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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
Tune 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 freelyr, 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 7l/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
:>.:> 0
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% ill1, ;>:>% 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 HPS 128% 11234 127%
Lehigh Valley 168% 141% 15654 US *;;.s 64% 82%
Louisville & Nashville 143J4 126% 141% 125 130', MM1 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?sc 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 "sc 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 0 0
2 19.87}/$ 19.75 19.25 79 10 0
3 .... 19.625/ 19.62^4 19.13^ 7S 5 0
6 19.50 19.50 19.00 78 0 0
7 19.50 19.50 19.00 77 5 0
8 .... 19.50 19.37^ 18.87^ 76 10 0
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 0
22 20.50 20.50 19.75 82 15 0
23 .... 20.75 20.75 20.00 S4 2 0
24 .... 21.50 21.50 20.50 84 10 0
27 21.62^ 21.62^ 20.50
2s .... 21.87^ 21.S7}/ 21.00 85 15 0
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 39l/2c 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 39r/-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*>4c 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
33s/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
0
165
10
0
2
38.75
165 5
0
164
10
0
3
38.75
168 0
0
167
10
0
6
37.87JX
166 0
0
165
5
0
7
3~.37y2
165 15
0
165
0
■)
S
37.25
166 0
0
165
10
0
9
37.35
166 15
0
166
10
0
10
37.75
168 15
0
168
5
0
166 15
0
166
10
0
14
37.75
167 15
0
167
10
0
167 10
0
167
15
0
16
39.00
165 0
0
165
10
0
17
40.00
167 10
0
168
10
0
20
40.00
168 10
0
169
0
0
21
39 62J
167 5
0
168
5
0
22
39.00
1 66 0
0
167
0
0
23
38.75
166 0
0
167
0
0
24
39.25
HIS 1)
0
169
0
0
.,-
39.12! ■
39.12; ;
28
167 to
0
1 69
0
0
30
40.00
1 68 0
0
169
0
0
31
40.50
168 0
0
169
0
0
High ...
40.50
L68 15
0
169
0
0
Low
.
165 0
0
164
111
0
Average .
38.749
167 0
0
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 0 0
2 17.12}/ 100 0 0
3 16.00 93 0 0
6 15.00 89 0 0
7 15.00 87 0 0
8 15.00 84 0 0
9 15.00 82 0 0
10 15.37.' j 82 0 0
13 16.00 82 0 0
14 16.37^. 86 0 0
15 17.50 9:; 0 0
16 17.50 90 0 0
17 17.50 90 0 0
20 17.50 90 0 0
21 17.50 90 0 0
22 17.37' j 90 0 f)
23 17.371/ 90 0 0
24 17.25 90 0 I)
27 17.25
28 17.37^ 90 0 0
211 17.37;/ 90 0 0
30 17.25 90 0 0
31 17.25 90 0 0
High 18.00 100 0 0
Low 14.75 82 0 0
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.
2l/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
5A2y2
5.10
5.265
£ s d
28 17 ti
28 15 0
28 5 0
28 5 0
27 15 0
28 2 6
28 0 0
27 15 0
37 15 0
28 5 0
29 5 0
28 1/5 0
28 15 0
38 17 G
29 0 0
29 0 0
29 0 0
39 5 0
29 10 0
29 17 6
30 5 0
30 2 6
30 5 0
27 15 0
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 tin1 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 wTay
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 0 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
1913 3,071
1913 2,997
19H 3,066
19" 4,122
1909 ' 3 74g
"08 3^214
1907 5j31a
"06 5'623
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 , icpres ,, ,| ,
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 y2
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 y4
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- HiSh- Low- High. Low. High. Low. Jan. 31
Canadian Pacific 266% 204
1916.
Atchison, Top. & Santa Fe... 106% 90% LOO^g 89% tn% Vly 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% 64% 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% i6% % 1% yg y2
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,Hk 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 62J/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
2V2%
;-'.
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.
vi 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.
+ I1
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
APril 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
June 69,770 114,724 120,601 174,247 273,188 243,108 144,539 355,402
July »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
AuK. ■
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
0
0
it;:
0
0
4
15.00
174
0
(i
175
0
0
44.75
173
15
n
174
15
I)
i
12.50
175
5
0
175
15
0
7
41.75
L73
10
0
174
II
0
10
U.50
175
0
o
175
15
0
11
41.37) -
it::
5
0
174
HI
0
l :.'
41.00
it:;
10
1)
174
10
0
1 ::
t 1.00
174
0
0
175
5
0
14
41.00
n:;
10
0
175
0
0
17
n.oo
it;:
15
0
174
15
0
18
in. ST1
it::
10
0
174
10
0
19
11. 1'.'1.
175
0
0
175
10
0
20
11.50
ITT
5
0
177
10
0
21
ITS
15
0
1 7(1
■">
II
24
12.25
180
0
0
ISO
10
0
25
1 : I !
179
0
0
179
to
0
26
11. ST
17S
5
0
17'J
0
0
:>7
41.75
177
10
0
ITS
5
0
■is
U.50
178
5
0
179
■'
0
31
41.75
170
0
0
179
10
II
High
. 45.00
180
0
0
ISO
10
0
Low .
10.81
171
0
0
1 7L>
0
0
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/2c 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 y2
5.77J4
5.75
5.70
5.70
5.70
5.72 y2
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 0 0
31 15 0
31 15 0
32 15 0
32 0 0
31 0 0
29 5 0
29 5 0
29 5 0
29 10 0
29 17 6
30 15 0
31 15 0
31 5 0
31 15 0
31 17 6
32 5 0
32 5 0
32 2 <;
32 I) 0
32 15 0
29 5 0
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 25y2c 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 13.3iy2 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,
AP"1 8 21.00 L6.50
APril l:i 2 1.25 i, i.,;:: i .
Al»"il W 21.50 i,i.75
A',ril 17 22.00 17.00
April 19 22.5(i 17.62J4
AlJril 22 23.00 18.00 "
AP«1 28 .... 24.00 18.93%
Jmu' s 24.50 19.62}/
•lu,u' 9 25.00 l9.87i/»
Jl,1-V :->T 24.50 18.75
Ju'y 30 24.00 18.75
August 18 23.oo 16^75
November 3 .... 23.25 i8.06y4
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 23.25
January 5 30.00 23.50
January 18 30.50 23.87'
January 24 31.50 25.25
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 0
91 0 0
S7 10 0
86 0 0
S4 15 0
84 17 6
S7 0 0
85 5
85 15
85 15
85 15
81 15
B9 o
'.11 0
Ml -,
90 5
89 15
'.II 15
91 15
84 15
88 0
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 y2c
to yAz 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
0 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 LTnited 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 0 0
4 17.40 17.1824 90 0 0
5 17.30 17.1214 88 0 0
6 17.30 17.12^ 90 0 0
7 17A2y2 17.25 90 0 0
10 17.42J4 17.25 88 0 0
11 17.421/ 17.05 90 0 0
12 17.4254 17.25 89 0 0
13 17.55 17.371/' 90 0 0
14 17.921/ 17.75 88 0 0
17 IS. 4254 18.25 88 0 0
18 18.42J4 18.25 88 0 0
19 18.55 18.3754 88 0 0
20 18.80 is. 02 }X S8 0 0
21 19.05 18.87J/' 90 0 0
24 19.17J4 19-00 92 0 0
25 L9.30 19.12^ 92 0 0
19.1754 19.00 92 0 0
27 18.92J4 18.75 91 0 0
28 18.671/ 18.50 91 0 0
31 18.80 1S.6254 91 0 0
High 19.4254 19.25 92 0 0
Low 17.30 17.1254 88 0 0
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/2z 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/2z 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 <> 0 4 4
Texas 0 0 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 0 () 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 0 10
Michigan S n 3 14 854,375 1,132,403
Wisconsin 4 7 1 S
Minnesota 1 :.' 0 2 130,514 . 242,452
Missouri 1 1 1 2
Colorado 2 2 4 6
Oregon 0 3 1 1
California 0 0 0 0 137,188 134,733
Total 236 310 135 445 12,233,791 17,682,422
Anthracite and Mixed Anthracite and Coke Pig Iron.
New York 0 0 3 3
Pennsylvania 2 4 8 12 42.487 42,266
Total 2 4 11 15 42,487 42.266
Charcoal Pig Iron.
Massachusetts 0 0 2
Connecticut 1 1 2 3
New York 0 0 1 1
New Jersey 0 0 0 0 3,087 4,715
Pennsylvania 3 3 2 5 1,814 1,764
Maryland 0 0 1 1
Virginia '0 0 2 2 95 309
Alabama 2 1 3 4 14.896 12,058
Georgia 0 0 2 2
Texas 0 0 1 1
Kentucky 0 0 1 1 204 662
Tennessee 0 0 1 1
Mississippi 0 0 1 1
Ohio 1 0 1 1
Michigan 6 9 2 11 98,856 118.946
Wisconsin 1 0 3
Missouri 1 1 0 1
Oregon 0 0 1 1
California 0 fl 0 0 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<f0 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 0
Texas 0
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 0
California .... 0
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
0
3
10
14
1,986,778
0
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,7s , , t > • s gl
Chicago, Mil. & St. Paul .... 107% 84% ioi% 77% L02% 93% 93%
Erie R. .R 32% 20% 45-% 19% 43% 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
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, 1916 37.850,000
On February 1st 39,000,000
Actual production:
1910 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 0 180
2 41.25 178 15 0 179
3 41.25 178 5 0 178
4 41.62J4 180 0 0 180
7 41.50 179 15 0 179
8 41.25 179 10 0 179
9 41.25 179 15 0 179
10 41.25 179 10 0 179
11 41.25 180 0 0 179
14 41.75 181 0 0 180
15 42.25 182 10 0 182
16 42.12J4 182 0 0 182
17 42.00 181 0 0 181
18 42.00 180 0 0 180
21 42.25 180 5 0 180
22 180 0 0 180
23 42.62"^ 181 5 0 181
24 43.25 182 0 0 182
25 44.IMI 184 0 0 184
28 50.00 186 5 0 186
29 48.00 188 0 0 188
High ... :.o.iio 188 0 9 188
Low 41.25 178 5 0 178
Average . 42.034 181 2 3 181
5 0
10 <>
10 O
10 0
0
0
0
0
0
0
5
0
5
0
10
0
15
0
15
0
15
0
10
0
10
0
15
0
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
if1 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 LT. 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| sc 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 $4,-
V The revival in the industry about
the middle of March 1915 was reflected in
a resumption of productive activities pre-
viously suspended. Curtailment of output
had been necessary during the fourth quar-
ter of 1914, but the smelter has been run
to the limit of capacity since last June and
the desilverizing plant, which was finished
early in the year, was put into operation,
last December.
Since March 1st large sales at still higher
prices have been made for export and for
domestic consumption.
LEAD PRICES
New York
Day. Cents.
1 '-,. l :.
2 6.15
3 6.15
4 6.15
: 6.15
8 6.15
9 6.25
10 6.25
11 6.25
14 6.25
15 6.25
16 6.30
17 6.30
18 6.30
21 6.30
22
23 . 6.32
24 6.35
25 6.45
28 6.45
2« 6.50
High 6.55
Low 6. It)
Average . . . 6.271
* Outside market.
IN FEBRUARY.
* St. Louis. London.
Cents. £ s d
6.00
6.00
6.02 J4
6.02 J4
6.02^
6.17K-
6.15
6.15
6.17*4
6.17*4
6.22^
6.22^
6.2214
6.22 K'
6.25
6.27J4
6.32 y2
G.32>/>
6.35
6.37J4
6.00
6.167
31 15 0
31 10 0
31 0 0
31 0 0
31 5 0
32 0 0
31 15 0
32 0 0
32 2 6
32 2 6
32 0 0
32 0 0
32 0 0
32 11 11
32 5 0
32 5 0
32 7 6
32 17 6
33 2 6
33 2 6
31 0 0
31 19 9
LEAD (Monthly Averages.)
New York* St. Louis
1914. 1915. 1916. 1914. 1915. 1916.
Jan. 4.11
Feb. 4.06
Mar. 3.97
Apr. 3.82
May 3.90
June 3.90
July 3.90
Aug. 3.90
Sep. 3.86
Oct. 3.54
Nov. 3.68
Dec. 3.80
Av. 3.87
3.74 5.92H 3.99J4 3.57
3.82
4.03
4.19
4.23J4
5.86
5.74
4.75
4.62
4.59J4
5.15
5.34J4
4.67*4
6.23
3.95
3.80
3.70
3.81
3.80
3.75
3.72
3.98
4.11
4.16
5.76
5.52
5.80
6.17
3.7314 4.59
3.67 4.53
3.39
3.58
3.67
3.74
4.51
5.07
5.261/$
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/2c 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 2ey2c late in the month. Sales of
April, May and June, ranged from 25J^c
to 27y2c; July, August and September from
25e to 27c and October, November and
December from 24c to 26'/2c, 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 0
:: ...
25.75
24.37^
94
10
0
3 .. .
4 .. .
26.00
30.13',
30.35
24.62 J/2
24.87J4
95
96
0
0
0
0
7 .. .
26.37^4
26.3 7 JA
25.00
97
10
0
s . . .
27.00
27.00
25.00
101
10
0
'J .. .
27.00
37.00
25.37 yz
100
0
0
10 ...
27.50
27.50
20.00
104
10
0
11 .. .
27.50
27.50
20.00
103
10
0
14 . . .
i :, ...
' 28.00
28.25
28.00
3S.25
26.50
26.75
100
100
0
10
0
0
16 .. .
28.25
28.25
30.75
104
10
0
17 . . .
18 . . .
28.2:.
28.25
28.25
28.25
26.87^
26.87^
106
108
10
0
0
0
•: i ...
28.25
28.25
26.87^
108
107
0
0
0
0
23 . . .
34 ...
28.25
28.25
3S.35
28.25
26.87"/.
26.87^
1 06
103
10
0
0
25
28.00
28.00
26.75
102
5
0
28 . . .
28.12] ..
28.12) 2
20.87 y2
105
0
0
29 . . .
28.37J^
!8 :;; '
26.87J4
105
10
0
High
Low
Av'ge
28.50
37.437
28.50
27.462
27.00
24.12J ■
26.031
108
94
102
0
10
13
0
0
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 13l/2c.
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 0 0
88 0 0
89 0 0
89 0 0
91 0 0
92 I) n
93 0 0
93 0 0
99 0 0
100 0 0
102 0 0
103 0 0
103 0 0
105 0 0
105 0 0
106 0 0
108 0 0
109 0 0
110 0 0
110 0 0
88 0 0
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 y2c 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
:,iii4
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
yyears 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.
190s $ 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
l915 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-
_ Avepercenr
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'J9,034 $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]10p.
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 3T4 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 in 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 6zy2
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™Paf «. 320K, 15:t m 138«
Chesapeake & Ohio 08 40 64* 35* 667* 60* 61*
Chicago Mil. & St. Paul .... 107* 84% 101* 77% 102/, 93* 93
f"*tW ' ^ *>* 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 14l* 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* n2*
I ennsylva.ua R. R U5* 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 65j/g 56L4 61g
American Can, pfd 96 80 113* 89 n3% 109* m^
Am. Car & Foundry 531
98 40 78 633* 68',
Am. Cotton Oil i6y2 33 (H 39 ^
Am. Locomotive 37* 29* 74* 19 83* 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* 84*
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 ihr'rd Percentage 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
Ju'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 1,171 787 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 0 0 188 5
2 46.00 185 10 0 185 15
3 46.50 183 10 0 184 0
6 48.50 187 0 0 187 0
7 48.50 186 0 0 186 5
8 50.00 187 0 0 186 15
9 51.00 188 0 0 187 15
10 56.00 189 10 0 189 0
13 55.00 192 10 0 191 0
14 55.00 192 10 0 191 0
15 53.50 194 10 0 191 0
!tf 52.00 195 0 0 190 0
lr 52.00 195 10 0 191 0
20 51.00 196 10 0 191 5
21 50.00 196 0 0 191 0
22 49.50 196 10 0 191 0
:-:; 49.50 197 5 0 191 10
24 50.00 199 15 0 194 0
27 50.00 201 10 0 195 0
28 50.00 202 0 0 190 0
29 49.50 200 0 0 196 0
30 49.25 200 0 0 195 0
31 49.25 199 0 0 193 5
High .. . 56.00 202 0 0 196 0
Low 46.00 183 10 0 184 0
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 '/2c 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 50y2c. 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 7Y2c
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.
Day- 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 0 0
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 0
1-1 7.00 7.50 35 5 0
15 7.00 7.75 35 0 0
16 7.00 8.00 35 0 0
1' 7.00 7.87^ 35 10 0
18 7.00 ....
20 7.00 7.93^ 36 7 6
21 7.00 8.12^ 36 0 0
22 7.00 8.18% 36 0 0
23 7.00 8.12y2 35 2 6-
24 7.00 8.12^ 35 5 0
25 7.00 .... '
27 7.00 8.12J^ 35 5 0-
28 7.00 8.00 34 15 0
29 7.00 7.87^ 35 0 0
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 0
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
5.3iy2
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 15A5l/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 y2c 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 0
0
2 ..
. 27.75
28.00
26.62J4
t
3 ..
. 27.50
27.62J4
26.121/
t
6 ..
. 27.37^
27.37^
26.00
101 0
0
7 . .
. 27.37J4
27.37^
26.00
100 10
0
8 ..
. 27.37J4
27.37J4
25.87^
95 15
0
9 . . .
. 27.25
27.25
25.62 }4
97 15
0
10 .. .
. 27.25
27.25
25.62^
103 0
0
13 .. .
. 27.50
27.50
25.75
103 0
0
14 .. .
. 27.62^
27.62K»
25.75
105 0
0
15 .. .
. 27.62J/
27.62^
25.75
105 10
0
16 .. .
. 27.62 y.
27.62 y.
25.75
106 0
0
17 .. .
. 27.62*4
27.62 y2
26.00
107 10
0
20 ...
. 37.63^
27.63J4
26.00
109 0
0
21 .. .
. 27.50
27.50
26.00
112 5
0
23
. 27.50
27.50
26.00
118 5
0
23 .. .
. 27.37^
27.37J/
25.8714
113 0
0
24 ...
. 27.37J^
27.37H
25.87^
113 10
0
27 .. .
. 27.25
27.25
25.75
114 0
0
28 .. .
. 27.00
27.00
25.62^
113 0
0
29 .. .
. 27.00
27.00
25.62J4
112 10
0
30 .. .
. 27.00
27.00
25.621/
114 0
0
31 .. .
. 27.12J4
27.12^<
25.75
116 0
0
High
. 28.25
28.25
27.00
118 5
0
Low
26.87J4
26.87J<<
25.50
95 15
0
Av'ge
27.424
27.440
25.902
107 13
0
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 233/8c 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 21.67/2c 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 0 0
2 20.17J4 20.00 t
3 19.80 19.62J4 f
6 19.30 19.12^ HO 0 0
7 18.80 18.62J4 102 0 0
8 18.30 18.12^ 98 0 0
9 17.80 17.62J4 97 0 0
10 17.30 17.1214 93 0 0
L3 16.67J4 16.50 85 0 0
14 16.92^ 16.75 85 0 0
L5 17.4214 17.12J4 90 0 0
lti 17.92J4 17.75 92 0 0
17 17.92J4 17.75 93 0 0
20 17.9214 16.75 92 0 0
21 17.80 17.G2H 92 0 0
22 17.67^ 17.50 94 0 0
23 17.67^ 17.50 94 0 0
24 17.67J< 17.50 93 0 0
27 17.80 17.62^ 96 0 0
28 17.7334 17.56J4 95 0 0
29 17.67^ 17.50 95 0 0
30 17.55 17.37^ 95 0 0
31 17.67J4 17.50 96 0 0
High 20.80 20.62^ HI 0 0
Low 16.42J4 16.25 85 0 0
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
XTew 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 33J4C 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
myA
38 ti
45.00
25 ...
00 ys
285%
27 .. .
60.00
5954
28 ft
45.00
28 ...
60.00
6oy4
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,kL. 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
other countries $2.25.
Advertising rates on application.
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
z
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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!
i1- 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 rlifft-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
and 0id 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.
, ,nd 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 271/ 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
Ma3
. 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
0
0
0
3
0
1
0
1
0
0
0
1
0
0
0
1
0
0
0
1
Years
Total ! 22 14 9 0 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, structura' 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 announced Price 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
2Y2%
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
Ma3 30,616,795 38,050,347 26,718,970 19,734,045
june 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
March 94,519 124,980 216,360 218,219 257,519
rVpnl 100,911 117,921 228,149 267,313 259,689
May 109,808 135,306 178,589 307,656 243,353
june 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%
•SPelter 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 y2
55^
;
B.25
5.45
7.37)
21.00
16.25
17.62)
25.50
23.00
■•. ifl
£
£
£
205
172
19S
132
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132
36*i
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105
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57.70
57.40
56.10
50.80
55.50
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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
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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% 6Hi/-, S5 65% 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
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, 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
0
192
10
O
4'
51.00
197
0
0
192
5
0
5
52.00
199
5
0
193
15
0-
6
. 53.00
201
0
0
196
0
0-
7
. 53.50
202
0
0
196
0
0
10
54.50
205
0
0
199
0
0
11
54.00
202
0
0
199
15
0
12
. 54.00
198
0
0
197
0
a
13
. 53.75
199
5
0
198
5
»
14
53.50
200
0
0
198
10
0
17
52.50
201
0
0
198
10
0
18
51.50
200
0
0
198
0
0
19
. 51.00
198
0
0
196
5
0
20
50 no
19S
10
0
196
10
0
L'4
. 50.00
49.50
25
198
0
0
196
0
a
26
49.50
198
5
0
196
0
0
27
49.50
196
15
0
196
0
i)
28
50.00
198
0
0
197
0
0
High
. 54.50
205
0
0
1!l!i
15
0
Low . .
. 49.50
196
15
0
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 iyz%.
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%
7.37y2
8.12%
7.32%
7.67
£ s d
34 12 6
34 5 0
32 0 O
33 0 0
33 10 0
34 0 0
34 5 0
34 15 0
35 5 0
35 5
35 2
35 2
35 2
34 12
0
34 0 0
34 10 0
34 15 0
34 10 0
35 5 0
32 0 0
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
0
4 ..
. . 27.75
27.75
26.25
116
0
0
5 . .
. . 27.75
'.'7.7.-.
26.25
117
0
0
6 ..
. . 27.75
27.75
26.25
117
0
0
7 ..
. . 27.75
27.75
26.25
118
0
0
10 ..
. . 28.25
28.25
26.50
118
10
0
11
. . 28.50
28.50
27.00
120
0
0
12 ..
. . 28.75
29.00
27.00
122
10
0
13 .
29.25
29.75
27.50
124
0
0
14 . .
. . 29.25
29.75
27.50
126
0
0
17 ..
. . 29.25
29.75
27.50
127
0
0
18 ..
. . 29.25
29.75
27.50
128
0
0
19 ..
. . 29.75
30.50
27.75
130
10
0
20 ..
. . 29.75
30.50
27.75
131
0
0
24 . .
. . 29.75
. . 29.75
30.50
27.75
30.50
27.75
131
0
0
26 . .
. . 29.75
30.50
27.75
132
0
0
27 . .
. . '.'9.75
30.50
27.75
1 32
0
0
29.75
30.50
31.00
27.75
38.00
132
132
n
0
0
High
. 30.00
0
Low
. 27.50
27.50
26.00
115
5
0
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 of 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 0 0
4 18.05 17.87J4 91 0 0
5 18.17J4 18.00 92 0 0
6 18.42J4 18.25 93 0 0
7 18.67J4 18.50 94 0 0
10 18.80 18.62 J4 97 0 0
11 19.05 18.87J4 98 0 0
12 19.17J4 19.00 100 0 0
13 19.30 19.12J4 100 0 0
14 19.30 19.12J4 100 0 0
17 19.17J4 19.00 102 0 0
18 19.17'/^ 19.00 103 0 0
11) 19.05 18.87J/; 103 0 0
20 18.92!-:. 18.75 103 0 0
24 18.55 18.37J4
25 18.30 18.12J4 103 0 0
2f, 18.05 17. x7'S 103 0 0
27 17.80 17.62J4 103 0 0
28 17.80 17.62J4 105 0 0
High 19.42J4 19.25 105 0 0
Low 17.67J4 17.50 91 0 0
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*/2c, 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 yA
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
0 «•
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 0
42 a
4, 3
40 •»
39 ft
38 «
36 <j
35 „,
34 TJ
33 0
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—
-r
a
1
~
/
/"
>
'
/
-j
1
\ /
— i
1
Q
1
0!
<
U
o
OS
<
/
:S
1
1
i
1
\i ■'
\i
j
J
/v
/
t /
1
|T
\j
t
J_
\l
_i
1
S
y
•
?_
s.
/
'.
l
-'
v.
=r
/
/
6
-
J
1
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 & < 0 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_f3
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. 19i6
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-
7ur-
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
0 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 ir 6 90 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/
Ill1,
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.V4
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 y4
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/
uy4
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
2iy4
22%
18
•-.:',
19
55/
13/
47/
75
L12%
72
112
107/
111/
19/
66%
22
63/
47
54
112
-.■:;;
1 20
! :
ISO
193/
44/
uyA
44
58/
47/
55/
48
89/
38
S9
79/
85%
103/
1 1;
102
118/
115
117
45%
si VA
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 0
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
Tune 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
February 39.200,000
\[arch 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 2l/2c 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. 0
0
199
0
0
2
. . 51.50
201 0
0
199
5
0
3
.. 51.50
200 0
0
198
15
0
4 ...
.. :,1.25
200 0
0
198
15
0
5 ...
. . 50.50
.'in n
0
1 99
15
0
S ...
. . 50.11(1
200 in
0
199
10
0
9
19.75
199 in
II
198
5
0
10
19.25
198 in
0
197
5
(1
11
49.00
198 0
0
197
15
II
12
49.25
198 0
0
197
10
0
15
49.00
197 0
0
197
0
II
16
49.25
197 10
11
197
15
0
17 ...
P.I. 25
197 5
II
197
10
0
18 ...
49.25
L97 5
0
197
111
0
19
19.00
L97 5
II
197
1(1
II
22
18.75
196 0
0
196
5
0
L93 n
0
L93
5
II
24
i ; . t .-,
192 (1
0
192
:,
0
25 ...
.. IT. .VI
L92 10
0
192
15
0
26
.. 47.37K.
193 0
0
193
0
0
29 . . .
. . 47.00
i9:i o
0
1 92
111
0
30 . . .
i '.in n
0
i 89
15
II
:;i
15.75
181 Hi
0
;-;
0
0
High
. . 51.50
201 (I
0
199
to
II
Low .
. i .-, ; 5
1 i i in
II
187
0
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
\To\
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
\7OV.
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 50y2c 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
lTjc to 134c and futures '/2c 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. 14.371/! 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
14.721.. 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 producers
supply fell short of requirements what must
have been the accumulation in the hands of
smaller producers? It is interesting though,
to note that at the close of the month some
producers who thought they were short, dis-
covered a surplus!
COPPER PRICES IN MAY.
New York London.
Lake. Electro. Casting. Standard.
Day.
Cents.
Cents
Cents.
£
s
d
1
. 29.75
30.50
27.75
133
0
0-
2 . . .
. 29.75
30.50
27.75
134
0
0
3 ...
. 29.75
30.50
27.75
135
0
o
4 . . .
. 29.75
30.50
27.7 5
137
0
(1
5 .. .
. 29.75
30.50
27.75
137
0
0
8 ...
. 30.00
30.75
28.00
140
0
0
9 . . .
30.00
30.75
28.00
139
10
0
10 .. .
29.75
30.50
27.75
140
0
0
11 . . .
29.75
30.25
27.75
141
0
0
12 ...
29.75
30.25
27.75
141
0
0
15 ...
29.75
30.25
27.75
143
0
0
16 ...
29.75
30.00
27.62^4
146
0
0-
17 . . .
29.25
20.7.-.
27.50
145
0
0-
is ...
29.25
29.75
27.25
143
0
0
19 ...
29.00
29.50
27.25
138
0
0'
22 . . .
28.75
29.25
27.00
137
0
0
23 . . .
28.75
29.25
27.00
136
0
0
24 . . .
28.75
29.00
36.75
132
0
0
25 ...
28.25
28.50
36.50
129
0
0-
26 .. .
28.25
28.50
26.50
121
0
0
29 . . .
28.25
28.50
26.50
126
0
0-
;j.o . . .
121
0
0
31 ...
28.25
28.50
26.50
121
T
0
High
30.35
31.00
28.35
146
0
0
Low .
28.00
28.25
36.35
121
0
0
Av'ge.
!9 J8J
29.81
27.37
135
1
o.
THE STEEL AND METAL DIGEST
June
Lead in May.
Trust Price Unchanged Throughout
the Month.
The American Smelting & Refining Co.
tenaciously held to its official price of 7^4c
New York, and 7.42I/c East St. Louis, for
lead throughout May and was supported in
this position by independent producers,
who, until late in the month, made light of
the re-selling by consumers and the per-
sistent offerings by dealers at concessions
of several dollars per ton from the Trust
price. Producers declared with confidence,
during the first week of the month, that
current orders would be numerous enough
and of sufficient volume to take up the
M aj "input and would leave little if any
accumulation at the end of the month.
When the month closed the producers' tone
was less confident; they admitted the weak-
ness of the market and some, who more
anxious for orders, were willing to accept
• in i ssions to make sales. The largest in-
terest, however, gave no sign of distress
but continued to maintain the price estab-
lished March 30th, and for the last sixty-
davs has taken business steadily on an av-
erage scale basis. In the meantime, prices
in the open market fluctuated from J4c
1 to .30c below the Trust level: the
lowest point being touched at the end of
May.
The English market was well maintained
during the first half of the month but
also yielded from £2 10s to £3 before the
month closed. At times there was some
reason to anticipate that lead might bo pur-
chased here for Europe, but hopes were not
high, consequently there was not much dis-
appointment when no English orders were
received.
Market Very Dull at Opening.
May opened upon a very dull market with
increasing offerings by second hands at
slight concessions from the official price,
but dealers found it exceedingly difficult to
make sales. The sensational advance in the
price of silver, for a few days proved a de-
pressing factor in the lead market. Con-
sumers were not unmindful that should the
output of silver-bearing lead ore be too
greatly stimulated by the sharp rise in sil-
ver the lead smelters might apply the cor-
rective measure of lower priced lead. This
; be the natural tendency under ordin-
ary conditions but to-day the market cannot
be measured by common standards. Con-
sumers, however, were made more con-
servative by the new development and were
less inclined to place future contracts of
importance. In fact, some consumers as
well as dealers were eager to resell lead de-
livered on contract, that they might reap
the profit in hand and take chances on the
future with the strong tendency toward
lower prices.
Some large export inquiries came to the
surface toward the end of the first week.
but they were not taken seriously and hence
failed to stimulate the market. Resale lots
continued to go begging even at conces-
sions, but the largest interest still made
sales on a sliding scale basis, demonstrating
its hold upon many consumers. It was
recalled that the Trust price during the
1906-07 "boom" was held firmly at 6c maxi-
mum for over six months uninfluenced by
fluctuations in the open market. To-day
LEAD PRICES IN MAY
New York.* St. Louis.
Day. Cents. Cents.
1 7.50 7.37J/
■2 7.50 7.35
3 7.50 7.30
4 7.43*4 7.30
a 7.43*4 7.30
5 7.43*4 7.25
9 7.43*4 7-25
10 7.43*4 7.2:.
11 7.43*4 7.25
12 7.50 7.40
15 7.50 7.37^
16 7.50 7.37J4
17 7.47', 7.37^;
18 7.45 7.37'/2
19 7.40 7.30
22 7.30 7.25
23 7.30 7.25
24 7.30 7.20
25 7.30 7.20
26 7.25 7.15
29 7.25 7.15
30
31 7.25 7.15
High 7.50 7.45
Low 7.20 7.10
Average . . . 7.40J i 7.28
* Outside market.
London.
£
S
d
34
15
0
34
10
0
34
12
6
34
12
6
34
2
6
34
5
0
34
5
0
34
5
0
34
5
(1
33
15
0
33
10
0
33
15
0
32
10
0
31
12
6
31
10
0
31
12
6
31
10
0
31
7
6
31
7
6
31
5
0
31
10
0
31
10
0
31
15
0
34
15
0
miti
LEAD IN M U
265
n< i | is being exercised with
the maximum at 7j4c New York. On the
other hand, ii was pointed out that the pro-
ductive cosl to-day is about 354c to 4c per
pound and that the smelters would not care
to maintain a selling price of 7,'jc at he
expense of piling stocks: but this contin-
gency is based upon an anticipated large
increase in output of silver-lead ores, be-
cause of the sky-rocketting price of metallic
silver. Speculations of this sort have re-
sulted in nothing practical to date.
The market continued to drag the sec-
ond week with producers holding firmly;
dealers and operators pressing sales; do-
mestic consumers awaiting developments
and with export inquiries nebulous. At St.
1 ouis, the reselling of small lots to such
consumers as electrical supply interests
and to paint manufacturers satisfied the de-
mand.
Concerted Buying for Foreign Account
Sends Outside Market Up $3 Per Ton
Above Trust Price.
On .May ninth, there were rumors tint
England was negotiating here for round
lots of lead as a result of the scarcity of
labor in Australia and the lack of coal
storage facilities in Spain, which was in-
terpreted to mean an inadequate -upply of
lead for thf Ulies, who would in such an
emergency, turn to the United States. Pos-
sibly for this reason, two days later, there
was more buying than at any time in a
month, with orders placed for export to the
Far East. Sales of 600 tons were reported
on the Atlantic and Pacific coasts. Further
inquiries from Russia and Japan in the next
few days induced dealers and operators to
feverishly purchase supplies in the open
market which caused an advance of $:; per
ton over Trust prices. There were also in-
quiries for 2,000 to 3.000 tons for Canada
which again excited operators. The up-
ward tendency was also assisted by threat-
ened strikes at Flat River. Missouri, but
wage adjustment, through bonuses, oon
eliminated the latter factor.
Reaction to a lower level came with the
third week of the month. Export demand
failed to meet expectations and adjustment
of labor demands was followed by freer
offerings at concessions in prices, with
small buying. Dealer-., becoming more
anxious to sell, cut the Trust prices $100
per ton with small success. Government
returns for April became public about this
time, showing exports ol 1,850 tons from
San Fram isco and Seattle to China, Japan
and Vladivostok, but May and June ex-
■ 'Hi tin I' 1. in, ivill In- much larger.
The London market was also a disap-
pointment when on May L8th, the English
price dropped to the equivalent of 6.15c
pel pound below the open market price,
hei e
Month Closes With Outside Market
$3 to $4 Per Ton Bekw Trust Price.
The pressure to sell, by holders other
than producers, increased during the fourth
week when prices in the open market were
$3 to $4 per ton under the Trust price.
Japan inquired for 1,000 tons, but dealers
and operators took small interest and con-
tinued to be free sellers of May and June
shipment at l]/4c and a few days later, the
outside price had dropped $4 to $5 below
the nominal official base. On May 26th,
cables reported that the Japanese Govern-
ment had purchased 7,000 tons lead at ll/2c
delivered Japan, which is equivalent to 6c
St. T.ouis, the freight rate to the Orient
being l'_>c per pound. The business was
taken by Japanese houses.
On the last two days of the month, some
sales of prompt and early June shipment
were made at 7.10c to 7.15c East St. Louis.
and at 7.20c New York. Some of the in-
dependent producers, too, were seeking or-
ders for June and July at concessions. The
average prices in May was about $2.00 per
ton below the American Smelting & Re-
fining Co., quotation, whereas in February,
March and April, the average price was be-
tween $5 and $6 higher.
LEAD (Monthly Avera
ges.)
New York*
St. Louis .
1914.
1915.
1916.
1914.
1915.
1916.
Jan.
4.11
3.74
5.94
3.99J4
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
Max
:;.:iu
(.:.•:;'_.
7.50
3.81
4.16
7.28
lime
3.90
5.86
3.80
."..t<;
July
3.90
5.74
3.7.5
5.52
Aug.
3.90
4.75
3.73J4
4.59
Sep.
3.S6
4.62
3.67
4.53
Oct.
3.54
4.59;/
3.39
4.51
Nov.
3.68
5.15
3.58
5.07
Dec.
3.80
5.34H
3.67
5. 26^
A v.
3.87
::.74
4.57
* 1
'rust
price.
THE STEEL AND AIETAL DIGEST
Production of Lead In The
United States in 1915.
Advance Statement by C. E. Siebenthal, of the United States Geological Survey.
The production of primary refined lead in the United States in 1915 was 550,055 tons
as compared with 542,122 tons in 1914, an increase of 7,933 tons or 1.3%.
The total value of the 1915 output is placed at $51,705,000 as compared with $42,-
286,000 for 1914.
In the following table the production for 1915 and previous years is apportioned to
the states in which the ore was mined.
Primary Lead Smelted or Refined in the United States.
(In short tons of 2,000 pounds.)
Domestic ore: 1910.
Alaska 75
Arizona 948
Arkansas
California 1.207
Colorado 38,542
Idaho 109,951
Illinois 263
Iowa
Kansas 1>3°8
Kentucky °°
Missouri 101,659
Montana L>943
Nevada 2,246
Xew Hampshire
New Mexico 1,890
North Carolina 2
Oklahoma 1.S05
Oregon
South Dakota 8
Pennsylvania
Tennessee
Utah f'°.605
Virginia 87
Washington 339
\\ i-r msin 3,909
Wyi iming
Undistributed 1°1
Zinc residues 2,237
Ti ital from i re 389,211
Foreign ore:
Africa 3,310
da 25
America 3
Mexico 11.704
South America 2,996
Other foreign 27
Foreign base bullion:
Mexico (6,805
Si iiit!) America
Total from foreign ore and ba<;e
ion 94.870
I total, derived from all sources 4S4.0R1
1911.
1912.
1913.
1914.
11115
51
45
6
358
3,428
3,891
4.901
5,601
1,95
15
52
51
615
Sll
3,294
3,698
5.606
:;u,442
37,039
42,840
41,198
I i 7,335
127,780
137,803
17 7.S27
160,680
308
513
619
427
34
910
2 522
1,937
1,504
1.04:;
1,320
91
16
16
'J,-,
L82,203
L62,610
152,430
194.275
195,634
2.4S4
'.'..".17
3,256
4,386
4,853
L.082
5,699
0.142
5,996
7,664
1,371
2.511
1,821
741
2.157
:::,
34
10
1,925
2.500
3,214
3,916
4.:;io
11
21
37
17
11
33
12
7
2
5
6
.-
30
10S
89
Ill
54,933
60,664
71,069
88,976
106,105
400
85
S78
14?,
457
012
:,::
9
o
11
3.9G6
3,301
2.639
1,819
J. H. 12
48
120
63
99
1 1 0
1.9S7
::,131
3,765
4,125
4.507
405.863
415,395
136,430
534,482
537,012
582
1,774
5,9; 0
2,942
123
29
16
2
1.174
28
1
7,333
7,407
4,512
2.3S0
5,437
2,677
2,332
2.017
1,821
2,829
22
::n
102
488
140
84,220
76,805
37,359
21. OS 'J
33,176
.' 7 5
94.98 l
88,377
.mi.-,-:.'
29,328
13,029
-um,- i;
503.'; 72
t^7,nn
56 • -H>
5-0.(144
PR< IDUCTION OF LEAD IN U. S. L91!
Production of Refined Primary Lead in the United States.
L910 L9J l. L912. 1913. 191 l. L91 i
'■ erized lead 306,132 300,38] 2ai,48u ! 10 51 i L,069 301,564
Domesti I i.41,318 i.v.,91; 141,348 L31.867 L58.219 161,461
Domestic desilverized soft lead ... 27,952 35,66'i 29,789 29,433 13,506 14,001
i desilverized lead 94,870 94,984 88,377 50,583 89,328 13,029
I otal pn >du( tion oi i efined pri-
mary lead 470,2712 486,979 480,894 462,460 542,122 550,055
tion of antimonial lead 14,069 14,078 13,552 14,667 16,668 13,284
Primary Refined Lead Available for Consumption in the United States.
Supply:
Stuck in bonded warehouses Jan 1 17,405 35,072 4,481 10,492 5,310 7,668
Imports —
For consumption 15,359 13,281 14,146 11,980 7,386 9,080
For warehouse 93,349 (6,671 69,414 45,165 20,952 41,816
Increase by liquidation 2 250
Production from domestic ores .... 375,403 391,995 392,517 HI 878 "'12.794* 507O26
supply 501,415 517,919 480,558 479,515 546,442 568,440
64,906 44.544 21,545 38,445
Withdrawn:
Exports of foreign lead —
From warehouse 69,786 101,:
In manufactures, with benefit of
drawback S,800' 12,080 11,320 9,757 9,399 3,983
1 \ 1 >>rts of domestic lead 58,722 87,092
Decrease by liquidation 7,661 14,812 5,693 419 56
Stuck in bonded warehouse Dec. 31 3.1, 972 4,481 10,492 5. 310 7,668 12,169
Total withdrawn
122,219 132.609 92,419 60.030 97,390 141,689
Available for consumption 379,196 385,319 388,148 419,485 449,052
Production of Secondary Lead in the United States.
Pig lead 29,492 27,389 30,266 33,104 29.33;
Lead in alloy 25,930 26,895 36,902 39,730 31,735
426,751
36,300
35,000
Total recovered lead 55,422 54,284 67,168
2,834 61,07?
ri,300
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 17 Reduced .75c to 6.25
,25c to 6.00
,25c to 5.75
.25c to 5.50
.25c to 5.25
.25c to 5.00
.25c to 4.75
.25c to 4.50
.10c to 4.60
.10c to 4.70
.20c to 4.90
.20c to 4.70
June 18
June 19
July 30 "
August 2
August 7
August 9 "
August 10
August 25 Advanced
August 26
August 27 "
September 9 Reduced
September 14 Reduced
October 21 Advanced
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 "
June 2 Reduced
.20c to 4.50
.25c to 4.75
.15c to 4.90
,10c to 5.00
,15c to 5.15
,10c to 5.25
.15c to 5.40
,10c to 5.50
■ 25c to 5.75
.15c to 5.90
,20c to 6.10
.15c to 6.25
,05c to 6.30
,10c to 6.40
,20c to 6.60
,40c to 7.00
,50c to 7.50
,50c to r.oo
THE STEEL AND METAL DIGEST
June
Spelter in May .
A Very Unsatisfactory Month to the Trade — Prices Drop 4c Per Pound Here;
£24 to £25 Abroad.
May was a mournful month for sellers
of spelter. At times dullness was pro-
found and weakness was most pronounced.
Pressure to sell increased with the wan-
ing of the month and at the close, the
break in prices during the four weeks
was 4 to 4;ic per pound on prompt ship-
ment and V2c to 4c on June to Septem-
ber inclusive, while prices for the fourth
quarter shipment suffered even more. To-
day prices in the United States are the
lowest since September, 1915 — a period of
eight months.
The English market also sustained a
fracture of £24 to £25, equivalent to 4.80
to 5c per pound. London, however, was
on a relatively higher basis than was New
York or East St. Louis, even at the close
of the month. British trading prices, ex-
cept for spot, were lower than official
figures indicated. Under such circum-
stances there was no outlet for surplus
American supplies through London. It is
significant to-day, however, that the low
level of prices here has at last attracted
British attention and there are export in-
quiries for 3,000 tons for shipment at the
rate of 1,000 tons per month in June, July
and August. This may prove to be the
long expected and anxiously awaited turn-
ing point for our market.
Domestic consumers generally are work-
ing into a vulnerable position. Purchases
for the last four weeks have been of a
hand-to-mouth character. Galvanizers with
only 50% of capacity busy on the average,
had small need to purchase except in very
small lots and, with lower and still lower
prices probable from day-to-day, it was con-
sidered foolish to cover far into the fu-
ture; but should it be demonstrated that
the bottom has been reached buying tac-
tics speedily would be changed. Other
consuhiers, with the exception of the brass
founders and mills, while better covered
are understood to be in need for July and
later months.
Brass Manufacturers Well Covered.
Brass manufacturers, however, seem
better supplied with stocks and have liber-
al amounts still due them on contracts.
The output of "brass special," intermediate
grades and high grades of spelter has been
exceptionally heavy, as production was en-
couraged because of the great premiums —
3 to 15c per pound — obtained over prime
western prices, during the time of greatest
activity. The heavy output of these grades
recently has militated against these pre-
miums which have been cut in half; at
least, as far as "brass special" is concerned.
While this readjustment was in progress
purchases were naturally small and are
likely to remain light until competition for
such business is less keen among producers
and it is shown that no more premiums
are to be eliminated.
Producers Confident at Opening of Month;
Discouraged and Disgruntled at Close.
Early in May producers were of stout
heart and continued confident during the
first half of the month — while current or-
ders were discouraging — because they were
steadily shipping on relatively higher priced
contracts and accumulating little surplus.
The selling market was largely in the
hands of dealers, and producers met this
competition with reluctance. Offerings
were light but still were in excess of de-
mand and production increasing, the de-
cline in prices, while only fractional, con-
tinued steadily. Watchful waiting was the
attitude of large consumers who were well
supplied with metal, but sheet galvanizers
— operating only 35% to 40r> of galvan-
izing pots — bought small lots. Wire and
pipe galvanizing mills operated full capac-
ity but needed little spelter.
Producers, while leaving the market for
May and June largely to dealers, became
more anxious for third and fourth quarter
orders near the middle of the month. Those
making "brass special" were especially
anxious to secure contracts for shipment
over the second half of the year. Occa-
sionally, for a few days at a time, there
■a as sume semblance of life when a number
of small orders were bunched, but the tem-
porary better buying, failed to check the
downward tendency. Sentiment became
more bearish and. like many other diseases,
the distemper was contagious. It was sig-
SPELTER IX MAY.
869
nificanl also thai the decline was pushed
by interests anxious to secure ore based
upon the average price- of the metal. At
the end o! the second week some export
business was transacted but domestic buy-
ing was reduced to the minimum. Pro-
ducers became more anxious to sell and
"brass special" was offered down to 18c
per pound for May delivery but manu-
facturers were unresponsive.
Several desirable export orders were
taken early in the third week at greater
concessions but the demand was soon sat-
isfied. The premium commanded by spot
metal for several months gradually dis-
appeared as the supply for prompt ship-
ment became more ample and the home de-
mand failed to improve.
Labcr Strikes Leave Output Unaffected.
Labor strikes at smelters in the west,
about this time, became a factor in the sit-
uation but they w^ere of too short dura-
tion to seriously check the output.
The fourth week of the month failed to
develop any improvement in domestic buy-
ing and it became evident that few of the
producers had orders that would keep them
busy after June unless there was a decided
SPELTER PRICES IN MAY.
New York. St. Louis. London.
Day. Cents. Cents. £ s d
1 17.80 17.62}/ 99 0 0
2 I7.67J4. 17.50 98 0 0
3 17.55 17.37J4. 98 0 0
4 17.55 17.37'/< 98 0 0
5 17.42J4 17.25 98 0 0
8 17.17J4 17.00 98 0 0
'■> 17.05 16.87H 98 0 0
10 16.92 1/2 16.75 98 0 0
11 16.67J/> 16.50 98 0 0
12 16.30 K5.12J4 96 0 0
15 15.67J/> 15.50 98 0 0
16 15.55 15.37^ 95 0 0
17 15.4214 15.25 95 0 0
18 15.30 15.12J4. 95 0 0
19 15.30 15.12J4 95 0 0
22 15.1754. 15.00 95 0 0
23 15.05 14.87^4 95 0 0
24 14.80 14.62^ 95 0 0
2', 14.6714. 14.50 95 0 0
26 14.30 14. 121/ 90 0 0
29 13.67K' 13.50 80 0 0
30 80 0 0
:il 13.42J/ 13.25 80 0 0
High 17.92J4. 17.75 99 0 0
Low 13.30 13.12J4. 80 0 0
Average ... 15.93 15.75^ 94 4 4
change in conditions; consequently, there
was in..!, pressure to sell, especially for
'I' liv( ' | over the second half of the yeai
Heaviei concessions were made which re-
sulted, toward the close of the month, in
sabs to home consumers for July to De-
cember at close to 12J/c per pound. The
London market also dropped heavily. C l :,
in three days. On May 29th, some large
prospective export orders came int.. tli.
market, resulting in considerable business,
on the closing day of the month, in prompt,
June and future deliveries. Domestic buy-
ers also were stimulated by the lower prices
to place larger orders for June delivery
than at any time in a month. There was al-
so some buying of July and August on
home account. Nearly all of the orders
were taken by producers. A more cheer-
ful and confident market is developing.
SHEET ZINC PRICE CHANGES.
The following table gives the changes in
the price of sheet zinc since Nov. 12th to-
gether with the price of spelter ruling on
the same day.
Spelter
1915— Sheet Zinc. St. Louis.
November 12 18.00 16.31J4
November 17 19.00 17.25
November IS 20.00 17.37J4,
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 20.87J4.
April 22 25.50 18.75
May 15 24_50 15 50
May 23 23.50 14.87J4
May 26 22.50 14.12',/
June 2 21.00 13.12^4
WATERBURY SPELTER AVERAGES.
1912. 1913. 1914. 1915. 1916.
Jan. 6.7S 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
April 7.07 6.08 5.50 13.85 23.20
May 7.13 5.77 5.38 20.55 21.20
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^ 5.53J4. 17.50
THE STEEL AND METAL DIGEST.
June
Spelter From Australian
Concentrates.
Imports of zinc ore and calamine in the
first three months of this year represented
an amount of zinc, allowing for loss in
smelting, equal to precisely one-half of the
total production of spelter in the United
States in the record year prior to the war.
The large imports are, of course, chiefly
Australian concentrates for use at the new
Donora smelter. In a table shown we give
-eries of years, and also by months
since the beginning of last year, the im-
ports of zinc ore and calamine as reported
in the Monthly Summary of the Depart-
ment of Commerce, with the ascertained
zinc contents, which are dutiable at the
rate of 10%, and our computation of the
percentage of zinc contents.
The sources of the zinc ore imports are
not given in the Monthly Summary, but
from publications of the Geological Survey
it is learned that the largest imports of zinc
ore from Mexico were in 1909, 104,826 tons.
The zinc contents are not given, but they
are given for the following year, showing a
proportion of 34.6%. Since the trouble in
Mexico began, the imports from Mexico
have been insignificant. In 1913 the total
imports, gross weight, were 28,000 tons and
in 1914 they were 46,000 tons. In April.
1915. the imports began to assume large
proportions, reaching 12.000 tons a month,
but they decreased later in the year. This
year a gait has been struck that appears to
he permanent. Statistics are available
through March, showing that in the first
three month- of the year the imports were
113j516 -. with 14.114 gross tons
of zinc contents. Allowing an 85% recov-
ery this would represent 156,000 gross tons
..Her a year, or precisely one-half the
duction of spelter in the United
States prior to the war, that record having
been 346,676 net tons, in 1913.
The average zinc content of the imports
in the first three months of this year was
Our computation shows that there
have been wide variations from month to
month, due perhaps to the shipments from
us mines not being uniform from
month to month.
Imports of Zinc Ore and Calamine —
Gross Tons.
\ ear L911 57,933 17,031 39.4' !
" 1912 55,522 17,855 32.1
" 1913 28,050 12,051 42.9
1914 46.260 10.993 33.S
" 1915 141,832 49,704 35.0
January. 1915 ... 1,892 677 35.8
February 7,600 2,646 34.9
March 5,417 1,418 36.1
April 12.98S 5,563 42.8
May 12,286 4,144 33.S
June 19,175 6,751 35.2
July 10,496 4,381 41.7
August 7,614 2,464 32.2
September 15,753 3,940 25.0
October 9,652 3.979 41.2
November 5.943 2,153 36.1
December 33,016 11,232 34.1
January, 1916 ... 43,049 17,580 40.9
February 36,956 13,888 37.6
.March 32,511 12,646 39.0
THE TREATMENT OF AUSTRALIAN
ZINC CONCENTRATES.
(By our Special Correspondent in London.)
While considerable plant developments
are under way in Great Britain there seems
to be very little likelihood of the zinc smelt-
ing capacity there being raised to anything
like that necessary for treating the whole
of the Broken Hill concentrates, the supply
of which available before the war amounted
annually to nearly half a million tons, aver-
aging 47% metal. The English Crown,
Dillwyns, Vivian, Williams. Foster, Central
Zinc, and Brands are all extending their
furnaces, and the United Alkali intend to
lay down a pretty big acid plant, probably
selling the roasted material to spelter works.
but the sum total of these developments is
really only a drop in the bucket when the
total to be treated is considered. There is
a certain amount of Australian production.
i i oursi . and sales of this are being regu-
larly made in London by the Associated
Smelters, the material going chiefly to
France and Russia, but the total involved
i- only a few hundred tons a month. In
TREATMENT OF VUSTRALIAN ZIN( CONCENTRATES.
371
view of the hostility of the Hughes party
in Australia to every non-British part of
irorld, ni.l : the economic difficulties
in the way of handling raw material out
there on an adequate scale, it is a little
difficult to see how ire to pan out
to the satisfaction of the Broken Hill mines.
It is quite on the cards that concentrates
will not be permitted to go to America for
treatment, while shipments even for Japan,
our ally, have been held up, notwithstand-
ing the fact that the spelter contents had
actually been sold by the Japanese buyers
I ■ Russia, who is in dire need of supplies.
It is believed, however, that the Japanese
position in this respect is being seriously
considered, and Mitsui at all events has
now got permission to ship some concen-
trates to Japan, while the Kuhara people
have hopes of being accommodated similar-
ly. Japan promises to be a factor of great-
ly increasing importance in the spelter
trade, and it would not be surprising if the
great bulk of her surplus output after home
demands had been satisfied, did not come
to the United Kingdom for some years, so
closely are the Allied Powers working to-
gether. The following figures show the
Broken Hill position up to the latest avail-
able date so far a -. . port oi zinc concen-
trates .M.' e. mcei n.'.l
Jan. -June July-June
I'M I 1914-15.
1 Cwt. Cwt.
United Kingdom .... 303,756 nil,;,:,:!
'" ' "mi ,395,035 950,888
France 855,014 111,953
Germany 1,076,752 139,430
Netherlands :i04,400 63,997
U. S. America 738,994
States of Final Shipment :
New South Wales ... 791,041 382,224
Victoria 456
Queensland 292
South Australia 4, 54:;, 789 2,026,719
Western Australia . 127 124
Total 5,334,957 2,409,815
It will be noted that the shipments for
the twelve months ended June, 1915, were
considerably less than half those for the
first six months of 1914, while in Jan. -Dec,
1913, the total amounted to over 954 million
hundredweight.
SPELTER
(Monchly
Averages.)
QUICKSILVER PRICES
New York
St.
Louis
Mon
thly averag
e prices
of Quicksilver in
New ^
'ork (flasks
of 75 p
Dunds).
191.5.
1916
1915.
1916.
1913.
1914.
1915.
1910.
Jan.
6.52
18.18
6.33
1S.01
Jan. .
. . 40.00
38.05
50.90
214.76
Feb,
8.86}/
20.09
19.92
19.92
Feb.
. . 40.00
38.00
58.0554
288.50
Mar.
10.1254
1S.09J4
9.80
17.91
Mar.
. .. 39.50
38.00
62.9314
223.91
Apr.
11.51
18.6154
11.22
IS. 44
April
... 39.14
38.00
65.71H
140.10J4
May
15.8254
15.93
15.5254
15.7554
May .
. . . 39.19
38.00
72.65
96.95
June
22.62 54
22.14
June .
. . . 39.67
37.73
ST. 91
July
20.80
20.54
July .
. . 39.00
35.87
93.33
Aug.
14.45
14.19
Any. .
. . . 39.00
74.1954
91.79J4
Sept.
14.411
14 .10' ...
Sept.
. . 39.00
73.57
89.09 y2
Oct.
14.07
IP,. SO
Oct. .
. . 38.59
50.5954
92.40
Nov.
17.04
16.87! -
Nov. .
. . . 38.00
51.72
102.25
Dec.
16.91
.16.72
Dec. .
. . . 38.50
51.61
126.52
A v.
14,44
14 16
Averag
e. 39 1.
47.11
82.80
-o-O-o-
THE STEEL AND METAL DIGEST
June
Antimony In May .
Market Breaks Severely and Prices Collapse to the Extent of 14c per Pound,
—And Still Declining.
Antimony suffered a serious collapse in
May and the end is not yet. Spot metal.
American and Oriental, broke 14c per
pound from the end of April to the end of
May. and from the highest point reached
at the end of March, the break was 31c
per pound. It will be remembered that the
March maximum. 45c per pound, was the
highest price established in the history o'
the industry, exceeding the highest point
in 191.3. by 5c per pound. On the other
hand, the minimum price of record was 5.30c
per pound, that prevailed in July just prior
to the advent of the war.
The price of spot metal at Xew York
to-day is nominally :24c per pound for whole-
sale lots, so it is only by comparison that
the present level of the market seems a
dolorous affair. The seriousness of the
May reaction, however, is measured not by
vanished profits but by the enormous losses
sustained by operators and importers. For-
tunes made during the rise have been re-
placed by bold staring figures on the debit
side of the ledger. Antimony is not a pleas-
ant subject, even in a market review, while
grief in the trade is poignant.
The drop in prices of antimony, for ship-
ment from the Orient to the Occident,
was severe, 10c per pound, but the break
since the highest point was reached in
March. 34c, has been only 14c per pound
— less than half of the collapse suffered by
spot metal.
Lack of War Orders and Panic, the Cause.
The cause of the precipitous decline in
May was two-fold, the dearth of shrapnel
orders from the warring nations, and the
panic among operators who would take
counsel only with their fears. Rushing wild-
ly into the market to sell when there was
no demand only accelerated the downward
movement, but financial responsibilities
were heavy and depressing. Some impor-
tunate sellers welcomed even losses if by
such they could only get out of their pre-
dicament. Toward the close of the month
the pressure to sell was less evident but
there was little if any improvement in the
demand.
The higher prices prevailing for silver,
the world over, last month, increased the
productive cost of antimony in China,
which country for many months has been
furnishing the world with the hulk of its
supply of antimony; but Eastern limits
failed to indicate a desire to force buyers
to shoulder the additional cost. On the
other hand, there were offerings early in
the month of 28c for May and June ship-
ment from China and Japan, against limits
of 30c per pound at the end of April. Most
of these offerings went begging, however,
as the American market was well supplied
and there was small outlet for the stocks
in hand. Importers and dealers here were
offering prompt shipment at 35c to 36c.
These prices were steadily reduced from
day-to-day without attracting buyers. Con-
sumers stocks were more than ample and
there was no incentive to anticipate future
requirements on a weak and declining mar-
ket. By the middle of the month, prices
of nearby metal had suffered a decline of
3c to 4c per pound.
Importers Overbought — Market Grows
Weaker— Speculators Fear-Stricken.
Importers, apparently, had failed to inter-
pret trade signs correctly and therefore had
purchased from the Far East quantities far
in excess of the ability of the domestic
market to absorb. The error was in over-
estimating the war munitions contracts —
especially of shrapnel— to be placed in the
United States.
As the month advanced the feeling of
weakness and distrust increased; the down-
ward tendency being most marked during
the third and fourth weeks. Speculators
greatly alarmed, made frantic efforts to
sell, which further unsettled the market
and increased the intense caution of con-
sumers. On the last two days of the month
there was less open effort to force sales but
the undertone continued weak, with spot
metal available at 24c to 25c duty paid
and with offerings of June shipment from
the Far East at 20c in bond. It was in-
timated, too, that a firm offer might develop
even further concessions.
ALUMINUM IN MAN
Aluminum In May.
Market Dull Throughout the Month —
America Only F
I In- main feature of interest in aluminum
in May, was the selling by the Aluminum
i ompany of America, for 1917 ship-
ment. Contracts for No. l Virgin were
taken at 35c at smelters and sheets were
sold at 40c base f. o. b. mill for next year's
delivery. These transactions gave rise to
the report that contract prices were fixed
on this basis for the whole of 1917. This
mode of statement gives an erroneous im-
pression for while sales were made as not-
ed, contract prices for the whole of 1917
may vary according to developments. Reg-
ular consuming customers, however, con-
tinued to place contracts at various times
during the month at these prices.
The outside market was dull through-
out the month and prices fluctuated slight-
ly. Most of the small sales for prompt
shipment were made between 59c to 61c
for No. 1; between 57c to 59c for pure
98-99% remelted, and between 48 to 50c for
No. 12 alloy remelted.
The light supply of ingots and sheets in
the outside market, as well as the extreme-
ly high prices prevailing for early ship-
ments, confirmed such large consumers as
automobile manufacturers in their determ-
ination to eliminate aluminum as much as
CHINESE and JAPANESE ANTIMONY.
Average monthly price of Chinese and
Japanese (ordinary brands) in New York.
1912. 1913. 1914. 1915. 1916.
Jan. 6.89 8.774 6.03 15.24 42.26
Feb. 6.78 8.16 6.00 17.624 43.874
Mar. 6.7S 7.91 5.944 20.934 44.71
Apr. 6.87 7.82 5.82 23.97 41.354
May 6.98 7.75 5.78 34.71 32.204
June 7.07 7.62 5.624 36.534
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 39.364 ....
Av. 7.6I', 7.43 8.534 29.52
Sales by the Aluminum Company of
eature of Interest.
possible from the building of motor cars
and accessories until normal prices are
re-established. Some manufacturers report
having found excellent substitutes which
probably will be continued permanently.
The importations of aluminum during the
first quarter of 1916 have been 823 tons
against arrivals during the first three
months last year of 1.170 tons. Thus, there
has been a decrease of about 30% in the
supply of foreign metal available for
American consumption.
ALUMINUM, SILVER and ANTIMONY
PRICES IN MAY.
Aluminum. — Silver — Antimony.
Day.
N. Y.
Cents.
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. . 60.00
. 60.00
. . 60.00
29
30 ...
31
High
Low
Av'ge.
60.00
01.00
59.00
60.00
N. Y.
Cents.
727/8
74%
77J4
76%
76%
763%
74 J4
TS%
764
7&y2
774
77%
75%
75%
7534
7534
754
754
714
71%
714
714
71%
71%
705%
6834
774
68%
74.27
London.
Pence.
35
36
37%
37
3641
354
35re
364
3654
:::
3611
36%
364
364
364
36%
36
34
34%
34 A
34 A
34 A
34rs
33%
3274
32%
37%
3274
N. Y.
Cents.
38.00
38.00
37.50
37.00
37.00
36.50
36.00
36.00
34.50
34.50
33.50
31.00
31.00
30.00
30.00
29.50
27.50
27.00
26.50
26.50
25.50
25.50
38.50
25.00
32.20%
THE STEEL AND METAL DIGEST.
June
Joplin Zinc And Lead Ore Markets.
The month of May showed a reversal of
form from that exhibited during April.
From a record tonnage the shipments
dropped very materially and the price levels
for zinc ores fell far below the average of
the year. Naturally such a change has ma-
terially effected conditions from a stock
standpoint as well as production.
The average price for all zinc ores dur-
ing May was $90.15 as compared with
$106.47 for April. The average base price
was therefore much below $100 for 60%
zinc. Calamine ores showed a similar drop,
the average for all grades registering but
$64.13 as compared with $81.61 the pre-
vious month. There has been a gradual
recession in prices from week to week.
Blende ore price averaged from $97.80 the
first week in May to $75.10 the last week
in May while calamine ranged from $71.90
down to $55.10. Each week has shown its
drop and such reductions have been very
depressing to the mine operators as it fore-
casted labor troubles which may or may
not develop into a serious problem. This
week sees a readjustment of the wage
schedule on account of the lower average
price for the month just closed and the
cut in wages amounts to 50 cents on the
day, one of the largest reductions since
the present higher levels were inaugurated.
Naturally the miners are not very good
humored about accepting a reduction and
especially has there been threats from the
hoistermens' union of a possible strike. This
strike has already made itself felt and has
shown a tendency to re. ".ice the • utput
some. Just how far this will go remains to
be seen.
The shipments of zinc ores fell from 8.750
tons of blende per week to 6.710 tons and
calamine from 815 tons to 622 tons. Such
a reduction in output has resulted in an
accumulation of surplus stocks in spite of
the tendency on the part of the producers
to hold down their production and even
counting the strike possibility. The sur-
plus stocks at the beginning of the month
were of zinc ores and the month
end saw them at 17,190 or nearly doubled
during th. The .iccinTUi'ation was
at rate of practically 2,000 tons per week.
The month also showed a decline in lead
ores but not to the same extent as that in
zinc. There was a similar reduction in the
sales and the month saw an increase in
stocks. The average sales for the month
was 1,103 tons per week. The average price
dropped from $97 to $92 per ton for all
grades. The stocks increased at the rate
of 100 tons per week. The month opened
with stocks at 850 tons and closed 1 250.
Notwithstanding the decrease in prices
there was no change in the policy of those
operators bringing into being new mines.
Every effort is being put forth to get all
new plants and mines into the active pro-
duction stage. In the Miami camp especial-
ly is there going to be a great increase in
production with each passing month. New
mines and mills are reaching the stage of
active production rapidly and in addition
there is more active drilling than has ever
before been attempted which means more
new prospects and new mines. No pros-
pecting era in the history of the zinc min-
ing industry anywhere approaches that now
in progress in the district. There is a
demand for prospect drills far beyond the
supply available. If it were possible to
obtain them there is a demand for at least
200 more prospect churn drills. One can
stand in the Miami camp on a high point
of vantage and count the drill rigs by the
score. There is but one comparison with
the present condition and that is the num-
ber of drills sometimes working in parts
of the Oklahoma oil fields.
One result of the lower ore prices and
also from the threat of a general strike of
the hoistermen is the better organization of
the mine operators which took place the
latter part of the month. Another result
will be the strike which is already develop-
ing but the final reckoning is not yet in
sight.
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 56.77i
Feb. 18.801 19.20 57.50 57.50* 48.48 56.75i
Mar. 18.30 18.94* 60.52 58.07 50.24 57.921
Apr. 18.08 18.83 60.00 58.52 50.25 64.371
May 17.93 21.85 60.00 58.18 49.91* 74.27
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. 19.28146.75 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 56.80* 49.38 54.97
Av.. 18.591 34.13 54.81 49.69
The
Steel and Metal
DIGEST
VOL. VI.
NEW YORK, JULY, 1916.
NO. 7.
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.
CONTENTS.
Business Situation and Outlook 275
Changed Distribution of Iron and Steel
Exports 278
Steel Freight Cars 279
Business Trends 280-281
Zinc and Spelter 282
Increased Activity in Antimony Mines 287
Russian Railway Building 288
Character of British Steel Production
During War Time 289
Record By-Product Coke Production . . 290
Analyses of Clays Suitable for Spelter
Retort Manufacture 291
Topical Talks on Iron 295
The World's Pig Iron Production .... 296
Steel Plants 297
Prosperity in the Iron Industry 297
The Foreign Pig Iron Situation 298
Comparison of Metal Prices 302
Comparison of Security Prices 303
Lead and Zinc Mines Promise Largest
Output on Record . 319
An Optimistic View of the Copper Sit-
uation 323
Market Reviews:
Iron and Steel 299
Copper 1)20
Tin 311
Spelter 316
Lead 314
Antimony 325
Aluminum 327
Joplin Zinc and Lead Ore Market .... 318
Iron and Steel Imports and Exports .. 305
Price Changes of Iron and Steel
Products 306
Business Situation and
Outlook*
How soon will the war end? and what
are to be its economic effects the world
over and particularly in the United
States? a.re the two questions that all
business men are thinking about and
asking each other.
Recent developments have been of
such importance that many who a
month ago were of the opinion that the
war would last another year or more,
have been converted to the view that
the struggle has reached its climax, and
that the next six months will see its
end.
Effects of War Must be Epoch Making.
As the war has been the greatest and
most appalling in the history of the
world, so also its after effects are to
be most momentous. As lias been said,
this war has been in a class by itself
and precedents therefore a.re not likely
to signify much. The failure of so
many predictions that were generally
made at its beginning, makes for great
caution in the expression of views, still
we believe there are enough being dis-
closed during the war to provide a
basis for the expectation of some of
what is likely to take place when peace
is restored. One thing is certain, that
a sudden and radical change from busi-
ness conditions and values created by
the most extraordinary struggle which
has been an economic as well as a
physical one must take place, and as
the war has been the most momentous
in the history of the world, so also must
be the after effects. It will mean the
beginning, almost, of a new world in
Hi. STEEL AND METAL DIGEST.
July
economics, politics and human develop-
• such as the world has never in
the past been asked to contend with
and solve.
What Has Been the Destruction of
Property and Capital?
We do not take the view that the
destruction of capital and property is
to | >u1 the world back for generations,
or that we are to face a long period
of languid convalescence during which
business and industry will be held up.
Real Wealth of the World Virtually
Unaffected.
T.rue, there has been an enormous
loss in the accumulation of labor in the
past, represented by property destroy-
ed and capital dissipated, also in the loss
of production, which has been engaged
in the providing of equipment and
munitions of war which have been de-
stroyed in their use instead of remain-
ing in some form for future benefit.
But the wealth of the world is its land,
forests, mines and other resources of
nature, its plants, railways, machine".;
and equipment for making these re-
sources, the scientific knowledge to use
these physical things, and above all
the human element of skill, enterprise
and ambition and courage. This wealth
remains untouched, in fact, as r
the human element we think we can
show it lias been increased in spite of
the millions who have been killed or
crippled. Also it has brought about
a new productive force, the entrance in
Europe of women into industry, which
many think will more than offset the
productive power of the men who have
killed or crippled for life. The
remarkable adaptability women have
shown is astonishing. Necessity has
changed them in Europe from consum-
ers into producers and they will re-
main an important feature in the in-
dustrial future.
Beneficial Effects Through Thrift,
Economy, Improvements in Industry
and Personal Conduct.
The war lias not destroyed science
human skill or ingenuity, it has in-
creased it. Also it has developed per-
sonal Thrift and economy in the popula-
tion of those involved in the disaster.
It has created a control of personal con-
duct and especially so in tin' use of li
quo.r. Lloyd George has said that the
improvements in industry and the more
effective control of the liquor traffic
resulting from the war will compen-
sate fur all the economic loss. lie might
have added, we think, the tremendous
benefit that will result from the per-
sonal equation, the kind of men and
women that will take up the recon-
struction of their countries. Their
statesmen have had to abandon politics
fur economics, their business men have
had their abilities stimulated as never
before to contend with the situation,
while the general population have
found their souls in the trials, sorrows
and hardships of the war. Patriotism,
the most unselfish of human attributes
has been increased as never before. It
has been an inspiring spectacle, a
mental and spiritual regeneration. We
dwell on this feature as it seems to lis
most far-reaching and important.
Take the case of England. The writ-
er, who lately had opportunity to
study at first hand war condi-
tions in that country was most impress-
ed by what he saw in this particular.
From all lines of life, from the highest
to the most degraded, over five million
men have put themselves into the dis-
cipline of the training camp and such
training as the world has never semi.
a training of body, mind and spirit.
The mixing in comradeship on an
equality of all classes, the learning of
control and respect, of obedience not
to the individual, but to the uniform he
wears as his superior officer. It may
seem a degression, hut in the regula-
tion for the daily shave, the frequent
ablutions of the training camp, the
complete impossibility of dissipation
or idleness of any kind, and the knowl-
edge that they are giving a free will
offering of patriotism, is creating a
new type for that country and we be-
lieve it is true of the other nations at
war. The change in the men is wnn-
derful. Some of Them may drop back
again into their former position of de-
pendant ignorance and "wasters." but
the enormous majority will come back-
to civil lite uew and improved men.
The human equation in Europe is
going to be increased in everything
that makes for improvement in life.
M'i. \\l> \i i i w DIGEST.
Debt Created Not Necessarily-
Paralyzing,
prosperitj and happiness, Greal stress
is Laid 'in the debts to be paid and i tie
heavy taxation thai must follow the
wa.r. The paymenl of indebtedness does
in .1 extinguish the capita] transferred,
or become an economic loss. You cannot
expend capital before it is created. The
debts from the war are to a greal ex-
tenl due to those who compose the
countries in question. Therefore, the
capital raised by taxation will flow
from the public into the treasury and
from the treasury hark to the people
practically undiminished. We are not
saying the war won't be felt for years
to come, but we do say it wont be
paralizing on the future of these
countries to the extent that many
imagine.
Peace Effects on U. S.
But what is to be the effect in
America '.'
We have not had the cleansing and
stimulating effects of war, the misfor-
tunes of others have drowned us in a
sea of prosperity. It remains to be
seen if this prosperity has been a bless-
ing, and the test will soon be on us.
There must be a serious and radical
and perhaps very sudden shock to
many industries, the output of which
have, under the stinmlus of war de-
maud and sensationally high prices
been extravagantly increased. Condi-
tions have been created on output and
prices that will necessitate a quick and
radical adjustment. War demand will
be cut off as with a knife and in this
adjustment will come the first peace
danger we must face. Will we bow to
the inevitable, take the time that re-
mains by the forelock and set our house
in order, and by a gradual curtailment
of output and lowering in prices be
able to meet the change when it comes
in an o.rderly way ?
No Financial Panic in U. S. Possible.
There can be no financial panic in
any event, but if this is not done we
may face price panics, closed factories
i general distress in the industries
thai have been flourishing 1>\ reason
of the war.
\\ e Inn e made too much monej in
I he past two 3 ea rs, and have not had
i niie lo enter into speeulal ion ami wild
eat investments or schemes. Our profits
a re I'm' I he most part still iii cash or in
a fluid state. Our banks are bursting
with deposits. Speculation in storks
and real estate is dormanl to the aston-
ishment of Wall Street, but the reason
is plain. Those who have made for
tunes are still ton busy to have time
for other tilings, and they realize their
success has been caused by abnormal
ami ephemeral conditions. Sub-cellar
far war profits is the order of the day,
hence the demand for absolute safe se-
curities paying low rate of interest and
the high pi-ices they command, and the
billion dollars we have invested in
foreign loans.
Liquidation of Labor.
Another danger is the adjustment of
labor conditions and wages. The war
will end in a day, the war wages won't
without trouble and after a fight.
Economy and efficiency has been great-
ly increased by the war abroad. We
think exactly the opposite has been
the case here and it applies not only
to the workmen but in part to the em-
ployer. And while on this labor ques-
tion, we must face a heavy increase
even above normal anti-war years in
emigration. There is every prospect of
surplus labor in this country and that
means lower wages, but not without
great disturbed conditions in the in-
terim.
Prosperity Sure for us for Some Time
to Come.
Still America must remain prosper-
ous for a long while, but we have reach-
ed the zenith of said prosperity and as
we are careful to adjust ourselves to
the new conditions to follow peace, so
will we insure this prosperity. The fu-
ture may be faced with confidence.
THE STEEL AXD METAL DIGEST
July
Changed Distribution of Iron
And Steel Exports.
While it is generally recognized that the
growth in onr iron and steel exports has
not been uniformly distributed among the
different commodities, very little has been
presented to show the divergences in dis-
tribution. We have just made a compari-
son which covers the principal items and
shows clearly not only the change in dis-
tribution but also indicates the changes in
values.
A comparison is of course properly made
not with the exports in the dull times just
preceding the war, but with the best times
prior to the w-ar, in 1912 and 1913. As the
export statistics are available for the ten
months ended April, 1916, it is convenient
to make the comparison between the ten
months ended April. 1913, and the ten
months ended April, 1916.
Such a comparison shows that the weight
of the iron and steel commodities that are
returned by weight increased from 2,533,-
163 gross tons to 3.783.199 gross tons, or
49%, while the value of all iron and steel
returned as such, including the tonnage
items as well as hardware, cutlery, ma-
chinery, etc., increased by 86%. The in-
crease in value was much the same in the
tonnage as in the non-tonnage items, ex-
cept for the influence of a new- commodity
coming into the non-tonnage category, that
of unloaded shells. Loaded shells are not
returned as iron and steel at all. The "all
other manufactures of iron and steel" in
which unloaded shells are included, in-
creased from $16,765,902 to $106,268,753.
There is no occasion here to figure the per-
centage increase; doubtless the increase is
simply due to some $90,000,000 in unloaded
shells being added, the ordinary miscellan-
eous items being presumably not material-
ly changed.
The statement of changes in per cent.,
for the quantities when given, and for the
values, is given below.
Changes in Iron and Steel Exports,
Per Cent., Ten Months Ending April,
1913 and 1916 Respectively.
Quantity. Value.
j'i- iron — 14
Scrap — 46
Value.
+470
+163
+ 29
+226
— 29
+ 18
— 22
+184
— 25
— 25
+394
+133
+147
+ 32
+302
+253
+ S
+ 16
+ 29
Quality.
Unfinished steel +229
Rods —128
Rails +18
Steel bars +147
Pipes and fittings — 25
Steel plates — 4
Steel sheets — 28
Tin plate —182
Galvanized sheets — 40
Structural — 24
Barb wire —289
Plain w-ire — 72
Wire nails — 111
Enamelware
Firearms
Cutlery
Hardware
Tools
Machinery
Apart from the general large increases
shown by certain items there are some in-
teresting things to observe. One is that a
few commodities, pig iron, pipes and fit-
tings, structural iron and steel and galva-
nized sheets, actually decreased in quan-
tity. These decreases are due in general
to the fact that the materials are not used
for war, and this carries the reasonable
suggestion, borne out more or less by oth-
er data, that our exports to neutral coun-
tries are less than in the best times before
the war. despite the fact that the exports
of Germany and Belgium are shut off en-
tirely while the exports from Great Britain
are somewhat reduced.
The large decrease in galvanized sheet
exports. 40% in tonnage and 25% in value,
is to be attributed chiefly to the high cost
produced by the high price of spelter, a re-
sult of the war. The average value per
ton is seen to have increased, when the de-
crease in value is less than the decreas in
quantity.
Another interesting point " brought out
by the table is that some commodities sold
.it slightly lower prices, or at only very
moderate advance, in the ten months ended
last April as compared with the same per-
iod three years earlier, a period in which
domestic juices generally stood at a mod-
1916
ii i I FREIGH1 CARS.
S79
vtl, not especially low. Thus struc-
tural material averaged jusl a perceptible
shade lower in average price, while plates,
and tin plates i icperienced practic-
ally negligible advances in values. Of
course business accepted to-daj would tell
another story entirely. The material ex-
port! in the early months of the recent
ten-month period had been sold when the
entire market was on a l elatively low basis.
Tin plate, for instance, appears to have
brought about $3.50 per 100 pounds in each
period, but at present it is bringing nearly
double that figure.
The commodities that show the large in-
creases in tonnage are unfinished steel, wire
rods, steel bars, the increase in which is due
chiefly if not wholly to the exportation of
shell rounds, tin plate, barb wire, plain
wire and wire nails, the increases being
due chiefly to the demand for material for
war purposes, with the possible exceptions
of tin plate and wire nails.
In all the commodities which showed
large increases in quantity there were still
value, with the excep
tion oi mi plate. Their is a method in
this, for no doubt it was the extra heavj
demand that caused the market to advance
In the case of unfinished steel there was a
higher average quality, much of the steel
exported being of shell quality, whereas
three years ago only ordinary soft steel was
being exported.
Firearms quadrupled in value, naturally
enough. The large increase in cutlery ex-
ports might not have been expected by
those not familiar with the cutlery trade.
but is evidently chiefly in trade with neu-
tral countries, supplies from elsewhere be-
ing so greatly reduced that even if the neu-
tral countries have been buying much less
in the aggregate they are forced to buy
much more from us. The moderate in-
creases in enamelware, hardware and tools
may be explained in the same way.
The 29% increase in exports of machin-
ery, for producing munitions of war, offset
in part by decreased exports of various
other classes of machinery.
Steel Freight Cars.
Railroad men appear to be reaching the
conclusion that the average life of a steel
freight car is to be about 10 years, which
is quite different from the opinion enter-
tained when they first came out, that they
would be practically indestructible. Un-
doubtedly one influence in shortening the
life of steel cars, as compared with the
original expectations, is that steel cars a.v
being much more roughly handled than
were wooden cars, just because they are
supposed to be able to stand it. They
stand it in that they do not break at once,
but their life is shortened.
Two interesting conclusions, of interest
to the steel trade, are to be drawn from
a dictum that steel freight cars are to last
16 years. One is that since there are over
2,400,000 freight cars in the country the
annual requirements in new cars for re-
placement purposes are to be 150,000 cars
a year. That will doubtless be found to
be somewhat excessive, however, as wdien
box ears have become steel they will prob.
ably last longer than the steel gondolas;
to which experience thus far is necessarily
confined. For years gondolas alone were
made of all-steel construction.
Another conclusion is that there will be
a new advent of old material in the market.
Hitherto the great single producer of old
material has been rails, as they come out of
their service with say 85% of their original
weight. Steel cars will not lose 15% in
weight, or indeed any appreciable percent-
age. Whether they will come into the
scrap market, however, is a question. If
they did they would furnish at the
rate of 150,000 cars a year weighing-
close to 20 net tons apiece, say 2,500,000
gross tons of iron and steel a year. If they
are to wreck many steel freight cars the
railroads will probably develop means of
salvage whereby the material will be more
useful, and bring more money, than as
scrap. There will be opportunity for the
railroads to do some good thinking along
this line.
THE STEEL AND METAL DIGEST.
July
Business Trends.
THE STOCK MARKET.
The European war clouds having cleared
away during May, June security markets
were confronted with another war crisis in
the Mexican situation. This became more
acute during the past month than on any
previous occasion, and caused unsettlement
on the Stock Exchange where speculation
was active and dull by turns.
While the market opened the month -.villi
transactions on a somewhat increased scale
in comparison with a week previous the
augmentation of trading did not resnl*- from
any material development of outside inter-
est, the bulk of the business from day to
day originating in professional circles. Ir-
regularity was a prominent characteristic
of the market during the first two weeks,
confused movements taking place; some is-
sues advanced while others declined.
If commercial and industrial conditions
alone were allowed full sway, progressive
strength in stocks might logically have
been expected yet international uncertain-
ties with possibilities of daily surprise, and
doubts as to the coming elections tended
to check constructive tendencies. There-
fore it is not strange that nervousness char-
acterized stock trading when the President
issued his order to mobilize the State
troops. Offerings became quite heavy and
the pressure increased sufficiently to force
liquidation. Yet the breik was short-lived,
part of the losses being recovered when
shorts began to take profits. However,
varying reports and conjectures about Mex-
ico caused further unsettlement. but after
a sharp break in prices the undertone of the
market became stronger, this being follow-
ed by a sharp advance, which featured the
close of the month. This movement re-
flected the more favorable aspect of inter-
national affairs and demonstrated to what
extent traders had committed themselves
on the recent decline.
The all-important bullish feature of the
situation is the fact that stocks are cheap,
nearly all of the leading industrial and min-
ing corporations are unprecedently rich in
cash and quick assets and are earning stu-
pendous profits. In spite of these condi-
tions their shares are quoted lower than
they were three or four years ago.
There is much of promise in the future.
The political outlook is more reassuring
and the business interests of the United
States are preparing to grapple with what-
ever conditions may develop after the term-
ination of the Eurcpean war.
HEAVY INCREASE IN NEW
INCORPORATIONS.
There are no indications of a falling off
in the output of new enterprises from the
exceptionally large totals covering pre-
vious months this year. Indeed, papers
filed in June for new companies in the east-
ern States with a capital of $1,000,000 or
over, represented $264,350,000. This total
is about 26% larger than in the preceding-
month, and 46% greater than for June a
year ago. The incorporations for six
months aggregated $1,472,475,300. This is
an increase of more than 200% as compared
with the corresponding period in 1915.
However, five companies contributed $83,-
250.000. Practically all industries are rep-
resented in the showing which suggests
increased competition in the future.
The grand total of all companies, with
an authorized capital of $100,000 or over,
covering all States, including those of the
East, for June, reached $327,871,000. against
$230,859,000 a year ago, and for six months
$1,880,487,600 against $749,375,000 a year
ago.
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:
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
May 209,735,000 78.950.000 62.700.000
June 264.350,000 181.247.100 70.050.000
Total $1,472,475,300 $467,547,100 $498,260,000
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
BUSINESS TRENDS.
Business Trends.
BANK EXCHANGES LAST MONTH
HEAVIEST EVER SHOWN IN JUNE.
Little evidence of the quieting down in
general business that is customary at this
period of the year can be seen in June pay-
ments through the banks, as reflected in
Clearing House transactions, exchanges be-
ing the largest ever reported for that month
and, according to returns received by
"Dun's Review" from 131 leading cities in
the United Stales, amounting to no less than
$a0,515,438,480i an increase of 46.0% as
compared with the same month last year
and of 48.0% as contrasted with the cor-
responding month in 1914. Although there
was no special activity on the Stock Ex-
change or in the other speculative markets,
bank clearings at New York City continue
to show gratifying improvement, the total
at that centre being 56.4 and 60.Q%, re-
spectively, larger than in June last year or
two years ago. Prosperous conditions in
every part of the country are indicated by
the favorable returns made by the cities out-
side of New York, the instances where de-
creases appear being exceptional and of
little importance. Every section reports
very satisfactory gains, and the total of all
centres shows an increase of 30.6% over
last year and 31.7% over 1914.
DESCENDING -SCALE OF FAILURES.
