin 5i tiyures indicate an increase of al- 



most i;n', over the total for the same 
month a year ago. Compared with April 
this year the returns show an hum,! 
approximately 25%. However, a few com- 

panii ihed a good part of the total. 

( >ne concern being incorporated for $50,- 
000.000 and another for $25,000,000. Com- 
panies representing numerous industrial 
bins were incorporated with an authorized 
capital ranging from $5,000,000 to $12,000,- 
000. 

The grand total of all companies with an 
authorized capital of $100,000 or over, cov- 
ering all States, including those of the 
East, amounted to $311,745,200, an in- 
crease of more than 150% over 1915. 

Following are the comparative figures as 
specially compiled by "The Journal of Com- 
merce and Commercial Bulletin" of compan- 
ies incorporated in the Eastern States dur- 
ing the last three years with an authorized 
capital of $1,000,000 or more. During the 
first five months of the year the total cor- 
porations of more than a million capital 
reached $1,208,125,300, against only $286,300.- 
000 last year and $428,210,000 the year be- 
fore: 

1916. 1915. 1914. 

Jan. $270,995,000 $51,150,000 $120,050,000 
Feb. 365,995,300 53,950,000 51,575,000 

Mar. 194,750,000 70,050,000 57,700,000 

April 106,650,000 32,200,000 136,185,000 
May 209.735.000 78,950,000 62,700.000 

Total $1,208,125,300 $286,300,000 $428,210,000 

June 181,247,100 70,050,000 

July 71,100,000 68,700,000 

Aug 67,100,000 50,600,000 

Sept 286,625,000 54,800,000 

Oct 208,695,000 35,487,500 

Nov 190,075,000 81,650,000 

Dec 135,125,000 105,450,000 

Year $1,426,267,100 $894,947,500 



REMARKABLE FOREIGN TRADE. 

Our foreign trade in April and for the 
four months ending April 30th compare as 
follows: 

April— 1915. 19 i6 

Exports $294,745,913 $404,300,000 

Imports 160,576,106 217,800 000 

Excess of exports $134,169,807 $186,500,000 

Four months ended April 30th- 

1915. 1916. 

Exports $1,159,042,947 $1,549,852,603 

Imports 565,829,830 909,687 019 

Ex. of exports. $593,213,117 $640,165|584 



THE STEEL AND METAL DIGEST. 



June 



Cost Readjustments After 
The War. 



Month by month the necessity of the steel 
industry's readjusting its production cost 
after the war is being made more apparent. 
To those not entirely familiar with steel mill 
operations it is well to point out that the 
testimony of mill managers is that in a 
period of intensive production like the pres- 
ent there is a strong tendency for costs to 
advance, apart from such influence as is ex- 
erted by the higher wages paid and the high- 
er costs of the materials that must be 
bought. Expensive habits are contracted, 
born of the necessity of producing tonnage. 
It is true that certain elements of cost are 
reduced, by broader distribution of the over- 
head when tonnage records are being brok- 
en, but these disappear automatically when 
the pressure for tonnage is reduced, while 
the bad habits remain until they are shaken 
out. Usually a period of light operation is 
necessary. 

In speaking of readjustments in cost the 
question of wage rates per day or per ton is 
not particularly in mind, insofar as that re- 
lates to the two general wage advances that 
have been made this year in the steel indus- 
try, effective February 1st and May 1st re- 
spectively. Conditions may be such as to 
indicate that the advanced rates should con- 
tinue, thought this i* by no means certain. 
Vmong the various item- that are to be 
considered, however, are the habits work- 
men form of not doing as much work per 
- per hour as when jobs are in demand, 
and the paying of premium rates to some 
men. above the general and prevailing rates. 
There are many other items that are push- 
ing costs upward. 

As to commercial conditions after the 

war there is one point with respect to steel 

that cannot be too strongly emphasized. 

and that is that the belligerents are nursing 

their steel industries because they produce 

m- teri?l for war. The end of the war, there- 

ori will find the steel works abroad fully 

manned, but with enormous steel require- 

3 suddenly shut off. No one must think 

thPt the vital point to us will be the shutting 

off of our own business in war steel. What 

we are making for the allies is very small 

.portion to what they are making for 



themselves, and what they and we make is 
perhaps but little less than what the central 
powers are making for themselves. We feel 
we are assigning perfectly safe limits in 
estimating that our production of shell steel 
of all descriptions lies between one-fifth 
and one-tenth of the world's total produc- 
tion this year of that material. Thus at 
the end of the war there will be released, 
abroad, a very large steel making capac- 
ity, already fully manned. 

To make a demand for steel sufficient to 
engage the world's capacity, therefore, it 
will be necessary for a great deal of new de- 
mand to arise, and our competition will be 
with works in good running order. As to 
wages that will be paid abroad it is usually 
argued that high rates will continue for 
the men will demand them. Should the war 
end in a draw the battle would be con- 
tinued commercially and every effort would 
be made abroad to force down production 
costs. Should one side be victorious the 
men there might demand and receive high 
wages, but with a victor there is a van- 
quished and in the vanquished nation high 
wages cannot be expected. It would be 
that side that would set the pace for us. 

When in the growth of the prosperity we 
are now enjoying it became recognized 
that war orders were contributing less 1 
less, that the important demand for steel 
v\ is -mrely domestic, hope arose that : e 
activity might continue right through the 
commercial shock that the end of the war 
must necessarily occasion, but with the ne- 
cessity of a general reconstruction of cost*, 
at one time or another, fully recognized it 
becomes apparent that the work may as well 
be done at the outset. It seems a reason- 
able expectation, therefore, that the steel 
mills will address themselves first to re- 
constructing their costs and afterward- ' 
reconstructing their market. To strive to 
maintain prices, permitting operations ■■ 
decrease and facilitating the cost readjust- 
ment, would appear to be a much better 
course than to try to make prices low 
enough to continue heavy buying and thus 
postpone the readjustment in costs thai 
must be made thoroughh at s 



u DGE GARY'S \ [EWS, 



Judge Gary's Views. 



E. II. Gary, chairman of I'. S. Steel Cor- 
poration, addressing the members of the 
American Iron & Steel Institute at annual 
meeting held at Waldorl Astoria Hotel, 
saiel. in part, as f< illow - 

"In connection with the conservation of 
our wealth and prosperity there must be 
considered thi question of adequate and 
proper legal protection to American indus- 
tries. As to many products, some of the 
other countries can produce at a lower cost 
than we can produce, based on the past and 
present scale of wages for labor. The la- 
bor of this country is thus brought into di- 
rect competition with the labor of other 
countries. It is well known that wages in the 
leading foreign countries have been about 
one-half the amount paid here for similar 
services and that in some countries, such 
as China, it is many times lower. Many 
foreigners have heretofore been in competi- 
tion with us in selling to non-producing 
countries and they have also dumped their 
surplus stocks in this country in times of 
depression, at prices even below our costs 
and sometimes below their own. Most of 
the foreign producing countries have in 
force tariff laws that fully protect their in- 
dustries; and probably all will hereafter 
have similar laws. Besides many of the 
governments furnish aid to their in- 
dustries in many ways not necessary to 
mention at this time. After the war is over 
the contending nations will be impoverish- 
ed and in great need of business and money 
They will produce as much as possible and 
their facilities are generally unimpaired. 
They will sell wherever they can find a 
market and at low prices if necessary, in- 
cluding this country, if we are not protect- 
ed against them; and we cannot sell in 
their countries because they are and will 
be protected against us. We have for many 
months past been secure by reason of 
the well known conditions of war, but it 
we carry our minds back to the circum- 
stances existing shortly prior to the war 
we know what we may expect after the 
close, unless there is a change in our laws. 
From the time the present tariff laws came 
into force, in October, 1913, until some 
time after the war was started the effect 
upon our business was very bad. It was al- 
most desperate with many. The prices of 



imported products dumped into our mar- 
kets, though not large in volume as to some 
items, were so low that we were compelled 
to put out prices down to about cost and 
in instances, below. Many were operating 
at a loss. We were going from bad to 
worse. Except for the war and war order- 
wages would necessarily have been ma- 
terially reduced and even then many em- 
ployers would have been compelled to sus- 
pend. We know by sad experience that un- 
less our tariff laws are changed so as to 
protect our business and place us on a 
parity with our foreign competitors, the 
large majority of producers will suffer, that 
business will be depressed, that the number 
of idle mills and cars and men will be in- 
creased and that wages will be lowered. 
We have seen these conditions before and 
there is reason to fear that they may be 
worse than ever unless our tariff laws are 
improved. 

"The principle of protection to indus- 
try by means of tariff laws has built up 
the commerce and the wealth of this coun- 
try and other producing countries that have 
had a surplus for export. Its value has 
been demonstrated. As between nations, it 
is simply a safe, sound, business proposi- 
tion. So long as one country maintains it, 
others similarly circumstanced must do like- 
wise in order to protect the interests of the 
large majority, including particularly the 
great aggregate of workmen. When our 
competitors in other leading countries are 
ready to adopt the laws of free trade for 
our commodities it will be soon enough for 
us to favorably consider similar action. If 
we were to have free trade throughout the 
world, we could probably take care of our- 
selves in any contest for the disposal of 
what we have for sale. In view of con- 
ditions as they exist in normal times, it is 
not logical to place or to leave the United 
States in a position of disadvantage when 
we have the opportunity to establish a par- 
ity. The doctrine of America first, which 
is a patriotic one, applies with peculiar force 
to the idea of sufficient protection to Ameri- 
can industries. This means not a prohibi- 
tive tariff, but one large enough to permit 
continued success in competition with the 
outside world. 

"The cost of providing and maintaining 



S38 



THE STEEL AND METAL DIGEST. 



June 



a sufficient army and navy will be large, 
but -mall in comparison with the cost of 
war if one should be forced upon us because 
of a state of unpreparedness. As a mere 
matter of economy it is quite probable 
there would be saved billions of dollars by 
expending hundreds of thousands for mili- 
tary purposes. Withholding appropriations 
needed for purposes of preparing and keep- 
ing prepared for defense would be a false 
economy. Besides, if the United States is 
to assume and maintain the important po- 
sition among nations that has been thrust 
upon her, she must be possessed of the 
same elements of power and strength that 
others have. She must be prepared to pro- 
tect her commerce on the seas, which, let 
us hope, may equal that of any other single 
country. She must be ready to support oth- 
er nations in the insistence that the ports 
■of all foreign friendly nations shall remain 
free and open to all. And even more im- 
portant to consider, we would be able to 
exert a powerful influence in aiding and 
even compelling international peace. 

"The steel industry is good; better than 



ever before. There have recently been pub- 
lications to the effect that there is a falling 
off in new orders and this may be true to 
a slight extent, but the daily bookings gen- 
erally are larger in volume than the total 
producing capacity, and as the unfinished 
orders on hand are sufficient to keep the 
mills busy for the remainder of this cal- 
endar year and a large portion of 1917 there 
is not much, if any, cause for concern on 
the part of manufacturers for the next 
twelve in. -nth- at least. We could hope 
that we had been permitted to continue co- 
operation on a basis that would have in- 
fluenced greater stability in prices, higher in 
times of depression and lower in times of 
great activity, for it would have been satis- 
factory and beneficial to both producer and 
consumer and to their employes; but cir- 
cumstances, over which we had no control, 
brought about a change in this particular. 
Public sentiment may bring about a restora- 
tion of the former and better methods. Who 
can tell? We know, at least, that condi- 
tions in our industry are infinitely better 
than they were fifteen years ago or more." 



Tin in Tin Plate And What 
It Costs. 



The census report on tin plate, although 
belated as census reports always are, con. 
tains some figures that prompt study, as it 
is possible from the figures to make a rough 
analysis of the pig tin consumption in mak- 
ing tin plate, and also to make a compari- 
son between the prices reported as paid 
for pig tin and the average market, to see 
whether the tin mills "beat the average" in 
their pig tin purchases. According to the 
census figures they did not. The falling 
market was against them. 

The figures are for the calendar year 
1914. Production is given as follows: 
1914 Pounds. 

Coke tin plate 1.855,892,526 

Charcoal tin plate 45.439,369 

Terne plate 138.234.249 

Total •. 3,039,566,144 

As the American Iron and Steel Insti- 
tute reported early last August the 1914 
production of tin plate and terne plate the 



only news in the census figures of produc- 
tion is the output of charcoal tin plate. 
The census figures are lower than the In- 
stitute figures by 2.0% in tin plate, 5.5% 
in terne plate and 2.2% in total tin and 
terne plate. 

Tin. lead and purchased terne mixture 
consumed in the production of the above 
tin and terne plate, according to the cen- 
sus report, were as follows, with the cost: 
Pounds. Cost. 

Tin 30,542,881 $14,167,237 

Lead 2,269,160 94,024 

Terne mixture .... 6,618,211 783,546 

The average cost per pound, indicated 
above, compares with the year's market av- 
erage, compiled by averaging daily quota- 
tions for spot. New York, as follows: 

Cost. Market. 

Tin 38.77 35.70 

Lead 4.14 3.87 

The lead average is the trust price. The 
open market at St. Louis averaged 3.74. 



I R< >.\ ( IRE PR< H H CTK >N. 



( in account of the nature <u the flui tua 
tions in pig tin in 1914 that resolved them- 
selves into the year's average given above 
it would have been very difficult for a buy- 
equal the year's average. The last 
: tonths of the year, when tin mill op. 
erations were light, showed an average of 
under 33c, while in February the average 
was almost M)c. The cost shown for lead, 
allowing for freight, corresponds quite 
closet} with the average monthly price in 
the early months of the year. The lowesl 
lead prices were in the last three months 
of the year. 

The terne mixture purchased appeals 
to have analyzed as follows: 

Pounds. Per cent. 

Tin 1,506,755 22.8 

Lead 5,111,456 77.3 

Total 6,618,21 1 100.0 

As noted above there was 2,269,160 lbs. 
of lead purchased as such and if the terne 
mixture made was composed of the same 
proportions as that purchased the total 
terne mixture used to produce 138,234,- 
249 pounds of terne plate was 9,5.58,000 lbs. 
making a proportion of 6.9% of terne mix. 



total weigh! oi terne plate. In i In- 
case of I. C. L5 pound coated ternes the 
net weight is 231 pounds, which divided 
into L5 pounds gives 6.8' J . The avi ragi 
therefore, was just a shade above what 
would ha\ i been I hi i ase if the country's 
entire product was [. C. I.", pound coated. 
We think this is the first time such an 
average has ever been struck. 

Deducting the tin that appears to have- 
been used iu making terne mixture there 
is left 35,872,000 pounds of tin, used in the 
manufacture of 1,855,892,526 pounds of coke 
tin plate and 45,439,396 pounds of chan oal 
tin plate. While we can only guess the 
tin consumption of the charcoal plate, the 
proportion to coke is so great that no ma- 
terial error can arise by making the guess. 
Taking the average of 4% for charcoal 
plate there is left 34,054,000 pounds of tin 
used in making 1,855,893,526 pounds of 
coke tin plate, the proportion being 1.835%. 

The tin purchased as tin, 36,543,881 lbs., 
was 16,314 tons of 2,240 pounds, this being 
39% of the tin deliveries in 1914, exclusive 
of Pacific Coast. It should be noted that 
in addition there was 673 tons of tin pur- 
chased in terne mixture. 



Iron Ore Production. 



Fourteen Million Tons Increase in 1915. 

According to particulars obtained by U. 
S. Geological Survey the iron ore mined in 
the United States in 1915 reached the great 
total of 55,526,490 gross tuns, the greatest 
uui put made in any year except 1910 and 
1913. The shipments in l'Jl 5. namely 55,- 
493,100 gross tons, valued at $101,288,984, 
were a little less than the quantity mined. 
The quantity mined in 1915 was an in- 
crease of 14.000,000 tons over the output 
in 1914. The increases in quantity and in 
value of iron ore shipped amounted to about 
40 and 41%. respectively. The average 
value per ton in 1915 was $1.8.'!. compared 
with $1.81 in 1914. These iigures, which 
are just made public by the United States 
Geological Survey, were prepared by E. 
F. Burchard, who states that the production 
of iron ore from the Lake Superior district 
alone in 1916 will possibly he 60.000,000 
tons, and that there will probably be an in- 
crease in price of 70 to 75 rents a ton for 
this ore. 