June failures, as reported to Bradstreet's
Journal, were the smallest in number re-
ported in any month since August. 1914,
the opening month of the European war,
and liabilities were the smallest reported
in any month for ten years past. Left-over
liquidation, however, is reflected to a certain
extent in the six months' returns as to num-
ber, which, while smaller than in the first
and second six months of 1915 and the last
half of 1914. exceed any previous first half-
year on record. Liabilities for the first six
months of 1916 are only about half those
of the first six months of 1915, 1914 and
1908, and of the last half of 1914. Assets
also show great shrinkages, and it may, in
[act, be said of current failures and liabili-
ties that they are well down to the normal
of casaulties and failure damage.
I lure were 8,967 failures reported to
Bradstreet's for the first half of 1916, a de-
crease of 16.395 from the like period of 1915,
but 15.5% more than in the first half of
1914, and, owing to the large volume of
year-end suspensions, were 7.8% larger than
in the last half of 1915, which saw the turn
for the better in business. Liabilities for
six months of this year aggregate $94,584,-
095. a decrease of 47% from the first half of
1915, 1914 and 1908. The percentage of as-
sets to liabilities in 1916 was only 48.6%, as
against 60.5% a year ago and 54.7% in 1914.
This percentage is, in fact, the smallest
recorded in the first half of the year since
1910. and shows that the proportion of as-
sets to liabilities is down to the normal of
the best of years.
NEW HIGH RECORDS IN FOREIGN
TRADE.
Foreign trade in May dwarfed that for
any preceding month, both exports and im-
ports surpassing the high record totals re-
corded by the former in March and by the
latter in April, and in addition setting up a
new monthly record of excess of exports
over imports. Naturally, the cumulative
totals for the elapsed portion of the fiscal
year were additionally increased, with the
result of a balance for that period in favor
of exports almost equal to the total volume
of import trade.
Our foreign trade in May and for the live
months ended May 31st compare as follows:
May— 1915. 1916
Exports $274,218,142 $471,829,456
Imports 142,284,851 229,134,097
i of exports $131,933,291 $242,695,359
Five months ended May 31st:
1915. 1916.
Exports $1,433,261,089 $2,014,348,902
Exports 708,114,681 1.038,719.338
Ex. of exports. . . $725,146,408 $975,629,564
THE STEEL AND METAL DIGEST.
July
Zinc and Spelter.
By Mr. W. A. Cook — Matthiessen & Hegeler Zinc Company
The question of spelter for the past two
years has been very prominent and up to
that time was not a factor in export but
since the European troubles it has been
one of the prominent factors, both as a
raw material and in sheet and also as a
component part of brass. The question of
purity and impurities have been brought
more prominently before the jobbing and
manufacturing trade since the European
troubles than ever before. The early speci-
fications that this country received from
England, France and Russia, made the
brass manufacturers to be more particular
as to the quality of their spelter.
While a number of authorities state that
commercial zinc is known as spelter this
is not altogether the real truth. The dis-
tinction that is most commonly made in
the metal trade is to call the metal "spelter"
when it is cast and "zinc" when rolled,
stamped, drawn or spun. The word spelter
is of doubtful origin, but it is likely that it
comes from an Eastern word "Spiauter",
which means to smoke or fume when hot.
As spelter when heated above its melting
point with excess of air gives off a heavy
white smoke or cloud of zinc oxide the con-
traction of the word spelter from spiauter
is most probable.
While zinc has evidently been known for
a great many years it is doubtful if it was
known as a separate metal to the Ancients.
Bracelets of what were said to be zinc were
found in the ruins of the ancient city of
Cameros, which was destroyed in 500 B. C.
1 he metal as zinkos was mentioned as
early as 1500. So through the works of
the pioneer metallurgists we can trace the
attempts to isolate and develop the metal
as one of the valuable elements until up
to 1721 when Hinckel published his dis-
covery that zinc could be obtained from
Calamine, and lie is named by Beckman as
the first to intentionally carry on the pro-
cess.
A patent for a process of distillation
downward was granted to John Champion
ill 1739 and in 1740 he erected a works
at Bristol. England and began the manufac-
ture of spelter, but the production was
small and the most of that used continued
to come from India and China.
The principal upon which the modern
process of zinc smelting is based was dis-
covered in Silesia in 1799 or about that
time. A similar discovery was made ac-
cidentally and independently in Belgium in
1805 by Abbe Dong, who does not appear
to have been acquainted with the contem-
porary work of others in the same direc-
tion. The two processes of zinc smelting
the Silesian and the Belgian, in use at the
present time, have been developed from
these beginnings.
Zinc Ores.
While zinc has been reported to have
been found from time to time in native or
metallic form there is considerable doubt
that this is the case and it is certain that
no large deposits have ever been found. The
metal has to be smelted out from its ores,
which are found widely distributed through-
out the world, workable deposits occur-
ing in nearly every country in Europe, and
the north of Africa and in various parts of
the United States. The term Calamine
used so indiscriminately in respect to zinc
ores now is understood to include the four
mineral varieties, viz; carbonates and sili-
cates, hydrous and anhydrous. The word
originally was used by the Greeks to desig-
nate the peculiar kind of ore employed with
copper in their brass making operations
ard also the accretions which formed in
brass founders furnaces.
Zinc in The United States.
Zinc was first made in the United States
about 1838 at the Government Arsenal at
Washington, D. C. from the red zinc ore
of New Jersey for the brass designs of the
standard weights and measures ordered by
Congress. The process was so expensive,
however, as to preclude any idea of produc-
ing zinc commercially in the same manner.
The regular manufacture of zinc was first
undertaken in 1850 at Newark, N. J. by
Richard Jones, the ore being charged into
Belgian retorts just as it came from the
mine. These experiments proved a failure
due to the excessive breakage of the retorts,
so attention was then turned towards the
manufacture of the oxide and in 1851 Sam-
uel Wetherill invented what is now known
as the Wetherill process. The ore is mixed
with anthracite coal and is thrown in a
ZINC AND SPELTER.
283
layer three to lour inches in thickness upon
a hearth composed of perforated cast iron
plates one inch thick. The door was closed
and cold air blown into the grate, which
passing through the charge, raised the tem-
perature to such a point that the ore in
contact with the carbon was reduced to
metallic zinc, vaporized and oxidi/ed, pass-
ing off as a white smoke to the collecting
apparatus, where the products of combus-
tion strained through the muslin, leaving
the oxide inside the bags. This process
proved so successful that it was immediate-
ly introduced and has remained in use with-
out essential change up to present time.
Attempts to produce spelter were not
given up, however, and in 1856 experiments
with a Silesian furnace were made at Beth-
lehem, Pa., by the Lehigh Zinc Company.
They proved to be unsuccessful, neither the
anthracite fuel nor the retort clay being
apparently adapted to the purpose. In 1857
Messrs. Matthiessen and Hegeler, who had
just come to the United States from the
School of Mines at Freiberg, Saxony, ob-
tained permission from the Company to
experiment on their own account at the
abandoned plant. They did it on a small
scale, using one muffler placed in a kiln
altered for the purpose. They then and
there demonstrated that anthracite as well
a New Jersey clay, could be used and made
some spelter in this experimental way, but
failed to come to an agreement with the
owners of the property for building a works
largely on account of the finincial crisis
prevailing at that time.
They then turned their attention to the
West, where they studied the zinc deposit
of Wisconsin, and late in 1858 began the
erection of the present works at La Salle,
111. La Salle was selected as the point
where the Illinios coal fields approached
nearest to the Wisconsin zinc mines. It is
easier to bring the zinc ore to the coal
mines than to take the coal to the zinc field,
as it requires from three to four tons of
coal to produce one ton of spelter.
In the meanwhile experiments were car-
ried on in New Jersey and Pennsylvania
by Samuel Wetherill, Joseph Wharton and
others, who invented furnaces of various
types, but the several undertakings failed
and after all the Lehigh Zinc Company
turned to the Belgian furnace and in 1860
erected works at South Bethlehem, Pa.
rl hese works have recently been dismantled
and parts of them removed to the enor-
mous pi. un ol the New rersey Zinc Com
panj al Palmenon, Pa, Alter I860 works
were built in rapid succession at Newark,
Jersey City and Bergen Point, N. J. and at
l'i eidensville, Pa.
In Missouri zinc was not made until 1867
when a small works was erected at Potosi
in Washington county. The Carondelet
works were l>uilt in L869. These works.
were supplied with Calamine ore mined in
Southeastern Missouri. The mines of the
Joplin district, now the great zinc center of
the United States, became productive in
1873, their ore being shipped to Illinois. A
little later zinc works were built at Weir
and Pittsburg, Kansas, Robert Lanyon,
who had been engaged previously in zinc
smelting at La Salle, being one of the
pioneers in Kansas.
About 1895 the discovery of natural gas
at Iola. Kansas and the location of zinc
smelters at that point began a change in
the American zinc industry, which has be-
come a radical one.
Physical Properties of Zinc,
Zinc is a white metal with a bluish grey
tint. The fresh fracture of a cake of com-
mercial zinc or spelter presents large and
very bright cleavage planes, especially
when the metal is free from iron. The
fracture is more largely crystalline the
higher the temperature of casting is above
the melting point of the metal. This fact
has long been taken advantage of by cer-
tain producers in promoting the sales of
this metal. As a matter of fact spelter
with a very appreciable amount of lead in
it can be made to resemble in fracture
spelter of virgin purity merely by regula-
tion of pouring temperatures and rate of
cooling in the mold. Spelter at ordinary
temperatures is brittle but -between 100 de-
grees Cent, or 212 F. and 150 degrees Cent,
or 302 degrees F., it is sufficiently malleable
to admit of being rolled into thin sheets,
spun or drawn into wire; after cooling it
then retains these properties.
The specific gravity of spelter varies ac-
cording to the temperature at which it has
been cast and the manner in which it has
been cooled from 6.9 to 7.2. The gravity
can be increased to 7.25 by rolling.
Spelter melts at 415 degrees Cent, or 779
degrees F. and is readily distilled at a bright
red heat, it will burn in the air at as low as
932 degrees F. or 500 degrees Cent. The
( lectrical conductivity is low as compared
with silver at 100% being placed by several
THE STEEL AND METAL DIGEST
July
observers at from 25.6 to 29.9. The atomic
weight of spelter is 65.27.
Chemical Properties.
Zinc is not affected by dry air at ordinary
temperature. In moist air a compact coat-
ing of basic zinc carbonate is formed which
impedes the oxidization of the underlying
metal. When molten, zinc is readily oxi-
dized and burns when heated to the boiling
point of the metal producing zinc oxide
-which gives rise to the familiar spelter
smoke of the modern brass foundry. Zinc
is soluble in most acids and also but less
rapidly so in alkaline solutions, especially
if it is placed in contact with iron or plat-
inum.
Zinc possesses the property of precipitat-
ing all malleable heavy metals except iron
and nickel from their solutions and on ac-
count of this property it is used in the form
of dust in mining operations in precipitat-
ing gold from cyanide solutions as in the
cyanide process.
Commercial Spelter.
'Spelter, with one or two exceptions, al-
ways contains lead and iron these being
the chief impurities. Cadmium is frequent-
ly present in small amounts. In still small-
er quantities, usually little more than traces
arsenic, antimony, sulphur and copper are
also found. Tin may also occur in remelt-
ed spelter.
In some special brands of high grade
American spelter the lead does not exceed
.02% and iron .01 to .02%. In ordinary
brands from 0.4 to 1.0% of lead and .03 to
>t iron are usually found.
Various Grades of "Spelter".
As regards the grades of spelter in use
at the present time, the classification as
adopted by the American Society for Test-
Materials in 1911 are as follows:
Standard Specifications for Cast Zinc.
1. Under these specification. Virgin
Spelter, that is. spelter made from ore or
similar raw material by a process of re-
duction and distillation and not produced
from re-worked metal, is considered in four
i
\ [ . ." High Grade.
g Intermediate.
. . . Brass Special.
] ) Prime \\ estern.
all be ca^t in
which the maker and grade can be identi-
ihall use care to have each
carload of as uniform quality as possible.
4. A. — High Grade. — The spelter shall
not contain over 0.07% lead, 0.03% iron,
0.05% cadmium.
It shall be free from aluminum.
The sum of the lead, iron and cadmium
shall not exceed 0.10%.
B. — Intermediate. — The spelter shall not
contain over 0.20% lead, 0.03% iron, 0.50%
cadmium.
It shall be free from aluminum.
The sum of the lead, iron and cadmium
shall not exceed 0.50%.
C. — Brass Special. — The spelter shall not
contain over 0.75% lead, 0.04% iron, 0.75%
cadmium.
It shall be free from aluminum.
The sum of the lead, iron and cadmium
shal": not exceed 1.20%.
D— Prime Western. — The spelter shall
not contain over 1.50% lead, 0.08% iron.
This elass'fication corresponds substan-
tially to the understanding among zinc
smelters. Of the four grades mentioned
above, A is usually used for brass of high
ductilty and malleability such as wire and
and cartridge cases, although C is used by
some mills.
The effects of impurities on the metal are
as follows:
Lead. — In spelter intended for rolling, a
small percentage of lead is desirable, and
up to 1.0% it has no injurious effects on
the malleability or ductility of the metal.
When the spelter, however, has to be used
for making brass which as to undergo se-
vere mechanical treatment, as, for example,
the manufacture of cartridge cases, it should
contain as little as possible, not exceeding
0.1%.
Iron. — The effects of iron are to increase
the hardness and brittleness of zinc and re-
duce its malleability, but when the refining
by liquidation has been properly conducted
it effects these properties. When iron is
present in excessive amounts the bright
cleavage planes of the fresh fracture of a
cake will show grey speck- scattered over
them.
For spelter intended for the manufacture
often specified as
- best lower for br
utility ami malleability. Zinc may be
itely freed from iron by redistillation.
and appliances being
avoided.
1916
ZIN( A.ND SPELTER.
i.ii with cadmium as it is a ma-
terial i loselj allied to zinc, with the ores oi
which it frequently occurs. It is tin white
in , i] ir, malleable and ductile and brilliant
m luster when fresh, but becomes dull on
exposure to the air. Its malleability and
ductility arc such that it can be beaten out
iin foil and drawn into wire.
Cadmium is rarely present in injurious pro.
ns. It is especially liable to occur,
.however, as Professor tngalls claims in re-
distilled zinc. In two plates of a sample
half ton of so-called pure redistilled spelter
5.089 of cadmium was found, but this is
verj exceptional. Muntz metal made with
this spelter broke with a crystalline fracture
closely resembling that produced antimony.
However, no sensible effect on the proper-
tic- of zinc is produced, even when 1% is
present, and nearly always the percentage
does not reach that amount. It is said to
discolor "zinc white" made from zincifer-
ous materials containing it.
Arsenic, Antimony, Copper, Sulphur and
Carbon.— These elements are scarcely ever
present in sufficient quantities in spelter to
affect its properties either for rolling or
the manufacture of alloys. Arsenic, how-
ever, should be absent in zinc intended for
the precipitation of gold in the cyanide
process.
Tin.— Tin tends to make zinc very hard
and brittle in rolling, and although it is not
of common occurrence, except in remelted
spelter as Prof. Ingalls states, yet it should
always be looked for.
I would like to call your attention to a
paper that was prepared and handed to me
by one of the best known metallurgists in
the United States, in connection with the
question of cadmium in brass mixtures. He
has made extensive tests on this subject and
n | dr to assume that his conclusions are
right.
Effect of Cadmium in Zinc or Brass.
> this question has not been made the
subject of very exhaustive researches by
manufacturer- of copper alloys and very
little appears in scientific publications re-
in it, at the same time it has been
use of considerable discussion among
metal users. The results of what might, at
tne present time be called incomplete in-
igations indicate that cadmium _ when
present in spelter in amounts as high as
i', and over would be detrimental to the
manufacture of high class brasses such as
are used for cartridge metal oi deep drawn
stock.
In quantities less than oni ha I oi 1%,
however, personal experience has proved
that cadmium need not I i idered as
having injurious effects on brass mixture.
As a matter of fact the difference in vola-
tilization points of cadium and zinc plays
a most important part in the reaction which
take place when the metals are heated. Zinc
melts at 415 degrees Cent., or 779 degrees F„
and boils at 940 degrees Cent, or 1,724 de-
grees F., so its volatilization point may be
taken at somewhere near its boiling point.
Cadmium melts at 320 degrees Cent., or 608
degrees F, and boils at 778.6 degrees Cent.,
or 1,433 degrees F. Therefore, it will be
seen that there is sufficient difference be-
tween the two so-called volatilization points
so as to enable a separation to be made of
the two metals by heat and as a matter of
fact this is what is done in the production
of cadmium, per se.
This difference also in temperature, of
course leads to the logical conclusion that
cadmium will oxidize at a lower temperature
than zinc and this is a fact. So it might
be said, with entire accuracy, that in using
a spelter containing an amount of cadmium
up to one-half of 1% that this cadmium will
act a- an deoxidizer on the copper and form
CDO or cadmium-oxide and come to the
top of the pot of metal before the zinc per-
forms the same office and it is the writer's
personal experience that upon the analysis
of such metal made with zinc carrying cad-
mium, that no cadmium was found in the
brass so made.
Of course, cadmium that might remain
in the brass and exist as~a cadmium-copper
alloy or cadmium-zinc-copper alloy would
cause the resulting brass to be brittle and
would not admit of the malleable proper-
ties that are required in commercial brass.
Now in the case of brass, we first melt
copper at a temperature of approximately
1,100 degrees Cent., or 2,012 degrees F., and
into this then we introduce the zinc which
melts at 415 degrees Cent, or 779 degrees F.
and consequently there is every chance for
the cadmium to volatilize and oxidize and
therefore our cadmium, as said before, is
remi wed in this way.
As a summary then of what is said above
it is the writer's experience that cadmium in
7inc amounts anywhere up to one-half of 1%
is ""' at all prejudicial for the use of such
THE STEEL AND METAL DIGEST
July
zinc in the manufacture of brass.
Cadmium is used in electro-plating in con-
nection with silver, properly proportioned,
making a whiter, harder and more durable
finish than pure silver.
To show its impervious nature two steel
tul.ies were prepared, one for nickled, and
one cadmium plated and they were exposed
to conditions of rapid rusting. In a due
time the samples were taken out and the
steel nickel plated tubes were completely
covered with rust and the tubes prepared
and plated with cadmium were perfectly
good and showed the impervious nature of
the cadmium.
Cadmium, with a small percentage of sil-
ver, has been employed for a number of
years in England for coating steel parts,
with success.
Industrial Uses of Spelter.
By far the greater proportion of spelter
is used in the process of galvanizing iron
and steel, in normal peaceful times, over
60% of the total metal produced and im-
ported into the United States being con-
sumed for this purpose. A considerable but
lower percentage is employed, about 18%
in the manufacture of brass, and somewhat
less in the manufacture of sheets. The war
conditions makes radical changes in these
estimates.
As a constituent of alloys it is of the
greatest importance and value, even to those
in which it is not the principal metal, as,
for example, the various kinds of brass (Cu-
Zn alloys). It is also frequently added in
small quantities to the copper-tin alloys, the
bronzes, especially statuary bronze, in order
to ensure sound castings, and is a common
component of the copper-nickel alloys, Ger-
man silver, in which it is used to replace
more or less of the more expensive metal
nickel.
Zinc alloys readily, with tin and a useful
metal for foundry patterns consists of zinc
75 and tin 25%. It also alloys with alumi-
num, silver, antimony, bismuth and nickel
and forms amalgams with mercury. Of these,
the Al-Zn alloys alone are of importance.
They are largely used for light castings in
the automobile industry.
The production of sheet zinc in the Uni-
ted States is consumed chiefly in the manu-
facture of miscellaneous articles such as the
trade is familiar. Special sheets are made
for paper and card makers who use them
for glazing purposes. There is n large trade |
in the zinc plates for etchers and litho-
graphers and in zincography. Galvanic bat-
teries consume quite an amount of zinc
rods. Boiler plates take a large amount of
zinc.
Owing to the abnormal advance in the
price of this material, many articles form-
erly made from zinc, have become a dis-
card, but when zinc assumes its normal po-
sition and price again, it is fully expected
that they will all come back.
It was necessary for the mills to intro-
duce this valuable material into new chan-
nels of consumption, and they turned to
strip or ribbon zinc in rolls, to be used on
its own merits, and largely taking the place
of sheet brass in the manufacture of various
articles from dies, machines and automatics.
This production is made in widths to suit
the manufacturer, exact and various tempers
and is well worth the while of the jobbers
consideration of looking into this subject
carefully.
It is interesting to note the tremendous
increase in shipments abroad of spelter and
zinc manufacture for the last portion of
1915 The figures from the Department of
Commerce and Labor show for December,
1915, spelter from domestic ores, 8,070,980
pounds; spelter from foreign ores, 620,835
pounds and manufactured zinc products of
11,336.531 pounds. The figures for twelve
months ending December, 1915, show spel-
ter cast in pigs, plates and slabs:
1913. 1914. 1915.
15.565,324 129,694,022 1,128,735,815
Figures cover period since July 1.
While zinc manufactured for six months
of 1915 from January to June, is placed at
81.553,116 pounds. These figures are ob-
viously wrong as they actually represent
more manufactured zinc than was made in
1915 by two of the largest mills combined.
I have introduced them here to afford an
opportun:ty to explain how they are in
error. Owing to the shipping requirements,
intending shippers must make out bills of
lading covering all the metal, they intend
to ship for each shipment, if for any rea-
son either the whole or part of a shipment
was not made at the appointed time, new
papers must be made out and in the past
there has been no allowance made in the
customs reports for shipments that failed
to go or for part shipments. In this way*
it is reasonable to suppose that there are
many repetitions of shipments in the figures
1916
[NCREAMii \( TIVMN ix MANGANESE. MINKS.
!87
l have just read but I am assured by the
department, however, that stops have been
taken to eliminate this duplication and more
accurate figures will shortly be issuod.
The best figures I can obtain relating to
the total output in the United States, are
these:
Tons.
1914 250,000
1915 000,000
1916 (estimated) 800,000
The present situation of the spelter mar-
ket, I do not refer to the immediate situa-
tion, can not help remaining high until the
E in opean \\ ar ends.
The future for spelter in this country is
impossible to state but it is fair to assume,
that owing to the education of the buying
trade since the war, the demands will be
based upon quality of recognized producers.
When prices resume old standards, and the
resumption of the imported spelter again
is established, we all can draw run own
conclusions.
At the Fifth Annual Meeting of the Metal
Branch of the National Hardware Associ-
ation.
Increased Activity In
Manganese Mines.
There has been a greatly increased activ-
ity among the manganese mines of the
United States during the first six months of
1916. This activity is shown by the opera-
tion of new mines, the reopening of old
mines, and more regular production from
the mines already active. There is a pros-
pect that the production for the entire year,
according to D. F. Hewett of the U. S. Geo-
logical Survey, will greatly exceed that for
1915, which was 9,651 tons, the largest since
1901. Several discoveries are reported from
Arizona, California, Oregon, Utah and Vir-
ginia, and there are new operators in Arkan-
sas, California, New Mexico, Utah and Vir-
ginia.
During the first quarter of 1916 the prices
of all grades of manganese ore rose rapid-
ly to the highest figures recorded in 30
years. Prices of 60 to 65 cents a unit for
ore containing 45 to 50% of manganese and
more than 1% of iron were freely offered
about April 1, and it is reported that 70
cents a unit, or $35 a ton was paid for sev-
eral lots. During the second quarter prices
remained constant at these figures. Large
quantities of Brazilian ore continue to be
received, and there is a prospect that the
imports will exceed those for 1915, which
were the largest on record with the excep-
tion of one previous year.
Several new producers have entered the
ferromanganese field, and although imports
from England appear to be greater than
last year, it appears that the domestic pro-
duction for 1916 will be the largest in the
history of the country. Prices for ferro-
manganese for immediate delivery in March
reached the highest figure ever recorded —
$425 a ton for small lots — and large quanti-
ties were sold for $350 to $400 a ton. For
delivery within six months the price has
remained constant at $175 a ton. During
the second quarter prices receded to $350 a
ton for immediate delivery.
As long as the present demand for steel
continues there is little prospect for great-
ly reduced prices of either manganese ore
or ferromanganese, and even if peace is de-
clared during the winter prices can scarcely
decline to normal for at least six months or
a year.
Producers of manganese ore particularly
should realize that never before for so long
a period has there been a better opportunity
for the profitable mining of manganese ore.
They should realize also that this condi-
tion can not continue indefinitely.
THE STEEL AND METAL DIGEST
July
Russian Railway Building.
There is a suggestion as to steel demand
after the war in the plans for railroad build-
ing being carried out by Russia. Considera-
tion of the orders placed and about to be
placed in the United States and Canada by
Russia, for rails, spikes, cars and locomo-
tives leads to the conclusion that a large
part of the work is to be completed after
the war ends. It is hardly to be assumed
that Russia has a positive opinion that the
war will last much longer than is assumed
elsewhere.
Late last year it was stated upon what
appeared to be good authority that
Russia's rail orders placed in the United
States during the year totaled 335,000 tons.
Our rail exports to Rxusia have been as
follows, in gross tons:
Russia in Russia in
Europe Asia
Second half 1913 .... 32.509 117,386
January. 1916 4,653 19,136
February 9,963 4.59'
March 9,076 6,315
April 8,280 857
Ten months 114.481 148,291
Total in both Russias 262,772
This would indicate that somewhat less
than 75,000 tons was unshipped May 1st last.
Russia has lately been inquiring for 350,-
000 tons of rails and it is understood the
Steel Corporation has received orders for
about half this tonnage. This would make
685.000 tons altogether, the tonnage shipped
up to May 1st being 38% of this total. Ob-
viously the rails cannot all be expected to
be used in the prosecution of the war.
These rails represent a great development.
We understand they are of such a section
that they would run about 100 tons to the
mile of track, so that the orders represent
about 7,000 miles of track, which is a great
deal even for the great Russian empire. The
air line distance from Petrograd to Vladi-
vostock is less than 5,000 miles, and part
he Trans-Siberian road is already
double track. The extreme dimensions of
ia, from the southwestern extremity of
Poland to the northeastern extremity of
Russia in Europe, is less than 2,000 miles,
and the extreme distance from the northern-
most Arctic coast to the southern corner
of Trans-Caucasia is only a trifle more than
2,000 miles. Thus 7,000 miles of track, even
for Russia, represents a great development.
There is some information available as
to Russian buying of locomotives, but this
is less conclusive than that, as to rails, since
locomotives could be required merely to in.
crease the carrying capacity of track already
available. A year ago Russian orders for
400 locomotives, under negotiation for some
time, were accepted. Locomotive exports
t'i Russia, all made to Russia in Asia, have
been as follows, in number:
Second half 1915 211
January, 1916 58
February
March
April
Ten months 269
Apparently there are left 131 locomotives
to be shipped after May 1st. We do not
know but that more locomotives were or-
dered. Of late Russia has been inquiring
for 1,000. possibly 2,000 locomotives, and
there is room for a guess that the orders for
400 locomotives placed a year ago were for
lines already in operation while the loco-
motives now inquired for are against the
track that is still to be built. Here in the
Cnited States we have one locomotive for
every a]6. miles of track, and in the same
proportion Russia would require 1,300 loco-
motives for 7,000 miles of track, so that the
rail and locomotive figures do not hang to-
gether badly at all.
It is understood that Russia has been
financing her purchases with some difficulty^
and that makes the argument all the strong-
er, for if with a great war on her hands
Russia can finance undertakings indicating
the laying of 7,000 miles of railroad track,
her allies may be able to do as much or
more, and the neutral countries should come
in for great developments also. What
Russia is doing is suggestive at least as to
what may be expected for several years fol-
lowing the war.
CH \K u rER OF BR] i 1SH m EEL PR( >DU< I [ON.
Character of British Steel Pro-
duction During War Time.
British outputs of pig iron and steel have
been as follows, in gross tons, beginning
with the year of record pig iron output,
1910:
Pig Iron. Steel Ingots.
1910 10,2-17,022 6,374,481
1911 9,1 18,638 l hi. ill:.'
1912 8,889,124 6,795,144
1913 10,481,917 7,663,876
1914 9,005,898 7,835,113
1915 8,793,659 8,350,9-14
The figures for steel production do not
include crucible and miscellaneous steel,
only Bessemer and open-hearth, nor do they
include castings. Crucible steel statistics
are not gathered.
Since the dissolution of the British Iron
Trade Association the statistics have been
gathered by the Statistical Bureau of the
Iron, Steel and Allied Trade Federation.
For 1915 statistics of semi-finished and fin-
ished steel production have been gathered,
the 1915 output being reported at 6,325,844
tons, including such products as are includ-
ed in the American statistics, rails, plates,
shapes, etc., but welded and seamless pipe
and tubes are included, whereas in the
American statistics skelp is reported as the
regular rolled product. The figures for 1915
are as follows: Tons.
Bessemer rails 233,385
Open-hearth rails 139,789
Groved head tram rails 11,986
Light rails 61,242
Sleepers and fish plates 68,177
Plates ;g-inch and up 1,160,327
Sheets, etc., under J^-in 1,367,577
Angles tees, channels and sec-
tions 762,717
Girders, joists and beams .... :!43,617
Other general merchant steel 534,503
Hoops and strips 176,036
Wire rods 169,562
Tires and axles 62,603
Pipes and tubes (except seam-
less) 104,453
Seamless tubes o:s,7 L6
Forgings (in the rough) 118,102
Castings (in the rough) 177,071
All other 770,981
Total 6,325,844
Black sheets for galvanizing and black
plates for tinning are included in the above
table. The production of the coated prod-
uct, galvanized sheets and tin and terne
plates and s'heets, is given as follows:
Galvanized sheets 353,593
Tin plates 603,386
British tin plate exports in 1915 were 368,-
602 tons, leaving 234,784 tons for domestic
consumption. We understand the domestic
consumption has been unusually large, on
account of the war. The exports were un-
usually light.
An interesting point about the statistics
of finished steel production is that one
will look in vain for any large production
of shell steel for British ammunition fac-
tories. There were exports of steel bars re-
ported for 1915 amounting to 489,464 gross
tons, of which 349,297 tons went to France,
doubtless altogether for the French shell
factories. If rolled rounds for shells are
included in the "other general merchant
steel" there is left only 45,039 tons for all
home consumption of merchant steel bars,
including that of the shell factories, while
if included in the "all other" of 770,981 tons
it would leave very little anyhow. The
"forgings (in the rough)" amounted to
only 118,102 tons, so there would not be
much shell steel there. Also it is to be
noted that the total production of ingots,
billets, slabs and sheet bars, for sale either
to domestic consumers or for export,
amounted to 943,545 tons, and there were
exports of 67,357 tons. There must certain-
ly have been fairly large sales of sheet bars
to sheet and tin mills, which do not produce
all their steel by any means, and thus there
can have been left no large tonnage of
forging billets for shells. Altogether Great
Britain appears to have produced no more
than a very few hundred thousand tons of
shell steel for home manufacture of shells,
probably only a small fraction as much as
we produced for export to that country
and France.
The British were not idle by any means,
howi \ it. since one observes there was pro-
duced 1,160.327 tons of plates, ^j-inch and
heavier, 762,717 tons of angles, tees, chan-
THE STEEL AND METAL DIGEST.
July
nels and sections and 4,343,617 tons of gird-
ers, joists and beams, making a tota! ot*
2,266,661 tons of these material. No one
will suppose that any large portion of this
tonnage was for steel structures on land.
and the conclusion is that, in 1915 Great
Britain made many times as much steel for
ships as for shells. The mistress of the
seas pursues the war in her own particular
way.
Record By-Product Coke
Production.
Coke production in the United States
(not counting gas house coke) has been as
follows, in tons of 2,000 pounds:
Beehive. By-product
1896
1897
11,705,735
13,027,07:2
15,752,764
18,762,035
19,457.621
20,615,983
24,998,142
23,391,887
21,052|877
28,768,781
31,843,090
35,171,665*
21,832.292
33,060,421
34,570,076
27,703,644
38,868,435
33,584,830
$3,335,97 I
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
1915
♦Record.
Thus the output of by-product coke made
a new record in 1915, and reached the im-
portant proportion of 34% of the total
coke output. That, however, is still a very
small proportion when the great advan-
tages of the by-product process are so well
recognized. The answer of the iron and
steel industry is that it is building by-
product ovens with great energy. The ov-
ens are not being completed rapidly, but a
great many art- under construction, more
than 2,000, enough in themselves to make
about one-fifth as much coke as has ever
been made in a year.
83,038
261,912
294.445
906,534
1,075,727
1,179,900
1,403,588
1,882,394
2,608.229
3,462,348
4,558,127
5.607,899
4.201,226
6,254,644
7,138,734
7,S4T.S45
11,115,164
12.714,700
11.219.943
1 1,072,895*
Total.
11,788,773
13,288,984
16,047,209
19,668,569
20,533,348
21,795,883
25.401,730
25,274,281
23,661,106
32,231,129
36,401,217
40,779,564
26,033,518
39,315,065
41.708,810
35,551,489
4 3.983,599
*46.299,530
34,555,914
♦41,581,150
The growth of the by-product coking in-
dustry is largely at the expense of the bee-
hive coke industry. The consumptive re-
quirements in coke have not been increas-
ing with anything like the rapidity shown
by the increase in by-product coke produc-
tion, recent and prospective. Thus one
finds that the maximum number of beehive
ovens in existence was in 1910 at the close
of which year there were 100,362 beehive
ovens in operative condition, according to
the reports of the Geological Survey. By
the end of 1914 the number had decreased
to 93,946 ovens. The decrease in the num-
ber of ovens in operative condition was
due chiefly, of course, to the exhaustion
of coal reserves upon which they were built
but there has been scarcely any new con-
struction of beehive ovens to replace those
necessarily abandoned on account of the
exhaustion of coal.
A great many beehive ovens that have
not been formally abandoned are neverthe-
less inactive. While at the close of 1914
there were 93,946 beehive ovens, only 49,-
540 ovens were in operation at any time
during 1915, representing only 53% of the
total number of ovens in existence. The
average number operated was, of course,
materially less than 53%.
If, or when the coke market reaches so
low a level that the beehive operator can
do no more than obtain a new dollar for
an old one, in other words when he is
offered no return on his coke oven invest-
ment and no return on his coal other than
what it would bring if sold as coal, there
is still a product in by-product coke manu-
facture, on account of the economies of the
process and the value of the by-products.
\\ \IA Sis i IF CLAYS.
Analyses of Clays Suitable for
Spelter Retort Manufacture.
(By our Special Corre
A very interesting paper lias recentlj
been read before 'The Royal Society oi A.rts
on zinc, its production and industrial ap-
plications by Mr. J. C. Moulden. Tbe paper
was a prize essay, the second best being
one by Mr. E. A. Smith of the Sheffield
Assay Office, while another attempt came
from an Indian Fellow of the Society, Mr.
I.
Silica 51.15
Alumina 31.97
Lime 73
Magnesia .22
Ferric Oxide 2.37
Alkalies
Ko No 1.00
Titanium Oxide ...
Loss on Ignition.. 12.61
Spondent in London.)
Ranji Das Vaishya of Gwalior, (who dealt
with the treatment of zinc in the East In-
dii i The paper is much too long to
quote in extenso hut the course of it
some very interesting information is col-
lated. For instance, the following table
showing analyses of clays suitable for spel-
ter retort manufacture is given, this ap-
pearing below:
II.
III.
IV.
V.
VI.
VII.
VIII.
15.50
55.73
45.01
49.50
45.10
53.00
49.18
37.29
42.69
36.02
34.46
36.16
41.76
31.70
.27
.28
.10
.80
.29
.33
.98
.24
.23
.24
.62
.16
.15
.58
1.51
.37
2.03
2.39
1.75
2.84
.98
.66
.50
.31
1.33
.86
2.82
2.77
14.56
16.64
12.86
15.21
1.07
10.87
100.05 100.33
1.80 100.35 100.63 100.00 100.01
Refractoriness, Seger
Cone No. and 35 33 33 34
Degree C 1770C 1730C 1730C 1750C
I. Saarau blue clay (raw)
II. Typical Briesener clay (raw)
III. Neurode shale (burned) for chamotte. Ingalls' "Metallurgy of Zinc".
IV. Typical Stourbridge clay, suitable for retorts. Pricate analysis.
V. St. Louis, Mo., U. S. A. average composition. Ingalls "Metallurgy of Zinc".
VI. Raw clay of lean type (Mark Bjuf F.) Hoganas, Sweden, Analysis by Ho-
ganas-Billesholms Aktiebolag. Fusing-point Seger Cone 33-1730dg.C.
VII. Swedish burnt shale for chamotte.
Analyses I, II, III, by S. J. Tweedy, Central Zinc Co., 1912.
VIII. Is an English clay of fluciatile origin, very plastic and dense when burned.
The alkalies and titanic oxide are unusually high for so refractory a clay.
A typical composition of a good English spelter is given below, the material having
been produced from Broken Hill ore by the Central Zinc Company at Seaton Carew in
England.
Per cent.
Zinc (by difference) 98.642
Lead 1.205
Iron 060
Cadmium .089
Copper .004
100.000
(Continued on next page.)
.'Oi
THE STEEL AND METAL DIGEST.
July
In dealing with zinc alloy* a selection of representative
ing as follows:
Alloy. Zu. Cu. Sn. Pi>. Fe. Sd. Ni.
1 Tombac 2.8 97.8
2 Pinchbeck 6.4 93.6
o Tombac 8.0 92.0
4
10.0
90.0
5
15.0
85.0
6
20.0
80.0
7 Brass
8
30.0
70.0
9
33.o
66.6
10
34.6
65.4
11
40.0
60.0
12
'.'.''.'>
65.0
13
38.0
60.0
14
35.66
60.0
15
41.6
5 4. 'J
21
20.0 50.0
22 57.0
23 " :-!' :
24 - 50.0
26 Gun metal 2.0
27 Mo. alloy 10.0
'.0
materials is given, this be-
Mn. Al. Remarks.
Viennese, used
for buttons.
0.76
1J.6
1- Naval
brass ' 37.0 62.0 1.0
19 White
brass 30.00 5.0 6.50
20 German
Silver 20.0 46.0 ....
16.0
10.0
1.0 95.0 4.0
o !M. I.
red
Parisian
Tombac.
French Oreide
Imitation gold
jewelry.
. . . Dutch metal for
imitation gold
leaf.
Rolled sheet
brass.
Cartridge brass
Common brass
For good brass
wire
Muntz metal
Clock brass
. . . . Sterro metal
. . . . Delta metal
0.4 Good manga-
nese bronze
:.'.o Aluminum
brass.
. . . . Very common
brass. turns
well, but quite
unfit for roll-
ing, etc.
. . . . Admiralty
specification.
28 Babbitt's
Metal 60.0 4.0 19.0 5.0
.... Finest German
silver.
.... Fine white
German silver
.... Low gr.
.... Good Ger. "
.... With 1 5
ver for S\vi;s
nickel 20-cen.
time coins.
.... British bronze
coinage.
.... Admir. Xo. 1
ss.o Light strong al-
loy for motor-
car work.
.... For bearings.
BIG VI FOB MINES
Zu. Cu. Sn. Pb i
u ui-
Mct. il 20 0 ;>■" 3.0 L.O
30 \ auche's alloy
ournal
lining 75.0 18.0 4.5
^s bearing upon the general spelter posi-
is undei si 1 thai I he British
ducers are arranging to extend their capac-
ities to deal with a further 100,000 tons of
metal. Assuming that the extensions are
carried out the capacity of tin; United
! [om should be ali.au LOO.OOO tons of
spelter a year. It is probable that the ex-
Sd.
Al.
Remarks.
Daimler
mo.
Liv-
I US
bear-
ings
\uti-
frict
ion al
loy.
cess quantities oi Broken I (ill concen-
trates available will be shared between Bel-
gium and France, there being no doubt
whatever that the governments of the Al
lied Towers are determined once and for all
to smash German influences in the metal
trade, so far as the raw material resources
of the allied countries are concerned.
Big Year for Mines.
Geological Survey's MicJ-Year
"The accomplishment of the mining in-
dustry in the six-month period just com-
pleted warrants the forecast that 1916 is to
be a record-breaking year." With this state-
ment the Director of the United States
Geological Survey sums up his official mid-
year review of the mineral industry as re-
ported to him by the government geologists
and statisticians covering the different sub-
jects. "Active demands and good prices
have furnished the mine operators with full
opportunity for success in working develop-
ed properties, and this in turn has given
added incentive and available funds for ex-
ploration, prospecting, and experimentation
with new processes. The mining man is
having his innings."
Summarizing the special reports which
are now being made public. Director Smith
continues his review:
The returns for six months furnish a basis
for the belief that 1916 will set up a new-
record for the soft coal mines. Every coal
mining State i-, sharing in this prosperity
and of course this demand for coai is to be
traced back to the increased business of
the railroads and of the steel and other
large industries.
Drilling activity throughout the oil-produ-
cing States has brought about a gratifying
increase in production of crude oil that
promises to make 1916 a record year for
"d petroleum, Already production
are repi >n ed by the Sur-
Review Shows General Prosperity.
\ ey's specialist as essentially in balance
east of the Rocky Mountains, with a tend-
ency to lower prices.
The Portland cement industry has had a
busy six months and the manufacturers are
optimistic, ft is predicted that in both pro-
duction and shipments of cement this year
will show a gain over last year, if indeed
it does not establish a new record for ce-
ment.
Among the metals copper is continuing
the steady increase in production which be-
gan early last year, and the forecast for
1916 indicates not only the largest output
ever known but also the largest profits.
"Shipments of iron ore from Lake Super-
ior points for five months of 1916 exceeded
by more than 80% those for the same
months in 1915, and the indications for the
year are favorable for a new high record on
iron ore production, and of pig iron as well.
Higher prices with a steady demand are
stimulating the mining of manganese, with
the result that this year's output of ore is
expected to surpass the large production of
last year.
The lead and zinc mines are producing
ore at a rate even exceeding that of last
year and the prevailing prices have made
possible the working of large quantities of
low grade ore.
Most precious metal mines are operating
at full capacity. The gold production will
probably fall below the high yield of last
J94
THE STEEL AND METAL DIGEST.
July
year, but silver, the one metal last to benefit
by the general domestic prosperity, is ex-
pected this year to break all previous rec-
ords.
In quicksilver the outlook is for a con-
tinuance of the output of 1915, which was
the largest for several years. Thus far in
1916 the average price has greatly exceeded
the 1915 prices; and although the reaction
in prices has come, conditions are favor-
able for steady and profitable operation of
the quicksilver mines, some of which are
newly opened.
The reports from the Survey's western
offices are all optimistic. In Arizona mines
and smelters are working at high pressure,
and the production of metals already shows
an increase that promises to make the value
of the output nearly double that of last
year. Arizona will maintain first place as a
copper producer. New Mexico is contin-
uing its rapid progress as a metal mining
State, with increase in its output of lead,
copper, zinc, gold and silver. The mines of
Colorado in the six months just past have
shown some changes in output as compared
with last year; an increase of 30% in cop-
per is indicated, together with small gains
in lead and zinc, a 15% decrease in gold,
and little change in silver. This output,
however, represents a large gain in value
of mine production. Mining has also been
stimulated in Montana, and the forecast in-
dicates an increase of 60% in the value of
the mine product over that of last year.
Here also record outputs may be expected
for 1916. Idaho mines are increasing their
shipments in all the metals, with higher
wages and larger dividends as the result of
better prices.
Utah is experiencing an ore production in
excess of smelter capacity. The value of the
1916 output of copper is expected to be
double that of last year. Throughout
Nevada the old term "boom" best express-
es the present mining revival. Old mines
are being reopened and regular producers
are working at full capacity. The chief
gains in production will be in copper, lead,
and zinc. The increased activity in the min-
ing industry of California is finding ex-
pression largely in the reopening of mines
that have been long idle and the opening
of new mines for chrome, tungsten, man-
ganese, antimony, and magnesite, rail ship-
ments of these ores to the East being made
possible by prevailing high prices. Wash-
ington is another State which shows in-
creased production, the mining industry
there being in better condition than for
several years past. Alaska also is benefit-
ing by the increased activity of its mines.
Copper mining is showing great advances,
and the output of both copper and gold
promises to exceed that of last year.
-o-o-o-
rOPIC \l. TALKS ON [RON.
Topical Talks On Iron.
XXXIX. Electric Steel.
In 19UI there was produced in the United
States 52,141 gross tons of "electric steel".
In no subsequent year through L914, with
1915 statistics yet to come, has three-fifths
as much electric steel been made. In 1U14
the production was equal to one-fourth of
the capacity. The United States Steel Cor-
poration is now building electric steel fur-
naces to have a capacity of 300,000 tons a
year.
From these and other influences the lay-
man is likely to have very confused ideas
about electric steel. If electric steel is
making good, it proceeds in a curious way
when the production in one year is less
than one-half the production of four years
earlier, and less than one-fourth the capac-
ity, but still there must be something in
it or a concern like the Steel Corporation,
run by hard headed business men, would
not be engaged in installing capacity equal
to about three times the existing capacity.
From one viewpoint electric steel pays
the penalty for having been born in mod-
ern scientific times. In earlier times in
steel making, progress was more by rule of
thumb, and the progress was steadier for
the simple reason that practically every-
thing that was done was based purely upon
the assurance of something already accom-
plished. Nowadays there is more theory,
which encourages men to undertake things
that are shown to be feasible, but are not
always successful from the start.
It was long ago thoroughly established
that extremely good steel could be made
by electrical processes. There has been no
question as to the steel being very good,
though of course additional information,
from practical use, is being sought and ob-
tained as to precisely how good the steel
is. As to the cost of manufacture, there
has been a strikingly wide divergence be-
tween the costs the authorities on the sub-
ject thought should be possible and the
costs actually arising in practice. Those
who are developing electric steel manufac-
ture have proceeded on the principle that
this divergence was so much the worse for
the practice, not so much the worse for
the theory.
Electric steel as commonly known is in
a general way material from one o
ordinary steel making processes which has
been further refined by electricity. The re-
fining process has absolutely no connec-
tion with the electric reduction of iron
ore, which is a process to make pig iron by
electricity, thus supplanting the ordinary
blast furnaces. The two operations are as
far removed commercially as they are
metallurgically, for the electric smelting of
iron ore is practiced where fuel, coke or
charcoal, is scarce and water power for gen-
erating electric current is plentiful, as in
Sweden. It requires only one-third as much
carbon to smelt iron ore into pig iron by
the electric process as by the blast furnace.
By using still less carbon it is possible to
produce what has been called "pig steel",
a material containing 1.5 to 2.2% carbon.
The manufacture of electric steel, on the
other hand, is naturally prosecuted in iron
and steel making centers, where fuel is
plentiful or the industry would not have
grown up, and electric steel is usually
metal from the straight Bessemer or
straight open-hearth furnace or the duplex
process, passed through an electric furnace
for further purification. The metal taken
from the regular steel making process is
not necessarily of the precise composition
that obtains in merchantable steel, but that
is a technical detail. It may be as well to
mention that there is another electric steel
making principle, that of taking cheap
scrap and melting and refining it in an
electric furnace, but thus far this prac-
tice has not had much vogue.
While the electric furnace purifies steel
of phosphorus and sulphur, farther than
can be done conveniently in the Bessemer
converter or open-hearth furnace, the high
quality of electric steel is not due chiefly
to such reduction of those impurities, but
rather to the elimination of oxygen in vari-
ous forms is injurious to steel, though pres-
ent in extremely small proportions. Elec-
tric steel shows practically no tendency to
segregation.
In 1909 and 1910 there was laid the first
considerable quantity of rails made of elec-
tric steel, and at least 6,500 tons of electric
steel rails have been under surveillance, in
we
THE STEEL AXD METAL DIGEST.
July
actual use, for several years. There is prac-
tically no breakage, and the wearing qual-
ity is good, but not enough time has elapsed
to prove precisely how good. The author,
ities have generally stated that the most
useful application of electric steel would )>e
in the manufacture of rails, but thus far
only a small percentage of the electric
steel made has been put into rails. As a
cheaper but excellent substitute for cru-
cible steel electric steel lias been commend-
ed, but a much wider use is evidently plan-
ned, for with present construction work
completed there will be capacity for mak-
ing say four times as much electric steel as
there has ever been crucible steel produced.
The United States Steel Corporation is
building what will be the largest single
electric steel installation in the world to
comprise two 20-ton and one 15-ton Heroult
electric furnaces. These will be a part of
the new duplexing steel plant at the South
Works South Chicago, comprising two 25-
ton Bessemer vessels and three 200-ton roll-
ing open-hearth furnaces. The three elec-
tric furnaces are rated as promising an
output of electrically refined steel amount-
ing to 800 tons of ingots a day, say 20.000
tons a month. That will be a real tonnage
proposition, having an output more than
one-third that of a regular Bessemer steel
plant of two 10-ton vessels.
The World's Pig Iron Production,
istantially accurate figures of pig iron
production in 1915 are available for the fol-
lowing countries, the figures referring to
gross tons in the case of the United States
and Great Britain, and to metric tons of
2.204.6 pounds in the case of other coun-
tries:
United States 29,916,213
Germany 11,790,199
Great Britain 8,793,659
Russia 3,535,000
Sweden 767,600
Italy 379,909
Total 55,182,580
The output of Austria-Hungary, France,
Canada. Spain and the miscellaneous pro-
ducers we estimate at about 7.200.000 tons,
so that the total production would be about
000 tons, or say an even 62,000.000
gross tons if the metric statements were
■ d to gross tons as should be done
nal figures are available.
This output compares as follows with our
records lor previous years, all reduced to
gross '
1850 .... 4.401.415 1912 .... ! ! I
1890 .... 26.994,904 1013 77.892.412
1900 .... 40,181,865 1014 59.804.897
1910 65,267,994 1915 62.000.000
1911 63.342,901
Production at the present time is larger
than the average in 1915. The United States
is producing 10.000,000 tons more, Germany
about 1 100,000 tons more, and there have
probably been increases elsewhere enough
to make the total increase about 2,000,000
tons, which would give a present rate for
the world of about 74.000,000 tons. That,
however, would be a rate 4,000.000 tons less
than in 1913. while the United States is 9,-
000,000 tons ahead of its output in 1913. so
that the rest of the world is 13,000,000 tons
behind. The proportion of the American
output has increased from a shade under
W'c in 1913 to fully 54% at the present
time.
Assuming that no capacity has been de-
stroyed, or that enough new capaci-;. has
been developed outside the United Mates
to make up. the present production of the
United States plus the production in 1913
in the rest of the world makes a total of
87,000.000 tons, which is 20 times the out-
put of 1850.
ERm i\ IRON tNDl STRY.
Steel Plants.
VIII.— The South Works,
iph is heard of the Gary steel plan!
that the impression might arise tl
inyl in the Chicaj
trict. As a matti r of fact ( iary is merely
an additional plant in that district. It may
1 i nsidi i d i - lern one. but all
steel plants that stay in the race must be
kept modern, and the main outline of the
Gary plant was made ten years ago. The
Pittsburgh district is the greatest steel
maker in the world. In recent years Alle-
gheny County, which does not comprise the
entire Pittsburgh district, has been making
about three times as much steel as the State
of Illinois, but in 1SS2 and earlier years
Illinois made more steel than the Pittsburgh
district and even in later years it made
more rails. Additions to the productive
capacity of the Chicago district merely
tend to bring the district back to its former
relative position.
The South Works, of the Illinois Steel
Company, located at South Chicago, has
ten blast furnaces, with a rated capacity of
1,900.000 tons of pig iron a year,
igh i [ci i Gary, rated at
about 1,300,000 tons. The South ,vo
rated a ab ml " 000,000 toi eel ingots
a year, about three-fifths being open hi
against about 2,200,000 tons at Gary, all
pen hearth I he Soul h u orks has a much
more variegated output than the Gary
works, and averaging up all the tonnages,
with their market value, it is probably a
larger works than that at Gary.
As to improvements, the South works is
: ovi g rather well as it is adding a du-
plexing plant of two 25-ton converters and
three 200-ton rolling open-hearth furnaces,
toge'l er with two 20-iton and one 15-ton
electric -.teel refining furniices. supplement-
ing a 15-ton electric furnace operated for
several years. The South works will have
by far the largest -ingle electric steel
plant in the world.
The Bessemer plant at the South works
dates from 1882, and now contains three
15-ton converters. The open-hearth de-
partment dates from 1895 and now contains
26 op n-heart'i furnaces, of which six are
40-ton and the remainder 50-ton.
Prosperity in the Iron Industry.
The first six months of 1916 in the iron
industry showed a continuation of the high-
ly prosperous conditions that prevailed dur-
ing the last four or five months of 1915,
according to E. F. Burchard of the United
States Geological Survey. In fact, activ-
ity was even greater in 1916 than in the
first half of 1915. Large increases are
shown in the output of both iron ore and
pig iron. Shipments of ore from the Lake
Superior region during the first five months
of 1916 were more than 10,000,000 gross
tons, or 83% greater than those of the
corresponding period of 1915.
Ore prices at lower lake ports for 1916
were increased 75 cents a ton over those
for the season of 1915. but lack of boats
is reported to have forced concessions in
the price of ore from some mines that do
not control their Lake transportation fa-
cilities.
The production of coke and anthracite
pig iron in the first five months of 1916
showed an increase of 66% over that of the
corresponding period in 1915, and prices are
from $5 to $7.25 per ton higher, or 33 to
40% above those in June, 1915.
Prices for steel bars and beams have in-
creased 100 to 130% over those of a year
ago, and if conditions are not adversely
affected by miners' strikes now threatening
and if the present strong demand for iron
and steel continues, the total ore output
from the Lake Superior region may possibly
reach 60,000,000 gross tons.
Birmingham and other iron districts are
not capable of such rapid increases in out-
put at the Lake districts, and if 10,000,000
tons be estimated for the production of all
other districts it indicates a possible total
domestic production of iron ore of 70;000,-
000 gross tons for 1916. At any rate, there
are good indications that a new high record
of iron-ore production will be made this
year.
THE STEEL AX'D METAL DIGEST.
July
The Foreign Pig Iron Situation.
There is a growing shortage of pig iron
in England. This is due to increased re-
quirements, rather than to decreased pro-
duction, as is seen by the following state-
ment of the average number of furnaces
in blast by quarters, compiled from the
quarterly reports of the Iron and Coal
Trades Review, London:
1914. 1915. 1916.
First 296 292 388
Second 292 294
Third 281 287
Fourth 293
British pig iron exports to France and to
all countries have been as follows, in gross
tons, the exports to France referring to
pig iron only, while the exports to all coun-
tries include spiegeleisen. ferromanganese
and ferrosilicon:
To France T't'l Exports.
145,028 611.617
44.027 ;s,;n
31,516 84,351
39,190 87.283
44.::::. 82.976
57.741 97.976
Year 1915
January. 1916
February
March
April
May
Five months 217.209 430.857
Comparing the five months with the first
five months of 1915, the exports to neutral
countries are doubled while the exports to
France are multiplied by ten. The British
Government has lately prohibited pig iron
exports except by license, and these licenses
are very difficult to obtain as to neutral
Sterling
U.S.
100s Od
$24.30
127 6
30.98
177 6
43.13
countries, while it is stated to be increasing-
ly difficult to obtain them even for export to
France.
The stocks in public stores have decreas-
ed in a twelvemonth from 157,077 tons to
32.842 tons.
The following prices are quoted for the
British market: warrants have become un-
quotable:
No. :: fdy Middlesbrough
Bessemer, West Coast
Cold blast. S. Staffs.
It is stated that it is desired to blow in
several additional blast furnaces, but that
there is difficulty in securing the labor,
from the ore and coke to the blast furnace.
Prices above are under date of May 11th,
and there have probably been advances
since then: at any rate the quotations are
largely if not wholly nominal, the govern-
ment fixing the maximum price to be asked.
The French requirements in pig iron have
increased in recent months, doubtless owing
to additional steel making capacity being
completed, and further increases may per-
haps be expected, at a time when supplies
from England are probably to diminish. The
Italian consumption of pig iron may not
have increased, but it has hardly diminished,
and Italian supplies of pig iron and scrap
from Germany are shut off, while the sup-
plies from England are reduced.
In the circumstances the continued heavy
demand for American Bessemer pig iron
is readily understood.
o-o-o-
THE IRON AND ST] I
The Iron and Steel Situation.
June has marked a continuance of the
quieting down in the steel market that first
became apparent in April. In the fore part
of rune the condition was diagnosed as a
commencement of the regular midsummer
dullness two or three weeks ahead of the
usual time, but at the beginning of July it
is evident that the full measure of the
midsummer dullness is only now realized.
The outstanding feature in the steel
market situation is its strength in the face
of such marked dullness. The conclusion
generally reached by both buyers and sell-
ers is that the fundamental position of the
mills is even stronger than was appre-
hended.
The Mill Position.
Chairman Gary, of the Steel Coroora-
tion, states that of about 10,000,000 tons of
unfilled obligations on the books of the
subsidiaries about 6.000,000 tons is in the
form of actual specifications. This is a
very large tonnage and represents also a
very large proportion of specific shipping
orders. It is to be noted that it is not
customary nor convenient for buyers to
specify their tonnages so far ahead as has
been done. It is difficult to determine so
long in advance the precise materials that
will be required under contract and the
buyers certainly placed such a large volume
of specifications only because they realized
that otherwise they would not secure the
desired deliveries. The business may be re-
garded as representing actual consumptive
requirements already arranged. There is
no occasion for particular doubt as to the
4,000.000 tons not yet specified. In the or-
dinary course of events the specifications
would be forthcoming in ample time. Cer-
tainly a large part of the contract obliga-
tions call for specifications in equal month-
ly tonnages during the second half of the
year, such specifications are not yet due.
No doubt a considerable tonnage has been
specified in advance of the periods named
in the contracts.
The position of the large independent
mills may be assumed to be substantially
the same as that of the Steel Corporation.
Thus the capacity of mills producing say
80% of the steel of the country may be
taken as under contract into next January.
as an average, and under actual specific-
ation into next October. With only
additional bookings from month to month
these dates will necessarily be materially
extended
The position of the small mills, say those
producing 209! of the steel, is not clearly
defined. Some appear to be well sold up
for several months, while others are believ-
ed tn stand in need of tonnage after the
next couide months. With absolutely no
Inlying for two or three months some of
the small mills would doubtless have occa-
sion to go out and buy tonnage, but with
the large mills so well filled it will be very
easy for enough business to be picked up
by the small mills, even in the dullest mar-
ket, to carry them for some time beyond
the period involved in their present obli-
gations.
Export Business. ,
While the domestic market has been ex-
tremely dull the export market has main-
tained the increased rate of activity that
first developed early in the second quarter
of the year. The demand for shells and
shell steel, supposed to have been satisfied
some time ago for the second half of the
year, is still in evidence, and there is some
inquiry involving deliveries through the first
quarter of next year. There have been va-
rious reports circulated, chiefly in stock
market circles, of lessened demand for
shells and shell steel, but in the steel mar-
ket no evidence of any diminution is found,
and there is room for suspicion that these
reports were circulated for ulterior motives.
It is more likely than not that the total
production of shell steel, whether for fab-
rication in the United States or abroad, will
be decidedly greater in the next six month*
than it has been in the past six.
The demand from the allies for steel
other than for shells continues large, run-
ning chiefly to railroad and shipbuilding
material. Russia has experienced great dif-
ficulty in placing orders with independents
for the part of its 350,000 tons of rails not
not taken care of by the Steel Corporation,
the negotiations as to delivery even leading
to the offering of Bessemer rails, appar-
ency not acceptable.
The demand from neutral countries con-
300
THE STEEL AND METAL DIGEST.
July
tinues large, and for three months has been'
at a greater rate than at any time since
1913. Prospects for its continunce or
further growth hinge chiefly upon ocean
freights, which even with the large recent
declines are so high that they affect de-
livered prices more than do the high prices
asked f. o. b. American mill
Pig Iron.
Pig iron is extremely dull marketwise.
but occupies a strong statistical position.
There has been a slight decline in the av-
erage, continuing now for more than two
months, the high point in our composite
having been reached last April. The aver-
age decline, however, is only 50 cents and
that may represent no more than the natur-
al sagging that not infrequently occurs in a
dull market. There is no proof that a con-
tinued decline has been inaugurated.
Pig iron production in June was at a
slightly lower rate than in any of the three
months preceding. representing poorer
W irking of the individual furnaces on ac-
count of higher humidity of the atmosphere.
a condition that will be accentuated in July
and August. Stocks of pig in sellers' hands
have been reduced in the past few months
until they are practically negligible, and
steel mill stocks have probably decreased
also, but there has probably been some in-
crease in stocks in the hands of foundries.
due chiefly to labor troubles cutting down
the melt. Altogether, however, it is prob-
able that more pig iron has been consumed
than produced in the past three or four
months, and with prospects of slightly less-
ened production in the next two or three
months, with all consumers striving for
maximum operations, the statistical posi-
tion of pig iron must be considered good, A
great deal has been made of the fact that
additional steel making units are being com-
pleted from time to time, requiring more
pig iron. Only two new furnaces came into
blast during the first half of the year, and
nine are under construction, with prospects
that more than half of them will not be
completed and blown in until next year.
Finished Steel.
Premiums for early deliveries have been
decreasing until they are unimportant ex-
cept in the case of plates and blue annealed
sheets, and for these commodities the pre-
miums are almost as high as ever, plates
being 2.90c for delivery at mill convenience,
about 3.50c for deli\ ery over the next few
months, and about r;.7.5c for prompt ship-
PIG
IRON
PRICES.
(Av
eraged
rom da
ly quotations;
at Phila
delphia
, Buffalo, Cleveland
ind Chicago,
prices
are de
ivered)
N
o. 2 fdy
Ferro-
Fur-
E
essemer, Basic,
No. 2fdy. Basic, No. 2X fdy.
Cleve-
Chi-
Birm- mangan.
nace
1915—
Jan. . .
Valley
12.50
Phila
Phila.Ruf
land.
cago.
mgham.
ese.*
cokef
13.75
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
13.83
14.08
13.88
10.77
100.00
1.54
Sept. .
15.93
14.80
14.50
16.70
15.91
15.4::
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
14.2::
14.31
14.47
10.59
91.71
1.79
1916—
Jan. . .
21.00
18.00
18.50
19.24
19.71
18.25
18.80
19.00
14.92
115.40
3.14
Feb. ..
20.50
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
18.2]
18.44
20.50
■.'(I.-; 5
19.15
19.08
19.50
15.00
175.00
2.34
2 1.00
18.25
18.39
1S.90
20.04
18.75
19.30
19 50
14.63
175.00
2.54
*
Zontrac
price,
f.o.b.
3a!timore:
t Prompt, f.o
b. Connellsville
ovens.
! M! [RON Wii STEEL Ml I ATIOX.
301
nuMU i i ii • Blue annealed sheets
■ just about the same prices.
Scrap.
In the closing days of June the heavy
melting steel market suddenly stiffened; and
within a week or ten days there had been
an advance of fully a dollar a ton in tht
Pittsburgh market. There was buying in
the Chicago market, but the advance there
was not so marked. The scrap market hail
been suffering a decline for three months
and had grown ripe for an upturn. Whether
the advance will continue far enough to
affect pig iron favorably cannot be deter-
mined at this early date.
FINISHED STEEL
PRICES.
(Averaged f
rom dai
y quotations
, f.o.b
Pitts
burgh.
Groove
i
Sheets
Comp.
Wire
Steel
Blue
Tin
Fin.
1915— Shapes,
Plates,
Bars,
Pipe, Wire,
Nails.
Skelp
Blac
<. Galv
Annld. plat
:. 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 3^
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
1.00
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
1.535T
. 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
Julv
1.25
1.22
1.27
79
1.38
1.58
1.18
1.74
4.65
1.32
3.10
1.5691
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
. 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
73
1.72
1.87
1.56
2.30
4.07
1.90
3.45
1.9089
. 1.75
1.75
1.75
78
1.88
2.03
1.70
2.53
4.75
2.26
3.60
2.0329
Year
. 1.30
1.20
1.31
7954
1.43
1.69
1.27
1.85
4.40
1.49
3.10
1.6506
1916—
. 1.87
1.90
1.87
76^
1.98
2.13
1.75
2.60
4.75
2.55
3.75
2.1410
. 2.06
2.16
2.06
75^
2.11
2.26
1.94
2.60
4.80
2.65
3.83
2.2988
. 2.36
2.53
2.36
73 H
2.25
2.40
2.24
2.73
4.93
2.85
4.20
2.5579
April
May
. 2.50
2.75
2.50
7V/2
2.25
2.40
2.35
2.89
5.00
2.95
4.70
2.7166
. 2.50
2.83
2.50
70
2.45
2.50
2.35
2.90
5.00
3.00
5.46
2.8043
2.90
2.50
70
2.45
2.50
2.35
2.90
4.80
3.00
5.75
2.8300
LAKE SUPERIOR IRON ORE,
Shipment? of iron ore
1911.
April 331,645
May 3,684,819
June 4,819.996
July 5,221.:;::;
August 5,548,311
September .... 5.231,069
October 4.769,965
November .... 2,523.253
December
Season Lake .. 32,130.411
down the lakes have been as follows, in gross tons:
1912.
204.04:1
5,919,074
7,567,555
7,600,233
7,760.248
7,287,230
7,010.219
4,072,674
14,579
47,435,777
1913. 1914. 1915. 1916.
866,386 269,686 503,832 1,658,411
7,284,212 3,852,063 5,012,359 8.-140. 53"
7,974,444 5,502,367 6,005,091
8,204,416 5,784,514 7,204,021
7,677,601 5,869.477 8,081,117
7,258,413 5,438,049 7,863,146
6,526,103 4,242,392 7,146,873
3,270,958 1,068,682 4,445,129
IS, 545 1,411 57,236
49,070,478 32,021,987 46.318,804 10,107.901
THE STEEL AND METAL DIGEST.
Comparison of Metal Prices.
Pig Iron.
Range for 1914. Range for 191?.
High. Low. High Low.
Range for 1916. Closing,
High. Low. June 30,
1916.
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 ... 1.27J4
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 79^4%
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 20.25
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
Sheet zinc (f.o.b. smelter) 8.75
London. £
Standard tin, prompts 188
Standard copper, prompts . . 6654
Lead 24
Spelter 33
Silver 27>4d
13.75
21.00
13.60
21.00
20.00
21.00
12.50
]S. (Ill
12.50
18.50
17.75
18.00
12.75
18.50
12.50
18.50
18.25
18.25
14.20
19.50
14.00
20 25
19.50
19.75
13.25
18.80
13.00
19.30
18.80
19.30
12.25
18.00
11.75
19.00
18.00
18.50
13.00
18.50
13.00
19.00
18.50
19.00
9.50
14.50
9.25
15.00
14.50
14.00
9.75
is 1)11
11.00
18.75
17.25
16.25
8.00
15.25
8.75
16.75
14.50
14.62
10.00
17.25
10.75
19.50
17.50
18.87
10.50
15.00
11.00
16.00
14.75
14.87
9.00
16.25
9.50
17.75
15.00
15.00
1.25
1.25
1.25
1.25
1.25
1.47
1.20
1.90
1.20
2.50
1.90
2.60
1.12J4
2.06
1.12J4
2.66
2.06
2.66
1.05
1.80
1.10
2.50
1.85
2.50
1.05
1.60
1.10
2.75
1.85
2.90
1.05
1.80
1.10
2.50
1.85
2.50
1.12J4
1.75
1.1254
2.35
1.75
2.35
1.80
2.60
1.70
2.90
2.60
2.90
2.75
5.00
2.65
5.00
4.75
4.75
3.10
3.60
3.10
6.00
3.75
6.00
1.50
2.10
1.50
2.40
2.10
2.50
81%
79%
81%
70%
78%
70%
1.60
3.50
1.50
5.00
2.50
2.60
2.00
3.75
2.00
4.25
3.75
3.35
28.50
57.00
32.00
56.00
39.00
39.62 y2
11.30
23.00
13.00
30.25
23.00
26.75
11.10
23.00
12.80
31.00
23.00
26.62J4
11.00
22.00
12.70
28.25
22.00
24.1214
16.50
27.25
18.75
37.50
28.00
37.50
3.50
7.00
3.70
7.50
5.50
7.00
4.75
27.25
5.70
21.17J4
11.05
11.1714
5.30
40.00
13.00
45.00
16.50
17.00
17.37J4
60.00
18.75
65.00
53.00
62.00
47^
56 V,
46J4
~n%
55%
65
3.35
7.50
3.50
8.25
5.45
6.65
4.60
27.00
5.55
21.00
10.87J4
11.00
7.00
33.00
9.00
25.50
17.00
17.00
£
£
£
£
£
£
132
190
148 %
205
171^
173*4
49
86*8
57 %
146
84J4
103
17'/8
30J4
18%
36^
28J4
28J4
2154
11(1
28^
111
61
61
23^d
27^d
■:■!,',.,]
37/8d
26}Jd
31 d
( I IMPARISON OF SE< l KITY PRICES.
Comparison of Security Prices.
Range for 1914. Range for 1915. Range for 1916. Closing.
Railroads- Hig"- Low- High. Low. High. Low. June 30,
Pennsylvania R. R 115% 102% 61% 513% 59% 55J4
Reading 172% 137 85% 693% H0% 75%
Southern Pacific 99% 81 104% 81% 104% 94%
Union Pacific 16434 112 141% 11534 143% 129%
1916.
194 138 L83% 1112% 17834
58 62
91
Atchison, Top. & Sante Fe... 100% 89% ill', 92% my2 mi,
Atch. Top. & Santa F<>.. pfd. 101% 96% 102% 96 102 97%
Baltimore & Ohio 95% 67 <u\ 63% .„; 82%
Canadian Pacific 220% 153 L94 138 Is.;.;,
Chesapeake & Ohio 68 40 6434 .;:, x 67%
Chicago, Mil. & St. Paul .... 107% 8434 101J^ 774 102%
Erie R- R 32H 20% 45% 19% 43% 32 36%
Great Northern, pfd 13434 111% 128% 112% 127% 118 120%
Lehigh Valley 156% 118 83% 64% 84% 74<. 78%
Louisville & Nashville 141% 125 130% 104% 135% 121^ 134'
Missouri, Kansas & Texas .. 24 834 1514 4 71/ 3y
Missouri Pacific 30 7 18J4 134 73/g zy2 7
New York Central 96% 77 110% 81% 111J4 100% 104%
N. Y., N. H. & Hartford .... 78 49% 89 43 77% 51 62%
^hern Pacific^ 118% 97_ 119 99% ns% 10934 11354
57%
9734
9754
138J4
Industrials.
Am. Beet Sugar 33% 19 72% 33% 94% 61% 88
American Can 35% 19% 68% 25 653% 50J4 523/
American Can, pfd 96 80 11314 89 113% 109 109%
Am. Car & Foundry 53% 42% 98 40 78 5314 55
Am. Cotton Oil 46%, 32 64 39 57% 50% 5434
Am. Locomotive 37% 29%, 7434 19 8334 60% es'
Am. Smelting & Refining ... . 71% 50% 108% 56 113% 88% 94
Brooklyn Rapid Transit 94% 79 93 83% 88% 83% 86%
Chino Copper 44 31% 573% 323% 60 475% 49%
Colo. Fuel & Iron Co 34% 29% 66% 21% 53 38% 41%
Consolidated Gas 139% 112% 150% 1133% 14434 130% 135%
General Electric 150% 137% 185% 138 178% 159 167
International Harvester 113% 82 114 90 119% 108% 1137/
Lackawanna Steel 40 26% 94% 28 86 64 67
National Lead 52 40 703% 44 73^ 60^ 6(J
Ray Consolidated Copper 22% 15 27% 15% 26 20 22%
Republic Iron & Steel 27 18 57% 19 55% 42 45%
Republic Iron & Steel, pfd... 91% 75 112% 72 112 106% 107%
Sloss-Sheffield 35 19% 66% 22 63% 46% 48 "
Texas Co 149% 112 237 120 235% 177% 188%
U. S. Rubber 63 44% 7434 44 58% 47% 54%
U. S. Steel Corporation 67% 48 89% 38 89 79% 85%
U. S. Steel Corporation, pfd.. 112% 103% 117 102 118% 115 117%
Utah Copper 59% 45% 81% 48% 86% 75 77%
Va.-Carolina Chem 34% 17 52 15 51 36 40
Western Union Telegraph ... 66% 53% 90 57 96% 87 93%
THE STEEL AXD METAL DIGEST.
July
U. S. STEEL CORPORATION'S OPERATIONS.
EARNINGS AND UNFILLED ORDERS.
Earnings by Quarters.
Xet earnings by quarters since 1911:
Quarter. 1916. 1915. 1914.
lst $60,713,624 $12,457,809 $17,994,332
10,45'
22,276,002
10,935,635
71,663,615
1911.
2n(l 27,950,055
3rd 38,710,644
4th V." 51,277,504
Year 130,396,012
1913. 1912.
lst $34,426,802 $17,826,973 $23,519,203
2nd 41,219,813 25,102,266 28,108,620
3rd 33.450,400 30,063,512 29,522,725
4th 23,084,330 35,181,922 23,155,018
Year .. 137,181,345 108,174„673 104,305,466
Unfilled Orders.
(At end of the Quarter).
First. Second. Third. Fourth.
1906.. 7,018.712 6,809,584 7,936,884 4,489,718
1907.. 8io43,858 7.603,878 6,425,008 4,642,553
1908.. 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
o!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
1915.. 4,255.749 4,678,196 5,317,60R 7,805,220
1916.. 9,331.001
1909.
1910.
1911.
1912.
1913.
1914
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.
%
63
64
67
62
1914 —
June
July
August . . .
September
October ... 55
November . 45
December . 38
January 1915 44
February . . 57
March 67
April 71
May
June
July
August . . .
September
October . .
November
December
January 1916 102
February .. 102
March 104
April 104
Mav 104
76
79
83
91
98
103
102
102
%
66
75
32
82
81
66
60
63
85
113
104
89
133
172
186
152
112
157
164
146
113
%
+ 3
+11
+ 5
—38
—27
— 13
+44
+ 37
+ 9
— 7
— 8
+ 9
+34
+21
+35
+69
+84
+ 50
+10
+55
+60
+42
Tons.
+ 34,697
+125,732
+ 54,742
— 425,664
—326,570
—136,505
+512,051
+411,921
+ 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
-1-108,247
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.
. 19i3-i4 1914-15 1915-16
Revenue. Expenses. Net. Revenue. Expenses. Net. Revenue. Expenses. Net.
July
August . .
September
October .
November
December
January .
February
March
April 1-033
Tune 1097
May I "*:
$1,183
1,244
1.257
1.314
1,180
1,116
1,021
914
1.091
$837
856
354
891
884
821
795
746
801
782
789
800
$346
338
403
423
337
296
226
168
290
256
308
247
$1,127
1,174
1,135
1.171
1,026
993
939
900
1,015
1,013
1.090
1,040
733
787
734
730
718
630
722
724
732
730
$341
380
40:i
384
292
263
221
220
293
289
308
$1,130
1,191
1.251
1,323
1,303
1,253
J, 131
1,140
J,84(
1.223
$750
765
774
815
800
302
T9T
300
)14
426
477
508
503
451
336
340
410
396
IRON AND STEEL FOREIGN TRADE STATISTICS.
IRON AND STEEL IMPORTS AND EXPORTS.
643,807
155,386
300,297
722,411
VALUE OF TONNAGE AND NON-TONNAGE.
1911. 1913 1913. 1914. L91S ]
January $18,738,391 $18,451,914 $85,141,409 $16,706,836 $18,053,421 $51
February 18,690,792 21,801,570 24,089,871 16,5::0,260 16,470,751
March 22,591,991 24,474,799 27,921,210 20,551,137 20,985,505
April 24,916,912 26,789,853 27,123,044 20,639,569 25,302,649
May 20.616,795 28,050,247 26,718,970 19,734,045 26,536,612
June 20,310,053 24,795,802 25,228,346 18,927,958 31,757,103
July 17,454,772 24,917,952 24,170,704 16,737,552 35,891,575
August 20,013,557 25,450,107 23,947,440 10,428,817 37,726,822
September ... 19,875,308 23,286,040 22,831,082 12,531,102 38,415,180
October 20,220,833 25,271,559 25,193,887 16,455,832 43,602,741
November ... 20,823,061 26,406,425 20,142,141 15,689,401 48,056,220
December ... 22,186,996 23,750,864 22,115,701 14,939,613 45,825,277
Totals ... $249,656,411 $289,128,420 $293,934,160 $199,861,684 $388,703,720 $222,821,901
EXPORTS OF
1909. 1910.
January 70,109 118,681,
F'ebruary 84,837 110. 224
March 94,519 124,980
April 100,911 117,921
May 109, SOS 135,306
June 114,724 120,601
July 100,850 127.57S
August 105,690 131,391
September 97,641 119,155
October 110,821 129,828
November .. 116,105 155,138
December 137,806- 150,102
TONNAGE LINES— Gross tons.
1911
1912.
1913.
1914.
1915.
1916
152,362
151,575
249,493
118,770
140,550
357,122
150,919
204,969
241,888
121,206
139,946
368,867
216,360
218,219
257,519
159,998
174,104
438,058
228,149
267,313
259,689
161,952
223,587
384,924
178,589
307,656
242,353
139,107
263,649
174,247
273,188
243,108
144,539
355,402
162,855
272,778
237,159
114,790
378,897
177,902
282,645
209,856
86,599
405.85::
181,150
248,613
213,057
96.476
381,917
186,457
251,41 1
220,5.50
147,293
350,955
187.554
233,342
175,961
140,731
362,766
190,854
235,959
181,715
117,827
353,840
Totals
1,243,567 1,540,895 2,187,724 2,948.466 2,730,681 1,549,543 3,532,432 1,548,971
IRON
ORE INI
PORTS
1913.
1914.
1915.
Jan. .
. 175,463
101,804
75,286
Feb. .
. 188,734
112,574
78,773
Mar.
. 164,865
68,549
88,402
April.
174,162
111,812
91,501
May
191,860
125,659
98,974
June
. 241,069
188,647
118,575
Julv
272,017
141,838
119,468
Aug.
. 213,139
134,913
126,806
Sept.
. 295,424
109,176
173,253
Oct. .
. 274,418
114,341
138,318
N iv.
. 179,727
90,222
113,544
Dec
. 223,892
51,053
118,331
1916.
89,844
93,315
93,383
75
594.770 1,350.588 1.341.281 352,254
712
IRON AND STEEL IMPORTS.
1912. 1913. 1914. 1915. If26.
Jan. . 20.008 21,740 17,776 10,568 15,824
Feb. . 11,622 25,505 14,757 7,506 20,280
Mar. . 15,466 27,467 27,829 8,025 15,162
April. 12,481 25,742 30.585 16.565 20.175
May . 15.949 28.728 28,173 28,916
June. 21,407 36,597 23,076 32,200
July . 17,882 36,694 25,282 20,858
Aug. . 20,571 13,740 28,768 27,556 ...
Sept.. 18,740 19,941 3S.420 23,344
Oct. . 25,559 20,840 22.754 34,319
Nov. . 24,154 25,809 24,165 37,131
Dec. . 21,231 26,454 9,493 35,455
Total 225.07:.' 317,260 289,778 \'S2.44:: 71,441
THE STEEL AND METAL DIGEST.
July
Price Changes of Iron and Steel Products
From March 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 rates
are merely those upon which our quotations were changed. A few other price
changes are included.
1915-
Mar. :
April 1
1
1
" 14
May 1
1
1
" 12
June 1
July
Aug.
Bars 1.10
Plates 1.10
Shapes 1.10
Wire galvanizing 40c
Wire galvanizing 50c
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
] 60
Galvanized pipe 62^ to 63J4
Galvanized sheets 3.75 to 4.25
Wire galvanizing 60c to 80c
Sheets 1.80 to 1.75
to 5.00
i to 73%
to 1.25
to 1.20
to 1.25
to 1.70
to 1.60
to 1.70
to 1.75
to 4.50
> to 72%
to 1.25
to 1.55
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
9
Galvanized sheets 4.25
15
Boiler tubes 74<=
1
Bars 1.20
1
Plates 1.15
1
Shapes 1.20
2
Sheets 1.75
6
Wire nails 1.55
6
Painted barb wire 1.55
7
Sheets 1.70
14
Galvanized sheets 5.00
16
Boiler tubes 73'
20
Plates 1.20
20
Wire nails 1.60
28
Galvanized sheets 4.50
29
Wire nails 1.55
3
Shapes 1.25
4
Sheets 1.75
6
Black sheets 1.80
16
Wire galvanizing 80c
19
Blue ann. sheets 1.35
23
Wire galvanizing 60c
24
Wire ■ 1.40
24
Wire nails 1.60
25
Black sheets 1.85
27
Plates 1.25
1915—
Aug. 31
Sept. 15
" 15
" 20
" 28
" 29
Oct. 1
Oct. 21
Nov.
" 16
" 18
" 18
Nov. 18
" 18
" 24
" 30
Dec. 1
Bars
Blue ann
Plates
Shapes
Wire nails
Sheets
Shapes
Boiler tubes
Bars
Sheets
Blue ann
Bars
Plates
Shapes
1.30
1.30
sheets 1.40
1.30
1.30
1.65
1.90
1.35
to 1.35
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
1.95
sheets 1.55
1.40
1.40
1.40
Galvanized sheets 3.60
Black sheets 2.00
Wire nails 1.75
Blue ann. sheets 1.60
Bars 1.45
Plates 1.45
Shapes 1.45
Blue ann. sheets 1.65
Boiler tubes
Steel pipe
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%
Galvanized sheets 3.50
Black sheets 2.10
Galvanized sheets 3.60
Bars 1.50
Tin plate 3.30
Sheets 2.20
Sheets 2.25
Galvanized sheets 3.80
Blue ann. sheets 1.80
Wire nails 1.85
Bars 1.60
Plates 1.60
Shapes 1.60
Galvanized sheets 4.00
Galvanized sheets 4.25
Sheets 2.40
Galvanized sheets 4.50
Blue ann. sheets 2.00
Wire nails 1.90
Boiler tubes
Bars
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
to 4.75
to 2.25
to 2.00
69% to 68^
70 to 1.80
IMMM.k V (M > N STATIST!* S.
: i ! i ;
"
15
Plates
1.70
to 1.80
"
15
Sh.i|>i -
1.70
to 1.80
31
\\i:r nails
2.00
to 2.10
"
22
Sheets
2.50
to 2.60
1916
(an.
3
Tin plate
3.60
to 3.75
"
3
Blue ami. 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
2V2%
78%
to 77%
"
5
Blue ann. sheets
2.35
to 2.40
"
7
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
"
r
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
"
3
Tin plates
5.00
to 5.50
"
16
Plates
2.75
to 2.90
June
Galv. sheets
5.00
to 4.75
"
10
Tin plate
5.50
to 6.00
July
7
Blue aim. sheets
3.00
to 2.90
"
7
Galv. sheets
4.75
to 4.50
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.
191:2 1,017,155 615,292 +401,86.'!
191 :; 1,427,227 611,924 +815,303
1914 1,403,081 633,805 +769.276
September 1914 44,624 34,757 + 9,867
October 45,241 39,410 + 5,831
November .. :s:>.. ■;:.'.-. 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 +14,995
Slay 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
January, 1916. 17,293 4,015 + 7,303
February . . . 30,244 10,824 + 19,420
March 33,685 9,894 +23,791
April 36.999 10,856 + 26.143
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 + 866
October 8,991 8,329 + 662
November . . . 8,364 9,166 — 802
December 8,458 9,349 — 891
January, 1916. 8,257 9,469 — 1,212
February 11,0S2 12,908 — 1,826
March 15,065 10,867 + 4,198
April 12,522 8,051 + 4.471
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, 191.",,
+5,539; November, 1915, +2,490; Decem-
ber, 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.
J 11 ' y
COMPOSITE STEEL
Computation of July 1, 1916:
Pounds. Group. Price. Extension.
2y2 Bars
V/2 Shapes
1H t'ipe (K-3)
1 : _. Wire nails
1 Sheets (28 bl.) 2.90
'/z Tin plates
10 pounds 28.425
One pound 2.8425
Averaged from daily quotations:
1912. 1913. 1914. 1915. 1916.
1.5123 1.7737 1.5394 1.4554 2.1410
1.4878 1.7625 1.5794 1.4716 2.2988
1.4790 1.7646 1.5638 1.5098 2.5579
2.50
6.250
2.90
4.350
2.50
3.750
2.95
4.425
2.50
3.750
2.90
2.900
6.00
3.000
Jan.
Feb.
Mar.
April 1.5206 1.7742 1.5337 1.5357 2.7166
1.5590 1.7786 1.5078 1.5381 2.8043
1.5794 1.7719 1.4750 1.5312 2.8300
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
1.6188 1.7600 1.4805 1.5692
1.6784 1.7400 1.5241 1.6059
1.7086 1.7093 1.5632 1.6506
1.7588 1.6779 1.5236 1.7264
1.7750 1.6203 1.4769 1.9089
1.7789 1.558 1.4324 2.0329
1.6214 1.7241 1.5182 1.6230
SCRAP IRON & STEEL PRICES.
Melting Bundled No. 1 R
Steel. Sheet Wrough
Pitts. Pitts.
Pitts.
1914—
July 11.75
Aug. 11.50
Sep. 11.25
Oct. 10.75
Nov. 10.10
Dec. 10.50
Year 11.42
1915—
Jan. 11.40
Feb. 11.70
Mar. 11.80
Apr. 11.65
May 11.65
June 11.75
July 12.62
Aug. 14.05
Sep. 14.25
Oct. 14.50
Nov. 16.12
Dec. 17.0.",
Year 13.26
1916—
Jan. 17.75
Feb. 17.20
Mar. 18.40
Apr. 18.00
May 17.00
June 16 "•
K. No.
t Cast.
Pitts.
1 No. 1 Heavy
Steel. Melt'g.
Phila. Ch'go.
8.50
8.50
8.70
8.50
8.10
8.50
8.52
9.20
9.25
9.37
9.37
9.37
9.37
9.61)
11.40
11.90
12.00
12.55
13.15
10.54
L3.40
13.60
14.80
14.75
13.65
L3.00
11.75
11.50
10.50
10.25
10.25
10.50
11.51
10.75
10.75
10.75
10.75
10.75
10.75
11.00
12.25
13.15
13.75
15.35
17.10
! 16
IS III!
is::.
19.15
19.25
19.65
I'M. II
11.50
11.25
11.25
11.25
10.75
11.00
11.71
11.25
11.25
11.50
11.85
11.85
11.85
12.00
12.85
13.10
13.35
13.90
14.95
12.40
15.10
15.35
15.75
16.00
16.10
15.40
10.60
10.75
10.75
10.00
9.25
9.65
10.53
10.30
10.70
10.85
11.10
11.25
11.25
11.85
13.70
14.70
14.50
14.65
15.60
12.54
10.30
16.25
17.15
18.00
17.00
15.45
9.75
9.75
9.25
9.00
8.25
8.40
9.55
9.00
9.20
9.25
9.13
9.50
9.75
10.90
11.85
12.15
12.00
13.95
15.25
10.99
15.60
15.75
16.75
16.75
15.90
1 1.80
COMPOSITE PIG IRON.
Computation for July 1, 1916:
One ton Bessemer, valley
Two tons basic, valley (18.00)
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 (16.90)
Total, ten tons
One ton 18.635
$21.00
16.00
IS. 25
19.75
18.75
19.30
19.50
33.80
186.35
Averaged from daily quotations:
1912. 1913. 1914. 1915.
13.420 17.391 13.492 13.070
13.427 17.140 13.721 13.079
13.581 16.775 13.843 12.971
Jan.
Feb.
Mar.
April 13.779 16.363 13.850 12.914
May 13.917 15.682 13. 808 13.206
Tune 14.005 14.968 13.606 13. 041
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
13.917 15.682 13.1
14(10.', 14.968 13.1
14.288 14.578 13.520 13.125
14.669 14.565 13.516 14.082
15.386 14.692 13.503 14.895
16.706 14.737 13.267 15.213
17.226 14.282 13.047 16.398
17.475 13.838 13.073 17.987
14.823 15.418 13.520 14.150
1916.
18.690
18.564
18.857
19.021
18.965
18.552
UNFINISHED STEEL
AND IRON BARS.
(Averaged fron
Sheet
Billets. Bars.
Pitts. Pitts.
dally quotati
1914 —
Nov. 19.25
Dec. 18.75
Year 20.06
1915—
Jan. 19.25
Feb. 19.25
Mar. 19.30
Apr. 19.50
May 19.50
19.75
19.25
20.S2
25.00
24.40
25.50
1.13
1.12
1.20
19.75 24.80
19.75 25.00
19.80 25.00
20.00 25.00
20.00 25.00
June 20.00T 20.50f 25.00
July 21.40T 21.90f 25.75
Aug. 23.50f 24.00T 27.00
Sep. 26.50T 26.00t 29.75
Oct. 26.00f 26.00T 31.50
Nov. 26.20f 26.50f 36.00
Dec. 30.73f 30.73T 39.50
Year 22.51 22.91 28.28
1910—
Jan. 32.50f 32.50f 42.00
Feb. 34.00f 34.00T 48.00
Mar. 41.00f 41.00f 56.00
Apr. 45.00 45.00 60.00
May 43.00 43.00 59.00
June 42. oof 42.oot 58.00 2.66
f Premium for open-hearth.
1.13
1.18
1.18
1.20
1.32
1.43
1.49
1.99
1.37
2.41
2.56
2.62
Mill
1.20
1.20
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
2 i.o
l B 1 6
EL AND METAL DIGEST.
CAR BUYING.
Freight cars ordered:
First half 1914 11,
Second half, 1914 13,
Year, 1914
January, 1915 3,
F< bruary 4,:
March 1,
April 3,
May 20
June 29,
Six months
July 5,
August 4
September 5,
October 26,
November 19,
December 7.
Six months
Year 1915
1916—
January 21
February 13
March 10
April 8,
May 6,
June 3,
Six months
380
0
287
000
210
864
625
060
939
863
055
337
043
725
058
204
470
80,000
69,217
131,133
PIG IRON PRODUCTION.
Kates per annum, including charcoal pig.
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, 1916 37,850,000
February 39,200,000
March 39,600,000
April 39,600,000
May 39,800,000
June 39,500,000
On July 1st 39,500,000
Actual production:
1910 27,303,567
1913 30,966,152
1914 23,332,244
1915 29,916,213
OUR FOREIGN TRADE.
Value of merchandise imports and ex-
ports, and favorable trade balance, calendar
years.
Exports. Balance.
1,451, 318,"; in 115,409,550
1,626,990,795 147,846,245
1,798,243,434 477,741,862
1,923,426,205 500,256,385
636,461,360
252,677,921
,866,258,904 303,354,753
:,092,526,746 560,167,586
1,752,835,447
1,728,198,645
Imports.
190-1 1,035,909,190
1905 1,179,144,550
1906 1,320,501,572
1907 1,423,169,820
1908 1,116,374,087
1909 1,475,520,724
1910 1,562,904,151
1911 1,532,359,160
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—
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
Tan.
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
Apr.
173,762,114
162,552,570
fll,209,544
May
164,281,515
101,732,619
f2, 548,896
June
157,529,450
157,072,044
t457,406
Tuly
150,677,291
154,138,947
f5,538,344
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
29S, 727,757
173,604,366
Mar.
158,022,016
296,501,852
138,479,836
Apr.
160,576,106
294,745,913
134,169,807
May
14:2,284,851
273,769,093
131,484,242
June
157,695,140
268,547,416
110,852,276
Tulv
143,099,620
267,978,990
124,879,370
Aug.
141,830,202
261,025,230
119,195,028
Sept.
151,236,026
300,676,822
149,440,796
Oct.
148,529,620
334.638,578
186,108,958
Nov.
164,319,169
331.144,527
166,825,358
Dec.
171,833,505
359,306,492
187,473,987
1916
Jan.
184,362,117
330,784,847
146,422,730
Feb.
193.935, J 17
402,991,1 is
209,056,001
Mar.
213,589,785
409,850,425
196,260,648
Apr.
217,705,391
399,861,157
182,155 760
May
♦229,000,000
*472, 000,000
*243,000,000
* High record.
+ B
jlance unfavorable.
THE STEEL AND METAL DIGEST.
July
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.
Jan. .
. $13.6375
$20,645
$12.50
$17,833
Feb.
. 13.60
20.2136
12.50
17.984
Alar.
. . 13.60
20.8625
12.50
18.25
April
. 13.60
20.70
12.50
18.00
May
. 13.659
20.833
12.65
18.1607
June
. . 13.75
21.00
12.724
18.00
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;
delivered Pittsb
urgh 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
September-October 1.0847 *1.20
BRITISH IRON AND
1914— Pig Iron. Rails. Tin Plate. Total.*
July .. 74,617 43,133 47,237 385,301
Aug. . . 28,342 22,763 21,414 211,605
Sept. .. 37,793 39,185 23,440 228,992
Oct. .. 47,188 37,005 26,950 263,834
Nov. ... 49,666 16,181 30,942 240,608
Dec. .. 31,705 16,315 30,254 212,667
Year . . 780,763 433,507 435,392 3,972,348
1915—
Jan. .. 21,138 24,411 29,216 230,204
Feb. .. 21,934 14,877 15,101 198,294
Mar. .. 20,172 17,572 36,170 239,341
April . . 35,209 21,602 40,135 265,244
May . . . 29,342 21,776 33,727 267,524
I»ne .. 39,127 23,728 33,986 272,195
July .. 78,370 33,224 39,528 351,984
1914. 1915.
November-Dec'ber 1.037 *1.30
Year's average .... 1.1125 1.144
* 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 81694
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
February 107 13,534
March 44 20,364
April 179 21.38.-.
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
May 41,868
STEEL EXPORTS.
1915— Pig Iron. Rails. Tin Plate. Total.*
Aug. ... 73,283 32,962 22,572 395,260
Sept. . . 53,068 15,800 20,003 249,501
Oct. ... 78,973 13,640 31,968 3U2.141
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. .. 7S.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
May . . 97,967 4,103 41,868 395,750
* Includes scrap, pig iron, rolled iron and
steel, cast and wrought iron manufactures,
bolts, nuts, etc., but not finished machinery,
boilers, tools, etc.
I i\ IN JUNE.
Tin in June.
Month Featured by Plethora of Supplies, Record-Breaking Deliveries Into
American Consumption and the Lack of Stamina in the London
Market — Three Causes of Heavy Break in Prices.
In the tin industry three features stood
out prominently in June: The plethora of
supplies, the record-breaking deliveries into
American consumption and the lack of
stamina in the London market. As a nat-
ural result prices here, suffered a heavy
break. At the beginning of the month spot
tin sold at 45J<c. On June 27th and 28th,
it was difficult to sell at 39c — a drop of
(),'4c per pound. The highest point touched
this year was 50c, on March 10th, thus
there was a break of 17c per pound up to
June 28th. This was the minimum price
this year. The previous lowest price was
40J^c on January 18th. On the two clos-
ing days of the month there was an appar-
ent recovery of %c to 5-isc P«r pound.
Another interesting point was the elimin-
ation of the premium on spot over the
prices current for future delivery. At the
beginning of the month, spot commanded
a premium of 4%c per pound. At the close
of the month there was a difference of only
1 to l^jC per pound between the price of
spot and the price asked for arrivals in
October, November and December. This
resulted from the large stocks carried by
consumers and by importers, while the de-
mand was mainly for future positions. The
supply available during ithe month was
enormous. — 8,860 tons — and the stock at
New York and at outports at the end of
June was 3,963 tons, being an increase of
405 tons during the month.
Future positions sustained declines of
3H'C to 5c per pound from the end of May
to the 27th of June, with recoveries of J^c
to lc per pound during the last three days
of the month. At no time was there any
sustained spirited buying but domestic
consumers and importers bought liberally
in the aggregate, of foreign shipments to
arrive in September and in the later months
of the year. In some instances purchases
were made of metal to arrive as late as
March, 1917 but the bulk of transactions
were in October, November and Decem-
ber arrivals. No trumpets were blown and
no red lights signalled the times of buying;
business was quietly conducted. On many
days the market was flat.
War Has Eliminated Speculation in Tin.
The conditions incidental to the war have
made marvellous changes in the methods
and manner of dealings in tin. The British
Government has quenched the fire of specu-
lation— which has always been the force to
reckon w.ith in tin dealings by granting or
withholding permits to ship as well as by
other restrictions to trade. The result was
to greatly benefit American tin consumers
and importers. While other metals have
been skyrocketing, tin has been kept with-
in reasonable limits in its rises and falls.
The London market has been very tame
for months and although the East Indies
have proved restive and contrary for brief
periods, sooner or later they have adjusted
prices in harmony with London.
Under such conditions it has been pos-
TIN PRICES IN JUNE.
New York. London
Day.
Cents.
1 45.50
2 45.25
5 44.62H
6 44.25
7 44.50
8 45.00
9 44.75
12 44.25
13 43.50
14 43.50
15 42.75
16 41.75
19 41.25
20 40.75
21 39.87J4
22 39.75
23 40.25
26 39.50
27 39.00
28 39.00
29 39.37J^
30 39.62 14
High . . . 45.50
Low 39.00
Average . 42.18
£ s
d
£
s
d
Spot.
Future
s.
187 5
0
187
0
0
185 15
0
185
15
0
183 10
0
183
10
0
183 0
0
183
5
0
184 10
0
184
15
0
187 10
0
187
15
0
187 15
0
188
0
0
184 15
0
185
0
0
181 10
0
182
0
0
183 5
0
183
15
0
181 5
0
181
15
0
178 0
0
178
10
0
178 0
0
178
5
0
177 0
0
177
5
0
173 5
0
173
10
0
172 5
0
172
15
0
175 15
0
176
5
0
173 5
0
173
15
0
171 10
0
172
0
0
172 0
0
172
10
0
173 10
0
174
0
0
173 15
0
174
10
0
187 15
0
188
0
0
171 10
0
172
0
0
179 9
4
179
15
10
THE STEEL AXD METAL DIGEST.
Julj
VISIBLE
Visible
supply
of tin
1912.
1913.
Jan.
16,707
13,971
Feb.
14,996
12,304
Mar.
13,(594
11.132
April
11,893
9,822
May
14.345
13,710
Tune
L2.920
11,101
July
13,346
12,063
Aug.
11,285
11,261
Sept.
13.245
L2.943
Oct.
10.735
11.857
Nov.
12,348
14.470
Dec.
10,977
13,893
Av'ge
13,207
12,377
SUPPLIES.
at end of eacli month:
1914. 1915 1916.
16,244 13,901 17,041
17.30S 14.54S 16,511
16.989 15.467 IS, 782
15,447 15,785 19,739
17,862 14,646 19,614
16,027 15,927 19,363
14.167 16,084
14.452 15,127
14,61:: 15,191
10,894 13,154
11,483 16.451
13,396 16,216
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,S10
4.120
4,970
5.170
April
4.290
4.400
4,930
5,270
4,685
May
5,760
6.160
6,900
6,759
3,965
June
' 4. 29U
4,280
5.870
6,665
6,210
fuly
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
.-,301
Total
59.013
62.550
63,093
66.517
Av'ge
4,91S
5.213
5.258
5,543
CONSUMPTION IN THE U. S.
Monthly deliveries of tin in the LTnited
States exclusive of Pacific Coast:
1912.
1913.
1914.
1915.
1916.
ran.
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
'
4,726
April
5.400
3,450
4.300
3,200
4.202
May
, 150
3,350
3,800
5 600
-, 1 5 -,
Tunc
2,850
3,800
3,650
3.900
6.398
July
5,150
3,900
3,900
5.300
4.300
3 600
! KM)
4,500
£
3.100
3.600
4,300
Oct.
3.700
3.700
4,900
4.300
2.800
2,600
2.975
Dec.
4,050
1,900
5,200
MONTHLY TIN STATISTICS.
Compiled by New York Metal Exchange
June May June
Straits shipments: 1916.
To Gr. Britain. . 3,665
Continent .. 845
" U. S 1.700
1916.
1915.
1,415
2.731
405
86(
2.145
3.07.
Total from Straits 6.210
Australian shipments:
To Gr. Britain. . 228
" U. S nil
Total Australian
228
.965
312
6,66!
14
Consumption:
London deliveries 1.917 1,758 2.00!
Holland deliveries 101 94 101
U. S 6.398 5,455 3.901
Total
8.416
Stocks at close of month:
In London —
Straits. Australian 1,762
Other kinds .. . 1,399
In Holland
In U. S 3,963
Total
7.124
,307
2,512
1,862
6,849
6.00'
4,76
5.625
3,460
3,23
4,040
4.807
7 41
2,574
4,498
52
Total 49,500 43,900 41,700 18,75
4.125 3,658 :;,475 4,062 5.270
Afloat, close of month:
Straits to London
to U. S. .
Banca to Europe.
Total 12,239 12,765 11.16
June 30. May 31, June 3C
Total visible 1916. 1916. 1915.
supply 19.363 19,614 15,92'
STRAITS TIN PRICES IN NEW YORK
1912. 1913. 1914. 1915. 1916.
Jan. 43.24 50.45 37.74 34.30 41.83
Feb. 43.46 48.73 39.93 37.32 42.63
Mar. 42.86 46.88 38.08 49.93^ 50.42
Apr. 44.02 49.12 36.10 47.98 51.75
May 46.12 49.14 33.30 38.78 49.13
June 47.;; 44. 93 30.65 40.37 42.1s
July 44.75 40.39 31.75 37.50
Aug. 45.87 41.72 50.59^34.39
Sept. 49.13 42.47 32.79 33.13
Oct. 50.11 40.50 30.39J4 33.08
Nov. 49.90 39.81 33.50 39.37' j
Dec. 49.90 37.64 33.60 38.75
Year 46.43 44.32 35 70 33.66
TIN IN JUNE.
e i msumei - and dealers ti i
■ ild the foreign markets by gv\ ing
i withhi ilding i n ders from Lon-
the Straits. On several occasions dur
i ml h impi irters I « >k orders for
Future posil ii ms hei e and held them fi ir fa-
vorable opportunities before placing them
abroad. London and Singapore, however,
were subject to independent violent fluctua-
ir brief periods.
Foreign Market Trended Downward.
The general tendency of the foreign
: in June was downward. The lowest
were touched on June 27th and 88th
London quotations were within 10s
minimum prices touched this year,
January 3rd, June price- abroad fluctuated
within a range of £15 to £18. spot Straits
tin at London broke £t."i 10s but recovered
£2 tOs, making- a net decline of £13 for
the month. Spot Standard broke £16 5s
and future Standard fell £15, followed by
recoveries of £2 5s and £2 ins. respective-
ly, resulting in a net decline of £14 on
sp tnd £12 10s on futures. The Singa-
market broke £lT 15s but recover
£l 15s, closing at a net decline of £l?>.
It is interesting bo note that the highest
price for spot Standard tin established this
year, was £205 on April 10th. The lowest
price since then has been £171 10s. made
mi! June 27th, a break of £3?. 10s. The
minimum price this year was £171 on Jan-
uary 3rd. The highest price for future
Standard was £191 15s, recorded on April
11th. On June 27th, the price had dropped
to £172, the same as on January 3rd. a
break of £27 15s.
Record American Deliveries.
The deliveries into American consump-
tion in June, 6.398 tons were the greatest of
From Atlantic ports 4,200 tons
were delivered while 2. 198 tons were
I from Pacific ports direct to Pitts-
including importations of Straits
ami Banca tin, direct ini tin Strait -
Settlements and from Batavia, In the last
six months deliveries to home consumers
havi been 31,62] ton . a g tin ol 9,404 I
ovei the deliveries made during the 1 1 r - 1
half of 1915.
European deliveries in June, were 2,018
tons and since January 1st only 8,531 tons.
the latter being a decrease of 8,828 tons
compared with the corresponding time in
1 9 1 S.
Total consumptive deliveries in June
were 8,416 tons and for the first half of tin
year, 40,152 tons. During the first half of
1915 total American and European deln
eries were 39,576 tons. One significant
point is that since January 1st the increase
in American consumption — 9,404 ton-; —
has been 576 tons greater than the de-
crease in European consumption, 8.8:28 tons.
Arrivals at Atlantic and Pacific ports in
June were 7,893 tons, exceeding the de-
liveries by 495 tons. Total arrivals in this
country since January 1st. have been 34,213
tons, an increase of 12.005 tons over the
arrivals during the first half of 1915.
Large Increase in Percentage of Straits
Tin Received in United States.
Shipments from the Straits in June were
6,210 tons, and during the last six months
shipments were 32.375 tons. In the first
half of 1915, Straits shipments were 34,447
tons. Thus since January 1st, shipments
from the Fast Indies have fallen off 2,073
ton-. It is a notable fact that in the last
six months the United States has received
nearly 80% of the Straits shipments where-
as during the first half of 1915 only about
49' ; of the Straits shipments came to this
country, either directly or indirectly.
The visible supply of tin on June 30th,
was 19,303 tons, a decrease of 251 tons dur-
ing the month and an increase of 3,436 tons
over the visible held at the corresponding
time in 1915
-o-o-o-
THE STEEL AND METAL DIGEST.
Lead in June.
Lead Market Weak Throughout Entire Month.
Business in lead throughout June was un-
satisfactory. The undertone of the market
was weak and this fact came prom-
inently to the surface as the month ad-
vanced.
From March 30th, when the Trust price
was established at lyic, New York, and at
7A2'/2c East St. Louis, to June 1st, prices in
the open market declined from 8c to 7.15c
East St. Louis and to 7J4c New York. The
change in trade condition marked by this
recession was ignored by the leading inter-
est and independent producers found it
hard to secure orders for July delivery ex-
cept on a sliding scale basis. On June 3rd,
however, the American Smelting and Re-
fining Co. recognized the weaker feeling by
reducing prices $10 per ton to 7c per pound
at New York and to 6.92 J4c at East St.
Louis, having booked some orders late on
the previous day at a decline of J^c per
pound. Otherwise, the lower price served
only to unsettle buyers. The English mar-
ket, however, developed a firmer tone on
June 6th and 7th and 8th, with slight ad-
vances in prices. The domestic market
continued dull, few orders resulting from
concessions of 5 to 10 points made by sec-
ond hands in the open market. On June
0th. there was increased pressure to sell,
July, August and September deliveries be-
ing offered at 6^0 East St. Louis. The
English market, too, reacted sharply to the
equivalent of 6.60c to 6.70c per pound.
Anxiety of Sellers to Make Sales
Weakens Market.
On June 12th, the heaviness of the home
market was made more evident by the re-
ported sale of a large tonnage on the basis
of ,6.80c per pound, New York, which was
$4 per ton under the Trust price and even
$1 to $2 per ton below the asking prices of
most of the independent purchasers. On
the following day, London receeded 10s on
spot and 7s 6d on futures bringing the mar-
ket back to prices current on May 26th.
The domestic market continued to drag.
Subsequently a firmer feeling abroad had no
influence upon business or prices here where
consumers anticipated a further prospec-
tive reduction in flic Trust price because "f
increased pressure i" sell by independent
producers at $3 to $5 per ton below t
nominal asking official price.
Most of the small current orders w(
going to the outside operators t
these were not sufficient to sustain the m;
ket which was heavy between 6.60c and 6.1
East St. Louis for spot, June and July sh
ment.
Market Stiffens on Reports of Heavy Selli
at Good Prices.
The Mexican situation served to furtr.
unsettle sentiment but there was le
anxiety displayed by independent product
to secure nearby orders while August a
September deliveries were offered $6 to
per ton under the Trust price about Ju
20th. On the following day a strong
tone developed because of the report
large sales of prompt and June shipmer
by independent producers at 6.70c to 6.8
delivered in the East. The general marl
was advanced about five points but t
LEAD PRICES IN JUNE.
New York.* St. Louis. Londc
Day.
Cents.
Cents.
£ s
1
7 °5
7.15
7.15
6.875
6.875
6.875
31 15
. . 7.25
32 0
5
. . 7.00
31 10
6
. . 7.00
32 0
7
. . 6.95
32 5
8
. . 6.95
6.85
6.825
6.775
6.775
6.775
32 7
9
. . 6.90
31 15
12
. . 6.875
31 15
13
. . 6.875
31 5
14
. . 6.85
31 10
15
. . 6.775
6.675
31 10
16
. . 6.775
6.675
31 7
19
. . 6.775
6.675
31 7
20
. . 6.775
6.675
31 7
21
. . 6.80
6.70
31 0
22
. . 6.80
6.70
30 0
23
. . 6.90
6.725 '
6.675
6.65
29 10
26
. . 6.90
29 15
27
. . 6.90
29 15
28
. . 6.90
6.65
29 0
29
. . 6.90
6.65
29 5
30
. 6.90
6.65
28 15
High ....
. . 7.30
7.20
32 7
Low ....
. 6.75
6.625
28 15
Average .
. 6.91
6.77
30 18
Outside market.
1916
I I \l> I \ MAI
Foreign market on the two following
jays was disappointing to hopes for more
substantial export orders, The recovery in
the outside market, however, dissipated ex
pectations of a further reduction in the
Trust price for the time being.
Increased Demand For Desilverized Lead.
At the beginning of the fourth week of
the month a stronger tone prevailed for
desilverized lead as a result of a better
demand in comparison with the small sales
of soft Missouri brands. During the week
previous desilverized metal was at a dis-
count; later, it commanded a premium of
five points with a good demand for small
lots for prompt shipment. The fact that
the American Smelting & Refining Co.,
the largest producer of desilverized, was
holding at 7c helped the independent pro-
ducer to maintain a premium on desilver-
ized over soft Missouri, although the latter
is a pure metal. The demand, however,
was mainly for desilverized because it is
better suited to the manufacture of shot,
indicating larger orders for this kind of
ammunition.
A recession in the London market on
June 28th, failed to afifect the home mar-
ket which continued firm with fair orders
reported by producers. The open market,
however, remained dull with concessions
made on soft Missouri to attract buyers.
Month Closes Showing Net Decline of %c
to Y-2.Z at N. Y. and St. Louis.
London recovered somewhat on the fol-
lowing day. At the close of the month,
LEAD (M
— New York
jnthly Averas
res.)
Louis
'
St
.
1914.
1915. 1916.
1914.
1915.
1916.
Jan.
4.11
3.74
5.94
3.99J4
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
4.2;)',
7.50
3.81
4. li'>
7.28
June
3.90
5. si;
7.04
3.80
5.76
G.77
July
3.90
5.74
3.75
5.52
Aug.
3.90
4.75
3.73J4
4.59
Sep.
3.86
4.62
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
5.34^4
3.67
5.26J4
Av.
3.87
4.67j<
3.74
4.57
while the Trust price remained 7c New
York, independent producers were selling
desilverized at 6.90c to 6.95c and soft Mis-
souri at li.snc to 6.90c New York. Large
^ah's of desilverized placed independent pro-
ducers in a much better position than they
had occupied a fortnight previous. This
competition, too, affected the Trust ad-
versely and it was expected to result in
change of policy in the near future.
The result of the fluctuations in prices in
June was a net decline of J^c to K'C per
pound at New York and at East St. Lbuis
while the London market dropped £3 net
on spot and £4 on futures from the end
of May to the end of June.
LEAD PRICE CHANGES.
* Trust price.
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 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 Reduced .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 " .15c 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
June 2 Reduced .50c to 7.00
July 5 " .50c to 6.50
THE STEEL AXD METAL DIGEST.
Jul
Spelter in June.
Month Opens With Renewed Activity but
Decline in Prices
The renewed demand for spelter that be-
gan <m the last day of May continued with
increasing energy during the early part of
June resulting in a steady recovery in prices
on all nearby positions. Although a drop to
£2 to £5 at London on June 1>t was dis-
concerting and a further break of £5 to £7
on June 2nd. caused a quiver in the home
trade, a large volume of business was trans-
acted in all positions for delivery through-
out the year.
Buying Movement Strengthens Market.
The market had been barren from the
middle of April to the end of May and prices
had suffered a decline of over 6c per pound
when buyers suddenly found their necessi-
ties to purchase urgent and apparently
simultaneously entered the market with
new-found confidence. Producers were will-
ing to meet buyers at the lower level, but
as each succeeding day brought more eager
purchases, producing interests became more
conservative and advanced prices fraction-
ally from day to day; stimulating rather
than checking the ardor of consumers and
dealers. It seemed that a real buying move-
ment was developing and that producers
were preparing for a very sharp recovery
in prices. It was notable, however, that
the demand was confined to prime west-
ern brands. There was no important call
for brass special and there were signs that
producers were more desirous to move an
increasing surplus of the higher grades.
The reviving strength of prime western
metal was militated against by a decline in
ore prices and the unsettled labor condi-
tions at mines and smelters in the Joplin
district with a strike impending because of
the refusal of operators to meet the de-
mands of the hoistermen for higher wages.
Export Demand Improves.
An improved export demand on June
mvinced producers that the previous
break in prices ibi id had been simply a
maneuver for positi i became cor-
respondingly confident asking a further ad-
vance of ! :c pi r p >und. 'I":!' = ieel gal-
vanizers were prominently in Hie market.
ful and Vugust ship-
. ml operators gave
Develops Weakness and Closes With Net
of iy2c to 2%c.
more attention to second half and to fourl
quarter deliveries of prime western, mal
ing moderate purchases at fractionally higl
er prices. Crass special, however, dragge
at l'ic to 2c per pound premium ov<
prime western. The most encouraging fe;
ture was the evidence of a resuscitation <
the galvanizing industry that had been pro:
trated by the long continued prevalence i
high prices for spelter. Sheet mills thi
had been waiting for months, prepared I
utilize galvanizing pots when the price ho1
ered around 13c per pound.
Decline in London Fails to Check
Demand Here.
Another decline of £3 a-t London on Jui
7th, failed to check the domestic deman
and a significant fact was that prominei
operators were actively in the market f(
nearby positions, paying higher prices tha
were the consumers. This evident effort t
quicken buyers and to cau-e a further a<
vance on nearby positions proved a dange
ous expedient as it revealed an artifici.
stimulus. The upward movement culminate
on June 8th, after a rise of l/2c to }^q. p<
pound. The advance of lc per pound aske
by producers for prompt shipment was nc
realized. Indeed the buying movement em
ed on June 8th, as abruptly as it had bi
gun suddenly at the end of May. Tl:
ominous cessation of buying at home yri
emphasized by a break of £2 to £.5 ;
London but producers, believing it onl
a temporary lull, would make no conce
sions to attract buyers.
Market Loses Strength — Price Cutting
Develops.
Operators, however, were more sensitrv
to the shifting currents of sentiment an
re mired only a few days of dullness t
change their attitude but concessions o
fered failed to re-tore confidence anion
consumers. As buyers remained unrespoi
sive, holders became more eager to sel
cutting price %c to l^c per pound from da
to day. By June 14th, all the previous ris
had been lost and the market was un«i r>
Small producers, dealers and iperai
pressing ^ales but consumers were obdurati
anizers. disc mcerti '1 bj I
of event-, postponed attempts to revive th
SPELTER IN II \ I
industry- Bj tin middli ol the month there
was no demand excepl from bargain hunt-
per pound under the lowest
isked.
(in June nub, there was less pressuri to
sell and some few export orders were placed
at the lowest prices current but domestic
business continued dull throughout the Fol-
lowing week with free offerings by small
producers and by middlemen at steadily de-
clining prices. A few more foreign orders
weiri placed but without influencing the
general unsatisfactory situation. Large
producers became distracted by the long
absence of buying orders from consumers
but refused to book substantial contracts at
10c for fourth quarter delivery.
On June 23rd, the London market had re-
ceeded to £66 for spot and £36 for futures
equivalent to 14.02c for spot and 11.90c for
futures. Making allowance for ocean freight
and for insurance and war risk, the decline
placed the spot English market a little above
and the future market slightly below the
American parity. Domestic buyers exhib-
ited no interest in nearby deliveries but
were willing to make some commitments at
ln'.c for shipment in the second half and
at 10c for fourth quarter delivery but the
SPELTER PRICES IN JUNE.
New York. St. Louis. London.
Day. Cents. Cents. £ s d
1 13.30 13.12^ 75 0 0
2 13.3(1 13.12H 70 0 0
5 13.42 'A 13.25 73 0 0
6 13.67^ 13.50 76 0 0
7 13.67'/ 13.50 73 0 0
s 13. !>:;'/ 13.75 76 0 0
9 13.92^ 13.75 71 0 0
12 13.80 1 :,.,'■_; 70 0 0
13 13.55 13.37J/ 68 0 0
14 13.30 13.12^ 68 0 0
15 13.30 13.00 6S 0 0
16 13.05 12.S7JX 68 0 0
19 12.80 12.62J^ 68 0 0
20 12.42'/' 12.25 68 0 0
21 12.17J/ 12.00 67 0 0
22 12.05 ll.sT'i 67 0 0
23 12.05 11.87^ 66 0 0
26 11.92!-< 11-75 65 0 0
27 11.80 11.62^ 65 0 0
28 11.55 11.3 7':. 63 0 0
29 11.40 11.1834 63 0 0
30 11.17J4 11.00 61 II ii
High l 1.05 13.81 ! • 76 0 0
Low 11.05 10 87 ! ■ HI 0 ii
Average . . . 12.80 12.62 68 l 1 L0
pressure to sell was for pi pi and July
shipments,
Anxiety of Consumers to Resell Causes
Further Decline.
\ few sporadii sales of nearbj di
wen made during the la t tin ee da\ - of
the month. Producers and dealers were
most anxious to sell brass special, the pre-
mium on which had dropped Do l'4c over
the price of prime western without devel-
oping any interest by the brass found,
mills. In fact, some consumers were anxious
bo resell indicating an overbought state d
appointment in securing munition order- o
cancellation of war contracts. On the clos-
ing day of the month spot had dropped to
lie per pound which was within '4c per
pound of the price at which the historic
break in August 1915. was checked but
there were no signs of a similar recovery
in June; indeed, the prospect was for a
further steady decline if not for a precipi-
tous drop. The net decline in the spot do-
mestic price in June was 2J^c on prompt
and 1 'Ac to l:'4c on futures. From the high-
est spot price touched this year the break-
was 10c per pound. Since June, 1915, when
the maximum price of 27c was established,
the break has been 16c per pound, but the
spot price at East St. Louis was still 5.45c
per pound higher than the minimum price
touched in January 1915.
The net result of the fluctuations in June
prices at London was a drop of £19 on spot
and £14 on futures.
SHEET ZINC PRICE CHANGES.
The following table gives the changes in
the price of sheet zinc since Nov. 22nd to-
gether with the price of spelter ruling on
the same day. Spelter
1915— Sheet Zinc. St. Louis.
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 20.87J4
April 22 25.50 18.75
May 15 24.50 15.50
May 23 23.50 14.87'/,
May 26 22.50 I 1.1 .' ■ _.
June 2 21.00 13.12 >
June 13 20.00 13.37 ' '2
June 21 19.00 12.00
June 28 18.00 11.37'j
Jul} 6 17.00
THE STEEL AND METAL DIGEST.
July
Joplin Zinc And Lead Ore Markets.
The month of June showed a heavy de-
cline in prices paid for zinc ores. A very
material rise in lead ores and an increase
of surplus stocks in both.
From an average of $90.15 for zinc blende
during the month of May the average price
dropped to $74.30 for the month of June.
The total tonnage shipped also fell off
200 tons a week. The base price offerings
range from $60 to $90 throughout the
month. Practically the only variation in
price was in the low and intermediate
grades of ore.
Calamine ores dropped from $64.13 aver-
age in May to $53.57 in June, and ship-
ments from 622 tons to 540 tons per week.
The average price for calamine ore did not
vary to any great extent throughout the
month. The surplus stock of zinc blende
ores rose from 17,190 tons to 23,650 tons
and increased equivalent to very nearly
25% of the monthly shipment. In this con-
nection, it is well to call attention to the
productive conditions that have prevailed
during the month. When the previous
month's ore price averages were made and
called for reduction in wages, there was a
precipitated strike by the hositermer. of the
field. Practically all of the union hoister-
men of the district walked out, demanding
an increase of 25c per day, instead of ac-
cepting a cut of 50c per day. This shut
down a number of the mines for a period
of from ten days to two weeks' time, but
most of the operators immediately put on
new hoistermen, and while many of them
were green, their efficiency low, and inter-
ference in some cases, the operators did
keep their mines going. There was, of
course, a considerable reduction in out-
WATERBURY SPELTER AVERAGES.
1912
6.
Jan.
Feb.
Mar.
April 7.07
May 7.13
6.85
7.17
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Av'ge
7.25
7.40
7.34
7.83
7.74
7.65
7.33
1913
7.56
6.81
6.56
,, ii-
:,.7T
5.50
5.61
5.99
6.13
5.74
5.60
5.44
6.06!^
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
23.20
21.20
17.40
5.53^ 17.50
put on this account. The third week of
the month witnessed the most severe flood
the district has seen in years. Many of
the mines are flooded and still out of com-
mission. Heavy water in others caused
a shut-down of several days. It is believed
this cause alone has curtailed the produc-
tion about 3,000 tons per week for the last
two weeks of the month. Had it not been
for these two causes of curtailment, the
growth in surplus stocks would have been
very much greater; the total probably
would have reached 30,000 tons of ore.
Lead.
The decline in lead prices which started
at the end of May continued throughout
the month of June, receding from $85 the
first week to $77.50 the last week. With
such a decline in the market it was natural
that stock would accumulate, and the ship-
ments grow less. The average price of all
ore sold for the month was $89.21, as com-
pared with $92, for the previous month.
The average weekly shipment was 968
tons compared with 1,102 tons for the pre-
vious month. The strcks increased from
1,250 tons at the end of May to 2,000 tons
at the end of June.
One of the other features which marked
developments in the field was the absorp-
tion of the Granby Mining & Smelting
Company by the American Zinc, Lead &
Smelting Company. This transaction was
the largest single movement in zinc circles
that has taken place in years, and makes
this combination one of the biggest factors
in the zinc industry.
SPELTER (Monthly
New York -
Averages.)
— St. Louis-
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Av.
1915.
6.52
8.86^
10.12 y2
11.51
15.82^
22.62 X
20.80
14.45
14.4'.)
14.07
17.04
16.91
14 41
1916 "
18.18
20.09
18.09H
18.61H
15.93
12.80
1915.
6.33
19.92
9.80
11.22
15.52^
22.14
20.54
14.19
13.89
16.87J4
16.72
14.16
1916.
18.01
19.92
17.91
18.44
15.75^
12.62
LEAD \.\l> ZIN< MINES PROMISE RECORD 01 rPl I.
Lead and Zinc Mines Promise
Largest Output On Record.
Reports received by the United States
Geological Survey .show that the mine pro-
duction of lead and zinc ores during the
mm mx months of 1910 was much larger
than that of any preceding six months. The
lead and zinc mines have been able to pro-
duce all the ore needed to supply the in-
creased capacity of the smelters. The ore
and concentrates were sold at prices which
yielded large profits, notwithstanding in-
creased costs of production and the working
of large quantities of low-grade ore which
could not be mined at a profit under normal
conditions. High-grade zinc concentrates
free or nearly free from lead and iron con-
tinued to be in demand, and the base price
offered for such concentrates was general-
ly much higher than that offered for low-
grade concentrates.
The shipments of sphalerite concentrates
from the Joplin region during the first six
months of 1916 amounted to about 180,000
tons, valued at more than $17,000,000, as
against 296,000 tons, valued at $23,419,000
for the calendar year 1915. The demand was
not as active during the last month of the
year, when the base price for concentrates
decreased nearly $20 a ton. Unless the base
price declined to a point which will pre-
vent the mining of lean "sheet ground" the
production of zinc concentrates from the
Joplin region in 1916 will probably be 60,-
000 to 70,000 tons more than in 1915.
Development in the Miami, Okla., camp
continues to be favorable, and the produc-
tion should be much larger during the last
half of 1916. The increase from Kansas
will not be large, for excessive rains have
hampered operations. The "soft ground"
mines in southwest Missouri have not
shown any largely increased yield, but the
"sheet ground" has been actively mined and
many new mills put in operation. The strike
of the hoistermen in the Joplin district re-
duced the output in June, though few of
the mines were closed down for any great
length of time. Some of the mine owners
seized the opportunity to make much need-
ed repairs or additions to their plants.
The stock of zinc concentrates unsold in
June was larger than usual but probably
was not much more than two weeks' pro-
duction. The production of zinc carbonate
and silicate showed no great increase, and
the galena concentrates sold indicate a pro-
duction of about 56,000 tons in 1916 or
11,000 tons more than in 1915. The selling
price of the lead concentrates was nearly
double the average price in 1915. The large
mines in the disseminated lead district of
southeastern Missouri were operated stead-
ily, and although no figures are available for
1916 the output was larger than it was dur-
ing the first or the last half of 1915.
The number of producing zinc properties
in Arkansas increased rapidly and many
new mills were operated. The output of
sphalerite concentrates was negligible but
that of zinc carbonate increased more than
100%. The zinc carbonate is of high grade,
and the production of such ore in 1916 in
Arkansas being exceeded only by that of the
Joplin region.
The zinc ore mined in New Jersey in
1916 was at least as large as in 1915, and the
production from Tennessee and Virginia
was larger than in the first six months of
1915.
The shipments of raw sphalerite from
mines in the Upper Mississippi Valley re-
gion steadily increased, and the capacities
of the roasting and separating plants were
much greater than in 1915. A number of
new mines were opened and concentrating
plants constructed.
The New Diggings camp was especial-
ly active, though development was active in
all the other camps.
The shipment of raw sphalerite concen.
trates amounted to more than 100,000 tons,
compared with shipments of 162,000 tons
during the calendar year 1915.
In the Western States small increases of
both lead and zinc were made in Arizona,
Colorado, New Mexico, and Washington. In
Nevada an increased quantity of zinc ore
was shipped from Clark County and the
lead ore shipments from the Pioche, Good-
springs, and Eureka districts indicate a con-
siderably large output of lead from Nevada
for 1916.
In Utah the Bingham district made a rec-
ord output of lead during the first six
months of 1916. The zinc production of
Utah will probably be only slightly more
in 1916 than it was in 1915.
THE STEEL AND METAL DIGEST.
July
Copper in June.
Marvelous Showing Made by Copper Industry During First Half 1916-Curtailed Con-
sumption and Belief End of War is Near Causes Further Decline in Prices.
Six Months Consumption of Copper
Breaks All Records.
The total deliveries into domestic and
The achievements of the copper industry
during the first half of 1916 were no less
marvelous than were the performances of
the great American steel manufacturing
plants. The production of refined copper
since January 1st has fallen only slightly
under 1,100,000,000 pounds, which is at the
rate of 2.200,000,000 pounds for the year;
whereas the previous maximum annual out-
put in trade history, realized last year, was
1.634,204,443 pounds. In the last six months
metal has been smelted and refined at the
rate of 182.000,000 pounds per month against
an average monthly output last year 135,-
35<0 000 pounds. In June the refined output
was approximately 200,000,000 pounds.
The deliveries into domestic consumption
during the half year have been record-break-
ing also 700,000,000 pounds, which is at an
average monthly rate of 117,000,000 pounds.
The maximum monthly deliveries made in
-\pril and May were between 125,000,000
and 130,000,000 pounds, but the June con-
sumption was cut sharply and many re-
quests made to producers to hold back ship-
ments on contracts, resulted in deliveries of
scarcely more than 110,000,000 pounds, but
even the latter amount exceeded the aver-
age monthly consumption in 1915, by 23,-
000,000 pounds.
Heavy Exports in June Compensate for
Poor Record of May.
Exports in the past six months have ag-
o-reoated 32S.65o.040 pounds, exceeding the
foreign shipments during the first half of
1915 i, ,m o pounds. The June ex-
55,731,520 pounds, the largest of any
since December, 1915, compensated
he minimum exports in May, which
were the smallest of any month since Sep-
1915. The average monthly ex-
t sixty day, has been a
little over !7,000 ton-, equivalent to 6 6
Unless there is a further sharp
„nthly foreign ship-
- during the next six months the total
, m year will tall nearly
ds under the exports in
the smallest annual ex-
foreign consumption during the first half
of 1916 have been approximately 1,028,-
000,000 pounds, the largest deliveries in
the history of the industry, being at the
rate of 171,000,000 pounds per month which,
if continued to the end of the year, indi-
cates a total yearly consumption of 2,052.-
000,000 pounds.
According to the U. S. Government re-
ports, surplus stocks of refined copper at
the beginning of the year, in the hands of
producing interests, were 82,429,666 pounds.
The supply available for consumption since
January 1st, thus, has been in excess of
1,182,000,000. As total deliveries during
the same time have been 1,028,000,-
000 pounds, the indication is that the
surplus in the hands of producers to-
COPPER PRICES IN JUNE.
New York London.
Lake. Electro. Casting. Standard.
Day.
Cents.
Cents.
Cents.
£
S
d
1
28.25
2 s.. -.11
26.25
1 20
0
0
2
28.25
28.50
26.06
120
0
0
5 ....
28.'.':,
28.50
26.06
124
0
0
G
28.25
28.50
26.00
124
0
0
7
28.25
28.50
2 i
124
0
0
8
?,8.00
28.00
28.875
123
10
0
9 . . . .
28.00
28.00
25.875
123
10
c
"8.00
28.00
J 5. 7 5
121
10
f
13
27.875
27.875
25.625
121
0
c
14
\ 50
27.625
25.25
118
0
c
1 :, ...
27.50
27.625
25.25
118
0
(
16 ...
27.25
27.25
25.125
113
0
(
19 ...
27.00
27.00
24.875
110
0
(
20 . . .
2 7.00
2 7.11(1
J4.625
106
0
(
21 ...
26.875
26.875
24.50
98
0
(
22
26.75
!6 75
24.375
97
0
(
23 . . .
26.75
26.75
24.125
98
0
(
26 ...
26.75
26.75
24.125
102
0
27 .. .
26.75
26.7.5
24.125
102
0
28 .. .
26.75
26.75
24.125
103
0
29 .. .
26.875
26.75
24.125
104
0
30 .. .
213.625
2 1.125
103
0
High
28.50
J8.875
26.50
124
0
Low
!6 0
26.375
24.(10
97
0
Av'ge
27.44
27.495
2 5. Id
1 12
8
COPPER PRICES.
LAKE COPPER PRICES.
ilj tverage prices of Lake Copper
\ ii I.
1913. 1914. 1915. 1916.
L4 37] S L6 89 L4.76 L3.89 24.10
i 1.38! L5.37J4 i 1.98 14.72J4 27.44
Mi: 14.87 14.96 14.72 15.11 27.42
Apr. 15.98 15.55 14. (is 17.4:: 28.91^
Ma} 1621 15.73 14.44 18.81 29.2854
June IT. 4:; L5.08 14.15 19.92 27.44
July 17.37 14.77 13.73 19.42
-\iu. 17. (U 15.79 12.08 17.47
17.69 16.72 12. 43JX 17.76
Oct. 17.69 16.S1 11.66 17.92J4
Nov. 17.66 15.90 11.93 18.86
17. 62'i 14.82 13.16 20.3754
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
Feb. 14.26 15.27 14.67 14.57 27.46
Mar. 14.78 14.9254 14.3354 14.96 27.44
Apr. 15.85 15.48 14.34 17.09 29.31
May 16.16 15.63 14.13 18.60 29.81
June 17.29 14.85 13.81 19.71 27.4954
July 17.35 14.57 13.49 19.08
Aug. 17.60 15.68 12.4154 17.22
Sept. 17.67 16.55 12.0S1 A 17.70! 4
Oct. 17.60 16.54 11.40 17.86
Nov. 17.49 15.47 11.74 18.83
Dec. 17.50Tj 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 14.2754 13.52 23.0654
Feb. 14.02 15.14 14.48 14.17 26.03
Mar. 14.53 14.76 14.18 14.34 25.90
Apr. 15.725-2 15.33 14.18 16.48 27.16
May 16.01 15.4554 14.00 17.41 27.37
June 17.08 14.72 13.65 18.74J4 25.10
July 17.09 14.40J4 13.3454 17.76J4
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 bas< price of sheet
copper so far this year are Riven below to-
gether with the price of Lake Copper on
the same dates:
1916 — ■ Sheet Copper. Lake Copper.
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 34.00 28.1254
March 25 34.50 27.3754
April 13 35.50 29.25
April 19 36.50 29.75
May 5 37.50 29.75
WATERBURY COPPER
1912. 1913. 1914.
Jan. 14.50 17.00 14.75
Feb. 14.50 15.50 15.1254
Mar. 15.00 15.1254 15.00
Apr. 16.00 15.75 14.8754
May 16.3754 15.8754 14.75
June 17.50 15.3754 14.3754
July 17.75 14.75 14.1254
Aug. 17.75 15.6254 13.00
Sept. 17.8754 16.8754 12.8754
Oct. 17.75 16.875-2 12.25
Nov. 17.75 16.25 12.25
Dec. 17.75 15.00 13.50
Av. 16.71 15.83 13.91 18.94
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 . 20,792 34.634 15.583 20,648
March . . . 42,428 46,504 30,148 26,321
April 33,274 35, 079 18,738 21,654
Ma> 38,601 32,077 28,889 16,062
June 28,015 35,182 16,976 *38,373
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 .. 382,810 360,229 276,344 146,721
* Includes only exports from Atlantic ports.
AVERAGES.
1915.
1916.
14.1254
24.75
15.25
27.75
15.75
28.00
18.50
29.00
2.2.50
29.8754
22.50
28.25
22.25
19.50
18.50
18.25
19.3754
20.75
THE STEEL AND METAL DIGEST.
Jul;
day is 154,000,000 pounds. The accumula-
tion in the half year has been 70,000,000
pounds. Stocks to-day. therefore, are
equivalent to less than 24 days production
and to less than one month's consumptive
i equirements.
Output of Refineries Well Sold Up.
It will be recalled that early in the sec-
ond quarter of the year, it was reported that
the producing interests had made sales on
domestic and foreign account equivalent to
nine months output of. the refineries at
that time. Production has since increased
but some additional substantial sales were
made early in May. Since the middle of
May, producers have sold very little metal
for either nearby or for future shipments.
It is therefore estimated that producers
contracts booked to July 1st including some
large tonnages sold during the last two
months of 1915, aggregated a little over
1,635,000,000 pounds. As deliveries to the
end of June have been over 1,028,000,000
pounds, it is indicated that unfilled orders
to-day are something more than 600,000,000
pounds, equivalent to three months produc-
tion at the maximum rate of output. There
is also a surplus of 154,000,000 pounds avail-
able for delivery on contracts. Orders
booked were not evenly distributed so that
some producers may need orders in Sep-
tember, while others have capacity well sold
through the year.
Smaller Consumption Weakens Market.
One of the most significant developments
in June was the decrease of melting by do-
mestic consumers, resulting from the small-
er orders for war munitions, in conjunc-
tion with the demands of labor for shorter
hours of work and for higher pay followed
by a decrease of efficiency. With smaller
consumption, supplies accumulated and
stocks becoming burdensome, consumers
either sold the surplus in the open market
Mr asked for delay in shipments on con-
tracts. As the month advanced, the pres-
sure to sell in the open market became more
pronounced and prices yielded more and
more, the decline for the month being lTk'
per pound. Since early in May, when
se culminated, the decline has been
between 3 and 4c per pound on nearby
months and ?, to 354c on shipments over the
uarter of the year. To-day spot Elec-
; i- difficult to -ell at 26f4c to 27c:
July 20'4c to 26j4c; August at 26c to
>, ember at 25j4c and later months
per pound.
Freer Offerings by Second Hands Offset
Good Effect of Inquiries.
During the last week of June, large sell
ing interests were encouraged by more nu
merous inquiries from abroad and by i
somewhat better demand for fourth quarte
shipments from small domestic consumer
but with freer offerings by second hands
the decline was only temporarily checked
A few supplementary orders were placei
to cover belated munitions contracts but th
demand was quickly satisfied.
Belief that the European war will b
over by the end of the year gained groum
throughout the trade during the montl
which, in the open market, increased th
desire to sell.
Foreign Market Dull and Weak.
The European market was dull, heav;
and weak most of the month and during th
first three weeks prices of American Elec
trolytic at London suffered a drop of £1'
from £144 to £130, with a subsequent re
covery of £2. The Standard market broki
£24 by June 22nd, and later reacted £6 oi
spot and £5 on futures with sales of smal
lots of spot on the closing day of the montl
at £103 and sales of futures at £100, be
ing a net decline of £18 on spot and o
£19 on futures.
SHEET COPPER PRICE CHANGES.
The changes in the base price of sheei
copper since Nov. 22, 1915, are given ir
the following table together with the pric<
of Lake Copper on the same dates:
1915 — Sheet Copper. Lake Copper.
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 24.12}4
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 28.12J4
March 25 34.50 27.3754
April 13 35.50 29.25
April 19 36.50 29.75
May 5 37.5P 29.75
\.\ on [MISTK \ li-.u Ol C( IPPER.
An Optimistic View Of The
Copper Situation.
w kcr," \'< isi i m, discusses the ci ipper
situatii hi as Ei illow s :
In the year 1912 Germany and Austria-
Hungary imported 576,448,320 pounds of
copper, ind in L913 587,623,680 pounds. Pre-
sumably, therefore, these countries would
have imported approximately 600, 000, 000
pounds in 1914 and 615,000,000 pounds in
L915, had there been no war. An examina-
tion oi the statistics shows that the United
States exported 251,117,440 pounds less cop-
per in 1915 and consumed only about 225,-
000,000 pounds more than in 1913. In order
—1912 —
in make il appear that the war demand
equalized the loss of Germany and Aus-
tria's markets, therefore, it would be neces-
;n\ to show that nearly three-quarters of
all the copper taken by the manufacturers
of the United States last year was con-
verted into war munitions. Consumers de-
clare that the proportion was much smaller
than this.
The consumption, production and imports
of the various countries of Europe for the
years 1912 and 1913 are given in the follow-
ing tabulation in pounds of copper:
—1913.—
Country.
Consumed.
Produced.
Imported
Consumed.
Produced.
Imported.
England
330,514,240
672,000
329,842,240
330,252,160
940,800
329,311,360
France
239,126,720
239,126,720
240,313,920
240,313,920
Russia
86,952,320
73,942,400
13,009,920
88,424,000
74,457,600
13,966,400
Italy
77,006,720
5.152,000
71,854,720
69,195,840
3,584,000
65,611,840
Total ....
733,600,000
79,766,400
653,S33,600
728,185,920
78,982,400
649,203,520
Belgium and
Holland
29,120,000
16,800,000
29,120,000
*11, 148,480
29,120,000
29,120,000
Scandinavia . .
27,948,480
19,040,000
28,246,400
*9, 206, 400
All othersf . .
5.600,000
132,003,200
*126,403,200
6,720,000
120,590,400
*113, 870,400
Total
51,520,000
159,951,680
* 108,431,680
54,880,000
148,836,800
*93,956,800
Germany ....
544,707,520
56,492,800
488,214,720
574,707,840
55,798,400
518,909,440
Aust'a-H'ng'ry
113,321,600
25,088,000
88,233,600
91,887,040
23,172,800
68,714,240
Total
658,029,120
81,580,800
576,448,320
666,594,880
78,971,200
587,623,680
Grand total 1,443,149,120 321,298,880 1,121,850,240 1,449.660,800 306.790,400 1,142,870,400
* Excess exports, t "All others" figures include Spain and Portugal, where the Rio
Tinto, Tharsis and other leading producing mines of Europe are located.
The detailed figures of 1915 are not yet
available and those for 1914 are of little or
no value, covering as they do seven months
of peace and five months of war. Contrast
the total imports of these countries in 1913,
namely 1,142,870,400 pounds, with United
States exports for the same year of 857,494,-
400 pounds, and it will be seen that nearly
30' i of their surplus requirements were sup-
plied by this country. It will be noted also
that about 56% of Europe's total imports
were taken by Germany and Austria-Hun-
gary.
The statistics show that about 820,000,-
000 pounds of copper was consumed in the
United States in the year 1912 and about
1913.
United States production 1,224,484,098
United States imports 405,410,000
United State- supplies 1. 629,924,098
United States exports 857,494,400
Left for home consumption 772,429,698
767,300,000 pounds in 1913, and that 1,044,-
400,000 pounds was taken by our manufac-
turers in 1915, the increased home consump-
tion being less than the decrease in ex-
ports. Unless there was a very much great-
er reduction in the industrial demand for
copper than anyone so far has estimated,
the munitions consumption for 1915 could
not have equalled the 615,000,000 pounds that
Germany and Austria would have taken
last year had their peaceful industrial prog-
ress continued.
The statistics collected from various
sources by the American Metal Market of
Xew York, when reduced to pounds and
summarized, show the following:
1915.
1,365,500,000
301,640,000
1,660,1 t0,O0O
606,376,960
1,053,763,0*0
Increase 141,015,902
Decrease 100,800,000
Increase 30,215,902
Decrease 251,117,440
Increase 281,333,342
324
THE STEEL AND METAL DIGEST.
iul
Of the 281,333,342 pounds increase in the
amount left for home consumptnon it is
probable that at least 150,000,000 pounds
was added to the quantity in process of elec-
trolytic refining, the refineries having been
running at about 60% capacity at the be-
ginning of the year and full at the end. Con-
sideration of this point makes it appear that
the estimate of 1.044.400.000 pounds as the
consumption of the United States in 1915
was too high rather than too low.
When one analyzes the production, con-
sumption, imports and exports statistics of
the various countries of the world during
the several years preceding the outbreak of
the European war he is forced to the con-
clusion that in the event of a world-wide in-
dustrial revival following the re-establish-
ment of peace the annual consumptive de-
mand will approximate 3,000,000,000 pounds
i copper, or 700.000.000 pounds more than
ever has come from the mines in a single
year. Germany and Austria apparently will
have reclaimed from wire-, roofs, hardware,
cooking utensils, etc., approximately 1,000,-
000.000 pounds during the two years of war-
fare, the armies and navies of those coun-
tries having fired as many shells as have
the allies. This copper should, an naturally
will be replaced. That half the amounts so
used will be picked up and recovered from
the battlefields would be a generous esti-
mate. If those countries are 500,000.000
pounds short on copper in use. 1. 200.000. 000
behind on imports and have no supplies in
their manufacturing plants when the war
cuds it must be assumed that they will im-
porl 850,000,000 pounds or more for each
of the first three years following the restor-
ation of peace and 750.OO0.O0li ir mhuhhi.ih
pounds annually thereafter.
There are other factors which indicat
that the world-wide demand for copper fr
industrial uses will" increase very much mor
rapidly in future years than it did prior t
the outbreak of the European war. For ii
stance, the annual convention of the Amer
can Railway, Master Mechanics' Associatio
and affiliated bodies at Atlantic City di
voted an entire day revently to the di:
cussion of the electrification of the entii
railroad systems of the United States. A
though the steam locomotive had it= stron
dependers. all of the speakers are declare
to have admitted the growing favor of ele<
trie power. It seemed to be the concenst
of opinion that the change, not alone ft
the passenger service, but for freight c
well, would prove ultimately an economi
measure.
If the railroad systems of the Unite
States are on the way to electrification
ma)' be nut down as certain that those i
the whole world are also. Of course sue
i change would not be accomplished in
decade or hardly in a score of years,
once the undertaking is under way it wi
be retarded seriously by inability
mines to supply the required amount of coi
per for this in addition to the world's oth«
industrial needs.
The outlook for the copper producing an
manufacturing industries is very much moi
promising, therefore, than ever heretofor
In view of all the facts it is most surprisin
that either consumers or producer- - ioul
entertain hopes or fears that the price (
the metal will decline again to 15 cenl
or less per pound.
-o-o-o-
WTIMONY IX JUNE.
Antimony In June.
Absence of Ammunition Orders Ma
I'u' lifeless market for antimony for
ni.uiy weeks was, and mm is, due to the
absence of ammunition orders, just as the
previous great activity, and the accompany-
in- high prices, resulted from the heavy war
orders for shrapnel shells — each sihell re-
quiring 12 pounds of antimony. Last year
many large shrapnel orders were placed
with American manufacturers. More re-
cently most of the Allies Government's am-
munition contracts placed here, were for
high explosive shells. Shrapnel is still be-
ing used extensively on the firing line but
most of such shells are being manufactured
in Europe.
In ordinary times the American antimony
trade is confined to jobbing lots of from
one to five tons. Seldom are large future
contracts executed in times of peace and
importers carry only moderate stocks com-
mensurate with consumptive requirements.
Large war orders, of course, placed here
for some months stimulated speculation and
in the face of the recognized danger of such
operations, many dealers, new to the trade,
took hazardous chances. The large profits,
at first secured, increased the desire to
plunge deeper. ^Yhen large buying sudden-
ly ceased, the trade generally was caught
with heavy future commitments with small
opportunity to pass on the burdensome sur-
plus. Losses and disappointment replaced
profits and optimism.
Continued Decline in Prices.
Tn June, the trade was painfully readjust-
ing to 'the changing conditions and as a
result prices dropped 10c per pound mak-
ing the full break from the highest point —
45c for Oriental reached in .March — 29c for
spot. The average price for Japanese and
Chinese antimony in normal times is in the
neighborhood of 6c to 7c per pound. The
present price of 15J^c of course is relatively-
high because of the absence of other brands
because of the absence of other brands
which usually are given preference. In the
last sixty days the domestic spot price for
American and Japanese has fallen 23%c
p( r pi nind.
The free offerings to America from the
i Irient in May were attributed to the can-
cellation of large Russian contracts placed
kes Market Dull and Lifeless.
in Japan. The metal thus suddenly released
was pressed for sale here increasing
competition in an already congested mar-
ket.
Free offerings of Metal Cause Further
Concessions.
At the beginning of June, jobbing lots,
of spot metal were freely offered at 24c to
25c for which there was scarcely am de-
mand. Requirements of consumers gener-
ally were well covered either by contracts
or by metal in stock. Even had consumers
been in need, they would have deferred
purchases while the pressure to sell was
plainly evident. The anxiety for orders was
made more apparent about June 7th, when
a fair-sized inquiry brought out offerings
ALUMINUM, SILVER and ANTIMONY
PRICES IN JUNE.
Aluminum. — Silver — Antimony.
N. Y. N. Y. London. N. Y.
Day. Cents. Cents. Pence. Cents.
1 .... 60.00 68J4 32% 24.50
. . 60.00 64% 31 24.50
64?4 31
. . 60.00 66% 3134 24.50
6 60.00 66% ■Mii 24.00
7 60.00 66% 31i| 22.50
8 61.00 66% 31% 22.50
9 61.00 6234 30 22.00
10 63^4 30%
12 .... 61.00 64% 31 21.50
13 61.00 03% 30% 20.50
14 62.00 63 30% 20.50
15 .... 64.00 62% 30^ 20.00
16 64.00 63% 30ft 20.00
17 63% 30%
19 64.00 6434 30 rS 19.00
20 64.00 64% 30% 19.00
21 64.00 64% 30ii 19.00
22 64.00 65 31 18.50
23 64.00 65% 3lft 18.50
24 66% 31ft
26 .... 63.00 6534 31% 18.25
27 63.00 66 31% 18.00
28 62.00 06% 31% 17.50
29 62.00 65% 31ft 17.00
30 62.00 65 31 17.00
High . 65.00 6834 32% 25.00
Low .. 59.00 6234 30 16.50
Av'ge . 68.09 65.02% 31.06 20.40
326
THE STEEL AND METAL DIGEST.
July
but no business resulted. The weak-
f sellers was demonstrated day by
day by prices dropping J4c per pound.
Greater concessions would have been grant-
ed had any serious intention been shown to
place a desirable order. By the middle of
the month, prices had dropped 4c to 5c per
pound. Importers' stocks were large and
burdensome, although not excessive, but it
was felt that consumers' supplies were de-
creasing.
Lowering of Prices Continues But No
Business Results.
On June 22nd, some inquiries for future
delivery, to cover an ammunition contract,
it seemed, developed keen competition and
brought out offers to sell at 1554c duty paid
for Aug. and Sept. delivery in 25-ton
lots. Jobbing lots of spot were offered at
1854c or less. Little if any business result-
ed. No improvement was apparent during
the last week of the month and more pres-
sure to sell caused a further drop to 1654c
per pound for small spot lots. No
interest in future contracts was evident. The
month closed upon a depressed and inan-
imate market with dealers mentally at sea
and with prices of a nominal character.
MONTANA MINES ACTIVE IN 1916.
The unusually high prices of metals in
1916 have stimulated mining to a marked
■degree in Montana, especially at Butte. At
the present rate of production, there will be
notable increases in the output of all metals.
and a marked increase in the total value of
the output. According to reports received
by the United States Geological Survey
from its Salt Lake representative V. C.
Heikes. the output is now being made at a
rate which will give a total value of about
$140,000,000 to the year's metals instead of
about $87,000,000, the value in 1915. The
production of gold from precious metal bul-
lion is showing a large increase and will
be augmented by gold from a much greater
output of copper ore. The production of
silver will doubtless keep pace with that
of copper and with the increased output of
zinc. The production of copper, though be-
low the normal in January and February,
has been increased toward the middle of the
year by both the Anaconda and East Butte
companies. This gain indicates that the out-
put of copper for the year may be 350,000,-
000 pounds against 275,000.000 pounds in
1915. The East Butte mine was averaging
1,300,000 pounds a month the first five
months and the Anaconda about 26,000,000
pounds a month, with a better rate in April
and May. The latter company has been busy
remodeling its big concentration plant at
Anaconda and constructing a zinc plant, as
well as building a new refinery at Great
Falls.
An increase of about 30% in the output
of zinc during the year is indicated. For
the first quarter of 1916 the Butte & Su-
perior mine produced nearly 48,000,000
pounds of gross zinc in concentrates, or at
the rate of 192,000,000 pounds a year. The
Elm Orlu mine has also increased ship-
ments of zinc concentrates to about 5,000
tons a month and may increase this rate.
The lead production will probably be in-
creased because of the great amount of
concentrates derived from lead-zinc ores.
High prices of metal have given better
wages and unusual profits, and may result
in record outputs of all metals.
CHINESE and JAPANESE ANTIMONY.
Average monthly price of Chinese and
Japanese (ordinary brands) in New York.
1912. 1913. 1914. 1915. 1916.
Jan.
6.89
8.77J4
6.03
15.24
42.26
Feb.
6.78
8.16
6.00
17.6254
43.8754
Mar.
6.78
7.91
5.94 '/4
20.9354
44.71
Apr.
6.87
7.82
5.83
23.97
41.3554
May
6.98
7.75
5.78
34.71
32.2054
June
7.07
7.62
5.6254
36.53^4
20.40
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 y2
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
\U MINI M IN JUNE.
Aluminum In June.
Aluminum was steady but quiet during the
first work of June with some small sales of
ingots made in the open market at approxi-
mately the prices current during .May. At
the beginning of the second week, a strong-
er tune was developed by an improved do-
mestic demand at ali'jc to 60c per pound
for \'o. 1 Virgin and by some export sales
at 61c per pound. Sales of cable wire, also
were made at 52c to 55c following small or-
ders at 56c placed during the preceding
u eek.
In June, as in April, the Aluminum Co. of
America fell behind in making deliveries on
contracts, which checked a disposition,
among purchasers, to resell metal received
on contracts for specific dates of delivery.
The difficulty of obtaining supplies caused
a firmer feeling and slightly higher prices
prevailed for jobbing lots.
More prospective foreign orders also help-
ed the upward tendency. Before the ex-
port inquiries were generally known, how-
ever, most of the floating supply in the open
market had been concentrated in a few
hands. The foreign negotiations were on
future shipments for which positions hold-
ers asked a premium over the prices current
for spot, the latter being advanced to 60c
to 62c for Virgin No. 1 and 58c to 60c
for 98-99% remelted but No. 12 alloy re-
melted was in more ample supply and rela-
tively easier at 48c to 49c per pound. Quiet
buying continued for several days and prices
advanced lc to 2c per pound. By the middle
ALUMINUM AND SILVER PRICES.
New York
— Aluminum — Silver
1914. 1915. 1916. 1914. 1915. 1916.
Jan. 18.86 19.01 54.33 57.56 48.894 56.774
Feb. 18.804 19.20 57.50 57.504 48.48 56.754
Mar. 18.30 18.944 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 60.00 58.18 49.914 74.27
June 17.82 29.66 62.09 56.47 49.03 65.024
July 17.59 32.50 54.68 47.52
Aug. 20.38 34.00 54.34 47.18
Sep. 19.284 46.75 ..... 53.29 48.68
Oct. 18.25 54.174 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 34.13 54.81 49.69
oi the month most of the supplies available
in the open market, had been absorbed and
while small lots of No. 1 Virgin sold at 63<
to 64c, carload lots were held al 65c and
98 to 99% remelted, was difficult to buy
under 63c, In fact, the small supplies avail-
able for resale, were practically cornered
and prices were arbitrarily held at 63c to
65c for No. I Virgin and at 61c to 63c for
98-99$ remelted but no attempt was made
to control supplies of No. 12 alloy, remelt-
ed.
As usual, however, under such circum-
stances, the sharp advance in asking prices
brought out invisible supplies and offerings
to sell from unexpected sources at conces-
sions of lc to 2c per pound from the prices
demanded for the cornered supplies. No
domestic buyers could be found even at
these prices and the budding export orders
were withdrawn. Home buyers were of-
fered a few small lots of spot Virgin at 63c
but scarcely any sales resulted.
During the last week of the month this
latter price was shaded 1 to lj^c and even
2c per pound with buyelrs still holding
aloof. Before the end of the month there
was a further reaction to about 61c for
jobbing lots of No. 1 Virgin ingots. Ex-
porters were no longer in the market but
a further recession may encourage new for-
eign inquiries with hope of better success in
securing moderate amounts in the open
market.
QUICKSILVER
PRICES
Monthly average prices
of Quicksilver in
New-
York (flasks
of 75 pounds).
1913.
1914.
1915.
1916.
Jan.
.... 40.00
38.05
50.90
214.76
Feb.
. . . 40.00
38.00
58.05^
288.50
Mar.
.... 39.50
38.00
62.93^
223.91
April
. . . 39.14
38.00
65.71H
140.1054
May
.... 39.19
38.00
72.65
96.95
June
39.67
37.73
S7.91
73.04J '
July
39.00
35.87
93.33
Aug.
39.00
74. 19 $4
91.79^
Sept.
. . . 39.00
73.57
89.09*4
Oct.
38.59
50.5914
92.40
Nov.
38.00
51.72
102.25
Dec.
38.50
51.61
126.52
Average. 39.13
47.11
82.80
THE STEEL AND .METAL DIGEST.
July
Continued Demand for
Quicksilver.
The domestic quicksilver industry ha a
continued active during the first six months
of 1916, and the average price for the period
has been about- double the exceptionally
high average for the entire year 1915.
Figures just compiled by the diked
States Geological Survey show that the
total production of quicksilver in the Uni-
ates in 1915 was 21.031 flasks of 75
pounds each, having a marketed value of
$1,826,912, or an average of $86.86 per
flash. Of this output 14,283 flasks, selling
for $1,174,881, came from California, and
the remainder almost entirely from Texas
and Nevada. The actual average sales value
for the whole country exceeded the aver-
age market value in San Francisco — which
was $85.80 for the year. In 1914 the do-
mestic output was 16.548 Masks, valued at
$811,680, and therefore the production for
1915 showed an increase of over 27% in
quantity and 125% in value.
The increased domestic demand for quick-
silver in the last 18 months has been due
mainly to war requirements for fulminate
and drugs. Early in 1915 domestic stocks
began in be drawn upon and production
became more active, but as foreign em-
bargoes left the field clear and domestic out-
put was unable to meet the rapidly in-
creasing call for the metal, prices continued
to rise throughout the year and into the
early months of 1916, the high mark of $300
a flash being passed in February. Natural-
ly every mine and prospect became of inter-
est. The reaction set in, however, as the
high prices drew out quicksilver supplies in
Mexico and elsewhere that had been orig-
inally purchased for amalgamation of gold
and silver ores, and finally as the British
nment permitted exports to America
under certain limitations. The average
monthly domestic price in San Francisco,
which had climbed from $51.90 in January,
1915, to $295 in February, 1916, dropped to
$219 in March, $141.60 in April. $90 in May,
and about $72 in June.
The market remains steady and in general
highly profitable, and as domestic prices
have dropped below London quotations ex-
ports rather than imports of the metal
may be expected. There is probably no
great quantity of metal stored, and con-
sumption is undoubtedly abnormally large.
Favorable markets have brought out great
activity in search for new prospects, and
discoveries near Morton, Wash., and Beagle.
Ore., in 1916 have led to some development
and construction of reduction plants. Also
in the Skull Valley deposits, Ariz., referred
to many years ago by W. P. Blake, and at
Black Pine. Idaho, some activity is report-
ed. Many old furnaces have been repaired
or enlarged in California. Nevada, and
Texas, old workings have been reopened,
and new discoveries have been developed.
Very likely the exceptionally high prices
of the last few months have led to gouging
and robbing many mines of their best
ore, and the average tenor of the ore work-
ed by the larger mines during the first half
of 1915 may prove considerably below that
of previous years. Moreover, some mines
have undoubtedly passed their maximum
productivity. These conditions are prob-
ably offset to some extent by the fact that
more furnace capacity is now working on
quicksilver ores than at any previous time
in the history of the industry. On the
whole the midyear outlook is for an output
in 1916 fully equal to that of 1915.
o O-
BRANDS OF C< >PPER IN U. S.
BRWDJ OF COPPER IN UNITED STATES.
are
Atlantic
I imet & Hecla
net & Hecla
net & Hecla
Centennial
Copper Range
Franklin
Isle Royale
Mass.
Michigan
Mohawk
Osceola
Quincy
Tamarack
Victoria
Winona
rine
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.
Philadelphia, Pa.
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.
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, X. J.
Perth Amboy, N. J.
Chrome, X. J.
Laurel Hill, L. I.
CASTING.
Refined at:
Xewark, N. J.
Great Falls, Mont.
Blue Island, 111.
Pittsburgh, Pa.
Laurel Hill, L. I.
Laurel Hill, L. I.
Tottenville, X. Y.
Chrome. X. J.
White & Bro., Inc.
B
randed.
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.
M;
1SS.
M.
C
M,
M
T.
O.
Q.
M
O,
T.
0.
V.
c.
W
. A
W
B
randed.
P.
A.
Bb
B.
E.
R.
B.
&
M.
C.
C.
R
C.
* Q-
A.
L.
S.
L.
X.
s.
0.
E.
c.
X.
E.
c.
D.
R.
w.
R.
M.
c.
B
randed.
X.
B.
C.
M.
A.
C.
c. :
R.
D.
E.
C.
C.
X.
C.
P.
D.
Co.
C.
T.
C.
D.
S.
W.
B.
THE STEEL AND METAL DIGEST.
Julj
Gold and Silver In 1916.
The precious-metal mining industries con-
tinued active during the first six months
of 1916 practically all important mines and
mills operating at full capacity, according
to a statement just issued by the United
States Geological Survey. Shortage of
cyanide supplies, feared in 1915, was obviat-
ed by increased output of domestic sodium
cyanide, which has practically replaced
potassium cyanide in the leaching of pre-
cious metals. Flotation has begun to in-
crease saving of gold from tailings. There
may have been some decrease in gold pros-
pecting during the last eight or ten months,
as many gold prospectors have been giving
attention to deposits of tungsten, antimony,
quicksilver, and other mineral products
whose value has enhanced since the out-
break of the war. There was also some la-
bor shortage at mines and mills owing to
high wages paid in factories making war
supplies.
Final figures of the Geological Survey and
the Bureau of the Mint give a total domestic
production for 1915 of $101,035,700 in gold,
and 74,961,075 ounces of silver, valued at
$37,397,300, against $94,531,800 in gold and
72,455,100 ounces of silver in 1914. These
figures include the gold production of the
Philippines, which has been steadily on the
increase.
The total output both of gold and silver
reported for 1915 was the highest ever rec-
orded under the American flag, but if the
Philippine output be eliminated the produc-
tion of gold in the United States proper
was but little above the previous record year
of 1909. The output of silver for 1915 was
materially above the preceding record yield
of 1914. For 1916, from the midyear point
of view, the output of gold which is appar-
ently falling off somewhat as compared with
1'Jlo. in Colorado, California, Nevada, and
some other States, and increasing possibly
in Arizona, Oregon, the Philippines, Idaho,
Montana, New Mexico, and elsewhere, will
probably reach a total somewhat below the
high output of .1915. The production of
silver, however, will undoubtedly again
break all previous records, as the output of
silver ores and of the copper, lead, and zinc
ores which produce silver in notable quan-
tities will exceed that of any preceding
year, owing to steady demand and higl
prices for all metals.
Prices of silver were low in the greatei
part of 1915. The monthly average commer
cial price at N. Y., which rose to abou
52 cents an ounce in November, however
reached 55 cents in December, and climbec
steadily to over 74 cents in May, 1916, bu
fell to about 65 cents in June. The sharp in
crease in prices resulted from strong de
maud for the Far East at the end of 191;
and abnormally large requirements by thi
belligerent countries for coinage for tin
troops in the field. These demands founc
available stocks low, largely because of th<
great falling off in the Mexican outpu
due to the long continued disturbance there
With the consequent inevitable rise in price:
domestic producers of silver profited great
ly. notwithstanding the increased cost of la
bor and of mining supplies. Silver is in de
mand not only for coinage but also foi
sterling and other silver wares, as well a;
for drugs and chemicals. The manufactun
of silver salts used in photography, particu
larly in films for hand cameras and cinte.
matographs, has vastly increased in recen'
years. The midyear outlook indicates con
tinued demand for silver, the metal last tc
benefit by the general domestic prosperity
COMMODITY PRICES SHOW
YIELDING TENDENCIES.
Yielding tendencies became more pro.
nounced in some of the leading commoditj
markets last month, and on July 1 "Dun*;
Index Number" of wholesale quotations
stood at $145,142, against $145,397 on June 1
The present total compares with $124, OSS
a year ago, but is $1,055 below the recenl
high level, which was $146,197 on May 1
That the readjustment of prices is nut yd
general, however, is evidenced by the
further rise in several important articles oi
consumption, while premiums are still of-
fered in case- where needs are particularly
urgent. But these are the exception and,
with most requirements largely covered
ahead, competitive buying has abated. In
contrast to former conditions, declines now
predominate and such advances as have oc-
curred are. in the main, much less striking
than previously.
The
Steel and Metal
DIGEST
VOL. VI.
NEW YORK, AUGUST, 1916.
NO. 8.
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.
CONTENTS.
Business Situation and Outlook 331
The Effort to Make Finished Steel Con-
tract Binding 336
Remarkable Steel Earnings 338
Promise and Performance in American
Spelter Production 370
Steel Production in 1915 340
Iron and Steel Statistics 342
Progress in By-Product Coke 343
Manufactures in the United States .... 345
The Shipping Bill 349
Tungsten Production 353
Steel Plants 347
Topical Talks on Iron 348
Business Trends 334-335
Comparison of Metal Prices 354
Comparison of Security Prices 355
Market Reviews:
Iron and Steel 350
Copper 372
Tin 363
Spelter 368
Lead 366
Antimony 375
Aluminum 375
Joplin Zinc and Lead Ore Market .... 377
Iron and Steel Imports and Exports .. 357
Price Changes of Iron and Steel
Products 358
Business Situation and
OutoooL
War the Predominating Factor.
The war, as might be expected, contin-
ues to occupy the stage in the business
mind to the elimination of almost every-
thing else. Other factors such as the
labor situation, the crops, the com-
ing Presidential election, the Mexican
troubles from the prominence given in
the public press would seem to be the
features considered of greatest present
interest to the American business world.
But these are only on .the surface.
What really grips the attention and
thoughts of business men are the de-
velopments in the War situation. Their
constant effort is to calculate the dura-
tion of the struggle. How long is the
War to last, and what is to be the ef-
fect of its end on our economic situ-
ation is a subject that dominates all
other discussion when business men
meet. They know too well that on a
correct diagnosis and forecast will de-
pend the success of their business oper-
ations. It is no exaggeration to say that
since our overwhelming prosperity has
come as result of War orders, the term-
ination of War orders would end our
enormous profits and the sharp adjust-
ment of business operations to other
conditions would tax all our business
ability. Furthermore unless this were
carefully handled the adjustment might
result in trouble and severe loss.
The Peace Scare a Month Ago.
About a month ago there came over
the public mind a feeling that the War
might reach a sudden termination, and
332
THE STEEL AND METAL DIGEST.
Align:
a chill swept over many of the trades
that had been wallowing in prosperity
due to the war orders. Looking back
to-day, it is difficult to see what there
was in the situation to warrant this
opinion, but nevertheless it was very
real and was intensified by what seem-
ed to be a suspension of buying by the
Allies. Our shipments on old contracts
were larger than ever but we were get-
ting no new orders. Prices that had
been inflated in many commodities
started to decline and there developed
in many industries considerable appre-
hension. There was a feeling that the
game was over ; chances of future prof-
its were too dangerous to permit a
further effort to exploit the situation.
Many felt better to devote their ener-
gies 'to keep what they had made, while
the other fellow continued the game^ if
he were rash enough to do so. "Get
out and deliver orders on your books
as quickly as possible, and buy no raw
materials except on actual orders that
would stick'" was the slogan no matter
what future developments might be.
Peace a Long Way Off.
There has, however, been a gradual
ehange in this attitude of late although
the effect previously caused has remain-
ed in many commodities. Instead of an
early peace there has grown the firm
conviction that the War is a long way
from being over. No signs of exhaus-
tion are seen, either in money, men, or
determination of the combatants. If
there was any chance of a patched up
. a compromise on the ideals for
which the Allies are fighting, it has dis-
appeared with the two years of struggle
and in its place has come a greater de-
termination and intense resolve to fight
out to a finish, win or lose. The long
preparation that has been going on with
the Allies is now being demonstrated in
the late successes that seem to be at-
tending their efforts. They undoubt-
edly feel each day brings them nearer
to \ Letory. 'flic "deaf adder that stop-
ped its ears" is the Allied attitude to
any talk of peace until the attainment
of what they have set out to accomplish.
Germany Still Strong— Revolution
Very Unlikely.
But how about Germany? Granted
we may see continued weakening of In
allies. Austria. Turkey and Bulgari
but while Germany stands fast the Wi
will go on. Germany may crack in tl
inside from exhaustion or revolutic
but this seems very unlikely. As regari
the former while we know very little <
internal affairs there is no basis for tl
belief that Germany will be economi
ally exhausted for a year or more. R
garding a revolution, who is there 1
make a revolution? The military trai.
ing of the German soldiers make sue
a possibility unthinkable, and it appli
not only to the men in the field but
their other army engaged under mi:
tary control in the economic necessiti
of the nation. If a situation arises fro
distress to sweep those outside tl
ranks into rebellion, who is there
make it successful since it would be
the hands of old men, women and ch
dren and the male wastage of the wa
The authorities would quickly kno
how to deal with any attempt of th
kind.
Will Germany crack on the outside,
other words, on their front to the e
emy ? Not in our opinion for some tin
to come !
German patriotism is too great, h
armies too powerful and she is still
the enemy's country. If she has to i
treat to her own borders her .resistan
will be greater than it is to-day.
The terms the Allies have set are
drastic and uncompromising that th
are quite impossible of acceptance
Germany until she has been beaten
her knees. As the fight is for the elh
ination of the Hohenzollerns and wh
they stand for, and as these War Lor
power is enormously increased by r<
son of the War it is certain they w
fight to the end.
Another Year or More of War.
No, the War seems certain for anol
er year or even more. If this is to
the ease we are facing a continued w
demand and with it must come a :
turn in part at least of war marki
for commodities. The Allies have ma
preparations to make a great deal
the commodities they need, but th
cannot develop to any extent any m
sources of the raw materials that th
must have, hence must draw from i
Ill Hi
'HE STEEL A.\D METAL DIGEST.
333
Thej have undoubtedly accumulated a
supply of these raw materials, as the
Allies have bought uothing to speak of
during the past two or three months.
Buy they must if the war is continued
another year. Enter the American mar-
ket they must before long and for heavy
purchases. Lt would seem as though
this has already begun as shown in the
demand for steel and the remarkable
position in that market which has
lately developed. It Is on this expec-
tation that the entire strength of the
copper market is based and which is
holding it from declining from even its
present inflated price basis To speak
of the metal trade we believe the war-
demand will be felt in the next few
months in spelter, lead and antimony
which have so sensationally declined
in fears of war demand being shut off.
The other prominent metal, tin, not be-
ing a war demand metal may be ex-
pected to fluctuate as it is influenced
by the sentimental effects of the other
metals, and risks of ocean transporta-
tion, also British regulations, as it is
the only metal we do not produce. Tin
is almost entirely produced in British
dominions under the control of the Brit-
ish Government. Neither do we see
any falling off in general consumption
for home needs. Even if the crops are
disappointing and the labor question
troublesome and the Presidential Elec-
tion disturbing to business as it usual-
ly is, we are flooded with an accumu-
lation of fluid wealth, and this wealth
and prosperity must and will show it-
self in a heavy home consumption. If la-
bor demands are extravagant they will
nevertheless be temporarily granted. If
crops are disappointing the lessened
wealth will hardly be felt while the
War lasts. If we are to change our
['resident, there has seldom been a
time when it is likely to lie productive
of less change in domestic affairs in
spite of all the talk of change of poli-
cies. Whatever party wins, the policy
that, will dwarf all others will be to
keep America prosperous and at peace.
Any risk id' ou.r being involved in War
is each day getting more remote.
Confidence and Business Activity
Returning.
What we will have to worry over is
when the War ends and with it our
great profits and prosperity, but if that
is a year or more off it will not cast
its real shadow for some time to come.
Our view is, the shadow shown a few
weeks ago is now disappearing. It is
well we have had these shadows in the
past. They tend to keep us duly
warned.
To sum up, we believe we have been
unduly affected of late by peace talk,
for which there is no real basis, and
that a reaction to restored confidence
and business activity has begun.
We must not take Wall Street as a
guide under present conditions. While
the Street has been depressed on war
stocks, it is a continued War that is
really at the bottom of Wall Street's
inability to move up prices of securi-
ties because they know continued War
will cause heavy foreign purchases of
American commodities. As we are not
making presents, but receiving pay for
all we sell, we must receive, to a great
extent, this pay in our European-held
securities, or by purchasing of their se-
curities, foreign loans, etc., all which
must find an investment buyer here.
-o-O-o-
334
THE STEEL AND METAL DIGEST.
August
Business Trends.
STOCK PRICES SINCE THE WAR.