Iron Mining by States. 

Iron ore was mined in 27 States in 1914 
and 23 in 1915. Three of these States, 
Idaho, Nevada, and Utah, produced small 
quantities of ore for metallurgical flux 
only; part of the production from Cali- 
fornia and Colorado was for smelter flux 
and part for pig iron and ferro-alloys; the 
remaining States produced iron ore for 
blast furnace use only except small tonnages 
for paint from Georgia, Michigan, New 
York, Pennsylvania and Wisconsin. Five 
States, Minnesota, Michigan, Alabama. Wis- 
consin, and New York, which have in re- 
cent years produced the largest quantities 
of iron ore, occupy in 1915 their accustomed 
places. Only one of these States, New York, 
produced less than 1.000,000 tons in 1915. 
Iron Mining by Districts. 

The principal iron-mining districts in the 
United States, except the Adirondack dis- 
trict, are interstate, and statistics of pro- 
duction by districts are of more interest 
and importance than statistics by States 



240 



THE STEEL AND METAL DIGEST. 



June 



The Lake Superior district mined nearly 
657c of the total ore .n 1915 and the Birm- 
,i district about B.5%, or a little more 
than one-tenth as much as the Lake dis- 
trict. None of the other districts mined as 
much as 1,000,000 tons. The increase in 
p iduction in 1915 was especially marked 
in the Lake Superior district, where it 
'.inched 40%; the Adirondack and Chat- 
looga districts each showed a large in- 
crease, namely, 2S and 25% resepectively; 
the total for a number of widely separated 
districts, including those in the western 
State-, showed a decrease against 1914. 
Iron Ore Mined in the United States by 
Mining Districts in 1914 and 1915. 
District. 1914. 1915. (t) 

Lake Superior * 33,540,403 46,944,254 +40 
Birmingham 4,282,556 4,748.929 +11 

Chattanooga 432,006 539,024 +25 

Adirondack 544,724 699,213 +28 

Northern New Jer- 
sey and southeast- 
ern New York 541.0S4 644,493 +19 
Other districts 2,098,988 1,950,577 — 7 
41,439,761 55,526,490 +34 
* Includes only those mines in Wisconsin 
which are in the true Lake Suporior dis- 
: t Percentage of change in 1915. 
Lake Superior Iron Ranges. 
All the ranges in the Lake Superior dis- 
trict mined a larger quantity of iron ore in 
1915 than in 1914, the largest increases hav- 
ing been in the Mesabi and Cuyuna ranges 
— 56 and 44% respectively. The . input of 
the Cuyuna Range exceeded 1.000,000 tons 
for the first time. 

Iron ore mined in Lake Superior rinses 
* in 1914 and 1915. 

Range. 1914. 1915. (t) 

Gross tons. Gross tons. 
Marquette (Mich.) 3.320.763 3,817.892 15 
M :-ii iminee i M ich. 

& Wisconsin) 3,671,499 4,665,465 27 

Gogebic (Mich. & 

Wisconsin) 4,601,240 4,996,237 9 

Vermilion (Minn.) 1,362.416 1,541,645 13 
Mesabi (Minn.) L9.808.434 30,802,409 56 

Cuyuna (Minn.) 776,051 1,120,606 44 

33, 540,403 4(1,944,254 40 
* Includes only such Wisconsin mines as 
are in the true Lake Superior district, 
increase in 1915. 
Consumption of Iron Ore. 
The apparent consumption of iron ore, 
obtained by adding together the shipments 
i from the mines, the sales of zinc 



residuum, and the imports of iron ore, and 
deducting from the sum of these the ex- 
ports of iron ore, was 56,286,058 gross tons 
in 1915, compared with 40.613.44S gross 
tons in 1914, an increase of nearly 39%. The 
ratio of pig iron produced to iron ore con- 
sumed was 53.15% in 1915 compared with 
57.45% in 1914. 

Largest Iron Ore Mines. 
There were seven mines that produced 
more than 1,000,000 tons of iron ore each in 
1915. two more than in 1914. First place 
in 1915 was held by the Mahoning mine at 
Hibbing. Minn., second place by the Hull- 
Rust mine at the same place, and third 
place by the Red Mountain group near 
Bessemer, Ala. The production of these 
mines in 1915 was respectively, 2,311,940 
tons, 2,307,195 tons, and 2,138,015 tons, com- 
pared with 1,212,287 tons, 458,468 tons, and 
2, (H)s, 465 tons in 1914. The Red Mountain 
group was thus the largest producer in 1914. 
The increase in production of the Hull- 
Rust is noteworthy— more than 400%; from 
practically a condition of idleness the 
Morris within a year yielded 1.167,421 tons, 
and the Burt moved from 41st place, with 
a production of about 250,000 tons to 7th 
place with a production of more than 1,000.- 
000 tons in 1915. These records illustrate 
the rapidity with which the rate of out- 
put of mines in the Lake Superior dis- 
trict may be increased ' in response to de- 
mand. None but open-pit mines could be 
made to respond to such a degree. 
Pig Iron. 
The production of pig iron, including 
ferro-alloys, was 29.916.213 gross tons in 
1915. compared with 23,332,244 gross tons 
in 1914. an increase of 28%. according to 
figures published by the American Iron and 
Steel Institute February 26. 1916. The pig 
iron, exclusive of ferro-alloys, sold or used 
in 1915, according to reports of producers 
to the United States Geological Sur- 
vey, was 30.384,486 gross tons, valued at 
$401,409,604. a gain of 36% in quantity and 
34% in value. The average price per ton 
at furnaces in 1915 as reported to the Sur- 
vey was $13.21, compared with $13.42 in 
1914. At the close of the year, however, 
prices of pig iron had advanced 35 to 40%. 
In the canvass for iron ore statistics in 
1915 the State Geological Surveys of Ala- 
bama. Maryland. Minnesota, Missouri. New 
Jersey. North Carolina. Virginia, and Wis- 
consin co-operated with the Federal Sur- 
vey and that of Michigan co-operated in 
the subject of pig iron. 



AMERICAN [RON VND STEEL INSTITUTE. 



American Iron and Steel 
Institute. 



The tenth general meeting ol the Ameri- 
can Iron and Steel Institute was held at the 
Waldorf-Astoria, New York City, May 26th, 
with record attendance, about 750 members 
ind guests attending the sessions and ban- 
'[uct. The October meeting will be held 
in St. Louis. 

One of the events was the address at the 
banquet of Hon. Edward X. Hurley, vice- 
chairman of the Federal Trade Commission, 
urging co-operation and citing in detail the 
methods of co-operation empLoyed by steel 
makers in Italy, France, Belgium. Great 
Britain and Germany. He stronglj advo- 
cated co-operation in foreign trade by steel 
manufacturers, and also co-operation be- 
tween the government and the manufactur- 
ers, observing that "our businessmen and 
our government have been losing valuable 
time during the past 15 years in trying to 
settle our economic and business problems, 
not by co-operation, not by any scientific 
method which will bring about results bene- 
ficial to our people as a whole, but by re- 
sorting to the courts.'' Mr. Hurley had 
gone to Washington with the idea that busi- 
ness men did not want to co-operate with 
the government but he soon found that the 
reverse was the case, and it was now up to 
the government. Mr. Hurley has said much 
in previous addresses as to loose accounting 
methods prevailing in many industries, in- 
sisting that better methods were necessary 
so that manufacturers would not sell be- 
low their costs. Before the Insitute he said: 
"It is gratifying to know that practically 
all iron and steel manufacturers are record- 
ing and classifying their costs on a substan- 
tially uniform basis, are distributing their 
overhead expense by the same methods, and 
are adequately providing for depreciation 
and exhaustion." 

Judge Gary in his presidential address 
made a strong argument for protection, for 
the merchant marine and for preparedness 
against war. Public opinion was coming 
Judge Gary's way and he urged things by 
way of co-operation between the public and 
the government and manufacturers that he 
would have hesitated to urge a few years 
ago. 



The by-products of coke making were 
discussed in exhaustive manner by William 
Hamlin Childs, president of the Barrett 
Company. 

Rail manufacture was presented by Dr. 
John S. Unger of the Carnegie Steel Com- 
pany, with discussion by H. C. Ryding, 
assistant to vice president and general man- 
ager. Tennessee Coal, Iron & Railroad Com- 
pany. 

An authorized official announcement of 
plans of the United States Steel Corpora- 
tion to become the largest maker of electric 
steel in the world was made in the paper on 
"The electric furnace in steel making" pre- 
sented by Dr. John A. Mathews, president 
of the Halcomb Steel Company. There 
will be built three Heroult furnaces at South 
Chicago, one 15-ton and two 20-ton, with 
a total capacity of at least 800 tons of in- 
gots in 24 hours. A 20- ton electric furnace 
will also be added to the Duquesne Steel 
Works. The paper was discussed by sev- 
eral members. 

George W. Vreeland, superintendent of 
the Mingo blast furnaces of the Carnegie 
Steel Company, presented "Distribution of 
raw material in the blast furnace", the paper 
being discussed by several members. 



IRON AND STEEL WORKS 
DIRECTORY. 

IRON AND STEEL WORKS DIREC- 
TORY OF THE UNITED STATES 
\\T> CANADA; pp viii+437; 8% x 554 
inches; cloth bound; published by the 
American Iron and Steel Institute, 61 
Broadway, New York City; price $12.00. 
Supplied by the American Metal Market 
Company, postpaid, at publisher's price. 
There were 17 editions of "Swank's Di- 
rectory" published by the American Iron 
and Steel Association, of which the late Mr. 
James M. Swank was manager for 40 years, 
to January 1, 1913. Shortly after his re- 
tirement the American Iron and Steel In- 
stitute took over the work. It has since 
been gathering the production statistics, 
and now it presents a new edition of the 
directory. The last edition of the directory 



THE STEEL AND METAL DIGEST 



June 



was dated 190S. two supplements, 1910 and 
1912, having later been issued. 

The present directory is not numbered 
according to its predecessors, or it would 
be number 18, but one cannot help review- 
ing it as another edition of the directory. 
One is at once struck with the divergence 
in plan, whereby the work is made much 
more convenient for reference. Through 
the growth and development of the indus- 
try Mr. Swank's arrangement had grown 
cumbersome. The old directories were 
divided into two parts, certain large com- 
panies being given in the first part, others 
in the second part, and there was a geo- 
graphical division into states and then in- 
to districts which was quite cumbersome 
and militated against ready reference. In 
the present directory all the companies, 
even those in Canada, are given in a 
straight alphabetical list. Even the var- 
ious Steel Corporation subsidiaries appear 
among other manufacturing companies in 
regular alphabetical place. By a happy 
thought, however, the separate lists of 
blast furnaces, steel mills, steel foundries 
and rolling mills given without detailed de- 
scription in the latter part of the book are 
divided by states, whereby if one desire he 
can quickly obtain an idea of the import- 
ance of the different states. No attempt 
is made to segregate the plants into dis- 
tricts. Such an arrangement could not but 
prove interesting, but it is easier to call 
for such a thing than to produce it, as any- 



one who is interested may prove to himself 
by making the attempt. 

Despite the fact that the industry has 
grown greatly in eight years, and more de- 
tailed information as to individual works 
is given, the present directory contains bare- 
ly nine-tenths as many pages as its prede- 
cessor. This desirable end has been at 
tained partly by the new and simple ar- 
rangement, whereby many duplications and 
cross references are avoided, and partly by 
a system of abbreviations. There is a key, 
but the majority of those who consult the 
directory will hardly need to refer to the 
key, the abbreviations in the body o 
work being readily understood. 

The scope of the directory may be de- 
scribed in a few words. Like its pri d 
sors. it refers to all plants making pi'-; iron 
or steel, or rolling steel hot. Departments 
for finished rolled steel into pipe, wire, tin 
plate, etc., are also referred to. The direc- 
tory giving these descriptions embraces 
365 pages of the work, and this general di- 
rectory is followed by lists of blast furna- 
ces, steel works and steel foundries, there 
being also separate lists of makers of roll- 
ed billets, sheet bars, rails, shapes, rods, 
plates, black sheets, galvanized sheets, 
black plates, tin and terne plates, muck 
bar, merchant liars, tool steel, horseshoe 
bars and horseshoes, hoops, bands and cot- 
ton ties, splice and tie bars, etc., skelp. 
pipe, seamless tubes, wire nails and cut 
nails. 



Steel Plants. 



VII. The Pennsylvania 

May 23, 1916. the litigation to restrain 
the sale of control in the Pennsylvania 
Steel Company to the Bethlehem Steel Cor- 
poration was dismissed from court, the 
principal complainant having disposed of 
his shares. The Pennsylvania Steel Com- 
pany is now a subsidiary of the Bethlehem 
Steel Corporation. The Pennsylvania Steel 
Company of New Jersey owns the Pennsyl- 
vania Steel Company of Pennsylvania, the 
Maryland Steel Company and the Spanish 
American Iron Company. 

The Pennsylvania Steel Company as a 
steel producer dates from June, 1867, when 
it produced its first Bessemer steel, for 
rail making, but the first blast furnace was 



Steel Company. 

not blown in until October. 1873. The man- 
ufacture of open-hearth steel was com- 
menced in 1875, with two 15-ton furnaces, 
these being replaced eight years later 
ton furnaces. 

The present blast furnace plant compris- 
es the five Steelton blast furnaces, the first 
completed in October, 1873, while the last 
was blown in September 21. 1915, together 
with three detached furnaces, the two Le- 
banon furnaces and Lochiel furnace at 
Harrisburg. 

The steel plant is unique in flexibility, 
having been rebuilt in 1913-14 with this end 
in view. The old Bessemer converters and 
all the open-hearth furnaces were abail- 



H (PICA] I \.LKS < (N [R( IN. 



don< d, \\ iih the ex< eption of a battel j of 
fixe modern 90-ton open-hearth furnaces 
built in 1907. The present plant was built 
around those furnaces. \ sixth stationary 
furnace was added, also two 300-ton tilting 
furnaces and two 30-ton Bessemer con- 
verters, with a tOO-ton and an son-ton metal 
mixer. The Bessemer and open hearth pro 
cesses may be carried on separately, or the 
plant used partly or wholly as a duplexing 
plant. The company's Mayari chrome- 
nickel ore. from the remarkable Mayari de- 
posits in Cuba, make it desirable to duplex, 
the metal being partially dechomized into 
the converters. The principal mills com- 
prise the original rail mill, rebuilt from 
time to time, a merchant mill, formerly a 
billet mill, and a new mill completed in the 
smnmer of 1915, a combination mill capable 
of producing' girder and T rails, I beams 
up to 24-inch, channels up to 8-inch and 
angles as large as 8x8x1^8 inch. Girder 
rails can be rolled 140 feet long. The at- 
tendant blooming- mill has surplus capacity 
and thus can produce billets for other de- 
partments or for sale. 

The company has 1:20 by-product coke 
ovens at Steelton and 90 at Lebanon, all 
Semet-Solvay. 

The Maryland Steel Company dates from 



1891, when the first metal was blown, '\ " 
ust 1st, the firsl rail being rolled t « <■ days 
later. The plant comprised two 20-ton 
converters, presumably the largest in the 

world at the time. There were four blast 
furnaces, built 1889-91, each 85x22 feet. 
When the Pennsylvania Steel Company of 
New Jersey was formed, April 29, 1901, it 
acquired the Pennsylvania Steel Company 
of Pennsylvania and the Maryland Steel 
• ompany. 

The Maryland Steel Company proper- 
ties, at Sparrows Point, Md., on tidewater, 
comprise the original four blast furnaces, 
rebuilt several times, but of the same 
height and with bosh diameters ranging 
from 20 to 22 feet, three 18-ton converters 
and five 50-ton tilting open-hearth furna- 
ces and a large billet and rail train. The 
annual capacity as stated by the manage- 
ment furnishes an idea of the tonnages 
available from duplexing, as the capacity is 
given at 440,000 tons annually of Bessemer 
ingots and 160.000 tons of open-hearth, 
when the departments are run separately, 
and 702.000 tons of open-hearth when the 
plant is run duplexing. 