During the two years of war, stock values
have made a great deal of progress for-
ward and have suffered a considerable re-
action, the net result being, however, sub-
stantial improvement. On this subject
"Bradstreet's" latest issue says in part as
follows:
"Retrospects of the two years during
which the greatest war in all history has
been in progress are now in order. Great
and in many particulars unparalleled
changes have occurred in all fields of busi-
ness activity during that period. In no de-
partment have events moved more rapidly
or afford greater contrasts than tho-e wit-
nessed in the financial markets. The Ameri-
can' securities market in particular has
passed through a series of highly interest-
ing and at times exciting episodes. Even
before the actual break between the Euro-
pean powers, the stock market was sub-
jected to a flood of selling from abroad
which, before the end of the New York
Stock Exchange's session on July 30, 1914,
brought prices at that institution to the
lowest levels they had reached for some
time. As the Stock Exchange did not open
for business on the following day, it has
been customary to date the war market
from July 30, 1914, and accordingly the
quotations as of that date are regarded as
the record level from which the war mar-
ket began its course. How the market hesi-
tated and even receded after the reopening
of the Stock Exchange, but finally began
to respond in the early spring of 1915 to
the stimulating influence of Europe's pur-
chases of supplies and war munitions in
this country, are matters of financial his-
tory."
OUR ENORMOUS FOREIGN TRADE.
Exports for the fiscal year just ended
with Tune amounted to $4,333,698,604 and
the imports were valued at $2,197,984,842,
making a total foreign trade for the year
r $6,500,000,000. which is much larger
than any previous total in the history of
American commerce.
While Tune showed a -lightly small*
of exports than did May. the decrease of
about $10,000,000 was more apparent than
real, and was due to there being one day
less in June. Actually, the daily exports in
June were $15,400,000 as against $15,200,000
in May, and June, the day less considered,
really saw export trade at the highest point
yet reached. This showing for a summer
month is significant, and, coupled with the
steady rise of exports month by month
since January, renders it an open question
whether, with shipping room more abund-
ant and an increased movement of domestic
products in the fall, we may not look for
still higher levels of export trade during the
coming autumn.
Our foreign trade in June and for the
fiscal year ended June 30th, compare as
follows:
June— 1915. 1916.
Exports $268,601,599 $464,824,051
Imports 157,746.140 245,896,771
Exc. of exports $131,933,291 $242,695,b5!
Fiscal year ended July 31st:
1915. 1916.
Exports $2,768,589,340 $4,333,698,60'
Imports 1,674,169,740 2,197,984,841
Ex. of exports $1,094,419,600 $2,135,713,76!
FEWER FAILURES— LIGHTER
LIABILITIES.
There were only 1.164 failures reported b
Bradstreet's Journal for the month of Jul}
a decrease of 7.8% from June, of 19% fror.
July, 1915 and of 4.5% from July, 1914. Com
pared with July, 1913 and 1912, however, a
increase of 9% is shown. July liabilities ag
gregate $10,158,246, an increase of 22% ove
June, but a decrease of 33% from July las
year, and the smallest recorded in an
month but June for five years past.
"Failures and liabilities of failing trader
alike reflect the existence of exceptionall
good conditions in trade and the possessio
by the general public of plenty of money
says "Bradstreet.s," "despite the continue
high level of all values, due to the abnorm:
conditions brought about by the Europea
war. Failures are on a slowly descendin
scale, and liabilities indicate that big an
'little' business alike are prosperous, no
withstanding the concededly large numbi
of new ventures in commercial and indu
trial pursuits. July failures, in fact, reve
the smallest total in two years, while liabil
ties for that month were, with the exce;
tion of those for June, the smallest record<
since July. 1911."
L916
BUSINESS TRENDS.
335
Business Trends.
PIG IRON OUTPUT LESS,
["he effect of the high temperatures and
humidity is plainly -ecu in the July returns
of pig iron production. The report of the
"Iron Age" shows an output of 3,386,719
tons last month, or 104,088 tons a day,
against 3,211,588 tons, or 107.053 tons daily,
in June. Thus, the rate per day was re-
duced about 3,000 tons and there was a net
loss of six furnaces during the period, 319
being active on August 1, as compared with
525 a month earlier. It appears, therefore,
that weather conditions were not the only
factor tending to cut down production, some
furnaces finding it imperative to go out for
relining.
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 67,506 73,015 108,422
June 87,619 63,916 79,361 107,053
July 82,601 63,150 82,691 104,088
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. P3.187 48,896 103.333
BIG CAPITAL INVESTED IN NEW
ENTERPRISES.
That promoters of new enterprises con-
tinue active is plainly indicated in the re-
turns for the month of July. The papers
filed for new companies in the Eastern
States with a capital of 1,000,000 or over dis-
close a total of $217,662,500. This is about
206% larger than in July a year ago, and
217% greater than for July two years ago.
But more than 50% of the total was fur-
nished by two concerns. In keeping with
the monthly showing fm- quite a while all
lines of industries are represented.
The grand total of all companies with an
authorized capital of $100,000 or over, cov-
ering all States, including those of the East
for July, reached $320,057,500, an increase of
HI',.
Tin- incorporations since Jim' in l of
companies with a capital of $100,000 or over-
reached the huge total of $2,300,545,100, an
increase of 1 037; over the same pel n
year ago. Of this amount concerns that
took out charters in the Eastern States with
a capital of $1,000,000 or over furnished $1.-
6110,137,800, an increase of almost 215% 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:
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
May 209,735,000 78,950,000 62,700,000
June 264,350,000 181,247,100 70,050,000
July 217,662,550 71,100,000 68,700,000
Total $1,690,137,800 $538,647,100 $566,960,000
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
JULY BANK CLEARINGS.
"Dun's Review" reports that the total of
exchanges during July broke all previous
records for that month and says in part as
follows:
"With commerce and industry continuing
remarkably active for the season, bank
clearings during July set a new high record
for the period. The total at 131 leading
centers in the United States was $19,288,-
204, S28, a reduction of about 6.5% from the
June aggregate, but an increase of 29.7%
over last year and of 33.7% as compared
with July, 1914. In spite of the material
contraction in stock market dealings, ex-
changes at New York showed gains of 31.6
and 39.8%, respectively, while at outside
cities there were similar differences of 37.1
and 25.6%. The expansion in clearings last
month, in comparison with the two imme-
diately preceding years, was country-\
every section reporting improvement, not-
ably the Middle Atlantic Si
THE STEEL AND METAL DIGEST.
August
The Effort to Make Finished
Steel Contract Binding.
The National Association of Sheet and
Tin Plate Manufacturers has been organ-
ized with a membership comprising almost
all the independent sheet steel manufactur-
ers, one of the chief objects being to es-
tablish a trade practice whereby contracts
for the sale of sheets will be binding. In
other branches of the finished steel trade
more thought than ever is being given to
this subject and definite reforms may be
undertaken.
The sheet manufacturers now propose to
do away with the trade practice of regard-
ing a sheet contract as more or less of an
option, whereby the mill must deliver if the
market remains strong or advances, but
the so-called contract being thus rather
an option.
There are two questions of responsibility
in connection with the practice which the
manufacturers now expect to kill, one as to
its origin and the other as to its discontinu-
ance. As to the origin there has been little
disposition to mention individual men or in-
dividual producing companies, and the
actual source of the practice has seldom
been questioned, not, we think, from a lack
of insight but rather from a lack of frank-
ness. We do not hesitate to express our
long standing conviction that the practice
arose from the cotrolled market which was
the rule rather than the exception for quite
a number of years. In a controlled market
a price guarantee, expressed or implied, is
quite natural. The buyer, fearing a break
at any time when there is an artificial ele-
ment in the market, naturally demands the
guarantee, while the seller is moved to give
the guarantee demanded for two reasons,
first because that is the only way in which
he can sell and second because if the situa-
tion i- plastered with guaranteed contracts
- the strongest compelling force to
prevent his competitors from cutting
pri es. All this is perfectly obvious, and
tlie condition complained of in recent years
i- due -imply tu the fact that the controlled
market disappeared while it^ attendant fea-
tured to be preserved in a period for
which it was in no wi^e fitted. It is well
t jecl the i ibsen atii m here thai sui h
an analysis is in itself sufficient, apart from
the plain statement of the mills involved,
to indicate that the movement to make cm-
tracts specific and binding, instead of op-
tions, carries with it no suggestion that any
effort can be undertaken to restore a con-
trolled market, but rather suggests a move-
ment still farther away from a controlled
market.
As to the responsibility for the discon-
tinuance of the practice, this has clearly
rested with the manufacturers. The buyers
have simply taken conditions as they found
them and if it is a custom in the trade to
revise contract prices the individual buyer
simply contends strenuously that he should
be treated as others.
It would be superficial to regard the es-
tablishment of a practice of making bind-
ing contracts, instead of giving options,
from the viewpoint of the market as it has
hitherto devlope'd, i. e., no buyer or seller
should picture to himself a market in which
contracts are made at prices and with de-
livery periods such as have obtained in the
past, with the simple difference that these
contracts are to be enforced instead of be-
ing carried or disregarded at will. If it
becomes established that the contracts writ-
ten will be enforced as to tonnage, delivery
and price, then obviously the making of
these contracts will be entirely different.
When the buyer and seller come to negotiate
the making of a binding contract the atti-
tude on both sides will be entirely differ-
ent, and the contracts in their general terms,
as to prices, tonnages and delivery periods,
will undoubtedly be quite different. In one
set of market conditions the sellers may be
much more ready to sell and the buyei
much less ready to buy. Tn another set of
conditions the positions may be reversed,
the buyer then being the anxious party and
the seller the reserved party. The markets
would be made altogether differently. It
is difficult to conjecture precisely what
changes would occur, but it is certain that
there would be changes. In general, the av-
erage period for which contracts would be
written would probably be shortened.
\n additional responsibility would be
1916
FINISHED STEEL CONTRACT.
331
dei ision to
' '- ■ - ific time would
'. b\ ion importan
quences \- th< practice hitherto common
esulted in practicallj everybody being
■ i care of, the buyer who considers his
judgment better than that of the majority
of in- competitors should welcome a change
of this sort, as it would give him the ad-
vantage of his superior abilitj .
The Proposed Sheet Contract.
The contract proposed by the sheet as-
sociation is in substance that just formu-
lated by the contract committee of the
American Iron and Steel Institute, this con-
tract being intended for general use in the
finished steel trade, for the sale of bars,
plates, shapes, etc., etc., as well as sheets.
The contract involves various improve-
ments over the forms now in common use,
but the most vital of all is provision for
liquidating damages in case of failure by
either party to carry out the contract in full.
Many contracts used in the past have 'been
impossible of legal enforcement for two rea-
sons. First, they did not make the obli-
gation mutual. Second, they provided no
means of proving actual loss and assessing
a definite measure of damages. The pro-
posed contract meets these legal objections
and in a manner that has been approved by
excellent legal talent. The measure of dam-
ages, if the buyer fails to specify or the
seller fails to deliver, is the difference be-
tween the contract price and the market
price at the time the failure occurs, but
with the added provision that in no case
shall the liquidating damages be less than
i"'< -if the contract price. In determining
whether or not to make a given contract,
both buyer and seller must have a quanti-
tative conception of the liability involved,
nnd the parties will have the definite con-
ception of the liability involved, and the
parties will have the definite conception that
the liabilitj i lilure will not be
less than L0%, [i tin i ontrai i prici foi
38 gauge sheets is 3.00c, then the minimum
liability for failure will be $6 per ton in
the case i il 88 gauge c imrm m shi i I
The sheet trade ha- noi been reformed,
but a formidable effort has been seriously
undertaken. Information as to the in. i
in which the associaton has been organized
indicates that the manufacturers are in dead
earnest, and that any failure, after what
they have done already, would be a momen-
tous one that should not be regarded at this
time as even a moderately remote contin-
gency.
The question naturally arises what will
now be done in other branches of the fin-
ished steed trade. There has been a great
deal said in the steel trade in recent years
about a contract being a contract, and the
motto, in big type, "A CONTRACT IS A
CONTRACT" hangs on the wall of many
finished steel selling offices. Perhaps that
motto is true, but we believe only in the
sense a contract is a contract; but— what
kind of a contract? This is a new kind of
contract proposed by the Instiute. The
sheet manufacturers have had to air their
grievances in order to bring the evil in the
limelight and create the enthusiasm neces-
sary for its correction. Several other
branches of the finished steel trade are sub-
ject to substantially the same conditions.
The fact has simply not been advertised so
extensively.
What is now going to be done in those
other branches? A policy of watchful wait-
ing is not to be commended. The sheet
manufacturers are firmly convinced that
there movement has been started at pre-
cisely the psychological moment to insure
success. Watchful waiting, until such time
as the movement may be proved to have
been a success, would be to a time when
the psychological moment would have
passed.
o-O-o-
338
THE STEEL AND METAL DIGEST.
Aueus
Remarkable Steel Earnings.
Steel Corporation
In only two years in the United States
Steel Corporation's history has it reported
as large earnings, for the year, as it has
now reported for the first half of this year.
In two years. 1904 and 1914, it earned less
in the whole year than it has earned in the
quarter just ended.
\t $81 126,048 for the second quarter the
earnings 'were at the rate of $324,500,000 a
year. The average earnings in the 14 years^
1902 to 1915 inclusive, were $117,000,000 a
year, so that the earnings in the last quarter
were at a rate 178% greater than the pre-
vious average.
The extra 1% dividend declared on the
common stock absorbs only about $5,000,-
000 or one-quarter of the increase in the
earnings over those of the first quarter even
though that quarter has shown a surplus
of $32 854,172. At the beginning of the year
the corporation had $94,083,805 in cash.
Since that date it has earned more than $80,-'
000 000 over all dividends and other items
and the bulk of this increase probably ex-
ists in cash. While the corporation has a
new construction program at present of
$140 000.000 it is impossible to spend the
money rapidly as men and materials cannot
be found. Spending money as fast as it
can, and taking the funds entirely from
surplus earnings, the corporation is still
accumulating in current assets, while the
book surplus increases beyond this to the
extent that the improvements are entered in
the capital account.
While the second quarter's earnings show
a large increase over those of the first
quarter the progressive increase month by
month is equally startling. The increases
from March to April and from April
to May were the largest monthly increases
ever shown. There were four factors in-
volved \ small increase in tonnage out-
put a considerable increase in average real-
ized price-, the inception of Lake Superior
ore movement and the wage advance which
became effective May 1st. The large April
increase in earnings was due chiefly to high-
er realized prices, while the still larger May
to this factor plus the
.nings from ore transportation,
advance. In June, now-
here was but a slight further increase I
Earnings Per Ton.
in ore transportation, hence the June ir
crease in earnings was less than that c
May.
A forecast of the third quarter earning
is naturally based on the June showing c
$28,000,000 earned for the month.
The ore movement will be substantially ;
large while realized prices will be highe
On the other hand shipments in July ar
August will be smaller. After a caret
estimation of these factors we conclude th;
as things are going the third quarter shou
show only a very slight gain over the se
ond quarter but the fourth quarter cou
easily show a material gain.
Earnings Per Ton.
Enough is known about the Steel Co
poration's operations to permit of appro*
mate computations being made of the ear
ings per ton. The corporation's ton, by t
way. is a combination, the statement
tonnage shipped, for instance, being ma
of gross tons for most products, but of n
tons in the case of wire products and fi
ished structural work.
The Corporation's shipments grew qu
steadily during the first half of the ye
partly by harder driving month by mon
as mill managers found ways by expe
ence to reach and maintain new rates
production, and partly by the completion
new capacity. The shipments, of prodn
in the form in which sold to outsiders, m
be taken at 47,000 tons a day in Janua
increasing to 51,000 tons in June. The ea
ings by months were as follows:
January $18,794,912
February 19,1
March 22,722,316
April 25,423,676
May 27,554,899
June 28,147.473
The computations necessary to derive
statement of profits per ton by months
somewhat tiresome and it is not necess
that they be referred to in detail. All'
ance is made for the number of bush:
davs in the respective months, for instai
and deductions must be made for the mc
men) of Lake Superior ore. beginning
April and increasing to June. While
profits arising from producing ore are 1
imp iny pri >fit - until the steel m
1916
R B A [ARKABL E ST E E L EARNINGS.
339
- passes to outsiders, i he profits
roro transporting ore, independent ore as
well .1- corporation ore, are necessarily tak-
en as really earned when the transporta-
tion is accomplished
To eliminate the disturbing element of
the wage advance* that occurred February
1 and May I we have made allowances,
whereby the monthly profits per ton are
shown for the whole six months as if the
wage rates obtaining February 1 to May 1
had been paid throughout the period. The
figures come out .is follows, though of
course they are by no means accurate to
the last cent, possibly not to the last dime:
January $14.30
February 16.05
March 17.30
April 20.20
-May 21.15
June 21.15
Thus there was a sharp progressive in-
crease to April, a small one in May, and
apparently none in June. The interesting
point about such comparisons is to deter-
mine, it possible, how nearly the earnings
per ton are approaching the maximum,
through the working off of old orders tak-
en at lower prices than those recently rul-
ing. One might take the figures as sug-
gestive that the top point has been reached,
but they are not accurate enough for such
a close comparison. There is the vital fact
that the unfilled obligations the corporation
reported for the beginning of this year. 7,-
932,164 tons, are almost precisely equal to
the estimated shipments for first six months
of the year. Of course not the precise or-
ders included in that statement were
shipped during the six months. Some of
i Ik i .i di i are still to be filled, w bile some
order- taken after January t were filled be-
fore July I. The i onclusion is just the
same, however, that as the steel market ad-
vanced very materially after January 1 there
should be further increases in profits per ton.
If the corporation shipped any of the high-
est priced steel in .May and June it must
have lower priced orders still to fill and
when tin isc are out of the way it should,
barring accidents, ship still more high
priced steel. Our composite finished steel,
representing quite accurately the general
steel market, outside of rails, has stood as
follows:
January- 1 3.075
February l 2.190
-March 1 2.455
April 1 2.695
May 1 2.770
June 1 2.818
July 1 2.843
Thus there were advances of $12.40 per
net ton in the first quarter and $2.96 in the
second, equal to about $13.50 and $3.25 on
the corporation's ton, or nearly $17 per ton
altogether. With the wage rates actually
paid, eliminating the adjustment involved in
our first table, the apparent profits per ton
of steel shipped in June were about $30.50
per ton. Theoretically, then, the profits
might rise to above $30 a ton. but not to
$37.50, because allowance must be made for
the fact that the average realized price on
rails will advance but little, and it is doubt-
ful also whether there has been so much of
a rise on export material, in the past six
months, as has occurred in the domestic
market. The export market was well above
the domestic market at the beginning of
this year.
-o-O-o-
340
THE STEEL AND METAL DIGEST.
Steel Production in 1915.
August
The production of pig iron in 1915 was
reported by the American Iron and Steel
Institute about the first of March, and a
month later the year'? rail production was
reported. Now nearly all the statistics are
made public. As statistics for many pre-
ceding years are given in our Metal Statis- j
tics, we shall here review chiefly the new
statistics. The production of -teel was as
folows in 1915, in gross tons:
Ingots. Castings
Bessemer .. 8,194.?:'.:
Basic O. H.. 21,975,622
Acid O. H.. 968,148
Crucible .... 99.026
Electric 46,348
Miscellaneous 331
in gross tons:
Iron.
1,760,084
2,059,990
92,476
333,103
402,229
14,756
23,064
1,196
366,824
Total.
8,287,213
22,308,725
1,370,377
113,782
69,412
1,527
32,151,036
Total 31,284
On the whole, production in the iron and
steel industry in 1915 was approximately
the same as in 1913, while 1914 was an off
year, pig iron production being 23% less
and steel production 26% less, than the mean
of the preceding and following years.
Comparing 1913 and 1915, there was a
slight decrease in pig iron and a slight in-
crease in steel ingots, while there was a
considerable decrease in steel castings.
There was a very trifling decrease in the
production of rolled steel, and a material
decrease in the production of rolled iron.
A significant point is that the production
of steel ingots was unusually large in pro-
portion to the rolled steel output, confirm-
ing what was already known in a general
way that the production of shell steel, in-
volving heavy discards from the total
amount of works scrap unusually large.
While the production of steel ingots and
castings is usually regarded as "the pro-
duction of steel," the more illuminating
statistics are those of the production of
rolled steel, the production of ingots is
merely the record of the ingot scales, mil-
m tons being lost from the ingot to
the steel in !he form in which it is sold.
Only an almost negligible part of the ap-
parent loss is a permanent one. A small
: loss in scale, which goes back to
the blast furnace, while by far the major
part of the loss is scrap which goes into
the open-hearth furnace and i- weighed in
the ingot over again. Tin- production of
iron and steel has been is follows,
19(14
190",
1900
1907
1908
19(1'.)
1910
19 1 1
1912
1913
1914
1915
2,186,557
2.200,086
L,238,449
1.709,4:: l
1,740,156
1,460.615
1,637,582
1,678,25'i
1,167,776
1,294,833
The product in 191
items as follows:
Iron.
Rails
Plates and
sheets . .
Nail and spike
plate ....
Steel.
53,291
SO. 02.".
401,911
664,736
589,744
,935,259
,881.12:;
578,556
019,259
,112,986
,202,420
,098,091
was 'b
Total.
L2,013,381
n;.-in in:
19,588,468
19,&64,82S
11,828,19;
19,644,69(
21,(521,27'.
19,030,17:1
24.656,841
24.791,24:
1.8,379,191
24.392,92-
itributed bi
20,2c
4.984
2,236
Wire rods
Structural
shapes
Merchant
'bars 657,107
Bars for rein-
forced con-
crete work
Skelp, flue, and
pipe iron or
steel 262,198
Long angle splice
bars, tie-plate
bars, etc. 54,678
Hoops .... 300
Bands and cot-
ton ties. 200
Rolled sheet pil-
ing, not includ-
ing fabricat-
ed
Railroad ties
Rolled forging
blooms, forging
billets, etc. .. 570
Exports of blocrms
billets, sheet bars,
etc 1,231
All other finish-
ed rolled prod-
uct.* .-.- 289,218
Total ... 1,294.833
Steel. Total.
2,204,203 2,204,20
6,057,441 6,077,69
26,945 31,92
3,093,671 3, 119.". 9u
L858 2,435,145 2. 437. 09
353,408
353,40
2,037,266 2.299,
480.937
2S1.459
535,61
281.7E
24,026 24.0:
42.269 42, 21
649,975 650.5
561,187 562,4
938,237 1.227,4
3,098.091 24,393,8!
L916
STEEL PRODUCTION l\ L915.
341
Includes spike and i boll and
»ds, horseshoi bars, strips, i
Auction of plates and sheets bj size
and mode of manufacture, gross tons, 1915.
Iron, Steel. Total,
al plates, in-
cluding flats 01
bars over 6-in. wide:
i in. and over in
thickness 1,535 903,5ft] 905,026
Under '4-in. thick 49,326 19,826
I'otal univer. plates 1,525 953,327 954,852
red plates:
in and over in
thickness 5(3:2 1,458,860 1.459,422
Under %-in. thick 300 463,57? 463,777
Total sheared plate- ?63 1,922,437 1,923,199
Black sheets, made
"'l either sheet or
job mills:
No. 12 gauge and
thicker 1.152 159.057 160,209
Xo 13 gauge and
thinner 14.776 1,661. S01 1,676,577
Black plates for tinning
Black plate rolled on
tin mills:
Black plates for
tinning 2,0:;8 1,091,307 1,093,345
Other black plate
specialties 269.512 269,512
Total black plates
rolled on tin mills 2,038 1,360,819 1.362.857
Grand total of Iron. Steel. Total,
plates and sheets 20, ! i ! 6,0 ;.m 6,077,694
Production of sheared plates, according
to mode ol manufacture, gross tons, L915.
Iron. Steel, l?otal.
Sheared plates, rolled
eiu single stands of
n ills:
J4-in. and over in
thickness .... 562 1,409,479 1,410,04]
Under '4-in. thick 200 316,318 216.518
Total rolled on
single stands 762 1,625,797 t, 626. 559
Sheared plates, roughed
and finished on Sep.
stands:
54-in and over in
thickness 49,381 49,381
Under %-in. thick .... 247,259 247.259
Total roughed and
finished on sep-
arate stands 296,640 296,640
Total sheared plates 762 1.922.437 1,933,199
Production of universal plates by widths,
showing iron and steel separately, gross
tons. 1915.
Iron. Steel. Total.
Under 30 in. wide. 1,509 801,490 S02,9'99
30 in. wide, but under
4S in. wide 16 145,512 145,528
4S in. wide and over .... 6,325 6,325
Total
1.525 953,327 954,852
Summary of Plate and Sheet Production — Gross Tons.
1913. 1914.
Plates, 14-inch and heavier 2,543,328 1,738,229
Plates under 14-inch 460,442 374,192
Sheets, 12 gauge and heavier 252,337 125,272
Sheets, 13 gauge and lighter 1,464,631 1,302,355
Black plate specialties 204.033 241.017
Black plates for tinning 837,266 938, 1S1
Total plates and sheets 5.751.11::; 4,719 246
1915.
2,364,448
513,603
160.209
1.676,577
269,512
1,09 :,345
6,077,694
THE STEEL AND METAL DIGEST.
August
Iron and Steel Statistics
(Issued by the American Iron and Steel Institute.)
Tin Plate Production.
(Gross tons.)
Terne Plate. Tin Plate.
1906 86.324
1907 69.842
1908 68,830
1909 85.237
1910 75,082
1911 70,733
1912 85,445
1913 61,136
1914 65,266
1915 72,977
491,238
444.933
468,257
526.722
647,688
713.227
877,526
762,583
865,975
982,958
Total.
577,562
514,775
537,087
611,959
722,770
783,960
962,971
823,719
931,241
1,055,935
Galvanized Sheet Production.
Sheets galvanized flat and sheet products
formed or stamped and then galvanized:
Gross tons— 1913. 1914. 1915.
Sheets 824,047 806,994 706,058
Formed products 57,674 58,752 50,119
Total S81.721 865,746 756,11
Wrought Pipe Production.
Wrought pipe production, gross tons:
1914 — Iron. Steel. Total.
Black std. pipe.. 102.244 562,263 664.507
Galv. std. pipe .. 31,896 233,133 265,029
Total std. pipe 134,140 795,396 929.536
Oil country goods 50,824 568,467 619,291
O. D. pipe, etc. .. 343 111,042 111,385
Boiler tubes 26,840 50,652 77,492
2,147 1,525,557
H4
Total welded
1915—
Black std. pipe.. 112,470 711,297 823,767
Galv. Std. pipe.. 27,702 253,242 280.944
Total std. pipe 140,172 964,539 1,104,711
Oil country goods 39,753 563,167 602,920
O. D. pipe, etc. .. 108 115,005 115,113
Boiler tubes 26,480 70,450 96,930
Total welded.. 206,513 1,713,1611,919,674
Seamless tubes, gross tons:
1913. 1914. 1915.
Hot finished .... 42,740 36,939 63,488
Cold drawn 65,827 53,656 76,180
Nail Production.
(Kegs, 100 pounds.)
Cut nails
1906 1,189,239
1907 1,109,138
1908 956,182
1909 1,207,597
1910
1911
1912
1913
1914
1913
1,055,233
967,636
978,415
842v038
769,665
775,327
Wire nails.
11,486,647
11,731,044
10,662,972
13,916,053
12,704,902
13,437,778
14,659,700
13,559,727
13,132,814
14,583,026
Maximum cut nails, 1886 .
Maximum wire nails, 1912
Total
12,675,886
12,840,182
11,619,154
15,123,650
13,710,135
14,405,414
15,638,115
14,401.765
13,902,479
15,358,353
8,160,973
14.659,700
Production of Rail Joints and
Fastenings.
(Gross tons.)
Articles— 1914. 1915.
Angle splice bars 86,775 119,658
Tie plates 197,158 283,509
Fish plates 29,707 10,836
Other rail joints 58,902 56,721
Total 372,542 470,724
Production of Cast Iron Pipe.
(Net tons.)
1914
Kinds of pipe. Pipe. Fittings. Total.
Gas and water*. 891,646 46,651 938,297
Soil & plumbers' 164,866 57,617 222,483
Total 1,056,512 104,268 1,160,780
1915
Gas and water*. 911,901 44,471 956,372
Soil & plumbers' 184,968 73,629 258,498
Total 1,096,770 118,100 1,214,870
* Includes culvert pipe. Manufacturers
able to separate their production report
18,900 tons of culvert pipe in 1914 and 25,-
140 tons in 1915.
Total seamless. 108,567 90,595 139,668
PRODUCTION OF IRON AND STEEL
IN CANADA.
According to statistics issued by the
American Iron and Steel Institute the pro-
duction of pig iron in Canada in 1915
amounted to 825,420 gross tons, as against
705.972 tons in 1914, or an increase of 119,-
44s tons. While the production is more
1916
►ROGRESS IX B"S PRODUCT COKE.
343
than it was in 1914 it is still well below the
high record in 1913 or 1,015,118 tons.
The following table shows the production
during the past t \\ < • years according to
grades:
Grades. 1914. 1915.
Basic 331 ,456 t>60,369
Bessemer 184,03.'! 13,714
Foundry 174,346 125,769
All other 16,117 25,568
Total 705,972 835,480
The following table shows the total Can-
adian production since 1901:
Years. Coke. Charcoal. Total.
1901 228.893 16,083 244,976
1902 302,712 16,845 319,557
1903 247,903 17,513 265,418
1904 251,671 19,271 270,942
1905 432.870 35,133 468,003
1906 525,716 16,241 541,957
1907 572,023 9,121 581,146
1908 556,671 7,001 563,672
1909 660,856 16,234 677,090
1910 724,174 16,036 740,210
19U 799,716 24,652 824,368
1912 886.506 26,372 912,878
1913 986,848. 28,270 1,015,118
1914 690,880 15,092 705,972
1915 803,646 21,774 825,420
* Includes pig iron made with charcoal
and coke, electricity, etc.
Of tin 825,420 tuns produced in 1915, 450,-
171 tuns were made in Ontario and 375,246
tuns in Nova Scotia. The capacity of the
Canadian blast furnaces, December 31st,
1915, was L,576,000 tons as follows:
Tons.
Ontario 901,000
Nova Scotia 675,000
The production of steel ingots, castings
and miscellaneous finished rolled iron and
steel products is shown below:
Steel Ingots and Castings.
Years. Gr. Tons. Years. Gr. tons.
1900 23,577 1908 509,957
1901 26,084 1909 678,751
1902 182,037 1910 741,924
1903 181,514 1911 790.871
1904 148,784 1912 853,031
1905 403,449 1913 1.042,503
1906 570,889 1914 743.352
1907 646,754 1915 912,755
Finished Rolled Products.
Years. Gr. tons. Years. Gr. tons.
1900 100,690 1908 496.517
1901 112,007 1909 662,741
1902 161,485 1910 739,811
1903 129,516 1911 781,924
1904 180.03S 1912 861,224
1905 385,826 1913 967,097
1906 571,742 1914 659,519
1907 600,179 1915 653,318
Progress in By-Product Coke.
Since the first of the year there have been
completed the following by-product plants
or plant additions: Lehigh at South Bethle-
hem, Republic at Youngstown, Laclede Gas
& Light Company, St. Louis, and Kentucky
Solvay Company at Ashland, Ky. There may
have been more, but these count up 400
ovens, which at 4,000 tons a year per oven,
a rate the new ovens will closely approach
if they do not exceed, would be 1,500,000
tons of coke a year.
The present new construction, according
to the notes we have, represents a trifle
under a thousand ovens by the Steel Cor-
poration and a trifle over a thousand by
independents, making over 2,000 in all, with
close to 8,000,000 tons annual capacity. Fully
half the ovens now under construction
should be completed before the end of this
year, even allowing for all the delays in
construction work that occur in a period
like the present, and all the ovens can be
counted upon by the middle of 1917 at the
latest. There will then be at least 25,000,000
tons of annual by-product coking capacity.
The capacity at the beginning of this year
was easily in excess of 15,000,000 tons, the
actual production last year having been 14,-
072,895 tons. Two important plants are to
come in during the month of August, those
of the Youngstown Sheet & Tube Company.
Youngstown, and Corrigan, McKinney &
Company (River Furnace Company), Cleve-
land, each comprising 204 ovens.
The great bulk of the new construction
is for supplying consumptive requirements
that have hitherto been met with Connells-
ville coke. By no means does all the capac-
ity involved represent buying requirements
taken out of the merchant market, for much
more than half the new construction is by
interests that have been been making Con-
344
THE STEEL AND METAL DIGEST.
Aueuat
neJlsville cok« of their own. Ont might sup-
tli ■-< who did not have o-\ ens of
i be the first to build by-
product ovens, but this has not been the
cas ■. for the reason that those who had
i ovens in the Connellsville region
were largely those who could readily finance
the building of by-product ovens, and who
could use the gas to advantage in steel mill
operations. It is only quite lately that the
merchant blast furnaces, which have been
the chief buyer- of coke in the open market,
have started to build by-product ovens. In
such a list are now such interests as -M. A.
Hanna & Company, while Corrigan. Mc-
Kinney & Company fall between, -ince they
have recently completed a steel plant.
It has been clear for several years that
the last of the Connellsville coal would be
-hipped instead of being made into coke nt
the point of production, and thus the Con-
nellsville operators are at last making
strong representations to the Interstate
Commerce Commission looking to their be-
ing given on their coal the same rates as
apply on Pittsburgh district coal. Hitherto
the Connellsville coal has been at certain
freight disadvantage-. Hitherto the Con-
nell-ville operators have not been interested
in a reduction in coal freights. There is a
tradition that year- ago they rather fa-
vored the freight differential against them.
- i impared with the Pittsburgh coal dis-
trict, because it clinched their non-unionism,
the union district being denned as that tak-
ing the Pittsburgh rate of freight. Mow
they are willing to take their chances as to
unionism, particularly as they have the lead-
ing interest with them.
Inasmuch as nearly all the by-product
wens are attached to blast furnaces that
are more or less tributary to the Connells-
ville coke region, although they do not all
secure their coke invariably from Connells-
ville. it may be of interest to compare the
prospective by-product capacities with the
current shipments of the Connellsville re-
gion. The maximum shipments according
to the Connellsville Courier's weekly re-
port-, appear to have occurred in March
and April, with about 430.000 tons per week,
ipirig to an average of about 41o,00O
tons p week in the latter part of July,
largely no doubt on account of the comple-
tion of the by-product ovens already men-
Thesi included tin- additional 75
. - ;, r thi Republic Iron & Steel Com-
pany and tin additional 214 Lehigh
thlehem. These ovens certainly
cut ifl mding tonni ■_■
ville col
The Youngstown and Cleveland by-prod-
uct ovens, to come in this month, would
represent perh.'ip- 140,000 tons a month, or
nearly 894 of the current Connellsville coke
shipments. The remaining 1,600 ovens to
come in at various times in the future, would
represent about four times as much, or fully
;ii', of the current shipment^ by the Con-
nell -ville region, if they had all been tak-
ing tonnage from that district, but that is
not the case.
The Steel Corporation ovens will, on the
whole, come in much more slowly than the
independent ovens. The corporation, it
seems, has too much work on hand for the
number of men available, though not for the
amount of money available, and it is con-
centrating more of it- efforts on steel works
additions, though two or three of the by-
product plants are to be completed with all
possible speed.
The extent to which the transfer of coke
making from the Connellsville region to the
-ite of the blast furnace- will affect the min-
ing of Connellsville coal depends largely up-
on the Connellsville interests themselves. It
is for them to fix price- at which they will
sell their coal for by-product coking. If
they secure lower freight rates on coal as
a result of the case they have lately brought
before the Interstate Commerce Commission
their position will be materially improved.
To an extent, however, the question of
the use of Connellsville coal is already de-
termined. Three cases may be cited as
more or less illustrative. The Youngstown
Sheet & Tube Company is now using Con-
nellsville coke, purchased on contract, and
these same contracts provide that when the
by-product ovens are completed the sellers
will simply ship their coal instead of their
coke. On the other hand, the La Belle Iron
Work-, which has hitherto used Connells-
ville coke, has already made a contract for
coal with the Pittsburgh Coal Company, so
that its by-product coking coal will come
from the Pittsburgh coal district and not
from the Connellsville region. A third case,
typical of the producer-consumer class, is
that of the Brier Hill Steel Company. It
has a complete plant in the Connellsville
region, and when its by-product ovensj
soheduled for November 1-t. are completed
it will ship if coal instead of its coke,
though it will doubtless use a small per-
centage of coal from other districts to mix
with its Connellsville coal. The Steel Cor-
poration will in general be in much the same
pi isil i< 'ii.
MANUFACTURES IN THE U. S.
;m5
Manufactures in the
United States.
hington, D. C. \ preliminary state-
I the general results of the census
nanufactures for the United States has
5sued bj Director Sam. L, Rogers,
Bureau of the Census, Department
' immerce. It consists of a summary
eomparing the figures for L909 and nii4,
als, prepared under the direction of
Mr. William M. Steuart, chief statistician
tor manufactures.
Tlie figures are preliminary and subject
;>■ such change and correction as may be
found necessary from a further examina-
tion of the original reports.
The census of 1914, like that of 1909 with
reference to manufactures, excluded the
hand trades, the building trades, and the
neighborhood industries, and took account
Bnly of establishments conducted under the
■ system. In the last census also,
as in that for 1909, statistics were not col-
lected for establishments having products
for the census year valued at less than $500,
except that reports were taken for estab-
Ishments idle during a portion of the cen-
sus year, or which began operation during
:hat year, and -whose products for such rea-
son were valued at less than $500.
The word "establishment" as used in the
gensus reports may mean more than one
Hill or plant, provided they are owned or
controlled and operated by a single indi-
vidual, partnership, corporation, or other
jwner or operator, and are located in the
•ame town or city.
The reports were taken for the calendar
fear ending December 31, 1914, wherever
he system of bookkeeping permitted figures
or that period to be secured, but when
he fiscal year of an establishment differed
rom the calendar year a report was ob-
atned for the operations of that establish-
nent for its fiscal year falling most largely
cithin the calendar year 1914.
Percentages of Increase.
The population of the United States at
be census of 1910 was 91,972,266, and it
- estimated that it was 9S. 781,000 on July
. 1914.
Tlie summary shows increases at the
B'ns.us of 1914, as compared with that for
all items except proprietors and
firm members, for which a slight decrease
is shown.
In the order of their importance. l'r..,m a
percentage siand|),. int. the increases for the
several item- rank as follows: Salaries,
37.2%; capital, 23.7%; salaried employees,
22%; primary horsepower, 20.7%; wages,
19',; materials, 18.3%; value of products,
L7.3%; value added by manufacture, 15.8%;
wage earners, 6.4%; ami number of estab-
lishments, 2.7%.
Capital Invested.
The capital invested, as reported in 1914,
was $22,790,880,000, a gain of $4,362,610,000,
or 23.7% over $18,428,270,000 in 1909. The
average capita] per establishment was ap-
proximately $83,000 in 1914 and $69,000
in 1909. In this connection it should be
stated that the inquiry contained in the
census schedule calls for the total amount
of capital, both owned and borrowed, in-
vested in the business, but excludes the
value of rented property, plant, or equip-
ment which was employed in the conduct
of manufacturing enterprises. In the final
bulletins and reports the rental paid for
such property will be shown separately.
Cost of Materials.
The cost of materials used was $14,368,-
089,000 in 1914, as against $12,142,791,000 in
1909, an increase of $2,225,298,000, or 18.3%.
The average cost of materials per estab-
lishment was approximately $52,000 in 1914
and $45,000 in 1909. In addition to the
component materials which enter into the
products of the establishment for the census
year there are included the cost of fuel,
mill supplies, and rent of power and heat.
The cost of materials, however, does not
include unused materials and supplies
bought either for speculation or for use
during a subsequent period.
The census inquiry does not include
amounts paid for miscellaneous expenses,
such as rent of officers, royalties, insurance,
ordinary repairs, advertising, traveling ex-
penses, or allowance for depreciation.
Value of Products.
The value ..f products was $24,346,323,000
in 1914 and $20,672,052,000 in 1909, the in-
crease being $3,574,271,000, or 17.3%. The
346
THE STEEL AND METAL DIGEST.
August
average per establishment was approxi-
mately $88,000 in 1914 and $77,000 in 1909.
The value of products represents their
selling value or price at the plants as
actually turned out by the factories during
the census year and does not necessarily
have any relation to the amount of sales
for that year. The values under this head
also include amounts received for work
done on materials furnished by others.
Value Added by Manufacture.
The value added by manufacture repre-
sents the difference between the cost of ma-
terials used and the value of the products
manufactured from them. The value added
by manufacture was $9,878,234,000 in 1914
and $S. 529,261, 000 in 1909, the increase be-
ing $1,348,973,000, or 15.8%. The value added
by manufacture formed 40.7% of the total
value of products in 1914. and 41.3% in
1909.
Salaries and Wages.
The salaries and wages amounted to $5,-
367,249,000 in 1914 and to $4,365,613,000 in
1909, the increase being $1,001,636,000, or
22.9%.
The number of salaried employees was
964,217 in 1914, as compared with 790,267
in 1909, making an increase of 173,950, or
The average number of wage earners was
7,036,337 in 1914 and 6,615,046 in 1909, tlTe
increase being 421,291, or 6.4%.
The maximum number of wage earners
(7.242,752) for 1914 were employed during
March, while the maximum number (7,-
006,853) for 1909 were employed during
November. The minimum number of wage
earners (,6,640,284) reported for 1914 were
employed during December and the mini-
mum number (6,210,063) for 1909 were em
ployed during January.
A Comparative Summary for the United States for
Cens
1914.
Number of establishments 275,793
Persons engaged iri manufactures 8,265,426
Proprietors and firm members 264,8 <2
Salaried employees 964,21 i
Wage earners (average number employ-
ed during the year) 7,036,337
Wage earners, by months:
January 7.075,682
February 7.141.594
March 7,242.752
April 7'217-20
May I 7-148-650
June '-i'00'368
July ™18'867
August 7-">20'682
September 7,086,804
October 1M6M2
November 6,736,699
December 6,640,284
Primary horsepower 22,537,129
Ca h.x{ $22,790,880,000
".'.'.'.'.'. 5,367.249,000
Salaries 1,287,917.000
Wages 4,079.332.000
all 14,368.089,000
Of product- 24,246,323,000
Value added by manufacture (value of prod-
ucts less cost of materials) 9,878,234,000
* A minus sign (-) denotes decrease.
909 and 1914 follows:
s. Percent, of
increase
1909-
1909.
1914.*
268,491
2.7
7,678,578
7.6
273,265
-3.1
790.267
22.0
6,615,046
6.4
6,210 '
6,297,627
6.423.517
6,437,633
6,457,279
6,517.469
6,486,676
6.650.933
6,S98,765
6,997,090
7,006,853
6,990,652
18,675,376
20.7
$18.42S.'JM.niM>
23.7
4,365,613,000
22.9
938,575,000
37.2
3,427.038.000
19.0
12.142.791,000
18.3
20,672,052,000
17.3
S, 529, 261, 000
15.8
1916
STEEL PLANTS.
•i-47
Steel Plants.
IX. The Brier Hill Steel Company.
In 1897, when Bessemer pig iron sold a1
less than $9, valley furnace, and foundry
iron at still lower prices, it began to be said
"The day of the merchant furnace in the
valleys is over." The Carnegie Steel Com-
pany hail bought the Carrie furnaces, mer-
chant stacks near its steel works, and had
built the Duquesne furnaces. Less than
two years later the valley furnaces sold
Bessemer iron at $24 and obtained a new
lease on life. The general trend continued,
however, of steel works providing pig iron
of their own. The steel works had several
reasons. There was a saving of nearly a
dollar a ton in "direct" metal, the iron not
being allowed to cool from the blast fur-
nace to the converter or open-hearth fur-
nace, the furnace could be operated as an
adjunct to the steel works, its rate of oper-
ation and the analysis of the iron being
largely dictated by the steel works, and it
was desirable for any steel interest to se-
cure its future by holding a reserve of iron
ore in the ground, and that of course would
be a lame policy if the ore had to be farmed
out for smelting.
The foundry iron trade would of course
remain in any event, but 20 years ago the
valley furnaces shipped pig iron to almost
every point in the compass, often to great
distances, a? to New England, since then
an iron ring has been built around them,
with furnaces at Detroit, Toledo, Cleveland,
Erie, Buffalo, Adrian, Josephine, etc., where-
by valley iron cannot go nearly so far afield.
Concurrent with this development there
were striking developments in the manu-
facture of steel sheets adapted to particular
uses, whereby the sheet mill desiring to
make special sheets found it advantageous
to have a steel mill of its own, there being
the other important advantage that thus
it would be able to regulate sheet bar sup-
plies to a nicety.
As a result of these developments a
strong force of attraction arose between two
merchant furnaces in the Mahoning valley
and two sheet interests in the same district.
They were consolidated and a steel plant
was built to convert the pig iron into sheet
bars. The Brier Hill Steel Company was
incorporated January 29, 1912, and formally
organized February 1 st, taking over tne
follow ing companies:
Brier Hill Iron & Coal Company, oper-
ating Grace furnace. 90x20J^ feel, with 470
beehive coke ovens in the Connellsville re-
gion and important iron ore holdings in the
Lake Superior region.
The Youngstown Steel Company, operat-
ing Tod furnace, 80x20^ feet, with a 10-
ton Pernot revolving furnace for the manu-
facture of washed metal. This washed
metal is a specialty, made in four grades
with phosphorus limits ranging from .010
to .030% and sulphur limits ranging from
.015 to .030%. .
The Empire Iron & Steel Company, op-
erating the Empire works at Niles, with
seven sheet mills, a tin mill and four gal-
vanizing pots.
The Thomas Steel Company, operating
the Thomas works at Niles, with 12 sheet
mills and six galvanizing pots.
The Gary Iron & Steel Company? making
sheet metal products at Niles.
Three months after the organization of
the company construction work was start-
ed on a steel plant of seven 75-ton basic
open-hearth furnaces, the first steel being
made November 1, 1913, room being left
for seven additional furnaces. In Novem-
ber, 1915, an eighth furnace was added and
in the late spring of 1916 two more, of 90
tons capacity, making a total of ten fur-
naces in the plant, with a steel ingot capac-
ity of 500,000 tons a year. There is a 600-
ton metal mixer. The blooming mill is a
two-high 40-inch reversing, taking an ingot
19x21 inches and weighing 5,800 pounds, de-
livering a bloom ~,y2 inches square in 13
passes. The mill can also roll slabs up to
6x30 inches, and can convert blooms as
large as 16 inches square into 4x4 billets.
There is a continuous billet mill of six
stands of rolls, 24-inch two-high and a tan-
dem merchant mill of six stands of 24-inch
two-high rolls, the difference between a con-
tinuous mill and a tandem mill being that
in the latter the piece is in only one°stand
of rolls at a time.
As an illustration of the refinements in
a modern steel mill, the six stands of the
continuous mill are driven by one engine
through gears, the gear, being enclosed in
348
'HE STEEL AND METAL DIGEST.
August
ioxes and running in oil. Sheet bars
are always rolled to weight, not to size.
since the sheet mill regulates the gauge of
sheets rolled by ordering the sheet bars of
a certain weight per foot. Accordingly, the
mill runs its sheet bars, after shearing to
30-foot lengths, to a weighing table, the
weighing- table automatically signalling the
weight to the roller in charge of the mill.
The Brier Hill Steel Company is build-
iim a by-product coke plant of 84 ovens,
under contract to be completed Novembei
l. 1916. The product will supplant that ol
the beehive ovens owned by the company
in the Connellsville region and the majo!
part of the coal consumed will he the satin
coal now used in the beehive ovens. Th.1
output will be 300.000 tons or more of cok<
a year, just sufficient to supply the -tw<
blast furnaces, whose combined ral
about 300,000 tons.
Topical Talks On Iron.
XL.— Alloy Steels.
Alloy steels have lately come greatly in-
to M'gue, the chief single consumer being
the automobile industry. Carbon steel is
not considered an alloy, but on theoretical
v. ounas a steel containing one alloy metal
is called a ternary alloy, and one contain-
ing two alloy metals is called a quaternary
steel.
Extensive investigation into alloy steels
was prompted by the publication, in 1888,
of the results of Hadfield's remarkable dis-
coveries in manganese steel. Previous to
Hadfield's researches it had simply been
known that a small quantity of manganese
in steel was very beneficial, whereas a few
per cent, of manganese made the steel use-
less. Hadheld increased the proportion of
manganese whereby he discovered that a
fresh influence obtained in the higher
ranges, a steel containing say 10 to 13%
manganese being of great commercial use.
Next came James Riley, who in 1889
showed that ordinary soft steel when alloy-
ed with say 3 to 4% nickel became strong-
er but without loss in ductility. The first
important use of nickel steel was in armor
plate. Discoveries followed rapidly after
that. The commercial use of alloy steel
has been greatly facilitated by the discov-
ery, about 1900, of high speed steel, where-
by heat treated alloy steels can be ma-
chined with facility.
Ordinary carbon steel usually reaches its
limit at about 1.50% carbon, there being also
present in such steel elements with approx-
imately the following limits: Manganese,
silicon, .35%: phosphorus, .05%; sul-
phur, .05%. Usually the alloy steels are of
much lower carbon content. Their char-
acter can be improved greatly by heat treat-
ment, while the quality of carbon steel t
improved to a much smaller extent by hea
treatment.
As a rule alloy steels are heat treated t
bring out their best qualities. After th
steel has been worked at the high tempet
atures required the steel is not in its bes
condition by any means, and heat treatmei
is required to refine the grain and develo
the desired proportions of strength, har<
ness and toughness.
Apart from manganese, already mentioi
ed. the ordinary alloy metals are silico
nickel, chromium, tungsten and vanadiui
Alloys are made not only with a sing
metal, in varying proportions, but also wi
two or more metals, so that there is :
endless variety. The various simple alio;
thus produced may be referred to briefly
Manganese.— Steel with 1% carbon ai
10 to 13% manganese is non-magnetic ai
strongly resistant to abrasion, being US'
in crushing and grinding machinery and
railroad frog and crossing work. It c;
be forged and rolled, with sufficient cat
but is machined only with the greatest d
ficulty. It reverses the experience wi
ordinary carbon steel in that it is soften
by quenching in water, and this treatme
is always applied to remove brittleness.
Silicon.— There are two silicon stee
One. containing usually carbon .45 to .65'
silicon 1.50 to 2% and manganese .50
.80%. develops fiber through heat tre
ment and is brittle at right angles to the
rection in which rolled. It is used largi
for automobile springs. The other silic
steel, containing 3 to 5% silicon and bei
low in carbon and manganese, is usel
structurally but very valuable for elect
1916
I'ilK SHIPPING
sheets, having high pei meabil
ii i and electric resi
Nickel.- A wide range of more or less
valuable nickel steel alloys can be made, but
the favorite is whai is know n as :,<■■,
nickel steel, with the carbon low or medium,
and manganese .50 to .809! . the man ■ mi i
content being very important. It has high
i h and is quite ductile.
Chromium. — An alloj of \' < chromium
i- usually used, with about r< carbon, and
is adapted to balls, ball races, stamp mill
-hoes, etc. Alloys with both chromium
and nickel are used extensively, there be-
ing a number of varieties, for armor plate,
projectiles, forgings. etc.
Vanadium. — Vanadium is added to steel in
relativelj limited quantities, jeni i alls ' '
1 1 '.Teaily incn , sistance
to repeated shocks and stresses, and also
increases the breaking strength by about
30' i oi in. n e. \ anadium steel is particul
larly susceptibh to In al tre itmi nt.
Tungsten. -A simple tungsten alio) is
used chieflj for magneto magnets. Robert
Mushet's steel, patented in I860, con
Carl ",, manganese. 1.75%; silicon.
.75%; chromium, .40%; tungsten. 5.50%;
The late Mr. F. \V. Taylor brought out
about 1900, his famous high speed steel, the
point of a tool heating up to blue color with-
out losing its cutting edge. A typical Tay-
lor steel is as follows: carbon. .130%; man-
ganese, .20%; silicon, .10%; chromium. V , ;
tungsten, 18%.
The Shipping Bill.
Public interest in "the shipping bill."
about to become a law, has been very large.
;. ol a political character, whereby the rela-
tive importance of different provisions of
the bill has been greatly distorted. Inci-
dentally it may be remarked that it is very
unfortunate indeed that so many matters are
I ioked at through political glasses, for that
is not the way to make progress, and it is
particularly out of place at this time, when
the party that is historically the strict-con-
structionist party is criticized chiefly for so-
called "socialistic" tendencies. The whole
thing is rather absurd, and will amuse fu-
ture generations if they take the trouble
to read the history of these time-.
The actual fact is that the provision to
spend Sol). oou, oiiii in the purchase of ships
to be sold or leased to citizens of the Uni-
ted States for operation in the merchant
-ervice is a very minor feature of the bill.
If the laws establishing the present powers
of the Interstate Commerce Commission
had included a provision that the govern-
ment should build a railroad between Wash-
ington and Annapolis that feature would
have about the same relative importance to
the rest of the legal structure as the ship
purchase provision bears to the remainder
of the shipping bill. Tn the first place, there
is only $50,000,000, which does not go far
in ships, at least at this time. Then there
are only certain ships that ire permitted
to be bought, perhaps none, and to build
ships takes a long time. The bill requires
that ships acquired are to be sold or leased
to citizens and it is only in case nobody will
lease or buy them that the government is to
operate them. Tn any event, the chief ob-
ject seem- to be to furnish an auxiliary to
the navy in case of war.
On the other hand the shipping bill creates
a shipping board with substantially as broad
powers over American shipping rates as
the Interstate Commerce Commission has
over railway. Discrimination against ship-
pers, giving of rebates, cut-throat corn-peti-
tion and various other practices, that one
due- not need to be a Progressive, or even
a Republican, to regard as undesirable, are
prohibited, and the Federal Shipping Board
is gi\ en pi '\\ er to enforce.
It is quite obvious that it is highly de-
sirable that ocean freight rates be made
stable and that all shippers should have
e.pial rights a- shippers. It may be that
the shipping bill does not provide for these
things in the best possible manner. If that
is the case — we do not gnovv whether it is
or is not — the fault lies very largely with
those who have misdirected the attention
< i lie public to the little detail in the lull
of the $50,000,000 for ships. Perhaps, how-
ever, the disproportionate fuss that has been
raised, over that almost insignificant provi-
sion is the besl testimotij to the good quali
tie- of the bill in its other and really im-
portant features.
350
THE STEEL AND METAL DIGEST.
August
The Iron and Steel Situation.
July probably marked the culmination of
the dulness in the steel trade. The general
buying movement was distinctly marked
through March, when the steel price advanc-
es practically stopped, and each month
since then has seen lessened activity, at
least in the domestic market. Conditions
could hardly grow more dull than they were
in July, but apart from that there is observ-
ed, at the beginning of August, some dis-
tinct signs of increasing interest in the
market.
Reduced Output.
The rate of pig iron production in July
was 3% less than that of June and about
4$ less than that of May, the month show-
ing the highest rate, about 39,800,000 tons
a year. The production of finished steel
decreased from June to July by between
i.i and 15%, June having been probably
the month of heaviest production.
The decreased steel output in July was
due of course to the hot weather, weather
that was even unreasonably hot, but the
influence worked through a particular chan-
nel, that on account of the general pros-
perity the men failed in performance more
than' they would have done under similar
weather conditions but under the conditions
of less prosperity, and there is also the fact
that there was no surplus of men. in point
of numbers, but rather a deficiency, so that
the places of men indisposed to work could
not readily be filled.
The decreased steel production no doubt
had an effect in stiffening the market, as
the weather did not sensibly diminish the
disposition to consume steel.
The Market in July.
There is little to be said about the course
of the market in July and it is more to the-
point to consider the interesting prospects
at beginning of August. Throughout July
the buying of steel was of desultory char-
There was no disposition to take
r the far forward deliveries and not
much fresh demand arose for prompt de-
liveries. There was fairly heavy specifying
...gainst contracts but as many buyers had
had relatively low priced contracts for the
half of the year, while
third quarter contracts were on a
I, vel, there was much less
ify heavily in July. In tin
plate there was very heavy pressure for
deliveries, seasonably enough, while in wire,
which is usually very dull in July, there was
considerable pressure. Sheets were rather
sluggish, as were the so-called "heavy prod-
ucts" while pipe showed a continuance of
the decline in activity following the ex-
tremely heavy buying in April.
Export Business.
The demand for shell steel has been a
surprise. The heavy buying of April and
May had been supposed to represent about
all the tonnage to be expected, until, per-
haps, there should be buying for the first
half of 1917, but there was fairly heavy buy-
in June and still heavier buying in July. It
may be estimated that the shell steel bus-
iness placed in the last fortnight of July,
plus business pending at the end of the
month and certain to be placed, represented
about 500,000 tons. This was in the form of
rounds and forging billets for export and of
large forging billets for making shells in
the United States. The buying of rounds
for the manufacture of small shells in the
United States is about over, the manufac-
ture of small shells having been transferred
largely to the other side. The total amount
of American steel going into shells appears
to be increasing, more being exported direct
and somewhaf less being converted into
shells in this country.
There was also a good demand for soft
steel for export, in billet and sheet bar form,
apparently by reason of British steel capac-
ity being turned more to the manufacture
of shell steel, whereby more American soft
steel is required to maintain finishing mill
operations in England.
The heavy buying of unfinished steel caus-
ed the market to firm up after the slight
weakening it experienced about the middle
of June, and July closed with approximately
the strongest billet market ever seen. It
billets are stronger than at any previous
time in the history of the billet market, the
nearest approach having been in 1899. when
.large lots were sold at close to $40 while
small lots for immediate shipment brought
up to $44, strictly a "premium" price. The
market is now quotable strong at about $45,
Bessemer steel being worth almost if not
quite as much as open-hearth.
916
[RON AMi STEEL SITUATION.
■l.l
Steel Price Advances.
A curious chapter was v. i itten in the steel
bar market, ^boul the middle of Jul;
ments win- made upon yvhal still is be-
lieved to have been adequate authority thai
some 80,000 oi 100,000 tons of steel bars
had been sold to agricultural implemenl
makers, for lirst half 1917, ai 2.35c, repre-
senting a cut of $3 a Ion from the recog
nized market. Publication of the statements
was Followed by denials, on the pari ol teel
mills that the} had sold or would sell al
lo>s than 2.50c, ami on the part of implement
makers that they had bought or would buy
at as high as 2.35c. The writer believes
the business was .lone. At any rale the im-
plement makers would buy no more at 2.35c,
hi I heir present mood. Just as some holders
ol contracts at 2.50c, in the general trade,
were making representations to the mills
that such contracts should he revised to
2.35c, the Carnegie Steel Company calmly
announced, on the afternoon of August 1
that effective immediately its price was .id
vanced $:J a ton to 2.60c. The independents
then began to "try on" the 2.60c quotation.
They got little if any business, but for 48
hours following the Carnegie announcement
they were in receipt of many inquiries and
manj offei s to re e negotiations at i iOi
The independents are disposed to covei
their regular trade at 2.50c, in a limited way,
and then advani e to S 60i \i this wi lim-
it appears likely thai the market will be
Squarelj on the basis ol 2.60c when this
repi 'i i i eai hes the reader.
I I" bai ad\ an. e, il now appears, is lo hi'
followed by an advance in structural shapes
h '"n '-' 50( to 3.60c, and later an advance in
plates from 2.90c to 3.00c appears to he on
the program
These de\ elopments, past and in prospei i.
may be viewed in different lights by dif-
ferent observers. Thai advances in prices
at this time are prompted by heavy market
demand cannot be maintained. They come
iu a dull market. That the pressure for steel
deliveries, particularly with the reduced pro
duclion of the past few weeks, might he ir
sponsible for price advances is a matter that
can he argued. The most attractive explan-
ation, the psychological effect, the impres
sion produced upon the minds of buyers,
such as mills falling farther behind in de-
liveries, or prices advancing. The general
view three months ago was that, the buying
movement being over, the market future
was simply a matter of how long the mills
(Averaged from da
prices are delivered).
PIG IRON PRICES.
ly quotations; at Philadelphia, Buffalo, Cleveland and Chic
191 5
Bessemer. Basic
No. 3
dy. Basic, No. 2
X fdy,
— is
Cleve-
o. 2 fdy
Chi-
Ferro-
Birm- 1 laiican.
Fur-
- \ allc\
- Phila.
Plllla.Buffalo
land.
cago.
ingham
esc.*
coket
Jan.
. 13.75
13.50
12.75
13.50
14.45
13.25
13.25
1 3.45
9.50
68.00
1.55
Feb.
. . 13.64
l:.'. :.ii
12.75
13.50
14.50
13.25
13.25
13.50
9.50
08.00
1.55
Mar.
. . 13 60
l::.. "ai
12.75
Pi. 5(1
14.35
J:.'. 74
13.35
13.39
9.42
78.00
1.53
April
. 13.60
12.50
13.75
13.40
14.05
12.09
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
01.00
1.50
June
. . 13.75
12.57
13.70
13.42
14.25
13.08
13.25
13.50
9.50
100.00
1.50
July
. 13.98
13.87
12.72
13.83
14.38
12.83
13.20
13.50
9.63
100.00
1.G7
Aug.
. , 15.12
13.98
13.71
l 1.83
14.91
13.83
14.08
13.88
10.77
100.00
1.54
Sept.
. 15.93
14.8(1
1 l 50
10.70
15.91
15.43
15.04
1 1.30
I 1. 23
107.50
1.60
Oct.
. 16.00
15. (Ml
14.58
17.25
16.35
15.75
15.25
15.08
11.71
1(15.0(1
2.18
Nov.
. . 16.67
15.88
15.82
17.40
16.95
16.73
10.47
I J 30
13.14
111(1.0(1
Dec.
. 19.19
17.7:!
17.08
18.(11
18.81
t8.02
18.13
18.48
14.00
1(15.00
3.85
Year
. 14.90
13.78
13.81
14.88
15.:.' 5
I I 23
14.31
14.47
10.59
91.71
1.79
1916-
Jan.
. 2 1.00
18.00
18.50
19.24
19.71
18.35
18.80
[9.00
14.92
l 15.40
3.14
Feb.
. 80.50
17.88
18.5(1
19.50
19.75
18.35
18.80
19.00
1 1.64
139.00
3.41
Mar.
. 20.07
18.48
18.50
I'l CD
19.77
' 8
18.80
19.24
15.(1(1
175.0(1
3.45
April
Ma;
. 21.00
18.48
18.50
30.50
"1! 10
19.25
19.00
19.50
15.(1(1
175.00
3.45
. 21.00
18.2]
18.44
2(1.5(1
20.35
l :i. 1 5
I'l.n I
19.50
15.00
1 , , nn
3.34
line
1 1 mi
1 1.2 .
19
lu.90
20.0-1
18.75
19.30
19.50
1 1.03
175.00
2.54
lull
. 21.00
P. 00
1 . '..
19 15
III,,.,
I . ,.,
1 ii
19.50
1 t.00
L75.00
Contracl prici f.o.b. Baltimore; t Prompt, f.o.b. Connellsville o
352
THE STEEL AND METAL DIGEST.
August
could run on their accumulation, reinforced
by such sporadic buying as always develops.
The mills felt themselves to be in strong
position, but there was needed a demonstra-
tion of the strength, [f holders of bar con-
tracts at 2.50c wanted a revision to 3.35c,
an advance in the market to 2.60c, ii the
mills were strong enough to compass it.
would elear the situation. We are therefore
disposed to conclude that August starts with
an attempt on the part of the mills to dem-
onstrate their strength, and it looks as
though they would s'ueceed. If no great
amount of fresh buying occurs there will
at any rate he- a stimulus to specifying
against contracts already on hooks. It is
true, no doubt, that the major portion of
these contracts are specified, hut the speci-
fications arc of course against the lower
priced contracts.
Pig Iron.
The pig iron market was extremely dull
throughout July and August does not open
with any better prospect. We estimate that
the curtailment in steel production was
greater than the curtailment in pig iron
production, hence if it is true that tin • <
eral trend is for pig iron to become scarce
through steel making capacity increasing
more than blast furnace capacity, the time
of the pinch is deferred somewhat. There-
are no predictions of a livening up in the
pig iron market in August, but in some quar-
ters greater activity is expected by Sep-
tember.
FINISHED STEEL PRICES.
1915— Shapes,
January .... 1.10
February . . . 1.10
March ..... 1.15
April
May
June
July
August . . •
September
October . .
November
December
Year
1916 —
January ..
February .
March . . .
April
May
June
July
(Averaged from daily quotations, f.o.b.
Grooved
Wire Steel
Nails. Skelp.
1.54 1.13
1.20
1.20
1.20
1.25
1.30
1.33
1.44
1.63
1.75
1.30
1.87
. 2.06
2.36
2.50
2.50
,0
. 3.50
Plates,
1.10
1.10
1.15
1.20
1.17
1.15
1.22
1.26
1.33
1.42
1.63
1.75
1.20
Bars,
1.10
1.10
1.15
1.20
1.20
1.20
1.27
1.30
1.35
1.43
1.63
1.75
1.31
1.87
Pipe, Wire,
81 1.34
80^ 1.38
SO 1.10
80 1.37
79 1.35
1.35
1.38
1.43
1.54
1.63
1.72
Pittsburgh
Sheets
Black. Galv.
1.80 2.80
1.58
1.00
1.58
1.G1
1.39
1.78
1.
79^4 1.48 1.09
2.16
2.53
2.75
2.83
2.90
2.90
2.06
2.36
3.50
2.50
2.50
2.50
76.)4 1.98
75^ 2.11
73% 2.25
71 J^ 2.25
,n 15
70 2.45
2.13
3.26
'Mil
2.40
'.'..-,(1
3.50
1.13
1.15
1.13
1.14
1.15
1.18
1.25
1.28
1.40
1.56
1.70
1.27
1.75
1.94
1.80
1.80
1.80
1.80
1.76
1.74
1.85
1.91
2.03
2.30
2.60
3.73
3.89
3.90
:.'.'.in
70
3.4S
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
4.80
4.93
5.00
5.00
.4.80
l.in
)
Blue
Annld
1.30
1.30
1.30
1.33
1.35
1.33
1.32
1.37
1.51
1.60
1.90
2.26
1.49
2.55
2.65
2.85
2.95
3.00
3.00
Comp.
Tin Fin.
plate, steel.
3.10 1.1554
3.10
3.15
3.20
3.11
3.10
3.10
3.10
3.10
3.15
3.45
3.60
3.10
3.75
3.83
4.20
4.70
5.46
1.4716
1.5098
1.5357
1.5381
1.5312
1.5691
1.6059
1.6506
1.7264
1.9089
2.0329
1.6506
2.1410
2.2988
2.5579
:.\7J6R
2.8043
■ KM)
LAKE SUPERIOR IRON ORE.
Shipments of iron ore
1911.
April 331,645
May 3,684,819
Tune I
July 5,231,373
August 5,
nber
0 ber I
November . .. 2.523,253
December
Season Lake .. 32,130,411
down the lakes
1912.
201.042
5,919,074
r,567,555
7. 760.248
7,'.'s7.23n
7.010,219
4,072.671
14.579
17,435,777
have been
1913.
806,386
,284,212
,974,444
,204,416
,358,413
1,526,103
,270 95E
18.545
as follows,
1914.
269,686
3,852,063
!
,,784 114
5,869,477
5,438,049
1,068,682
1,411
12,021,987
1916.
1,658,413
,01 176
in gross tons
1915.
503,832
5,012,359
6,005,591
7,204,021
s. us 1,1 17
7,863,146
7,146,873
4,445,129
57,236
16.51s. Slit 29 365 .
1916
TUNGSTEN PR0DUC1 tOl
333
Tungsten Production.
i From the U. S. (
The tungsten production of the I fnited
during the first six months ol 1916
eded i he production ol i his 01 onj othei
1 ) in any i«i evioti 1 ■ monl hs. Prices
were even n phi i na I i han produc
tion and reached more than ten times their
ordinal j levi I. I he outpul -■ n 1 quiyali nl
i" ■ 1 1 •• 'iii 3,: short ions of ci mi entrati 1
carrying OOfl WO.;, valued al $9,113,000,
according to an estimate made by Frank L,
Hess, of the I Inked States ' Geological Sur.
I l< partmenl of the Interior. Statistics
arc valuable only so far as their accuracy
is known, ami 1 his estimate is believed to be
correct within in'; and to he under rather
than over the true figures.
These figures are no less noteworthy
when it is known that in 1015 much the
larger part of the production was in the
second half of (lie year, so that the total
domestic output for the 12 months ending
June 30, 1916, probably amounted to about
;,000 ions.
Colorado has regained its lead in the
production of tungsten ores and, between
January 1st and June 30th, marketed 1,503
tons, valued at $ :i.i'.:J.8,000, of which the Boul-
der field furnished 1,494 tons. California
sold 9S4 tons, valued at $3,005,000. The
reason for the higher value of the Califor-
nia ore was that it was nearly all sold as
high grade concentrates, but a large part
of the Colorado ore sold was of low per-
centage and had to he milled and concen-
trated, widi consequent expense and loss.
From Nevada 461 tons, valued at $1,432,-
000, and from Arizona 175 tons, worth $565,-
000, are estimated to have been shipped.
Smaller quantities were mined in Alaska.
Connecticut, Idaho, Missouri, New Mexico.
South Dakota, Utah, and Washington.
Not only were the output and prices
unique, but the ratio of the several tungs-
ten minerals produced was different from
thai of other countries of large production.
The quantities and values were approx-
imately as follows: Ferberite, 1,495 tons,
$3,590,000; scheelite, 1,-lni tons. $4,322,000
wolframite, :?lll tons, $-613,000; and lmuberite
1 15 loir,, $587,000.
eologii ii Survej I
1,1 1 count! ies the prevailing mineral
is wolfi . 1 1 1 1 1 1 1 , and no other country ap-
proaches the United States in the quantity
of ferberite or scheelite produced. The
scheelite comes mostly from Atolia, Cal.,
hut significant quantitiei arc mined in Ne-
vada, Arizona, Idaho, and I onnecticut.
I he tremendous increase of prices 1 1 .
by the need for "high speed" tools to cm
wai steel ordered by the governments of
Europe of course caused the great increase
in production. Trices al the beginning of
the year were irregular and depended on
the buyer's need "of the ore and probably
on his fear of the possibility of not being
able to get il when he might need it even
more, (lies carrying 60$ tungsten trioxide
brought at that time as much as $66 a unit,
but by the last of March some ferberite sold
lor $93.50 a unit at the mills, and even high-
er prices were quoted in the newspapers,
though they could not be confirmed. The
prices of the same ore in the New York
market would naturally be somewhat high-
er. Under the stimulus of these high prices
production, not only in this country, lint
in the world at large, has been at the high-
est point ever known. At first the sudden
demand created by the orders for war steel
were far ahead of the instant productive
power of the country. The rapid increase
in prices, starting last fall at a time when
tungsten milling was at a low ebb and cul-
minating in the undreamed maximum men-
tioned, caused prospecting and consequent
discoveries of new deposits, increase of de-
velopment of known deposits, the operat-
ing at high tension of old mills, and the
hasty building of new mills. As a result,
the production increased faster than the
consumption and soon overran the demand
that would absorb the output at the ex-
tremely high prices prevailing, so that a
drop in prices was inevitable. June closed
with the price around $25 a unit, which was
still much higher than any price known l>e-
fore this year. The highest price previously
reported to the Geological Survey was $15
a unit, paid in Tin;. The normal price has
been $0 to $7.
354
THE STEEL AJSTD METAL DIGEST,
\||'M1 I
Comparison of Metal Prices.
Pig Iron.
High.
i mer, valley 1 1.25
Basic, valley 13.25
0 i Foundi v . vallej .... i:i.35
No. 2X I'.ly. Philadelphia. 15.00
Mo. a foundry, Cleveland . 14.2 i
No. 2X foundry, Buffalo. 13.75
Xn. 2 foundry, ( 'hicago . . 14.75
No. 2 South'n Birmingham 10.75
Scrap Iron and Steel.
Melting Steel, Pittsburgh. 12.00
I [( .n .. melt, steel, Chicago l 1.00
No. i R. R. wrought, Pitts. 12 i ■>
No. l cast, Pittsburgh .... 12.25
I I ea\ j steel - 1 i ap, Phila. . . 1 1.25
Iron and Steel Products.
I iessemer rails, mill l .25
fron bars, Pittsburgh 1.35
Iron bars. Philadelphia ... 1.27]
Steel bars, Pittsburgh .... 1.20
lank plates, Pittsburgh .. 1.20
Structural shapes. Pius. .. 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 .... <9 ' <
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 14.87^
1 asting copper 14.65
Sheet copper 20.25
Lead | Trust price i 4.15
Spelter 6.20
Chinese & Jap. antimony. 18.00
Aluminum, . .. 21.50
Silver
St. Louis.
Lead -1.10
Spelter 6.00
Sheel zinc (f.o.b. smelter) 8.75
London. £
Standard tin. prompts ... 188
Standard copper, prompts
Lead 24
Spelter 33
Silver 27j4d
r 1914. Range for
191... Range for
1916.
Closing,
Low.
High.
Low.
High.
Low.
July 81,
1916.
13.75
21.00
1 1 GO
21.00
20.00
21 mi
I ■ .ii
IS. (Ill
13.50
18.50
17.75
is. lie
!
IS.. Ml
12.50
IS. .",11
18.35
I 1.20
111. .".II
I I 00
"II '.".
19.50
19
13.25
IS. so
13.00
19.30
18.70
18 ,n
i;> ■>.-,
18.00
1 1.7."
in. mi
is. nu
18.50
13.00
18.50
13.00
19.00
I-. 50
19.00
9.50
14.50
9.25
1 i nu
1 1.50
14.00
9 .
L8.00
1 I.IKI
18.75
16.00
16.12
s nil
15.25
s.; :.
16 (3
! 1.50
14.50
10.00
i ;..'.".
in,;:.
19.50
17.50
18.6 '
10.50
15.00
1 1.00
Hi. (Ill
14.75
I ,..;,
!).00
lfi.25
9.50
17.75
15.00
15.00
1.25
1 ?5
1.25
1.25
1.25
1.47
1 !0
1.90
1.20
2.50
1.90
so
i .12 y2
2.06
1.1:.",
2.66
2.06
2.66
1.05
1.80
1.10
2.50
1.85
2.50
1.05
1.60
l.in
2.75
1.85
2.90
1.05
1.80
1.10
2.50
1.85
2.50
i.r-";
1.75
1.12 J4
2.35
1.75
2.35
1.80
2.G0
1.70
2.90
2.60
2.90
2.75
.-,.0(1
2.65
5.00
1.25
1.25
::.iti
3.60
3.10
6.00
3.75
6.00
1.50
2.10
1.50
2.40
1 m
2.50
Sl9i
79' .
81%
70% '
78%
70%
1.00
:;..",o
1.50
."..nu
2.50
2.65
'.'Jin
::.;.".
2.00
4.25
3.7 .">
28.50
57.00
32.00
56 mi
37.50
38.50
11.30
23.00
13.00
30.25
23.00
25.50 '
1 1. 10
'.; mi
12.80
31.00
23.00
1 I.IKI
22.00
12.70
22.00
24.37J
16.50
27.25
18.75
37.50
28.00
33.50
3.50
r.oo
3.70
7.50
.",..".(t
g ;o
4.7:,
27.25
5.70
31.173 •
3.80
:,.:;<>
til nil
4. "..(id
13.00
13 00
17.37] .
(ill. (ill
18.75
05.00
.",:;. (in
1,(1.0(1
.
56]
in'.
-;li
55ft
6 1 ! 8
::.:::,
;..m>
50
S. '.'.",
5.45
6.02]
4. 1'.ll
•.'7.IKI
.",..",.",
21.00
9.50
7.0(1
33.00
9.00
'.'"...".ii
1 ."..(in
15.00
£
£
£
£
£
£
132
190
Its';
205
163
[083
49
:. ; ! g
146
s|
1 11
i:7s
10
is't
a; ■
27 i
1
'>!<;
1 III
111
1 1
GO
?.v/4d
•',',..
•
i 'i,:
,i loftd
i '• 1 1. iei i i;it\ PEH BS 355
Comparison of Security Prices.
Railroads. High.
Atchison, rop. & Sante Fe... 100%
Atch. Top. & Santa Fe,. pfd 101%
Baltimoi e & ( >hio
Canadian Pacific 320]
ipeake \ ( >hio 68
< hicago, Mil. & St. Paul .... iu: s
Erie K. R 323 -'
Great Northern, pfd. ........ Km.,
Lehigh Valley 1.56%
Louisville & Nashville 141%
Missouri, Kansas & Texas .. 24
Missouri Pacific 30
New York Central 96%
N. V., N. H. & Hartford .... 78
Northern Pacific lis1,
Pennsylvania R. R us1 7
Reading 172J4
Southern Pacific 99%
Union Pacific 164%
Industrials.
Am. Beet Sugar 33%
American Can 35%
American Can, pfd 96
Am. Car & Foundry 53%
Am. Cotton Oil 46%
Am. Locomotive 37%
Am. Smelting & Refining .... 71 Vs
Brooklyn Rapid Transit 94%
Chino Copper 44
Colo. Fuel & Iron Co 3434
Consolidated Cas 139 J^
lieneral Electric 150%
International Harvester I i :
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 67J4
U. S. Steel Corporation, pfd.. 112%
Utah Copper 59%
Va. -Carolina (.'hem 34%
Western Union Telegraph ... 66%
or 1914.
Range
for 1915.
Range fi
:>r 191G.
Closing.
Low.
High.
Low.
High.
Low.
July 31,
1916.
89 ' ,
11134
92 ' ■
HIS I .
nil. ,
103
96! ,
I02J.1
96
L02
'i.
99
67
'Hi
113%
96
■
153
I'M
i:;s
i
h,"
1 , 7
40
64%
35%
58
1,0' ,
84%
101%
;-
102',
91
94%
20%
45%
1.9%
1 :■:
32
34%
m%
128%
H":i
127J
1 IS
11!',
US
83%
64%
SI',
74%
77%
125
L3034
Mir
i::v .
121%
8%
1.V,
4
:':
3%
7
is',
1%
:;' .
5%
77
i m1 ..
si' .
III',
ion' j
49$*
89
43
vt%
51
97
1 l'.)
9934
118%
1.093. j
110' .
102^4
61 ! ,
51%
593 |
55%
56J
137
s.-,%
69%
110%
75%
95%
81
I'M',
si'..
104%
94J
112
III'.
115%
1 13%
129%
L36 i |
19
72%
::::'.,
1)4 ',
61%
89
19 %
68%
2:,
65%
50%
80
113;
S'.l
113%
109
in.' |
42 34
98
40
78
53 ! i
58%
32
ill
39
57%
50%
29> 4
:i :
19
83%
60%
66%
50J4
108%
.-,ii
113%
S8%
94
79
93
8334
88%
83%
84 %
31%
57%
32%
60
17%
1;' .
29iX
66; 2
"' :
:,:;
38%
43%
112J4
L50%
II.:.:
Ill :
130! ■
L33!
137%
18534
138
178! ■
L59
11:11
82
114
90
119%
ION' ,
26%
9 i .; |
28
Sli
64
15
40
70%
14
73%
60! ■
63%
15
273 •
L5 ; ,
26
20
23
18
5734
111
5534
42
1 i ! ::
75
112%
7 2
1 1 2
LOG
109%
i9 %
bg;
22
63%
Hi' i
112
231
120
235%
177'.,
195
44^
r4%
44
47%
54^
48
89%
38
89
79 : 1
86%
10334
1 1 ;
Hi"
188%
115
116%
45%
81%
48 %
86%
75
763 ■
17
52
15
51
30
39%
53%
90
57
s;
92
THE STEEL AND MET \l DIGEST
A II'MI !
U. S. STEEL CORPORATION'S OPERATIONS.
rS AND UNFILLED ORDERS. BOOKINGS AND SHIPMENTS.
In this table, first two columns, percent-
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. ferenre
Earnings by Quarters,
arnings by <,
Quarter. L915.
1st ... 60,713,624 i ' •
i : ! . 04 ',■,,.111..
3rd 38,1
4th 51 ' • ■"■
Year 130,396,012
LSI;
1913.
191] :
1914.
!0,457,59fi
! .'. '.
'Ml.
1st .. . 134,426,802 !6,B (3 519,20
2nd .
3rd .
4th .
Year
,i i" 813 25, 103,266 28,108,620
,, wo
, ! :0 35,181,922 23,155,018
137,181,345 L08,174„673 L04,305,466
Unfilled Orders.
(At end of the Quarter).
First. Second. Third. Fourth.
7,018,712 0.809,584 7,930,884 4,489,718
8,043,8:,S 7,603,878 6,425,008 4,642,553
3,765,343 3,31 1,876 3,421,977 3,603,527
3,542,590 4,057,939 4,790,833 5,927,031
1910.. 5,40:.'. 514 4,237,794 3,158,106 2,674,757
1911.. 3,447,301 3,361,058 3,611,317 5,084,761
1912.. 5,304.841 5,807,346 0.551,507 7,932,164
1913.. 7,40s L7 5,003,785 4.282,108
1914.. 4,053,825 4,032,857 3,787,607 3,836,643
1915.. 4,255.74'J 4,678,196 5,317,608 7,805.220
I . '.' 331,001 9,6 •
1906..
1907..
1 909 . .
1914 -
%
%
Tons.
July
04
75
\ 11
-4- 125,732
.t ....
67
72
1 5
+ 54,742
Septembei .
62
24
-38
425,004
Octi iber . . .
55
28
-27
:J20,570
November .
4 5
32
— 13
136,505
December .
38
82
4 44
{ 5 12,051
January 1915
44
81
1 37
f 411/J2S
February . .
57
00
+ 9
+ 96,800
March
07
00
— 7
— 89,622
April
71
03
— 8
— 93,505
May
70
85
+ 9
- 102,354
June
79
113
+34
+413,598
July
SLi
104
+21
+250,344
August ....
91
89
— 2
10,085
September .
98
133
+ 35
+ 409,163
October . . .
103
1 72
+69
+ 847,834
November .
102
ISO
+ 84
+ 1,024,037
December .
102
152
+50
+ 015,731
January 1916
102
112
+10
+ 110,547
February . .
102
157
+ 55
+646,199
March
104
104
+ 702 035
April
104
140
»
\ 498.550
May
104
82
—22
—297,340
104
82
—22
297,340
RAILROAD EARNINGS.
Railroad earnings per mjle 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.
irnished the Interstate Commerce Commission.
Revenue.
Expenses
Net.
Revenue.
Expenses.
Net.
Revenue.
Expenses
Net.
July
$1,183
$346
$1,127
■
!
$1,130
$750
$380
August ..
1.244
856
388
i.i r-t
7ss
386
1,191
765
426
September
1.257
S54
403
1,185
402
1.251
774
477
1,314
891
423
1.171
787
i
l,.:-::;
815
508
November
ss4
1,026
724
:.".i2
L.303
800
.'i
ill.
821
290
993
7. M
203
1,353
302
451
January . .
1,021
226
939
718
221
J, 134
(97
330
February
■ I
746
900
G80
22C
1.14f
-.11(1
340
L.091
801
1.015
72 2
?:n
J.36C
;i l
410
April ....
L.038
■
1.013
724
289
1,233
837
" , i i
May ....
. 1.U47
800
1,040
,
308
. 1,097
10
i 090
7: o
360
916
FOREIGN TB \.DE STATISTICS.
IRON AND STEEL IMPORTS AND EXPORTS.
.I.inii.ii j
February
March ..
April . . .
Maj ....
July
Uigusl ...
September
October . .
\ i ve m bi i
December
fota
VALUE OF TONNAGE AND NON-TONNAGE.
1911. 1912 1913. 1914. L913 1916.
. $18,738,391 $18,451,914 $25,141,409 $16,706,836 $18,053,4 11 $51,64 I .07
.690.798 21,801,570 84,089,87] L6 1 0, !l .,470,751 54,1 i i 6
,|':l'" 24,474 i 19 17,231,210 20,551 L31 10,1
■ 34,916,912 16,1 19 13 27,123,044 30,6: 9,569 35,302,649 58,722,4 I I
■ 30,616,795 28,050,241 26,718,970 19,734,045 36,536,612 ?2,918,913
20,310,053 24,795,802 25,228,346 18,927,958 31,757,103
17,454,772 24,917,952 24,170,704 16,737,552 35,891,575
■ 80,013,557 35,450,107 33,947,4'40 10,428,817 37,726,832
. 19,875,308 23,286,040 22,831,082 12,531,102 38,415,180
. 20,220,833 25,271,559 25,193,881 L6,455,832 13,602,741
20,823,061 26,406,425 30,142,141 15,689,401 1S,056,220
. 33,186,996 23,750,864 22,115,701 L4,939;613 45,825,277
$249,656,411 $289,128,420 $293,934,160 $199,861,684 $388,703,720 $395,740,814
EXPORTS OF
1909. 1910.
January 70,109
1 ebi iMi i s 1,83 ;
March 94,519
April ' Hmi.'.ii I
-May 109,808
Juno 114,724
July L00,850
August 105,690
September 97,641
October I 10,821
November 1 (6,105
December 137,S06
TONNAGE LINES— Gross tons.
I 18,681,
1 t0,224
124,980
117,921
135,306
120,601
127,578
L31.391
1111,1:,:,
155,138
150,102
mil 1912.
152,?62 L51,575
150,919 204,969
216,360 . 218,219
228,149 267,313
178,589
174,247
l (7,902
lsi.1,-,1)
186,457
1 i , ,i
190,854
107,656
273,188
272,778
383,645
248,613
351,41 1
233,342
235,959
L913,
VI!. 193
241,888
257,519
259,689
242,353
:.' 13,108
237,1 5.9
209,856
213,057
:.':.' (),;,:, u
175,961
L 8 1,715
1914.