Ill 1914 there was completed a plant of 
120 by-product coke ovens, replacing 200 
ovens, built about ten years earlier. 



Topical Talks On Iron. 



XXXVII. Railroads Reclaiming Old Material. 



Brief mention was made in Talk No. 32 
of the fact that a number of railroads op- 
erated small rolling mills for reclaiming 
old material, the roads mentioned being the 
Pennsylvania. Baltimore & Ohio and Buf- 
falo. Rochester & Pittsburgh. Mention may 
be made of some other roads, with details 
as to the character of plant operated. 

The Great Northern classifies all the 
scrap at its various shops, so that no usable 
scrap leaves the shop. The great bulk of 
ih' -crap shipped is sent to St Cloud, 
Minn., where a full fledged rolling mill has 
been qperated since August. 1913. The 
mill is a 12-inch, with three stands of three- 
high rolls, driven by a 12.", h.p. Buckeye 
engine. The plant is equipped with a total 
of 44 rolls, to provide the necessary sec- 
tions. Iron axles are rolled direct, for en- 
gine bolts, rivets, etc.. while miscellaneaus 
scrap is made into piles 75 to 250 pounds 
in weight. The output of the plant in 1914 



was as follows: 

Pounds. 

Round iron, common .... 0,326, 865 

Square iron, common . . . 43,780 

Flat iron, common L,852,635 

Deformed iron, common 14,505 

Hexagonal iron, refined. 91,480 

Round iron, refined .... 507,407 

Flat iron, refined 28,163 



Total 8,863,835 

The estimated average cost, taking the 
scrap at marketable value and including 
overhead charges, was computed at about 
90 cents per hundred pounds. 

At its shops at St. Paul, Minn., the 
Great Northern operates a 4,000-pound 
hammer, which takes scrap piles of 250 
pounds weight, producing slabs and heavy- 
bar iron, while in a pinch driving axles 
have been made. 

The Atchison, Topeka & Santa Fe oper- 



244 



THE STEEL AND METAL DIGEST. 



June 



ates a rolling mill at Cor with. 111., near 
Chicago, comprising a three-high mill for 
reducing 3J^-inch stock to 2-inch, and a 
three-high for reducing 2-inch to }4-inch. 
These mills are driven respectively by 100 
h.p. and 50 h.p. electric motors, geared 
down, with a fly wheel on the motor shaft. 
This rolling plant was completed shortly 
before that of the Great Northern referred 
to above, but a scrap handling plant had 
been operated at Corwith for years. Ma- 
terial that can be used with little alteration 
is not sent to Corwith, which handles only 
material that is really scrap, the tonnage 
being say 125,000 to 150,000 tons a year. 
More than half the scrap is sold after sort- 
ing, the remainder being reworked in one 
way or another. A large part of the scrap 
reclaimed does not pass through the mill, 
merely requiring to be sorted and in some 
cases repaired. All the wheels, steel tired 
wheels being standard on the road, are re- 
tired at this plant, when formerly they 
were sent east to be retired. Nuts are 
rethreaded, spikes straightened and sharp- 



ened and various other classes of reclam- 
ation work done. 

The St. Louis & San Francisco in 1913 
established at Springfield, Mo., an extensive 
reclamation plant, with about 250 employes. 
About 4,000 tons a month of scrap is deliv- 
ered to the plant, approximately three- 
fourths of this proving to have no reclam- 
ation value. This scrap is merely sorted 
and sold to dealers. The remaining 1,000 
tons a month is put through various oper- 
ations. Bolts are straightened and have 
their damaged ends cut oflf, being then re- 
threaded and provided with nuts when they 
go to the store house. New bolts and pins 
are made from round iron picked from the 
scrap, and thus the road is supplied with 
practically all the bolts it requires. Hand 
and push cars are repaired, frequently by 
selecting pieces from two or three cars. 
A particularly profitable part of the plant 
is that in which the oxy-acetelene process 
is used for welding and cutting, it being 
possible at relatively small expense to make 
switch and crossing frogs as good as new. 



Blast Furnace Slag Utilization. 



E. C. Brown, chief civil engineer of the 
Carnegie Steel Company, read a paper be- 
fore the Engineers' Society of Western 
Pennsylvania, printed in the January pro- 
ceedings just issued, on the utilization of 
iron and steel works slag, with special ref- 
erence to blast furnace slag. The earlier 
form of disposition was simply for filling- 
low lying ground, the slag being run in 
trenches and broken by sledges when cold 
for loading, while when circumstances per- 
mitted it was run molten on little trucks 
or "modocks" to a convenient disposal 
place. Later a hot slag ladle on a stand- 
ard railroad truck was developed, quite 
economical in operation. 

Granulated slag weighs from one-fifth 
to one-third as much, volume for volume, 
as when cooled in mass. One method of 
granulation is to run the molten slag into 
a tank or pit partly filled with water. An- 
other, sometimes known as "gun granula- 
tion", uses a water spray, producing a ma- 



terial sometimes used as a substitute for 
sand in concrete. A method used to some 
extent in Europe involves a dry granula- 
tion process, the slag being broken up by 
a blast of air, with a small proportion of 
steam. 

While blast furnace slags vary, calcium 
and magnesia generally make up one-half, 
the remainder being chiefly silica and 
alumina. The slags are generally decided- 
ly basic in character, and there is no ten- 
dency to produce rust in iron and steel 
embedded in slag concrete. 

Hard slag, crushed and screened to size, 
forms an excellent material for railroad 
ballast, road macadam and paving founda- 
tion, concrete aggregate, etc. For several 
years the Carnegie Steel Company has used 
slag almost exclusively at most of its blast 
for its concrete work, and has also sold 
large quantities, no cases of unsatisfactory 
results being reported. 



1 in [Ri IN AND STEE I. SI ttJATION. 



The Iron and Steel Situation. 



May was a month of further quieting 
down in the domestic market for steel; 
it was April emphasized. At the close of 
the month there is scarcely any Inlying in 
the domestic market for the far forward 
deliveries, and not as much for prompt 
deliveries as there was, while specifications 
against contracts have undergone a de- 
crease, though in some departments they 
are still equal to the shipments. Prices 
have been substantially stationary. 

The quieting down in the market has not 
been attended by, nor has it produced, any 
weakness on the part of sellers. That is 
is the test, whether a buying movement 
has been a well ordered and legitimate per- 
formance. Assuming, of course, a case in 
which no great disaster or influence from 
without forces a change in the conduct 
of buyers or sellers, if buyers suddenly 
and unexpectedly reduce their rate of buy- 
ing the suggestion is furnished that they 
realize they have been traveling too fast 
a pace and this means that they have 
bought too much. If on the other hand 
sellers suddenly weaken it indicates that 
they had assumed too strong a position, 
that they were trying to secure higher 
prices than the fundamental conditions 
warranted, thereupon they suddenly find 
they "can't get away with it" and accord- 
ingly weaken. 

No such symptoms appear at this time. 
There is every evidence that the .business 
on books is sound and will carry the mills 
for many months. A buying movement 
such as we have had must necessarily come 
to an end, and what is surprising is that 
the recent movement lasted so long as it 
did. The original beginning occurred in 
December, 1914, under the stimulus of very 
low prices, of a market thoroughly shaken 
out. There was a backset, however, after 
January, and the active and confident buy- 
ing did not begin until June. The high 
point in buying was reached in November, 
when the Steel Corporation increased its 
unfilled obligations by more than a million 
tons. The buying continued fairly heavy 
through March. The buying movement as 
a whole was long and strong and the end 
was slow rather than quick in coming. 

The major portion of total price advance 
occurred after the buying movement was 



mon than half passed, but there was fair- 
ly heavy buying in February and March, 
when prices were advancing at a spectac- 
ular rate. While the buying has been sound 
and the mills will probably be easily able 
to maintain their position until the bulk 
of the deliveries have been made, it does 
not follow that the buyers did not pay 
more than they would have needed to pay, 
and still get their material, if they had been 
less enthusiastic. Many were in a perfect 
ecstasy of fear lest they would not get 
needed deliveries unless they bought at 
whatever price was asked. Indeed, there 
were stories of some buyers offering orders 
and let the mill place the price upon the 
tonnage when ready to do so. 

The Steel Mill Position. 
Be that as it may, the steel mills have 
the contracts, and as to a large part of 
the tonnage, perhaps more than half, they 
have the actual specifications or could have 
them if they asked. Taking its extreme 
limits the buying movement lasted nearly 
18 months, a very long time for such a 
thing in the steel trade. The active and ex- 
cited buying lasted six months, October 
to March inclusive. 

The Steel Corporation has ten million 
tons of obligations on its books, an amount 
equal to its full production for eight months, 
so that theoretically the tonnage would 
carry it to March 1, 1917. The other large 
steel interests, with the exception of one 
that pursues a sales policy of its own, 
may be assumed to be in substantially the 
same position. One must allow for some 
of the business on books not resulting in 
actual fulfilment, but 25% would be a very- 
liberal estimate for that. On the other 
hand allowance must be made for the fact 
that even in the quietest market some new 
business is placed from week to week, and 
on the most conservative basis that would 
more than make up for the 25% allowance 
just mentioned. There is another point to 
be considered, however, and that is while 
the position of the large mills is as just 
indicated the small mills have a relatively- 
small amount of forward engagements. Pur- 
posely they limit their commitments in or- 
der to take advantage of such premiums 
as may be obtained for early deliveries. If 
the new buying is relatively light during 



THE STEEL AND METAL DIGEST. 



June 



the remainder of the year the lion's share 
of the orders will have to go to the smaller 
mills, otherwise a point would be reached 
at which the small mills, after eliminating 
premiums, would cut under regular mill 
prices and the market would become more 
or less disorganized. It seems as fair a 
guess as any, therefore, that the mill po- 
sition is such that with the lightest buying 
that can well be conceived the mills are 
all assured full activity until well beyond 
January 1. 1917. 

Export Trade to the Front. 
The most striking new development in 
May, a month not marked by many devel- 
opments, was a very decided expansion in 
the export demand. In the first place, there 
was heavy war demand. A month ago we 
noted: "The blunt statement of E. R. Stett- 
inius, of the Morgan firm, on his return 
from abroad, that there would lie few 'war 
orders' in future, aroused scarcely a ripple 
of interest in the steel trade." The steel 
trade is to be congratulated on its powers 
of self restraint, for we now have to record 
an estimate that since our observation was 
made there have been orders placed involv- 
ing more than half a million tons of war 
steel, while there is still some important 
inquiry before the trade, suggesting that 



June may add considerable to this total. 

The placing of this war steel business, 
however, was not of paramount importance. 
There had been large buying before, and 
much steel was undelivered. Periodic spells 
of buying of shells and shell steel is to be 
expected as long as the war lasts. The buy- 
ing is periodic but the production is steady. 
Of more importance was the broadening 
in general export inquiry. Russia came 
out with large inquiries for barb wire, and 
the wire trade with neutral countries in- 
creased. Japan has been a particularly in- 
sistent inquirer, for ship plates and has not 
hesitated to pay rather large premiums for 
deliveries. All in all the export market 
has become much more active and it is 
much more promising. 

The part that high ocean freights play 
in our steel export trade may not be uni- 
versally recognized by reason of the fact 
that as it is we have been exporting iron 
and steel products as unfinished steel, roll- 
ed steel, wire. pipe, etc., at the rate of over 
t 000,000 tons a year. That tonnage was 
not all subject to the high ocean rates by 
any means, since much of it went in v.es. 
sels controlled by the allies. To the neu- 
tral countries the high freights that have 
been demanded have been a serious ob- 



PIG IRON PRICES. 



(Averaged from daily quotations; at 
prices are delivered) 



Philadelphia, Buffalo, Cleveland and Chicago, 



fc/l.~*"J 














N 


3. 2 fdy 


Ferro- 


7 ur- 




Bessemer 


, Basic, 


No. 2 'fdy. Basic 


No. 2 


X fdy, 


Cleve- 


Chi- 


Birm- mangan- 


nace 
cokef 


1915- 




Valley 




- Phila. 


Phila. Buffalo. 


land. 


cago. 


ingham. 


ese." 


Jan. . 


. 13.75 


12.50 


12.75 


13.50 


14.45 


13.25 


13.25 


13.45 


9.50 


68.00 


1.55 


Feb 




12.50 


12.75 


13.50 


14.50 


13.25 


13.25 


13.50 


9.50 


68.00 


1.55 


Mar. 


. 13.60 


12.50 


12.75 


13.50 


14.35 


12.74 


13.25 


t3.39 


9.42 


78.00 


1.53 


April 


. 13. HO 


12.50 


12.75 


13.40 


14.05 


12.69 


13.25 


13.50 


9.25 


78.00 


1.55 


Mfiy 


. 13.60 


12.50 


12.75 


13.25 


14.25 


13.17 


13.25 


13.50 


9.47 


91.00 


1.50 


June 


. 13.75 


12.57 


12.70 


13.42 


14.25 


13.08 


13.25 


13.50 


9.50 


100.00 


1.50 


July 


. 13.98 


12. ST 


12.72 


13.83 


14.28 


12.83 


13.20 


13.50 


9.61 


100.00 


1.67 


Aui:. 


. 15.12 


13.98 


13.71 


14.83 


14.91 


13.83 


14.08 


13.88 


10.77 


100.00 


1.54 


Sept. 


. 15.93 


14.80 


1-1.50 


16.70 


15.91 


15.43 


15.04 


14.30 


11.22 


107.50 


1.66 


Oct. 


. 16.00 


15.0(1 


14.58 


17.25 


16.25 


15.75 


15.25 


15.08 


11.71 


105.00 


2.18 


Nov. 


. 16.67 


L5.88 


15.82 


17.40 


16.95 


16.73 


16.47 


17.50 


13.14 


100.00 


2.35 


Dec. 


. 19.19 


17.73 


17.9s 


1S.01 


18.81 


18.02 


18.13 


18.48 


14.00 


105.00 


2.85 


Year 


. 14.90 


13.78 


13. SI 


14.88 


15.25 


14.23 


14.31 


14.47 


10.59 


91.71 


1.79 


1916- 
























Jan. 


. 21.00 


18.00 


18.50 


19.24 


19.71 


IS. 2 5 


18.80 


19.00 


14.92 


115.40 


3.14 


Feb. 


30.50 


17.88 


18.50 


19.50 


19.75 


18.25 


18.80 


19.00 


14.64 


139.00 


3.41 


Mar. 


. . 20.67 


18.48 


18.50 


19.60 


19.77 


18.77 


18.86 


19.24 


15.00 


175.00 


3.45 


April 


. 21.00 


18.48 


18.50 


20 50 


20.20 


19.25 


19.00 


19.50 


15.00 


175.00 


2.45 


May 


. 21.00 


18.21 


18.44 


20.50 


20.25 


19.15 


19.08 


19.50 


15.00 


175.00 


2.34 


* 


Contract 


price, 


f.o.b. 


Baltimore: 


Prompt, f.o.b. 


Connellsville ovens. 





1916 



THE [RON WD STEEL SITUA in >v 



347 



stacle. Oi late the rates have been tending 
downwards, and the establishment oi still 
low n i ates, as hoped for in most quai tei 
would bring about a much largei export 
movement to neutral countries. \.s ocean 
freights have in many instances greatly 
exceeded the cost of the steel products, 
delivered seaboard, the importance oi a re 
djiction in ocean freights can readilj be 
realized. 

Prices and Consumption. 
All arc familiar with the observation that 
high prices for steel will restrict consump- 
tion. There have been many illustrations 
of the fact, in projects deferred, and evi- 
dently it is well tor the steel industry that 
they are deferred, for that is not abandon- 
ment and the steel industry already has 
as much business as it can handle. Struc- 
tural steel work, however, is not stopped. 
The structural shops are filled for six 
months or more. In March, the month in 
which the price of plain shapes stopped 
advancing, the structural lettings as re- 
ported by the Bridge Builders and Struc- 
tural Association represented 102% of the 
capacity for a month, while April lettings 
were reported at 72^%. A circumstance 
that permits the continuance of some struc- 
tural work is that the fabricating interests 
have tonnage still due them from mills at 



lowei than current prices, ami thus orrn 
business can still be taken care oi without 
extreme prices being paid. 

It is quite certain that if all consumers 
were actually paying tin current market 
prices consumption would he materially less 

than it is. They arc not, and for months 

1 ,ll( ' there will be - e relatively i heap 

steel delivered. When the market tinally 
breaks, whenever that may he. there will 
probably still he some steel on hooks at 
lower- than to-day's prices and we believe 
that statement would hold good if the 
break did not occur until a twelvemonth 
hence. 

Coke. 
I'he market in May was extremely dull 
as to coke contracts. Spot coke stiffened 
somi w hat in the closing week of the month, 
chiefly by reason of a strike involving near- 
ly all the union mines in the Pittsburgh coal 
district throwing some demand to the Con- 
nellsville region for raw coal. 
Pig Iron. 
May was certainly a disappointing month 
to sellers of pig iron. Not only did the 
long predicted advance let another month 
go by without putting in its appearance, 
hut the market in some districts actually 
softened. The Buffalo market declined. 
Southern iron developed a weakness. The 



FINISHED STEEL PRICES. 

(Averaged from daily quotations, f.o.b. Pittsburgh.) 



1915— Shapes, 

January .... 1.10 

February . . . 1.10 

March 1.15 

April 1.20 

May 1.20 

June 1.20 

July 1.25 

August .... 1.30 

September . 1.33 

October 1.44 

November . 1.63 

December . . 1.75 

Year 1.30 

1916— 

January .... 1.87 

February . . . 2.06 

March 2.36 

April 2.50 

M,i\ . . . ".",11 













Groo\ 


red — 


— Sheets 




Comp. 










Wire Stee 


1 




Blue Tin 


Fin. 


Plates, 


Bars, 


Pipe, Wire, 


Nails. Skelp. Black. Gal 


v. Ann 


Id. plate, steel. 


1.10 


1.10 


81 


1.34 


1.54 


1.13 


1.80 


2.80 


1.30 


3.10 


1.4554 


1.10 


1.10 


80^ 


1.38 


1.58 


1.13 


1.80 


3.09 


1.30 


3.10 


1.4716 


1.15 


1.15 


SO 


1.40 


1.60 


1.13 


1.80 


3.40 


1.30 


3.15 


1.5098 


1.20 


1.20 


80 


1.37 


1.57 


1.13 


1.80 


3.40 


1.33 


3.20 


1.5357 


1.17 


1.20 


79 


1.35 


1.55 


1.14 


1.80 


3.60 


1.35 


3.11 


1.5381 


1.15 


1.20 


79 


1.35 


1.55 


1.15 


1.76 


4.80 


1.33 


3.10 


1.5312 


1.22 


1.27 


79 


1.38 


1.58 


1.18 


1.74 


4.65 


1.32 


3.10 


1.569J 


1.26 


1.30 


79 


1.43 


1.61 


1.25 


1.85 


4.40 


1.37 


3.10 


1.6059 


1.33 


1.35 


79 


1.54 


1.69 


1.28 


1.91 


3.68 


1.51 


3.10 


1.6506 


1.42 


1.43 


79 


1.63 


1.78 


1.40 


2.03 


3.57 


1.60 


3.15 


1.7264 


1.63 


1.63 


78 


1.72 


1.87 


1.56 


2.30 


4.07 


1.90 


3.45 


1.9089 


1.75 


1.75 


78 


1.88 


2.03 


1.70 


2.53 


4.75 


2.26 


3.60 


2.0329 


1.20 


1.31 


7954 


1.48 


1.69 


1.27 


1.83 


4.40 


1.49 


3.10 


1.6506 


1.90 


1.87 


76J4 


1.98 


2.13 


1.75 


2.60 


4.75 


2.55 


3.75 


2.1410 


2.16 


2.06 


75J4 


2.11 


2.26 


1.94 


2.60 


4.80 


2.65 


3.83 


2.2988 


2.53 


2.36 


73^ 


2.25 


2.40 


2.24 


2.7.'; 


4.93 


2.85 


4.20 


2.5579 


2.75 


2.50 


7154 


2.25 


2.40 


2.35 


2.89 


3.00 


2.95 


4.70 


2.7166 


2.83 


:.•..-,() 


70 


2.45 


2.50 


■.>.:;:, 


2.90 


.■,.110 


3.00 


5.46 


.2.8043 



THE STEEL AND METAL DIGEST 



June 



furnaces, which had been demanding $15, 
Birmingham, for prompt and $15.30 for 
second half, receded to $15 for all positions. 
Speculators became alarmed and after a 
number of sales of speculative iron at frac- 
tional cuts from $15 there were offerings 
of odd lots at the even $14. The weakness 
in southern iron may be due to the steel 
interests which have merchant furnaces in 
the south holding their iron for a possible 
scarcity at their northern steel works and 
then finding that no scarcity was likely 
to develop. In the valley market there 
were sales of basic at $18 followed by lar- 
ger sales at $18.25. Bessemer iron, which 
advanced sharply to $21, valley, last Decem- 
ber, and has since been at that figure, is 
certain to advance again if ocean freight 
rates decline enough to allow the latent 
demand of France and Italy to express it- 
self. Otherwise it is difficult to find in 
present circumstances any "bull card" for 
pig iron. 

Unfinished Steel. 
The placing of large orders for war steel 
was followed by a weakness showing it- 
self in billets for prompt shipment, whereby 
there were sales down to $40 and possibly 
a shade less. The billet market had previ- 
ously been almost nominal. Perhaps there 
imething in the theory that the mills 
were holding their capacity against war steel 
orders and when they were able to measure 
i ;tent of that business they felt freer 
to make commitments in other directions, 
offerings have been chiefly of prompt 
lots, merely such tonnages as a mill had 
accumulated, or could find an early place 
for on rolling schedules. For regular de- 



liveries over a period of months the mills 
quote as stiff prices as formerly. 
The Distant Future. 
If the new construction program is an 
index, the mills are showing great con- 
fidence in the more distant future of the 
American steel market, after the war is 
over, for much of the new construction now 
undertaken cannot be completed until the 
war ends, unless it lasts longer than most 
observers expect, and in any event no prices 
could be realized that would enable new- 
construction to pay half its cost— a high 
one at present— in a year. The steel inter- 
ests are particularly strong in urging that 
ample tariff protection be afforded the in- 
dustry for after the war conditions. 

Much that is said as to high wages and 
shortage of labor after the war in the be- 
ligerent countries does not apply to steel. 
The belligerents are making more than 10.- 
000,000 tons, possibly more than 15,000,000 
tons a year of war steel. They must keep 
their works fully manned for this purpose, 
and after the war the men will be there 
while the requirement in war steel will be 
gone. It will require a very large demand 
for steel for peace purposes to put those 
mills in comfortable position. With the 
new construction now in progress or defin- 
itely projected, completed, the United 
States will have a capacity to make more 
than 45.000.000 tons of steel ingots and 
castings a year. Many projects are delay- 
ed until after the war and a period of ac- 
tivity is to be expected, the question being 
how long it will last, with such excellent 
means provided for meeting the demand. 



LAKE SUPERIOR IRON ORE. 

Shipments of iron ore down the lakes have been as follows 

1911. 1912. 1913. 1914. 

204,042 S66,3S6 269,686 

5,919,074 7/284,212 3,852,063 

7,'.'74.444 5,502,367 

7,600,23:'. 8.204,416 5,784,514 

7,760,248 7,677,601 5,869,477 

7,287,230 7,258,413 5,438,049 

7.010,219 6,526,103 4.242,392 

4,072,674 3,270,95? 1,068,682 

14,579 18,545 1,411 

32130411 47,4:;5.777 49,070,478 32,021,987 



April 331,645 

May 3.684,819 

4,819,996 

5,221,373 

t 5.548.311 

September ... 5.231.069 

ber 4,769,965 

nber .... 2,523,253 

i iber 



1916. 
1,658,411 



. Lake 



in gross tons 
1915. 
506,832 

5.012.359 

6,005,091 

7,204,021 

8,081,117 

7,863,146 

7,146,873 

4.445,129 

r,236 

16,318 804 L,658,411 



I . S. STEEL CORP. OPERATIONS. 



U. S. STEEL CORPORATION'S OPERATIONS. 



EARNINGS AND UNFILLED ORDERS. 

Earnings by Quarters. 

Net earnings by quarters since L911 

Quarter. 1916. 1915. 1014. 

1st $60,713,624 $13,457,809 $17,994,382 

3nd 27,950,055 20,457,596 

3rd 38,710,044 22,276,002 

4th 51,277,504 10,935,635 

Year 130,396,012 71,063,615 

1913. L912. 1911. 

1st $34,426,802 $17,826,973 $23,519,203 

2nd 41,219,813 25,102,200 28,108,620 

3rd 38,450,400 30,003,512 29,522,725 

4th 23,084,330 35,181,922 23,155,018 

5fear ... 137,181,345 108,174„673 104,305,466 



1906., 
1007. 
1908. 
1009. 
1910. . 
1911.. 
1912., 
1913.. 
1914.. 
1915.. 
1010. . 



Unfilled Orders. 

(At end of the Quarter). 

First. Second. Third. Fourth. 
7,018,712 0,809,584 7,036,S84 4,489,718 
8,043,858 7.003,878 6,425,008 4,642,553 
3,765,343 3,313,870 3,421,977 3,603,527 
3,542,590 4,057,939 4,796,833 5,927,031 
5,402,514 4,237,704 3,158,106 2,674,757 
3,447,301 3,301,058 3,611,317 5,084,761 
5,304,841 5,807,346 6,551,507 7,932,164 
7,468,956 5,807,317 5,003,785 4,282,108 
4,053,825 4,032,857 3,787,007 3,836,643 
4,255,749 4,078,196 5,317,608 7,805,220 
9,331,001 



BOOKINGS AND SHIPMENTS. 
In this table, first two columns, percent- 
ages of bookings and shipments to total ca- 
pacity, our own estimates, while last column 
is derived from official reports of "unfilled 
tonnage" while third percentage column is 
directly computed from this tonnage column. 
Ship- Book- Dif- Dif- 

ments. ings. ference. ference. 



1914— 

June 

July 

August . . . 
September 
October . . 
November 
December 
January 191 
February . 

March 67 

April 71 

May 76 

June 79 

July 83 

August 91 

September 
October . 
November 
December 
January 1910 102 
February . . 102 

March 104 

April 104 



07 



57 



98 
103 
102 
102 



00 



00 

63 

85 

113 

104 

89 

133 

172 

180 

152 

112 

157 

164 

146 



% 

+ 3 
+ 11 
+ 5 
—38 

—13 
+44 

+ 37 
+ 9 



+ 9 
+ 34 

+21 

+ 35 
+69 

+ 84 
+50 
+ 10 
+ 55 
+00 
+ 42 



Tons. 

+ 34.697 
+125,732 
+ 54,742 
— 425,664 
— 326,570 
—136,505 
+512,051 
+411,92* 
+ 96,800 

— 89,622 

— 93,505 
+102,354 
+413,598 
+250,344 

— 20,085 
+409,163 
+847,834 

+1,024,037 
+615,731 
+116,547 
+646,199 
+762,035 
+498,550 



RAILROAD EARNINGS, 



Railroad earnings per mile of road, of roads having annual operating revenues 
above $1,000,000, this being about 229,000 miles or about 90% of the total steam rail- 
way mileage; compiled by the Bureau of Railway Economics from duplicates of re- 
ports furnished the Interstate Commerce Commission. 

1913-14 1914-15 1915-16 ■ ■ 

Revenue. Expenses. Net. Revenue. Expenses. Net. Revenue. Expenses. Net. 

July $1,183 $837 $346 $1,127 $786 $341 $1,130 $750 $380 

August . . 1.244 850 388 1,174 788 380 1,191 765 426 

September 1,257 854 403 1,185 783 402 1,251 774 477 

October .. 1,314 801 423 1,171 787 384 1,323 815 508 

November 1,180 884 337 1,020 734 292 1,303 800 503 

December 1,116 821 200 993 730 263 1,253 802 451 

January .. 1,021 795 226 939 718 221 1,133 797 336 

February . 914 740 168 000 080 220 1,140 800 340 

March .... 1,001 SOI. 200 1,015 722 203 1,200 844 410 

April 1,038 782 250 1,010 722 288 

May 1,047 800 247 1,040 732 308 

June 1,007 780 308 1,090 730 300 



THE STEEL AND METAL DIGEST. 



June 



Price Changes of Iron and Steel Products 
From February 11, 1915 to Date. 

Price changes in merchant bars, structural shapes, plates, wire nails, merchant pipe. 
sheets and tin plates are given below, with dates. These are the commodities used in 
compiling our composite finished steel. In some cases the dates named are those upon 
which prominent producers announced price changes, but more frequently the rates 
are merely those upon which our quotations were changed. A few other price 
changes are included. 



1915 — 
Feb. 11 



April 1 
1 



May 1 



June 1 



July 



Wire nails 

Pipe 

Galv. sheets 

Galv. sheets 

Bars 

Plates 

Shapes 

Wire galvanizin 

Wire galvanizin 

Boiler tubes 

Bars 

Plates 

Shapes 

Wire nails 

Steel pipe 

Boiler tubes 

Tin plate 

Plates 

Galvanized sheets 3.40 

Galvanized sheets 3.60 



L.55 to 1.60 
81% to 80% 



to 3.25 
to 3.40 
to 1.15 
to 1.15 
to 1.15 
to 50c 
to 60c 

75% 
to 1.20 
to 1.20 
to 1.20 
to 1.55 
80% to 79% 
75% to 74% 
3.20 to 3.10 
1.20 to 1.15 
to 3.60 
to 3.75 



3.00 
3.25 

1.10 
1.10 
1.10 
40c 
50c 



1.15 

1.15 
1.60 



Galvanized pipe 62^ to 63^2 
Galvanized sheets 3.75 to 4.25 
Wire galvanizing 60c to 80c 
Sheets 1.80 to 1.75 

Galvanized sheets 4.25 to 5.00 



1915- 
Aug. 2 



" 31 
Sept. 15 



Oct. 



Oct. 21 



15 


Boiler tubes 


74% 


to 73% 


" 29 


1 


Bars 


1.20 


to 1.25 


Nov. l 


1 


Plates 


1.15 


to 1.20 


l 


1 


Shapes 


1.20 


to 1.25 


4 


2 


Sheets 


1.75 


to 1.70 


4 


6 


Wire nails 


1.55 


to 1.60 


4 


6 


Painted barb wire 


1.55 


to 1.70 


" 12 


7 


Sheets 


1.70 


to 1.75 


" 12 


14 


Galvanized sheets 


5.00 


to 4.50 


" 15 


16 


Boiler tubes 


73% 


to 72% 


" 15 


20 


Plates 


1.20 


to 1.25 


" 15 


20 


Wire nails 


1.60 


to 1.55 


" 16 


28 


Galvanized sheets 4.50 


to 4.25 


" IS 


29 


Wire nails 


1.:.:, 


to 1.60 


" 18 


3 


Shapes 


1.25 


to 1.30 


Nov. 18 


4 


Sheets 


1.75 


tol.SO 


" 18 


6 


Black sheets 


1.80 


to 1.85 


•' 24 


16 


Win- galvanizing 


80c 


to 60c 


" 30 


19 


aim. sheets 




to: to 


" 30 




Wire galvanizing 


60c 


to 70c 


" 30 



Wire- 
Wire nails 
Black sheets 
Plates 



1.40 
1.60 



Blue aim 

Plates 

Shapes 

Wire nails 

Sheets 

Shapes 

Boiler tube 

Bars 

Sheets 

Blue ami. 