1 I.n,;; i)
L21,206
159,998
161,952
(39,107
in., 19
1 I 1,790
!)6,4?6
147,293
140,731
1 17,827
1915. in K.
140,550 357,122
139,946 :ir,s,si.;,7
l ; i,iui 138,058
:::::i,:,*7 384,924
263,113 540,549
355,402
378,897
»5,853
381,917
350,955
i6 : res
353,840
fotal
1,243,567 1,540,895 2,187,724 Mils. Mill
10,681 1,549,543
12,432 2,089,520
IRON
ORE IMPORTS
1913.
1914.
1915.
Jan. . .
175,463
101,804
75,280
Feb. .
• , .1
L12 .74
....,;
.Mar. .
164,865
68,549
88,402
April.
i ; 1,162
11 1,812
91,561
Ma3
191,860
i i i,6 ig
lis.'., I
June .
241,069
188,647
I i-.:,,.,
July •
272,017
141,838
I 19,468
An-. .
213,139
134,913
126,806
Sept. .
295,434
109,176
1 i : 25
i i, i
274,418
114,341
i.38,318
Nov. .
179,721
90,222
ii 144
Dec. .
123, 92
51,0 13
I ....
1 18,321
Totals
!, 194,770
1,341,281
1916.
89, M
93 115
93,383
75,7 12
1 18,599
IRON AND STEEL IMPORTS.
i ;i 1 'J.
L913.
I'M 1.
1915.
If 16.
1 mi
:.' I , , l . .
1 ?,776
10,568
15,824
Feb.
11,622
- 1, ,.i ,
14,1 17
7,506
20,280
Mar.
1 1, 166
27j407
•,...",
8,025
15 162
April
12,481
30,585
16, ... .
'
1,949
28,728
28,173
28,916
32,113
June.
23,076
32,200
July
17,882
25,282
20,858
Aug.
. 30,571
is,; in
28,768
27,556
Sept..
... 10
19,941
: 120
23,34 1
Oct.
(5,559
20,840
12,754
34,319
Nov.
'l.l .1
■ , 09
24,165
37,1 11
Dei .
16,454
. I , .
15,455
100 ..: I otal 125,072 111 189,71 143 103,55
358
THE STEEL AND METAL DIGEST.
.\l|"U -I
Price Changes of Iron and Steel Products
From March 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 rates
are merely those upon which our quotations were changed. A few other price
changes are included.
191
5-
191
\ug.
31
Bars 1.30
to 1.35
Mar.
1
Bars
1.10
to 1.15
31
Bars 1.30
1,1 l.:;-,
1
Plates
1.10
to 1.15
31
Blue aun. sheets 1.40
to 1.50
1
Shapes
1.10
to 1.15
Sept
15
Plates 1.30
to 1.35
"
1
Wire galvanizing
40c
to 50c
15
Shapes 1.30
to 1.35
"
17
Wire galvani ing
One
to 60c
"
20
Wire nails 1.65
to 1.75
Aprj
1
Boiler tubes
75%
"
28
Sheets 1.90
10 1.95
1
Bars
1.15
to 1.20
29
Shapes 1.35
to 1.40
"
1
Plates
1.15
to 1.20
Oct.
1
Boiler tubes
1 0 ; 1 '/.
"
1
Shapes
1.15
to 1.20
'6
Bars 1.35
to 1.10
14
Wire nails
1.60
to 1.55
6
Sheets 1.95
to 5.00
May
1
Steel pipe
80%
to 79%
"
7
Blue ann. sheets 1.55
tn 1.60
1
Boiler tubes
75%
to 74%
"
15
Bars 1.40
1 0 1 . 1 ".
"
1
Tin plate
3.20
to 3.10
"
15
Plates 1.40
to 1.45
"
12
Plates
1.20
to 1.15
"
15
Shapes 1.40
to 1.45
"
17
Galvanized sheets
3.40
to 3.60
"
15
Galvanized sheets 3.60
to 3.50
"
24
Galvanized sheets
3.60
to 3.75
"
10
Black sheets 2. no
to 2.10
June
1
i ,;ih anized pipe
6
to 63^4
Oct.
21
Wire nails 1.75
10 1.85
"
24
Galvanized sheets ■'■.',■>
to 4.25
"
25
Blue ann. sheets 1.60
to 1.65
»
1
Wire galvanizing
60c
to 80c
"
26
Bars 1.45
to 1.50
8
Sheets
1.80
to 1.75
"
26
Plates 1.45
to t.50
•■
'J
Galvanized sheets 4.25
to 5.00
"
26
Shapes 1.45
to 1.50
.<
15
Boiler tubes
74#
to 73%
"
28
Blue ann. sluxts 1.65
to 1.70
July
1
1
Bars
Plates
1.20
1.15
to 1.25
to 1.20
\i'\
20
. 1
Boiler iul.es 71% to G9JJS
Steel pipe 79% to ^ft
..
1
Shape-
1.20
col ■
"
J
Galvanized sheets 3.50
in .; 1,11
..
Sheets
1.75
to 1.70
"
4
Black sheets 2.10
«
(i
Wire nails
1.55
to 1.60
4
( ialvanized sheets 3.60
to 3.70
i.
0
Painted barb wire
1.55
to 1.70
"
4
Bars 1.50
to 1 60
..
7
Sheets
1.70
to 1.75
"
12
Tin plate 3.30
to 3.60
..
14
( ralvanized sheets 5. on
I- 1 Ml
12
Sheets 2.20
to 2, S3
..
16
Boiler tubes
i :'. to 727
"
15
Sin ris 2.25
.,
"ii
Plates
1.20
to 1.25
"
15
Galvanized sheets 3.80
tut on
«
"
\\ in- nails
1 .60
to 1.55
15
Bin.- ann. slieels 1.80
to 3.00
"
28
Galvanized sheets
4.50
to 1.25
10
IS
Wire nails 1.85
Bars 1.60
to 1.90
to 1 .'
■
Wire nails
1.55
to 1.60
Aug
3
Shapes
1.2--,
to 1.30
18
Plan 1.6O
to 1.70
4
1.75
i n
Nov
. 18
Shapes 1.60
I., i ro
..
6
B la i 1
1.80
to 1.85
"
L8
Gal\ .Hi.'! heets 4.oo
•'
16
Wire galvanizing
KOr
i,. 60i
"
24
1 ,,ilv anized sheets 4.25
to 4.50
"
19
Blue aim.
1.:;-)
I- l.H
"
30
Sheets ! 10
'.. ■ .■
..
23
Wire galvanizing
S0i
tn 70c
"
30
Galvanized sheets 1.50
to 4.75
■■
24
Wire
1 in
1- 1.50
"
30
Blue ann. sheets 2.00
..
24
\\ ii e nails
[.60
to 1.65
Dec
. 1
Wire nails L90
to 2.00
.i
Blacl heel
1 -
to 1.90
"
1
Boilei fcubi G9% to 68%
"
.
1 ! i
to l 10
"
15
Bars 1.70
to 1.80
l!Uti
IMMIGRATION STATISTICS.
359
15
Plates
3.70
to 1.80
IS
Shapes
1.70
to 1.80
"
31
Wire nails
2.00
to 2.10
83
Sheets
2.50
to 2.60
1916
—
|an.
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
2}/2%
78%
to 77%
"
5
Blue ann. sheets
2.35
to 2.40
7
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
r
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
21
Shapes
Tin plate
2.00
3.75
to 2.25
to 4.00
29
29
Pipe
Boiler tubes
75%
64%
to 74%
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%
Apri
1 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
"
3
Tin plates
5.00
to 5.50
"
16
Plates
2.75
to 2.90
June
7
Galv. sheets
5.00
to 4.75
"
16
Tin plate
5.50
to 6.00
July
7
Blue ann. sheets
3.00
to 2.90
"
7
Galv. sheets
4.75
to 4.50
Aug
1
Tin plate
6.00
1.. 5.50
633,805
42,525
31,556
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.
191- 1,017,155 615,292 -(-401,863
1913 1,427,227
1914 1,403,081
December . . . 27,458
January, 1915. 20,684
February . . . 18,704
March 26,335
April 31,765
May 32,363
June 28,499
Year 1915 . 434,244
July 27,097
August 27,413
September ... . 31,096 33,061
October 31,215 26,338
November .. 29,297 26,005 -4-
December . . . 23,173 23,743 —
January, 1916. 17,293 4,015 +
February . . . 30,244 10,824 + 19,420
March 33,685 9,894 +23,791
April 36,999 10,856 +26,143
May 37,925 13,217 +24,708
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
611,924 +815,303
+ 769,276
— 15,067
— 10,872
14,188 + 4,516
15,167 + 11,168
17,670 + 14,«95
17,624 + 14,739
21,532 + 6,967
384,174 + 50,070
16,015 + 11,082
41,737 — 14,324
— 1,965
+ 4,877
-4- 3,292
570
7,303
368,797 — 82,211
172,412 + 67,167
5,115 + 3,912
10,310 —
8,188 +
8,329
9,166
9,349
9,469
12,908
10,867
+
+
804
866
662
802
891
1,212
1.826
4,198
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
January, 1916. 8,257
February .... 11,082
March 15,065
April 12,522 8,051 - - 4,471
May 10,989 8,968 + 2,021
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; April,
+30,614; May, +26,729; 11 months, +114,-
THE STEEL AN"]) METAL DIGEST.
August
COMPOSITE STEEL.
Computation for August 1. 1916:
ounds. Group. Price Extension.
■!', Bars 2.50 6.250
::[, Bars 2.50 6.250
1>, Plates 2.90 4.350
\y2 Shapes 2.50 3.750
iy2 Pipe ($4-3) 2.95 4.425
1 [ j Wire nails 2.50 3.750
1 Sheets (28 bl.) 2.90 2.900
Tin plates 5.50 2.750
10 pounds 2S.175
One pound 2.8175
Averaged from daily quotations;
Jan.
Feb.
Mar,
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
1912.
1.5123
1.4878
1.4790
1.5206
1.5590
1.5794
1.6188
1.6784
1.7086
1.7588
1.7750
1.7789
1.6214
1913.
1.7737
1,7625
1.7646
L.7742
1.7786
1.7719
1.7600
1.7400
1.7093
1.6779
1.6203
1.558
1.7241
1914.
1.5394
1.5794
1.5638
1.5337
1.5078
1.4750
1.4805
1.5241
1.5632
L.5236
1.4769
1.4324
1.5182
1915.
1.4554
1.4716
1.5098
1.5357
1.5383
1.5312
1.5692
1.6059
1.6506
1.7264
1.9089
2.0329
1.6280
1916
2.1410
2.2988
2.5579
2.7165
2.8043
2.8300
2.8425
SCRAP IRON cV STEEL PRICE:
Melting B
Steel.
Pitts.
1914—
Oct. 10.75
Nov. 10.10
Dec. 10.50
Year 11.42
1915—
Jan. 11.40
Feb. 11.70
Mar. 11.80
Apr. 11.65
May 11.65
June 11.75
July 12.62
Aug. 14.05
Sep. 14.25
Oct. 14.50
Nov. 16.12
Dec. 17.65
Year 13.26
1916—
Jan. 17.75
Feb. 17.20
Mar. 18.40
Apr. 18.00
May 17.00
June 10.25
July L6.70
jndled No. 1 R R. No. 1 No. 1 Heavy
Sheet Wrought Cast. Steel. Melt'g
Pitts. Pitts. Pitts. Phila. Ch'go.
8.50 10.25 11.25 10.00 9.00
8.10 10.25 10.75 9.25 8.25
8.50 10.50 11.00 9.65 8.40
8.52 11.51 11.71 10.53 9.55
9.20
9.25
9.37
9.37
9.37
9.37
9.60
11.40
11.90
12.00
12.55
13.15
10.54
10.75
10.75
10.75
10.75
10.75
10.75
11.00
12.25
13.15
13.75
15.35
17.10
12.26
11.25
11.25
11.50
11.85
11.85
11.85
12.00
12.85
13.10
13.35
13.90
14.95
12.40
10.30
10.70
10.85
11.10
11.25
11.25
11.85
13.70
14.70
14.50
14.65
15.60
12.54
9.00
9.20
9.25
9.13
9.50
9.75
10.90
11.85
12.15
12.00
13.95
15.25
10.99
13.40 18.00 15.10 16.30 15.60
13.60 18.75 15.35 16.25 15.75
14.80 19.15 15.75 17.15 16.75
14.75 19.25 16.00 18.00 16:75
13.65
13.00
12.50 18.80
19.65 16.10 17.00 15.90
19.00 15.40 15.45 L4.80
COMPOSITE PIG IRON.
Computation for August 1, 191
One ton Bessemer, valley
Two tons basic, valley (18.
One ton No. 2 foundry, valley
One ton No. 2 foundry, Philadelphia
One ton Xo. 2 foundry, Buffalo ....
One ton No. 2 foundry, Cleveland ..
One ton No. 2 foundry, Chicago ...
Two tons No. 2 Southern foundry,
Cincinnati (16.90)
Total, ten tons
One ton 18.575
$21.00
36.00
. 18.25
19.75
is.::.
18.70
19.50
33.80
L85.75
Averaged from daily quotations
1912. 1913. 1914. 1915
Jan. 13.24(1 17.391 13.492,
Feb. 13.427 17.140 13.721
Mar. 13.581 16.775 13.843
April 13.779 16.363 13.850
May 13.917 15.682 13.808
June 14.005 14.968 13.600
July 14.288 14.578 13.52(1
Aug. 14.669 14.565 13.516
Sept. 15.386 ' 14.692 13.503
Oct. 16.700 14.737 13.267
Nov. 17.226 14.282 13.047
Dec. 17.475 13.838 13.073
Year 14.823 15.418 13.520
13.070
L3.079
12.971
12.91 4
13.2(16
13.047
13.125
14.082
14.895
15.21:;
16.398
17.981
14.150
1916
1.8.690
18.564
18.857
19.021
18.965
18.552
18.585
UNFINISHED STEEL
AND IRON BARS.
1914-
Year 20.06
1915—
Jan. 19.25
Feb. 19.25
Mar. 19.30
Apr. 19.50
May 19.50
24.80
25.00
19.80 25.00
20.00 25.00
20.00 25.00
15.30 15.00 14.30
June 20.00T 20.50f 25.00
July 21.40f 21.90f 25.75
Aug. 23.50f 24.00T 27.00
Sep. 26.50T 26.00T 29.75
Oct. 26.00T 26.00t 31.50
Nov. 26.20T 26.50f 36.00
Dec. 30.73t 30.73T 39.50
Year 22.51 22.91 28.28
1916—
Jan. 32.50T 32.50T 42.00
Feb. 34.00f 34.00f 48.00
Mar. 41.00T 41.00f 56.00
Apr. 45.00 45.00 60.00
May 43.00 43.00 59.00
June 42.00t 42.00f 58.00
July 42. :.nt 42.50T 58.00
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
2.66
2.66
2.66
Ch'go.
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
1.79
1.92
2.17
2.35
2.35
Premium for open-hearth.
L916
OUR FOREIGN TRADE.
CAR BUYING.
Ill cars 01 dered:
First half, l:n I 11,380
Second half, 1914 13,6
"i ear, 1914 80,000
I i nuarj . L915 3,300
February 4,255
March 1,287
April 3,000
May 20,120
June 29,864
5ia months 61,916
July 5,675
August 4,625
September 5,060
October 26,9 19
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
June 3,470
Six months 64,287
July 1,723
PIG IRON PRODUCTION.
Rates per annum, including charcoal pig.
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, 1916 37,850.000
February 39,200,000
March 39,600,000
April 39,600,000
May 39,800,000
June 39,500,000
July 38.350.000
On August 1st 38,300,000
Actual production:
1910 27,303,567
1913 30,966,152
1914 23.332,244
1915 29,910.213
OUR FOREIGN TRADE.
Value of merchandise imports and ex-
ports, and favorable trade balance, calendar
years.
Imports. Exports. Balance.
L904 1,035,909,190 1,451,318,740 115,409,550
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 2,113,624,050 324,348,049
1915 1,778,596,695 *3,547,480,372 *1,768,883,677
1913—
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
Apr. 173,762,114 162,552,570 tH,209,544
May 164,281,515 161,732,619 f2,548,896
June 157,529,450 157,072,044 f457,406
July 150,677,291 154,138,947 f5,538,344
Aug. 129.767.S90 110,367,494 fl9,400,396
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. 158,022,016 296,501,852 138,479,836
Apr. 160,576,106 294,745,913 134.169.S07
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. 151,236,026 300,676,822 149,440,796
Oct. 148,529,620 334,638,578 186,108,958
Nov. 164,319,169 331,144,527 166,825,358
Dec. 171,832,505 359,306,492 187,473,987
1916—
Jan. 184,362,117 330,784,847 146,422,730
Feb. 193,935,117 402,991,118 209,056,001
Mar. 213,589,785 409.85(1. 425 196,260,64^
Apr. 217,705.397 399.861.157 182.155.760
May 229,188,957' *474,881,255 *245,692,298
June *245,896,770 464,824,057 218,927,287
* High record.
t Balance unfavorable.
THE STEEL AND METAL DIGEST.
August
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.
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
20.70
12.50
18.00
May
.. 13.659
20.833
12.65
18.1607
Tune
.. 13.75
21.00
12.724
18.00
Tuly
. . 13.991
21.00
12.959
18.00
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
Ab
3ve prices
are f.o.b
valley
lurnace-
delivered Pittsb
urgh is 95
cents higher.
WAGE SCALE AVERAGES.
Sworn averages of prices obtained by
mills for shipments in months named, used
in fixing wages under Amalgamated Asso-
ciation sliding scales. The figure? represent
the rates used, the actual ascertained aver-
ages lying between the figure given and the
one five points higher. Base sizes of iron
bars; average of 26, 27 and 2S gauges black
sheets; tin plate per base box, 100-pound.
Bar Iron.
1914.
January-February. 1.1590
March-April 1-176
May-June 1.1257
July-August 1.0928
September-October 1.0847
November-Dec'ber 1.037
Year's average .... 1.1125
• Settlement basis.
1915.
1.024
1.087
*1.10
*1.15
*1.15
*1.30
1.144
916.
.40
85
BRITISH IRON AND
1915—
Jan.
Feb
Mar.
April
Maj
Tun>-
July
Aug.
Sept.
Oct.
Nov.
Dec.
Pig Iron,
21,138
21.934
20,1 72
. 35.209
29,342
. 39,127
78,370
. 73,283
. 53,068
. 78.973
74,892
Rails. Tin Plate.
24,411 29,216
14,877
17,572
21.602
21,776
23,728
33,224
32.962
15,800
13,640
1 2.760
9 93"!
15.101
36,170
40.135
33.727
33,986
39.528
22.572
20.002
31,968
Total.*
>30,204
198.294
239,341
265.244
267.524
272.195
351,984
295.260
249.501
312,141
308,219
259,782
Sheets and Tin Plates.
1916. Sheets. Tin Plates.
January-Feoruary .... 2.25 3.50
March-April 2.50 3.70
May-June 2.60 3.90
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.
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
February '.. 107 13,534
March 44 20,364
April 1T9 21,385
May 39 25,585
British tin plate exports have been as fol-
lows, in gross tons:
1914 435,497
1915 368,602
January 1916 26,271
February 27,289
March 39,482
April 23,337
May 41,868
June 30,351
STEEL EXPORTS.
1915_ Pig Iron. Rails. Tin Plate. Total.*
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
Mar. .. 87.283 3,366 39,482 307,488
April .. 82,976 10,510 23,337 293.897
May . . 97.967 4.103 41.S68 395.750
June... 77,487 3,243 30.351 310,595
* Includes scrap, pig iron, rolled iron and
steel, cast and wrought iron manufactures,
bolts, nuts, etc., but not finished machinery,
boilers, tools, etc.
ism;
TIN IN JULY.
363
Tin in July.
Tin Market Mysteriously Depressed in First Half of Month, Prices Declining Steadily
— Later Market Recovers Slightly and Then Recedes — Net Decline for Month
Yi to V/iC Per Pound Here, £5 5s on Standard and £5
ISs on Straits in London.
Something mysteriously depressing seem-
ed to hang over the tin trade during- the
first nineteen days of July. It was an in-
tangible something that hung like a pall
over the market. Importers and dealers
were equally in the dark as to whence it
came or what it was. Foreign, advices
threw no light upon the cause of the weak-
ness that was apparent only in a steady
downward movement of prices. There were
frequent temporary recoveries in the daily
quotations made at London and at Singa-
pore but the succeeding declines carried
the market to lower and lower levels. Con-
sumers who at first bought moderately and
cautiously on the recessions and who ex-
pected 'to continue to buy whenever the
market reached 38c became most distrust-
ful.
Arguments Against Bearish Sentiment.
Dealers and operators kept reiterating
that American consumption was never so
large, that no great increase in production
was in sight and that prices of tin in all
positions here and abroad were relatively
and intrinsically low. Consequently there
was no reason for the bearish sentiment
that prevailed. The weakness abroad
must be due to psychological causes.
Not satisfied with this view, consumers
— having present and future needs well cov-
ered either by stocks in hand or by previous
purchases for future deliver}' — waited and
looked deeper for the cause of the de-
pression. It was pointed out that under the
trade supervision exercised by the English
Government speculation is almost impos-
sible and hence sellers at London or pro-
ducers in the East Indies lack the ability
to carry stocks for a rise. As current sup-
plies must be marketed and as consumers
are loth to buy except sparingly on a de-
clining market the natural drift of prices
must be steadily downward while the ab-
sorption for consumption is less than cur-
rent offerings.
American importers and dealers are in
much the same position as are the foreign
operators — they buy to resell at a profit —
but they are better situated to finance and
to carry stocks during the war than are
their confreres in Europe.
Upon the resumption of business here,
after Independence Day, New York deal-
ers bought future positions at 38c, a de-
cline of l/iC per pound from the prices
current on the closing day of June. A rise
of !4C in the next two days seemed to jus-
tify the purchases but evidence of renewed
weakness abroad caused a further decline
here while consumers reduced their pur-
chase limit on the fourth quarter position
to 37j4c. Late on July 11th, however, pur-
chases of November-December arrivals
were made at 375-ijc and some round lots to
arrive in July were sold at 38 %c, a de-
cline of lc to l^c per pound from the pri-
ces current June 30th. Some 'improve-
ment abroad in the next few days result-
ed from American buying orders and an
unsuccessful effort was made to force the
New York market to respond to the rise
at London.
Enforced Liquidation Abroad Ascribed as
Main Cause for Depression.
On July 18th. the domestic trade was com-
pelled to adopt the belief of enforced liquid-
ation abroad as the main cause for the mys-
terious depression during the preceding
fortnight. On the following day it became
known that an outside foreign interest for
several days had been forcing sales upon
American dealers at steadily declining pri-
ces. A round tonnage of such metal was
finally taken here at something under Z6l/2c,
acceptance being made by cable. This trans-
action seemed to clear the trade atmos-
phere. Immediately preceding these ne-
gotiations the New York market had drop-
ped to 3754c for spot, 37^{c for August, 37c
for September, 3654c for October and 3654c
for November-December. Prices had thus
dropped from June 30th to July 19th. '."sc
on spot, 2c on December and %c to 1)4C
on all intermediate positions. During the
same period the London market had drop-
ped £10 5s on spot and £11 on future
Standard; spot Straits at London also had
dropped £ll while the Singapore market
had In- ken £13 10s net.
THE STEEL AND METAL DIGEST.
August
VISIBLE
SUPPL
[ES.
Visibl<
supply
of tin
at end of each
month:
1912.
1913.
1914.
1915
1916.
Ian.
16,7 07
13,971
16,244
13,901
17,041
Feb.
14,996
12,304
17,308
14.54S
16,511
15,694
11,132
16,989
15,467
1S.7S2
April
11.S93
9,822
15,447
15,785
19,739
May
14,34a
13,710
17,862
14.646
19,614
June
12,920
11,101
16,027
15,927
19.363
ill 1 V
13,346
12,063
14.167
16,084
18.404
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.
12.34S
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.
4.01S
6.050
5,290
5,200
6,095
Feb.
5,260
4,660
6,520
5,584
6,250
Mar.
5,150
4.S10
4,120
4,970
5,170
April
4,290
4,400
4,930
5,270
4,6S5
May
5,760
6,160
6,900
6,759
3,965
June
4.290
4,280
5,870
6,665
6,210
July
4,580
4.770
4,975
5.606
5,410
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 de
iveries
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
5.40O
3,450
4,300
3,200
4,202
May
4.250
3,350
3,800
5,600
5,455
June
2.850
3.800
3,650
3,900
6,398
July
5.150
3,900
3,900
5,300
4,433
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
X o \ .
4.300
2.S00
2,600
2,975
Dec.
4.050
3.100
1,900
5,200
Total 49,500 43.900 41.700 48,750 36,053
4,125 3,658 3,475 4,062 5.150
MONTHLY TIN STATISTICS.
Compiled by New York Metal Exchange.
July June July
Straits shipments: 1916.
To Gr. Britain.. 1,860
*' Continent . . 1,020
'• U. S 2.530
Total from Straits 5.410
Australian shipments
To Gr. Britain . 119
" U. S nil
Total Australian 119
Consumption
London deliveries 1.467
Holland deliveries 104
U. S 4.432
Total
1916.
1915.
3,665
2,316
845
785
1,700
2,505
6,210
5,606
228
171
nil
nil
228
171
1,917
1,915
101
148
6,398
5,300
8,416
7,363
Stocks at close of month:
In London —
Straits. Australian 2.264
Other kinds .. . 1,595
In Holland
In U. S 5.028
1,762
1,57 3
1,399
1,409
41
3,963
991
Total
8,887 7,124 4,014
Afloat, close of month:
Straits to London 4,140 5,625 4,025
to U. S... 3,917 4,040 7,700
Banca to Europe. 1,460 2,574 345
Total 9,517 12,239 12,070
July 31, June 30, July 31,
Total visible 1916. 1916. 1915.
supply 18,404 19,363 14,167
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 49.93J4 50.42
Apr. 44.02 49.12 36.10 47.98 51.75
May 46.12 49.14 33.30 38.78 49.15
June 47.77 44.93 30.65 40.37 42.18
July 44.75 40.39 31.75 37.50 38.46
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 39.37^
Dec. 49.90 37.64 33.60 38.75
!i'ear 46.43 44.32 35.70 38.66
191€
MX IN JULY.
365
Discharging of Banca Tin on S. S. Rotti
Held Up.
i me disti essing episode durinw i lie fn si
half of the month was the procrasti
indulged in the discharge of the steamship
Rotti from the East I ndies I hal .1 rived
here June 22nd with 1,200 tons of Banca
tin. This cargo was valued al $1,000,000
and interest charges alone fell heavily upon
importers. Not until July 13th < 1 i tl this tin
become available to consumers who had
contracted for the metal at 43c to 44c and
they were receiving the tin after the mar
ket had dropped to 38c — Banca metal being
about -'4c below the price of Straits. It
thus required 21 days after the vessel ar-
rived to secure the tin. There was natur-
ally much dissatisfaction, with rumors of
legal steps to he taken to assess damages
against the vessel. Early in the month it
was reported that the Dutch Government
had withdrawn front the market and would
accumulate supplies of Banca tin until after
the war is over. Two other ships with sup-
plies from Batavia, however, were afloat
and prices of Banca continued to decline
with Straits.
London Advances Sharply.
On July 20th, London, much relieved by
the unloading of the burdensome supplies
upon America, advanced sharply £3 to
£3 10s and foreign limits on future posi-
tions were up lc per pound. A further ad-
vance on July :21st carried London up to
£169 5s for spot Straits while Singapore
responded the next day by a rise to £171
10s a gain of £6 in three business days.
American orders sent abroad encouraged
foreign operators but the recovery was too
extreme to attract American dealers or con-
sumers at once. The reaction brought an
advance of 3/4C to lc per pound on the vari-
ous positions here, with a rise of £0 to
£5 15s at London and a jump of £7 10s
at Singapore, by the end of the month.
The lack of support from large American
consumers, however, modified the new-
found confidence but considerable business
was done in nearby positions with consum-
ers at 37J^c to 37%c on July 26th,. dealers
covering their sales by purchasing October
to December positions at 36^c. Consum-
ers also bought October, November, De-
cember arrivals. As a result, orders for
200 Inns went abroad followed by a sud-
den rise of y2c per pound on July 28th.
Some oi the cheaper sellers withdrew add-
ing strength to the undercurrent. The
market closed dull but firm. The net de-
cline for the month was rKc to 1 C> pi 1
1" mud 1 mi 1 he \ at ious pi isi! i' ins al liomi
w hile the resuli 1 if 1 he fluctual ions al id
was .1 net decline of £ 5 5s on Si an
and £5 15s an spol Straits at London and
.1 1 ecession ol £5 al Singapore.
Visible Supply Decreases 959 Tons.
1 11 the lasi few daj s of the month there
wen considerable offerings of other than
Straits tin at mure than the usual conces-
sion's. No. 1 Chinese 99'v sold at .;';,..
On July 28th. the s.s. Medan from Batavia.
arrived with 1,300 tons Banca. On July
31st. four ships came in from London and
the Straits making total arrivals 4,66.". tons.
Deliveries into American consumption were
4.4:t:.' tons of which 3.600 tons were shipped
from Atlantic and 83.2 tons from Pacific
ports. Stocks at New York were increased
from 3.963 tons at the end of June to 5,028
tons at the end of July. Of the latter 2,178
tons were in store and 2,850 were on dock
or landing. It is evident that there is
plenty of tin here but it is not pressed for
sale. The total visible supply was decreas-
ed 959 tons during the month, the total on
July 31st. being 18.404 tons against 19.363
tons at the end of June and 16,084 tons on
July 31, 1915. Shipments from the Straits
were 5,410 tons, a decrease of 195 tons com-
pared with the corresponding month in 1915
and 800 tons less than the shipments in
June this year.
TIN PRICES IN JULY.
New York. London
Day!
Cents.
:! 39.:: 7 ' _.
4
5 39.1214
6 39.25
7 39.25
111 38.62J4
11 3S.50
12 38.50
13 38.75
14 38.50
17 38.12^4
18 37.75
19 37.50
20 38.25
21 38.50
24 38.12^
25 38.00
26 38.00
27 38.00
28 38.50
38.50
£ s d
Spot.
168 10 0
169 10 0
159 15 0
169 0 0
166 10 0
163 10 0
163 0 0
166 10 0
168 5 0
168 0
168 10
£ S d
Futures.
1 73 0 0
171 0 0
172 10 0
173 5 0
173 10 0
170 10 0
169 0 0
170 0 0
170 15 0
169 15 0
167 5 0
164 5 0
163 10 0
167 0 0
168 15 0
High ..
Low . . .
Average
166 111
1 66 5
166 10
168 15
109 5
1 ;:: 111
163 in
168 19
366
THE STEEL AND METAL DIGEST.
August
Lead in July.
Outside Market Firm at Opening of
Demoralizes Market by Suddenly
Month Closes With Total
Lead was stronger in the open market at
the beginning of July than for a fortnight;
prices recovering to within 5 or 10 points
of the Trust level, with sales of several
thousand ton lots, within a few days, and
more inquiry promising further business of
importance. There was no prospect of for-
eign orders, however, as on July 3rd, the
London market dropped below 6c, remov-
ing hope of support from abroad. Canada,
however, bought several hundred ton lot.:.
This was the condition of the market on
July 5th, when out of an apparently clear
sky, came the sudden action of the American
Smelting & Refining Co. reducing the price
l/2c per pound to 6.50c New York, and
6.42jXc East St. Louis. Although the trade
was puzzled and the decline unexpected by
independent producers, |he latter imme-
diately became aggressive for business,
making concessions from the current mar-
ket that had seemed especially attractive,
now represented a loss; consequently in-
stead of stimulating buying, the lower prices
withheld consumers and dealers from the
market, in anticipation of a further de-
cline. Confidence was badly shaken and the
trade awaited further developments.
Outside Market Weak.
In the next few days, outside interests
yielded $1 to $2 per ton more, prompt ship-
ment from the West being offered down to
6.10c East St. Louis. The more pacific out-
look in Mexico and the improved prospect
of freeing French and Belgium territory
from control of the German armies was
regarded as a bearish element by the trade
at large and consequently buying was re-
stricted to the covering of mandatory re-
quirements. Sympathetically, a weaker tone
was developed in lead ore and on July 11th.
there was a reduction of $2.50 per ton. In
the next few days a still weaker tone pre-
vailed in the Xew York and western mar-
kets for the metal, with September and Oc-
tober shipments from the West offered at
Gc East St. Louis. The foreign market up
to July 11, while not very important as
affecting prices here, had declined 15s on
-put and £i 10s on futures.
Month With Large Sales— Lead Trust
Reducing Its Price $10 Per Ton-
Decline of $18.50 Per Ton.
Munitions Orders.
About the middle of the month some am-
munition contracts placed here called for
the purchase of several round lots of lead
and antimony. The lead orders aggregated
3,000 to 4,000 tons for July and August
shipment; the price was reported to have
been 6.10 to 6.1254c East St. Louis. Other-
wise the market was dull.
Strike of Spanish Operators Precipitates
Moderate Advance in London.
The strike of operators in the Spanish
lead districts was reflected in a moderate
advance at London — 10s to 15s on spot and
futures. American producers were not un-
mindful of the foreign developments but
even the sympathetic influence upon the do-
mestic situation was negligible; in fact, out-
side producers and operators became more
anxious to sell as the month advanced. On
19th. more ammunition orders were taken
LEAD PRICES IN JULY.
New York."
St. Louis.
London.
Day.
Cents.
Cents.
£
s d
■>
6.90
6.65
6.42 H
6.30
6.25
6.25
28
28
28
28
28
28
5 0
0 0
6.50
0 0
6.45
5 0
6.40
0 0
10 . . .
6.40
0 0
11
6.40
6.25
28
0 0
12
6.40
6.25
6.22 y2
28
28
0 0
13 .. .
6.40
5 0
14
6.40
6.22 Vt
28
5 0
17
6.40
6.22 54
6.20
28
28
5 0
18 ...
6.40
10 0
19 .. .
6.35
6.20
28
10 0
20 .. .
6.35
6.20
28
10 0
21
6.35
6.12 54
28
12 6
24 , .
6.25
6.05
28
5 0
26 . . .
6.25
6.05
28
0 0
27
6.25
6.05
28
0 0
28 . . .
<<:::,
6.0254
28
5 0
6.021/'
6.67^
28
28
10 0
High
6.95
12 6
Low .
6.20
6.00
27
15 0
Average
Outside market.
i;titi
LEAD IN -IU.Y
367
at small change in pri i
other sources was lighl and th< pressure to
ncreased. By Julj 34th, spot had re-
,i 6.10c, Vugust ti i 6.05 and S< ptem-
ber was more freely offered at 6c in the
open market.
The St. Louis market was very unsettled
with orders few and far between. Consum-
■ nstantly anticipating an official de-
cline, habitually waited until the last mo-
ment to place orders and then, require-
ments being urgent, placed orders for the
little metal needed, without great regard to
the prices paid for quick delivery.
It was pointed out that the statistical situ-
atii n was encouraging to producers; stocks
were low and there was small tendency to-
ward accumulation. The latter fact, however,
was due to the vigilance of producers who
did not hesitate to cut prices if necessary to
keep the metal moving. The dearth of large
orders, though, called for frequent shaving
of prices. It was this policy that made it
evident, on July 28th, that the most alert
producers had accumulated no stocks. Some
lead was sold almost every day but at the
close of the month spot and August posi-
tions had dropped to 6c and September de-
livery could be bought at 3.90c and 6c East
St. Louis. Thus the decline for the month
was 92J4 points, equivalent to a drop of
LEAD (M
— New York
onthly Avera
ges.)
. Louis
*
St
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
4.23H
7.50
3.81
4.16
7.28
June
3.90
5.86
7.04
3.80
5.76
6.77
July
3.90
5.74
6.52
3.75
5.52
6.20
Aug.
3.90
4.75
3.73J4
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
5.34*4
3.67
5.26J4
Av.
3.87
4.6714
3.74
4.57
* Trust price.
$18.50 per ton.
The 1 1 mdi >n mai k< I 1 m Julj 24th had
ed £l on spot and £2 on futures;
spot being quoted at £2<i 15s and futures
at £26. From that time there was a re-
covery of 15s on spot and £l on futures
so that the net decline for the month was
only 5s on spot and £l on the three months
position.
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 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 Reduced .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 " .15c 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
June 2 Reduced .50c to 7.00
July 5 " .50c to 6.50
August2 " .50c to 6.00
36S
THE STEEL AND METAL DIGEST.
August
Spelter in July.
Opening Days of July Ushers in a Sensational Bear Attack, Smashing Prices
£17 on Spot, £13 on Futures— Later Market Recovers, Making Total
Decline for Month Only £1 on Spot, £3 on Futures.
The position of spelter proved vulnerable
to a strong bear attack from abroad early
in July. The local market, already weak-
ened by the crumbling of prices during the
latter part of June, readily yielded to press-
ure. There was an absence of support at
home, few buyers being in the market, but
just before Independence Day. some small
sales on first half of July delivery were made
at lO^c E. St. Louis. The morale of trad-
ers suffered a severe shock during the first
five days of the month when the London
market broke £15 on spot and £10 on fu-
tures, carrying prices one cent below the
Xew York parity. The home market had
dropped lc to V/2c per lb. on nearby posi-
tions during the same time without devel-
oping any business of importance.
Sellers, in need of orders and hoping for
a foreign outlet, were extremely disappoint-
ed by the unexpected developments at Lon-
don, but it was significant that a test of 'he
market by home consumers, before the end
of the first week, proved that while there
was plenty of metal offered for prompt ship-
ment there was less pressure to ssli future
deliveries. In the next two days, p-ices
yielded ]/2c per pound more. The returns
to the smelters on the current market were
less than half what they had been ten weeks
before. The outlook was serious and with
wages and ore prices relatively high and
recovery from the ore smelted, reduced to
75 to 80% several of the smaller smelters
shut down. Not only was it difficult to ex-
change an old dollar for a new one but an
actual severe loss was impending
Still the market continued to decline at
home and abroad. Consumers and dealers
with stocks suffered as did producers from
the continuous downward movement. Large
producers believing that the sensational de-
cline was not justified by the facts, prepared
to withstand the siege against their position.
On July 10th, galvanizers put out inquiries
for July. August. September and October
deliveries but failed to make specific bids
and there was no demand from brass foun-
ders. Jt became more evident that pro-
duction was increasing and smelters gained
something when ore was sold in the St.
Louis district below the agreed price of the
mine operators.
Apex of Depression Reached.
On July 11th. the London market reached
the point of greatest depression with a de-
cline of £17 on spot and £13 on futures
from the prices that prevailed at the end
of June. The market was in a critical state
with indications of a turn for the better but
the momentum of the domestic trade carr-
ied prices downward tor two or three days
longer when spot was sold at 8^c, July at
8l4c August at 8^c, September at Sc and
last quarter delivery at 7J^c.
Market Firmer With Large Foreign and
Domestic Inquiry.
These prices revealed a decline of \y% to
2)^c on prompt to September shipments
inversely, from June 30th. Small producers,
however, refused to entertain offers except
on prompt and July shipment but large pro-
ducers accepted some future contracts; in
fact, considerable business was done in Aug-
ust to December positions. Galvanizers
were especially active but brass interests
were conspicuous by their absence from the
market. More buying at home and some
export inquiry caused a stronger tone and
producers demanded and obtained a frac-
tional advance on July 14th. Thj London
market in the meantime had advanced sev-
eral pounds. A flood of inquiries now came
from galvanizers but actual buying was con-
fined within relatively narrow limits as
producers became reluctant to sell except
at a further advance.
Up to July 17th, the English market was
still relatively below the prices here and
hence no export orders were placed but
there was renewed inquiry from domestic
consumers that resulted in a satisfactory
volume of business at rising prices. For-
eign buyers came in the next day irrespect-
ive of London quotations and helped ;he
rise. It was the first real live business trans-
acted in over six weeks. Upward o! half
of the producers refused to sell expecting
still higher prices which came in the next
few days with large domestic orders. Heavy
curtailment of ore output also ga\^ added
strength to the market for metal. Tin- shai
1916
SPELTER IN -II l.\ .
369
rei very in pi ic< s also p large trad-
ing interests, said i i irt side,
egol iate pi ivatel iund to inages.
ipe also boughl liberallj and actively
through several channels. \- a result the
d movement was accelerated. Some
of the large producers had previously sold
'Hie half of their capacity and it soon devel-
oped that large quantities were not avail-
aide at low prices. Foreign inquiries be-
came more active and pressing and tor lar-
ger tonnages.
Market Here Recovers 2c to 2'4c Per
Pound.
By July 24th. the domestic mr.rket had
recovered from 2 to 2 4c per pound on all
positions up to and including September.
Last quarter delivery had advanced 1 i£c.
Sales of prompt and July were made at 10}4c
August at 10'4c, Sept. at 10c and fourth
quarter at 9}4c. Some sellers were excited
and demanded a further advance of %c to
' + c per pound. London failed to have all
of its inquiries satisfied. Some large domes-
tic contracts may have been closed quietly
but it became evident on the following day
that would-be-buyers, discouraged by the
SPELTER PRICES IN JULY.
New York. St. Louis. London.
Day. Cents. Cents. £ s d
3 10.9:.' y 10.7.-. 51 0 0
-1 48 0 0
5 10.175'j 10.00 46 0 0
6 9.55 9.3714 46 10 0
T 9.2:! l/2 9.00 440O
10 9.17^ 9.00 44 0 0
11 8.92J4 8.75 44 0 0
12 8.9254 8.75 45 0 0
13 8.80 8.62^ 45 5 0
14 8.80 8.62 K' 47 0 0
IT 9.05 8.87^ 48 0 0
18 9.30 9.12J4 48 0 0
19 9.55 9.37J4 50 0 0
20 9.92J4 9.75 51 0 0
21 10.42'/, 10.25 54 0 0
24 10.67J4 10.50
25 10.42 y, 10.25 60 0 0
26 10.30 10.1214 59 0 0
27 10.17J4 10.00 59 0 0
28 10.05 9.87J4 60 0 0
31 9.67 y2 9.50 60 0 0
High H.I714 11.00 60 0 0
Low 8.80 8.62J4 44 0 0
Average . . . 9.70 50 15 0
rapidlj advancing prices, withdrew 1 an
easier tone was developed. The remaining
inquiries, mainly for futures and last quarte:
1 acts, were taken at concessions 1 iii. Ir
'.I'sc Spot was scarce.
Dealers and middlemen were more anxi-
ous for orders during the last few days of
the mouth but domestic consumers were
reserved and concessions failed to stimulate
purchases of importance. England contin-
ued to buy small lots, however, as the mar-
ket receded. The reaction caused sellers to
yield "£ to lc per pound on all positions,
making the net decline for the month Y%
to I ! _c per pound.
Munitions Orders.
Munitions orders, placed with American
manufacturers during the last week of the
month were mainly for large sized shells
with steel rather than with brass casings
but some orders were also placed for 3-inch
shells and for steel fuses that indicate a
necessity for brass; yet up to the close of
the month the brass mills bought little cop-
per or spelter as many of them had previ-
ously overbought supplies.
The rise in London market that began July
11th, continued up to July 25th, followed
by some reaction and a later recovery. On
July 28th, spot had advanced £16 to £60
and futures were up £13 to £53. The net
decline for the month was only £l on spot
and £3 on futures.
SHEET ZINC PRICE CHANGES.
The following table gives the changes in
the price of sheet zinc since Nov. 22nd to-
gether with the price of spelter ruling on
the same day. Spelter
1915— Sheet Zinc. St. Louis.
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 20.87J4
April 22 25.50 18.75
May 15 24.50 15.50
May 23 23.50 14.87J4
May 26 22.50 14.12J4
June 2 21.00 13.12J4
June 13 20.00 13.37J4
June 21 19.00 12.00
June 28 18.00 11.37J4
July 6 17.00
July 13 15.00 8.62' .
THE STEEL AND METAL DIGEST.
August
Promise and Performance in
American Spelter Production.
The semi-annual spelter report of the
United States Geological Survey, compiled
by Mr. C. E. Siebenthal appeared on August
7th as follows:
Production of Spelter in the U. S. 1916.
The following figures are not final and
may be revised a small fraction of one
per cent. The regular mid-year state-
ment will be issued by the United States
Geological Survey, Department of the
Interior, in about ten days.
Spelter Statistics Jan. 1.— June 30, 1916.
Supply: Short tons.
Stocks on hand Jan. 1 14,253
Production from do-
mestic ores .... 267',449
Production from for-
eign ores 48,756
Imports 464
Withdrawn:
Foreign exports .
Domestic exports
Stocks June 30th .
20,197
58,007
24,000
130,922
102.204
Apparent consump. approx. . . 228.700
Xo. retorts June 30, 1916 193,696
Xew retorts building or contem-
plated 22.1S8
215,884
The above statistics now issued for the
first s-ix months of 1916 show a total pro-
duction of 316,205 tons, or at the rate of
say 632,410 tons for the year as against the
capacity to produce about S85.000 tons for
1916 as previously estimated by this author-
ity. From the advantages the U. S. Geo-
1 Survey possesses in obtaining cor-
rect reports from all the producers we have
fullest confidence in these statistics of actual
production, which is more than we have
for the estimated production made by this
irity last April 17th.
After stating the American production
in the past three year- as follows:
1913. 1914.
is 106,054 127.946 15! 958
1913. 1914. 1915.
Kansas 74,106 44,510 100.983
Oklahoma 83.214 91,367 109.208
Other States 82,702 S9.226 118,930
Total 346,676 353.049 489,519
It will also be remembered this authority's
report at the time read as follows:
"The number of retorts at zinc smelt-
ers 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 addition-
al capacity amounting to 26,992 retorts,
which has now been increased to 49,-
612. When these are completed the to-
tal number of retorts will Se 206,270
capable of an annual yield under aver-
age conditions of approximately 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 capac-
ity will be added the capacity of the
electrolytic zinc plants listed above,
over 60,000 tons a year, giving a capac-
ity for the country of about 885,000 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
employment of a considerable propor-
tion of the retort capacity of the coun-
try in the redistillation of prime western
spelter to improve its grade, but with
the resumption of normal conditions
these retorts, if operated, will necessar-
ily be put back upon ore. This produc-
tion is rendered certain by the growth
in number and size of the plants, a list
which is given above. Electrolytic
spelter is of high grade, and the recov-
ery is high compared with the produc-
tion of high-grade spelter by two dis-
tillations. The output of electrolytic
L916
SPELTER PRODUCTION.
371
zinc in the United States in 1915, the
in i il j car hi its productii m, u .1- onl)
:.'.'.'.' tons, but the production is rapidly
increasing and by the end of L916 will
undoubtedly reach the rati- 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 spelter in ordinary times, thus
releasing for ore smelting the retorts
ngaged in redistilling prime western
spelter.
"At the close of 1916 the spelter- pro-
ducing capacity of the country, taking
into account the capacity for primary
spelter listed above, the output of sec-
ondary spelter by large special retorts,
and the output of remelted spelter, will
apparently be considerably more than
UOO.O0O tons, or nearly three times the
the probable domestic demands."
For this promise we now find the first
six months has shown a performance of
only 316,205 tons or if continued at the
same rate a yearly output of 632,410 tons
as against predicted capacity of close to
900.000 tons.
What has been the cause of this great
difference? It is a very simple one. This
authority made his estimates by his own
statement by giving the output per retort
at four tons per annum, whereas an estimate
of between three to three and a half tons
per retort would have been a most generous
one.
The bulk of the metal produced this year
has not averaged three and a quarter tons
per retort and only in those plants in which
from size and experience the best practice
exists has it averaged three and a half tons.
Besides this on account of the high prices
low grade ores have been largely used in
which the result per retort is diminished
considerably.
Of course it was not to be expected that
the U. S. Geological Survey estimate should
apply to the first half of the year as the
estimate was made for the entire year, also
they stated "capacity" not "output."
In their present statement they give num-
ber of retorts June 30th at 193,696 and we
believe this is positively correct as they
have facilities of obtaining from smelters
the tsiact facts, also that 22,188 retorts arc
building or contemplated.
On. account of the change in prices, we
think these contemplated retorts ma) be
dismissed.
Taking above 193,698 retorts and giving
three and a quarter tons per retort as yearly
output we find American capacity to-day
is 629,512 tons.
Our capacity has been driven during the
past s.x months to its utmost limit and
we produced 316,20'5 tons, even taking three
and a half tons per retort the amount would
be a yearly capacity of 677,936 tons.
Unless there is a great change to higher
prices it is quite safe to predict the out-
put for last six months of this year will
fall below the first six 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
22.70
Mar.
7.17
6.56
5.59
12.15
23.15
April
7.07
6.08
5.50
13.85
23.20
May
7.13
5.77
5.38
20.55
21.20
June
7.25
5.50
5.37
25.60
17.40
July
7.46
5.61
5.26
24.90
15.20
Aug.
7.34
5.99
5.66
19.30
Sept.
7.72
6.13
5.91
17.S5
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
6.06J4
5.53H
17.50
SPELTER (Monthly Averages.)
New York St. Louis-
Jan.
Fob.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Av.
1915.
6.52
10.1214
11.51
15.82 J/'
20.80
14.45
14.49
14.07
17.04
16.91
14.44
1916
18. IS
20.09
18.09^
18.61^
15.93
12.80
9.70
1915.
6.33
19.92
9.80
11.22
15.52J4
22.14
20.54
14.19
14.10J4
13.89
16.87'A
16.72
14.16
1916.
18.01
19.93
17.91
18.44
15.7554
12.62
9.52H
372
THE STEEL AND METAL DIGEST.
August
Copper in July.
Copper Weak and Declining the First Three Weeks of Month, Electrolytic Declining
234 to 3J/4C Per Pound— Electrolytic in London After Recovering Slightly
Shows Net Decline of £7 for Month — Net Rise in Standard £8 on
Spot and Futures.
It was quite evident in July that senti-
ment rather than actual transactions dic-
tated the fluctuations in prices of copper
here, as well as abroad. During the first
20 day's of the month, depression in trade
was expressed in almost daily declines. In
the home market second hands were in-
creasingly anxious to sell late future de-
liveries as well as nearby positions and of-
fered concession after concession to attract
buyers but to small purpose during the first
week. Later, some of the more venturous
operators were emboldened to make short
sales and succeeded in disposing of prob-
ably 15,000,000 to 20,000,000 pounds of Elec-
trolytic for September and for last quarter
delivery before sentiment changed.
Large Business Quietly Put Through.
Business was conducted so quietly that
few not in close touch with the situation
realized the magnitude of the transactions.
In fact, from the standpoint of producers,
business was light in volume and they paid
small heed to the steady declines in prices
in the open market until about the middle
of the month when some of the larger sell-
ing interests endeavored to clear the mar-
ket of the small disturbing lots offered for
sale through brokerage channels, either by
consumers or by speculators. Probably
about 10,000,000 pounds of Electrolytic were
absorbed by producers before it became
clearly evident that operators were making
short sales. Then buyers, other than small
consumers, withdrew. Depression continued
and prices receded further until July 20th,
when the decline in Electrolytic from the
end of June ranged from 254c to 314c per
pound, the greatest recession being on near-
by positions.
Sharp Drop in Standard and Electrolytic.
The foreign market for American Elec-
trolytic during the same time, had been
equally heavy. On July 20th, spot Elec-
tro had dropped £ll to £121. Standard
:oipper suffered severely during the first
ten day- of the month, the decline being
>:r,i on spot and £17 10s on futures on
small transactions. At that time, July 10th.
to £84 and futures had
dropped to £82 10s while American Electro-
lytic at London had receded only £4 to
£128. In the next ten days while Electro
continued to decline, there was a steady im-
provement in Standard but business was
too small to attract much attention outside
of operators who are sensitive to slight
changes, as indicating a turn of sentiment.
Spelter as a Substitute for Copper.
During the period of weakness and de-
pression when there was small expectation
of additional large war orders there was
evidence of less confidence entertained by
producers because of the growing belief
that the enormous production will be more
than ample to meet consumption require-
ments of the world even after the war is
over. For many years Germany has been
the largest foreign consumer of American
copper and the belief that the Teutonic na-
tions must have copper, no matter what
happened, has been fondly cherished by the
Entente as well as by the American copper
producers. The war has made it evident,
however, to the Germans as well as to the
rest of the world, that the Teutonic Allies
are less dependent upon copper than had
been supposed. Necessity and ingenuity
have made spelter take the place of copper
in Germany to a very great extent and after
peace has been restored German industries
are likely to be less dependent upon Ameri-
can copper than heretofore.
Market Recovers on Large Munitions
Orders.
In the last ten days of the month, espe-
cially in the last four or five days, the do-
mestic market, stimulated by the release of
large orders for high explosive shells given
by the Allied Governments to American
manufacturers, has rebounded, recovering
most of the decline sustained during the
three preceding weeks. Xo large transac-
tions in copper have come to the surface
as a result of the recent heavy war muni-
tion orders but it is only a question of
time when more copper, and spelter will
be purchased for this purpose, as some of
the contracts for shells are for delivery up
to April and • i< - or shipment up to
L916
COPPER PRICES.
373
LAKE COPPER PRICES.
prices
<i Lake
Copper
in X
mi'.'.
1913,
1914.
1916.
fan.
14.::^
16.89
14.76
24.10
Feb.
14.3854
15.37J4
14.98
14.72J4
27.44
Mar.
14.87
14.96
14.72
15.11
27.42
KpT,
L5.98
15.55
14.68
17.43
28.9154
May
Hi.:.';
15.73
14.44
18.81
29.28 y2
lunc
ir.4;!
15.08
i t.i:.
L9.92
27.44
lulv
17.37
1 .1.77
13.73
L9.42
25.S1
\llg.
17.61
15.71)
12.68
17.47
Sept.
1 7.69
L6.72
12.43J4
17.76
Oct.
17.69
16.81
11.66
17.9214
Nov.
17.66
15.90
11.93
18.86
Dec.
17.6254
14.82
13.16
20.3754
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
16.75J4
14.45
13.71
24.10
Feb.
14.26
15.27
14.67
14.57
27.46
Mar.
14.78
14.9254
14.3314
14.96
27.44
Apr.
15.85
15.48
14.34
17.09
29.31
May
16.16
15.63
14.13
18.60
29.81
June
17.29
14.85
13.81
19.71
27.4954
July
17.35
14.57
13.49
19.0S
25.60
Aug.
17.60
15.68
12.4154
17.22
Sept.
17.67
16.55
12.0854
17.70J4
Oct.
17.60
16.54
11.40
17.S6
Nov.
17.49
15.47
11.74
18.83
Dec.
17.5054
14.47
12.93
20.35
Av. .
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 14.2754 13.52 23.06J4
Feb. 14.02 15.14 14.48 14.17 26.03
Mar. 14.53 14.76 14.18 14.34 25.90
Apr. 15.72J4 15.33 14.18 16.48 27.16
May 16.01 15.45J4 14.00 17.41 27.37
June 17.08 14.72 13.65 18.74J4 25.10
July 17.09 14.40J4 13.3454 17.7654 23.61
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 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 20 36.50
May 5 37.50
August 2 35.50
WATERBURY COPPER
1912. 1913. 1914.
17.00 14.75
15.50 15.12J4
15.1254 15.00
15.75 14.87J4
15.8754 14.75
15.3754 14.3754
14.75 14.1254
15.6254 13.00
Sept. 17.8754 16.8754 12.8754
Oct. 17.75 16.8754 12.25
Nov. 17.75 16.25 12.25
Dec. 17.75 3 5.00 13.50
Jan.
14.50
Feb.
14.50
Mar.
15.00
Apr.
16.00
May
16,375-
June
17.50
July
17.75
Aug.
17.75
22.75
23.25
23.50
24.1254
24.75
25.25
25.25
26.00
27.50
28.25
28.1254
27.3754
29.25
29.75
29.75
25.50
AVERAGES.
1915.
1916.
14.12J4 24.75
15.25
27.75
15.75
28.00
18.50
29.00
22.50
29.8754
22.50
28.25
22.25
27.25
19.50
18.50
18.25
19.3754 ...
20.75
Av.
16.71 15.83 13.91 18.94
EXPORTS OF COPPER FROM THE
UNITED STATES.
(In tons of 2,240 lbs.)
1913.
25,026
26,792
42.428
33.274
January
February
March .
April ...
May 3S.601
June 28,015
July 29,596
August . . 35,072
September 34,356
October . 29,239
November 29,758
December 30,653
Totals .. 382,810
1914.
36,018
34,634
46,504
35,079
32,077
35,182
34,145
16,509
19,402
23,514
24,999
22,166
360,229
1915.
26,193
15.583
30,148
18,738
28,889
16,976
17,708
17,551
14,877
24,087
23,168
42,426
276,344
1916.
23,663
20,648
26,321
21,654
16,062
39,595
*35,048
* Includes only exports from Atlantic ports.
374
THE STEEL AND METAL DIGEST.
August
July, 1917.
Thus far, large domestic consumers 01
copper, with requirements well covered
through September and partially covered
for October, November and December,
have made few, if any new purchases. In
the main, buying during the last week of
the month was by operators to cover short
sales but small domestic consumers were
in the market also and a few export sales
to Italy were made. Second hands, so
anxious to sell earlier in the month, encour-
aged by the prospect of renewed buying of
importance had largely retired from the
market to await the anticipated further rise
in prices.
It is interesting to note that while the
English Standard market was declining
rapidly, the Allied Governments' agents
were charged with depressing the market
to secure supplies at lower prices but since
the London market has been rising there
have been few such comments. After July
10th, the price of Standard copper advanced
£2l' on spot and £25 10s on futures with
few reactions and the net rise for the month
was £8 on spot and on futures. American
Electrolytic at London, however, recovered
only £4 after July 20th and the net de-
cline for the month was £7.
Large Purchases by Allies.
The most interesting development at the
close of the month was the opening of ne-
gotiations for the purchase of round ton-
nages of copper by the Allied Governments
for shipment over the first half of 1917. The
fact that war munitions contracts have been
placed in this country for the same de-
liveries lends credence to the statements
that copper purchases for export are under
negotiation.
Exports of cupper in July were 34,005 tons
against foreign shipments of 17.70S ton; in
July last year and 34.145 tons in July. 1914.
Since January 1st, export- have been 182,000
tons against shipments during the first seven
months last year of 154,235 tons. Deliveries
into American consumption in July are esti-
mated to have been 11.".. 000. 000 pounds and
total deliveries slightly under 200,000.000
pounds. Refined production during the
month is estimated at about 200,000.000
pounds, after making allowance for a de-
crease in output at some of the refineries
becausi ' ather and of labor diffi-
culties. July imports are estimated at be-
tween 18,000 and :;o.niio tons against arrivals
in July last year ,f 15,000 tons.
Day
COPPER PRICES IN JULY.
New York London.
Lake. Electro. Casting. Standard.
Cents. Cents. Cents. £ s d
31
High
Low
Av'ge
26.50
20.25
26.25
26.25
26.25
26.25
26.25
26.25
26.25
25.7 a
25.25
25.25
25.25
25.50
25.50
25.00
26.25
26.00
26.00
26.00
25.75
25.75
24.00
23.8754
23.8754
23.87^
23.62 y2
23.6254
25.6254 23.50
25.4:; U 23.43*4
25.43*4 23.4354
24.87J4 23.25
23.00
23.00
22.75
24.75
24.75
24.75
24.S71;
25.25
25.75
26.00
26.00
26.25
26.50
26.75
24.50
25.60
102 0 0
98 10 0
96 10 0
97 0 0
91 0 0
84 10 0
88 0 0
93 0 8
90 10 0
91 0 0
88 0 0
88 0 0
89 0 0
90 10 0
91 0 0
23.75
23.75 98 0
23.8754 100 0
24.1254 105 0
24.3754 in 0
24.3754 HI 0
24.50 111 0
22.50 84 10
23.61 95 2
SHEET COPPER PRICE CHANGES.
The changes in the base price of sheet
copper since Nov. 22, 1915, are given in
the following table together with the price
of Lake Copper on the same dates:
1915 — Sheet Copper. Lake Copper.
November 22 . . .
24.50
19.87J4
November 23 . . .
25.00
19.8754
December 22 . . .
25.50
20.50
December 23
26.00
20.75
December 24 . . .
27.00
21.59
December 30 . . .
27.50
22.3754
1916—
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
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
34.00
28.1254
.. 34.50
27.37>4
April 13
. . 35.50
S9.25
April 19
. . 36.50
29.75
May 5
29.75
August "
... 35.50
1916
ANTIMONY AND ALUMINUM.
375
Aluminum In July.
Aluminum Weak and Declining Throughout the Month.
Business in aluminum in July was con-
fined to jobbing lots in the open market.
Offerings were mure ample during the first
ten days of the month and buyers being re-
luctant to purchase, concessions were made
from day-to-day until the decline from the
cli ise of June was 3c per pi iund.
Just before the "Fourth of July" holiday,
No. i Virgin, ingots were offered at 61 to
62c, pure 98-99% remelted at 58c to 60c
and No. 12 alloy remelted at 47 to 49c per
pound, this being a decline of lc per pound
from the prices asked on June 30th.
Holders were disappointed in the ab-
sence of export inquiries and by the 7th,
prices had receded lc more. On the imh,
another concession of lc was granted with-
out stimulating the demand. Apparently,
deliveries against contracts, were made more
regularly and satisfactorily by the largest
interest and there was less need to seek
supplies in the open market.
Throughout the remainder of the month,
trading was confined within narrow limits
but prices were better sustained. Toward
the close of the month an easier undertone
was evident and further concessions would
doubtless have been made but there was
scarcely enough inquiry to indicate the
temper of consumers and prices were large-
Iv nominal.
Antimony In July.
Market Unsettled and Depressed— Total Decline for Month iyz Cents
Per P ound.
Antimony in July suffered a further de-
cline of 4J/$c per pound. The drop, how-
ever, was less precipitous than during the
two preceding months. The market, if it
can be called such, was, unsettled and de-
pressed. For the last 90 days, importers
have been anxiously seeking an outlet for
burdensome stocks and have made painful
reductions in prices whenever there was
an indication that sales might be made. As
previously pointed out the placing of few
orders for shrapnel shells recently with
manufacturers of war munitions in this
country, was a severe blow to sellers of an-
timony. Huge importations had been made
predicated upon expected large need of
shrapnel makers in this country; but most
of such ammunition has been manufactured
in Europe in the past four months. The
recent orders placed by the Allied Govern-
ments have been for six-inch and larger
sized shells, requiring little or no antimony.
It is almost needless to note, but a few or-
ders for 3-inch shells were given out here
in July which called for purchase of mod-
erate amounts of lead and antimony. Com-
petition for business among importers was
so keen, however, that these prospective or-
ders were the signal for further concessions
in the price of antimony.
Jobbing lots were almost unsalable at 16c
per pound early in July but soon after In-
dependence Day some fair sized sales were
made to consumers, being the first encour-
aging sign for over a month. The buying
was over quickly, however, and dullness
again prevailed. Abroad there was some
temporary improvement also upon the re-
port that Russia had renewed purchases
after retiring from the Oriental market.
Some American operators conceived the
brilliant idea of selling a part of the sur-
plus here to Great Britain as London quota-
tions of £95, equivalent to 21c per pound,
seemed most attractive. This was the nom-
inal maximum price of the Government but
not the minimum. Had there been an open
foreign market there would have been a
speedy adjustment of prices here to those
prevailing abroad.
About the middle of the month, while job-
bing lots were offered and sold in a small
way at 14, vie, duty paid, 400 tons were sold
by an importer at llVic in bond for .prompt,
July and August shipment to a manufacturer
of ammunition. Some large lots a few days
376
THE STEEL AND METAL DIGEST.
August
later, 10 to 25 ton lots, were offered on the
same terms unsuccessfully, and jobbing lots
were seeking sale at 13 to 14c. On July
26th, a few lots of 10 to 25 tons were sold
by importers at 12c duty paid for prompt,
August and September shipment, while
dealers offered jobbing lots at 13c duty paid.
Value of Metal in Bonded Warehouses
Shows Shrinkage of Over 62%%.
It is an interesting fact that on July 14th,
the New York Custom House reported 4,-
605,17'' pounds of antimony in bonded ware-
houses here, valued at $1,711,941. This is
at the rate of a little over 37c per pound.
The real value to-day is not much over $500,-
000 indicating a shrinkage of over 62%%,
an enormous loss to American importers or
operators.
At the close of the month, small lots of
antimony were available at 1254c to 13c
while a round tonnage could probably have
been bought between lie and 12c per pound.
ALUMINUM, SILVER and ANTIMONY
PRICES IN JULY.
Antimony.
Aluminum. — Silver
Day.
3
N. Y
Cents.
61.00
5 61.00
6 61.00
7 .... 60.00
8
10 60.00
11 60.00
12 .... 60.00
i :>, .... 60.00
14 .... 60.00
15
17 60.00
18 60.00
19 .... 60.00
20 60.00
21 .... 60.00
24 .... 60.00
25 .... 'in. on
26 .... 60.00
27 60.00
28 60.00
29
31
High .
Low .
Av'ge
6i.00
62.00
59.00
60.15
X. Y.
Cents.
65
65
63%
63%
62-4
62
IKI
61
61%
62%
62%
61%
62%
62%
623%
633^
633/i
63 54
62%
6354
6334
63%
6354
64 !4
65
60
62.94
London. X. Y.
Pence.
31
Cents.
16.50
30%
3054
304
29 \ |
295/S
28%
29%
29%
30
29%
29 ".
29fB
293 4
29%
29%
SOfs
:
30/8
2911
;0
30%
[0
3014
30rs
16.50
16.00
16.00
16.00
15.50
15.50
15.00
14.50
14.50
14.50
14.00
14.00
13.50
13.50
13.50
13.00
13.00
13.00
13.00
17.00
13.00
14.55
CHINESE and JAPANESE ANTIMONY.
Average monthly
Japanese (ordinary b
1912. 1913
6.89
6.78
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Av.
8.77%
8.16
6.78
6.87
6.98
7.07
7.37
7.58
8.00
9.11
9.11
9.05
7.63
7.91
7.82
7.75
7.62
7.55
7.48
7.31
6.46
6.28
6.05
7.43
price of Chinese and
rands) in New York.
1914. 1915. 1916.
6.03 15.24 42.26
6.00 17.6254 43.87%
5.9454 20.9354 44.71
5.82 23.97 41.3554
5.78 34.71 32.20%
5.6254 36.5354 20.40
5.44 35.98 14.55
13.05 32.57
9.7954 28.50
11.64 30.96
14.14 37.88
13.15 39.36J4
8.53% 29.52
ALUMINUM AND SILVER PRICES.
New York
Jan.
Feb.
Mar.
April
May
Tune
July
Aug.
Sept.
Oct.
Nov.
Dec.
Av'g(
1915.
19.01
19.20
18.94%
18.83
21.85
39.66
32.50
34.00
41'..::.
54.17%
57.85
56.80%
34.13
1916.
54.:::;
57.50
60.52
60.00
60.00
62.09
60.15
— Silver —
1915. 1916.
48.89% 56.7754
48.48 56.75%
50.24 57.92%
50.25 64.37%
49.91% 74.27
49.03 65.02J4
47.52
47.18
48.68
49.3854
51.71
54.9 7
49.69
62.94
QUICKSILVER PRICES.
Monthly average prices of Quicksilver in
Xew York (flasks of 75 pounds).
1915. 1916.
50.90 214.76
58.05% 288.50
62.93% 223.91
65.71J4 140.1054
Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1913.
40.00
40.00
39.50
39.14
39.19
39.67
39.00
39.00
39.00
38.59
38.00
38.50
Average. 39.13
1914.
38.05
38.00
38.00
38.00
38.00
37.73
35.87
74.19%
73.57
50.5954
51.72
51.61
47.11
72.65
87.91
93.33
91.79%
89.09%
92.40
102.25
126.52
82.80
96.95
73.0454
80.95
liUtf
JOPLIN ORE MARKETS.
377
Joplin Zinc And Lead Ore Markets.
Both prices and shipments showed mark-
ed reduction for month of July while the
surplus stocks gained a very considerable
tonnage even in the face of determined ac-
tion on the part of the operators to reduce
the output and slop the growth of stock-..
Zinc prices fell from an average of $74.30
in June to $67.73 in July while calamine sold
on an average of $40.27 as compared with
$53.37 in June. These reductions in price
have seriously affected many of the mines'
profits and many have closed down unable
to show a balance on the right side of the
ledger with supplies at the present levels.
The curtailment of output has brought down
the weekly production at the close of the
month to slightly under 7,000 tons and even
this figure is likely to show a further falling
off with a continuance of present prices.
The month opened with an average price
of $71 for blende ores and $52 for calamine
ores. By the middle of the month the aver-
age had receded to $65 for blende ores and
$45 for calamine. The 'last week of the
month showed slight reaction in the lower
and medium grades so that the average of
the week was $66 and $44 respectively.
The average shipment of blende ores
weekly was reduced to 5,389 tons while cala-
mine fell to 185 tons. Naturally even with
the curtailment mentioned the stocks went
up by leaps and bounds until from a tonnage
estimated at 25,150 tons the first week of the
month there was a growth to 32,250 tons the
last of the month or a gain of 7,100 tons
or about 1,400 tons weekly. One fact helped
materially in preventing even a greater
growth in the stocks of ore accumulating.
The big electric plant of the Empire Elec-
tric Power Co. broke down one of its lar-
gest [lower units and shut off the power
from many of the mills of the field for a
period of nearly two weeks. The break
down came at a fortunate time for many of
these mills would have continued running
,had the accident not occurred and since they
were forcibly closed down many of them are
remaining down until there is a readjust-
ment of prices, wages and other conditions
which are operating to the disadvantage of
the mine owners. The lower average price
for ores during July means a further re-
duction in the wage schedule of 25 cents
per day but there is no such reduction in the
price of powder, hard iron or other supplies
which have advanced from 20 to 100% from
the previous levels.
The lead ore market also suffered during
July, the price level going down from an
average of $89.21 for June to $73.27 for July.
This reduction was even more drastic than
that in zinc ores. With lower prices ore
producers again returned to the policy of
selling less lead and the shipments for the
month were 878 tons weekly as compared
with 968 tons in June. The ore stocks rose
to 2,633 tons as against 2,000 tons the first
week of July. Naturally the same reduction
in output has taken place in lead ores as
have been manifested in zinc ores.
The month closes with a desire on the
part of the operators to still further reduce
the output during August. The weather
conditions are conspiring to aid them in
this desire as the shortage of water at the
mill ponds is causing plants that are trying
to operate to be down from 25 to 50% of
the time. Unless the present draught is
soon broken this condition will grow worse.
-0 O-O-
378
THE STEEL AND METAL DIGEST.
August
Trade Notes.
The National Art Bronze Works, 4537
Pope Ave., Philadelphia, Pa., formed with a
capital of $100,000 by F. C, J. C, and F. B.
Schmidt, will operate a brass and bronze
foundry.
The Comstock Manufacturing Company,
Evanston, 111., has been incorporated with
a capital of $10,000 by W. A. Bockius, Wil-
mette, 111., E. J. Clampitt and H. M. Byall.
It will manufacture air compressors and
other machinery.
The recently organized Mahoning Valley
Steel Company, of which J. D. Waddell is
president, is making good progress in the
building of its sheet mills at Niles, Ohio.
The main building will be 140x575 feet and
will be so constructed that it can be ex-
tended later to accommodate more miTIs.
This company recently bought the entire
equipment of the Atlanta Sheet & Tin Plate
Company, Atlanta, Ind.
The Grassensbacher Manufacturing Com-
pany, Overland, Mo., has been incorporated,
with a capital stock of $15,000, by H. E.
Grassensbacher, A. W. Jaeger, and others,
to manufacture metal specialties.
The Southwark Bronze Co., Pittsburgh,
Pa., has been incorporated with a capital
stock of $5,000 by A. R. and J. G. Basset
and others.
The Manufacturers Brass Foundry Co.,
Detroit, has been incorporated with $3,000
capital to manufacture small brass castings.
The stockholders are L. C. Vecelius, G. J.
Rink and Richard Agricola.
The Canadian Conley Frog & Switch
Company, Ltd., Port Arthur. Out., has been
incorporated with a capital stock of $150,000
by William F. Langworthy, Gerald A. Mc-
Teigue, Jarvte L. McComber and others to
manufacture frogs, switches, tools, machin-
ery, etc.
The Steven- Metal Products Co., Xiles.
O.. ha- been incorporated with $50,000
capita! by Edward D. Thompson, William
H. Stevens. II. M. Scriven, C. C. McCon-
nell and H. A. Burgess.
The Steel Improvement & Forge Com-
pany, Cleveland O., has been incorporated
with $150,000 capital by J. T. Scott, M. G.
McAllenan, M. C. Byrnes, C. M. Burke and
David L. Johnson.
The Ford-Davis Manufacturing Company,
St. Louis, Mo., has been incorporated with
a capital stock of $30,000 by E. W. Oelfcken,
W. C. Kleine, George H. Allan, T. D. Davis
and James J. Masterson to manufacture
metal products, including piston rings, etc.
The Richardson Hardware Manufacturing
Company, St. Louis, -Mo., has been incor-
porated with a capital stock of $50,000 by
Carl X. Richardson, D. Murray Foley and
J. Carter Carstens to manufacture hard-
ware specialties.
The American Machine Products Com-
pany, Marshalltown, Iowa, has been incor-
porated with a capital of $100,000 by E. A.
Francis, J. W. Hook and J. Sidney 7'C-hn-
The Stevens Metal Products Company,
Xiles. O., has been organized with a capi-
tal stock of $50,000. It will make a line of
metal products such as conductor pipe,
eaves trough, etc.
Gilbert T. Mason, formerly secretary and
treasurer of the Atkinson Co., Rochester,
X. Y., has become a member of the bronze
department sales force of the Titanium
Uloy Mfg. Co.. Xiagara Falls, X. Y.
The Indiana Tank & Boiler Works. In-
dianapolis, has been incorporated, with
$10,000 capital stock, to manufacture steel
plate and sheet-iron products. The direc-
tors are J. E„ R. R., and H. E. Bossing-
ham.
The West Xewark Range /& Furnace
Company, Xewark, Ohio, has been organ-
ized by C. W. Cunningham and others to
erect a foundry for the manufacture of
stoves, ranges and heaters.
The Penn Iron & Steel Company. Peter-
son. Pa., recently organized, plan= to build
a plant to manufacture bar-iron products.
The
Steel and Metal
DIGEST
roL. vi.
NEW YORK, SEPTEMBER, 1916.
NO. 9.
Published Monthly by the American Metal
larket Company, 81 Fulton St., New York.
C. S. Trench, President,
C. S. J. Trench, Secretary and Treasurer,
iranch Office, 627 Oliver Bldg., Pittsburgh.
Subscription Price Two Dollars a year
3r United States, Canada and Mex'co; for
ther countries $2.25.
Advertising rates on application.
CONTENTS.
usiness Situation and Outlook 379
'he Rate of Increase in Pig Iron
Consumption 384
'hree Years of Iron and Steel Exports 385
ettlement of Our Trade Balance .... 386
'he Volume of War Steel Business . . 386
'he New Steel Capacity 388
overnment Spelter Statistics 389
ig Iron Production in the U. S. in the
First Half of 1916 393
he Aluminum Industry 394
teel Plants 397
opical Talks on Iron 398
f. S. Steel Corporation's Operations . 403
:ailroad Earnings 403
omparison of Metal Prices 404
bmparison of Security Prices 405
omposite Steel and Pig Iron 409
>ur Foreign Trade 410
farket Reviews:
Iron and Steel 399
Copper 118
Tin 412
Spelter 421
Lead . . 416
Antimony 424
Aluminum . . : 426
ron and Steel Imports and Exports . . 406
'rice Changes of Iron and Steel
Products 407
Business Situation and
Outlook*
Contending with labor shortage and
scarcity of material, business continues
at a record-breaking pace, under the
stimulation of the new wave of war or-
ders which has developed during the
past month, and also as result of a con-
dition of mind, ready to quickly and
excitedly respond to favorable condi-
tions and optimistic views, and slow to
listen, or be influenced by anything of
an opposite character. This' state of
mind is the result of the overwhelm-
ing activity and prosperity of the past
18 months under which influences the
business of the country continues.
Speculative fever is now in evidence
and people who judge the situation
simply by present conditions are, we
think, showing signs of undue optim-
ism. Developments in many directions
have been distinctly unfavorable. A
disappointing crop, a serious labor sit-
uation, increased costs of living, dis-
turbed political developments, all have
failed to make any impression. One
hears these discussed and fears ex-
pressed, but when actions are examined
it would seem as if they were regarded
only as academic questions, with no
bearing on actual business conduct or
the future. The motto in business
seems to be "sufficient to the day is the
evil thereof," exploit the present for
all it is worth. Orders and money talk,
and there seems no limit to either at
present.
The War.
The developments in Europe would
seem to say plainly and positively that
380
THE STEEL AND METAL DIGEST.
September
we have entered into the closing phases
■ if the great war. But business acts as
if it was to continue another two years,
in fact this seems to be the view held
in the Pittsburgh steel trade. In non-
ferrous metal trades much more con-
servative views are held, but no one
seems to be preparing for a period short
of at least a year. That developments
taking place may, in a few months,
make the result of the war so certain
that the central powers may see the
uselessness of continuing the struggle,
does not seem at present to have any
believers. The fact that we are mak-
ing so few preparations t'o adjust con-
ditions to such a contingency, is likely
to make the shock greater when it
comes. Not only is the possibility, and
to our mind it is more than a prob-
ability, that the war may end before
next spring, ignored, but also that the
recent unfavorable developments else-
where are also ignored.
Prosperity Not Entirely Now
Independent on War.
Of course the extraordinary activity
in business has other grounds than war
orders, namely the overwhelming pros-
perity and increase of capital in this
country during the past 18 months. In-
creasing profits means mo.re capital
seeking investment and it takes the
form of enlargement of industries and
new construction of every kind. Cap-
ital is the surplus above living expen-
ses no matter who owns it. There is
no nation in history who has had, in
such a short period, such an increase of
real wealth as we have enjoyed. But
it has not destroyed the laws of polit-
ical economy. The war that lias brought
us this windfall of wealth cannot
continue indefinitely. It is therefore
timely to be reminded of some of the
unfavorable conditions that confront
us, and those to follow the end of the
war.
The Labor Question.
This has been threatening for a long
while, but this danger has been in-
creased by the action of Congress in
a semi-panic under the dictation of the
President in the eight-hour .railroad
law. With the championship of the
President on one side in a public contro-
versy, when common decency demand-
ed he should be impartial, disingenu-
ously exploiting a demand for highest
wages as request for shorter hours ol
work, and falsely proclaiming that so
ciety had declared itself in favo.r of sucli
change, the railroad strike has been
avoided by the surrender to the repre-
sentatives of four utterly irresponsible
labor unions. We say irresponsible as
they are, by a recent law, exemptec
from responsibilties and potential pen
alties to which all other corporations
are subject. It is a shameful and cow
ardly abdication of the fundamental
functions of government, the repudia
tion of the principle of arbitration
But it is much more, it is the beginning
of untold trouble in the future, and al
ready in all directions can be heard tin
rumble of future troubles to come
Labor agitators have become more con
fident of their power.
How can we hope to compete for for
eign trade after the war if we are ti
handicap ourselves in this way? W'
have reached a point where we mus
find an outlet in foreign countries fo
our surplus manufactures, the result o
labor or our prosperity will vanish
The day of a balance of trade in ou
favor by export of food and raw ma
terial is past.
Why should Congress legislate ai
eight-hour day for railroad labor alone
Does anyone believe the other indus-
tries of the country, most of whor
have even more arduous work, will b
content to stay outside? Why shout
they? We regard the shortening o
hours of labor as a greater danger i
the future than the raising of wages
as it is exactly opposite to the mov<
ment abroad, where, on account of th
war, hours of labor are being inerea.'
ed, and if the losses caused by the wa
are to be recovered, must be continue
after peace comes.
One of the things that accompan
and distinguish civilization from th
uncivilized is work. Back of the idea
of socialistic dreamers stand the func
amental laws of the universe, (confirn
ed by man's experience) that man di
not create, and man cannot changi
and that "by the sweat of bis broi
shall man eat bread" — Why stop a
eight hours, why not make it six
With wages the highest on record, h
bor is still dissatisfied.
1916
THE STEEL AND METAL DIGEST.
381
Disappointing Crops.
The crops are a disappointment. It
is estimated the wheat crop will not
exceed the requirements of the coun-
try for food and seed. The corn crop
has been cut by drought to about 2,-
600,000,000 bushels and this means
dear meat. The cotton crop has fur-
ther deteriorated, and is estimated at
not over 13,000,000 bales. All this
means further increase in eost of liv-
ing, and decrease in the buying power
of the farmer.
Extravagance and the Increase in
the Cost of Living.
Capital is the surplus above living-
expenses, no matter who owns it. The
war that has made for this increase of
wealth and capital will end in a day,
the extravagance and increased cost
of living that it lias created will be
corrected very slowly. The only hope
for afflicted and debt-burdened Europe
after the war is economy and produ-
cing more and buying less. This ex-
traordinary war will be followed by
an extraordinary putting into effect of
these absolutely necessary things, and
we are certain to feel its effect in cur-
tailed sales abroad.
Our poor crops means no relief in
cost of food for another year, the in-
crease in wages means increased cost
of other items that enter into cost of
living. There is no relief in sight on
manufacturing labor costs, rather the
opposite. As said before, the end of the
war will cut off our flood of wealth
under which has grown our present
extravagance. How long will it take
us to adjust our extravagance to the
change?
We all know in our personal experi-
ence how difficult and slow such an
operation is.
Transportation Shortage.
It is evident that the productivity
of our mines and factories has outstrip-
ped the country's transportation fa-
cilities and strikes or no strikes, we are
facing, with the crop movement, a ser-
ious ear shortage and freight blockade.
Our policy to the railroads has pre-
vented their expansion in facilities and
we "ill soon reap the fruits.
Politics. j
The election in November may re
suit in a change of government and
policy of which the tariff will only he
one item. Should this take place be-
tween election day and the taking over
of the government by another party in
March, it must be a time of great busi-
ness caution. No matter whether the
change will be favorable or not for
business, until the program is known,
hesitancy is sure to be exhibited.
Also retaliatory powers towards the
Allies on the trade restriction given
the President, in the late legislation if
used is pregnant of trouble, and
might result in a trade war. In such
a war we have some very weak spots
and to mention three of them, we need
tin, nickel and rubber. The cargo of the
Deutschland showed that Germany,
like ourselves, is entirely dependent on
England and her possessions for a sup-
ply.
Should the President find the dignity
of the country requires him to act along
the lines Congress has suggested and
given him the power, not only great
troubles might be precipitated in some
industries, but a tense international
situation created that would be abso-
lutely serious.
But granted all these unfavorable
features are nullified by their failure
to develop or where they are certain,
crops, etc., that they are overcome by
the extraordinary accrued wealth of
the country, how about after the war
and the trade situation then, and the
collapse in the basis of our prosperity
war orders?
Every effort should be made in the
intermediate time to prepare for peace
conditions. It will take all the wis-
dom and ability we can command to
meet the conditions that will surely
have to be faced.
382
THE STEEL AND METAL DIGEST.
September
Business Trends.
FAILURES AND LIABILITIES
INCREASE.
Several reasons may be and have been
assigned for the increase both in number
and liabilities of commercial failures in
August as compared with July this year
and August a year ago. As "Bradstreet's"
journal observes, "somewhat similar ebb-
and-flow movements have been shown in
other months and years which have robbed
great swing movements of some of their
uniformity." "The increase in the number
of small retail failures," "Bradstreet's" con-
tinues, "may have its source in the bad
turn taken by crops in that month, the in-
sufficient equipment of many of those who
have embarked in business on the present
prosperity wave, the decision of creditors
to withdraw support from some manifest-
ly unsuccessful enterprises, the heavily in-
creased cost of conducting business at the
present record high level of values which
restricts profits, the extension of the chain
store idea, or a variety of other causes op-
erating, in spite of the concededly good
general trade which was done in that
month in the country as a whole. It will
however, require a. fuller examination of
present and near future failure statistics
to determine whether the tendency noted
in August is a continuing one before any
hard and fast deductions can be drawn."
Whatever the cause or causes, the fact
remains that failures in August, which
number 1,309, exceeded those of July by
12% and those of August a year ago by
2.6%, while the liabilities, which aggregat-
ed $15,890,478, exceeded those of July by
57% and those of August a year ago by
16%. Compared with July there were in-
creases in failures and liabilities in every
section of the country but New England,
while compared with August a year ago
the Northwest and the South furnished
practically all of the increase in number,
while increases in the West. Northwest,
South and Far West helped to swell the
liabilities.
FEWER NEW INCORPORATIONS.
There is a perceptible falling off in the
volume of charters issued last month, which
perhaps is not unnatural after the excep-
tionally heavy output of new enterprises
for almost a year. The August incorpDra-
tions in the Eastern States with a capital
of $1,000,000 or over represented $113,472,-
000, which is much below the monthly total
for quite a while. But an increase is shown
as compared with the August figures a year
ago of almost 50%. As might naturally be
assumed few really large companies figure
in the returns. Nevertheless practically
all lines of industry are represented.
The grand total of all companies with
an authorized capital of $100,000 or over
covering all States, including those of the
East, reached 8174,933,000 against $320,057,-
500 in July and $148,186,000 in August a
year ago.
OUR FOREIGN TRADE DURING
TWO YEARS OF WAR.
Export and import returns for July,
which month completed the second year of
the great war, showed shrinkages from
recently preceding months. This is not
unnatural or unusual because foreign
trade always decreases in the summer
months. In one respect, however, that is
in the excess of exports over imports, July
broke all records, because imports shrunk
much more heavily than did exports, and
the excess of exports for that month was
the greatest ever recorded. In the follow-
ing table will be found the total of exports
and imports for the month of July; for the
seven months ended July 31st and for the
two year period of the war:
July— 1915. 1916.
Exports $270,660,437 $454,956,945
Imports 160,507,675 244,830,603
Exc. of exports $110,152,762 $210,126,342
Seven months ended July 31st:
1915. 1916.
ExP°rts $1,980,051,469 $2,935,675,850
Imports 1,171,241,992 1,716,906,386
Exc. of exports $808,809,477 $1,218,769,464
Summary of trade during two years of
war:
Exports $7,716,985,984
Imports 4,683,824,367
Excess of exports $3,033,161,617
L916
BUSINESS TRENDS.
883
Business Trends.
COMMODITY PRICES STILL
YIELDING.
Again the general levels of commodity
prices have gone lower, both "Dun's" and
"Bradstreet's" most recent index numbers
showing decreases as compared with the
month before.
"Dun's" index number disclosed a re-
cession to $143,930 on . August 1st from
$145,142 a month earlier. The present to-
tal is $3,267, or 1.6%, under the top point
reached on May 1st, but is much above the
$125,079 shown a' year ago, when an up-
ward tendency was in progress. "Dun's"
comments on the situation in part are as
follows:
"Considering the striking advance that
occurred in previous months this year, the
recent reaction seems decidedly moderate
and, though declines have predominated of
late, several important articles of con-
sumption have gained still further in vala-
ue and are likely to go even higher."
"Bradstreet's" report says that "prices
continue to move downward, the tendency
being accompanied by considerable evi-
dence of power to resist marked decreases."
But the index number compiled by that
journal shows that on August 1st the level
was $11,441, representing a decline of sev-
en-tenths of one per cent from July 1st
and at the same time the fourth successive
drop in as many months. Comparison with
August 1st of last year reveals a rise of
16.4%, and contrast with the like date in
1914 discloses an advance of 31%.
EXTRAORDINARY BANK
CLEARINGS.
Well-maintained business activity in every
part of the country continues to be indi-
cated by heavy payments through the
banks, as reflected in bank exchanges, the
total of which, according to returns re-
ceived by "Dun's Review" from 131 lead-
ing cities in the United States, amounted
to $19,602,31:2,490, an increase of 38.0%
as compared with the same month last year
and of 98.5% as contrasted with the cor-
responding month of 1914. New York City
reports gains of 37.8% and 154.7%, respec-
tively, as compared with the same weeks
in the two immediately preceding years,
but the abnormal expansion over two years
ago is in large part attributable to the clos-
ing of the principal exchanges and the in-
terruption to business occasioned by the
outbreak of the war. The exhibits of the
cities outside New York, where, as a rule,
speculative operations have comparatively
little influence on bank clearings, are em-
inently satisfactory, marked improvement
appearing at practically every important
center, while the total of all points is 38.3%
larger than last year and 48.0% more than
in 1914.
IRON OUTPUT AGAIN SMALLER.
That pig iron output in August fell
below that of July indicate the handicaps
under which the industry is trying to meet
the present unparalleled demands upon it,
says the "Iron Age". Last month's total
was 3,203,713 tons, or 103,346 tons a day.
against 3,224,513 tons in July, or 104,017
tons a day. Heat and humidity counter-
acted the effect of a slight increase in ac-
tive furnaces. September should show'
some gain, as 320 furnaces were in blast
at the opening of the month, with a daily-
capacity of 140,502 tons, as against 316 fur-
naces on August 1st, representing a capaci-
ty of 103,624 tons a day.
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 67,506 73,015 108,422
June 87,619 63,916 79,361 107,053
July 82,601 63,150 82,691 104,017
August . . 82,057 64,363 89,666 103,346
September 83,531 63,753 95,085
October .. 82,133 57,316 100,822
November 74,453 50,611 101,244 ...]..
December. 63,187 48,896 103,333
LABOR MARKET.
In the metals, machinery and conveyan-
ces group the number of employees was
one per cent less in July than in June ac-
cording to the report of the Bureau of
Statistics and Information.
384
THE STEEL AND METAL DIGEST.
September
The Rate of Increase in Pig
Iron Consumption.
There is considerable discussion as to
prospects for pig iron consumption in the
next few years. Our production this year
has been at a rate close to 40,000,000 tons
a year, except in the past three months
when hot weather reduced the rate, and
this compares with a trifle less than 31,-
000,000 tons produced in 1913, the best
previous year. There is new capacity in
prospect to the extent of about 4,000,000
tons. In substance there is a double ex-
pansion in output, due to the separate in-
fluences of the old furnaces making more
pig iron per stack, on an average, and ad-
ditional stacks being built. Spread over
a period of years either influence might not
be out of line, but question is raised wheth-
er the two together are too much.
In the past pig iron production doubled
every ten years, on an average, but the
rule seemed to break down after 1907. Re-
duced to its simplest terms the question is
whether the breakdown is permanent. Now
that we can see at longer range it is not
altogether so certain that something broke.
The fluctuations year by year have been
so wide that it is rather an intricate matter
to compare one year with that of ten years
or twenty years earlier, and totals for ten
years at a time are easier to handle. Tak-
ing 39,100,000 tons for this year we have
the following totals for decennial periods:
Ten years ended Gross tons.
1886 38,133,663
1896 79,001,426
1906 165,342,076
1916 271,500,000
Inasmuch as production from the ten
years ended 1896 to the ten years ended
1906 increased by almost 110%, thus more
than doubling, it would hardly be fair to
expect production in the ten years now
ending to be double that of the preceding
ten years. If we take it that there is to
be an average doubling we may quadruple
the production in the ten years ended 1896
to find what we might expect for the ten
years now ending. That would be 316,-
000,000 tons, and we are only 14% short of
that total. That is not bad at all.
Everyone must recognize that an increase
in geometrical ratio cannot be maintained
indefinitely. There has been absolutely no
reason for expecting such a thing, except
the practical one that it has occurred. In
particular, a commodity that is put into
more or less permanent use, instead of be-
ing currently consumed, is the last one
that should experience, for any consider-
able period of time, a geometrical increase.
Even an arithmetical increase might be dif-
ficult to maintain. It might be difficult to
have any increase in production, for the
store of iron decreases but little from year
to year, and a year could be conceived in
which no fresh pig iron at all would be re-
quired, the urgent needs being so small as
to be met by reworking old material.
Here, then, is a conclusion which will
probably startle many of our readers, that
f we admit frankly that the geometrical
rule of increase has broken down already,
and fall back on an arithmetical rate of in-
crease, we have 106,000,000 tons more pro-
duced in this ten years than in the preced-
ing) ten, meaning that on an average each
year produced 10,600,000 tons more than
the year ten years previous. Just at the
moment we are doing much better than
this, for 10,600,000 tons added to the 1906
production, regarded as astonishingly large
in its time, would be only 36,000,000 tons,
whereas we are doing at least 10% more
than that. Thus the arithmetical rate of in-
crease would really be rather a large one.
and yet from one viewpoint we are doing
much better than that even at this moment.
-o-o-o-
1916
[RON AND STKKli KXPOKTS.
385
Three Years of Iron and Steel
Exports.
Tin- immediate effect of the war was to
curtail our iron and steel exports, already
at the lowest rate for nearly four years.
The exports in August, 1914, the first month
of the war, were the smallest for more than
live years. In June, 1915, the eleventh
month of the war, our iron and steel exports
broke all records. Comparison of exports by
fiscal years, therefore, are not illuminating,
on account of the wide swing. For the to-
tal exports by months for a period of years
reference may be made to our regular table,
presented on another page.
\ comparison of exports by products, giv-
en below for the past three fiscal years, is
very interesting. In only two important
commodities, structural material and pipe
and fittings, have the exports decreased
since the war started, but in the other com-
modities there are wide divergences in the
amount of increase, due largely to the adapt-
ability of the material to war purposes. The
increases do not measure precisely the de-
mand for war purposes, for two reasons. In
some commodities the usual exports to
neutral countries have decreased, whereby
the increase in the total does not fully rep-
resent the war demand. On the other hand
there are some increases in exports of ma-
terial for peace purposes, to belligerent
countries because on account of their mak-
ing war munitions they are less able to
produce these peace commodities.
The recent scrap exports include large
tonnages of axles for Italy, to be rolled in-
to shell jrounds. The rail exports are
chiefly to Russia, for building roads for
military purposes and as preliminary to in-
dustrial expansion after the war. The steel
bar exports are largely of shell rounds. The
wire rods exports lately are probably chief-
ly for catching submarines.
While exports in the past fiscal year
totaled 4,850,300 gross tons, the exports in
May and June were at the rate of 6,400,-
000 tons a year.
Iron and Steel Exports, Fiscal Years, Gross Tons.
1914. 1915.
Scrap 69,282 29,830
Pitr iron 201,995 130,597
Billets, blooms, etc 46,926 220,416
Wire rods ■ 56,493 98,441
Rails ' 338,613 159,587
Structural 296,282 168,664
Steel bars 149,113 230,275
Iron bars 10,300 12,345
Steel plates 160,390 123,914
Iron sheets and plates 11,476 9,526
Steel sheets 146,856 96,066
Galvanized sheets 53,740 54,955
Tin plate 47,277 80,010
Pipe and fittings 240,735
Wrought pipe and fittings 117,695
Cast pipe and fittings 62,390
Hoop, band and scroll 11,507 10,633
Railroad spikes 8.734 5,486
Plain wire 84,318 146,065
Barb wire 79,775 147,592
Wire nails 35,853 55,472
Cut nails 4.525 2.643
Other nails, and tacks 3,184 5,455
Bolts nuts, rivets and washers 19,827 13,500
Horse shoes !.316 13,017
Radiators, etc 5.467 2,669
Total 2,083,884 1,997,240
1916.
154,709
286,728
962,206
171,529
540,919
269,928
625,586
70,520
266,816
42,630
98,307
79,203
230,472
125,628
52,609
41,256
26,404
251,518
364,243
128,698
4,425
9,634
30,844
13,125
2,363
4,850,300
386
THE STEEL AND METAL DIGEST.
September
Settlement of Our Trade
Balance.
Probably the average observer has ob-
tained no very clear concept of what our
freign trade means to us in these war
times. The figures simply appear huge.
When one attempts to analyze them he is
beset with difficulties, there being so many
unseen elements that would affect the
final result as to how much additional
wealth accrues to us by reason of the mer-
chandise movement. Among the factors
for which allowance must be made are
the debit that had accumulated against us
just before the war and in the early
months of the war, when the monthly trade
balance instead of being in our favor to
the amount necessary to equalize the un-
seen and unfavorable balance, was unfa-
vorable in the gross. Then one must esti-
mate to what extent the unseen balance
has changed, the freights that we pay to
foreign vessel owners, the money that
American tourists spend abroad, etc., etc.
Without setting down the details we may
say that after careful computation and esti-
mate it appears reasonable to set the ac-
cumulation to September 1 at about two
billion dollars, this being approximately
the amount that should be settled by a
movement of gold or securities. The ex- f
cess imports of gold have been about a
quarter billion, while loans floated in this
country by foreign governments are com-
puted at close to one and a half billion
dollars, this including the quarter billion
British loan now being negotiated. Ac-
cording to our estimates there would be
left about a quarter billion to be settled
otherwise, and this may have been settled
by the return of American securities held
abroad.
The figures here given are not precise
but they seem to represent fairly well what
has occurred to date. The country is rich-
er, in gold and securities, by about two
billion dollars. For many years prior to-
the war there was question whether the
country was growing richer probably it
was not. We kept our gold production
but we sent securities abroad and as we
also paid interest and dividends on the se-
curities it would be debateable whether
the accumulation of material wealth in this
country against those securities represent-
ed, all told, an increase in our wealth in
this respect. The accumulation since the
war started of some two billion is distinct.
One can put his finger on by far the ma-
jor part of it, as just indicated.
The Volume of War Steel
Business.
One is hearing a great deal all the time
about the orders placed for shells and
shell steel, but the information, often ap-
parently supplied in great detail, is really
not illuminating at all. The stock market
may be interested in whether a $15,000,-
000 order for shells went to this particular
listed stock company or that, but the ques-
tion asked in the steel trade is "How many
tons?" It is quite impossible to gauge the
volume of business by the reports of orders
from time to time. There is some other
information, however, which may tend to
throw just a little light on the situation. It
may be noted, for instance, that in 1906
there was almost 4,000,000 tons of rails
rolled in the United States, and some
capacity has since been added,, and yet
this year's rail output may be in the neigh-
borhood of 2,500,000 tons, it being scarcely
conceivable that even with the large ex-
port trade it will reach 3,000,000 tons. Yet
the rail mills are completely filled, and or-
ders if placed at all are only for the latter
part of 1917. The rail mills are rolling
rounds for small shells, shrapnel and high
explosives, and presumably they are quite
busily engaged. If so they are rolling per-
haps as much as two or three million tons
a year of the rounds. That, however, would
1916
WAi; STEEL BUSINESS.
387
not represent all the shell steel business, as
rounds cannot be rolled large enough for
the large shells, and forging billets are fur-
nished instead. This tonnage is still more
difficult to estimate, because it is so widely
distributed, for even small mills can
make forging billets. Some of the steel
foundries even are using their steel making-
capacity to cast ingots for shell purposes.
There may be some suggestions derived
from the export statistics. On account of
certain curious changes that have occurred
we select the following months for com-
parison:
Exports of Ingots, Blooms, Billets and
Sheet Bars — Gross Tons.
1915. 1916.
May 48,391 142.78:.'
June 48,999 116,425
Exports of Steel Bars— Gross Tons.
1915. 1916.
-May 37,260 77,669
June 58,453 61,017
By this arrangement certain facts, under-
stood in the trade, are brought out in a
statistical way. The allies early started to
buy shrapnel bars from us, and the exports
of late have shown only a moderate in-
crease over those of a year earlier. The in-
crease is due to a much larger consuming
capacity of the foreign munitions factories.
Recently there has been a greatly enlarged
demand for unfinished steel for two pur-
poses. In the first place there is more
shell steel required, in the form chiefly of
forging billets, for direct use abroad, and
in the second place there is more soft steel
required, to release more steel making
capacity abroad for the manufacture of
shell steel.
It may be taken that practically all the
steel bars exported are shell rounds, hence
on the basis of the May and June figures
the business is running say 750,000 tons a
year. If two-thirds the unfinished steel ex-
ported is shell quality that business is
running 1,000,000 tons a year. We are now
making in the United States fewer small
shells, from rolled rounds, and more large
shells, from forging billets. If we take
it that we are using one-third as much ton-
nage of shell rounds as we export there is
:.'.">0,000 tons more, and if we take it we
are using as large a tonnage of the large
shell material as is being exported we have
1,000,000 tons more. The entire tonnage of
shell steel made in this country would then
be 3,000,000 tons a year.
We hardly think the tonnage can be
much more or much less than 3,000,000 tons
at present, but it certainly looks as though
the business is growing, that the produc-
tion will be larger in the next six months
than it has been in the past six, for we
seem to gain more in the demand for steel
for large shells than we lose in the demand
for steel for small shells.
From this comparison it would seem that
the idea that the rail mills are kept going
at anything like their capacity on rails and
shell rounds, must be dismissed. The ex-
planation may be that the rail plants are
kept going, stopping the manufacture of
much of their steel at the large billet stage
instead of carrying the steel through to the
finished rail or round. Obviously that is
where the large billets should first be made.
Steel plants that have other finishing de-
partments would naturally give their steel
to those departments.
o-O-o —
3SS
THE STEEL AND METAL DIGEST.
September
The New Steel Capacity.
So much new construction is going on
in the steel industry, and there are such
delays at various points in the construc-
tion work, that it is difficult to make a
close estimate of the new capacity in pros-
pect at any particular date. It may be
convenient to divide the new construction
into two classes, that which has already
been completed this year or is practically
certain of completion this year, and that
which will probably run into next year,
possibly in some cases even the year after.
Such a division suits also the nature of
the work, some of the new construction
being by way of additions and some repre-
senting complete new plants.
In the first category is a total of 15 regu-
lar open-hearth furnaces by the Steel Cor-
poration, as various plants, and a duplex-
ing addition at Donora, the former repre-
senting about 750,000 tons annually of in-
got capacity and the latter about 400,000
tons, or say 1,100,000 tons altogether, to
be conservative. New construction by in-
dependents, Brier Hill, Pittsburgh Steel,
Donner Steel, Chattanooga, Youngstown
Sheet & Tube, Inland, Lackawanna, Cam-
bria and Corrigan, McKinney & Company,
covers a total of about 33 furnaces, with a
capacity of about 1,500.000 tons annual
ingot capacity.
The total is about 2,600,000 tons of ingot
capacity for this year. It may be estimat-
ed roughly that between one-third and one-
half of this is already completed. It may
be noted that a few hundred thousand tons
of capacity was completed in the late
months of last year by independents, to-
gether with the Steel Corporation plant at
Duluth. making perhaps three-quarters of
a million tons for late last year, but this
is only approximate.
Of projects that may fairly be set for
dates after January 1, 1917, are to be in-
cluded four additional furnaces for Cor-
rigan, McKinney & Company, the duplex-
ing plants at South Chicago and Gary, the
National Tube Company's Bessemer plant
at Gary, the single converter for the Iro-
quois Iron Company, without rolling equip-
ment, and the Mark Manufacturing Com-
pany's Bessemer plant. These would total
about 1,900,000 tons annual ingot capacity
for the Corporation and about 900,000 tons
for the independents; a total of about
::, 800,000 tons.
The new construction late last year, that
for this year and that for next year totals
fully 6,000,000 tons of ingot capacity. This
may seem large, but it must be set against
fully four years of development of the
demand for steel. Demand for steel grows
while it sleeps, that is, when it is awakened
after a period of dull industrial conditions
it is larger than when it left off. The last
new construction was in 1913.
It is generally estimated that the pro-
duction of ingots the past three or four
months has been at a rate well in excess
of 40,000,000 tons a year. Here is a com-
plication in the statistics inasmuch as the
actual production reported for 1913 was
only a trifle above 30,000,000 tons, yet
the steel works appeared to be operating
in the year at an average of close to, if
not quite, 90% of capacity, and even allow-
ing for some new capacity to have come
in during the year, the capacity on Janu-
ary 1, 1914, would hardly have been esti-
mated at more than about 35,000,000 tons.
Thus there has been, apparently, a much
greater increase in output than would be
represented by the known additions to
capacity. Evidently means have been
found for increasing the output of individual
furnaces.
The estimation of prospective capacity,
through the addition of strictly new units,
is fairly safe when the new capacity is to
be added to a rate of production attained
when there is pressure to obtain the maxi-
.mum output, but it is never safe to assume
that year after year a plant will not in-
crease its output, even though no import-
ant additions are made to it. While the
output sometimes grows more rapidly than
would be expected, the same is to be said
of the demand for steel. It is a remarkable
industry all around.
I'm;
SPELTEB STATISTICS.
389
Government Spelter Statistics.
First Half 1916 Figures Of Production,
Smelter
i i;> c, i :.
The r. S. Geological Survey's complete
port on the spelter industry during the
first half of L916 and the figures of the pro-
duction, <tc, closely conform with those
given in the preliminary report issued on
Vugusl 7th.
The statistics are given below in com-
parison with those for the first and second
half of 1915:
1915 — 1916.
1st half. 2nd half. 1st half.
20, 09.1
,884
(>7.0:',4
250,501
267,696
8,898
22,486
48,756
489
415
464
37,116
279,286
331,169
5,959
8;016
20,197
64,368
54,235
58,007
5,884
14,253
23,879
76,211
76,504
102,083
202,782 229.086
Supply.
Stock at begin-
ning
Production:
Domestic ore..
Foreign ore . . .
Imports
Total available . .
Withdrawn:
Foreign exports . .
Domestic exports.
Stock at close ....
Total withdrawn
Apparent consump-
tion 160,905
Spelter made in:
Illinois 74,982
Kansas 35,247
Oklahoma 51,172
All other States 55,131
Total 216,533
Zinc ore imported 66,683
Zinc content... 23.997
Zinc ore exported 678
Production, Consumption, Stocks.
Figures issued by C. E. Siebenthal, of the
United States Geological Survey, Depart-
ment of the Interior, from reports sub-
mitted by all zinc smelters operating dur-
ing the first six months of 1916 show that
the production of spelter from domestic
ore in that period was 267,696 short tons
and from foreign ore 48,756 short tons, a
total production of 316,452 tons, compared
with 272,987 tons for the last half of 1915
and 316,532 tons for the first half.
The output of spelter by Illinois smelt-
ers increased over 5,000 tons for the six-
84,976
90,082
66,176
74,592
58,036
73,298
63,799
78,480
72,987
316,452
92,169
231,845
33,672
93,907
154
34
Consumption, Imports, Exports and
Capacity.
Siebenthal I
month period, and of Kansas over 8,000
tons, but the gain in Oklahoma was the
greatest of all — over 15,000 tons — a re-
sult of the completion of a part of the
large contemplated increase in smelter ca-
pacity announced early in the year. The
remaining spelter-producing States also
made a large gain, principally in Pennsyl-
vania, where the new smelter at Donora
was put into complete operation. The
output of primary electrolytic spelter,
amounting to 1,697 tons, is also included
in the production of these States.
The stocks of spelter held at smelters on
June 30, 1916, amounted to 23.817 tons,
against 14,253 tons at the beginning of the
year and 5,884 tons at the middle of 1915.
This shows a gain over stocks at the close
of the year, part of which was doubtless
due to the accumulation of working stocks
at new smelters which started during the
period.
From the foregoing figures and the rec-
ords of the Bureau of Foreign and Domes-
tic Commerce it is calculated that the ap-
parent consumption for the period was
229,086 tons, which compares favorably
with 203,588 tons for the last half of 1915
and 160,906 tons for the first half. This
consumption was not altogether domestic,
however, for it must include the zinc con-
tent of the exports of brass and brass ar-
ticles, which, as will be seen from the table
of exports by classes, were largely increas-
ed during the first half of the present year.
In addition to that produced from ore,
15,800 tons of spelter was distilled or re-
covered electrochemically from zinc ashes,
skimmings, and drosses. Probably one-
fourth of this output of secondary spelter,
including the considerable quantity of elec-
trolytic secondary spelter, was of high
grade. No statistics were obtained of the
spelter produced by remelting skimmings,
drosses, etc., but it was probably not less
than 12,000 tons. The total output of spel-
ter from both ore and skimmings was there-
fore about 344,000 tons, or at the rate of
688,000 tons a year.
390
'HE STEEL AND METAL DIGEST.
September
Imports and Exports.
The imports of spelter were 464 short
tons, compared with 415 tons during the
last half of 1915 and 489 tons during the
first half. The exports of spelter of do-
mestic origin were 58,007 tons, against
54,235 tons in the last half of 1915 and 64,-
368 tons in the first half. The exports of
spelter of foreign origin, including spelter
exported from bonded warehouse, as well
as articles manufactured from spelter of
foreign origin and exported with benefit of
drawback, were 20,197 tons, compared with
8,016 tons in the last half of 1915 and 5,-
959 tons in the first half.
The imports of zinc ore were 231,845
short tons, containing 93,907 tons of zinc,
and valued at $7,449,068, compared with 92,-
169 tons of ore, containing 33,672 tons of
zinc, in the last half of 1915, and 66,683
tons of ore, containing 23,997 tons of zinc,
in the first half. The exports of domestic
zinc ore were 34 tons, compared with 154
tons in the last half of 1915 and 678 tons in
first half.
The source of the foreign zinc ore im-
ported into the United States during the
first half of 1916 is shown in the follow-
ing table:
Zinc Ore Imported, January-June, 1916.
Zinc
From — ■ Quantity, content.
(short tons) Value.
Canada 12,863 5,187 $314,524
Mexico 79,663 25,471 3,254,004
Spain 38,239 16,006 1.051,315
Italy 7,525 3,283 213,275
Australia 83,775 38,133 2,225,790
Other countries* 9,780 5,827 390,160
231,845 93,907 7,449,068
* Including China and Japan.
Prices and Value.
The price of spelter at St. Louis started
at 17.3 cents a pound, but a sharp rise in
the latter half of February carried it to 21
cents. The price broke sharply to 17.1
cents a pound by the middle of March, but
a partial recovery brought spelter to 19
by the middle of April, after which
a long decline continued until the midyear,
the half year closing with spelter at 12.1
cents. The average price of a pound of
spelter for the first six months of 1916 was
17 cents.
The price of spelter at London followed
a parallel of course to that at St. Louis,
but averaged about %y2 cents a pound high-
er. The opening price was £90 a long ton
(19.48 cents a pound). The rise in Feb-
ruary carried spelter to £111 a long ton
(24.02 cents a pound) by March 1st, after
which came the decline that, except for the
partial recovery in April, brought the price
down to £61 a long ton (13.20 cents a
pound) at the midyear. The average for
the half year was £90 8s 7d a long ton
(19.6 cents a pound).
The foregoing prices are for the ordin-
ary commercial grades of spelter. High-
grade spelter suitable for cartridge spin-
ning has been in such great demand that it
has commanded a good premium.
At the average price for immediate de-
livery at St. Louis the value of the spelter
produced from domestic ores during the
six months was $91,016,640, and that of
the spelter produced from foreign ores $16,-
577,040, a total of $107,593,680.
As most of the spelter sold during the six
months was sold under contract for future
delivery at considerably lower prices than
those quoted lor immediate delivery, it is
certain that the forgoing values are in ex-
cess of the real sales values.
Smelter Changes.
The number of retorts at zinc smelters at
the close of 1915 was 156,568, and there
were building or planned 49,612 additional
retorts, a total of 206.270. The number at
smelters June 30. 1916., was 196,640, and 24,-
812 additional retorts were building or
planned, a total of 221.452. Some of the
smelters listed earlier in the year as plan-
ned were abandoned, and a number of other
plants not listed never got beyond the pro-
motion stage. On the other hand, work-
was begun on two smelters not listed, on
the plant at Quinton, Okla.. and on that al
Weir, Kans., both sir>all. Since June 30th
ground has been broken for a large zinc
smelter at Moundsville, W. Va. All the ad-
ditions to plants were made as planned.
The United States Smelting Company
has traded its plant at Iola, Kans., for the
plant of the J. B. Kirk Gas & Smelter Com-
pany at Checotah, Okla., the exchange dat-
ing from August 13, 1916.
The decline in the price of spelter has
caused the temporary closing of some of
the smaller smelters and the reduction of
operations by several others. A canvass by
the Survey showed not over 180.417 retorts
in active operation August 15th, out of a
1916
SI'KI/I'KU STATISTICS.
391
possible 199,328. Some of them were being
0 treat secondary materials, such as
sine a-hes and drosses, and an unknown
number of others were engaged in refining
the ordinary grade of spelter by redistilla-
tion. It will be noted that the number of
retorts on August 15th was somewhat lar-
ger than that on June 30th, owing to the
completion of some of those under con-
struction at the earlier date.
The Mammoth Copper Mining Company,
of Kennett, Cal., after operating an experi-
mental plant in 1915-191G, has announced
that it will build a commercial electrolytic
zinc plant. The capacity of the electrolytic
plant of the Anaconda Copper Mining Com-
pany, at Anaconda, Mont., was increased to
23 tons and the plant was operated steadily
throughout the half-year. The 100-ton plant
of the same company at Great Falls, Mont.,
is expected to go into operation before Sep-
tember 1st.
Total Smelter Capacity.
On the basis that 156,568 retorts were al-
ready in existence at the beginning of 1916,
that the 49,612 additional retorts then plan-
ned, and electrolytic plants aggregating 60,-
000 tons annual capacity, also then planned,
were completed and that the smelters of
secondary spelter kept their usual capacity,
the United States, as was estimated in the
spelter statement of April 4th, would have
the capacity at the close of 1916 to pro-
duce spelter at the rate of over 900,000
tons a year. This estimate was plainly
stated to be one of the capacity under nor-
mal conditions at the close of the year — in
other words, it pertained to capacity which
might be exercised during 1917— and it was
in no sense an estimate of output for either
1916 or 1917.
It need have occasioned no surprise that
the production during the first half of 1916
failed to equal half the capacity indicated
for 1917 in the Survey's estimate of capacity.
could not. During half-year 25% of retorts
There are evident reasons, of course, why it
on which the estimate of capacity was based
were only under construction or planned;
in tact, one-sixth of the 25% had not been
completed at the close of the half-year.
These could not contribute to the output.
Also a very considerable number of retorts
was engaged in redistilling spelter of ordin-
ary grade to make it of high grade. These
retorts not only did not add to the out-
put of spelter, bi/t they diminished it. be-
cause there was a loss of 7 to 10% of zinc
in the redistillation. Allowance was made
for the above factors in the estimate of ca-
pacity because it was there considered that
the capacity for high-grade electrolytic
spelter at the close of 1916 plus the output
of high-grade spelter from the lead-free ores
of the Eastern States would relieve these
retorts of such redistilling.
The average capacity per retort, estimat-
ed by the Survey at four tons, was some-
what fully considered on pages 892-893 of
the chapter on zinc in Mineral Resources,
1914, to which the reader is referred for
the data on which the estimate is based.
By reason of great demands and high pri-
ces it has been claimed that the retorts
were so crowded that the ores were
"butchered." This, if true, would reduce
the percentage of recovery but not the
output. Smelters would certainly not
crowd the retorts if they would thereby low-
er the average total output per retort# In
times of great demand it would be expect-
ed, rather, that percentage of recovery
might be sacrificed to capacity.
It does not seem likely that the grade
of ore smelted in 1915 and 1916 was mater-
ially lower than in previous years. Practic-
ally all zinc sulphide ores are concentrated
before being smelted. If the average grade
of zinc concentrates was in fact lower it
would, of course, lower the average ca-
pacity per retort. But zinc smelters, forced
by the lack of smelting capacity in 1915,
paid a premium for higher grade concen-
trates and refused to buy the lower grade.
It is improbable that the grade of concen-
trates from Franklin Furnace or from the
East Tennessee zinc mines during 1915-1916
was lower. The grade of the small output
of Wisconsin carbonates in 1915 was 2J4
points lower than in 1914, and that of the
green sulphide concentrates was lJ/£ points
higher, but sphalerite concentrates from
Wisconsin are mostly re-treated by roasting
and nagnetic separation, and average grade
as delivered to the smelter is not definite-
ly known, but was higher than in 1914, be-
cause a larger part of the ore was roasted
and magnetically concentrated before be-
ing smelted. In the Joplin district as a
whole the average grade of sphalerite con-
centrates was 0.6 of a point higher, and the
grade of carbonates and silicates more
than 0.9 of a point higher, in 1915 than it?
1914. The following quotation from J. P
Dunlop, of this Survey, referring to condi-
tions in the Joplin district, is of interest:
392
THE STEEL AND METAL DIGEST.
September
"The significant feature of the ore market
during the year was the wide margin be-
tween the base prices offered for the high
and for the medium and lower grades of
concentrates. The spread had usually been
comparatively small, but in 1915 it was gen-
erally $10 to $15 a ton and frequently the
difference was as great as $15 or $20 a ton.
This was due to the imperative demand by
the smelters for concentrates free from
lead or containing less than 1% lead. Some
weeks it was difficult to sell the low-grade
ore even at the quoted low base price."
Zinc sulphide concentrates from the Butte
& Superior mill assayed on the average half
a point higher in 1915 than in 1914. The
spread of flotation treatment during 1915
must have operated to raise the grade of
zinc sulphide concentrates in other West-
ern States. In fact, so far as domestic zinc
concentrates are concerned, the grade must
have been raised instead of lowered in 1915.
But large quantities of zinc concentrates
from Australia have been received and
treated in 1915 — 1916. If these were suf-
ficiently lower than the average grade of
domestic concentrates to overcome the in-
crease in arade of domestic concentrates,
then the average grade of all concentrates
may have been lowered. W. R. Ingalls says
848,776 tons of sulphide concentrates and
349,299 tons of carbonate concentrates
were smelted in the United States in 1915.
Assuming 40% as the average zinc content
of the carbonates, 58% as the zinc content
of the Joplin sulphides, and 50% as the
average zinc content of all other sulphides,
we get an average zinc content of 49% for
all zinc ores smelted. Mr. Ingalls estimates
it at 50%. As the Australian concentrates
have for several years averaged a little over
47% and as probably the higher grade con-
centrates only were brought to the United
States in 1915, it does not appear that the
Australian imports have materially lowered
the general grade of concentrates smelted.
Exports.
The following tables of exports, taken
from the records of the Bureau of Foreign
and Domestic Commerce, show the exports
both domestic and foreign, by classes and
destination for five six-month periods, be-
ginning with the six months just before the
European war. Another table shows the
exports of lead and zinc by months, cover-
ing the same time. The table of exports
by classes shows strikingly the increase in
value of total exports of lead and zinc for
these periods, the total value increasing
from $9,409,251 in the six months just be-
fore the war to $185,687,787 during the first
six months of 1916. The most striking in-
creases were in exports of domestic spel-
ter and sheets, zinc manufactures, brass,
brass articles, and cartridges.
Exports of Spelter and Sheet Zinc from the
United States, by Six-Month Periods,
1914-1916, by Destination in
Short Tons.
1914 —
Jan.-June July-Dec.
To Dom. Foreign. Dom. Foreign.
Canada 167 3,383 539
G. Britain 45 40,802 2.897
Netherlands
France
Italy
Germany . . 84 ....
Russia 667
Japan
Other
countries. 34
830
167
8,463
1,902
1,651
4.152
456
5,070
75
63,977
5.413
Jan
-June
July-D
ec.
To Dom.
Foreign.
Dom. Fo
reign.
Canada . . 2,918
382
6,561
203
G. Britain 31,100
3,477
23,452
1,644
Netherlands ....
12
France . . . 15,849
1,396
9,406
4.668
Italy 2,717
448
6,051
504
Germany
Russia 6,671
5,420
Tapan 187
470
Other
countries 4,926
1
3,063
997
64,368 5,704 54.235 8,016
Jan.-June 1916.
Domestic. Foreign.
Canada 4,634 o'38
Great Britain 19,188 6.481
Netherlands 6
France 18,804 11,177
Italy 5,807 1.901
Germany
Russia 3,219
Japan 610
Other countries 5,739
58.007
20.197
L916
SPELTEB STATISTICS.
:-,!»:;
Exports of Spelter and Sheet Zinc from the United States, by Months, 1914-1916, in
Short Tons.
1915 1916
Jan. .
Feb. .
Mar.
April
Mu>
June
July .
V.ug,
Sept.
Oct. .
Nov.
Dec.
1 lomestic.
Foreign.
(a)
:n
88
18
140
60
107
112
269
27
*1,8
15?
3,448
19,045
10,259
12,747
319
1,120
1,140
957
Domestic.
15,299
15,002
8,120
8,842
7,635
1 9,470
6,492
7,274
8,653
12,093
10,019
18,321 1,877 *3,100 9,704
Foreign.
84
2,016
1,136
1.104
1,286
L.876
2,122
608
2,343
310
(a) Domestic. Foreign, (a)
10,483
10,328
8,171
9,133
8,583
11,309
3,531
3,919
575
1,902
4,811
5,459
64,807 5,580 4,981 118,603 13,720 255 58,007 20,197
(a) Foreign zinc used in articles exported with benefit of drawback. * Six months
Pig Iron Production in the United States in
the First Half of 1916.
Official statistics issued by the American Iron and Steel Institute give the pig
iron production in the first half of 1916 at $19,619,522 tons. Details are presented
herewith.
Half-Yearly Production of All Kinds of Pig Iron.
(Includes spiegeleisen, ferro-mang.,
■ Blast furnaces ferro-silicon, ferro-phosphorus, etc.)
In blast Production — Gross tons
States. Dec. 31, —June 30, 1916— First half Second half First half
1915. In. Out. Total. of 1915. of 1915. of 1916.
Massachusetts ... 0 1 1 2 3>087 5 4/r00
Connecticut 1 0 3 3
New York 18 20 7 27 g3 1,183,214 1,214,037
New Jersey 1 i 4 5
Pennsylvania .... 125 132 25 157 5.199,421 7,591,247 8,286,076
Maryland 3 4 1 5 85,673 165,875 243,895
Virginia 7 9 12 21 105,244 146,102 202,777
Georgia 0 0 4 4
Texas 0 0 2 2
Alabama 27 31 16 47 868,341 1,181,112 1,366,728
West Virginia 3 4 o 4
Kentucky 3 4 2 6 79,228 211,812 268,859
Mississippi 0 0 11
Tennessee 6 12 6 18 82,992 94,737 162,009
Ohio 62 67 9 76 2,964,211 3,948,751 4,250,790
Illinois 21 "23 1 24 801,951 1,645,269 1,938,152
In.di,a.na J° 1° °, ]°A 854,375 1,132,403 1,073,768
Michigan 11 12 2 14
Wisconsin 7 6 2 8 i30,514 242,452 417,542
Minnesota 2 3 0 3
Missouri 1 1 1 2
Colorado 2 4 2 6
Oregon 0 0 1 1 137,188 134,733 190,189
Washington 0 0 0 0
California 0 0 0 0
Total 310 344 102 446 12,233,791 17,682,422 19,619.522
394
THE STEEL AND METAL DIGEST.
September
Pig Iron
Made For Sale Or For Use Of Makers In The First Half Of 1916.
For maker' Total
For sale. use. Gross tons
8,830,085Basic
6,839,177Bessemer and low phosphorus
3,086,410Foundrv. including ferro-silicon
460,839Malleable
169,306Forge or mill
99,95lFerro-manganese
89,095Spiegeleisen
44,659.4.11 other grades
Grades.
1,244,907
7,585,178
801,592
6.037,585
3,037,646
48,764
460,839
87,595
81,711
23,510
76,441
74,886
14,209
29,410
15,249
5.760,385 13,859,137 19,619.522
In the 18 months the production of pig
iron in the United States has almost doub-
led, that is, the production in the first half
of this year was 81.6% greater than the
production in the second half of 1914. That
had been the smallest half year's produc-
tion since 1908. Production by half years
has been as follows in gross tons, begin-
ning with 1913, when a new half year's rec-
ord was made:
First half. Second half.
1913 16,488,602 14,477,550
1914 12,536,094 10,796,150
1915 12.233.791 17,682,422
1916 19.619.522
As the total production was well known
in advance, our forecast printed July 3rd
being 19,600,000 tons, interest in the official
statistics for the half year centers upon the
grades produced and the relation between
merchant and steel works production.
Total
The production of merchant pig iron to
total production was 28.69% in 1915 and
29.36% in the first half of this year, show-
ing a slight relative gain by the merchant
furnaces.
The distribution of production by grades
has been as shown below. Bessemer in-
cluding low phosphorus, while foundry in-
cludes ferrosilicon:
Year First half.
1915. 1916
Basic 43.77% 45.01%
Bessemer 35.17 34.86
Foundry 16.26 15.73
Malleable 2.77 2.3:,
Forge 1.06 .86
Ferromanganese .43 , .51
Spiegeleisen 33 .45
All other 21 .23
Total 100.00
100.00
The Aluminum Industry.
(By W. C. Phalen, U.
Bauxite
The production of bauxite in the United
States in 1915 was 297,041 long tons, valued
at $1,514,834, an increase of 77,723 long
tons, or 35%, in quantity and of $445,640,
or 42%, in value as compared with 1914.
The increase for 1915 is abnormal in the
bauxite industry and is accounted for by
the increased activity in the production of
metallic aluminum. The great bulk of the
bauxite from which aluminum is produced
comes from Arkansas, wdiich in recent
years has produced about 80% of all the
bauxite mined in the United States and in
1915 produced more than 90%.
Other States which produced bauxite in
1915 were Alabama, Georgia, and Tennes-
see. The output in Alabama and Georgia
S. Geological Survey).
Production.
was larger than in 1914, but that in Ten-
nessee declined.
The average price of bauxite per long ton
at the mines was $4.81 in 1912, $4.75 in 1913,
$4.87 in 1914. and $5.10 in 1915.
The Domestic Aluminum Industry.
In a recent speech in Detroit, Mr. A. V.
Davis, president of the Aluminum Company
of America, stated that it is the desire and
intention of the American producer to make
enough metallic aluminum to supply the re-
quirements of the United States, but that
it is obviously difficult to maintain estab-
lishments large enough to supply domestic
needs, while supplies from outside are cut
off, ami then during normal times, while
imports are coming in, to store supplies or
1916
THE ALUMINUM INDUSTRY.
395
i" close down pi. mis altogether until an-
other period conns on during which im-
ports may again be cut off. There is only-
one cure for the present shortage in metal-
lic aluminum, and that is to make more
metal. This the American producer is pre-
paring to do. \ schedule has been planned
that calls for the expenditure of $30,000,-
000 during 1915 and 1916. To carry out a
plan of such magnitude takes time, and Mr.
Davis reported that it would probably be
May. 1916, before results could be ob-
tained from the first of the company's work
and probably be December, 1916, before the
work was finished.
Toward the end of 1915 the Aluminum
Company of America was making nearly
twice as much metal as in the same period
in 1914, and when the new projects are in
working order there will be so great an in-
crease in production that the company will
be able to supply the domestic demand even
though no foreign metal is imported.
One of the most important developments
of 1915 in the aluminum industry was the
taking over of the property of the Southern
Aluminum Company by the Aluminum
Company of America. The Southern Alum-
inum Company, as reported in Mineral Re-
sources for 1914, was forced to abandon
work on its project at Whitney, N. C, on
account of the war in Europe. The Alum-
inum Company of America now (May,
1916) has a large force of men on the
ground pushing operations forward as rap-
idly as possible. It is expected that a pro-
duction will be made from this plant late
in 1916 or early in 1917. The present power
house at Whitney is to be dismantled and
will be replaced by another of later type
on the west side of the river. Further
plans are reported for a steel-reinforced
concrete building to cover a considerable
acreage.
The large rolling and stamping mill which
the company is erecting on Hudson River
at Edgewater, N. J., will be not only the
largest mill owned by the Aluminum Com-
pany of America but the largest mill of its
kind in the world.
It is reported that the erection of dams
for the company's project on Little Ten-
nessee River, near the border line between
North Carolina and Tennessee, will be be-
gun in 1916t and already preparations are
being made for a cement plant at Chilhowee
six miles from Alcoa, the company's head-
quarters in this part of Tennessee. A state-
ment as to the projected developments in
this region was given in Mineral Resources
for 1913. These developments will be
pushed as fast as the market will take the
product.
The water-power project on St. Lawrence
River is also being developed.
New Aluminum Plant.
It is reported that the Mineral Products
Corporation is to build a plant in Utah for
the production of metallic aluminum from
alumina produced in making potassium sul-
phate from alunite. Some research work is
reported as having been done on this alum-
ina to produce a refractory material capable
of withstanding high temperatures — for ex-
ample, 3,500 degrees C.
The Aluminum Market.
The aluminum market in 1915, like that
for most of the metals, went through a
series of very radical changes. According
Bauxite and Aluminum.
Aluminum produced or consumed in the
United States, 1885-1915, in pounds.
1885 .... 383 1903 .... 7, 300,000
1886 3,000 1903 7,500,000
1887 18.000 1904 .... *8,600,000
1888 .... 19,000 1905 ... *11, 347,000
1889 .... 47,468 1906 . . . *14,910,000
1890 01,381 1907 ... *17,311,000
1891 .... 150.000 1908 . . . *11,153,000
1893 .... 359,885 1909 . . . *34,310.000
1893 .... 333,639 1910 ... *47,734,000
1894 .... 550,000 1911 ... *46,125,000
1895 .... 930,000 1913 . . . *65,607,000
1896 .... 1,300,000 1913 . . . *73;379,000
1897 .... 4,000,000 1914 ... *79,139,000
1898 5,300,000 1915 . . . *99.806,000
1899 .... 0,500,000 .
1900 .... 7,i:.0.000 556,673,546
1901 .... 7,150,000
The secondary aluminum produced in
1915 was 5,700 short tons; the recovered
aluminum contained in alloys was 2,800
short tons.
* Consumption. The figures for 1915 do
not include the weights of imported leaf
aluminum, valued at $1,394; table, kitchen,
and hospital utensils, and other similar hol-
low ware, valued at $32,435; wire, valued at
$39,021; and "All other manufactures" of
aluminum, valued at $42,083.
Exports.
Value of aluminum of domestic produc-
tion exported, 1910-1915.
1910 $949,215 1913 $966,094
1911 .... 1,158,603 1914 1,546,510
1912 1,347,621 1915 3,682,117
396
THE STEEL AND METAL DIGEST.
September
to Mr. Davis, president of the Aluminum
Company of America, this company, the
only American producer, had been stocking
metal for a long period prior to the revival
of business in April, 1915. At that time it
had the largest stock of metal in the his-
tory of the company and perhaps the lar-
gest stock of aluminum that the world has
ever known. The consumption of the metal
then began to increase materially, and
the war, cutting off imports to a large de-
gree, also became a factor in the scarcity
which ensued. The company has a Can-
adian plant from which a substantial quan-
tity has come into this country during re-
cent years, but in 1915, as well as in 1916,
imports from this source have been stop-
ped, owing to an embargo placed by the
English War Office on the exportation of
aluminum from Canada. The effect of this
embargo, as well as the difficulty in getting
other foreign aluminum, is plainly indi-
cated in the statistics of imports into the
United States during 1915. The price per
pound ranged approximately from 19 cents
at the beginning of the year to nearly 60
cents at the end.
Process of Producing Metallic Aluminum.
Grenville Mellen has patterned a process
for extracting aluminum from clay, kaolin.
or aluminum silicates in general, which is as
follows: The clay is fused with sodium sul-
phate in the presence of sulphuric acid, or
with its equivalent of acid sodium sul-
phate, in such proportion as to form alum-
inum sulphate and free silica. The fusion
product after cooling is dissolved in water,
filtered, and treated with sodium fluoride.
The aluminum fluoride which separates is
fused with common salt and is electrolyzed.
Alloys.
A. Wilm has found that a valuable im-
provement in aluminum alloys results from
the combination of small quantities of man-
ganese with aluminum, magnesium, and
copper. The properties of the alloys with
these four metals may be modified accord-
ing to the proportions of manganese in
combination. Different proportions of the
metals which may be used are mentioned.
W. A. McAdams has invented an alumin-
um alloy that is particularly adapted for
casting. It consists of aluminum, 82 parts
by weight; silver, 1 part; copper. 12 parts;
and cadmium 5 parts. In forming the alloy
the aluminum is first melted, copper is then
added, and the two metals are melted to-
gether. Then the silver is added and the
temperature is lowered, but kept high
enough to allow the cadmium to melt when
it is introduced. The mixture is thoroughly
stirred and then poured into molds to form
the articles to be cast or ingots for ship-
ment.
Aluminum Solder.
J. F. Gross has invented a solder for use
with aluminum or with aluminum and other
metals. The composition of the solder is
as follows: Block tin, 80 parts; iead, 16
parts: aluminum, 8 parts; zinc, 16 parts;
and phosphorus tin, 8 parts. These ele-
ments are fused or melted together in the
usual manner and molded into any desired
shape.
J. Ca>'°cca has invented a solder designed
for use with metallic aluminum without
the use of an acid or flux. The solder is
claimed to be noncorrosive and to have the
appearance of the metal treated. It con-
sists of tin, 12.8 ounces; lead, 3.2 ounces:
and aluminum, 1 ounce. The ingredients
are melted in the proportion stated and
molded into bars of convenient size for
handling.
E. Thaulow has invented a compound to
be used in welding aluminum and alloys
containing aluminum. It has been found
that a mixture of borax and sodium bisul-
phate is well adapted for this purpose, and
the general claims made include these two
chemical compounds.
i!tu;
STEEL PLANTS.
397
Steel Plants.
X. — The Tennessee Company.
oned. Next
The rennessee Coal, Iron & Railroad
Company is a subsidiary of the United
Sums Steel Corporation, the stock having
been purchased in the stress of the panic
of October, 1907. The company had had
an interesting and rather checkered career.
It had been taken in hand by successive
groups fo financiers who poured capital
into it without getting back the expected
returns.
The original concern was the Tennessee
Coal & Railroad Company, Nashville,
Term., chartered March 24, 1860. About'
ten years later work was started on the
construction of a blast furnace at Tracy
City, a few miles across the line from Ala-
bama, but this project was not a success.
Later it was decided to build at South
Pittsburg, Term., still nearer the Alabama
line, and three stacks were blown in, May,
1879, March, 1882, and March, 1888. Nos.
2 and 3 are still in physical existence, as
alternate stacks, but are not considered on
the active list. Sewanee Furnace in Ten-
nessee, completed in 1880, was operated for
a dozen years or so and then abandoned.
Thus the word "Tennessee" in the cor-
porate name has become altogether a mis-
nomer.
The Tennessee Company, eventually ab-
sorbed by the Steel Corporation, had done
its share of absorbing, its chief acquisi-
tions having been the DeBardeleben Coal
& Iron Company and the Eureka Company,
in 1892.
The oldest surviving furnace is one of
the two alternate Oxmoor stacks, it hav-
ing been put in blast in March, 1876, (by
the Eureka Company), its companion hav-
ing been completed in July, 1877, but ap-
parently not blown in until 1885, when it
had been rebuilt. The furnaces were sub-
sequently re-arranged to operate as altern-
ate stacks. Next in order of age comes
the Alice stack at Birmingham, blown in
July 24, 1883. Its companion, blown in
November 23, 1880. has since been aband-
order of age comes the
Bessemer furnaces, now five in number, the
first having been put in blast in 1888. The
No. 5 has been idle for ten years and the
capacity of the group is figured at 270,800
tons annually.
The most important furnaces of the
Tennessee Company are the six Ensley
stacks. The first of these was built in
1887, but the furnaces have been success-
fully rebuilt, the last rebuildings having
been from 1907 to 1914. The six furnaces
are rated at 737,100 tons annually.
The Bessemer Rolling Mills, with T4
puddling furnaces, were completed and put
in operation in September, 1888, but pass-
ed out of commercial existence at the be-
ginning of the depression of 1893-98. At
the conclusion of the depression the Ten-
nessee Company bought the plant, and it
still survives as a mill for rolling steel, the
puddling furnaces having been abandoned.
The preceding sketch includes enough of
the history of the company to illustrate
the vicissitudes of iron making in the
South. Even the Ensley steel plant, now
so successful, had quite a portion of
troubles. First the plant was financed sep-
arately, as the Alabama Steel & Ship-
building Company, this company building
the plant and leasing it to the Tennessee
Company. It contained originally ten 50-
ton lilting open-hearth furnaces, the first
steel being poured November 30, 1899. Op-
erations were not very successful, and
through various changes the plant now
comprises eight 100-ton tilting furnaces,
with two 20-ton converters for duplexing
and two mixers of 250 and 600 tons capac-
ity respectively. The plant is rated at 700,000
tons of ingots annually. The rolling capac-
ity comprises a rail mill and a billet mill.
Billets are shipped to the Fairfield works,
near Birmingham, of the American Steel
& Wire Company, which rolled its first
rods February 12, 1914.
[98
THE STEEL AND METAL DIGEST.
September
Topical Talks On Iron.
XLI. Lake Superior Iron Ore.
William A. Burt, United States deputy
surveyor, was the inventer of the solar com-
pass. On September 16, 1844, when run-
ning a township line in Michigan, Mr. Burt
noticed by means of his solar compass some
remarkable variations in the magnetic
needle and then and there he and his party
looked for iron ore, finding numerous out-
croppings. That was the discovery of iron
ore in the Lake Superior region. It was
a case of every man to his trade. Although
nearly 400.000,000 tons of pig iron have since
been made from Lake Superior iron ore,
Mr. Burt's interest was not in the discov-
ery of the ore as a valuable product, but in
the fact that the presence of the iron ore
made his solar compass the only available
instrument for running his lines.
During the next few years various at-
tempts were made to develop the deposits —
they represented what is now the Marquette
Range — and there was some consumption
by forges nearby. In 1850 A. L. Crawford,
of New Castle, Pa., took ten tons of ore
from the Jackson mine, the first mine
opened, and converted the ore in a forge
into blooms. Accounts vary as to the first
employment of the ore in a blast furnace.
It appears that the first shipments to a
blast frunace occurred in 1853, something
like a hundred tons, to furnaces at Sharps-
ville and Sharon, in the Mahoning valley.
The ore arrived by the Beaver and Erie
canal, the last section of which was aban-
doned in 1870. The accepted statistics of
Lake Superior iron ore shipments begin
with 1855, which year is credited with 1.449
tons shipped down the lakes. A real com-
mercial movement had awaited the com-
pletion of the Sault Ste. Marie canal. The
side wheel steamer Illinois made the first
passage of the canal, June 18, 1855.
The furnaces of the Shenango and Ma-
honing valleys had been using local ores,
and the new Lake Superior ore did not find
much favor at the start. Furnaces were op-
erated by rule of thumb and to put better
ore into a furnace did not necessarily con-
duce to its working better. The record kept
by John J. Spearman, manager of Sharps-
ville furnace, has been preserved. On July
20, 1859, the furnace was ready for oper-
ation. Three cords wood were fed from
below and nine barrows of coke from the
"trunnel head". Next day there was charg-
ed 70 barrows of coke and two cords wood
and at 5 P.M. the furnace was lighted. Next
day after filling in 74 barrows of coke and
two cords of wood the pump shaft broke
and the furnace was at once stopped up
tight. Five days later, with the shaft re-
placed, the furnace was cleaned out and fill-
ing of fuel resumed, but the supply of coke
filled the furnace only two-thirds full, and
raw coal was used to eke out. Next day,
the furnace being filled to within ten feet
of the trunnel head, they began charging
in the following proportions: 500 pounds
coke. 150 pounds native ore, 35 pounds lime
and 35 pounds furnace cinder. When 25
such charges had been fed the blast was put
on and charging began in the following pro-
portions: 500 pounds coal, 100 pounds na-
tive ore, 100 pounds Lake Superior hematite
ore, 35 pounds lime and 35 pounds furnace
cinder. After 34 such charges the top of
the hot blast oven blew off. When this had
been repaired the first cast was made, and
up to that time the ore charged had been
in the proportion of 61% native and 39%
Lake Superior ore. Later of course, it was
possible to use more Lake Superior ore. but
the interesting fact is that 15 years after
the discovery of Lake Superior ore native
ore in the Shenango valley was depended
upon for blowing in a blast furnace
-o-o-o-
1916
[RON AND STEEL Sl'lTATION.
399
The Iron and Steel Situation.
The Month's Developments.
Our review a month ago opened with
the suggestion "Jul} probably marked the
culmination of the dulness in the steel
trade." August developments have proved
that diagnosis to be correct, for the month
has shown more activity in steel products,
though really no great activity, and an
advancing tendency in price, and in pig iron
a buying movement developed, though one
of quite modest proportions.
Steel Price Advances.
On August 1st the Carnegie Steel Com-
pany announced an advance in its price of
bars from 3.50c to 2.60c. On August' Ttn" if
announced corresponding advances in plates
and shapes, shapes from 2.50c to 2.60c and
plates from 2.90c to 3.00c. These price ad-
vances were followed by the independents
at a respectful distance — respectful to
their customers — as they permitted their
regular customers, for a time, to close ad-
ditional tonnage at the old figures, while
promptly advancing their quotations to
new inquirers, particularly to buyers
known to be regular Carnegie customers.
Before the middle of the month the general
market was established at the higher levels,
for delivery at mill convenience.
Effective August 7th the American Steel
& Wire Company advanced its prices $2 a
ton, making carloads to jobbers 2.55c on
plain wire and 2.60c on nails. The price
previously made of 2.65c on wire for manu-
facturers for fourth quarter was allowed
to stand, and this perhaps marks the incep-
tion of a new policy, to charge more for
manufacturers' wire than for ordinary wire
for jobbing purposes. This would accord
with the claim always made by wire mills,
that the former is more costly to make.
The wire advance was promptly concur-
red in by the independents.
A Pig Iron Movement.
Before the month of August was half
over it developed that there was a con-
siderable volume of buying of foundry and
malleable grades of pig iron, all in a quiet
way. The movement was certainly on a
larger scale than appeared on the surface.
Tn some quarters the quiet charac-
ter of the buying was attributed to a men-
tal attitude on the part of buyers, that they
feared active inquiry in the open market
would result in price advances. It has
since developed, however, that certain
sellers, few in number, went forth with
characteristic activity to book a certain
volume of business by making the price
attractive, and as the market was well es-
tablished it was possible for them to effect
large sales at fractional cuts, without
hawking their wares generally. Thus there
appear to be two reasons for the quietness
of the buying. Just after the middle of
the month large purchases of basic iron
developed, in nearly all territory, at sub-
stantially the going prices. The buying of
foundry iron has continued to the end of
the month, with prices stiffening in some
directions. The Chicago market yielded
perforce to the low price of Southern iron,
declining $1 a ton to $18 at Chicago furnace,
whereby it reached a fair degree of har-
mony with southern iron, quotable at $14,
Birmingham, as minimum.
War and Other Export Steel.
There was continued heavy buying
of war steel, both in large rounds and
large billets for export, and in large billets
for the manufacture of shells in this coun-
try. The buying for the remainder of 1916
far outran expectations previously enter-
tained, while there was also a very fair
measure of buying for the first half of
1917, all at substantially as high prices as
have obtained at any time in this move-
ment.
Other export buying was on a reduced
scale, perhaps surely because deliveries de-
sired could not be arranged. There was
anxious inquiry for soft unfinished steel for
export, particularly in the form of sheet bars.
A thorough canvass of the entire trade on
the part of a prominent "British consumer de-
veloped only very small tonnages of sheet
bars, very much less than it was desired
to purchase.
Production and Requirements.
Hot weather continued almost through-
out August, and with the indifference of
labor to putting in full time restricted pro-
duction of steel fully as much as had been
the case in July. The production of steel
in the two months was probably fully 15%
less than in May and June, when maximum
output was attained.
The requirements of consumers appear-
400
THE STEEL AND METAL DIGEST.
September
ed insistent throughout the month and the
mills did not seem able to arrange deliver-
ies any more satisfactorily than formerly.
It hardly appeared, however, that the re-
duced output resulted in the development
of any greater tension as to the volume
of shipments failing to meet the require-
ments of buyers.
Analysis of the Situation.
What has thus far been said in this re-
view of a month of the iron and steel mar-
ket has been by way of stating the con-
crete facts as closely as they can be stated
in general terms. The analysis of the situ-
ation is a very difficult one. In the first
place there is lacking that concensus of
opinion between buyers and sellers that so
strikingly characterized the market of six
months or more ago. Then the buyers
were quite as hopeful for the steel mar-
ket's future as were the sellers. At times,
indeed there was what may be called, re-
versing the usual nomenclature, a "buyers'
market" in that the buyers made the mar-
ket not by dictating prices but by en-
couraging advances through their insistent
purchases.
To-day that concensus of opinion is quite
lacking. There may be many buyers, but
only a few of them are content with present
prices. A great many, including nearly
all jobbers, are very much dissatisfied,
claiming that steel cannot be moved to its
ultimate consumption in the full volume
that has characterized the movement of the
past year, because prices are too high.
When the advances are passed on to the
ultimate consumer, as they may be when
the buyer from the mill eventually finds
them on his invoices, the ultimate consum-
er, so it is strongly urged, will reduce his.
purchases. Less agricultural machinery
and tools of all descriptions will be bought.
Investors will not consider hotel and office
buildings. The railroads will not buy ex-
cept in a limited way. Alunicipal and other
public improvements will be halted.
The mills in rejoinder to these com-
plaints simply refer to their well filled
order books and the present clamor on the
part of many buyers for better deliveries.
They are not dealing with theory or argu-
ment, but with plain facts as to tonnage
demand and tonnage capacity.
The rejoinder does not close the ar-
gument, however. It opens up the ques
PIG
IRON PRICES.
(Averaged from da
ily quotations;
at Phil
idelphia
, Buflfa
lo, Cleveland
and Ch
icago.
prices are delivered)
Bessemer, Basic,
1915 — Valley
Jan. .. 13.75 12.50
No. 2 fdy. Basic, No. 2X fdy,
Phila. Phila.Buffalo.
12.75 13.50 14.45 13.25
N
Cleve-
land.
13.25
o. 2 fdy
Chi-
cago.
13.45
Ferro-
Birm- mangan.
ir.gham. ese.*
9.50 68.00
Fur-
nace
coket
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
13.83
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
2.18
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
1916—
Jan. .
. 21.00
18.00
18.50
19.24
19.71
18.25
18.80
19.00
14.92
115.40
3.14
Feb. .
. 20.50
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
June
. 21.00
18.25
18.39
19.90
20.04
18.75
19.30
19.50
14.63
175.00
2.54
July ■
. 21.00
18.00
18.25
19.15
19.75
18.75
18.80
19.50
14.00
175.00
2.65
Aug.
. 21.00
18.00
18.27
19.00
19.75
18.75
18.57
19.17
14.00
175.00
2.75
*
Contract
price,
f.o.b. Baltimore; t Prompt
f.o.b.
Connellsville ovens.
1!U(i
IKON A\D STEEL SITUATION.
11)1
tion whethei mill order books mean the
same thing now as they did a few months
ago llu'ii the buyers had specified very
Freely against their contracts, which were
at relatively low prices, and of course at
prices well below those currently quot-
ed on new business. With the laps< oi
time a new condition is arising, the cheap-
er steel being shipped and passed on to
the ultimate consumer while the steel
that is to be moved in future is much high-
er priced steel, and it does not follow that
specifications will come in as Freely in fu-
ture. The mills may easily close the pres-
ent year with as large a volume of contract
business on books as they had on July
1st. but as large a proportion may not be
in the farm of actual shipping orders. On
July 1st the proportion was between 55
and 60%, in the case of the large mills, a
remarkably large proportion when the to-
tal obligations represented a tonnage equal
to about seven months to full production.
There is no concrete evidence, however,
that the buyers will not specify. They made
the contracts with the expectation of speci-
fying. Nothing unfavorable, for instance,
has developed since the market advanced to
2.50c on bars and shapes and 3.90c on
plat , but indeed .i great deal of that is fav-
orable.. The advances of $2 a ton on these
products, made early in August, may have
been for the primary purpose oi inducing
buyers to specify. According to the ac-
counts of the mills they are, indeed, sold
up farther ahead on these products than
on almost all other products, excepting
rails, and they are perhaps the products the
consumption of which would lie affected
most by high prices. Sheets, wire products,
tin plates, tubular goods, etc., would likely
be less affected by high prices, for they en-
ter lines of consumption, as a rule, in which
the original cost of the steel is but a small
part of the cost of the finished product,
whatever it may be, ready for the ulti-
mate consumer.
The Influence of Stocks.
A much clearer insight into the situation
would be obtained were it possible to have
even approximate estimates, from month
to month, of the volume of steel in stocks in
the hands of buyers, the jobbers and the
manufacturing consumers. Even the steel
interests do not know, since for pruden-
tial reasons the buyers keep the informa-
tion to themselves, and if the steel mills did
know they would not tell except perhaps
FINISHED STEEL PRICES.
(Averaged from daily quotations, f.o.b. Pittsburgh.)
1915 — Shapes, Plates, Bars,
January 1.10 1.10 1.10
February .. . 1.10 1.10 1.10
March 1.15 1.15 1.15
April 1.20 1.20 1.20
May 1.20 1.17 1.20
June 1.20 1.15 1.20
July 1.25 1.22 1.27
August .... 1.30 1.26 1.30
September . 1.33 1.33 1.35
October 1.44 1.42 1.43
November . 1.63 1.63 1.63
December .. 1.75 1.75 1.75
Year 1.30 1.20 1.31
1916—
January .... 1.87 1.90 1.87
February . . . 2.06 3.16 2.06
March 2.36 2.53 2.36
April 3.50 3.75 2.50
May 2.50 3.83 2.50
June 3.50 2.90 3.50
July 3.50 2.90 3.50
Aug 2.54 3.94 3.5G
Groove
d —
- Sheets —
Comp.
Wire
Steel
Blue
Tin
Fin.
Pipe, Wire,
Nails
Skelp
Black
. Galv
Annld. plate
. steel.
81
1.34
1.54
1.13
1.80
3.80
1.30
3.10
1.4554
80H
1.38
1.58
1.13
1.80
3.09
1.30
3.10
1.4716
80
1.40
1.60
1.13
1.80
3.40
1.30
3.15
1.5098
80
1.37
1.57
1.13
1.80
3.40
1.33
3.20
1.5357
79
1.35
1.55
1.14
1.80
3 60
1.35
3.11
1.5381
79
1.35
1.55
1.15
1.76
4.80
1.33
3.10
1.5312
79
1.38
1.58
1.18
1.74
4.65
1.32
3.10
1.5691
79
1.43
1.61
1.25
1.85
4.40
1.37
3.10
1.6059
79
1.54
1.69
1.28
1.91
3.68
1.51
3.10
1.6506
79
1.63
1.78
1.40
3.03
3.57
1.60
3.15
1.7264
78
1.72
1.87
1.56
3.30
4.07
1.90
3.45
1.9089
78
1.88
2.03
1.70
3.53
4.75
2.26
3.60
2.0329
79 %
1.48
1.69
1.27
1.85
4.40
1.49
3.10
1.6506
7654
1.98
2.13
1.75
2.60
4.75
2.55
3.75
2.1410
75^4
2.11
2.26
1.94
2.60
4.80
2.65
3.83
2.2988
73-^
2.25
3.40
2.24
2.73
4.93
2.85
4.20
2.5579
•ny2
2.25
2.40
2.35
2.89
5.00
2.95
4.70
2.7166
70
2.45
2.50
2.35
2.90
5.00
3.00
5.46
2.8043
70
2.45
2.50
2.35
3.90
4,80
3.00
5.75
2.8300
. 70
2.45
2.50
3.35
3.90
4.40
3.90
6.00
3.8435
70
3.53
3.58
3.35
2.90
4.30
3.90
5.54
3.8588
402
THE STEEL AND METAL DIGEST.
September
when it was to their advantage. Undoubt-
edly in the closing months of 1915t when
low priced contracts were still in force,
buyers were disposed to gather up all the
steel they could, but whether they accumu-
lated anything beyond their current require-
ments is a question. The mills were so far
behind that even in the past three or four
months there has still been shipped a con-
siderable tonnage of relatively cheap steel.
We do not know whether in the past four
months buyers have been drawing upon
their stocks or increasing them by taking in
cheap steel.
Thus no convincing statement can be
made as to the character of the steel busi-
ness in the next ten months, to the mid-
dle of 1917. According to the testimony
of the steel mills, they are assured of be-
ing under high pressure for deliveries dur-
ing the whole period, having already placed
under contract at least two-thirds of the
steel they can make in the period. Accord-
ing to the majority of jobbers the future.
even in the next few months, is beset with
doubts, on the ground that the ultimate
consumer will not take as much material
as formerly, on account of the high prices.
The manufacturing consumers are divided
into many shades of opinion. The auto-
mobile makers are quite willing to buy for
the first half of 1917. Some of them are
even willing to place contracts with the
price left open, to be fixed by the mills
later. Building projects involving large
quantities of structural steel are very rare.
The railroads are buying very little. Thus
the outlook is somewhat mixed. The ob-
servation may be appended that the observ-
er has not only the verbal testimony of the '
steel mills as to their confidence in the fu-
ture. He has also their testimony in the
money they are spending on extensions, ad-
ditions to capacity, pursuing construction
work which costs about 50% more than it
did before the war. Much of it will not
be productive for another twelvemonth, anil
yet the steel mills spend the money, and
they say "money talks".
LAKE SUPERIOR IRON ORE,
Shipments of iron ore down the lakes have been as follows,
1911. 1912. 1913. 1914.
April 331,645 204,042 S66.386 269,686
May 3,684,819 5,919,074 7,284,212 3,852,063
June 4,819,996 7,567,555 7,974,444 5,502,367
July 5,221,373 7,600,233 8,204,416 5,784,514
August 5,548,311 7,760,248 7,677,601 5,869,477
September .... 5,231,069 7,287,230 7,258,413 5,438,049
October 4,769,965 7,010,219 6,526,103 4,242,392
November .... 2,523,253 4,072,674 3,270,958 . 1,068,682
December 14,579 18,545 1,411
Season Lake .. 32,130,411 47,435,777 49,070,478 32,021,987
in gross tons:
1915. 1916.
503,832 1,658,411
5,012,359 8,449,580
6,005,591 9,507,576
7,204,021 9,750,157
8,081,117
7,863,146
7,146,873
4,445,129
57,236
46,318,804 29,365,724
-o-o-o-
1916
I'. S. STEEL OPERATIONS.
403
U. S. STEEL CORPORATION'S OPERATIONS.
EARNINGS AND UNFILLED ORDERS.
Earnings by Quarters.
Net earnings by quarter-, since 1911:
Quarter. 1916. 1915. 1914.
1st $60,713,624 $12,457,809 $17,994,382
3nd 81,136,048 27,950,055
3rd 38,710,644
4th 51,277,504
Year 130,396,012
1913. 1912.
1st $34,426,802 $17,826,973 $23,519,203
2nd 41,219,813 25,102,266 28,108,620
3rd 38,450,400 30,063,512 29,522,725
4th 23,084,330 35,181,922 23,155,018
20,457,596
22,276,002
10,935,635
71,663,615
1911.
Year
1906..
1907..
1908..
1909..
1910..
1911..
1912..
1913..
1914..
1915..
1916..
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 9,640,458
BOOKINGS AND SHIPMENTS.
In [his 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—
%
%
%
Tons.
August ....
67
72
+ 5
+ 54,742
September .
62
24
—38
— 425,664
October . . .
55
28
—27
—326,570
November .
45
32
—13
—136,505
December .
38
82
+44
+512,051
January 1915
44
81
+37
+411,92»
February . .
57
66
+ 9
+ 96,800
March
67
60
— 7
— 89,622
April
71
63
— 8
— 93,505
May
76
85
+ 9
+102,354
79
113
+34
+413,598
July
83
104
+21
+250,344
August ....
91
89
— 2
— 20,085
September .
98
133
+35
+409,163
October . . .
103
172
+ 69
+847,834
November .
102
186
+84
+1,024,037
December .
102
152
+50
+615,731
January 1916
102
112
+10
■ +116,547
February . .
102
157
+55
+646,199
March
104
164
+ 60
+762,035
April
104
146
+42
+498,550
May
104
82
—22
—297,340
June
104
82
—22
—297,340
July
90
86
— 4
— 40,866
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 .. 1,244 856 388 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 1,110 821 296 993 730 263 1,253 802 451
January .. 1,021 795 226 939 718 221 1,133 797 336
February . 914 746 168 900 680 220 1,140 800 340
March .... 1,091 801 290 1,015 722 293 1,260 844 416
April 1,038 782 256 1,013 724 289 1,223 827 3»«
May 1,047 800 247 1,044 735 309 1,307 857 450
June 1,097 789 308 1.090 7?0 360
404 THE STEEL AND METAL DIGEST. September
Comparison of Metal Prices.
Range for 1914. Range for 1915. Range tor 1916. Closing,
Pig Iron. High. Low. High. Low. High. Low. Aug. 31,
Bessemer, valley 14.25
Basic, valley 13.25
No. 2 foundry, valley .... 13.25
No. 2X fdy. Philadelphia. 15.00
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 ... 1.21x/2
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 .... 79J4%
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 20.25
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
Sheet zinc (f.o.b. smelter) 8.75
London. £
Standard tin, prompts ... 188
Standard copper, prompts 66J4
Lead 24
Spelter 33
Silver 27J4d 23%d 27j4d 22-rVd 37>Jd 26ttd
1916.
13.75
21.00
13.60
21.00
20.00
21.00
12.50
18.00
12.50
18.50
17.75
18.0P
12.75
18.50
12.50
18.50
18.25
18.50
14.20
19.50
14.00
20 25
19.50
19.75
13.25
18.80
13.00
19.30
18.50
18.50
12.25
18.00
11.75
19.00
18.00
18.50
13.00
18.50
13.00
19.00
18.00
18.00
9.50
14.50
9.25
15.00
14.00
14.00
9.75
18.00
11.00
1.8.75
16.00
16.12
8.00
I.-).'.'.")
8.75
16.75
14.50
15.50
10.00
17.25
10.75
19.50
17.50
18.12 ■
10.50
15.00
11.00
16.00
14.75
15.37
9.00
16.25
9.50
17.75
14.75
14.87
1.25
1.25
1.25
1.47
1.25
1.47
1.20
1.90
1.20
2.50
1.90
2.60
1.12^
2.06
1.12J4
2.66
2.06
2.66
1.05
1.80
1.10
2.60
1.85
2.60
1.05
1.60
1.10
3.00
1.85
3.00
1.05
1.80
1.10
2.60
1.85
2.60
1.12 J4
1.75
1.12/
2.35
1.75
2.35
1.80
2.60
1.70
2.90
2.60
2.90
2.75
5.00
2.65
5.00
4.15
4.15
3.10
3.60
3.10
6.00
3.75
5.50
1.50
2.10
1.50
2.60
2.10
2.60
81%
79%
81%
70%
78%
70%
1.60
3.50
1.50
5.00
2.50
2.80
2.00
■ :.?■">
2.00
4.25
3.25
3.35
28.50
57.00
32.00
56.00
37.50
38.87'/'
11.30
23.00
13.00
30.25
23.00
27.25
11.10
33.00
12. SO
31.00
23.00
27.87/
11.00
12.70
28.25
25.12J/S
16.50
27.25
18.75
37.50
28.00
37.50
3.50
7.00
3.70
7.50
5.50
6.50
4.75
27.25
5.70
21.17/
8.37/
8.80
5.30
40.00
13.00
45.00
10.50
1 2.50
17.37^4
60.00
18.75
65.00
53.00
61.00
47%
56/
46/
77/
55%
67/
3.35
7.50
3.50
8.25
5.45
6.50
4.60
27.00
5.55
21.00
8.20
8.62 /
7.00
33.00
9.00
25.50
15.00
15.00
£
£
£
£
£
£
132
190
148/
205
1 6.'!
17054
49
86%
57/g
146
84/
109
17%
30>4
18/
36%
27-/
31/
2\%
i hi
28/
111
44
52
L916 SECURITY PRICES. 405
Comparison of Security Prices.
Range for 1914. Range for 1915. Range for 1916. Closing.
Railroads. High. Low.
Atchison, Top. & Sante Fe... 100% 89>4
Atch. Top. & Santa Fe.. pfd. 101% 96J4
Baltimore & Ohio 95% 67
Canadian Pacific 220% 153
Chesapeake & Ohio 68 40
Chicago, Mil. & St. Paul 107% 84%
Erie R. R 32J4 20%
Great Northern, pfd 134% 111%
Lehigh Valley 156% 118
Louisville & Nashville 141% 125
Missouri, Kansas & Texas ... 24 8%
Missouri Pacific 30 7
New York Central 96% 77
N. Y., N. H. & Hartford .... 78 49%
Northern Pacific lisy2 97
Pennsylvania R. R 115% 102%
Reading 172% 137
Southern Pacific 99% 81
Union Pacific 164% 112
Industrials.
Am. Beet Sugar 33% 19
American Can 355-6 19J4
American Can, pfd 96 80
Am. Car & Foundry 53% 42%
Am. Cotton Oil 46% 32
Am. Locomotive 37% 29%
Am. Smelting & Refining 71^ 50%
Brooklyn Rapid Transit 94% 79
Chino Copper 44 31%
Colo. Fuel & Iron Co 34/ 2954
Consolidated Gas 139% 112%
General Electric 150% 13754
International Harvester 113% 82
Lackawanna Steel 40 26%
National Lead 52 40
Ray Consolidated Copper .... 2254 15
Republic Iron & Steel 27 18
Republic Iron & Steel, pfd... 91% 75
Sloss-Sheffield 35 19/2
Texas Co 149% 112
U. S. Rubber 63 44%
U. S. Steel Corporation 67% 48
U. S. Steel Corporation, pfd.. 11254 10354
Utah Copper 593/6 45%
Va.-Carolina Chem 34% 17
Western Union Telegraph ... 66% 53%
High.
Low
High
Low. Aug. 31,
1916.
ill1
92%
108%
L00J4
in;:
10254
96
102
97%
98%
96
63 %
'.ill
82%
855%
194
i:;s
183%
L62J
178
64 %
35%
67%
58
60%
101%
77%
102%
91
95
45%
19%
43%
32
37
L28%
112%
1 a .
11654
116%
83%
64%
84%
7454
783%
i::<).4
10454
135%
12154
129
15%
4
7%
3%
3%
is%
1%
7%
3%
3%
11054
81%
111%
100%
103
89
43
77%
57
59%
119
99%
118%
109
110J4
ei%
51%
59%
55%
55%
85%
69%
110%
75%
105%
wiyk
81%
1045^
94%
97%
14154
115%
143%
129%
140%
72%
33%
965-S
61%
88%
6 8 J4
25
65%
50%
01
113 %
89
113%
108%
113%
98
40
78
52
62%
64
39
57%
5054
52%
7434
19
83%
58
76%
108%
56
,113%
88%
98%
93
83%
88%
8354
85%
5734
32%
60
46^
52
66%
21%
53
38%
48%
150%
113%
144%
13054
135%
185%
138
178J4
159
170
114
90
11934
108%
114
94%
28
86
64
77
7044
44
73%
6054
61%
27%
15%
26
20
25
57%
19
55%
43
53
112%
72
114
106%
113%
66%
22
63%
37
47
237
120
235%
177%
194
7434
44
59%
47%
50%
8954
:is
99%
79%
97%
117
102
118%
115
81%
48%
86%
74%
83%
52
15
51
36
41%
90
57
96%
87
95
406
THE STEEL AN]) METAL DIGEST.
September
IRON AND STEEL IMPORTS AND EXPORTS.
VALUE OF TONNAGE AND NON-TONNAGE.
1911.
January $18,738,391
February IS, 690,792
March 22,591,991
April 24,916,912
-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
1912
$18,451,914
21,801,570
24,474,799
26,789,853
28,050,247
24,795,802
24,917,952
25,450,107
23,286,040
25,271,559
26,406,425
23,750,864
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
16,5f:0,260
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
31,730,132
35,891,575
37,726,822
38,415,180
43,602,741
48,056,220
45,825,277
1916.
$51,643,807
54,155,386
58,300,297
58,722,411
72,918,913.
76,257,884
Totals
$249,656,411 $289,128,420 $293,934,160 $199,861,684 $388,703,720 $371,998,698
EXPORTS OF TONNAGE LINES— Gross tons.
1909. 1910.
70,109 118,681,
110,224
124,980
117,921
January
February 84,837
March 94,519
April 100,911
May 109,80S 135,306
June 114,724 120,601
July 100,850 127,578
August 105,690 131,391
September 97.641 119,155
October 110,821 129.82S
November 116,105 155, 13S
December 137, S06 150,102
1911
152,362
150,919
216,360
228,149
178,589
174,247
162.S55
177,902
181,150
186,457
187,554
190,854
1912.
151,575
204,969
218,219
267,313
307,656
273,188
272,778
2S2,645
248,613
251,411
233,342
235,959
1913.
249,493
241,888
257,519
259,689
242,353
243,108
237,159
209,856
213,057
220,550
175,961
181,715
1914.
118,770
121,206
159,998
161,952
139,107
144,539
114,790
86,599
96,476
147,293
140,731
117,827
1915.
140,550
139,946
174,104
223,587
263,113
356,431
378,897
4£5,S53
381,917
350,955
362,766
353,840
1916
357,122
368,867
438,058
384,924
540,549
526,772
. 1,243,5671,540,895
2,187,724
>,948,46f
2,730,681 1,549,543 3,532,432 2,616,292
IRON
ORE IMPORTS.
IRON AND STEEL IMPORTS.
1913.
1914.
1915.
1916.
1912.
1913.
1914.
1915.
1M6.
Jan. .
175,463
101,804
75,286
89,844
Jan. .
20,008
21,740
17,776
10,568
15,824
Feb. .
. 188,734
112,574
78,773
93,315
Feb. .
11,622
25,505
14,757
7,506
20,280
Mar.
164,865
68,549
88,402
93,383
Mar. .
15,466
27,467
27,829
8,025
15,162
April.
174.102
111,812
91,561
75,712
April.
12,48]
j:,.T4:.'
30,585
16,565
20,175
May
191,860
125,659
98,974
148,599
May .
15,949
28.728
28,173
28,916
32,113
June .
241,069
188,647
118,575
134.154
June .
21,407
36,597
23,076
32,200
26,886
July
272,017
141,838
119,468
July .
17,882
36,694
25,282
20,858
......
Aug.
213,139
134,913
126,806
Aug.
20,571
18,740
28,768
27,556
Sept.
. 295,424
109,176
173,253
Sept..
18.740
19,941
38.420
23,344
Oct. .
. 274, 41S
114,341
138,318
Oct. .
25,559
20,840
22,754
34,319
Nov.
179.?';:
90,222
113,544
Nov.
24,154
25,809
24,165
37,131
Dec.
223,892
51,053
118,321
Dec. .
21,231
26,454
9,493
35,455
Totals 2,594,770 1,350,588 1,341,281 6 1,00
Total 225,072 317,200 289,778 282,443 130,440
1916
STEEL PRICE CHANGES.
107
Price Changes of Iron and Steel Products
From March 1, 1915 to Date.
Price changes in merchant bars, structural shapes, plates, wire nails, merchant pipe,
sheets and tin plates arc 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
Mar.
April
May
June
July
Aug.
merely those upon \
•hich
our quotations
were
changed. A few other price
nges
are included.
L5—
1915—
Sept
. 15
Shapes
1.30
to 1.35
1
Bars
1.10
to 1.15
1
Plates
1.10
to 1.15
20
Wire nails
1.65
to 1.75
Shapes
28
Sheets
1.90
to 1.95
1
1.10
to 1.15
Wire galvanizing
29
Shapes
1.35
to 1.40
1
40c
to 50c
17
Wire galvanizing
50c
to 60c
Oct.
1
Boiler tubes
72%
to 71%
6
Bars
1.35
to 1.40
1 1
Boiler tubes
75%
0
Sheets
1.95
to 2.00
1
Bars
1.15
to 1.20
"
7
Blue ann. sheets
1.55
to 1.60
1
Plates
1.15
to 1.20
15
Bars
1.40
to 1.45
1
Shapes
1.15
to 1.20
"
15
Plates
1.40
to 1.45
14
Wire nails
1.60
to 1.55
"
15
Shapes
1.40
to 1.45
1
Steel pipe
80%
to 79%
15
Galvanized sheets 3.60
to 3.50
1
Boiler tubes
75%
to 74%
19
Black sheets
2.00
to 2.10
1
Tin plate
3.20
to 3.10
Oct.
21
Wire nails
1.75
to 1.85
12
Plates
1.20
to 1.15
25
Blue ann. sheets
1.60
to 1.65
17
Galvanized sheets
3.40
to 3.60
"
26
Bars
1.45
to 1.50
24
Galvanized sheets 3.60
to 3.75
"
26
Plates
1.45
to 1.50
1
Galvanized pipe
62^
to 63J4
"
26
Shapes
1.45
to 1.50
24
Galvanized sheets 3.75
to 4.25
"
28
Blue ann. sheets
1.65
to 1.70
1
Wire galvanizing
60c
toSOc
"
29
Boiler tubes
71%
to 69%
8
Sheets
1.80
to 1.75
Nov
1
Steel pipe
79%
to 78%
9
Galvanized sheets
4.25
to 5.00
"
1
Galvanized sheets
3.50
to 3.60
15
Boiler tubes
74%
to 73%
4
Black sheets
2.10
to 2.20
1
Bars
1.20
to 1.25
"
4
Galvanized sheets
3.60
to 3.70
1
Plates
1.15
to 1.20
4
Bars
1.50
to 1.60
1
Shapes
1.20
to 1.25
12
Tin plate
3.30
to 3.60
2
Sheets
1.75
to 1.70
12
Sheets
2.20
to 2.25
6
Wire nails
1.55
to 1.60
15
Sheets
2.25
to 2.40
6
Painted barb wire
1.55
to 1.70
15
Galvanized sheets 3.80
to 4.00
7
Sheets
1.70
to 1.75
"
15
Blue ann. sheets
1.80
to 2.00
14
Galvanized sheets
5.00
to 4.50
16
Wire nails
1.85
to 1.90
16
Boiler tubes
73%
to 72^
18
Bars
1.60
to 1.70
20
Plates
1.20
to 1.25
18
Plates
1.60
to 1.70
20
Wire nails
1.60
to 1.55
Nov
18
Shapes
1.60
to 1.70
28
Galvanized sheets 4.50
to 4.25
"
18
Galvanized sheets
4.00
to 4.25
29
Wire nails
1.55
to 1.60
24
Galvanized sheets
4.25
to 4.50
3
Shapes
1.25
to 1.30
"
30
Sheets
2.40
to 2.50
4
Sheets
1.75
to 1.80
"
30
Galvanized sheets 4.50
to 4.75
6
Black sheets
1.80
to 1.85
"
30
Blue ann. sheets
2.00
to 2.25
16
Wire galvanizing
80c
to 60c
Dec
1
Wire nails
1.90
to 2.00
19
Blue ann. sheets
1.35
to 1.40
1
Boiler tubes
69%
to 68%
23
Wire galvanizing
60c
to 70c
15
Bars
1.70
to 1.80
24
Wire
1.40
to 1.50
15
Plates
1.70
to 1.80
24
Wire nails
1.60
to 1.65
"
15
Shapes
1.70
to 1.80
25
Black sheets
1.85
to 1.90
"
21
Wire nails
2.00
to 2.10
27
Plates
1,25
to 1.30
(<
22
Sheets
:.'.:,()
to 3,60
40S
THE STEEL AND METAL DIGEST.