Bars 

Plates 

Shapes 



1.25 
1.30 
sheets 1.40 
1.30 
1.30 
1.65 
1.90 
1.35 



Galvanized sheets 3.60 



Black sheets 

Wire nails 

Blue 'aim. sheets 



Plates 
Shapes 
Blue aim. s 
Boiler tube 
Steel pipe 



1.45 
heets 1.65 



to 1.50 

to 1.65 
to 1.90 
to 1.30 
to 1.35 
to 1.50 
to 1.35 
to 1.35 
to 1.75 
to 1.95 
tO 1.40 
72% to 71% 
1.35 to 1.40 

to Mill 

to 1.60 
to 1.45 
to 1.45 
to 1.45 
to 3.50 
to 2.10 
to 1.85 
to 1.65 
to 1.50 
to 1.50 
to 1.50 
to 1.70 
71% to 6991 
79% to 78% 



1.95 
1.55 
1.40 
1.40 
1.40 



2.00 

1.75 
1.60 
1.45 



Galvanized sheets 3.50 to 3.60 

Black sheets 2.10 to 2.20 

Galvanized sheets 3.60 to 3.70 

Bars 1.50 to 1.60 

Tin plate 3.30 to 3.60 

Sheets 2.20 to 2.25 

Sheets 2.25 to 2.40 

Galvanized sheets 3.80 to 4.00 

Blue aim. sheets 1.80 to 2.00 

Wire nails 1.85 to 1.96 

Bars 1.60 to 1.70 

Plates 1.60 to 1.70 

Shapes 1.60 to 1.70 

Galvanized sheets 4.00 to 4.25 

Galvanized sheets 4.25 to 4.50 

Sheets 2.40 to 2.50 

Galvanized sheets 4.50 toi 15 

Blue aim. sheets 2.00 to 2.25 



IMMIl.K A I [ON M \ I '.I I, 



Feb. 7 



Mar. 



29 
" 29 
" 29 

April 5 
" 1 5 
" 19 
" 24 

May i 



Wire nails 

Boiler tubes 

Bars 

Plates 

Shapes 

W ire nails 

Sheets 

Tin plate 

Blue arm. sheets 



1.90 t02 00 

69' b to 68' 

1.70 to 1.80 

tO I. Ml 
tO I. Ml 

to 3.10 
to 2.60 



1.70 
1.70 

2.00 



3.60 
2.25 

1.80 
1.80 



to 3.75 
to 2.35 
to 1.85 
to 1.85 
to 1.85 



Plates 
Shapes 
Pipe (with extra 

'-"-''' a to 77% 

Blue aim. sheets 2.35 to 2.40 
Boiler tubes 68% to 66% 

Blue arm. sheets 2.40 to 2.50 
Boiler tubes 66% 

Blue arm. sheets 2.50 
Bars 



Plates 
Shapes 
Pipe 

Wire nails 
Bars 
Plates 
Shapes 
Wire nails 
Pipe 
Bars 
Plates 
Shapes 
Tin plate 
Pipe 

Boiler tubes 
Wire nails 
Black sheets 



1.85 
1.85 
1.85 

77% 
2.10 
1.90 
2.00 
1.90 
2.20 

76% 
2.00 
2.10 
2.00 
3.75 

75% 



2.30 
2.60 



8 Blue ann. sheets 2.65 



Bars 
Plates 
Shapes 
Steel pipe 
Boiier tubes 
Bars 
Shapes 
Plates 
Sheets 
Steel pipe 
Boiler tubes 
Sheets 

Boiler tubes 
Tin plate 
Pipe 

Wire nails 
Tin plates 
Plates 



2.25 

2.35 

2.25 
74% 
63% 

2.35 

2.35 

2.60 

73% 

61% 
2.85 

60% 
4.50 

72% 



to 64% 

to 5.65 

to 1.90 

to 2.00 

to 1.90 

to 76% 
to 2.20 
to 2.00 
to 2.10 
to 2.00 
to 2.30 

to 75% 
to 2.25 
to 2.35 
to 2.25 
to 4.00 
to 74% 
to 63% 
to 2.40 
to 2.75 
to 2.90 
to 2.35 
to 2.60 
to 2.35 
to 73% 
to 61% 
to 2.50 
to 2.50 
to 2.75 
to 2.85 
to 72% 
to 60% 
to 2.90 

to 56% 
to 5.00 

to 70% 
to 2.50 
to 5.50 
to 2.90 



IMMIGRATION STATISTICS. 

' hi d refer to fiscal 

lldl tl rune 30th, Aliens admitted, 

immigrant and i mmigrant, and aliens 

depart* d, both i migranl and non ,-,,,,. 
with change therebj effected in I 
States population: 

Admitted. 

1,017,155 

1,427,227 

l, in.;. 081 

nber 1914 44,624 

er 45,2 1 1 

35,325 
27,458 
30,684 
18,704 
26,335 
11,765 
.; •..;<,:; 
28,499 
t34,244 
. m. 
27,413 
31,096 
31,215 



1912 
L913 

i:n t 

Septe 

October 

Ni ii ember . 

1 )ecember . . 

January, loi: 

February .. 

March 

April 

May 

June 

Year 1915 

July 

August 

September . . 
October 
November . . 
December . . 
January, mi-; 
February . . , 
March .. 
April 



29, 



Departed 


' li.i tlj 


615,292 


ml 86 


61 1,924 


| 815,303 


13,805 


res :76 


34,751 




39, 1 10 


+ 5,831 


40,748 


5,423 


13,585 


— 15,067 


31,556 


— 10,872 


14,188 


+ 4,516 


15,167 


-; Ll,168 


17,670 


■f 14,095 


17,624 


+ 14,739 


21,532 


+ 6,967 


384,174 


+ 50,070 


16,015 


+ 11,082 


41,737 


l 1,324 


33,061 


— 1,965 


26,338 


+ 4,877 


36,005 


+ 3,392 


:.'.;.; t:; 


— 570 


i.i 1 1 -i 


+ 7,303 


10,824 


+ 19,420 


9,894 


+ 23,791 


10,856 


+ 26,143 



■ ■ ! . 

I 7,393 
30,34 I 
33,685 
36,999 
United States citizens arrived and depart- 
ed, with change thereby effected in United 
States population: 

Arrived. Departed. 
386,604 347,703 
286,586 368,797 
339,579 172,412 
9,037 5,115 

9,506 10,310 

9,054 8,188 

8,991 
8,364 
8,458 



1913 

1914 

1915 

July, 1915 . . 

August 

September .. 
October . . .'. 
November . . 
December . . . 
January, 1916 
February . . . 
March ". 
April 



— 61, 003 

— 82,211 
+ 67,167 



8,257 
I 1,082 
15,065 



8.339 
9,166 
9,349 
9,469 

P.'. '.MIS 

10,867 
8,051 



+ 



3,912 
804 
866 
662 



S01 
1,212 
1,826 
1,198 
4,471 



Net change in population caused by the 
movement of both aliens and citizens: 
1913, +754,205; 1914, | 687,065; 1915, +117,- 
337; July, 1915, +14,004; August, 1915, — 15.- 
128; September, 1915, 1,099; October, 1915, 
+5,539; November. 1915, +2,490; Decen 
her. 1915, —1,461; January, 1916, +6,091; 
February, 17.594; March, +27,989; April, 
+30,614; ten months, -| 87,623. 



THE STEEL AND METAL DIGEST. May 

Comparison of Metal Prices. 

Range for 1914. Range for 1915. Range for 1916. Closing, 

Pie Iron High. Low. High. Low. High. Low. May 31, 

6 1916. 

Bessemer, valley 14.25 13.75 21.00 13.60 21.00 20.00 21.00 

Basic, valley 13.25 12.50 18.00 12.50 18.50 7 75 8.25 

No 2 foundry, vallev .... 13.25 12.75 18.50 12.50. 18.50 18.50 18.50 

No 2X fdy. Philadelphia. 1500 14.20 19.50 14.00 20.25 19.50 20.2a 

No. 2 foundry, Cleveland . 14.25 13.25 18.80 13.00 19.00 18 80 19.30 

No. 2X foundry, Buffalo.. 13.75 12.25 18.00 11.75 19.00 8,0 18.50 

No. 2 foundry, Chicago .. 14.75 13.00 18.50 13.00 19.00 8 50 9.00 

No. 2 South'n Birmingham 10.75 9.50 14.50 9.25 15.00 14.50 15.00 

Scrap Iron and Steel. 

Melting steel, Pittsburgh. 12.00 9.75 18.00 11.00 18.75 17.2o 16.75 

Heavy melt, steel, Chicago 11.00 8.00 15.25 8.75 16.75 15.25 15.50 

No. 1 R. R. wrought, Pitts. 12.75 10.00 17.25 10.75 19.50 17.50 19.25 

No least, Pittsburgh .... 12.25 10.50 15.00 11.00 16.00 lo.OO 16.00 

Heavy steel scrap, Phila... 11.25 9.00 16.25 9.50 17.75 16.00 16.25 

Iron and Steel Products. 

• , -ii 1 o- i o- 1 •', 1 25 1 25 1.2a 1.4/ 

Bessemer rails, mill 1.25 i.<sa i-a J - 

Iron bars, Pittsburgh 1.35 1.20 1.90 1.20 2.50 1.90 -.60 

Iron bars. Philadelphia ... 1.27/ 1.12/, 2.06 1.12/, 2.66 2.06 -.66 

Steel bars. Pittsburgh .... 1.20 1.05 1.80 1.10 2.50 1.85 2.50 

Tank plates, Pittsburgh . . 1.20 1.05 1.60 1.10 2.7., 1.8o -.90 

Structural shapes, Pitts. .. 1.25 1.05 1.80 1.10 2.50 1.8» 2.50 

Grooved steel skelp, Pitts.. 1.20 1.12/ 1.75 1.12* 2.35 1.75 2.35 

Black sheets, Pittsburgh.. 1.95 1.80 2.60 1.70 2.90 2.60 290 

Galv. sheets, Pittsburgh .. 3.00 2.75 5.00 2.65 5.00 4.-5 5.00 

Tin plate, Pittsburgh .... 3.75 3.10 3.60 3.10 5.00 3.75 5.50 

Wire nails, Pittsburgh .... 1.60 1.50 2.10 1.50 2 40 10 2_50 

Steel pipe, Pittsburgh .... 79/% 81% 79% 81% 70% -8% 70% 
Connellsville Coke at ovens. 

Prompt furnace 2.00 1.60 3.50 1.50 5.00 2.50 00 

Prompt foundry 2.50 2.00 3.75 2.00 4.25 3.75 3.3o 

Metals— New York. ,„„„,/ ,--- 

StraitsTin 65.00 28.50 57.00 32.00 56.00 40.87/ 45.75 

Lake copper 15.50 11.30 23.00 13.00 30.25 23.00 28.25 

Electrolytic copper 14.87/11.10 23.00 12.80 31.00 23.00 28.50 

Casting copper 14.65 11.00 22.00 12.70 28.25 22.00 2b.50 

^copper, *0.25 16.50 2,25 18.75 37.50 28.00 37.50 

Lead (Trust price) 4.15 3.50 7.00 3.70 7. ■ 60 .5 

c i r 6 9 4 75 27.25 5.70 .-1.1 1 72 Ld.ou 1^.^.-/2 

Chinese & Jap.' antimony', isioo SM 4o'.00 13.00 45.00 25.00 25.50 

Aluminum, 98-99% 21.50 17.37/60.00 18.75 63.00 53 00 6M0 

Silver 59/ 47/ 56/ 46/ 77/ 55^ 68% 

St. Louis. 

Lead 4.10 3.35 7.50 3.50 8.25 ...4. M5 

Spelter'" 6.00 4.60 27.00 5.55 21.00 13.12', 13.25 

Sheet zinc (f.o.b. smelter) 8.75 7.00 33.00 9.00 25 50 22 50 22 50 

London. £ £ £ £ £ * fL 

Standard tin, prompts 188 132 190 L48/ 20o 172 187/i 

lard copper, prompts .. 66./ 49 86J/ 8 57/ 146 84% 121 

Lea , ... 24 177/ 30/ 18/ 36-/ 29/ 31*4 

Spelter 33 21/ 110 28/ ill 

iUver 27/d 23/d 27/d SS*d 37/d S6»d 32^ 



COMP PRISON i IF SEC1 Kin PRU E 



Comparison of Security Prices. 

Range for 1914. Range for 1915. Range for 1916. Closing. 
Railroads. High. 

Itchison, Top. & Sante Fe... 100% 
Vtch. lop. & Santa- Fe,. pfd. 101/ 

Baltimore & Ohio 95% 

I anadian Pacific 220J „• 

Chesapeake & Ohio 68 

Chicago. Mil. & St. Paul .... 107/ 

Erie R. R 32/ 

Great Northern, pfd 134% 

Lehigh Valley 156/ 

Louisville & Nashville 141" s 

Missouri, Kansas & Texas .. :.'4 

Missouri Pacific 30 

New York Central 96% 

N. V., N. H. & Hartford .... 78 

Northern Pacific 118^5 

Pennsylvania R. R 115J4 

Reading 172/ 

Rock Island 16% 

Southern Pacific 99/ 

Union Lacific 164% 

Industrials. 

Am. Beet Sugar 33/ 

American Can '■<■>'* 

American Can. pfd 96 

Am. Car & Foundry 53/ 

Am. Cotton Oil 46/ 

Am. Locomotive 37/ 

Am. Smelting & Refining .... 71% 

Brooklyn Rapid Transit 94/ 

Chino Copper 44 

Colo. Fuel & Iron Co 34/ 

Consolidated Gas 139/ 

General Electric 150% 

International Harvester 113/ 

Lackawanna Steel 40 

National Lead 52 

Ray Consolidated Copper .... 22/ 

Republic Iron & Steel 27 

Republic Iron & Steel, pfd... 91/ 

Sloss-Sheffield 35 

Texas. Co 149% 

U. S. Rubber 63 

U. S. Steel Corporation 67/ 

U. S. Steel Corporation, pfd.. 112/ 

Utah Copper 59% 

Va. -Carolina Chem 34% 

Western Union Telegraph . . . 66% 



Low. 


High. 


Low. 


High. 


Low. 


May 31, 
1916. 


89/ 


Ill 1 , 


92 J 


L08J 


too/ 


L05! 


96/ 


Hi- s 


96 


102 


97% 


101 


67 


96 




96 


82% 


91 


i;,;: 


I'.M 


L38 


L83/ 


L62J 


178% 


40 


64J4 


35% 


66% 


58 


62% 


84/ 


mi's 


.;■ 


102] 


91 


98! 1 


20/ 


1 5 i i 


19% 


t3% 


32 


38% 


111% 


128% 


MM, 


1 2 ; ' , 


US 


L21 


118 


83% 


645 


84! 1 


74= i 


83 


125 


L30 ! 


104/ 


L31% 


121/ 


L31 V. 


s% 


J.V 4 


4 


7/ 


3/ 


4/ 


7 


is/ 


134 


73/ 


3/ 


6! i 


77 


mi'. 


si; 


111/ 


loo; t 


106 


49% 


8!) 


4:; 


77% 


57 


61 


97 


119 


99 / 


118% 


L095 1 


114 


102/ 


6i / 


5154 


5954 


55! 1 


57% 


137 


85% 


69% 


110.!, 


75/ 


101/ 


% 


1/8 


/ 


% 


. 


/ 


81 


104% 


81/ 


104/ 


94/ 


98/ 


112 


141/ 


a 5 y 4 


143% 


129/ 


140 


19 


72% 


33/ 


79 


61/ 


16 


1'' 1 


68/ 


2 *> 


65% 


52/ 


56/ 


80 


113/ 


89 


113% 


109 


no 


42J4 


98 


40 


7S 


55 


59/ 


32 


64 


39 


57/ 


50/ 


53% 


29/ 


uy 4 


19 


83/ 


60/ 


72/ 


50/ 


108% 


56 


L13% 


88/ 


97/ 


79 


9.': 


83/ 


88/ 


83/ 


88% 


31H 


575^ 


32*4 


60 


:,1 


525% 


29/ 


66/ 


21-/ 


53 


38/ 


44 


112/ 


150] , 


11354 


114J4 


. 130/ 


13S 


MT/2 


185/ 


138 


178/ 


159 


172 


82 


114 


90 


114/ 


108/ 


113/ 


26/ 


94 i 4 


28 


sti 


64 


71 


40 


70/ 


44 


73% 


60/ 


67 


15 


:::< . 


L5/ 


26 


2iy 4 


22% 


18 


•-.:', 


19 


55/ 


13/ 


47/ 


75 


L12% 


72 


112 


107/ 


111/ 


19/ 


66% 


22 


63/ 


47 


54 


112 


-.■:;; 


1 20 


! : 


ISO 


193/ 


44/ 


uy A 


44 


58/ 


47/ 


55/ 


48 


89/ 


38 


S9 


79/ 


85% 


103/ 


1 1; 


102 


118/ 


115 


117 


45% 


si V A 


48/ 


s ( ; J ; 


77 


80/ 


17 


52 


15 


51 


36 


42J4 


53% 


90 


57 


96% 


sT 


95/ 



THE STEEL AND METAL DIGEST. 



June 



COMPOSITE 


STEEL 




COMPOSITE PIG IRON 




Computation fo 


June 


1, 19K 






Computati 


m for June 


1. 1916: 






Pounds. 


Group. 


Price. 


Exte 


nsion. 






$21.00 


- 


Bars 




2.50 


6.250 


Two tons basic, valley 






16.50 




Elates 




2.90 


4.350 


One ton X> 


2 foundry, 


i-alley . 






iVz 


Shapes 




2.50 


3.750 


One ton No 


oundry, 


Philade 


phia 


20.25 


i'A 


Pipe ( 


! 4-> 


2.95 


4.425 


One ton Nc 


.' foundry, 


Buffalo 




- . 


i . 


Wire 


iails 


2.50 


3. 


"50 


Oik- ton No 


I foundry, 


Clevclai 


d .. 


19.30 


i 


Sheets 


(28 bl. 


2.90 


2.900 


One ton Xo 


. 2 foundry, 


Chicago . . . 


19.50 




Tin ]> 


ites 


5.50 


2. 


50 


!\\ 1 1 tons X 


o. 2 Southern found 


y. 




10 pounc 
One 








28 " 


Cincinnati 


(17.90) . . . 






35.80 


pound 






2.8175 




Total, ten 
One t 

Averaged 








189.1 






8.960 

ns: 




Averages 


from daily quotations: 
>. 1913. 1914. 1915. 


1916. 








191 


from daily 


^uotatio 




Jan. 1.5123 1.7737 1.5394 1.4554 


2.1410 


1912 


1913. 1914. 1915. 


1916. 


Feb. 1.48 


"8 1.7625 1.5794 1.4716 


2.2988 


Jan. 13.420 17.391 13.492 13.070 


18.690 


Mar. 1.47 


)0 1.7646 1.5638 1.5098 


2.5579 


Feb. 13.42 


1 17.140 13.721 13.079 


18.564 


April 1.5206 1.7742 1.5337 1 


5357 


2.7166 


Mar. 13.581 16.775 13.843 12.971 


18.857 


May 1.55 


10 1.7" 


86 l." 


178 i 


5383 


3043 


April 13.77 


J 16.363 13.850 12.914 


19.021 


June 1.57 


14 1.7" 


19 1.4 


750 1 


5312 




May 13.91 


15.682 L3.808 13 


206 


18.965 


July 1.618S 1.7600 1.4805 1.5692 




June 14.005 14.96S 13.606 13.047 




Aug. 1.6784 1.7400 1.5241 1.6059 




July 14.288 14.578 13 


.520 13.125 




Sept. 1.7086 1.7093 1.5632 1.6506 




Aug. 14.669 14.565 13 


.516 14.082 




Oct. 1.7588 1.6779 1.5236 1.7264 




Sept. 15.386 14.692 13.503 14.895 




Nov. 1.77 


50 1.6203 1.4769 1.9089 




Oct. 16.706 14.737 13.267 15.213 




Dec. 1.7789 1.5 


58 1.4324 2 


0329 




Nov. 17.22 


3 14.282 13.047 16.398 




Year 1.6214 1.7241 1.5 


182 1.6280 




Dec. 17.47 


5 13.83S 13.073 17.987 




CfT? AT 


> IRON & STEKL PRICED 


Year 14.82 


3 15.418 13.520 14.150 




oL.i\/\r 












Melting Bundled 
Steel. Sheet 


Xo. 1 R. 
Wrougl 


R. No 

t Cast. 


1 No 1 

Steel. 


Heavy 
Uelfg. 


dNFINISHE 






Pitts. 
1914 — 
July 11.75 
Aug. 11.50 


Pitts. 


Pitts. 


Pitts. 


Phila. 


Ch'go. 




AND 


IRON BARS. 


8.50 
8.50 


11.75 

11.50 


11.50 
11.25 


10.60 

10.75 


9.75 
9.75 


(Averaged from daily quotations.) 
Sheet 
Billets. Bars. Rods. — Iron bars, deliv. — 
Pitts. Pitts. Pitts. Phila. Pitts. Ch'go. 


Sep. 11.35 


8.70 


10.50 


11.25 


10.75 


9.25 


1914— 










Oct. 10.75 


8.50 


10.25 


11.25 


10.00 


9.00 


Nov. 19.25 


19.75 25.00 


1.13 


1.20 


.96 


Nov. 10.10 


8.10 


10.25 


10.75 


9.25 


8.25 


Dec. 18.75 


19.25 24.40 


1.12 


1.20 


.91 


Dec. 10.50 


8.50 


10.50 


11.00 


9.65 


8.40 


Year 20.06 


20.82 '.'.".."id 


1.20 


1.27 


1.07 


Year 11.42 


8.52 


11.51 


11.71 


10.53 


9.55 


1915— 










1915— 












Jan. 19.25 


L9.75 24.80 


1.12 


1.20 


.97 


Jan. 11.40 


9.20 


10.75 


11.25 


10.30 


9.00 


Fel). 19.25 


19.75 25.00 


1.12 


1.20 


1.03 


Feb. 11.70 


9.25 


10.75 


11.25 


10.70 


9.20 


Mar. 19.30 


19.80 25.00 


1.13 


1.20 


1.10 


Mar. 11.80 


9.37 


10.75 


11.50 


10.85 


9.25 


Apr. 19.50 


20.00 25.00 


1.18 


1.20 


1.14 


Apr. 11.65 


9.37 


10.75 


11.85 


11.10 


9.13 


May 19.50 


20.00 25.00 


1.18 


1.20 


1.15 


May 11.65 


9.37 


10.75 


11.85 


11.25 


9.50 


June 20. out 


20.50f 25.00 


1.20 


1.20 


1.17 


June 11.75 


9.37 


10.75 


11.85 


11.25 


9.75 


July 21.40f 


21.90T '.'".; ". 


1.32 


1.20 


1.20 


July 12.62 


9.60 


11.00 


12.00 


11.85 


10.90 


Aug. 23.50f 


>A i"iT 27.00 


1.43 


1.25 




Aug. 14.05 


11.40 


12.25 


12.85 


13.70 


11.85 


Sep. 26.50f 


26. OOt 29.75 


1.49 


1.35 


1.30 


Sep. 14.25 


11.90 


13.15 


13.10 


14.70 


12.15 


Oct. 26.00f 


26.007 31.50 


1.57 


1.45 


1.38 


Oct. 14.50 


12.00 


13.75 


13.35 


14.50 


12.00 


Nov. 26.20f 


26.50f 36.00 


1.72 


1.54 


1.51 


NOV. 16.12 


12.55 


15.35 


13.90 


14.65 


13.95 


Dec. 30.73f 


30.73f 39.50 


1.99 


1.83 


1.69 


Dec. 17.05 


13.15 


17.10 


14.95 


15.60 


15 25 


Year 22.51 


22.91 28.28 


1.37 


1.32 


1.24 


Year 13.26 


10.54 


12.26 


12.40 


12.54 


10.99 


1916— 










1916— 












Jan. 3 ' 501 


li. 42.00 


2.24 


2.02 


1.79 


Jan. 17.75 


13.40 


18.00 


15.10 


16.30 


15.60 


Feb. 34.00f 


; i.i ii iv 18.00 


2.41 


2.2.", 


1.92 


.., 


13.60 




15.35 


16.25 


1 5.75 


Mar. 41.00f 41.00f 56.00 


2.56 


2.40 


2.17 


Mar. 18.40 


l 1.80 


19.15 


15.75 


17.15 


16.75 


Apr. 45.(10 


45.00 60.00 


2.62 


2.50 


". 




li.;:, 


19.25 


16.00 


L8 00 


16.75 


May 4:;. (»i 


43.00 59.00 


Mil. 


2.60 


2.35 




L3.65 


19.05 


16.10 


17.00 


15.90 


t Premium for open-hearth. 







IRON AND STEEL FOREIGN TKADE STATISTICS. 

IRON AND STEEL IMPORTS AND EXPORTS. 



VALUE OF TONNAGE AND NON-TONNAGE. 



1911. 

January $18,738,39 i 

February .... 1.8,690,792 

March a8,591,9fl] 

April 34,916,912 

May 20,616,795 

June 20,310,053 

July 17,454,772 

August 20,013,557 

September ... 19,875,308 

October 20,220,833 

November . . . 20,823,061 

December . . . 22,186,996 



L91S 

. 1 5 I 
,S01 
,474 
,789 
,050 
,795, 
,917. 
,450, 
,286, 
,271. 
,406, 
,750, 



914 

,57(1 
799 
853 
247 



107 
040 
559 
425 
864 



L913 

1,141, 
,089 



109 

87 1 
10 
044 
970 
346 
94 
440 
083 
887 
141 



191 I 



191.1 



58,300,291 



1916. 

,706,836 $18,053,421 $51,64:1,807 
0,260 16,470,751 54,155,386 
30,985,505 
35,303,649 
26,536,612 
31,757,103 
35,891,575 
37,726,822 
38,415,180 
43,602,741 
48,056,220 
45,825,277 



551,137 
639,569 

734,045 
927,958 
737,552 
428,817 
,531,102 
,455,832 
,689,401 
,939,613 



Totals 



5249,656,411 $289,12S,420 $293,934,160 $199,861,684 $388,703,720 $164,099,490 



EXPORTS OF TONNAGE LINES— Gross tons. 

1909. 1910. 1911 1912. 1913. 1914. 

January 70,109 118,681, 152, ?62 151,575 249,493 118,770 

February 84,S37 110,224 150,919 204,969 241,888 121,206 

March 94,519 124,980 216,360 218,219 257,519 159.998 

April 100,911 117,921 228,149 267.313 259,689 1.61,952 

May 109,808 135,306 178, 5S9 307,656 242,353 139,107 

June 114,724 120,601 174,247 273,188 243,108 144,539 

July 100,850 127.57S 162,855 272,778 237,159 114,790 

August 105,690 131,391 177,902 282,645 209.S56 S6.599 

September 97,641 119,155 181.150 248.613 213,057 96,470 

October 110,821 129.S28 186,457 251.411 220,550 117,293 

November 116,105 155,138 187,554 233,342 175,961 140,731 

December 137.S06 150,102 190,854 235,959 181,715 117,827 



1915. 

140,550 
139,946 
174,104 
223,240 
263,649 
355,402 
378,897 
405,853 
381,917 
350,955 
362,766 
353,840 



1916 
357,122 
368,867 
438,058 



Totals 1,243,567 1,540,895 2,187,724 2,948,466 2,730,681 1,549,543 3,532,432 1,164,047 



Jan. . 
Feb. . 
Mar. . 
April 
May . 
June . 
July . 
Aug. 
Sept. 
Oct. . 
Nov. . 
Dec. . 

Totals 



IRON 

1913. 
175,463 
LS8.734 

I 64. SO;, 
174,162 
191,860 
241,069 
272,017 
213,139 
295.424 
274,4 IS 
179,727 



ORE IMPORTS. 

1914. 1915. 1916. 

101,804 75,286 S9.844 

11 2. 57 4 78,773 93,315 

68,549 88.40:.' 93,383 

111,812 91,561 

125,659 98,974 

188,647 118,575 

141,838 119,468 

134,913 126,806 

109,176 173,253 

114,341 . 138,318 

90,222 113,544 

51,053 118,321 



594,770 L,350,588 1,341,281 276.542 



IRON AND STEEL I 




38,420 

22,754 

24,165 

9,493 



MPORTS. 

1915. 1*26. 

10,568 15,824 

7,506 20,280 

8,025 15,162 

16,565 

28,916 

32,200 

20,858 ...... 

27,556 ..... 

23,344 

34,319 

37,131 

35,455 



Total 225,072 317,260 289.778 282,443 51,266 



THE STEEL AND METAL DIGEST. 



June 



CAR BUYING. 

Freight cars ordered: 

First half, 1913 114,000 

Second half 1913 33,000 

Year. 1913 147,000 

First half 1914 11,380 

Second half, 1914 13,020 

Year, 1914 80,000 

January, 1915 3,300 

February 4,255 

March 1,287 

April 3,000 

May 20,210 

June 29,864 

Six months 61,916 

July 5,675 

August 4,625 

September 5,060 

October 26,939 

November 19,863 

December 7,055 

Six months 69,217 

Year 1915 •■■ 131,133 

1916— 

January 21,337 

February 13,043 

March 10,725 

April 8,058 

May 6,204 

PIG IRON PRODUCTION. 

Rater, per annum, including charcoal pig. 

October 1914 21.200.000 

November 18,700,000 

December 18,100,000 

January, 1915 19,100,000 

February 22,100,000 

March 24,600,000 

April 26,000,000 

May 26,800,000 

T une 29,250,000 

"j u ly 30,300,000 

August 31,800,000 

September 35,000,000 

October 37,100,000 

November 37,350,000 

December 38,000,000 

January, 1916 37,850,000 

February 39.200,000 

\[ arc h 39.600,000 

April 39,600,000 

On May 1st 40,100,000 

Actual production: 

1010 27.303 567 

i.,l .; 30,966,152 

HI [4 23,332,244 

1915 29,916,213 



OUR FOREIGN TRADE. 

Value of merchandise imports and ex- 
ports, and favorable trade balance, calendar 
years. 

Imports. Exports. Balance. 

1904 1,035,909,190 1,451,318,740 415,409,550 

1905 1,179,144,550 L,626,990,795 447,846,245 

1906 1,320,501,572 1,798,243,434 477,741,862 

1907 1,423,169,820 1,923,426,205 500,256,385 

1908 1,116,374,087 1,752,835,447 636,461,360 

1909 1,475,520,724 1,728.198,645 252,677,921 

1910 1,562,904,151 1.866,258,904 303,354,753 

1911 1,532,359,160 2,092,526,746 560,107,586 

1912 *1,818,133,355 2,399,217,993 581,084,638 

1913 1,792,596,480 2,484,018,292 691,421,812 

1914 1,789,276,001 2,113,624,050 324,348,049 

1915 1,778,596,695 *3,547,480,372 *1, 768,883,677 

1913— 

Aug. 137,651,553 
Sept. 171,084,843 
Oct. 132,949.302 
Nov. 148,236,536 
Dec. 184.025.571 



187,909,020 50,257,467 

218,240,001 47,155,158 

271,861,464 138,912.102 

245,539,042 97,302,506 

233,195,628 49,170,057 



1914- 

Jan. 

Feb. 

Mar. 

Apr. 

May 

June 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dec. 



154,742.923 
148,044,776 
182,555,304 
173,762,114 
164,281,515 
157,529,450 
150,677,291 
129,707,890 
139,710,011 
137,978,778 
126,467,062 
114.056.54;. 



1915— 

Jan. 122,148,317 

125,123,391 

158,022,016 

160,576.106 

142,284,851 

157,095,140 

143,099,620 

141,830,202 

151,230,020 

148,529,620 

104.319.109 

171,83 ! >0 

1916— 

Jan. 184,302,117 

Feb. . 193.935,117 

Mar. 213,589,785 

Apr. *217.800,000 

* High record. 

f Balance tinfav 



Feb. 
Mar. 
Apr. 
May 
June 
July 
Aug. 
Sept. 
Oct. 
Nov. 
Dec. 