September
Jan.
Feb
April
May 1
3
" 16
June 7
" 16
July 7
7
Aug. 1
sheets
Tin plate
Blue aim.
Bars
Plates
Shapes
Pipe (with extra
2J4*
Blue ann. sheets
Boiler tubes
1.80
1.80
1.S0
78%
2.35
Blue aim. sheds 3.40
Boiler tubes
Blue aim. sheet:
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
Boiler tubes
Tin plate
Pipe
Wire nails
Tin plates
Plates
Galv. sheets
Tin plate
Blue ann. sheets
Galv. sheets
Tin plate
Wire nails
Bars
Shapes
Plates
Galv. sheets
66' i
2.30
1.85
1.85
1.85
2.10
1.90
2.00
l.'JO
3.20
3.00
2.10
2.00
3.75
75%
64%
3.30
2.60
i 2.65
3.35
74%
63%
2.35
2.35
2.60
2.7.".
73%
61%
2.85
60%
4. .30
72%
2.40
5.00
2.75
5.00
5.50
3.00
4.75
0.00
2.50
• 50
2.50
2.90
4.25
to 3.75
to 2.35
to 1.85
to 1.85
to 1.85
toi 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 3.30
to 75%
to 2.25
to 2.35
to 2.25
to 4.00
to 74%
to 63%
to 2.40
to 2.7 5
to 2.90
to 2.35
to 2.60
to 2.33
to 73%
to 61%
to 2.50
to 2.50
to 2.75
to 2.85
to 72%
to 60%
IMMIGRATION STATISTICS.
to 2.90
to 56%
to 5.00
to 70%
to 2.50
to 5.50
to 2.90
to 4.75
to 6.00
to 2.90
to 4.50
to 5.50
to 2.60
to 2 60
to S.60
to 3.00
to 4.15
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
January, 1915.
February . . .
March
April
May
June
Year 1915 .
July
August
September . . .
October ....
November . .
December . . .
January, 1916.
February . . .
March
April
May
June
Year 1916 ..
July
20,684
18,704
26,335
31,765
33,363
28,499
434,244
27,097
27,413
31,096
31,215
29,297
23,173
17,293
30,244
33,685
36,999
37,925
37,296
25,035
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
9,894
10,856
13.217
15.112
240,807
12.723
Change.
— 10,872
+ 4,516
+ 11,168
+ 14,895
+ 14,739
+ 6,967
+ 50,070
+ 11,082
— 14,324
- 1,965
4,877
3,292
570
7,303
4- 19,420
+ 23,791
+ 26,143
-J- 24o OH
+ 22.184
+ 125,941
+ 18,244
+
+
United States citizens arrived and depart-
ed, with change thereby effected in United
States population:
Arrived. Departed. Change.
July, 1915
9.027
5,115
+
3,912
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
January, 1916.
8,257
9,469
—
1,212
February ....
11,082
12,908
—
1,826
March
15,065
10,867
+
4,198
April
12,522
8,051
+
4.471
May
10.989
8,968
+
2,021
June
1 0.1)7 s
10,013
+
65
Year 1916 ..
121,9 10
110,733
+
11.197
July
12,624
8,990
+
3,634
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; Decern,
ber, 1915, —1,461; January, 1916, +6,091;
February, +17,594; March. +27,989; April,
+30,614; May. +26.249; June. +22,249;
year 1916, +137,138; July, +21,878.
1916
COMPOSITE PRICES.
409
COMPOSITE STEEL.
Computation for September 1, 1916:
Pounds. Group. Price Extension.
Bars 3.60 6.500
i'_. Plates 'loo 4.500
i ! Shapes 2.00 3.900
i'_. Pipe ($4-3) 2.95 t.42 i
l'j Wire nails 2.60 3.400
1 Sheets (28 bl.) 2.90 2.900
Tin plates 5.50 2.750
10 pounds 18. SI 5
One pound 2.8875
Averaged from daily quotations.
1912. 1913. 1914. 1915. 1916
Jan. 1.5123 1.7737 1.5394 1.4554 2.1410
Feb. 1.487S 1.7625 1.5794 1.4716 2.2988
Mar. 1.4T90 1.7646 1.5638 1.5098 2.5579
April 1.5206 1.7742 1.5337 1.5357 2,7165
May 1.5590 1.7786 1.5078 1.5381 2.8043
June 1.5794 1.7719 1.4750 1.5312 2.8300
July 1.6188 1.7600 1.4805 1.5692 2.8425
Aug. 1.6784 1.7400 1.5241 1.6059 2.8588
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 R. R. No. 1 No. 1 Heavy
Steel. Sheet Wrought Cast. Steel. Melt'g.
Pitts. Pitts. Pitts. Pitts. Phila. Ch'go.
1914—
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 16.25 15.75
Mar. 18.40 14.80 19.15 15.75 17.15 16.75
Apr. 18.00 14.75 19.25 16.00 18.00 16.75
May 17.00 13.65 19.65 16.10 17.00 15.90
June 16.25 13.00 19.00 15.40 15.45 14.80
July 16.70 12.50 18.80 15.30 15.00 14.30
Aug. 16.25 11.70 18.15 15.00 15.00 15.30
COMPOSITE PIG IRON.
Computation for September 1, 1916:
One ton Bessemer, valley $21
Two tons basic, valley (18.00) 36
One ton No. 2 foundry, valley 18
< In, i,iu No. 2 foundry, Philadelphia 19
(in, i,m No. 2 foundry, Buffalo .... 18.
One ton No. 2 foundry, Cleveland .. 18,
One ton No. 2 foundry, Chicago ... 18
Two tons No. 2 Southern foundry,
Cincinnati (16.90) 33
Total, ten tons 1S4
One ton 18 480
A vi
Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
:raged from daily quotations
1912. 1913. 1914. 1915
17.391
17.140
13.240
13.427
13.581 16.775
13.492
13.721
13.843
13.779 10.363 13.850
13.070
13.079
12.971
12.914
13. 917 15.682 13.808 13.206
14.005 14.908 13.606 13.047
14.288 14.578 13.520 13.125
14.069 14.565 13.516 14.083
15.386 14.692 13.503
16.706 14.737 13.267
1916
18.690
18.564
18.857
19.021
18.965
18.552
18.585
18.530
17.226 14.282 13.047
17.475 13.838 13.073
14.823 15.418 13.520
14.895
15.213
16.398
17.987
14.150
UNFINISHED STEEL
AND IRON BARS.
1915-
(Ave
Billets.
Pitts.
-aged from dailj
Sheet
Bars. Rods.
Pitts. Pitts.
quotations.)
— Iron bars, deltv. —
Phila. Pitts. Ch'go.
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
26.50f 36.00
1.72
1.54
1.51
Dec.
30.73T 30.73f 39.50
1.99
1.83
1.69
Year
22.51
22.91 28.28
1.37
1.32
1.24
1916-
Jan.
32.50T
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
2.17
Apr.
45.00
45.00 60.00
2.62
2.50
2.35
May
43.00
43.00 59.00
2.66
2.68
2.35
June
42.00f
42.00T 58.00
2.66
2.60
2.35
July
42.50f
42.50f 58.00
2.66
2.60
2.35
Aug.
46.00
46.00 58.00
2.66
2.00
2.35
t Premium for open-hearth.
410
THE &TEEL AND METAL DIGEST.
September
CAR BUYING.
Freight cars ordered:
First half, 1914 11,380
Second half, 1914 13,620
Year, 1914 80,000
January, 1915 3,300
February 4,255
March 1,287
April 3,000
May 20,120
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 69,817
Year 1915 131,133
1916—
January 21,337
February 13,043
March 10,725
April 8,058
May 6,204
June 3,470
Six months 64,287
July 1,723
August 2,381
PIG IRON PRODUCTION,
Rates per annum, including charcoal pig.
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, 1916 37,850,000
February 39,200,000
March 39,600,000
April 39,600,000
May 39.800,000
June 39,500,000
July 38.350.000
On August 1st 38,300,000
Actual production:
1910 27,303,567
1913 30,966,152
1914 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
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
2,113,624,050
324,348,049
1915
1,778,596,695 *
3,547,480,372 *1,768,883,677
1913—
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
Apr.
173,762,114
162,552,570
tll,209,544
May
164,281,515
161,732,619
f2,548,896
June
157,529,450
157,072,044
f457,406
July
150,677,291
154,138,947
f5,538,344
Aug.
129,767,890
110,367,494
fl9,400,396
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
138,479,836
Apr.
160,576,106
294,745,913
134,169.807
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
300,676,822
149,440,796
Oct.
148,529,620
334,638,578
186,108,958
Nov.
164,319,169
331,144,527
166,825,358
Dec.
171,832,505
359,306,492
187,473,987
1916—
Jan.
184,362,117
330,784,847
146,422,730
Feb.
193,935,117
402,991,118
209,056,001
Mar.
213,589,785
409,850,425
196,260,640
Apr.
217.705,397
399.861,157
182,155,760
May
229,188,957
*474, 881,255
245,692,298
June
*245,795,438
464,784,318
218,988,880
July
183,000,000
446,000.000
*263,000,000
* High record.
t
3alance unfavorable.
1916
AVERAGES AM) EXPORTS.
411
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.
B
isic.
Jan.
£13.6375
$20,645
$12.50
$17,833
Feb.
,. 13.60
20.3136
13.50
17.984
Mar.
.. 13.00
20.8625
13.50
18.35
April
. 13.60
20.70
13.50
18.00
Maj
. . 13.659
30.833
12.65
18.1607
June-
, . 13.75
21.00
12.724
18.00
July
.. 13.991
21.00
12.959
18.00
Aug.
. . 15.064
21.00
14.364
18.00
Sept.
.. 15.906
15.00
Oct.
.. 16.00
15.0147
Nov.
.. 16.615
15.518
Dec.
. . 19.031
17.487
Year
.. 14.870
13.810
Above prices
delivered Pittsb
are f.o.b.
urgh is 95
valley furnace;
cents higher.
WAGE SCALE AVERAGES.
Sworn averages of prices obtained by
mills for shipments in months named, used
in fixing wages under Amalgamated Asso-
ciation sliding scales. The figures represent
the rates used, the actual ascertained aver-
ages lying between the figure given and the
one five points higher. Base sizes of iron
bars; average of 26, 27 and 28 gauges black
sheets; tin plate per base box, 100-pound.
Bar Iron.
1914.
January-February. 1.1590
March-April 1.176
May-June 1.1257
July-August . . 1.0928
September-October 1.0847
November.Dec'ber 1.037
Year's average .... 1.1125
* Settlement basis.
1915.
1916
1.024
*1.40
1.087
*1.60
1.10
*1.85
1.15
'1.15
1.30
1.144
Sheets and Tin Plates.
L916. Sheets. Tin Plates.
January-February .... 3.25 3.50
March-April 2.50 3.70
May- J nne 2.60 3.90
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.
1915 2,350
January, 1915 1,608
February
March
April
May
June
July
August
September
October
November
December
January, 1916
February
March
April
May
June
350
154,541
608
7,014
265
5,834
53
10,500
44
9,084
24
7.218
75
7,582
71
13,845
50
21,939
31
22,262
15
16,922
54
15,538
62
16,792
62
12,178
107
13,534
44
30,364
179
21,385
39
25,585
91
29,751
British tin plate exports have been as fol-
lows, in gross tons:
1914 435,497
1915 368,602
January 1916 26,371
February 37,389
March 39,483
April 23,337
May 41,868
June 30,351
July 38,174
BRITISH IRON AND STEEL EXPORTS.
*1916—
1915—
Pig Iron
Rails.
Tin Plate
. Total.*
Jan. .
. 21,138
24,411
29,216
230,304
Feb. .
. 21,934
14,877
15,101
198,294
Mar. .
. 30,173
17,572
36,170
239,341
April
. 35,309
21,602
40,135
265,244
May .
. 39,343
21,776
33,727
267,524
June .
. 39,127
23,728
33,986
272,195
July .
78,370
33,224
39,528
351,984
Aug. .
. 73,383
32,962
22,572
295,260
Sept.
. 53,068
15,800
30,002
249,501
Oct. .
78,973
13,640
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
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
May . .
97,967
4,103
41,868
395,750
June . .
77,487
3,243
30,351
310,595
July ..
69,999
3,485
38,174
298,929
7 mos.
578,343
31,763
226,772
2,182,142
* Includes scrap, pig iron, rolled iron and
steel, cast and wrought iron manufactures,
bolts, nuts, etc., but not finished machinery,
boilers, tools, etc.
411
THE STEEL AND METAL DIGEST.
September
Tin in August.
Net Rise of z/2c to ^c Per Pound for the
Month on the Whole Disappoint
Foreign F
A firm undercurrent was evident in tin
throughout August and a moderate advance
in price was established on all positions,
here and abroad, but the net result of the
month's developments was disappointing to
dealers and operators. Strong forces, ap-
parently, opposed any sustained upward
movement. Deliveries of 4,335 tons into
American consumption during the month
were quite satisfactory considering the re-
laxation in manufacturing industries gener-
ally because of the extremely hot weather,
but they were less than foreign interests
had hoped for and had expected. Of the
deliveries, 3,800 tons were distributed from
Atlantic ports and 535 tons came East from
the Pacific Coast.
Foreign Figures Fair.
Stocks in store and landing on August
31st, were 4,756 tons, against 5,208 tons on
July 31st — the decrease of 452 tons might be
considered favorable were it not for the
fact that 4,200 tons of the surplus were in
store, the largest warehouse stocks at New
York, in the history of the industry. At the
end of July. 2.850 tons of the surplus were
on djck or landing. The large domestic
stocks at the end of August, however, were
less depressing than they would be under
normal conditions, as consumers agree-
ments with the British authorities prevent
this tin from coming into competition with
offerings by producers and importers. Most
of these supplies are understood to belong
to the United States Steel Corporation and
to other large consumers but a fair ton-
nage is also held by London interests to
be applied either against contracts made at
higher prices, or to be sold in the open
market, only when a higher level has been
Wished. The fact that London refers
to these supplies as "American torpedo
stocks", however, indicates how dangerous,
to operators' interests, they are regarded
abroad. The position of domestic consum-
ers is certainly better fortified than before
the war and the large stocks have been a
steadying influence upon prices. Under
these circumstances no spot tin is being
pressed upon the market. On the other
Month— Market Weak at the Close—
ing to Dealers and Operators —
igures Fair.
hand, there is not much demand for prompt
shipment.
Arrivals by steamships at Atlantic pDrts
in August are reported to have been 3,617
tons. Stocks at the end of July were 5,-
208 tons making the Atlantic Coast avail-
able supply 8,825 tons. Deliveries into
American consumption from the East were
3,800 tons and 89 tons were exported, which
would leave stocks 4,936 tons instead of 4,-
756 tons as reported by the Metal Ex-
change, a difference of 180 tons. The ar-
rivals at and shipments from Pacific Coast
ports are reported to have been 535 tons,
hence the American total available • sup-
ply in August was 9,360 tons. Of the ex-
ports, 13 tons went to Brazil and 76 tons
are said to have been taken by the s.s.
Deutschland to Bremen. As the latter
shipment has been deducted from stocks,
the inference is that the German shipment
was not "recovered" tin, as it was previous-
ly reported to have been.
Shipments from the Straits were 4,526
tons, showing a decrease of 884 tons com-
pared with July and 186 tons less than a
year ago.
Dull Market in Opening Days of Month.
The domestic market was dull during the
first eight days of the month and a weak-
er tone prevailed with prices down ^jjc to
%£ per pound, spot Straits being espec-
ially heavy because of pressure to sell
Banca tin which was in large supply
through big receipts late in July, and anoth-
er boat arriving on August 4th, with 150
tons more from Batavia. On August 1st,
sales of Banca were made at 36)4c and by
the 7th, sales were made at 36J^c per
pound, while Straits, for prompt shipment
was held at l/4c per pound higher and dif-
ficult to sell. Chinese tin, too, during this
time, was pressed for sale at concessions of
2c per pound from the asking price of
Straits. Future positions of Straits also
receded %c to -J^c, L. & F. English tin
was scarce here, importation being checked
because of the abundance of No. 1 Chinese,
at relatively low prices.
A firmer tone developed on August 9th.
East Indian limits being up "^c in sym-
L916
TIN STATISTICS.
413
VISIBLE
SUPPLIES.
Visibl*
supplj
of tin
it end i
f each
nonth :
91 '
1913.
L914.
1915
1916.
[an
13,971
L6.24 i
13,901
17,041
i 6b
14,996
1.2,304
I i-,308
14,548
16,511
Mar.
15,694
11,1 38
16,989
15,467
18,782
April
11,893
9,828
15,447
15,785
19,739
May
l 1,345
13,710
17,862
14,646
19,614
June
12,980
11,101
16,027
15,927
19,363
July
L3.346
12,063
14,167
16,084
18,404
Aug.
11,285
11,261
14,452
15,127
18,042
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
15,20S
SHIPMENTS FROM THE STRAITS.
Monthly shipments of tin from the Straits
Settlements to Europe and United States:
1916.
6,095
6,250
5,170
4,685
3,965
6,210
5,410
4,526
1912.
1913.
1914.
1915
Jan.
4.01S
6,050
5,290
5,200
Feb.
5,260
4,660
6,520
5,584
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
1916.
4,452
6,388
4,726
4,202
5,455
6,398
4,432
4,335
States
exclusive of Pa
cific Coast:
1912.
1913.
1914.
1915.
Jan.
3,700
3,700
3,600
2,300
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
2,850
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.
July June July
Straits shipments 1916. 1916. 1915.
To Gr, Britain.. 2,370 1,800 1,922
Continent . .
" U. S
666
1,490
1,020
2,530
845
1,945
Total from Straits
4,526
5,410
4,712
Australian shipment
To Gr. Britain .
•■ U. S
63
nil
119
nil
139
nil
Total Australian
63
119
139
Consumption
London deliveries
Holland deliveries
U. s
1,287
92
4,335
1,467
104
4,432
l,7i»7
140
4,500
Total
5,714
6,003
6,407
Stocks at close of month:
In London —
Straits, Australian 2,876
Other kinds . . . 1,260
In Holland
In U. S 4,756
2,264
1,595
5,028
2,474
1,319
26
2,527
Total
8,892
8,887
6,346
Afloat, close of month:
Straits to London 3,530 4,140 2,585
to U. S. . 4,390 3,917 6,170
Banca to Europe. 1,230 1,460 26
Total 9,150 9,517 8,781
Aug. 31, July 31, Aug. 31,
Total visible 1916. 1916. 1915.
supply 18,042 18.404 15,127
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 49.93^ 50.42
Apr. 44.02 49.12 36.10 47.98 51.75
May 46.12 49.14 33.30 38.78 49.15
June 47.77 44.93 30.65 40.37 42.18
July 44.75 40.39 31.75 37.50 38.46
Aug. 45.87 41.72 50.59^ 34.39 38.54
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
Vear 46.43 44.32 35.70 38.66
414
THE STEEL AND METAL DIGEST.
September
pathy with London, although Singapore
cable reported a decline to the lowest level
— the same as on August 7th — since July
31st. The important feature, however, was
the interest taken in cheap lots of late
August and early September positions by
importers dependent upon London stocks.
Permits being difficult to obtain for ship-
ment from London stocks, these operators
were anxious to cover previous American
contracts from other sources and they suc-
ceeded in obtaining some supplies, per-
mits for the shipments of which had been
granted at the Straits coming via London.
More tin could have been sold for Sep-
tember and October arrivals but only on
resales could such positions be obtained,
the only future offerings from abroad be-
ing for November and December arrival
at New York. Another interesting point
at this time was the indisposition to sell
spot and nearby tin although supplies were
plentiful because sales at current prices
would mean a loss to holders with no op-
portunity to replace stock to advantage.
Market Strong and Higher Here and
Abroad.
During the next few days the foreign
markets were strong and higher, with no
limits from the Straits for any position on
the 10th, which helped to cause a feverish-
ly excited market here. Even Banca tin
shared in the firmer feeling, with an ad-
vance of lc per pound asked over previous
sales. , Spot Straits tin sold at an ad-
vance of y2c to J4c per pound over the
prices prevailing two days previously, but
it is a remarkable fact that even with this
recovery, the price for prompt shipment
was 2c per pound lower than the level at-
tained two months before. London was
ripe for a strong upward movement but
there was small encouragement from this
side, lacking which, there could be no sus-
tained rise.
American Smelting & Refining Company's
Perth Amboy Plant Running 60%
of Capacity.
It is of passing interest to note that the
American Smelting & Refilling Company's
new plant at Perth Amboy, is now operat-
ing about 60% of capacity with an output
of 300 tons per month. Development of
this plant, to smelt and to refine Bolivian
ore, has been slow because of the difficulty
in obtaining workmen. It is understood that
the output is being sold privately on a slid-
ing scale basis to a few large consumers.
Thus far these sales have not caused a.
ripple in the trade at large.
The upward movement that began Au-
gust 8th, culminated at New York and at
London on the 14th, when spot Straits tii>
here was up to 39J4c, an advance of iy2c
to 134c from the low prices on August 8th.
Banca was up to 38c, a recovery of 2c per
pound in a week, with a fair amount of buy-
ing. Straits tin at London during the same
period had advanced £6. On the following
day the Singapore market was quoted at
£177 15s, a rise of £7 15s in eight days but
limits were lower and London was anxious
to take profits. The orders taken by deal-
ers and operators here, at the advances in
prices, were not replaced at London and
with lack of support the English market
receded the next week. The Singapore
market broke £4 on August 16th and con-
tinued to shadow London, dropping £3
more, up to August 21st.
Weakness Abroad Affects Sentiment Here
— Demand Almost Nil.
There continued to be considerable inter-
TIN PRICES IN AUGUST.
Day.
New York.
Cents.
London
d £
Spot.
1 .
38.35
■>
38.12
:; .
3S.12
4 .
37.80
7
37.75
8
n .
37.75
38.00
10 .
38.30
n .
38.62
14 .
1.5 .
39.30
39.00
16 .
38.75
17 .
3S.80
IS
21 .
38.55
3S.50
38.45
24 .
38.62
2i
38.75
2S .
39.25
20 .
39.3-i
30 .
39.00
31 .
38.87
High ...
. 39.37
Low . . .
37.75
Av'g
e
18.54
167 5
167 15
168 0
167 10
167 10
167 5
168 0
169 10
171 0
173 10
172 5
171 0
10
171
169 5
169 5
169 0
169 5
170 0
170 15
172 15
173 0
171 0
170 15
173 10
167 .5
169 17
£ s d
Futures.
168 0 0
168 10
168 15
168 10
16S 5
16S 0
168 0
170 10 0
172 0 0
174 10 0
173
172
172
170
170
170
170
171
5 0
0 0
5 0
0 f>
15
171 15 0
171 10 0
174 10 0
168 0 0
170 15 S
L916
TIN IN A.UGUST.
415
est here, in September, October and No-
v ember arrivals but there were no offer-
ings of importance. The weakness appar-
ent abroad, was a blow to the bullish senti-
ment that bad been fostered for several
weeks and there was renewed pressure to
sell Banea tin with a sympathetic influence
Upon Straits. For the future positions of-
fered From abroad — January. February and
March arrivals — there was scarcely any de-
mand here.
Slight Recovery Scored.
By August 23rd, spot Straits at New York
had dropped to 38.35c and spot Banca was
sold at 3?J^c. There was some recovery in
the next few days, the confidence and re-
newed strength at London being impres-
sive on August 28th and August 29th, when
spot Straits was up to £173, an advance of
£3 10s from August 22nd, while the Singa-
pore market had recovered £3 5s from Au-
gust .'1st. The stronger tone at London
was attributed to expectation of light ship-
ments from the Straits in August, and Sep-
tember, and the sale to France of tin that
was previously offered, to be shipped as
soon as permits were obtainable. Foreign
advices reported a good demand from all
consumptive sources, the only unsettling
feature being a lack of steel for Wales, that
might force the closing of some tin plate
mills there, which would cause a reduction
in the consumption of tin, unless American
mills could take on additional tin plate
business. The latter, however, are already
overburdened.
The domestic market was also stronger
and higher with dealers more inclined to
buy than to sell September and October
positions. Spot Straits tin at New York
was again advanced to 39}4c to 39fjjc, al-
though there were few inquiries from con-
sumers— and the cheapest future positions
offered were January, February and March
deliveries at 38rjc Xew York.
Threatened Railroad Strike Causes
Another Reaction.
A sudden and disconcerting reaction came
on August 30th at London, attributed to
fear of the effect of a strike of railroad em-
ployes in the United States. The drop in
prices here was ¥%c per pound. The dis-
covery that there is considerable unsold tin
on nearby steamships afloat for New York,
and more tin at London, awaiting shipment
here because of the freer granting of per-
mits, increased tin desire to sell and re-
sulted in further concessions. On the clo
ing day of the month, prices were again,
down YiC to He spot Straits at New York,
being difficult to sell at 38.80c and future
positions offered at 38c. The result of the
fluctuations for the month was a net ris«
of He to %c per pound on the various posi
tions.
Exports of Pig Lead from the United States
by Six-Month Periods, 1914-1916, by
Destination, in Short Tons.
(By LT. S. Geological Survey.
1914
Jan. -June July-Dec.
To Dom. Foreign. Dom. Foreign.
Canada 28 4,082
G. Britain 7,153 3,963 16,995 6,270
Netherlands 4,720 1,592 2,019 28
Belgium . 2,101 746 560
France 560
Italy 71 589
Germany . . 5,141 1,681 2,241
Russia 448 6,263 5,711
Japan 2,247
Other
countries . 599 753 3,564 [36
20,162 8,834 38,560 12,711
1915
Jan, -June July-Dec.
To Dom. Foreign. Dom. Foreign.
Canada .. 6,176 58 13,913 4.217
G. Britain 25,945 10,480 5,247 9,551
Netherlands 677 739 268 1,768
Belgium
France ... 8,585 1,171 687 1,344
Italy 1,560 2,030 449 561
Germany
Russia 7,623 1,741 5,901 2,128
Japan 2,081 1,339 560
Other
countries . 5,305 999 1,336 1.09S
57,952 17,218 29,140 21,227
Jan. -June 1916.
Domestic. Foreign.
Canada 12,634 607
Great Britain 5,356 1,905
Netherlands 1,527 305
Belgium
France 337
Italy 336
Germany
Russia 5,648 56
Japan 12,106 645
Other countries 8,673 1,226
46,617 +.:;i
416
THE .STEEL AND METAL DIGEST.
September
Lead in August.
Trust Price Advanced $20 Per Ton During August— Market Strong and Active With
Large Demand Throughout Major Portion of Month — Large
Premiums Paid By Independents.
the time was the closing of several large
contracts for the Russian Government
amounting to about 4,000 tons. The orders
came to New York through London and
Lead was heavy and weak at the begin-
ning of August with independent produc-
ers still courting buyers. London was be-
low the Xew York parity and home con-
sumers required further concessions to en-
tice them into the market. Late on Aug-
ust 2nd, the Trust gave belated recognition
to the previous break in the market by re-
ducing the "official" price J4c per pound
to 6c New York, and 5.92J/c, East St. Louis.
The previous reduction by the American
Smelting & Refining Co. to 6^c New York
was made July 5th, following a similar re-
duction to 7c on June 2nd, from the maxi-
mum price 7yic that had been adhered to
since March 30th.
In the West the Trust action was the
signal for the placing of a number of small
orders at the new level but the Eastern
market continued dull and heavy. Inde-
pendent producers accepted the new posi-
tion by the American Smelting & Refining
Co. as a challenge and at once offered
further concession of $1.00 to $2.00 per ton
to consumers without receiving immediate
response to offerings of 5.85c for spot and
August and 5j4c to 5.80c East St. Louis, for
September shipment.
Two More Advances by Trust — Large
Foreign Orders Placed.
At the beginning of the second week,
however, consumers came forward with a
fair demand but competition for orders was
so keen among small producing interests
that prices receded to 5^4c for spot and
August and to 5.72^c for September ship-
ment. A Midden change for the better came
ugust 10th, when large export sales
were made for August and September. In
the next few days domestic consumers
bought more freely and prices recovered
from $1.00 to $2.00 per ton. A more con-
fidenl tone was developed and with a more
active demand from domestic consumers,
as well as from abroad, the outside mar-
Ivanced above the Trust level, prompt-
Vmerican Smelting & Refining Co.
on August 17th to announce another rise of
$5, the "official" price then being 6J4c New
York. The most interesting developmenl at
the sales were made for shipment from
East St. Louis to Russia in August and
early September via the Pacific Coast. All
of the business was taken by independent
producers, the Trust being unable to ac-
cept orders for early shipment. The result
of this activity was another advance of $5
per ton on August 18th, the Trust price
being fixed at 6s/2c per pound, New York,
for shipments from the West in 50 ton
lots. In the meantime, the outside mar-
ket had already advanced to 65^c, New
York.
Market Excited by Large Foreign Demand.
The large foreign demand still further
excited domestic consumers, dealers too,
LEAD PRICES IN AUGUST.
New York*
St. Louis.
London.
Day.
Cents.
Cents.
£
s
d
1 .
6. 22*4
6.02 54
6.00
5.85
.VS.",
5.85
5.80
28
28
28
28
28
28
15
10
10
15
15
6
2 . .
6.20
0
6.00
0
6.00
0
6.00
0
8 ..
5.95
0
9 . .
5.97'
5.80
5.75
29
29
0
0
5.97^
6
11 . .
6.00
5.80
5.85
5.87^
5.92^
29
29
30
30
5
10
0
0
0
14 . .
6.02' ;
0
15 . .
6.05
0
16 ..
6.12^
0
17 ..
6.25
6.12^
29
15
0
18 . .
6.62T'
6,50
6.62' j
6.65
6.62JX
30
30
30
30
0
0
0
5
0
21 . .
6. ::,
0
6.75
0
23
6.75
0
24 ..
6.75
6.62^
30
10
0
25 ..
6. 75
6.62 y2
30
12
6
28 ..
6.7.-,
6.621 :
30
15
0
29 . ,
6.75
6.52^
6.50
31
31
0
5
0
30 ..
6.67^
0
31 . .
6.67J4
6.50
6.75
31
31
5
0
High
6.75
0
Low
5.95
5.75
28
7
6
Av'ge
6.35
6.19
i<>
14
s
Outside market.
1916
LEAD IN A.UGUST.
ill
were eager buyers. Considerable business
was done in all positions up to and includ-
ing November but most of the sales wire
i . ■ i August and September shipment. Most
of the foreign orders had been placed at
6c or less, East St. Louis. Before the end
hi the third week, producers' capacity for
i and September had been well sold.
I'u' position of the market on August
81st, was well defined, in responses made
by four dealers to the United States Gov-
ernment inquiry for 500,000 pounds pig for
delivery at the Frankfort Arsenal. The
lowest bid was r>.7'."_-c delivered. Sales
made in the open market on that day
at 6^c, New York, for August and Septem-
ber shipment, this being $5 per ton high-
er than the Trust price. The sentiment
in the trade at this time is clearly reflected
in the laying of a wager that sales of lead
would be made at 7c, New York, before
the end of September.
Trust Renews Efforts to Operate
Mexican Plants.
One effect of the higher prices was the
renewed effort made by the American
Smelting & Refining Co. to resume opera-
tions at its Mexican plants, located at Chi-
chuahua, Monterey, Asarco and Aguas
Calientes. Activities await only an ample
supply of coke.
Large sales were made on August 22nd,
at 6J4c, New York for September shipment.
Some business was also done in the Oc-
tober position between 6.65 and 6^c, New
York. Independent producers now have
capacit) better sold than at any time since
,i i March and April. The London market,
howi ii. was disappointing, failing to 1<eep
p.iee with the rise here. A warning
from London came in the last week, JRat
it' Vmerica is advancing prices in antici-
pation of large orders from the Allies, she
will probably be disappointed. Producers
replied that the recent advance and the
present strength of the domestic marl
based upon the improved position of the
producing plants and the large demand
from domestic and Canadian consumers.
Market Turns Quieter.
I: is evident, however, that buying has
slackened and as the Trust has not fol-
lowed the last advance in the open market
it is more difficult to make sales at pre-
miums. Indeed, some dealers are disposed
to make sales at 6.60c to 6.65 East St.
Louis, for September and at 6.55c to 6.65c
for October shipment. Excitement disap-
peared with unfavorable political develop-
ments and relatively small sales were made
during the last few days of the month,
with freer offerings and an easier tone. On
the closing day there were offerings of spot
and September at 6^c, October at 6.4;'_c
and November at 6.45c, East St. Louis in
the open market.
The London market slowly but steadily
advanced from day to day throughout the
month with no important reactions and at
the close, spot G.M.B. and English lead had
advanced £2 15s while futures were up £3
2s 6d from the closing prices at the end
of July.
Exports of Pig Lead from the United States, by Months, 1914-1916, in Short Tons.
(By the U. S. Geological Survey)
1914 1915— 1916
Jan. .
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec. .
Domestic. Foreign.
1,363
5,838
5,931
2,045
6,348
10,894
5,486
2,793
7,829
8,417
3,141
3,663
2,420
923
2,521
5,297
2,851
(a) Domestic. Foreign. (a)
*5,708
6,460
3,820
7,023
19,936
15,312
5,401
1.452
979
2,458
5,787
9,886
8,578
3,072
1,778
2,303
5,133
3,081
1,913
3,224
3,723
3.284
315
.-,.4;, 4
Domestic.
7,192
10,246
8,585
5,869
7,558
7,167
58,722 21,545 9,506 87,092 38,445 3,983 46,617
(a) Foreign zinc used in articles exported with benefit of drawback.
Foreig
1,236
1,229
734
582
641
322
(a)
*4.745
4,74 4 4,745
' Six months.
416
THE STEEL AND METAL DIGEST.
September
Copper in August.
Copper Quiet at the Beginning of Month but Second Week Opens Period of Con-
siderable Activity During Which Prices Steadily Advanced as Heavy Buying
Occurred for Domestic and Foreign Accounts — Market Closes With Net
Advance for Month of iy4c on Lake, l%c on Electro and 3^c on Casting.
000 to 90,000,000 pounds, which must be
added to the heavy stock of blister copper
carried on January 1st. Some of the reasons
assigned for this condition are that re-
Assuming it to be true, that the August
buying movement in copper rounded-up
sales of 150,000,000 pounds, the indication
is that unfilled orders at the end of August
carried on producers' books, aggregated
432,000,000 pounds.
It will be recalled that at the end of June
there was reason to believe that producers'
unfilled orders were approximately 600,000,-
000 pounds. In the past two months de-
liveries into domestic and foreign consump-
tive channels have been about 368,000,000
pounds; leaving a balance of 232,000,000
pounds from old accounts. To this must
be added the August sales of 150,000,000
pounds — a total of 382,000,000 pounds, to
be delivered in the next four months. A
few sales may have been made for delivery
early in 1917 but they are unappreciable
and safely may be ignored for statistical
purposes.
From the middle of May to the middle of
August no large sales were made by pro-
ducing interests. Most of the orders taken
were booked by second hands. Assuming,
however, that the aggregate of small sales
in July was 50,000,000 pounds, the total un-
filled orders at the end of August would
be 432,000,000 pounds.
The output of the refineries to-day, is
understood to be at the rate of 190,000,000
pounds per month. At this rate, 760,000,-
000 pounds of refined copper will be avail-
able in the next four months for home and
foreign consumption. After deducting the
sales already made against the refining ca-
pacity, a balance of 328,000,000 pounds is
disclosed. This amount of copper, therefore
— equivalent to less than two months' out-
put, may still be purchased for 1916 de-
livery.. Very little September metal, how-
ever, remains to be sold.
Smelter Output Greatly Exceeds Refined
Production.
One interesting phase of the situation is
that the smelter output is now, and has
been for several months, greatly in excess
of the refined production. Since January
1st, this surplus is estimated to be 80,000,-
fining plant capacity, now building, has
been delayed; that labor difficulties and ex-
ceedingly hot weather prevented utilization
of full present refining capacity and last,
but not least, the refiners are hedging
against the "rainy day" of winter, when
mine and smelter output invariably falls
off. The July smelter output is understood
to have been 210,000,000 pounds, and the
August production was probably greater — ■
estimated to be 215,000,000 pounds. The
refined production each month fell 20,000.-
000 pounds below the output of the smelt-
ers.
Heavy Foreign Movement Continues
Unabated.
Exports in August were again heavy. Re-
turns are not complete, but the indication
is that 70,000,000 pounds were shipped
abroad. In the past three months exports
have been in excess of 237,240,000 pounds,
which is an average rate of over 79,000,000
pounds per month. This heavy foreign
movement has been made possible by the
sending of boats by the British Government
to carry copper and other needed supplies
for Russia and for France as well as for
Great Britain. It is interesting at a time
like the present, when merchant interests
can secure only small freight room, that
twenty boats are taking cargoes in New
York harbor for Russia.
It will be recalled that at the end of July.
the New York market for Electrolytic had
recovered much of the decline suffered dur-
ing the three preceding weeks. Early in
August reports concerning sales were con-
flicting but a stronger undercurrent was
evident although sheet manufacturers on
August 2nd, recognized the previous weak-
ness in the market, by reducing the base
price of sheets 2 cents per pound. Late in
the month, however, this decline was re-
covered.
Market Neglected by Domestic Consumers.
During the first week, domestic consum-
i;iu;
COPPER PRICES.
419
LAKE COPPER
Monthly average prices
in New York.
1912. 1913. 1914.
Jan. 14.37^ 16.89 14.76
Feb. 14.38J4 15.37J4 14.98
Mar. 14.87 14.96 14.72
PRICES.
of Lake Copper
1915. 1916.
13.89 84.10
14.72J4 27.44
15.11 27.42
Apr. 15.98
May 16.27
June 17.43
July 17.37
Aug. 17.61
Sept. 17.69
Oct. 17.69
Nov. 17.66
Dec. 17.6254 14.82
15.55
15.73
15.0S
14.77
15.79
16.72
16.81
15.90
14.68
14.44
14.15
13.73
12.68
12.43
11.66
11.93
13.16
17.43
18.81
19.92
19.42
17.47
54 17.76
17.92J4
18.86
20.3754
28.9154
29.2854
27.44
25.81
26.58
Av. . 16.58 15.70 13.61 17.64
ELECTROLYTIC COPPER PRICES.
Electrolytic
Monthly average prices of
Copper in New York.
1912. 1913. 1914. 19
Jan. 14.27 16.75J4 14.45 13.
Feb. 14.26 15.27 14.67 14.
Mar. 14.78 14.9254 14.3354 14.
Apr. 15.85 15.48 14.34 17.
15.63 14.13 18.
14.85 13.81 19.
14.57 13.49 19.
15.68 12.41J4 17.
16.55 12.08J4 17.
16.54 11.40 17.
15.47 11.74 18.
12.93 20.
May 16.16
June 17.29
July 17.35
Aug. 17.60
Sept. 17.67
17.60
17.49
Oct.
Nov.
Dec.
17.50J4 14.47
1916
24.10
27.46
27.44
29.31
29.81
27.4954
25.60
27.3654
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 14.2754 13.52 23.0614
Feb. 14.02 15.14 14.48 14.17 26.03
Mar. 14.53 14.76 14.18 14.34 25.90
Apr. 15.7254 15.33 14.18 16.48 27.16
May 16.01 15.4554 14.00 17.41 27.37
June 17.08 14.72 13.65 18.7454 25.10
July 17.09 14.4054 13.3454 17.7654 23.61
Aug. 17.35 15.50 12.27 16.46 24.67
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 12.3354 19.73
Av. . 16.29 15.33 13.18 16.76
SHEET COPPER PRICE CHANGES.
The changes in the base 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 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 34.50 27.3754
April 13 35.50 29.25
April 20 36.50 29.75
May 5 37.50 29.75
August 2 35.50 25.50
August 18 37.50 27.00
WATERBURY COPPER
1912. 1913. 1914.
Jan. 14.50 17.00 14.75
Feb. 14.50 15.50 15.1254
Mar. 15.00 15.1254 15.00
Apr. 16.00 15.75 14.8754
May 16.3754 15.87J4 14.75
June 17.50 15.3754 14.37J4
July 17.75 14.75 14.1254
Aug. 17.75 15.6254 13.00
Sept. 17.87J4 16.8754 12.8754
Oct. 17.75 16.87J4 12.25
Nov. 17.75 16.25 12.25
Dec. 17.75 15.00 13.50
AVERAGES.
1915. 1916.
14.1254 24.75
15.25 27.75
15.75
18.50
22.50
22.50
22.25
19.50
18.50
18.25
19.37J4
20.75
28.00
29.00
29.8754
28.25
27.25
27.00
Av. 16.71 15.83 13.91 18.94
EXPORTS OF COPPER FROM
UNITED STATES.
(In tons of 2,240 lbs.)
1913.
1914.
1915.
1916.
January . .
25i026
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
21,654
May
38,601
32,077
28,889
.16,062
June
28,015
35,182
16,976
39,595
July
29,596
34,145
17,708
35,066
August . .
35,072
16,509
17,551
32,160
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
146,721
420
THE STEEL AND METAL DIGEST.
September
ers were more concerned about the scarc-
ity of efficient labor and the shortage of
crucibles, than about the buying of copper.
The shortage of crucibles was due to the
exhaustion of special clay previously im-
ported from Germany and the inadequate
supply of graphite imported from Ceylon.
Some moderate business was done in Aug-
ust and nearby positions, for home con-
sumption and Japan bought a few hundred
tons for prompt shipment >at 26j4c per
pound.
In the second week, there was consider-
able activity, mainly on domestic account,
home melters being excited by tales of ne-
gotiations covering 30-0,000,000 to 500,000,000
pounds for Great Britain and actual orders
of 5,000 ton lots for October, November
and December shipments from Russia, and
more substantial purchases by French con-
sumers. Some foreign sales were reported
for shipment over the first quarter of 1917.
Round lots were taken by large home con-
sumers at 25^2C for shipment over the last
quarter of the year while prompt and Aug-
ust shipments sold at 26)4c to 27c. Septem-
ber sold at 26J^c but prices steadily advanc-
ed as buying increased in volume.
Buying Movement Fully Developed.
Before the middle of the month, the
buying movement was in full swing; home
manufacturers covering large munitions
contracts and France and Italy taking more
small lots running from 500 to 1,000 tons
each. Large producers reported sales at
26j£c for delivery over the last quarter of
the year, an advance of lyic per pound
from the beginning of the month. Most of
the small lots offering through second
hands were absorbed and the market con-
tinued to harden.
Activity and strength continued during
the third week, when the buying movement
culminated, but the momentum gained con-
tinued to carry prices upward for several
days longer in the domestic market. On
the 25th, prices generally had advanced 2c
per pound on all positions from the level
established at the close of July. While the
sales had covered all positions from August
to December inclusive, the heaviest trans-
actions were for delivery prior to Novem-
ber. As pointed out elsewhere, the indica-
tion is that over 300, 000,000 pounds of cop-
per are still available for this year's ship-
ment. This estimate does not take into
account metal in second hands and it is
evident that the higher prices prevailing
brought to light previously invisible sup-
plies in substantial quantities.
Expected British Purchase Did Not
Take Place.
Some disappointment was apparent late
in the month because the much-heralded,
large prospective British purchase failed
of accomplishment, leaving the impression
that domestic consumers had been exploit-
ed. It has been demonstrated that there is
ample refining and smelting capacity in this
country to meet all consumptive require-
ments, present and prospective, at home and
abroad, although spot supplies of refined
copper have been reduced to a low point.
Up to the 21st of August, large producers
reported a good demand for shipments over
the last quarter of the year, but the open
market was quiet and easier in tone with
concessions from producers' asking prices,,
that were made to secure business.
Electrolytic Makes Net Advance of $5 for
Month in London While Standard
Shows £2 Decline on Both Positions.
The London market for American Elec-
trolytic receded £1 from £125 to £124 on
August 8th, since which time prices have
COPPER PRICES IN AUGUST
- New York —
Loi
don.
Lake
Electro.
Casting
Standard.
Da\
Cents.
Cents.
Cents.
£
s
d
1
... 25.50
26.62J4
2i.3iy2
109
0
0
2
... 25.50
26.62^4
24.25
107
0
0
3
.. . 25.75
26.62^
24.25
107
0
ft
4
. . . 35.75
26.75
24.25
106
0
0
7
. . . 25.75 .
26.75
24.12^
106
10
f>
8
25.75
26.75
24.12J4
107
0
0
9
. . . 25.75
26.87J4
24.12J4
109
0
ft
10
. . . 26.25
26.87J4
24.12"^
110
10
0
11
. . . 26.25
26.87J4
24.37J^
111
10
0
14
. . . 26.50
27.12^4
24.50
116
0
0
15
. . . 26.50
27.12J4
24.50
114
0
ft
16
. . . 26.75
27.37^
24.75
115
0
0
17
. . . 27.00
27.75
25.00
114
0
0
IS
. . . 27.00
27.75
25.00
113
0
0
21
. .. 27.25
27.87^4
25.00
111
0
0
22
. .. 27.25
27.87J4
25.00
110
10
0
27.87^
25.00
110
0
0
24
. . . 27.25
28.00
25.00
109
10
0
25
. .. 27.25
28.12 y2
25.12^
110
0
0
28
. . . 27.25
28.12^
25.12J4
110
0
0
29
. . . 27.25
27.87^
25.12J/£
110
0
ft
30
. . . 27.25
27.87^
25.12 J4
110
0
0
31
. .. 27.25
27.87^
25.12^
109
0
0
Hig
h .. 27.50
28.25
25.25
116
0
0
Lov
26.50
24.00
106
0
0
Av'
je . 26.58
27.36J4
24.67
110
5
s
L916
SPELTER I.N A I LIST.
41' I
gradually advanced £6 to £130, or a net
advance of £i for the month. Standard
copper, however, continued to rise and fall
in a very narrow market, the fluctuations
having small bearing upon developments
lien-. On July :;i>t, spot Standard was quot-
ed at £111 and future at £10S. By Au-
gust 4th. prices had dropped £5. In the
next ten days there was a rise of £10, fol-
lowed hy a decline of £6 10s on spot, and
a recession of £5 10s on futures in the next
eight days. From August 24th, to August
88th, there was a recovery of £1 10s on
each position, succeeded by a decline of
£2 in spot and £3 on futures by August
31st, the net result for the month being a
decline of £2 on spot and future positions.
Spelter in August.
Trading Prostrated at Opening of Month
Month Featured by Prolonged Vigor
a Substantial Advance in Prices and
The spelter trade was prostrated at the be-
ginning of August. For nearly a week,
there had been no buying of importance
and on many days scarcely an inquiry. In
ten days, prices had dropped 1 to lj^c,
per pound and the tendency was still down-
ward. It was apparent, however, that con-
sumers August-September needs were not
fully covered. Producers' and consumers'
interests were each in sorry plight. It was
pointed out that the greatest activity in
spelter was in the early months of the
year, when large contracts were placed for
delivery over the second half of 1916 at
11 to 16c per pound, for prime Western,
and at much higher prices for special
grades.
Buyers throughout the country therefore,
as well as smelters, are suffering grievous-
ly from the decline in prices. The furor
created by the excited buying pf spelter
when war munitions contracts were new to
America, caused a phenomenal advance in
prices. The seemingly vast profits being
made in the smelting industry caused the
rehabilitation of obsolete plants, a rush in
the building of new works and the push-
ing of capacity of the active smelters.
Readjustment of Trade to Normal Condi-
tions Now in Progress.
When, by reason of the great increase in
production and the falling off of the ab-
normal demand, spelter became almost un-
saleable, the financially weak producers
were compelled to put their product upon'
the market at whatever price it would
bring. Such was the state of the industry
early in August. A painful readjustment
was in progress and it is likely to continue
and as a Result Prices Suffer Decline —
ous Buying Movement Which Causes
Places the Market on a Firmer Basis.
for several months, or until the plants
which cannot be operated profitably, are
eliminated. The "survival-of-the-fitest"
law, will prevail.
Lowness of Prices Causes Some Buying but
This Does Not Check Decline.
Distress in the market was emphasized
on August 3rd, when 75 tons of prompt
spelter was sold under the hammer at flie
New York Metal Exchange at 8J/fc East St.
Louis. Some rays of hope, however, pene-
trated the gloom. Encouraged by the Tow
prices current, some buyers came into the
market for round tonnages bidding 8^4c
for prompt and August, and 8c East St.
Louis for September to December ship-
ment. On the following day, English Buy-
ers, also attracted by the low prices, came
into the market in force. Domestic""gal-
vanizers made known their wants on Aug-
ust 4th, for August, September and Oc-
tober. At the beginning of the second
week, when the market had dropped to
8T4c for prompt and August, 8c for Sept.
and 7-)4c for shipment over the last quar-
ter of the year, other large inquiries came
out for delivery over the balance of the
year. On the 8th, fifty tons sold under the
rule on the Metal Exchange, at 8.15c East
St. Louis, for July bill of lading, and late
in the day, many orders were placed by gal-
vanizers for delivery from August to De-
cember; prompt selling at 8^c, August at
8c, September at 754c and October and
November at 734c. Some sales for January-
February-March, also were made to other
consumers at 7j4c to 7^c. Manufacturers
of war munitions were actively negotiat-
ing.
422
THE STEEL AND METAL DIGEST.
September
Survey Report of Half-Year Spelter Pro-
duction Very Satisfactory.
The report of the Geological Survey at
this time, covering the first half of the
year, seemed to give comfort to the trade,
in that production for the six months was
shown to be 316,205 tons, or at the rate of
632,410 tons for the year, against a capac-
ity to produce 885,000 tons in 1916. It is
also believed that production during the
second half of the year will be smaller
than in the first half, there being less in-
centive to push output; in fact, curtailment
of production is already significant.
Prolonged Vigorous Buying Movement
Boosts Prices l^c Per Pound.
In the next ten days, from August 9th,
to 18th, inclusive, the market was more ac-
tive with prices advancing under heavy
buying on domestic and foreign account,
covering all positions for the next seven or
eight months. On the 9th, sales of 6,000
tons were reported, followed by orders for
15,000 tons on the next day. The buying
movement continued with increasing force
up to the 16th, when the volume of busi-
ness was especially impressive. Vigorous
buying did not cease until the 21st, al-
though after the 16th, transactions were
somewhat less in volume from day-to-day.
The result of the movement was an ad-
vance in price of 154c per pound on all po-
sitions.
Galvanizers were among the first to
cover requirements. Later, war munitions
manufacturers placed liberal contracts, in-
cluding brass special, intermediate, and
high grades as well as Prime Western. Ex-
porters were among the heaviest purchas-
ers. Dealers and operators on specula-
tive account were timid at first but later
shared in the buying. The large producing
interests were the heaviest sellers, although
the smaller smelters sold more freely as
prices advanced. All the cheap lots were
absorbed early in the movement. The
greatest activity was in the fourth quarter
position. Foreign orders were renewed
[gain and again.
Buying Places Market on Firmer Basis.
The buying movement brought about a
more healthful condition than did the tem-
porary activity in the preceding month, in
that less metal was in second hands and
producing capacity was better sold. Large
producers reported 50% to 75% of output
sold for the balance of the year. With a
smaller floating supply, less offered for fu-
ture delivery and a smaller output— more
furnaces going out than coming in — the
market was more stable.
Britain Enters Agreement for Disposal
of Australian Concentrates.
The London market that had broken £16
on spot and £10 on future from the end
of July to August 7th, recovered £9 on
spot and £7 on future by August 17th.
when further large purchases were made in
the New York market. At this time it
was announced that the British Govern-
ment had entered into an agreement with
the Australian Commonwealth to take an-
nually, 100,000 tons of Australian zinc con-
centrates and 45,000 tons of spelter —
equivalent to 100,000 tons more of concen-
trates—during the period of the war and
for ten years afterward. The Imperial Gov-
ernment also will advance £250,000 toward
the cost of plants. The whole scheme in-
volves upward of £25,000,000. The re-
mainder of the Australian output is ex-
pected to be taken by France and Belgium
and other Allies. The German element is
SPELTER PRICES IN AUGUST.
New York. St Louis. London.
Day. Cents. Cents. £ s d
1 9.30 9.12J4 55 0 0
3 8.9254 8.75 50 0 O
3 8.6754 8.50 47 0 0
4 8.6754 8.50 47 0 0
7 8.55 8.37}^ 44 0 0
8 8.55 8.375', 44 0 0
9 8.48J4 8.31J4 47 0 0
10 8.42J4 8.25 47 0 0
11 8.67J% 8.50 49 0 0
14 8.9254 8.75 49 0 0
15 9.30 9.1254 49 0 0
16 9.421^ 9.25 49 10 0
17 9.6754 9.50 53 0 0
18 9.6754 9.50 54 0 0
21 9.80 9.62J4 55 0 0
22 9.80 9.6254 55 0 0
23 9.55 9.3754 55 0 0
24 9.4254 ' 9.25 57 0 0
25 9.4254 9.25 58 0 0
28 9.05 8.87J4 58 0 0
29 9.05 8.8754 58 0 0
30 9.05 8.87J4 54 0 0
31 S.80 8.6254 52 0 0
High 9.9254 9.75 58 0 0
Low 8.3754 8.20 44 0 0
Av'ge 9.10 8.92 51 11 9
l!tlli
SPKLTER IN AIHIIIST.
42:*
thus eliminated but foreign spelter will still
be needed to meet the full British require-
ments.
Advance to 9^8c for Spot Marks End of
Upward Movement.
On August 21st, spot and August had ad-
vanced to 95-gc, September to 95^c, October
to 9^c and last quarter to 9J4c. This was
the culmination of the advance. In the
next ten days prices declined J^c to lc per
pound on all positions. At times the mar-
ket was disturbed by efforts to force sales
on an unwilling market by dealers, or by
small producers who had refused to sell
while prices were advancing.
It is interesting to note that according
to the Government report, not more than
180,41'? retorts were active on August 15th,
out of a total of 199,328 available retorts,
indicating that the severe decline in prices
in July and early August had caused a sus-
pension of operations by some of the small-
er smelters so that 10% of capacity was
idle by that date. It. is significant, how-
ever, that 24,000 more retorts were active
August 15th than were available at the be-
ginning of 1916.
The report renews the claim that the av-
erage capacity per retort is four tons per an-
num. That being the case the rate of pro-
duction on August 15 was approximately
720,000 tons. The producers variously say
that 3J4 to 3J4 t°ns is the capacity under
present conditions, and taking an average
3}4 the rate on August 15 would be 630,000
tons which is more likely what it is at pres-
ent. Allowing for the smelters which are
idle or which have cut down their oper-
ations and including the additions which
are coming in, the production could readily
be increased to a rate of over 700,000 tons
if the demand required it.
WATERBURY SPELTER
AVERAGES.
L912.
1913.
1914.
1915.
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
April
7.07
6.08
5.50
13.85
23.20
May
7.13
5.77
5.38
20.55
21.20
June
7.25
5.50
5.37
25.60
17.40
July
7.46
5.61
5.26
24.90
15.20
Aug.
7.34
5.99
5.66
19.30
13.60
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
6.0854
5.5354
17.50
Market Lifeless as Month Closes.
The market was again lifeless during
the last few days of the month although
there were a few occasional foreign in-
quiries and some small inquiries from do-
mestic dealers. Large producers were out
of the market but others wanted orders
although there was no marked pressure to
sell. Prompt, September and October ship-
ments were held at 85^c and November-
December positions at 8}4c, East St. Louis.
The London market advanced £5 on
spot and £2 on future from Aug. 17th to
25th, but dropped £6 on spot and£2 on
future by the end of the month. The net
decline for the month was £8 on spot and
£7 on future.
SPELTER (Monthly Averages.)
New York
St. Louis
1915.
1916
1915.
1916.
Jan.
6.52
18.18
6.33
18.01
Feb.
8.8654
20.09
19.92
19.92
Mar.
10.1254
18.09J4
9.80
17.91
Apr.
11.51
18.61J4
11.22
18.44
May
15.8254
15.93
15.52 }4
15.7554
June
22.6254
12.80
12.62
July
20.80
9.70
20.54
9.52J4
Aug.
14.45
9.10
14.19 •
8.92
Sept.
14.49
14.1054
Oct.
14.07
13.89
Nov.
17.04
16.8754
Dec.
16.91
16.72
Av'ge
14.44
14.16
SHEET ZINC PRICE CHANGES.
The following table gives the changes in
the price of sheet zinc November 22, 1915
together with the price of spelter ruling on
the same day. Spelter
1915— Sheet Zinc St. Louis.
January 26 24.00 19.00
February 17 25.00 20.8754
April 22 25.50 18.75
May 15 24.50 15.50
May 23 23.50 14.8754
May 26 22.50 14.1254
June 2 21.00 13.12J4
June 13 20.00 13.3754
June 21 19.00 12.00
June 28 18.00 11.3754
July 6 17.00 9.37J4
July 13 15.00 8.6254
424
THE STEEL AND METAL DIGEST.
September
Antimony In August
Month Opens Weak and Unsettled, Large Foreign Shrapnel Orders Turns Market
Strong and Active — June Imports Highest on Record —
Market Closes Dull and Weak.
The depression in antimony during the
first week of August resulted from the con-
tinued liquidation of speculative holdings
with small regard for the cost of importa-
tion. A large amount was closed out pri-
vately at serious loss and other lots were
sold in the open market at what they would
bring, resulting in a further unsettling of
the market. Jobbing lots of American and
of Chinese and Japanese metal were diffi-
cult to sell even at 12c to 12'J^c about the
fourth of the month, a decline of l^c, from
the end of July.
Continued efforts to force sales for which
no market existed resulted in the accept-
ance of bids under lie per pound, duty
paid, on August 7th, while some jobbing
lots were sold at 12c per pound. Mining of
antimony in Nevada has ceased. Not a
single property is in operation and ship-
ments are over. All ore has been dis-
posed of and no further effort is to be
made to work the mines at this time, as
experience has shown that these properties
cannot be profitably worked when the anti-
mony price is under 25c per pound.
A sale of 100 tons at New York on Aug-
ust 8th, below 10c per pound, duty paid, in-
dicated that liquidation was still painfully
in progress. Jobbing lots were offered at
11' jc. On the following day 25 ton lots
were offered under 10c, for prompt ship-
ment and October-November-December
shipments were available at 9c per pound,
duty paid. Jobbing lots w-ere offered at
lie per pound. The distribution of ammuni-
tion orders by the Allied Governments gave
rise on August 10th, to the hope that more
shrapnel would be purchased, which would
create a demand for antimony. Jobbing
lot? were offered at 10!^c the next day, but
apparently there was less pressure to sell
speculative holdings although wholesale lots
were available at 9^c for prompt shipment
and at 9c for future shipment.
Foreign Shrapnel Orders Precipitate
Active Buying Movement.
More interest was evident on the part of
titers at the beginning of the second
week in lot- of 10 to 25 tons, but the mar-
ket remained weak and prices declined to
within lj^c to 134c per pound of the aver-
age price in the past five years. On August
loth, some foreign shrapnel orders were
placed, the first in two months. This was
the signal for which the large trading in-
terests and a few large consumers had
been watching. They speedily entered the
market, quietly gathering up all the cheap
lots for spot, August, September and Oc-
tober shipment at 9'/>c to 9c per pound.
These purchasers would have taken Novem-
ber-December positions, also, but there
were no sellers as the cost of importation
was close to 13c, duty paid. The Oriental
market, while depressed at no time, sank
to the depths reached by the American
speculator. At the close of the day, prices
of all deliveries had recovered to lOJ^c to
lie per pound. Two months ago, anti-
mony was selling at 40c to 45c per pound.
On August 16th, it was difficult to buy sub-
stantial lots at an advance of lc per pound.
Some importers refused to sell except at
2c per pound higher, while others refused
to sell at all. Nearly all of the outside lots
which had been previously pressingly of-
fered and which were held responsible for
the recent demoralization of the market,
disappeared.
Market Excited— Sales of 2,000 Tons.
On August 17th, the market was greatly
excited by the withdrawal of importers, as
sellers, following the report of the purchase
of 1,000 tons by the Bethlehem Steel Cor-
poration. Other manufacturers of war
munitions were reported to have purchased,
in the aggregate, about 500 tons and before
the week ended, total sales to consuming
interests aggregated about 2.000 tons. The
result of the sudden awakening of the mar-
ket was an advance of 4 to 5c per pound.
The cheapest offering, late on August 17th.
was 13c in bond, with sales, and the larg-
est seller was asking 16c per pound. Deal-
ers, however, bought at 14c per pound, duty
paid, and at the close of the day, holders
were asking 14 to 14V^c for prompt ship-
ment.
Tn war times, antimony is indispensable
1916
ANTIMONY IN AUGUST.
12
in the manufacture of shrapnel, but at all
times it is required with load in making
typo and anti-friction metal. As noted else-
where, the revival in the demand for lead
for export, and for domestic consumption,
caused an advance of $10 per ton in two
days at this time.
Market Quieter.
The sudden and sensational rise in anti-
mony that excited the market for a few
days, was followed by a cooling process id'
waiting, although small consumers contin-
ued to place orders in fair volume and sur-
plus stocks were further reduced. Some
importers continued to ask extremely high
prices but other offerings were freer and
wide in price range. Consumers, in the
next few days, bought moderately at 1354c
to 1454c for prompt and September ship-
ments.
Imports in June Highest on Record.
Imports of antimony in June. acconfjffg
to the report of the Department of Com-
merce, were the highest of record" ana trie
value of the arrivals exceeded the value of
the total imports in the twelve months of
1915. The June imports of regulus and
metal amounted to 4,960,751 pounds and
the antimony contents of the ore imported
amounted to 1,755,819 pounds more. The
value of the metal and regulus was given at
$1,359,593, equivalent to 29c per pound, in
bond.
Dullness prevailed during the last five
days of the month, and a weaker tone was
developed. On the closing day the price
LEAD PRICE CHANGES.
The changes in the Trust price of lead at
New York since January 1, 1916 have been
as follows:
1916—
Opening price 5.50
January 4 Advanced .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
March 14 " .40c to 7.00
March 30 " .50c to 7.50
June 2 Reduced .50c to 7.00
July 5 " .50c to 6.50
August 2 " .50c to 6.00
August 17 Advanced .25c to 6.25
August 18 " .25c to 6.50
had receded to L2}4c per pound which was
within '.c per pound of the price prevail-
ing at the end of July.
CHINESE and JAPANESE ANTIMONY.
Average monthly price of Chinese and
Japanese (ordinary brands) in New York.
1912. 1913. 1914. 1915. 1916.
6.03 15.24 42.26
6.00 17.6254 43.8754
5.9454 20.9314 44.71
5.83 23.97 41.3554
5.78 34.71 32.2054
5.6254 36.5354 20.40
5.44 35.98 14.55
13.05 32.57 12.62
9.7954 28.50
11.64 30.96
14.14 37.88
13.15 39.3654
8.5354 29.52
ALUMINUM AND SILVER PRICES.
New York
Aluminum. — Silver —
1915. 1916. 1915. 1916.
Jan. . . . 19.01 54.33 48.89J4 56.7754
Feb. ... 19.20 57.50 48.48 56.7554
Mar. . . . 18.9454 60.52 50.24 57.9254
April . . 18.83 60.00 50.25 64.3754
May ... 21.85 60.00 49.91J4 74.27
June . . . 29.66 62.09 49.03 65.0254
July . . . 32.50 60.15 47.53 62.94
Aug. . . . 34.00 59.48 47.18 66.08
Sept. .. . 46.75 48.68
Oct. ... 54.1754 49.3814
Nov. . .. 57.85 51.71
Dec. ... 56.8054 54.97
Av'ge.. 34.13 49.69
Jan.
6.89
8.7754
Feb.
6.78
8.16
Mar.
6.78
7.91
Apr.
6.87
7.82
May
6.98
7.75
June
7.07
7.62
July
7.37
7.55
Aug.
7.58
7.48
Sept.
8.00
7.31
Oct.
9.11
6.46
Nov.
9.11
6.28
Dec.
9.05
6.05
Av.
7.63
7.43
QUICKSILVER PRICES.
Monthly average prices of Quicksilver in
New York (flasks of 75 pounds).
1913. 1914. 1915. 1916.
Jan 40.00 38.05 50.90 214.76
Feb. . . . 40.00 38.00 58.0554 288.50
Mar 39.50 38.00 ' 62.9354 223.91
April ... 39.14 38.00 65.7154 140.1054
May 39.19 38.00 72.65 96.95
June 39.67 37.73 87.91 73.0454
July 39.00 35.87 93.33 80.95
Aug 39.00 74.1954 91.7954 75.04
Sept. . . . 39.00 73.57 89.0954
Oct 38.59 50.59^ 92.40
Nov 38.00 51.72 102.25
Dec 38.50 51.61 126.52
Average. 39.13 47.11 82.80 ....
426
THE STEEL AND METAL DIGEST.
September
Aluminum In August.
ALUMINUM, SILVER and ANTIMONY
PRICES IN AUGUST.
Aluminum. — Silver — ' Antimony.
Market Dull and Uninteresting During First Three Weeks— Strong and Higher
at Close— Aluminum Company of America to Supply Entire Domestic Needs.
Aluminum at the beginning of August remelted, also was stronger at 58
was dull and easier with freer offerings at per pound
concessions of lc per pound from the prices
quoted at the end of July. No. 1 Virgin
was offered at 58c to 60c, 98% to 99% re-
melted, at 56c to 58c and No. 12 alloy at
46c to 48c per pound. By the end of the
tirst week, Xo. 12 alloy was weaker at 45c
to 47c per pound. Otherwise there were
few developments of interest throughout
the first three weeks of the month, and no
important change in prices. On August
22nd, sheets were offered at 80c to 85c per
pound, for delivery in five to six weeks.
Virgin aluminum was difficult either to
buy or to sell, in a very narrow market.
Small lots of Virgin sold at 58j4c to 59c
per pound at Xew York but buyers bid
close to 60c for carload lots.
It is interesting to learn from Govern-
ment reports that the Alminum Company
of America at the end of 1916, it is be-
lieved, through the completion of projects
now under construction, will be in a posi-
tion to supply the entire domestic con-
sumptive demand for aluminum. The 1915
production in the United States, according
to the Geological Survey report made dur-
ing the month, was 99,806,000 pounds,
against an output in 1914 of 79.129.000
pounds, showing an increase last year of
20,677,000 pounds.
This year, because of the abnormal ren-
ditions abroad the export demand for
aluminum, has been a factor of some im-
portance. Already, nearly all of. the lots
available in the outside market for ship-
ment over the balance of the year have
been sold for export and the market ap-
parently is well controlled.
On August 24th. a firmer tone was
developed because of the demand for ingots
for rolling on the new mills recently com-
1; consequently, it was difficult to
secure carload lots of Virgin, except at
- prices. All of the stray, small lots
recently offered at 58c to 59c were absorbed
and sellers were asking 61c to 62c at the
of the month, while carload lots sold
• shipping point, and additional lots,
per pound. Pure 98-99%
X. Y.
X. Y.
London.
N. Y.
Day. Cents.
Cents.
Pence.
Cents.
1 .
. . 59.00
64
' 3054
13.00
2 .
. . 59.00
64
3054
13.00
3 .
. . 59.00
6434
30%
12.75
4 .
.. 59.00
64%
30 11
12.25
5 .
66%
3154
7 .
. . 59.00
65%
31ft
12.00
S .
. . 59.00
66J4
31%
11.50
9 .
. . 59.00
66%
3111
11.00
10 .
. . 59.00
66J4
31%
10.50
11 .
. . 59.00
66J4
31%
10.50
12 .
66J4
31H
14 .
. . 59.00
66%
31%
10.50
15 .
. . 59.00
665/6
31%
11.00
16 .
. . 59.00
6654
31tt
11.75
17 .
.. 59.00
66J4
31ft
14.25
IS .
.. 59.00
6534
31ft
14.25
19 .
6534
31ft
21 .
.. 59.00
66
31ft
14.00
22 .
. . 59.00
66 4 ■
31ft
14.00
23 .
. . 59.00
66%
31%
14.00
24 .
. . 60.00
66%
31%
14.00
25 .
. . 61.00
66 14
31ft
13.50
26 .
66%
3154
28 .
. . 61.00
6651
3lli
13.50
29 .
. . 51.00
66%
3111
13.50
30 .
. . 61.00
67 1 4
32
13.00
31 .
. . 61.00
6754
32
12.50
High . . 62.00
67 ;4
32
14.50
Low . . 58.00
64
3054
10.50
Av'ge . 59.48
66.08
31.50
12.62
SHEET COPPER PRICE CHANGES.
The changes in the base price of sheet
copper since March 25, 1916, are given in
the following table together with the price
of Lake Copper on the same dates:
1916 — Sheet Copper. Lake Copper.
March 25 34.50
April 13 35.50
April 19 36.50
May 5 37.:,n
August 2 35.50
August 18 37.50
27.3754
S9.25
29.75
29.75
25.50
27.00
1916
A.CTIVE ZINC SMELTERS
427
ACTIVE ZINC SMELTERS IN THE UNITED STATES, AND CAPACITY
IN 1916, BY COMPANIES AND STATES.
(According to the U. S. Geological Survey. Includes plants working on ore alone, on
ore and drosses, and on drosses alone.)
Additional
retorts
contem-
Retorts, Retorts, plated or
at close June 30, under con-
Operating Company,
Arkansas.
Location.
Fort Smith Spelter Co Fort Smith
Arkansas Zinc Co Van Buren
Colorado.
United States Zinc Co Pueblo
Illinois.
American Zinc Co. of Illinois Hillsboro (A) . . .
Collinsville Zinc Smelter Collinsville
Granby Mining & Smelting Co East St. Louis (A)
Hegeler Zinc Co Danville (A)
1915,
4,000
1,792
3,220
3,600
1916. struction.
2,560
2,400
4.960
Illinois Zinc Co Peru (A) 4,640
Matthiesson & Hegeler Zinc Co La Salle (A) . .
Missouri Zinc Co Beckemeyer ..
Mineral Point Zinc Co Depue (A) ....
National Zinc Co Springfield (A)
Robert Lanyon Zinc & Acid Co Hillsboro (A) .
Sandoval Zinc Co Sandoval
Kansas.
American Spelter Co Pittsburg .
American Zinc, Lead & Smelting Co; .... Caney ....
American Zinc, Lead & Smelting Co Dearing ..
Chanute Spelter Co Chanute . .
Cherokee Smelting Co Bruce
Edgar Zinc Co Cherryvale
Granby Mining & Smelting Co Neodesha .
Iola Zinc Co Concreto
6,168
352
9,068
3,200
1,840
672
38,552
896
6,080
4,480
1,280
89o
4,800
3,760
660
Joplin Ore & Spelter Corporation Pittsburg 1,444
Lanyon Smelting Co Pittsburg
Owen Zinc Co Caney
Pittsburg Zinc Co Pittsburg
Prime Western Spelter Co Gas (A)
United States Smelting Co Altoona
United States Smelting Co Iola
United States Smelting Co La Harpe 1,924
AVeir Smelting Co Weir
41,126
Missouri.
Edgar Zinc Co St. Louis
Missouri Zinc Smelting Co Rich Hill
Nevada Smelting Co Nevada
448
1,280
910
4,868
3,960
3,440
2.000
672
2,672
Oklahoma.
Bartlesville Zinc Co Bartlesville 5,184
Bartlesville Zinc Co Blackwell
Bartlesville Zinc Co Collinsville 10,752
Bartlesville Zinc Co. (Lanyon-Starr plant) Bartlesville 3,456
Eagle-Picher Lead Co Henryetta
Henryetta Spelter Co Henryetta
J. B. Kirk Gas & Smelting Co Checotah
Kusa Spelter Co Kusa 3,720
La Harpe Spelter Co Kusa
National Zinc Co Bartlesville 4,970
Oklahoma Spelter Co Kusa
Quinton Spelter Co Quinton
Tulsa Fuel & Manufacturing Co Collinsville 6,232
United States Zinc Co Sand Springs .... 5,680
1,944
4,864
2,304
3,220
5,400
4,640
6,168
352
9,068
4,480
3,200
672
44,368
992
6,080
4,480
1,280
896
4,800
3,760
1,320
1,792
448
1,280
910
4,868
4,600
3,440
1,924
42,870
2,000
448
672
3,120
6,336
1,600
13,440
3,456
3,000
2,560
3,720
4,000
4,970
1,600
6,232
8,000
4,800
(Continued on next page.)
39,994 58,914 12,700
428
THE STEEL AND METAL DIGEST.
September
Operating Company.
Pennsylvania. Location.
American Steel & Wire Co Donora (A) . .
American Zinc & Chemical Co Langeloth (A)
New Jersey Zinc Co. (of Pennsylvania) . . Palmerton
Additional
retorts
contem-
Retorts, Retorts, plated or
at close June 30, under con-
1915. 1916. struction.
3,648
3,648
6,720
9,120
6,384
6,960
West Virginia.
Clarksburg Zinc Co Clarksburg
Grasselli Chemical Co Clarksburg (A) . .
Grasselli Chemical Co Meadowbrook (A)
United Zinc Smelting Corporation Moundsville (A)..
3,648
5,760
8,592
3,648
5,760
8,592
6,912-
18,000 18,000 6,912
Total 156,568 196,640 24,812
Plants with special retorts :
Michael Hayman & Co Buffalo, N. Y 12 12
Trenton Smelting & Refining Co Trenton, N. J. . . 96 60
William Cramp & Sons Ship & Engine
Building Co Philadelphia, Pa.. 32 32
(A) Acid plant.
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G. & C. MERRIAM COMPANY. Springfield, Mass.
September L916 THE STEEL WD METAL DIGEST. 13
aiiiiiiiiiiiiii
The Largest Copper
Brokerage Business
in the United States.
M. I APPCLBAUM, Inc.
1790 Broadway, New York.
Metals and Ores
lllllllllllllilllllllllll
14
THE STEEL AND METAL DIGEST. September 1916
Trade Notes.
The Buffalo Metal Products Mfg. Com-
pany has completed a temporary manufac-
turing plant at Humboldt Parkway and
East Delavan Avenue, Buffalo, and is man-
ufacturing pressed steel parts. The com-
pany expects to increase its capacity short-
ly by putting up an additional concrete or
brick structure. It was recently incorpo-
rated with a capital stock of $50,000. D.
Reid is president.
The Rumford Electro Alloys Company,
Portland, Me., has been incorporated with
a capital stock of $200,000, to engage in the
manufacture of iron, steel, manganese, cop-
per, zinc, lead, tin, etc. The directors are:
Pres. C. H. Drummond; Treas. W. B.
Drummond, and clerk, J. H. Drummond.
The Chemical Pump & Valve Company,
Jersey City, N. J., has been incorporated to
manufacture pumps and valves. The com-
pany is capitalized at $30,000 by Frank O.
Warter, Emil Warter, Perth Amboy, N. J.,
and Fred Batzel, South Amboy, N. J.
The Simonsville Mfg. Company, Water-
bury, Conn., has been incorporated with
capital stock of $25,000 to operate a foun-
dry. The corporators are Charles V. Roll-
er, George A. Carney and Roderick J. Per-
rault.
The Canadian Chicago Bridge & Iron-
Company, Ltd., Bridgeburg, Ont., has been
incorporated with a capital stock of $100,-
000 by George T. Horton, Robert H. Mur-
ray, Horace B. Horton. and others, of Chi-
cago, 111. Christopher C- Gregory of Bridge-
burg, Ont. and others, to manufacture
tanks, iron, steel, etc.
The City Iron Foundry Company, Lowell,
Mass., has been incorporated with capital
stock of $10,000. The directors are A. J.
Harris, president; James J. Norton, 290
Plain Street, Loweil, treasurer, and M; E.
Harris.
The Lucas-Miller Pump Company, Spring-
field, O.. has been incorporated with $25,-
000 to manufacture small electric pumps.
Clyde C. Miner is one of the principal in-
corporators.
Homer F. Livermore, Inc., Boston, Mass.
has been incorporated with capital stock
of $50,000 to manufacture electrical appli-
ances. The corporators are Homer F. Liv-
ermore, president and treasurer; F. E. Bob-
cock and A. E. Boorden.
The Boss Lock Nut Company of Canada.
Ltd., Montreal, has been incorporated with
a capital stock of $50,000 by Francis G.
Bush, George R. Drennan, Herbert W.
Jackson and others, to manufacture nuts,
bolts, fastening devices, iron, steel, etc.
The Ontario Steel Products, Ltd., is mak-
ing extensive additions to its plants at
Brockville, Ont., and Chatham, Ont. The
company recently signed up contracts with
three Canadian automobile companies
which will cover production for nearly
three years. In addition it has been active
on war orders.
The Stimple & Ward Company, Pitts-
burgh, with a capital stock of $30,000, has
been incorporated by George L. Stimple,
John C. Ward and Wm. S. Peters, to man-
ufacture electrical machinery.
The Dixie Foundry Company, Cleveland.
Tenn., has been incorporated with $10,000
capitalization by J. C. McKenzie, S. B.
Rymer, F. J. Earle and others.
Articles of incorporation have been filed
by the Sanitary Refrigerating Machinery
Company, Milwaukee, Wis. The capital
stock is $100,000 and the incorporators are:
C. F. Schimmel, Louis Pierron and A. C.
Lingelbach.
The Union Tool & Die Company, Indian-
apolis, Ind., has been incorporated to man-
ufacture dies, castings and machinery. The
company is capitalized at $10,000 by Dun-
ward Rivers, C. J. McHugh and E. W.
Holt.
The Empire Foundry Company, Port
Chester, N. Y., has been incorporated with
a capital stock of $50,000 to manufacture
cast iron pipe, gratings, manhole covers,
etc., W. A. Braun, J. Fuchs and B. Mills,
Port Chester, are the incorporators.
The
Steel and Metal
DIGEST
VOL. VI.
NEW YORK, OCTOBER, 1916.
NO. 10.
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 Mex'co; for
other countries $2.25.
Advertising rates on application.
of New York as second
CONTENTS.
Probable Business Developments
Before War Ends ' 429
Business Trends 432-3
Our Trade Balance 434
The Gold Question 435
Railroad Earnings in Seven Years .... 437V
Will There Be a Steel Waar? 438
The Sheet & Tin Plate Mills 439
The Rule of Doubling In Pig Iron .... 442
The British Censorship and Blacklist . . 443
Topical Talks on Iron 444
Steel Making Capacity 445
Manganese Supplies 446
Pin Plate Price Changes 447
Steel Plants 448
U. S. Steel Corporation's Operations . 453
Railroad Earnings 453
Comparison of Metal Prices 456
Comparison of Security Prices 457
Composite Steel and Pig Iron 459
Our Foreign Trade 460
Brands of Copper in the U. S 484
Market Reviews:
Iron and Steel 449
Copper 473
Tin 462
Spelter 470
Lead 467
Antimony 478
Aluminum 480
Iron and Steel Imports and Exports .. 454
arice Changes of Iron and Steel
Products 455
Probable Business J)evelop-
ments Before War Ends.
The question that transcends all
others, and on which the present re-
markable conditions of trade in this
country depends, is when is the war
to end? As a well known writer on
economic subjects said this week: "Tell
me when the war will end, and I can
answer almost any question that you
may ask." This is perhaps too sweep-
ing a statement, yet there is a good deal
of truth in it, so plainly are develop-
ments to follow the war foreshadowed.
The price of commodities, the condition
of the labor market, the demand for
raw material, the profits of industry,
the supply of money, and almost every
economic feature will be affected by the
ending of the war.
Every Indication That Peace is Far Off.
While the fortunes of war favor the
Allies at present, and while there is
every prospect that future develop-
ments will continue to be in that direc-
tion, there are no grounds on which to
build the hope for an early end of the
war. On account of the present man-
ner in which it is being waged, it is a
case for the most part of slow siege
operations. Pitched battles followed by
a collapse of the defence, and a rout of
the loosers have been relegated to the
experiences of the past. Daily con-
tinuous operations exceeding in num-
bers engaged and loss of life some of
the great battles of history, only re-
sult in a few hundred yards of advance,
there to meet new lines of defence. To
outflank the enemy and roll him up
seems impossible. Even supposing the
430
THE STEEL AND METAL DIGEST.
October
advance of the Allies on the Western
front continues (and we think that is
where the war will be decided) at the
rate of present progression, a year from
now may only find Germany back to her
own borders, which, it is well known,
exceed in defensive strength those that
she has created and is now defending
on hostile territory. When it really be-
comes a defence of the Fatherland,
there will be an increase in the fighting
power of that country we believe, that
will exceed anything we have yet seen
and marvelled at.
No Prospect of Successful Intervention
of Neutrals for Peace.
• Notice has been served on neutrals
by Lloyd George speaking for the Eng-
lish Government, and the response it
has brought from the foreign press
proves it represents the feeling of the
Allies, that this war is to be a fight to a
"knock out." To quote from his state-
ment:
"Britain has only begun to fight ;
the British Empire has invested
thousands of its best lives to pur-
chase future immunity for civiliza-
tion; this investment is too great
to be thrown away."
* * * *
"Under the circumstances the
British, now that the fortunes of
the game have turned a bit, are
not disposed to stop because of
the squealing done by the Ger-
mans, or for the Germans, by prob-
ably well meaning but misguided
svmpathizers and humanitarians.
' "The fight must be to a finish —
to a knock out.
* * * *
"But how long do you figure
this can and must go on?" Lloyd
George was asked.
"There's neither clock nor cal-
endar in the British army to-day,"
was his quick reply. ' ' Time is the
least vital factor. Only the result
counts — not the time consumed in
achieving it.
"It took England twenty years
to defeat Napoleon, and the, first
fifteen of those years were black
with British defeat. It will not
take twenty years to win this war.
but whatever time is required it
will be done, and I say this recog-
nizing that we have only begun to
win. There is no disposition on
our side to fix the hour of ultimate
victor}' after the first success. We
have no delusion that the war is
nearing an end. We haven't the
slightest doubt as to how it is to
end."
Another of the British Cabinet is or
record as saying that, "if to win this
fight we have to go to the gates of Ber
lin, then to the gates of Berlin we will
go."
It is impossible to reach, in view oi
the situation and attitude of the bellig
erents, any other opinion but that peace
is far off — unless "something cracks'
either economically or politically ii
Germany. Of this there seems no signs
Under the circumstances what is tc
happen after peace comes may well b(
laid on one side for the present, anc
our thoughts devoted to what is to b<
expected during the year or perhaps
more that is before us of warfare
"After war" conditions seem to b<
monopolizing all discussion. How abou
what is happening in the meanwhile'
American Prosperity to Increase.
Prosperity in the United States musi
continue to grow, since there can be n(
let up in the transfer of the hoarc
of accumulated European capital in ex
change for the commodities and sup
plies necessary for their ordinary anc
Government war requirements, whicl
they are unable to provide for them
selves, partly by lack of labor to pro
duce, and also from the absence of th<
raw material in their own lands. W<
hear a great deal of the steps beinj
taken to turn out the finished produc
by the Allies, especially in England
but the raw material to a great exten
must be drawn from America, also tht
skilled labor to produce all the fin
ished commodities they need while th<
war lasts is not available. Every montl
must continue the movement of impov
erishing the belligerents and enriching
America. The demand for our good:
and food products must continue
Foreign trade is the life of every na
tion; it has been the cause of oui
astounding prosperity, and foreigi
trade must continue not only at itf
l!Uti
THE STEEL AND METAL DIGEST
43]
present record, but at an increase]
rate. As we become richer we have
more to spend and speculation in-
creases, and we are having at present
an exhibition of the latter in what is
going on in Wall St red. U is also
seen in many commodities. This will
continue irrespective of the nps and
downs that may accompany it and ir-
respective of the serious situation
which has been reached on labor and
other economic questions. With signs
of the end of the war chills may be ex-
pected, and with peace an accomplish-
ed fact there will come the struggle
between our accrued wealth and the
false position we have drifted into on
io many economic matters. Meantime
our manufacturers and merchants are
swimming in increasing profits, and
our banks bursting with surplus de-
posits. Everyone is busy making record
profits and record wages and these
conditions promise to continue.
Prosperity Always Manifests Itself
In Increased Consumption.
At no time in our history were eco-
lomic forces so easy to read and un-
lerstand. It is an open book, the re-
lults are plain, the reason for our pros-
>erity easily apprehended, and are vis-
ble on every side.
The full employment of labor at rec-
ird high wages, the activity of our fac-
ories, taxed to their limit, the swell-
ng bank deposits now drifting from
iur main financial centres to smallest
ountry banks. The high turnover of
ndustrial concerns being difused in
lollars and cents and benefiting the
cage earner as well as the shareholder,
ilverybody is busy, fortunes are being
lade by many, and the rank and file
re spending more money than ever be-
ore and yet in most cases we think
n spite of extravagance able to save
little ; $700,000,000 of gold has been
ajected into circulation — more to
ome. Prom a debtor we have become
creditor nation. Such conditions can-
ot disappear in a month, a year and
re are inclined to think not even in
decade. They will grow while the
'ar lasts, they will to a great part re-
lain with us after the war ceases. It
i not imaginary or paper wealth that
as come to us, but real and solid wealth
represented 1>\ cash (gold), the re
purchase Of Our properties on which
Europe had liens in the shape of securi-
ties, and the investment in loans we
are now making to other countries.