204,066,603 
173,920,145 
187,499,234 
162,552.570 
161,732,619 
157,072,044 
154,138,947 
110.307,49+ 
156.052,333 
195,283,852 
205,878,333 
245,632,558 

267,879,313 
298,727,757 
296,501,852 
294,740,117 
273,769,093 
208,547,410 
267,978,990 
261,025,230 
300,676,822 
334,638,578 
331,144,527 
^59,306,492 

330,784,847 

402,991,118 

*409,850,425 

404,300,000 

orablc. 



49,323,680 

25,875,369 

4,943,930 

fll,209,544 

-2,548,896 

f457,406 

f5, 538, 344 

tl9,400,39b 
16,341,722 
57,305,074 
79,411,271 

130,976,013 

145,730,996 
173,604,366 
138,479,836 
134,170,011 
131,484,242 
110,852,276 
124,879,370 
119.195,028 
149,440,796 
186,108,958 
160,825,358 
187.473,987 

140. 422, 730 
'209,050 mil 

0,6 10 

186,542,616 



IRON A\ ERAGES AND EXPORTS, 



!57 



STEEL MAKING PIG IRON 
AVERAGES. 

Bessemer and basic pig iron averages, 
compiled by W. P. Snyder & Company from 
sales in the valley market of 1.000 tons and 



o\ er. 


Bessemer. 




Basic. 


[an. . 


. $13.6375 


$20,645 




$12.50 


$17.8 13 


Feb. 


. . t3.60 


30.2136 




L2.50 


17.984 


Mar. 


. . 13.C0 


20.8625 




12.50 


18.25 


April 


. 13.60 


'.'0.70 




12.50 


18.00 


May 


.. 13.659 


20.833 




12.65 


18.1607 


June 


.. L3.75 






12.724 




lulv 


. . 13.991 






12.959 




Aug. 


. . 15.064 






14.364 




Sept. 


.. 15.906 






15.00 




Oct. 


. . 16.00 






15.0147 




Nov. 


.. 16.61:. 






15.518 




Dec. 


.. L9.02] 






17.487 




Year 


.. 14.870 






13.810 




Above prices 


are f.o 


.b. 


valley 


furnace; 


delivered Pittsburgh is 


95 


cents higher. 



BAR IRON AVERAGES. 

Average realized prices on shipments of 
base sizes of common iron bars by the 
Republic Iron & Steel Company, Union 
Rolling Mill Company, Fort Wayne Roll- 
ing Mill Company and Highland Iron & 
Steel Company, as disclosed by wage ad- 
justments of Amalgamated Association of 
Iron, Steel and Tin Workers, prices realized 
in bi-monthly periods, governing wage rates 
for succeeding two months. 

1914. 1915. 1916. 

January-February. 1.1590 1.024 *1.40 

March-April 1.176 1.087 *1.60 

May-June 1.1257 *1.10 

July-August 1.0928 *1.15 



I'll i 1915. L916. 

September I l< tobei I 0847 *i,20 

Novembei 1 >■■. 'bei L.037 *1.30 

Year's avei age .... 1.1 125 1.114 .... 

* Settlement basis. 

TIN PLATE MOVEMENT. 

United States imports and exports of tin 
plate in gross tons have been as follows, 
the imports of course including those for 
drawback purposes: Imports. Exports. 

1912 2,053 81,694 

1913 20,680 57,812 

1914 15,411 59,549 

1915 2,350 154,541 

January, 1915 1,608 7,014 

February 265 5,834 

March 53 10,500 

April 44 9,084 

May 24 7,218 

Junc> 75 8,024 

July 71 13,845 

August 50 21,939 

September 31 22,262 

October 15 16,922 

November 54 15,538 

December 62 16,792 

January, 1916 62 12,178 

February 107 13,534 

Marcli 44 20,364 

British tin plate exports have been as fol- 
lows, in gross tons: 

1913 494,921 

1914 435,497 

1915 368,602 

January 1916 26,271 

February 27,289 

March 39,482 

April 23,337 

STEEL EXPORTS. 

1915— Pig Iron. Rails. Tin Plate. Total.* 
Aug. . . . 73,283 32,962 22,572 295,260 
Sept. . . 53,068 15,800 20,002 249,501 
Oct. ... 78,973 13,640 31,968 31B.141 
Nov. .. S6.109 12,760 25,556 308,219 
Dec. . . 74,892 9,937 30,641 259,782 

Year .. 611,617 242,289 368,602 3,250,299 
I '.1 1 6 

Jan. .. 78,271 3,151 26,271 292,203 

Feb. .. 84,351 3,905 27,289 283,250 

Mar. . . 87,283 3,366 39,482 307,488 

April .. 82,976 10,510 23,337 293.897 

* Includes scrap, pig iron, rolled iron and 
steel, cast and wrought iron manufactures, 
bolts, nuts, etc.; but not finished machinery, 
boilers, tools, etc. 



1914 — 

July . 
Aug. . 
Sept. . 
Oct. . 
Nov. . 
Dec. . 
Year 
1915— 
Jan. . 
Feb. . 
Mar. . 
April 
May . 
June . 



Pig Iron 
74,617 
28,342 
37,793 
47,188 

. 49,666 

31,705 

780,763 

21,138 
21,934 
20,172 
35,209 
29,342 
39.127 



BRITISH IRON AND 

Rails. Tin Plate. Total.* 

43,133 47,237 385,301 

22,763 21,414 211,605 

39,185 23,440 228,992 

37,005 26,950 263,834 

16,181 30,942 240,608 

16,315 30,254 212,667 

433,507 435,392 3,972,348 



24,411 
14,877 
17,572 
21,602 
21,776 
23,728 



29,216 
15,101 
36,170 
40,135 

33,727 

33,1)86 



230,204 
198,294 
239,341 
265,244 
267,524 
272,195 



THE STEEL AXD METAL DIGEST. 



June 



Tin in May. 



One of the Dullest and Most Unsatisfactory 

in Securing Permits to Ship, Scarcity 

Consumption the 

May proved to be one of the dullest 
months in Straits tin ever experienced by 
local dealers. It was also an unsatisfac- 
tory period from the standpoint of profits. 
After the first week — during which higher 
prices were established at London and 
when there was some appreciation of prices, 
with the exception of spot, on all positions 
in the New York market — prices suffered 
a heavy decline with few temporary rallies 
throughout the month. Spot at New York 
broke 5}4c per pound and future positions 
declined 2 l / 2 c to 3c per pound. At London, 
the net result of the fluctuations in prices 
from the end of April to the close of May 
was £10 on spot Straits and future Stand- 
ard and £10 10s on spot Standard, while 
the Singapore market was down £10; but 
from the highest prices recorded during the 
month, on May 5th, the break was £13 10s 
on spot and £12 15s on future Standard; 
£13 on spot Straits at London and £12 
10s it Singapore. 

The main features of the industry in May 
wen- very similar to the prominent points 
brought out in April, including annoying or 
exasperating delays, if not refusals, in se- 
curing permits for shipments from London 
or Straits; the scarcity of spot tin at New 
York during the month, and the heavy 
consumption in the United States. 

Domestic consumers either acquired wis- 
dom from previous experience in the war 
market or were favored by kind fortune 
throughout the month, in that they were in- 
dependent of the high spot market for 
Straits metal. Many of the large melters 
received ample tin on contracts or availed 
themselves of the opportunity t<» secure 
spot tin from importers of Banca, English 
or Chinese tin at liberal concessions from 
th • prices demanded for spot Strait-. The 
large arrival- of other than Strait- tin in 
this country was the key to the situation, 
apparently upsetting calculation- abroad 
that the visible supply would be sharply 
reduced by small shipments from the 
Settlement-. As it was, over 1,100 
ante in from the Dutch Easl [ndies 
and mi m Chil 



Months on Record — Continued Difficulty 
of Spot Metal and Heavy Domestic 
Main Features. 

as from Cornwall; besides, there arc now 
4,498 tons Banca and Billiton tin afloat 
from Batavia for the United States and 
Europe, as compared with 63 ton- a year 
ag i. This was the "joker" in the May 
statistics offsetting the decrease of 2,794 
tons in the May Straits shipments com- 
pared with the movement in May last year. 
Deliveries into American consumption were 
again heavy, 5,45.5 tons, but European de- 
liveries of 1.852 tons, were 507 tons less 
than in May, 1915, so that the vi-ible sup- 
ply was decreased only 125 tons during the 
month and is now 19,614 tons which is 4.- 
968 tons larger than one year ago. Stocks 
at New York and outports at the end of 
the month were 2,468 tons against 2,756 
tons at the end of April and against 1.425 
tons at the end of May last vear. 





TIN PRICES IN MAY. 








New York 





Lon 


don 






Day. 


Cents. 


£ s 


d 


£ 


s 


d 






Spot. 




Future 




1 


51.50 


200. 





199 








2 


. . 51.50 


201 





199 


5 





3 


.. 51.50 


200 





198 


15 





4 ... 


.. :,1.25 


200 





198 


15 





5 ... 


. . 50.50 


.'in n 





1 99 


15 





S ... 


. . 50.11(1 


200 in 





199 


10 





9 


19.75 


199 in 


II 


198 


5 





10 


19.25 


198 in 





197 


5 


(1 


11 


49.00 


198 





197 


15 


II 


12 


49.25 


198 





197 


10 





15 


49.00 


197 





197 





II 


16 


49.25 


197 10 


11 


197 


15 





17 ... 


P.I. 25 


197 5 


II 


197 


10 





18 ... 


49.25 


L97 5 





197 


111 





19 


19.00 


L97 5 


II 


197 


1(1 


II 


22 


18.75 


196 





196 


5 









L93 n 





L93 


5 


II 


24 


i ; . t .-, 


192 (1 





192 


:, 





25 ... 


.. IT. .VI 


L92 10 





192 


15 





26 


.. 47.37K. 


193 





193 








29 . . . 


. . 47.00 


i9:i o 





1 92 


111 





30 . . . 




i '.in n 





i 89 


15 


II 


:;i 


15.75 


181 Hi 





;-; 








High 


. . 51.50 


201 (I 





199 


to 


II 


Low . 


. i .-, ; 5 


1 i i in 


II 


187 





II 


Averag 


e . 49.15 


196 10 


J 


196 


1 


i; 



TIN STATISTICS. 



259 



VISIBLE SUPPLIES. 



Visib 


, supplj 


of tin 


a end i 


f each 


iii! null : 




1918, 


1913. 


L914. 


! 9 1 :, 


1916. 


Jan 


- ,11, 


13,9? 1 


16,2 i i 


13,901 


I ;.iiii 


Feb. 


14,996 


13,30 i 


i ?,308 


l 1,548 


in,:, i l 


Mar. 


-, 69 i 


11,132 


16,989 


15, 167 


18,782 


April 


11,893 


9,882 


15,4 t; 


15,785 


19,739 


May 


14,345 


L3.710 


L7,862 


14,646 


19,1114 


Jun< 


12,920 


l l.iiii 


L6.027 


15,927 




July 


13,346 


L2/063 


14,167 


16,08 i 




V 


l 385 


11,261 


1 I, 152 


15,127 




Sep 


'.' 1 5 


12,943 


I 1,613 


15, I'll 




Oct. 


10,7:15 


U.S.-,: 


L0.89 I 


13.154 




\ T o\ 


12,348 


1 I, HH 


1 1.483 


111. -15 1 




Dec. 


10.977 


13,893 


13,396 


16,216 




W'g 


3,207 


12,377 


14,907 


15.20S 





SHIPMENTS FROM THE STRAITS. 
Monthly shipments of tin from the Straits 
tnts to Europe and United States: 





1912. 


1913. 


1914. 


1915 


1916. 


Jan. 


4.018 


6,050 


5,2911 


5,200 


6,095 


Feb 


5,260 


4. iiiiu 


6,520 


5,584 


6,250 


Mar. 


5,150 


4,810 


1,120 


4,970 


5,170 


April 


4,290 


4,400 


4,930 


5,270 


4,685 


May 


5,760 


6,160 


11,900 


11.759 


3,965 


June 


4,290 


4,280 


5,870 


6,665 




July 


4,580 


4,770 


4.9 7 5 


5,606 




Aug. 


5,210 


6,030 


3,315 


4,712 




Sept. 


5,430 


5,160 


4,97:; 


5,296 




Oct. 


4.450 


5,020 


4,610 


4.441 




\ 7 OV. 


5.600 


5,560 


5,155 


6,713 




Dec. 


4,980 


5,110 


6,435 


5.3 01 





Total 59,018 62,550 63,093 66.517 
Av'ge 4,918 5,213 5,258 5.543 



CONSUMPTION IN THE U. 


S. 


Moi 


thly de 


iveries 


of tin 


in the 


United 


States 


exclusive of P 


icific Coast: 






1912. 


1913. 


1914 


1915. 


1916. 


Jan. 


3.700 


3.700 


3,600 


2.300 


4,452 


Feb. 


4.050 


3,500 


3.300 


3,375 


6,3S8 


Mar. 


4,000 


5,900 


4.450 


3,200 


4.726 


April 


5.400 


3.450 


4.3,00 


3,200 


4,202 


May 


4,250 


3.350 


3.800 


5.000 


5,455 


June 


! 850 


3,800 


3,650 


3,900 




July 


5,150 


3,900 


3,900 


5,300 




Aug 


4.300 


3,600 


2,900 


4,500 




Sept. 


3,600 


.3.100 


3,1100 


4.300 




Oct. 


3.850 


3,700 


3,700 


4,900 




Nov. 


4,300 


',800 


2.60O 


2,975 




Dec. 


4.050 


3.100 


1,900 


5,200 




Total 


49,500 


43,900 


41,700 


48,750 


25,223 


\\ ' ;e 


1.125 


3,658 


3,475 


4,062 


5,04 5 



MONTHLY TIN STATISTICS. 
Compiled by New York Metal Exchange, 
Ma\ Vpril M;n 
Straits shipments 1916. 1916. 1915. 

To G. Britain.. 1,4 15 3,475 ',03 1 

" Continent . . 405 

" U. S 2.145 



Total from Straits ::, '.it;:, 



Australian shipments 
To Gr. Britain . . 312 
" U. S nil 



Total Australian 



312 



950 
1,260 


935 

;;. so;, 


1,685 


6,759 


245 
nil 


153 

nil 


245 


155 



Consumption 

London deliveries 1,758 1.455 

Holland deliveries 94 77 

U. S 5,455 4,202 



Total 



,307 



734 



Stocks at close of month 
In London — 

Straits, Australian 2.512 
Other kinds .. .. 1.862 

In Holland 7 

In U. S 2.468 



1.005 



Total 



6,849 6,626 



83 
,600 



7,959 



1,710 
1,673 



4,877 



Afloat, close of month 

Straits to London. 3,460 4,242 3,071 

to U. S. . . 4,807 4,092 6,635 

Banca to Europe.. 4.498 4,179 P3 



Total 12,765 13.113 9,769 

May 31, Apr. 30, May 31, 

Total visible 1916. 1916. 1915. 

supply 19,614 19,739 14,646 



STRAITS TIN PRICES IN NEW YORK. 

1912. 1913. 1914. 1915. 1916. 

Jan. 43.24 50.45 37.74 34.30 41.88 

Feb. 43.46 48.73 39.93 37.3,2 42.63 

Mar. 42.86 46.88 38.08 49.93^ 50.42 

Apr. 44.02 49.12 36.10 47. 9S 51.75 

May 40.13 49.14 33.30 38.78 49.15 

June 47.77 44.93 30.65 40.37 

July 44.75 40.3.9 31.75 37.50 

Aug. 45.87 41.72 50.59 */ 2 34.39 

Sept. 49. IS 42.47 32.79 33.13 

Oct. 50.11 40.50 30.39 J4 33.08 

Nov. 49.90 59. SI 33.50 39.37VS 

Dec 19.90 57.01 55.60 5S.75 

Year 46.43 44.32 35 70 38.66 



THE STEEL AND METAL DIGEST. 



June 



Permit Situation a Serious Handicap to 
English Trade. 
The English trade was much handicapped 
by inability to fill the numerous orders 
that poured in upon them from neutral 
countries other than the United States. 
Their incapacity to ship was due not to a 
lack of metal hut to Government authorities 
refusals to issue permits, based upon in- 
expediency, incompatible with the interest 
of the British nation now at war. One 
result of the restrictions was the resale of 
considerable Straits tin at London that con- 
tributed to the decline in the English mar- 
ket '.ate in the month. Much of the re- 
n in prices at London and Singapore, 
however, was attributed to the keen com- 
petition from the tin produced in the Dutch 
East Indies and sold in the New York 
market. It was claimed that the United 
States Steel Corporation, forced by neces- 
sity, or disgruntled, because of the refus- 
al i i issue ample permits for shipment from 
the Straits Settlements, turned with avidity 
to Banca tin, and some other U. S. con- 
sumer- followed their example. Whatever 
were the merits or demerits of this action 
the rc = nlt was not only to reduce prices 
but to shake British" control of the tin 
consumed in this country as the Banca 
metal is not subject to the sale restri 
placed upon Straits and English tin. 
Spot Tin Declines. 
Spot Straits tin at New York on May 
first was held at 51^C with 51c bid. The 
stock on hand was considered too small 
to dispose of until there were assurances of 
a more generous supply later in the month. 
The freer offerings of Banca. English. Bo- 
livian and Chinese tin. at concessions, how- 
ever, caused a change of view and prices re- 
ceded to 50y 2 c at the end of the first week. 
All positions were irregular and the only 
busine importance transacted in fu- 
tures was on the opening day of the month. 
Chinese Tin Affected by Sensational Rise 
in Silver. 
During tht: following week there was 
small disposition to make commitments to 
future obligations. Consumers gave small 
heed to the arrivals during the first ten 
days of the month, requirements being we'll 
covered ahead and being able to purchase 
other kind= than Strain at steadily declin- 
ing prices. The sensational rise in silver, 



however, affected Chinese tin wdiich ad- 
vanced close to the level of Straits metal. 
By the end of the second week arrivals had 
been only 1,048 tons whereas consumption 
was probably fully 2,000 tons, yet spot 
tin had receded to 49c. 

Large Sale of Banca. 
The main feature of interest during the 
third week was the sale of about 500 tons 
Banca, mainly spot, to domestic consumers 
at 4^c or about 2c per pound under the 
price of Straits which sold to a small ex- 
tent at 49c. A large part of the spot, May 
and June Banca was taken by a Michigan 
consumer. English tin sold at concessions 
, to 3c and later.Chinese tin sold 3c 
per pound under the prices asked for 
Straits. The English smelters produced 
more freely and apparently there was less 
difficulty in securing permits for Cornwall 
shipment^ than for the movement of Straits 
metal. Future positions of Straits tin re- 
ceded !-2C to 54c without attracting acten- 
tion. 

Month Closes Weak and Declining. 
Weakness was pronounced during the 
fourth week when spot prices suffered .a 
decline of lj4c and futures receded lc per 
pound at Xew York with moderate, quiet 
buying of October, November arrivals at 
42^c to 42j4c, some importers taking 
i hances on securing permits for East Indian 
shipment. The foreign markets also were 
weak and lower with some recovery at the 
i ' isi but London was down £4 to £4 10s 
and Singapore £5 to £5 10s net.^ Freer 
shipments from London and offerings of 
tin ex vessels about to sail from Lon- 
don were responsible for the drop in spot 
tin to 4T'4C to 47^C. 

The decline was precipitous during the 
iree days of the month, spot dropping 
l T jc to 134c and futures '/ 2 c to lc per 
pound. Cables from the Straits revealed 
anxiety to do business at substantial con- 
cessions fir delivery far into the future, 
even for arrivals here early next year and 
one or two large orders were rumored to 
have been placed. London was depressed 
during the holiday here and on the clos- 
ing day of May reported a break for the 
two days of £5 10s on Standard and £4 15s 
on spot Straits. Singapore was less heavy 
but yielded £S 10s. 



COPPER IN MAY. 



Copper in May. 

Month of May Witnesses a Peculiar Situation in the Copper Market. 



A most peculiar development in the cop- 
per world during May was the change in 
tin- relative positions of producer and con- 
sumer. The change was gradual and was 
most marked during the last week of the 
month when many inciters became sellers 
and some of the largest producers became 
purchasers. 

In the slowing of the wheels of industry. 
forced by the attitude of labor, resulting in 
strikes, it became evident that consumers 
had overbought and that stocks of metal at 
the manufacturing plants had accumulated 
too fast to be either comfortable or profit- 
able; carrying charges became burdensome. 
To relieve the strain and at the same time 
to make virtue of necessity, consumers sold 
nearby copper at the high premiums then 
prevailing and purchased late positions at 
lower prices. Such a movement resulted 
naturally in an elimination of the premiums 
on spot, May and June positions, conse. 
quentlv reducing the profit on the exchange 
transactions, causing in turn, a reduction 
in the volume of business. At the same 
time a counter-movement was in progress. 
Producers — who had sold heavily while the 
market was rising under the active and 
feverish demand to cover war contracts, 
with small regard for prices paid — discov- 
ered a necessity for more metal, notwith- 
standing the enormous production, in order 
to prevent default on contracts. The lar- 
gest producers, evidently, had over-sold in 
expectation that all of the metal disposed 
of to consumers would not be needed with- 
in the time of the contracts. Where con- 
sumers had resold, however, the demand 
for the metal was urgent and in some cases 
producers were forced to buy in the open 
market. In the next few days, possibly, 
the same producers would find themselves 
possessed of a surplus, through requests 
for delay in shipments on contracts from 
consumers who could not sell at a profit, or, 
through a larger yield than had been an- 
ticipated from the refineries. 

Dealers Also Anxious to Sell. 
Another factor was the increased pres- 
sure to sell metal carried by dealers or op- 
erators. In the same category was the 
short-selling, indulged h by some interests. 



who were encouraged to anticipate a sharp 
break in the market because of increased 
evidence of continued enormous production 
and decreased consumption, incidental to 
inadequate and inefficient or intermittent 
labor. Some of these operators offered 
copper for delivery abroad, for both nearby 
and future shipment, so persistently and in 
such substantial amounts, as to cause a vio- 
lent decline in American Electrolytic in 
London, as well as in Standard, notwith- 
standing the scarcity of spot metal in Eng- 
lish trade circles, outside of the British 
government which was and is amply sup- 
plied with copper for the manufacture of 
war munitions. The freer offering of Elec- 
trolytic copper abroad was induced by the 
improved shipping facilities and lower 
freight rates. Not only could copper be 
shipped to Europe at 70c per 100 pounds 
through eleventh hour arrangements but 
carrying contracts at 45c per 100 pounds 
were still in force. Yet exports in May 
were smaller than in April and much small- 
er than in 'May last year. On the other 
hand, imports were liberal and it is still 
notable that since January 1st, arrivals of 
foreign copper have been almost double the 
imports during the corresponding time last 
year. 

Many Cross-Currents. 

It is evident that the market throughout 
May was influenced by many cross cur- 
rents, modifying the general downward 
trend of prices. There were few fluctu- 
ations in the home market; that is, there 
were few if any recoveries from each suc- 
ceeding decline, but there were wide var- 
iations in prices in the same position on the 
same day and the full drop in the price of 
spot copper for the month was 2J4c to 3c 
per pound, while future positions declined 
2c per pound in the open market. At the 
same time the largest producing interests, 
with capacity well sold until fall, were dis- 
inclined to press sales upon an unwilling 
market. They therefore made no change 
in their nominal asking price of 29c for 
October, November and December ship- 
ment, relying upon a renewal of demand to 
bring the open market back to their level. 
Some of these interests, indeed, affected to 



THE STEEL AXD METAL DIGEST. 



June 



LAKE COPPER PRICES. 



Monthly average prices 
in New York. 

1912. 1913. 1914. 
Jan. 14.37 1 /! 16.89 14.76 
Feb. 14.38J4 15.37J4 L4.98 
Mar. 14 ^7 14. 90 14.72 
Apr. 15.98 L5.55 
May 10.27 15.73 
June 17.43 15.08 
July 17.37 14.77 
Aug. 17.61 15.79 
Sept. 17.69 10.72 
Oct. 17.69 16.81 
Nov. 17.66 15.90 
Dec. 17.62 >/ 14.82 



rf Lake Copper 

1915. 1916. 

13.89 24.10 

14.72 1 .. 27.44 

15.11 27.42 



Av. 



16.58 



15.70 



1 i.68 
14.44 
14.15 
13.73 

12. OS 
12.4::' 
11.60 
11.93 
13.16 

13.01 



17.43 
18.81 

19.92 

19.42 

17.47 

17.70 

17.92J 

18.86 

20.37' 



28.913 



ELECTROLYTIC 

Monthly average 
Copper in New York 
1912. 1913. 
14.27 
14.26 
14.78 
15.85 
10.10 



COPPER PRICES. 

prices of Electrolytic 



Jan. 
Feb. 
Mar. 
Apr. 
May 



June 17.29 

July 

Aug. 

Sept. 

Oct. 

Nov. 

Dee 



17.35 
17.60 
17.67 

17.60 
17.49 

17.50', 14.47 



16.75J4 

15.27 

14.92.'/ 

15.48 

15.03 

14.85 

14.57 

15. OS 

16.55 

16.54 

15.47 



1914. 1915. 

14.45 13.71 

14.67 14.57 

II... 14.96 

14.34 17.09 



14.13 
13. SI 
13.49 
12.41*- 
12. ns' 
11.40 
11.74 
12.93 



18.00 
19.71 
19.08 
L7.22 

17.70'; 

17 86 
18. S3 
20.35 



1916 
24.10 
27.46 
27.44 
29.31 
29. SI 



Av. 



CASTING COPPER PRICES. 

f Casting Cop- 



Monthly average 
per in New \ ork. 
1912. 1913 
Jan. 14.02 16.57 
Feb. 14.02 15.14 
Mar. 14.53 14.76 
Apr. 15.72', 15.33 
May 16.01 
June L7.0J 
July 17.09 
Aug. 17.35 
Sept. 17.51 
Oct. 17.44 
Nov. 17.34 
Dec. 17.34 



prices 

1914. 

14.27 ! 

14 4s 

14.18 

14,18 

15 r, 1 LOO 

14.72 I . 65 

14.40 . 1:1.34", 

15.50 12.27 

L6 37 12.00 

10.33. 11.29 

15.19 U.63 

14.22 12.83^ 



1915. 

13.52 

14.17 

14.3,4 

16.48 

17.41 

18.74' J 

17.70', 

16.46 

16.75 

17.32 

18.41 

19.73 



1916. 

23.00' i 

26.03 

25.90 

27.10 

27.37 



SHEET COPPER PRICE CHANGES. 

The changes in the bast price of sheet 
copper so far this year are given below to- 
gether with the price of Lake Copper on 
the same dates: 

1916— Sheet Copper. Lake Copper. 



January 1 28.00 

January 3 29.00 

January 5 30.00 

January 19 30.50 

January 22 31.00 

January 24 31.50 

January 31 32.00 

February 5 33.00 

February 11 34.00 

February 23 35.00 

March 1 34.00 

March 25 34.50 

April 13 ..... 35.50 

April 19 30.50 

May 5 37.50 



22.75 

23.25 

23.50 

24.1254 

24.75 



26.00 
27.50 

2S.25 

2S.12', 

27.3754 



WATERBURY COPPER AVERAGES. 



Jan. 
Feb. 
Mar 
Apr 



1912. 

14.5(1 
14.50 
15.00 
16.00 



27.75 
28.00 
29.00 
29,87} 



1913. 1914. 1915. 1910. 

17.00 14.75 14.1254 24.75 

15.50 15.12J4 15.25 

15.1214 15.00 15.75 

15.75 14.8754 18.50 

May 16.371/ 15.8754 14.75 22.50 

June 17.50 15.3754 14.37', 22.50 

July 17.75 14.75 14.121/ 33.35 

Aug. 17.75 15.6254 13.00 19.50 

Sept. 17.8754 16.87J4 12.8754 18.50 

Oct. 17.75 16.871/ 12 . 25 18.25 

Nov. 17.75 16.25 13.25 19.3754 

Dec. 17.75 15.00 13.50 20.75 



Av. 



10.71 



13.91 18.94 



EXPORTS OF COPPER FROM THE 
UNITED STATES. 



Av. 



L6. !9 



L5.33 13.1.8 10.70 



(In tons 
1913. 
January . . 25,026 
February . 26,792 
March . . . 42,42-8 
April .... 33.274 

May 18,601 

June ' 28,015 

July ..... 29.590 
August . . 35.072 
September 34,356 
October . 29,239 
November 29*758 
December 30.053 
Totals .. 382,810 



>f 2.240 lbs.) 



1914. 
36,018 
34.03,4 
16,504 
11,079 
32.077 
35,182 
34.145 
10,509 
19.402 
23,514 
24,999 
22.100 
360,329 



1915. 
20.193. 
15.583 
30.14S 
18.738 
28,889 
16,976 
17. 70S 
17,551 
14.S77 
24.0S7 
23,. 10S 
42,426 
276,3,44 



1916. 

23.663 
20,648 

20.3,21 
31,054 

•14,705 



106,991 
Includes only exports from Atlantic ports.: 



1916 



COPPER IX MAY 



believe that the open market >\as raanipu 
lated in the interest of war munition man- 
ufacturers who were expected to come into 
the market in the near future. The other 
causes cited, however, seem sufficiently 
potent to have caused the drop in prices 
although operators' movements may have 
helped the reaction. 

On the other hand, during the firsl week 
of the month, all of the so-called manipu 
lative energies were expended in trying to 
further excite buyers and to induce pur- 
chases for shipment over the last quarter 
ol 1916 at fractional advances in prices. 
During this time spot Electrolytic was quot- 
ed at 30J^c to 31c, May at 30^c, June at 
30c, July at 30c, August at :.".i'jc and later 
deliveries at :.'s.\,c. At the same time there 
were constantly repeated rumors and as- 
sertions that France would have to buy 
or did buy 200,000,000 pounds more of 
American copper for delivery from July to 
December. There was no confirmation of 
such sales and the transactions were not 
credited outside of Wall Street. In the 
second week the market was largely pro- 
fessional in character and while prices on 
the earlier deliveries up to September re- 
ceded, those for later deliveries were frac- 
tionally higher, but without substantial 
trading; to establish the advances. 

Sharp Break in Prices. 

During the next two weeks dulness was 
more pronounced and with increased pres- 
sure to sell prices broke sharply, especially 
during the last week, when Electrolytic 
was offered at 28c for May, June and July 
and at 27c for shipment during the last 
quarter of the year. Lake copper was even 
more difficult to sell than was Electrolytic 
at times, even though lower prices were 
asked. 

The English market displayed consider- 
able strength during the first half of the 
month when spot American Electrolytic ad- 
vanced from £143 to £158. a rise of £15. 
Standard at the same time advanced £14 
on spot and £18 on futures. Recession be- 
gan May 17th and by May 30th, American 
Electrolytic had dropped £16 to £143 for 
spot with a recovery of £2 on the last day 
of the month, while Standard had broken 
£25 on spot and £23 on futures by May 
26th, but on the following business day, 



N| ".Mb. .here was a recovery of £5 on 
both spot and futures, succeeded by an 
equal decline the nexl d.iv 

Producers Not Short— But Long! 

It is difficult to fully reconcile statistical 

reports with commercial developments 

during the month. The Mas output of the 

smelters and refineries is estimated to be 

190,000, i pounds and bj July, fully 200,- 

1 ,000 pounds will have been produced. 

May exports were probably not over 35, 
000,000 pounds from all ports and even if 
130,000,000 pounds were shipped to consum- 
ers, which seems doubtful, then- was an ac- 
cumulation of fully 25,1 .(too pounds in 

producers' hands, [f the largest pr