What is to be Expected While War
Lasts in the Metal Trade.
Iron, steel and metals have by recent
experience been proved to be more
necessary for warfare than the world
had any idea. Fortunes would have
been made had it been appreciated early
in the war. The demand it has created
for these commodities has been one of
the astonishing features of the past
eighteen months.
In spite of the increase in our pro-
duction, this war demand, and the in-
crease in our home demand caused by
our prosperity has swept us bare of
stocks and is taxing our mines and mills
to keep up with the call made on them.
We have reached the limit of produc-
tion for at least another year. While
the war lasts it is difficult to see any-
thing but continued activity and high
prices.
Iron and Steel.
Steel prices promise to continue ad-
vancing, both finished steel and unfin-
ished, and that there will be greater
famine than ever late this year is a safe
prediction.
It seemed impossible that such high
prices as the present could prevail for
any length of time without operating
to curtad consumption and thus bring-
ing about easier conditions, but now it
looks as if the production would all be
absorbed for another year at least, de-
spite the high prices. Conditions cre-
ated in this country are so unusual that
consumers can afford to pay unexpect-
edly high prices. The obligations on
mill books appear very sound. The mills
do not seem to have sold any large pro-
portion of their prospective output on
the usual contract form, of specifica-
tions to come later at the option of the
buyer, but have been confining their
sales to specific lots.
Metal Conditions Sound— Outlook
Most Favorable.
To sum up, the metal trade is in a
sound condition and prospects point,
for months to come, to strong markets
large consumption, and periods of great
activity while the war lasts.
(Further particulars are continued onpage 281.)
132
THE STEEL AND METAL DIGEST.
Business Trends.
Octobe
Exports Cross $500,000,000
for First Time.
Export trade made an immense surge
forward in August, and imports also re-
gained some oii the ground lost in July,
but were below recent earlier months,
the result being a record-breaking ex-
cess of merchandise exports over im-
ports and further large additions to
the immeuse excess shown in export
trade since the European war began.
August exports were nearly 15% larg-
er than those of July, 7.8% greater
than the high record total of May this
year, almost double those of August a
year ago, and over four and one-half
times those of August, 1914, the month
of the war's outbreak. Imports for
August were 9.3% above July but
18% below the high record of June,
and the excess of exports, $310,752,-
609, was never approached in this or
any other country. The excess for
August, indeed, would have been a
good-sized yearly excess, measured by
the size of' the excesses recorded be-
fore the war began.
In the following table will be found
the total of exports and imports for
the month of August; for the eight
months ended August 31st and for the
period of the war:
August— 1915. 1916.
Exports $261,975,771 $509,778,680
Imports 141.729,638 199,247,391
Exc. of exports $120,246,133 $310,531,289
Eight months ended August 31st:
Exports $2,230,887,202 $3,435,872,580
Imports 1,150,858,760 1,667,066,965
Ex. of exports $1,080,028,442 $1,768,805,615
Summary of trade during period of the
war:
Exports $7,903,360,405
Imports 4,094,346,288
Excess of exports $3,809,014,117
Daily Rate of Iron Production
Increases 3,400 Tons.
La>t month's iron production for 30
days was 3.202,366 tons or 106,745 tons
a day, according to the "Iron Age."
This 'compares with 3.203.713 tons for
August or 103,346 tons a day. Tl
month opens up well with 328 furnac
in blast with a daily capacity of 10(
578 tons, against nine less furnaces i
319 which started September 1, repr
senting a daily production rate of 10'
502 tons.
The daily average production of col
and anthracite pig iron in the TJniti
States by months since January, 191
is given as follows by the "Iron Age
1913. 1914. 1915. 1911
January .. 90.172 60,808 51,659 102,7
February . 92.369 67,453 59,813 106,4
March . . 89.147 75,738 66,575 107,6
April .... 91.759 75,665 70,550 107,5
May 91.039 67,506 73,015 108,4
June 37,619 63,916 79,361 107.C
July 82.601 63,150 82,691 104.C
August . . 82,057 64.363 89,666 103,5
September 83.531 62,753 95,085 106,7
October . 82.123 57.361 100,822 ....
November 74,453 50,611 101,244 . ..
December. 63,987 48,896 103,333 ....
Commodity Prices Soaring.
A world-wide upward swreep oeev
red in commodity prices during Augu
and of course, this country participi
ed in the procession. Consequently
find that "Bradstreets" latest ind
number — $11,785 as of September 1
establishes a new high record, one tl
represents an advance of 3% over A
gust 1st, while bringing to a sharp st
the slight downward movements th
had been in progress during the fo
months prior to September 1st. T
current level is a fraction of 1% hig
er than the previous high mark, $11.7
touched on April 1st last, and sho
increases of 20% over September
1915 and 1914.
' ' In England price levels are the hi|
est ever known," says "Bradstreet's
"and in that respect the United Stai
keeps the older country company." 1
journal continues:
"In England the propelling fad
is the war, whereas with us a comb
ation of circumstances influence the !
vancing process. We are supplying
large part of the world's needs, 1
I! L6
BUSINESS TRENDS.
433
Business Trends.
Dnited States being the one leading,
ever open free market for the neutral
:is well the belligerent. Another im-
portant factor is the deterioration in
wheat and other crop yields, while the
high price of raw cotton is still another
and about the first of the current month
smbargoes on railway freight because
af fears of strikes by operating em-
ployees caused hurried calls for mer-
chandise, thus raising some commod-
ities to high marks. Of course, the in-
creased wage rates paid tend to ad-
vance costs, but as both levels seem to
be pursuing a somewhat similar direc-
tion, and as the country is enjoying
prosperity, loud complaints axe not
leard. ' '
Increase in New Enterprises.
While the amount represented in
lew enterprises formed last month was
larger than that in August, it was
nuch below that of the corresponding
period a year ago. The September in-
corporations in the Eastern States,
with a capital of $1,000,000 or over,
nvolved $164,700,000. This is an in-
crease of 22% over the preceding
month, although 73% smaller than in
September, 1915. Decidedly the most
interesting feature of the returns is
:he fact that practically all lines of
ndustry are represented, the same as
"or quite a while.
The grand total of all companies
with a capital of $100,000 or over, cov-
ering all States, including those of the
East, amounted to $216,455,000 against
^174,933,000 in August and $323,950.-
XX) in September a year ago.
Following are the comparative
igures as specially compiled by The
Journal of Commerce and Commercial
bulletin of companies incorporated in
he eastern States during the last three
rears with an authorized capital of
?1 .000.000 or more:
1916. 1915. 1914.
'an. $270,995,000 $51,150,000 $120,050,000
Teb. 365,995,300 53,950,000 51,575,000
tfar. 194,750,000 70,050,000 57,700,000
Vpril 166,650,000 32,200,000 136,185,000
Hay 209,735,000 78,950,000 62.700,000
1916. 1915. 1914.
June 204,350,00b ±81,247,100 70,050,000
July 217,661,550 71,100,000 68,700,000
Aug 113,472,000 67,100,000 50,600,000
Sept. 164,700,000 286,625,000 54,800,000
Total $1,967,309,800 $892,372,100 $672,360,000
Oct 208,695,000 35,487,500
Nov 190,075,000 81,650,000
Dec 135,125,000 105,450,000
Stock Market Reflects Country's
Prosperity.
Security markets in Wall Street in
the month just ended experienced the
most active and excited markets since
1906. As regards price fluctuations,
the market of the past month did not
came up to the "war boom" of Octo-
ber and November of 1915, but as re-
gards activity it exceeds by far the
markets of last month. The post month
has a record of 20 consecutive million-
share days. The nearest approach to
this was in 1906, when there were 25
consecutive million-share days. In 1901
there were 44 such days.
The largest single day's trading last
month was 2,340,000 shares on Monday,
September 25th. This was the largest
total since the "silent panic" of March
14, 1907. There was only one five-hour
session last month in which sales fell
below 1,000,000 shares.
Failures and Liabilites Still
Lessening.
It is highly encouraging to note from
' ' Dun 's Review ' ' that there were fewer
commercial failures'in September than
in any month in three years, with the
smallest indebtedness reported since
August, 1911. According to the above
journal, strictly commercial insolven-
ciec numbered 1,154 last month and in-
volved $11,569,078, against 1,394 for
$20,128,709 in August and 2,009 re-
verses for $25,863,286 in January — the
high point of the current year.
When comparison is made with Sep-
tember, 1915, there appears a numer-
ical reduction of 260 and a contraction
of $4,600,000 in amount, there being
1,414 suspensions last year, with liabil-
ities of $16,208,070.
434
THE STEEL AND METAL DIGEST.
October
Our Trade Balance.
Foreigners Have Already Paid
It is well to bring out strongly the
fact that our large favorable balances
in our foreign trade are not piling up
debits against foreign countries. They
are not simply paying as they go, they
are paying m advance very largely.
The placing of a munitions contract has
usually involved a cash payment, and
nearly all goods are paid for before
shipment. This is well known, and it
is desirable to point out that eertain
statistics available illustrate the fact,
showing that foreign countries have
paid us already for more goods than
they have received. The bearing of this
matter is that the very strong financial
position we occupy is not due entirely
to the goods we have already exported.
We cannot say that we are now so
strong, and that each additional month
of a large favorable merchandise bal-
ance will make us precisely so much
stronger. Some of that future business
has already been financed.
A discussion of this subject involves
recourse to a great many figures and
we shall endeavor to make as simple a
presentation as possible, omitting ref-
erence to many minor points.
Past and Present Balances.
Large favorable merchandise bal-
ances began in 1898, and the aver-
ages up to the year the war began
were:
1898-1905 $509,339,793
1906-1913 500,393,290
Thus the balances were not increas-
ing, as one would expect when the total
volume of business was increasing.
There was no important gold move-
ment either way.
A recent summary of the items in
the unseen balance, which the mer-
chandise balance is expected to cover,
by Mr. A. D. Noyes, financial editor
of the New York Evening Post, is that
before the war there was about $160,-
000,000 annually paid in interest and
dividends on our securities held abroad
$150,000,000 to $200,000,000 spent by
American tourists abroad, $50,000,000
sent by foreign born residents to rela-
and Are Our Creditors Now.
tives and friends abroad, and freights
paid to foreign vessel owners for carry-
ing our goods, some estimates for this
item running as high as $300,000,000.
We may consider it probable that the
unseen balance was exceeding the mer-
chandise balance by $100,000,000 a
year or more, and that is how it came
about that Europe owned such a large
quantity of our securities when the war
opened.
In 1914 our merchandise balance of
trade was small, and there were large
gold exports. The unseen balance was
reduced, and in the absence of material
permitting a close estimate may be
taken at $500,000,000 a year since the
war started. Our merchandise balances
have been as follows:
1914 $324,348,049
1915 1,768,883,677
8 mos. 1916 . . . 1,768,805,615
Total $3,862,037,341
Deducting an unseen balance at the
rate of $500,000,000 a year for two anc
two-thirds years we have left $2,529,
000,000 of our merchandise balance t<
be settled otherwise.
On the other side of the account an
three principal items, the movemeni
in gold, the movement in old securities
and the creation of new securities.
The gold movement has been as fol
lows:
1914 Excess exports $165,228,415
1915 Excess imports 420,528,672
8 mos. 1916
Excess imports 202.744,207
Net excess imports $458 044,464
Next there is the movement in se
curities. The data available are Mr
Loree 's reports as to railroad securitie;
and the estimate that other of our se
curities held abroad are one-fourth a
great. The Loree reports showed, a
to par value of American railroad se
curities held abroad :
January 31, 1915.. $2,704,402,000
July 31, 1916 1,415,627,000
Decrease $1,288,775,000
1916
TI1K GOLD QUESTION.
435
On July 31, L91t>, the market value
was 21% less than the face value. Ap-
plying that correction, which is only
■mi approximate one, to the reduction
one has about $1,00)0,000.000 as the
price at which the securities were sold.
Adding one-fourth, for other securi-
ties, there is a total of $1,250,000,000.
Loans made to foreign countries have
totaled at least $1,300,000,000, and
there have been private loans and in-
vestments besides, so that $1,500,000
seems to be a low estimate for the
total.
Then we have, in liquidation of our
merchandise trade balance, the follow-
ing:
Gold $450,000,000
American securities 1,250,000,000
Foreign securities . . 1,500,000,000
Total $3,200,000,000
As the merchandise balance required
to be liquidated was 2,529,000,000
there lias been, apparently, about $700,-
000,000 of a credit established with us.
The figure is far from exact, of course,
but it is probably fairly representa-
tive of the conditions. The amount
may, indeed, be substantially the
amount by which advance payments
for merchandise have been made. We
must liquidate it, and we may have
occasion to buy back the remainder of
our railroad securities, $1,415,628,563
face value or $1,110,099,090 market val-
ue, together with a fraction as large
an amount of other securities, indus-
trial, etc. We may have occasion to
lend more money or invest money in
industrial enterprises abroad. All this
will be against our trade balances for
September and later, following the
balance of $310,000,000 in August, and
the average of $220,000,000 in the eight
months ended August.
The Gold Question.
Its Eelation to American Business.
By Kay Vance, Editor, Brookmire Service.
"If there are reasonable grounds for
thinking that the war will last through-
out next year and possibly longer, it
seems safe to predict that specie pay-
ments cannot be maintained to the
end."
It must have been something of a
shock to American readers to find this
expression of editorial opinion in the
London Statist of September 16, 1916,
under the title of "The Gold Ques-
tion." "There is plenty more where
that came from" has more nearly ex-
pressed the attitude of the American
business man toward the steady flow
of gold from Europe- Most news-
papers likewise assume that the yellow
metal comes from a boundless supply
or from some mysterious "secret fund"
which is ample for all demands. The
Statist, which is supposed to stand
very close to the British Treasury,
does not go into particulars of the rea-
sons for its assertion but simply says,
'.'The quantity of gold in the world is
not sufficient to pay for all the com-
modities of every kind that the various
belligerent countries require." How-
ever, some figures which are generally
overlooked in the United States thor-
oughly bear out its statement.
Sources of Gold.
When we think of a country's
sources of gold, the most obvious item
is its new production. In 1915 the
world's production of new gold was
about $477,000,000. Of this $380,000,-
000 was produced outside the United
States, and might possibly have fur-
nished a part of the import stream. This
year, under extreme pressure, $400,-
000,000 may be produced outside this
country.
If all of this were available for im-
port to America, it would almost meet
our present rate of incoming shipments.
But we are not the only neutral na-
tion piling up gold. In the last 12
months, Holland, Spain, Norway,
Sweden, Denmark and Switzerland,
have increased the gold holdings of
436
THE STEEL AND METAL DIGEST.
Octobes
their national banks alone by $210,000,-
000. This omits their privately owned
banks, and make no allowance for Jap-
an, Argentine and Cuba, all of which
arc piling up large gold supplies. Even
then it accounts for more than half of
the new production outside the United
States, while banks and countries not
included, together with industrial uses,
would probably account for enough to
more than balance off the rest of the
new production.
Manifestly, then, the great gold im-
ports of the United States have creat-
ed a drain which had to be met from
other sources. During the first year of
the war, this drain was met by the
"mobilization of reserves." or, in other
words, by the transfer of gold from in-
dividuals and from private banks to
the national central institutions. This
was possible because individual hold-
ings of gold in Europe are much larger
under ordinary conditions than they are
in this country, but in spite of this fact,
a comparative study of the effects which
the two big gold import movements to
this country have had on the gold hold-
ings of the Central Banks of the bellig-
erent countries, shows conclusively that
the process of supplying gold through
"mobilization" is exhausted.
Changes of Gold Reserves in Periods of
American Imports.
Mav-Sept. Jan. -Dec.
'1916. 1915.
(ooo's omitted)
Bank of Eng. . . $—14,040 $—91,000
Bank of France —139.000 +150,000
Bank of Italy . . —13,000 —11,500
Bank of Russia . —36,300 +26,500
Total Change —202,340 +74.000
Total American
Imports 305,000(a; 451,955
Balance $102,660 $525,955
(a) September unofficial.
Not only from this time forward, but
even going backward far enough to in-
clude the latest movement of gold im-
ports to this country, the great bulk of
the metal must therefore be supplied
directly from the reserve of our custom-
ers with no compensating additions, so
that every movement will leave them
financially weakened.
It is true that the Bank of England
the Bank of Russia, the Bank of France
and the Bank of Italy, still have in theii
reserves an aggregate of $2,000,000.
000 of gold, which is more than twici
as much as they have sent us since th<
war opened. On the other hand, it i:
a I so true that they cannot send us mucl
more of this gold and keep their finan
cial systems intact. When the Centra
Banks took over the gold of privateb
owned institutions, they were also com
pelled to take over the correspondinj
loans, aud the combined load has sinci
grown enormously. For example, be
fore the war, the Bank of England av
eraged carrying about 50% of reserve
against liabilities and 40% was tb
legal minimum, a minimum which wa
abolished at the beginning of the wai
On May 1, 1916, when the latest gol<
movement to the United States began
reserves were 30.90% of liabilities, bu
by the end of the movement (Septem
ber 23, 1916) reserves had been reduce*
to 23.56% of liabilities. If it goes mucl
lower, speeie payments cannot be main
tained in England and, since the othe
belligerents are in as bad a position, w
cannot doubt that the Statist is justifiei
in its seemingly pessimistic position.
Is There a Remedy?
It is hardly necessary to comment o:
the meaning to American business i
payment in specie is discontinued b
our best customers. The only questio:
is — Can we prevent it? If the war i
to be a three-year or five-year affai
yet, we probably cannot, for in spite o
our own imports of gold, our bankin
position has been greatly weakened dm
ing the past year. On the other hanc
if the Allies can close the war in 191'
or early in 1918 — as their recent loa
datings indicate that they believe the;
can — it is easily possible that b;
granting larger credits to Europe an
to neutrals instead of demanding s
much gold, American bankers migh
avert the danger.
Effect on American Business.
Such a solution would have four €'.
fects on American business, whic
would take place in the order named
1. Call money rates would ri»
checking the active stock market specv
lation almost immediately.
1916
RAILROAD EARNINGS IN 7 FEARS.
437
2. Commercial paper rates would
rise, and the expansion of general busi-
ness be less aggressive during the next
•iix months.
;i. We would provide ourselves with
such a volume of current claims against
Europe as to protect our business and
security market against a panic from
ihe loss of gold when the war exports
<top.
4. We should establish the banking
machinery and the investment habits
necessary for that direct financing of
export sales, the lack of which is our
raditional handicap in foreign trade.
I believe that the lasting benefits of
the third and fourth features far out-
weigh any temporary sacrifices entailed
bj the first two, and that this is the
Logical and reasonable part for America
to carry in the solution of the "Gold
Question," which is largely the result
of our tremendous imports of the metal.
If, on the other hand, our bankers elect
to continue demanding gold until our
customers can pay no more, we shall not
only suffer the customary temporary
penalty of the panic which follows
every reckless inflation of commodity
and security prices, hut shall also have
missed the permanent advantage of be-
coming financially and commercially a!
real world power.
Railroad Earnings in Seven
Years.
It may be interesting at this time
;o have a concise statement of railway
earnings in recent years. We have
jompiled a table of operating revenues
tor the past seven years, giving first
;he total operating revenue, then the
operating expenses and then the net
jperating revenue, all per mile of road
•eporting. The figures are all the cor-
rected figures, except that for the past
iscal year the figures will be revised
slightly a year hence. For 1910 the
igures include returns from all roads
50 miles and more in length. For sub-
sequent years the inclusion is of roads
laving annual income of more than
p.,000,000.
The trends shown in the table are
mmistakeable. Barring the fiscal year
L915, which was distinctly an off year
ndustrially, embracing the second half
)f the calendar year 1914 and the first
lalf of 1915, there is an almost contin-
lous increase in the total operating
•evenues per mile of road. There is
"or a time a continuous increase in the
operating expense, with the curious
divergence that 1915, the off year,
showed a decrease greater than the de-
crease in total revenue, and the further
divergence that 1916, with the largest
operations of all, showed smaller oper-
ating expenses than 1914.
The result of these changes was that
the net operating revenue was substan-
tially the same for four years, 1910 to
1913 inclusive, dropping sharply for
1914 and 1915 and then jumping in a
remarkable manner to 1916. The net
operating revenue in 1915 was 29%
greater than the average of the four
fairly good years 1910 to 1913.
Revenue from Operation, per Mile
of Road, Fiscal Years.
Total.
Expenses.
Net.
910 . ,
. . $12,067
$8,007
$4,060
911 ..
12,580
8,625
3,955
912 ..
12,730
8,803
3,927
913 ..
. . 13,737
9,519
4,218
914 . .
13,483
9,801
3,682
915 ..
12,678
8,916
3,763
16. . . .
14,818
8,684
5,134
438
THE STEEL AND METAL DIGEST.
Octobej
Will There Be A Steel War ?
In some quarters there seems to be
a positive conviction that after the war
there will be an international commer-
cial war in steel products. The opinion
is not universal but it is expressed in
some quarters that must be respected.
There is certainly confusion of thought
on the subject for there are those whose
fears appear to be chiefly whether we
shall be able to maintain a large export
trade in steel, and others whose express-
ed fears are that we may not have a
high enough tariff to protect our own
market.
"We are perfectly ready to grant that
there will be a large iron and steel pro-
ductive capacity after the war. There
is the direct evidence, in millions of
tons of steel a year going: out of this
country, and hundreds of millions of
dollars coming in, that steel is very es-
sential to the prosecution of the war,
and it goes without saying that the
warring nations are preserving their
iron and steel industries, not only the
plants but the organizations. At the
end of the war the works will be there,
many of them, particularly in England,
substantially enlarged in fact, and with
the men now engaged and those who
will return unimpaired they can be op-
erated in full. As to the works in terri-
tory captured by the Germans little is
definitely known. The usual assump-
tion is that they are practically intact,
but one does not knoAv how much more
fighting there will be in the territory
involved. However, the total capacity
possibly in jeopardy would hardly be
more than 10 or 15% of the world's
total, and thus it is readily granted that
with the plant extensions made here
and abroad the world's iron and steel
making capacity will be greater after
the war than just before the war.
The world's demand for steel, we
maintain, will be very large. There are
three cases, the neutral and non-pro-
ducing countries, the belligerents, and
ourselves.
(1) The neutrals. Steel is used large-
ly for construction purposes. Demand
deferred is not lost; the wants accumu-
late. The neutrals have been starved
in steel, having little money with whicl
to buy and being confronted by verj
high prices, high prices at works anc
extremely high freights. After the wai
there will be more credit and steel o:
course will be much cheaper.
(2) The belligerents. All the coun
tries will seek trade very actively, bui
to do business, to make and delivei
goods, requires steel. Russia is already
engaged in a very extensive railway
building operation. The effort to ex
pand trade will involve the employmen
of steel rather than of selling steel
In rehabilitation after war's damage i
great deal of steel will undoubtedly b<
needed.
(3) Ourselves. It needs but a casua
scrutiny of the character and distribu
tion of steel demand in the Uniter
States at present, by one who is fa
miliar with the usual allotment of tin
steel production among the differen
classes of finished and commercial stee
products, to observe that the presen
steel demand is quite abnormally pro
portioned. In the lines of consumption
representing new construction the de
mand is relatively light, much less thai
it would ordinarily be with the country
considerably less prosperous than it is
"With export freight rates very high, la
bor extremely scarce and all materials
including steel, extremely dear, the in
vestor is indisposed to take hold. Aftei
the war the country will be still richei
and after the first shock is over the dis
position on all hands will be to tak<
hold. It is inconceivable that the coun
try should be otherwise than very pros
perous. The idea, sometimes set forth
that Europe will immediately proceed
to take all our money away from us, if
absurd. If the money were equalh
distributed per capita it is conceivable
though absurd, that everyone would
take a vacation to spend the money ac
cumulated. The money, however, is nol
thus distributed. It will be invested
not frittered away in buying silk hats
from London, toys from Germany and
wines from Prance. After the shod
at any rate the United States is going
to be prosperous and is going to require
L916
SHEET AND TIN l'LATK MILLS.
439
a great deal of steel for current uses
ami for industrial expansion. The farm-
ers who have been accumulating money
will buy Ford tractors ami everything
fchej can conveniently use and can se-
cure at a reasonable price.
With a large demand for steel a trade
war is not to be expected. Costs abroad
will not be extremely low. Men will
be scarce and able bodied men, not
cripples, the only men that can work
in steel mills, will be scarcer still. What-
ever the general wage level abroad the
steel mill wages will be relatively high-
er than Eormerlj . Our own costs are
high, undoubtedly, hut we can reduce
them considerably, both by introducing
more labor saving machinery and by
men giving a full day's work for a
day's pay. We maj find ourselves in a
decidedly favorable, rather than an un-
favorable, position for prosecuting ex-
port business, but in any event we shall
have a magnificent market for steel
within our borders. There may be some
sort of a trade war but it certainly can-
not be as serious as is suggested in
some quarters. Let us prepare for the
worst and hope for the best.
The Sheet and Tin Plate Mills.
Full Lists of Regularly Operative Mills.
NOTE. — In view of the fact that there are "tin mills" in sheet plants and also in
plants regularly engaged in making tin and terne plate, we designate the former as
"tin mills" and the latter as "tin plate mills."
AMERICAN SHEET & TIN PLATE COMPANY,
Prick Building, Pittsburgh.
Sheet Mills.
Gal-
Tin Plate Mills.
Jobbing Sheet
vanizing
Hot
Tinning
n
tills.
mills.
kettles.
mills.
sets.
Aetna-Standard,
American, Elwood, Ind.
22
56
Bridgeport, 0.
1
Cambridge, 0.
Dover, Dover, 0.
11
3
(no tin house)
. 7
Gary, Gary, Ind.
4
16
10
Chester,
Guernsey,
Chester, W. Va.
7
17*
Cambridge, 0.
11
8
Crescent, Cleveland, 0.
6
13
Hyde Park,
Farrell, Farrell, Pa.
20
32
Hyde Park, Pa.
6
La Belle,
Leechburg,
Wheeling, W. Va.
10
13
Leeehburg, Pa.
11
Laughlin,
Mereer, Farrell, Pa.
8
Martins Ferry, 0.
23
46
New Philadelphia, 0.
2
10
National, Monessen, Pa.
25
47
Old Meadow,
New Castle,
Scottdale, Pa.
9
New Castle, Pa.
20
36
Scottdale,
Pennsylvania,
Scottdale, Pa.
8
7
New Kensington, Pa.
8
13
Vandergrift,
Pittsburgh,
Vandergrift, Pa.
35
20
New Kensington, Pa.
8
14
Wellsville,
Sabraton,
Wellsville, 0.
10
Morgantown, W. Va.
10
24*
Wood,
Shenango,
McKeesport, Pa.
12
New Castle, Pa.
30
45
— ■ —
Total
196
356*
Total
7
147
48
Also light plate mills: Aetna-Standard, 1;
Gary, 2; Wood, 1; total, 4.
* Including terne sets: Chester, 5; Sabru
ton, 14; total 19.
440
THE STEEL AND METAL DIGEST.
Independent Sheet Mills.
Gal-
Jobbing Tin Sheet Total vanizing
mills, mills, mills, mills, kettles.
Allegheny Steel Co., Brackenridge, Pa.
American Rolling Mill Co., Middletown, 0. :
East Side Works
Central Works
Zanesville Works*
Apollo Steel Co., Apollo, Pa.
Ashland Iron & Mining Co., Ashland, Ky.
Brier Hill Steel Co., Youngstown, O. :
Empire Works, Niles
Thomas Works, Niles
Canonsburg Steel & Iron Works, Canonsburg, Pa
Canton Sheet Steel Co., Canton, O.
Carnahan Tin Plate & Sheet Co., Canton, 0.*
Deforest Sheet & Tinplate Co., Niles, 0.*
Follansbee Bros. Co., Pittsburgh;
Works, Follansbee, W. Va.*
Inland Steel Co., Chicago ;
Works, Indiana Harbor, Ind.
La Belle Iron Works, Steubenville, 0.
McCullough Iron Co., Wilmington, Del.
Mansfield Sheet & Tin Plate Co., Mansfield, 0.
Massillon Rolling Mill Co., Massillon, 0.
National Enameling & Stamping Co., (*)
New York; works:
St. Louis, Mo.
Granite City, 111.
Newport Rolling Mill Co., Newport, Ky.
Otis Steel Co., Cleveland, 0.
Parkersburg Iron & Steel Co., Parkersburg, W. Va
Reeves Manufacturing Co., Dover, 0.
Seneca Iron & Steel Co., Buffalo, N. Y.
Stark Rolling Mill Co., Canton, 0.
Trumbull Steel Co., Warren, 0.*
Western Reserve Steel Co., Warren, 0.
West Perm Steel Co., Bxackenridge, Pa
Whitaker-Glessner Co., Wheeling, W. Va. :
Martins Ferry Works. Martins Ferry, O.
Portsmouth Works, Portsmouth, O.
Whitaker Works, Wheeling, W. Va.*
Wheeling Corrugating Co. (*) (controlled by
Whitaker-Glessner Co.)
Alan Wood Iron & Steel Co., Philadelphia ;
Works, Conshohocken. Pa.
J. Wood & Bros. Co., Conshohocken, Pa.
Youngstown Iron & Steel Co., Youngstown, 0.
Youngstown Sheet & Tube Co., Youngstown. 0
14
14
2
3
9
4
12
4
7
2
5
7
6
6
3
2
4
6
3
2
6
8
4
1
11
12
6
a.
3
3
6
2
12
1
14
1
8
1
2
7
10
6
7
7
3
4
4
9
17
8
2
8
10
4
4
4
2
3
4
7
7
5
12
6
6
8
2
4
0
1
9
10
8
3
3
Va.
2
4
6
2
2
5
7
4
12
12
3
1
17
18
10
2
14
16
10
1
5
6
2
2
8
6
10
6
2
10
9
3
1
12
9
3
1
8
9
1
8
9
3
i.
1
14
15
6
Total
1'4
34 254 312 129
* See also tin plate list.
Notes. — Western Reserve Steel Co., is adding two sheet mills, to be completed in
the spring of 1917. Mahoning Valley Steel Co. is building a six-mill plant at Niles, O..
to be completed in October or November, 1916.
<J Also light plate mills: Allegheny Steel Co., 1; Inland Steel Co., 1; La Belle,
Iron Works, 2; Alan Wood Iron & Steel Co., 6; J. Wood & Bros. Co.. 12: Youngs-
town Iron & Steel Co., 1; total, 13.
1911) THE STEEL AND METAL DIGEST. 441
Independent Tin Plate Mills.
Tin Plate Tinning
_ mills. sets.
American Rolling Mill Co., Middletown, 0., Zanesville Branch* 6t
Carnahan Tin Plate & Sheet Co., Canton, O.* 6 14f
Pollansbee Bros. Co., Pittsburgh; works, Pollansbee, W. Va.* 6 12
Griffiths Charcoal Iron Mills, Washington, Pa. 2 7t
Jones & Laughlin Steel Co., Pittsburgh ; works, Woodlawn, Pa. 32 50
Lalance & Grosjean Manufacturing Co., Harrisburg, Pa. 5 5
McKeesport Tin Plate Co., McKeesport, Pa. 43 80
National Enameling & Stamping Co., (*) New York ;
works, Granite City, 111. 20 23
Phillips Sheet & Tin Plate Co., Weirton W. Va. ;
Clarksburg Plant 12 mills 28 sets
Steubenville Plant 12 " 20 " "
Weirton Plant 24 " 52 " " (totals) 48 lOOt
Pittsburgh Sheet & Tin Plate Co., Pittsburgh ;
works, Marietta, O.
Standard Tin Plate Co., Canonsburg, Pa,
Trumbull Steel Co., Warren, O.*
N. & G. Taylor Co., Philadelphia; works, Cumberland, Md
Washington Tin Plate Co., Washington, Pa.
Wheeling Steel & Iron Co., Wheeling, W. Va. ;
works, Yorkville, O. 28 30
Whitaker-Glessner Co., Wheeling, W. Va. ;
Whitaker Works, Wheeling* 5
Wheeling Corrugating Co. (controlled by
Whitaker-Glessner Co.)* 13 ,
4
9t
22
42t
16
40t
8
14t
6
10
Total 241 455 t
* See also sheet mill list.
fThe total of 455 sets includes 53 sets for terne plate: American Rolling Mill, 1;
Carnahan, 10; Griffiths, 7; Phillips, (at Weirton) 6; Pittsburgh, (at Marietta) 6: Stand-'
ard, 6; Taylor, 7; Trumbull, 4: Wheeling Corrugating, 6.
-o-O-c
442
THE STEEL AND METAL DIGEST.
Octobei
The Rule of Doubling In
Pig Iron.
When the slump in iron and steel
demand occurred at the time of the
panic of October, 1907, the majority of
observers felt that a very serious hack-
set had been received in the iron and
steel industry- In the bleak December
and January that followed the heavy
tonnages then recently attained seem-
ed altogether exceptional, and it was
thought that it would be a long time
before the 28,000,000 ton pig iron pro-
duction rate, seen in October, would be
reached again. For some time after-
wards demand backed and filled and
there were many who suggested that
the old rule of pig iron production
doubling every ten years had broken
down. Anyone could recognize, of
course, that such a geometrical pro-
gression could not continue indefinitely.
The rule would have to "break down
some time and it looked as if it had
then done so.
It is well to point out that the out-
look to-day is altogether different. It
can now be shown that, from the broad
viewpoint, the rule really has not brok-
en down thus far, while the prospects
are certainly encouraging for the next
ten years.
It is impossible to make illuminating
comparisons of pig iron production
year by year, as the annual fluctuations
are so large, while comparisons of pro-
duction in ten-year periods are conclu-
sive, as they account for all the iron,
and tend to average. The record for
the series of ten year periods end-
ing December 31, 1915, is a remarkable
one, and a close correspondence with
the rule is shown by taking a broad
view. It chances that the production
in the past ten years makes a number
that is conveniently subject to repeat-
ed bisections, and we make the com-
parison in the following interesting
form-
Bisections
256,000,00(
12S,000,00(
64,000,00(
32,000,00(
16,000,00(
8,000,001
4,000,001
2,000,001
1,000,001
Pig Iron Production, Gross Tons.
Actual
Production.
1906-1915 . . 257,714,701
1896-1905 .. 148,658,012
1886-1895 .. 76,061,628
1876-1885 .. 32,319,295
1866-1875 .. 18,589,866
1856-1865 . . 7,951,047
1846-1855 .. 6,400,000
1836-1845 .. 3,000,000
1826-1835 .. 1,600,000
Study of the foregoing table wil
show a remarkable agreement betweei
the actual production and the produc
tion that would be indicated by the rul
of doubling. Noting the ten-yea:
periods ending respectively 1865, 188!
and 1915 the harmony is astonishingl;
exact. In various other periods th
agreement is not far out. Where ther
is a divergence the actual productio]
is greater than the computed, whicl
shows, of course, that the productioi
in the past ten years was not altogethe
up to the amount that would be indi
cated by multiplying the production ii
some previous period by a multiple o
two. Making the comparison in thi
particular way puts it on a conserva
tive basis, for it indicates that it woul<
be particularly easy for production ii
the next ten years to be double that ii
the past ten.
For production to be doubled in th
next ten years would require an avei
age of 51,500,000 tons a year. Thu
far this year we have been averagin;
more than 39,000,000 tons a year, am
the furnaces now being built or exped
ed to be built shortly represent mor
than a 10% increase. Thus we ar
making an excellent start on the nex
i en year period.
1916
CENSORSHIP AND BLACKLIST
443
The British Censorship and
Blacklist.
Aii important conference took place
in New York Sept. 27, when Sir Rich-
ard Crawford, trade adviser to the Brit-
ish Embassy, met at Luncheon some of
the leading bankers and business men,
in an informal way. with a view of ex-
plaining and adjusting some of the mis-
understandings and difficulties that
seem to exist at the present time as re-
gards the British censorship and
blacklist. Sir Richard Crawford issued
the following statement:
"It may be observed that in Great
Britain the principle of domicile had
been accepted prior to this war, where-
by trading with an enemy applied only
to trading with an enemy domiciled in
enemy territory; whereas, in the other
allied countries, as also in Germany, an
enemy is an enemy by birth and status
wherever he may be domiciled, and
trading with him is an offense under
the laws of those countries. In the
prosecution of the war it was found im-
perative, in order to ensure uniformity
of procedure on the part of the Allies,
for Great Britain to adopt the prin-
ciple recognized by her Allies, and ac-
cordingly the Trading With the Enemy
Extension act was introduced, which
makes it a penal offense for any British
subject to trade with a firm of enemy
nationality, or with enemy interests,
wherever situated.
How British Firms Trading With
America Were Affected.
"The result was at once to confront
a large number of British houses en-
gaged in trade with thousands of firms
with German names in the United
States, with the serious problem of de-
termining for themselves whether such
firms were in fact enemy houses by na-
tionality or whether, notwithstanding
their status as American corporations,
they were by their constitution or by
the unneutrality of their transactions
in all respects to be regarded as enemy
ooncerns within the meaning of the law.
Gives Striking Example.
"A striking example of the inci-
dence and rigorous application of the
Trading With the Enemy Act was soon
forthcoming in the case of a British
house which was prosecuted for obtain-
ing indirectly goods of enemy origin for
the purpose of its business. In that
case the principal of the firm concerned
was sentenced to a term of imprison-
ment, followed by other disabilities, in-
cluding the stigma of want of patriot-
ism, while an American house of enemy
antecedents, indirectly implicated, had
received a permit from the British au-
thorities to bring out goods of the same
description from an enemy country.
The act immediately became a very liv-
ing and real thing to every British firm
trading with the United States. The
penalties, material and moral, were so
disastrous to their existence and honor
that there was widespread apprehension
and uncertainty, which threatened to
disorganize the business of a large body
of American citizens whose names
might have aroused unfounded suspi-
cions as to the neutrality of their trans-
actions and interests.
Really Protects Strictly Neutral
American Firms.
In these circumstances the British
Government was impelled to afford
such information to British subjects as
Avould enable them without the fear of
bringing themselves within the purview
of the act. After careful examination
of all the evidence before them the
British authorities found that out of the
thousands of firms in the United States
bearing names which might have caused
hesitation on the part of British sub-
jects to engage in trade with them, only
a very small proportion were, in the
opinion of the British Government,
properly to be classed at unneutral.
The publication of these few names
has served to remove this hesitation.
and while it has enabled British sub-
jects to avoid incurring penalties under
the laws of their country. It has at the
same time relieved a large body of
American citizens from the effects of
444
THE STEEL AND METAL DIGEST.
Octobe
unfounded suspicion which might have
had disastrous results on their trading
interests.
"In other words, the publication of
tin- statutory list has indeed operated
as a white list, and to call it a black list
is in fact a misnomer."
Favorable Impression Made.
After the meeting officers of some of
the large banks who attended it, said
that they were impressed by the talk
of the British official and that they
had gone away with an entirely differ-
ent view of the situation. They con-
fessed that their conversation wih Si
Richard had convinced them that the
had entertained an erroneous view c
the purposes and effects of the publics
tion of the British blacklist. One c
the bankers who attended the luncheo
said he felt that the British Goveri
ment was sincerely desirous of avoidin
any offense to American firms and tha
every possible means would be taken t
reduce to a minimum the hardships ii
flicted upon innocents through the o~[
eration of rules designed to prever
British • subjects from unintentionall
trading with enemy firms.
Topical Talks On Iron.
XLII.— Transporting
The American iron and steel indus-
try is one of vast tonnages, and one of
the interesting instances of enormous
tonnages is that of iron ore transporta-
tion down the Great Lakes from the
great Lake Superior ore region. As
nearly all the furnaces tributary to the
Lake Superior region are in Illinois,
Indiana, Ohio, West Virginia, Pennsyl-
vania and New York, the great bulk of
the ore is moved down the lakes. An
average of a trifle less than a million
tons a year has been moved out of the
region by all-rail routes, and this ton-
nage is augmented in 1916 by the oper-
ation of the Steel Corporation's two
new furnaces at Duluth, so that an all-
rail movement of one and a half to two
million tons is indicated for the future.
In our last Topical Talk it was noted
that the first canal at the Saulte was
opened in 1855, inaugurating the regu-
lar lake movement of ore, with 1,449
tons the first year. In 1913 the move-
ment amounted to about 49.000.000
tons. Lake shipping has been revolu-
tionized over and over again One of
the interesting revolutions was the
"whalebacks" of the early nineties, a
string of them being towed by one
steamer, but the whalebacks lasted
,,ii l; a few years.
The average iron ore cargo at pres-
en1 is about 7.500 tons. There are about
395 vessels in the lake fleet, engaged
or less regularly in transporting
ore, i pacity being figured at
2.950,000 tons for one trip. A normal
season's experience for a lake vessel
is 20 round trips, carrying ore down
Ores Down the Lakes.
each trip, and taking coal on four c
five of the up trips, the remainder b(
ing made light. In addition to thi
one or two down trips may be mad
with grain. Under heavy pressun
such as exists this year, and with f;
vorable conditions all around, two c
three extra trips may be made. Ind
cations are that this year the fleet wi
bring down the lakes a total of full
62,000.000 tons of ore, against the"
normal rating, as indicated above, (
59.000,000 tons 20 trips at 2,950,00
tons per trip.
This heavy despatch is aecomplishe
by the greatest refinement at all point
There have 1jeen constant improvi
ments at both the loading and the ui
loading docks, and the construction c
vessels, as to facilities for loading an
unloading, and speed, has been bfougl
to a very exact science. The large;
boats have a capacity slightly in exces
of what they can accomplish with tl
drafts permitted. For a long time ti
pinch was at the locks at the Sault
but at present the shallowest point
in Lake St. Clair. So exact is the o]
eration that the largest boats are loat
ed with an extra draft astern, on tl
computation that by the time Lake S
Clair is reached the consumption (
coal will have brought the draft to tl
permissahle point.
The record ore cargo was carried b
the W. P. Snyder. Jr., 13.800 gross ton
This vessel has a length of 617 fe<
over all. 64 feet beam and 33 fe<
depth, with a maximum draft of 20 fe<
10 inches.
1916
STEEL MAKINC CAPACITY.
445
Steel Making Capacity.
The Increases During the
The Iron Age has compiled a state
incut of the additions thai have been
made to steel making capacity thus Ear
this year, with a statement of addi-
tions likely to be completed by the end
of this year, and an estimate of the
later additions, chiefly in the form of
largo projects which are not at all like-
ly to be completed until the war is
over. Supplying information as to the
capacity available before this year a
very interesting presentation can be
made. The Iron Age figures are as fol-
lows, in gross tons of annual ingot ca-
pacity :
Thus far this year. . 2,700,000
Later in year 500,000
Still later 4,000,000
We adopt these figures, except that
we deduct 100,000 tons from the first
item as the increased capacity assigned
to the duplexing addition at Donora
seems excessive, and we are indisposed
to conclude that of the 4,000,000 tons
to be completed after this year two-
thirds to three fourths is likely to get
into commission next year.
The Annual Increases.
The production of steel ingots in
1912 was 30,284,682 gross tons. We
find that we can make reasonable as-
sumptions to account for the new con-
struction reported since then and to
bring out the capacity at the beginning
of this year at the estimated rate of pro-
duction. We take the 1912 production
as equal to 90% of the capacity exist-
ing at the close of that year, the pro-
duction dividend by .9 being precisely
33,650,000 tons. Thus we have the fol-
lowing :
Steel Ingot Capacity Per Annum.
January 1, 1913 33,650,000
New furnaces in 1913 2,920,000
New furnaces in 1914 1,215,000
New furnaces in 1915 1,405,000
Minor improvements a. old
furnaces in three years . . 810,000
January 1, 1916 40,000,000
War and Those to Follow.
\c\\ furnaces in 1916 3,100,000
January 1, 1917 43,100,000
Thus in four years, January 1, 1913,
to January 1, 1917, there is an increase
in capacity amounting to 28%. That
is equivalent to an average rate of in-
crease, on one date as compared with
that of a year previous, of 6.4%, while
such an annual rate if continued for
.ten years (on the compound interest
principle) would amount to 85.7%
increase in ten years, or less than the
rate of doubling which it has been hith-
erto supposed the steel industry could
readily bear.
It is entirely possible for domestic
demand, either latent or expressed in
actual orders, to grow at this rate. De-
mand for iron and steel grows while it
sleeps, and after every period of de-
pression demand is expressed in actual
orders at a rate far in excess of the
best previous rate.
It is a question of whether demand
will be expressed, whether high prices
or other circumstances will cause the
expression of demand to be deferred.
Frequently the existence of stocks
curtails actual buying. It is generally
claimed that at this time the country
is bare of stocks. Certainly the deliv-
ery premiums being paid for many
commodities the existence of large
stocks could not be reconciled. As to
curtailment of demand from high pri-
ces, the latest news is of increased buy-
ing of freight cars, at record high pri-
ces, and of the agricultural implement
makers finding a much larger demand
for farm machinery than they had an-
ticipated. The general conclusion is
that the people can afford to pay much
higher prices for steel and steel pro-
ducts than was assumed only a few
months ago.
With the 4,000,000 tons of steel mak-
ing capacity that is to follow the new-
construction soon to be completed one
need not be greatly concerned, in con-
nection with a forecast of what is to
be expected in American business while
the war continues. This 4,000,000 tons
446
THE STEEL AND METAL DIGEST.
October
of prospective capacity is chiefly in
the form of large units, involving on
the whole vastly more construction
work than has been required in most
of the additions lately made, those con-
sisting largely of adding furnaces
here and there to existing plants. Labor
is so scarce that construction work on
these large projects cannot be pushed.
The labor is needed to make steel in
the existing plants. The Steel Corpo-
ration's Gary Bessemer plant and pipe
mill is still in the offices of the engin-
eers. If the 43,000,000 tons capacity in-
dicated for January 1, 1917 is to be
augmented by 4,000,000 tons in two
years following, the average annual in-
crease for the two years will be only
4.5%. The tonnages look large but it
is a large industry now.
August exports furnished a new rec-
ord, yet all the finished steel involved
directly and indirectly in exports is
only about 30% of our current
finished steel production. The domes-
tic demand is extremely large and as
the country grows more and more pros-
perous through the heavy trade bal-
ance the domestic consumption should
readily continue. The export trade may
reasonably be counted upon to continue
through the war. The allies show no
signs of exhaustion. As pointed out
elsewhere in this issue in an analysis of
our merchandise trade balance, the for-
eigners have established a credit with
us to date, having settled, in sending
lis gold, in selling us our securities and
in floating loans with us, for a larger
quantity of merchandise than we have
yet exported.
Manganese Supplies.
More recent statistics as to ferroman-
ganese exports are to be available in
future. Hitherto the Monthly Sum-
mary has included ferromanganese
with "pig iron" in stating the imports,
the separate ferromanganese statistics
being given only in the quarterly re-
port, which is not published until
many months after the quarter is end-
ed. Beginning with the Monthly Sum-
mary of July the ferromanganese im-
ports are reported separately.
This year's ferromanganese imports
have been as follows :
Six months 34,821
July 5,341
August 8,525
Eight months 48,687
In the five years ending 1912 the
domestic ferromanganese production
equalled 35.4% of the weight of man-
ganese ore imported. In 1913 and 1914
the average was 36.0%, but it is pos-
sible nevertheless that the ores were
leaner on the average and that the lar-
ger production was due to reduction in
stocks of ore. We are not likely to be
far out, however, in assuming that our
domestic production this year is run-
ning at the rate of 35% of the weight
of ore impoi'ted, the imports having
been thus far at the rate of 460,000 tons
a year, so that our production should
be at the rate of 160,000 tons while the
imports have been at the rate of 73,000
tons, making supplies apparently at
the rate of 233,000 tons a year.
In the Steel and Metal Digest for
March, 1915, it was computed that the
average normal consumption (1901-13
inclusive) of ferromanganese is .764%
of the weight of steel ingots and cast-
ings the manufacture of which involves
its use, the production of Bessemer rail
steel, which has always involved the
employment of spiegeleisen, and the
production of special steels, being ex-
cluded. Since ferromanganese be-
came scarce the consumption has been
reduced very considerably, both by the
practice of ordinary economy and by
the use of substitutes, spiegeleisen,
ferrosilicon, etc. Dividing the imports
and production in 1915 by the steel
production that would normally con-
sume ferromanganese one obtains a
factor of .58% instead of .764%, but
that establishes nothing since one does
not know the extent to which stocks
of ferromanganese were drawn upon.
L916
TIN PLATE 1'lvlt'K ClIANtJKS.
447
It is interesting, however, to com-
pare the rate of supply this year, fig-
ured above as 233,000 tons, with what
would be normal consumption. We es-
timate that production of steel ingots
and eastings that would normally in-
volve ferromanganese consumption has
been at the rate of about 42,000,000
tons a year, and applying the factor
Manganese Fern
ore imports.
1901 165,732
1902 235,576
1903 146,056
1904 108,519
1905 257,033
1906 221,260
1907 209,021
1908 178,203
1909 212,765
1910 242,348
1911 176,852
1912 300,661
1913 345,090
1914 283,294
1915 320,782
1916 230,226*
.764% to this one obtains 320,000 tons.
It is possible that the steel works, on
the whole, have been able to get along
with three-fourths as much ferroman-
ganese as they usually employ in mak-
ing steel, that being the proportion be-
tween 320,000 tons and 233,000 tons.
The following table shows the sta-
tistics available to date.
omanganese
Ferromanganese
Production
imports
production.
plus imports
20,750
59,639
80,389
50,388
44,526
94,914
41,518
35,961
77,479
21,814
57,076
78,890
52,841
62,186
115,027
84,359
55,520
139,879
87,400
55,918
143,318
44,624
40,642
85,266
88,934
82,209
171,143
114,278
71,376
185,654
80,263
74,482
154,745
99,137
125,378
224,515
128,070
119,495
247,565
82,997
106,083
189,080
55,263
129,072
184,335
48,687f
Six months. t Eight months.
Tin Plate Price Changes.
Changes in prices per box 14 x 20, prime Bessemer coke tin plate, 100-lb.,
f.o.b. mill, Pittsburgh district, with prices of pig tin, New York, and sheet bars,
Pittsburgh, same date.
Tin Plates
Tin. Sheet Bars.
T
n Plate
Tin. Sheet Bars.
fan.
6, 1899 . .
. . . 3.00
20.75
17.50
May 19, 1906
3.75*
44.75
28.00
Jan.
26, 1899 .
. . . 3.25
24.50
18.50
Oct. 25, 1906 ....
3.90*
43.25
30.00
Feb.
17, 1899 .
. . . 3.50
23.75
22.00
Jan. 6, 1908
3.70*
27.35
29.00
Mar.
8, 1899 .
. .. 3.87^
23.70
25.00
Mar. 10, 1909
3.40
28.70
25.00
July
14, 1899 .
. . . 4.37/2
29.12^
33.50
Sept. 28, 1909 . . .
3.50
30.85
27.50
Aug.
6, 1899 .
. . . 4.65
31.25
36.00
Nov. 12, 1909 . . .
3.60
30.50
28.50
Sept
24, 1900
. . . 4.00
28.63^
22.00
Feb. 3, 1911
3.70
41.40
24.00
Nov
3, 1902 .
. . . 3.60*
26.75
31.75
Aug. 12, 1911
3.60
43.00
22.00
Mar.
3, 1903 ..
. . . 3.80*
30.80
31.50
Oct. 16, 1911
3.40
41.70
20.00
Nov.
16, 1903 .
. . . 3.60*
25.40
24.00
July 9, 1912
3.50
44.40
22.00(b)
Jan.
25, 1904 .
. .. 3.45*
28.20
24.00
Sept. 4, 1912
3.60
47.20
23.75(b)
Julv
25, 1904 .
. (a)3.30*
27.10
24.00
Oct. 2, 1913
3.50
41.20
25.00
Nov.
15, 1904 .
. . . 3.45*
29.15
22.50
Nov. 3, 1913
3.40
39.90
21.50
Dec.
22, 1904 .
... 3.55*.
29.25
23.00
Dec. 3, 1914
3.20
33.50
19.50
Oct.
3, 1905 ..
. . . 3.35*
32.60
26.00
Nov. 11, 1915
3.60
39.00
26.50(b)
Oct.
20, 1905 .
. . . 3.45*
32.60
26.00
Oct. 7, 1916
6.00
39.87^
45.00
Nov.
20, 1905 .
. . . 3.40*
33.55
26.00
* Subject to 5-cent rebate.
Jan.
8, 1906 . . .
. . . 3.50*
36.25
26.00
(a) Cash discount changed from
1 to 2%.
\pri
10, 1906
. . . 3.60*
38.75
28.00
(b) Premium for
open-hearth.
448
THE STEEL AND METAL DIGEST.
Oeto
Steel Plants.
XI. The La Belle Iron Works.
From a near viewpoint one might
conclude that as the steel industry
grows its members simply grow with
it, some faster and some more slowly.
Prom the longer range the aspect is
quite different. Many of the most suc-
cessful concerns have at one time or an-
other abandoned works which in their
day were highly successful, and all
have had to spend vast sums of money
to maintain their position in the race.
One observes the successes for they re-
main, while the wrecks are cleared
away and forgotten.
The La Belle Iron Works of to-day is
a prosperous steel interest located at
Steubenville, 0.. with a couple blast
furnaces, some open-hearth furnaces,
finishing mills and a by-product coking
plant almost completed. Incidentally,
the newcomer would say, it has a little
plant at Wheeling. W. Va., where it
rolls skelp and nail plate in two mills
and makes a thousand kegs or so of cut
nails a day.
As a matter of fact the original La
Belle Iron Works was a concern op-
erating this Wheeling plant, built in
1852. For a long time the plant con-
tained puddling furnaces, the iron be-
ing rolled into skelp and nail plate and
cut nails being made. When the gen-
eral change from wrought iron to steel
occurred, in the early nineties, some of
the iron interests financed the change
and established steel mills. Others
were lost entirely. The La Belle Iron
Works simply abandoned its puddling
furnaces, maintaining its rolling equip-
ment, and built a tin plate plant, which
made money. Towards the close of
1898 the tin plate plant was sold to
Judge Moore and became the La Belle
■plant of the American Tin Plate Com-
pany. There was a little plant at
Steubenville, 0., known as the Jefferson
Iron Works, containing a train of 21-
inch plate rolls and 128 cut nail ma-
chines. It had gone into receivers"
hands and the La Belle Iron Works
bought the plant for a small sum and
then proceeded to build a steel mill.
acquiring also an old blast furnace at
Steubenville. Thus it changed from a
Wheeling concern with a mill at Steu-
benville bought to dismantle to a
Steubenville concern with a relatively
small plant at Wheeling.
The Steubenville plant comprises
among other items the following :
94 by-product ovens, almost complet-
ed, across the river from Steubenville,
O. There is a five-year coal contract
with the Pittsburgh Coal Company.
Two blast furnaces, 90x20 feet, of
300,000 tons total annual capacity.
Eleven 50-ton basic open-hearth fur-
naces with a 300-ton metal mixer, rated
at over 400,000 tons of steel ingots a
year.
One universal plate mill, two sheared
plate mills, two skelp mills with con-
tinuous heating furnaces, three jobbing
plate mills and eight sheet mills, with
galvanizing and roofing departments,
etc.
Pipe mill with two lap weld and two
butt weld furnaces, socket shop, galva-
nizing department, etc.
To make its position especially se-
cure as to raw materials the company
acquired altogether about 6,000 acres
of coal in Ohio and West Virginia, and
two iron ore mines on the Mesabi
Range, producing 700,000 tons of ore a
year. It also operates a lake vessel, the
La Belle, and has a number of g»s
wells.
-o-o-o-
l'.Mli
IKON AND STEHL SITUATION.
449
The Iron and Steel Situation.
A New Steel Movement.
The outstanding Eacl is thai a new
movement has started in tlir steel mar-
ket. Demand upon the mills has in-
creased and prices show an advancing
tendency all along the line. Such a
thing is unprecedented. In all the
history of the steel market price advan-
cing movements have been clear cut.
They started, they continued and they
ended. Then, after a longer or shorter
pause, a decline would commence and
the decline continued until the market
was thoroughly shaken out and market
prices approximated the cost of pro-
duction. Never has a fresh advance
started without an intermediate de-
cline, but that is what is occurring this
time. The advance in steel products
practically euded last March. There
were occasional advances thereafter,
but they were altogether sporadic.
Mow the general trend is upwards
again.
High Prices Can Be Paid.
The new fact that makes this devel-
opment possible, that causes it, indeed,
is that buyers can afford to pay very
high prices for steel. All along it has
been supposed that many could not.
Last June the common view was that
high prosperity in steel, and pressure
upon mills for deliveries, would last
but little longer than the period during
which the orders then on books would
carry the mills. It was even thought
that some of the contract business then
on books would not be carried out. A
fair measure of buying in June, July
and August suggested that the period
would be somewhat lengthened, but it
was hardly thought that the new busi-
ness coming in could equal the old busi-
ness being filled, so that the busi-
ness would run down, but not alto-
gether as rapidly as had been expect-
ed.
By this time we have all learned that
we knew nothing about it. There may
be many limits, in normal times, to the
buj ing power and paying ability of the
people. The limits at Ipresent one
knows nothing about. For instance,
orders for freight cars amounted to
21,337 cars in January, decreasing
month by month to 1,883 cars in July,
less than one-tenth as many. The buy-
ing decreased practically in inverse
ratio as the price of plates and other
steel material advanced. The railroads
were done, according to the common
appraisement, and would not buy cars
again, except in odd lots, until prices
were materially lower. The cars placed
in July probably involved plates at
2.75c, when the open market was 2.90c,
but now the open market is 3.00c, for
very late delivery, with higher prices
for earlier deliveries and — about 20,-
000 cars were sold in September, while
there is inquiry pending for more than
10,000 !
Another illustration. Last July the
statement was made, apparently upon
good authority among the producing
ranks, that 80,000 tons of steel bars
had been sold to agricultural imple-
ment makers at 2.35c, the regular mar-
ket being 2.50c. Promptly the imple-
ment makers announced that they had
not bought at 2.35c and would not.
They could not afford to pay the price,
for their products would not sell at
the prices they would have to ask. The
mills rejoined, early in August, by ad-
vancing the open market from 2.50c to
2.60c and giving the implement makers
the remainder of the month in which
to close at 2.50c. The latest news is
that the implement makers find there
will be a heavy demand for implements
and that they are asking the mills to
accept additional tonnages on the con-
tracts closed in August.
In oar review of a month ago refer-
ence was made to a gradual change of
sentiment among buyers as to taking
hold for next year at the high prices.
That change has proceeded farther and
the buyers are ready to take hold but
they find mills unwilling to sell except
in the case of specific orders. There
is less placing of open contracts than
ever.
450
THE STEEL AND METAL DIGEST.
Octobei
Exports.
Thus the situation has altogether
changed. It is not to he asserted that
every consumer is found able to pay
high prices, for as large tonnages as
formerly but that is evidently the gen-
eral position. Decreases in consump-
tion, on account of high prices, cannot
be very great, from the present out-
look, and whatever they are it now ap-
pears that export demand will step in
and take up the slack. August made a
new record in iron and steel exports,
with 598,000 tons. It was in June,
1915, that the month export record be-
fore the war was broken. From June,
1915, to August, 1916, inclusive is 15
months, and six of those months have
made new records. If exports do not
increase in the next few months it will
be because the orders cannot be ac-
cepted. The export demand exists.
It may be noted that the export de-
mand for pig iron has greatly increas-
ed. The English government is cred-
ited with having bought lOO.OOO tons
of basic from Sloss-Sheffield, for ship
ment October to March inclusive, ab
sorbing the output of two of Sloss's
four furnaces, and there is demanc
for valley basic as well.
Tiii Plate Market Opened.
On October 8th several of the inde
pendent tin plate mills opened theii
books for first half business at $6.0(
per base box, the price for the seasoi
closing having been $3.60. That prici
had proved altogether absurd, on ac
count of developments during the year
and the mills have declared positively
they are done selling tin plate a yea:
ahead, and also done with making opei
contracts, subject to price guarantees
etc., for the contracts they made havi
been specified in full and result in thei
having to carry over into 1917 abou
two months of production, chiefly a
about $3.60. The new price of $6.01
seems very high, but considering tb
greatly increased labor cost and the ad
Pig
Averaged from daily quotai
eago, prices are delivered.
Bessemer, Basic, No. 2 fdy. Basi
VaUey Phila.
Iron
Pri
ces.
delphia
Cleve-
land.
, Buffalo. Cleveland
No. 2 fdy. Ferro-
Chl- Birm- mangan-
cago. ingham. ese.*
(
Chi
1915
ions; at Phila
c. No 2X fdy.
Phila. Buffalo.
anc
Fur
coke 5
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
14.05
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
13.83
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
2.18
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
1916
Jan.
. . 21.00
18.00
18.50
19.24
19.71
18.25
18.80
19.00
14.92
115.40
3.14
Feb.
.. 20.50
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
June
.. 21.00
18.25
18.39
19.90
20.04
18.75
19.30
19.50
14.03
175.00
2.54
July
.. 21.00
18.00
18.25
19.15
19.75
18.75
18.80
19.50
14.00
175.00
2.65
Aug.
.. 21.00
18.00
18.27
19.00
19.58
IS. 75
18.57
19.17
14.00
175.00
2.75
Sept.
. 21.32
18.27
18.58
19.50
19.50
19.04
18.67
18:75
14.38
165.00
2.94
•
Contract price, f.o.b
. Baltimore;
x Prompt, f.o.b.
Connellsvllle ov
ans.
1916
[RON AND STEEL SITUATION.
i;,i
vances in all supplies it is not especially
high. H reflects in some measure, how
ever, (ho tin plate position, which is
thai the whole matter is one of securing
deliveries. All the indications arc (hat
there will not be enough production to
go around, and that despite the fact
that there are some new mills and the
farther fact that the tin plate mills are
practically giving up their business in
black plate specialties, the tonnage of
which last year was about one-fifth of
the total they rolled.
Unfinished Steel.
About the beginning of August of-
ferings of billets and sheet bars prac-
tically disappeared. The mills would
not quote for either early or late deliv-
ery. The situation was almost weird
and there were few who believed it
could continue. Surely a situation
would eventually arise in which un-
finished steel would be offered, at a
price. Up to date the situation has, if
possible, grown more tight. The trade
continues to call "the market" $45 to
$50, but the figures are practically
nominal. The Carnegie settlement
basis for fourth quarter sheet bars on
long term contracts is reported to be
$42, against $37 for the third 'porter,
and $45 or $47 is already predicted for
the first quarter. Foreign buyers would
readily buy large tonnages of both bil-
lots and sheet bars, but as they cannot
be secured there have been large pur-
chases of shell steel discards and re-
jections, simply because the material is
better than nothing.
Pig Iron.
Pig iron presents a very curious
study. Last year the market was
practically stationary for six or seven
months, while steel prices were ad-
vancing moderately, and then pig iron
advanced, for remainder of the year,
about $5 a ton. To date this year has
been a replica of last. The market was
stationary, at the advanced level, until
early August. Then a few selling in-
terests started a drive and cut prices.
A movement was inaugurated which in
Finished Steel Prices.
(Averaged from daily quo
tations. f.o.b. Pittsburgh.)
Grooved Sheets
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 . l."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
May 2.50
June 2.50
July 2.50
Aug 2.54
Sept 2.60
Plates,
1.10
1.10
1.15
1.20
1.17
1.15
1.22
1.26
1.33
1.42
1.63
1.75
1.20
1.90
2.16
2.53
2.75
2.83
2.90
2.90
2.94
3.00
Bars,
1.10
1.10
1.15
1.20
1.20
1.20
1.27
1.30
1.35
1.43
1.63
1.75
1.31
1.87
2.06
2.36
2.50
2.50
2.50
2.50
2.56
2.60
Pipe, Wire,
81 1.34
80^ 1.38
80 1.40
80 1.37
79 1.35
79 1.35
79 1.38
79 1.38
79 1.54
79 1.63
78 1.88
7914 1.48
76^4 1.98
75^ 2.11
73^ 2.25
7V/2 2.25
70 2.45
70 2.45
70 2.45
70 2.53
69% 2.55
1.54
1.58
1.60
1.57
1.55
1.55
1.58
1.61
1.69
1.78
1.87
2.03
1.69
2.40
2.4.0
3.50
2.50
2.50
2.58
260
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
1.75
1.94
2.24
2.35
2.35
2.35
2.35
2.35
2.35
1.75
1.74
1.85
1.91
2.03
2.30
2.53
1.85
2.73
2.89
290
2.90
2.90
2.90
2.91
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
4.80
4.93
5.00
5.00
4.80
4.40
4.20
4.20
1.30
1.30
1.30
1.33
1.35
1.33
1.32
1.37
1.51
1.60
1.90
2.26
1.49
2.55
2.65
2.85
2.95
3.00
3.00
2.90
2.90
2.90
3.10
3.10
3.15
3.20
3.11
3.10
3.10
3.10
3.10
3.15
3.45
3.60
3.10
3.75
3.83
4.20
4.70
5.46
5.75
6.00
5.54
5.75
Conip.
Fill.
steel.
1.4554
1.4716
1.5098
1.5357
1.5381
1.5312
1.5692
1.6059
1.6506
1.7264
1.9089
2.0329
1.6506
2.1410
2.2988
2.5579
2.7166
2.8043
2.8300
2.8425
2.8588
2.9013
452
THE STEEL AND METAL DIGEST.
Octobe
September has advanced prices rather
sharply.
"We cannot judge the market's fu-
ture by what has occurred. That buy-
ers of pig iron have freely paid ad-
vances of 50 cents to $1.50 a ton means
little in itself for everything is so un-
certain that the buyer cannot hesitate
over such trifles. It is conceivable that
it may be found the advances were not
altogether necessary, but it is just as
easily imagined that buyers will not
stop at paying $5, or $10, advance,
particularly for steel making iron.
As to demand and supply. In many
quarters the theory has been enter-
tained all year that the constant addi-
tions to steel making capacity, when
pig iron production would not be in-
creased materially, would result in a
scarcity of pig iron as there has been a
scarcity of steel. The hot weather of
July and August, curtailing steel pro-
duction more than it did pig iron pro-
duction, may have operated to delay
the development, and a marked scarcity
of pig iron may now occur. Certainly
this is the reasonable assumption. At
this writing prospects are that ore for
next season will be about $1 a ton high-
er and coke 50 cents to $1. If so, the
furnaces have made a mistake in sell-
ing first half iron at old prices or at
slight advances. They may even have
a smaller margin of profit next May and
June than they have had in the past
two months.
The War and Steel Demand.
Some observers outside the steel in
dustry were disposed two or thre
months ago to dispute the steel trade'
appraisal that the war would last fror
one to two years longer, but all wi'
now admit that the steel trade wa
probably right. The latest development
indicate that throughout duration c
the war, provided of course the dun
tion of the war does not extend to
complete prostration of the belligerent
there will be a heavy demand for ste<
at approximately present or higher pr
ces. Absolutely enormous profits ai
still to be made. Given the opportui
ity, the steel industry might so expan
as to find itself after the war with
large surplus of productive capacit;
but the opportunity is not affordei
Men and materials cannot be foum
The steel mills are physically unable \
spend their surplus earnings. Constru
tion work that involves an early cor
pletion of productive units can be pusi
ed, but the large projects must be he!
rather in abeyance. At the end of tl
war the steel industry will find itse
with a large capacity but not an e:
tremely large capacity considering tl
growth of the country, and the cor
mon appraisal is that there will be sue
a loosening of investment funds fi
permanent investment as to furnish tl
steel trade with a good demand, -
course at moderate prices, whatevi
they may prove to be, for a period i
years.
Lake Superior Iron Ore.
Shipments of iron ore
1911.
April 331,645
May 3,684,819
June 4,819,996
July 5,221,373
August 5,548,311
September .... 5,231,069
October 4,769,965
November 2.523,253
December
Season Lake .. 32,130.411
down the lakes have b
een as foil
ows, in gross tons
1912.
1913.
1914.
1915.
1916.
204,042
866,386
269,686
503,832
1,658,41
5,919,074
7,284,212
3.852,063
5,012,359
8,449,58
7,567,555
7,974,444
5,502,367
6,005,591
9,507,57
7,600,233
8,204.416
5,784,514
7,204,021
9,750,15
7,760,248
7,677,601
5,869,477
8,081,117
9,850,14
7,287,230
7,258,413
5,438,049
7,863,146
9,600,78
7,010,219
6,526,103
4,242,392
7,146,873
4,072,674
3,270,958
1,068,682
4,445,129
14,579
18,545
1,411
57,236
47,435,777
49,070,478
32,021,987
46,318,804
48,816,65
916
S. STEEL OPERATIONS.
U. S. Steel Corporation's Operations.
153
Earnings and Unfilled Orders.
Earnings by Quarters.
Net earnings bj quarters since 1911:
juarter. 1916. 1915. 1914.
5t $60,713,624 $12,457,809 $17,994,382
nd 81,126,048 27,950,055 20,457,590
rd :is, ? lo,ii44
tli 51,277,504
ear 130,396,012
I'.n:
191:
22,276,002
L0,935,635
71,663,615
1911.
534,426,802 $17,826,973 $23,519,203
U.219,813 25,102,266 28,108,620
38,450,400 30,063,512 29,522,725
23,084,330 35,181,922 23,155,018
137,181.345 108,174,673 104.305.466
(At
First
4,136,
5,579,
7,018,
8,043
3,705,
3,542,
5,402
3,447,
.-.,304
7,468
4,653.
4,255;
9,331
Unfilled Orders.
.■nd of the Quarter.)
Second. Third.
961 3,192,277 3,027,436
Ho 4,829,655 5,865,37?
712 6,809,584 7.936,884
,858 r,603,878 (1.425,008
343 3,313,876 3,421,977
,590 4,057,939 4,796,833
,514 4,237,794 3,158,106
301 3,361,058 3,611,317
,841 5,807,346 6,551,507
,956 5,807,31? 5,003,785
,825 4,032,857 3,787,66?
,749 4.678,196 5,317.608
,001 9,640,458
Fourth.
4,696,203
7,605,086
4,489,718
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
Bookings and Shipments.
In this tabic, first two columns, percent-
ages ol bookings and shipments to total ca-
pacity, >\ir own estimates, while last column
i- derived iron, official reports of "unfilled
tonnage" while third percentage column is
directly computed from this tonnage column.
1914
December
1915 —
January
February
March
April
May
lune
July
August . . .
September
October . .
November
December
1916 —
January . .
February
March
April
May
June
July
August .. .
Ship- Book-
ments. ings
V %
. 38 82
LOS
102
1(14
lilt
104
104
Dif-
ferent
| u
::;
+ 9
+ 9
+34
+ 21
133
1 72
186
+ 6(1
+42
Dif-
e. ference.
Tons.
512,051
f411,928
+ 96,800
- 89,622
- 93,505
| 102,354
• 413,598
1-250,344
— 20,08.".
+409,163
+ 847,834
+ 1,024,037
+615,731
+ I 16,547
+ 646,199
+762,035
4 498,550
-297,340
-297,340
- 46,866
+ 66,765
Railroad Earnings.
Railroad earnings per mile ot road, of roads having annual
ibove $1,000,000. this being about 229.000 miles or about 90%
•ailway mileage: compiled by the Bureau of Railway Economic:
•eports furnished the Interstate Commerce Commission.
1913-14 1914-15 1915-16
Revenue. Expenses. Net. Revenue. Expenses. Net. Revenue. Expenses.
erating re
the t-)tal
0111 duplic;
fuly
Vugust . .
September
October . .
November
3ecember
anuary . .
February .
>farch .... 1,091
\-pril 1,038
if ay 1,01;
unc 1,09?
$1,183
1.244
L,25'
1,31 I
1.180
1.116
1.021
$837
856
$346
:t8£
'.II
$1,1 ■ ;
1.174
1,185
1,171
1,026
993
939
900
1,015
1,013
1,04 '
1,094
$786
; 83
?8?
■ 18
680
$341
386
402
384
292
263
289
309
362
$1.1 30
1,191
1.251
1,323
1.303
1,22:
1,30?
1,302
$750
n\;
Net.
$380
426
47T
508
450
l.-.l
I.-. I
THE STEEL AND METAL DIGEST.
Octobei
Iron and Steel Imports and Exports.
Value of Tonnage and
1911.
January $18,738,391
February .... 18,690,792
March 22,591,991
April 24,916,912
May 20,616,795
fune 20,310,053
July 17,454,772
August 20,013,557
September ... 19,875,308
October 20,220,833
November ... 20,823,061
December ... 22,1S6,996
1912.
$18,451,914
21,801,570
24,474,799
26,789,853
28,050,247
24,795,802
24,917,952
25,450,107
23,286,040
25,271,559
26,406,425
23.750,864
1913.
$25,141, 409
24,089,871
37,221,210
27,123.044
26,718,970
25,228,346
24,170.704
23,947,440
22,831,082
25.193,887
20,1-42,141
22,115,701
Non-Tonnage.
1914. 1915.
$16,706,836 $18,053,421
16,5f:0,260 16,470,751
20,551,137
20,639,56!)
19,734,045
18,927,958
16,737,552
1.0,428,817
12,531,102
16,455,832
15,689,401
14,939,61::
20,985,505
25,302,649
26,536,612
31,730,132
35,891,575
37,726,822
38,415,180
4:;, 602,741
48,056,220
45,825,277
1916.
$51,643,
54,155,
58,300,
58,722
72,918
76,257
70,345
86,296
807
386
297
411
913
,884
,162
.703
Totals ... $249,656,411 $289,128,420 $293,934,160 $199,861,684 $388,703,720 $528,640,563
Exports of Tonnage
1909.
January 70,109
February S4.837
March 94,519
April 100,911
May 109,808
June 114.724
|uly 100,850
August 105,690
September 97,641
October U0>821
November 116,105
December 137,806
1910.
118,681,
110,224
124,980
117,921
135,306
120,601
127,578
131,391
119,155
129,828
155,138
150,102
1911.
152,362
150,919
216,360
228,149
178,589
174,247
162,855
177,902
181,150
186,457
187,554
190,854
Lines, --Gross Tons
1912
151,575
204,969
218,219
267,313
307,656
273,188
■.'72.77S
282,645
248,613
251.411
233,343
235,959
1913.
249,493
241,888
257,519
259.689
::4:J,:;.v:
243,108
237,159
209,856
21:;. o:,;
220,550
175,961
181,715
1914.
118,770
121,206
159,998
161,952
139,107
144,539
1 14.790
86,599
•.1(1.4 76
147,2!):',
140,731
117.827
1915.
140,550
139,946
174,104
223,587
263,113
356,431
378,897
405,853
381,917
350,955
362,766
353,840
1916.
357,125
368,867
438,05!
384.92-i
540,54!
526,77:
197,001
598,001
Totals 1,243,567 1,540,895 2,187,724 2,948,466 2,730.681 1,549,543 3,532,432
Iron Ore Imports.
Jan. .
Feb. .
Mar. .
April.
May .
June
July •
Aug.
Sept.
Oct. .
Nov.
Dec.
1913.
175,463
188,734
164,865
174,162
L91.860
241,069
272,017
213,139
295,424
274,418
179,727
223,892
1914.
101,804
112.574
68,549
111,812
I !5 659
188,647
141.838
134,913
109.176
114,341
90,222
51,053
1915.
75,286
78,773
88,402
91,561
98,974
118,575
119,468
126,806
1 73.253
138,318
113,544
118.321
1916.
89,844
93,315
93,383
75,712
148,599
134 154
Iron and Steel Imports.
Totals 2,594,770 1,350,588 1,341,281 635.007 T rtal 225.072 317.260 289.778 182.443 177.1
Jan. .
Feb. .
Mar. .
April.
May .
June .
July .
Aug.
Sept..
Oct. .
Nov.
Dec.
1912.
20. mis
11,622
15.466
12.481
15,949
21,407
17.882
211. 57 1
18,740
25,559
24,154
21,231
1913.
21,740
! 1,505
27,467
25 7 42
28,728
30,597
36,694
18,7 10
19.941
20,840
25,809
26,454
14,757
27,829
30,585
28,173
23,076
28,768
18 120
22.754
24,165
9,493
1915.
10,568
7,506
8,025
16,565
28,916
32,200
20,858
27,556
23,344
34,319
37,131
35.455
20,S
15,1
20.1
32,1
26,!
14.:
32,:
STEEL PRICE CHANGES.
45D
Price Changes of Iron and Steel Products
From April 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 rates
are merely those upon which our quotations were changed. A few other price
changes are included.
1 Mates
Shapes
Wire nail
1.15
1.60
Steel pipe
Boiler tubes
Tin plate
Plates
Galvanized sheets 3.40
Galvanized sheets 3.60
to L.SO
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 62J4 to 63J4
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
tubes
1.15
1.20
1.75
Boiler
Bars
Plates
Shapes
Sheets
Wire nails 1.55
Painted barb wire 1.55
Sheets 1.70
Galvanized sheets 5.00
Boiler tubes
Plates
Wire nails 1.60
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
Wire nails
Black sheel
Plates
Shapes
Wire nails
Sheets
Shapes
Boiler tubes
Bars
Sheets
74% to 73%
1.20 to 1.25
to 1.20
to 1.25
to 1.70
to 1.60
to 1.70
to 1.75
to 4.50
73% to 729!
1.20 to 1.25
to 1.55
to 4.25
to 1.60
to 1.30
to 1.80
to 1.85
to 60c
to 1.40
to 70c
1 in
1.60
1.25
1.30
1.65
1.90
i. 1 :,n
to 1.6.-,
in 1.90
to 1.30
I,, I..::,
1915—
Oct. 7
Blue ami. sheet- 1.55 to 1.60
' 15 Bars 1.40 to 1.45
" 15 Plates 1.40 to 1.45
" 15 Shapes 1.40 to 1.45
" 15 Galvanized sheets 3.60 to 3.50
" 19 Black sheets 2.00 to 2.10
Oct. 21 Wire nails 1.75 to 1.85
" 25 Blue ann. sheets 1.60 to 1.65
" 26 Bars 1.45 to 1.50
" 26 Plates 1.45 to 1.50
" 26 Shapes 1.45 to 1.50
" 28 Blue ann. sheets 1.65 to 1.70
" 29 Boiler tubes 71% to 69%
Nov. 1 Steel pipe 79% to 78%
1 Galvanized sheets 3.50 to 3.60
4 Black sheets 2.10 to 2.20
4 Galvanized sheets 3.60 to 3.70
4 Bars 1.50
" 12 Tin plate 3.30
" 12 Sheets 2.20
" 15 Sheets 2.25
" 15 Galvanized sheets 3.80
" 15 Blue ann. sheets 1.80
" 16 Wire nails 1.85
" 18 Bars 1.60
" 18 Plates 1.60
Nov. 18 Shapes 1.60
" 18 Galvanized sheets 4.00
" 24 Galvanized sheets 4.25
" 30 Sheets 2.40
" 30 Galvanized sheets 4.50
JO Blue ann. sheets 2.00
Dec. 1 Wire nails
to 1.75
lo 1.95
1.35 to 1.40
72% to 71%
1.35 to 1.40
L.9!i
to 2.00
Boiler tubes
Bars
Plates
Shapes
Wire nails
Sheets
Tin plate
Blue ami. sli
Bars
Plates
Shapes
Pipe (with e
to 1.60
to 3.60
to 2.25
to 2.40
to 4.00
to 2.0(1
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
69% to 68%
1 .70 to 1.80
to 1.8(1
to 1.80
1.90
1.70
1.70
'.'.(111
:;.:, 1 1
3.60
1.80
1.80
to :
10
in 2.60
to 3.75
i,i 2.35
to 1.85
to 1.85
to 1.85
78% t,.;;';;
456 THE STEEL AND METAL DIGEST. Oc
Comparison of Metal Prices.
KailKf Tor Kill
High. Low.
Pig Iron.
Bessemer, valley 14.25 13.75
Basic, valley 13.25 12.50
No. 2 foundry, valley .... 13.25 12.75
No. 2X fdy. Philadelphia. 15.00 14.20
No. 2 foundry, Cleveland . 14.25 13.25
No. 2X foundry, Buffalo. 13.75 12.25
No. 2 foundry, Chicago . . 14.75 13.00
No. 2 South'n Birmingham 10.75 9.50
Scrap Iron and Steel.
Melting Steel, Pittsburgh. 12.00 9.75
Heavy melt, steel, Chicago ll.Ou 8.00
No. 1 R. R. wrought, Pitts. 12.75 10.00
No. 1 cast, Pittsburgh .... 12.25 10.50
Heavy steel scrap. Phila. .. 11.25 9.00
Iron and Steel Products.
Bessemer rails, mill 1.25 1.25
Iron bars, Pittsburgh 1.35 1.20
Iron bars, Philadelphia ... 1.27Ji 1.12'.
Steel bars, Pittsburgh .... 1.20 1.05
Tank plates, Pittsburgh . . 1.20 1.05
Structural shapes, Pitts. .. 1.25 1.05
Grooved steel skelp. Pitts.. 1.20 1.12'j
Black sheets. Pittsburgh . . 1.95 1.80
Galv. sheets, Pittsburgh . . 3.00 2.75
Tin plate, Pittsburgh .... 3.75 3.10
Wire nails, Pittsburgh .... 1.60 1.50
Steel pipe, Pittsburgh .... 79^% 8195
Connellsville Coke at ovens.
Prompt furnace 2.00 1.60
Prompt foundry 2.50 2.00
Metals — New York.
Straits Tin 65.00 28.50
Lake copper 15.50 11.30
Electrolytic copper 14.87^2 11.10
Casting copper 14.65 11.00
Sheet copper 20.25 16.50
Lead (Trust price) 4.15 3.50
Spelter 6.20 4.75
Chinese & Jap. antimony. 18.0(1 5.30
Aluminum. 98-99% 21.50 17.373
Silver 59% 47fg
St. Louis.
Lead 4.10 3.35
Speller 6.00 4.6U
Sheet zinc (f.o.b. smeller) 8.75 7.00
London. £ £
Standard tin, prompts ... 188 132
Standard copper, prompts 66-% 49
Lead 24 17%
Spelter 33 21J4
Silver 27'4d 23JjJd
K:lllRe fi
iir III 15
Kange f<
it 1816
High.
Low.
High.
Low.
21.00
13.60
22.50
20.00
IS. (Ill
12.511
19.50
17.75
is, .Ml
12.511
19.00
18.25
19.50
14.00
211.25
19.50
IS.SII
13.00
19.30
is. 511
IS. (Ill
1 1.75
19.00
18.0(1
IS. 511
13.00
19.00
18.00
14.5(1
9.25
15.0(1
14.011
18.00
1 1.110
18.75
16.00
15.25
s . 7 5
16.75
14.50
17.25
10.75
19.50
17.50
15. (Ill
1 1.0(1
16.00
14.75
16.25
9.50
i ; 75
14.75
1.25
1.25
1.47
1.25
1.90
1.20
2.71)
1.90
2.06
1.12H
2.66
2.06
1.80
1. 10
2.60
1.85
1.60
l.ln
3.00
1.85
1.80
1. 10
2.60
1.85
1.75
1.12!/2
2.35
1.75
2.60
1.70
3.00
2.60
5.00
2.65
5.011
4.15
3.60
3.10
6.00
3.75
2.10
1.511
2.60
2.111
79%
3195
699!
789'i
5 7.0(1
32.00
56.011
37.50
23.00
13.00
30.25
23.00
23.00
12.su
31.00
2:;. on
22.00
12.711
28.25
22.00
27.25
is. 75
.17.511
28.00
7.00
3.70
7.511
5.50
27.25
5.70
21.17) 2
8.37
40.0(1
13.00
45.011
10.511
60.0p
18.75
65.011
53.00
2 7.011
5.55
21.00
8.20
33.00
9.00
25.50
15.1111
£
£
£
£
190
US',
205
163
86f$
146
84J
:io-.
ls':
36.,
'.'7 >..
1 10
-'-'•
1 11
44
37 ',d
26T*d
Iron and Steel Price Movement C
(Supplement to The
The plotting is from monthly averages of daily quotations. Where the
low points the fact is indicated. Prices are per net ton of composite fim
HIGH
1907
LOW
1909
HIGH
1909
LOW
1911
HIGH
1912
o
z
UJ
^
$60 -
59 -
.58 -
57 -
50 -
55
54
53
52
51
50
49
48
17
46
44
43
42
41
40
39
38
37
36
35
34
33
32
31
ao
29
28
27
26
25
24
23
21
20
19
18
17
16
15
14
11
li
1
H
.
V©
\a.
Vsl
„
i-i-
/\
■
VS.
/ \
•
\^ j
f \
/\
\%- /
~A
/ \
\ /
f \
%
\ /
\
%.
\/
July. y"„
\/
Feb.,1913
7907 \~
A
A
\%
/\
/ \
/\
/ \
— v —
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\
/ \
V'
\
i
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\CJ
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5
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7906 \j,
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/\
,«.
7 \
&\x
/ \
v
f S*\ \
^ /
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-
~V^
J an., 1908
^-o
• ^—
*^sf
'ip
^*N
*\%
^^
- —
i —
•■• •
•
■-Coke plottet
at double t
i« actual or
ce /n order t
o emphasize
thefluctuat
ona
ed with Old High and Low Points
to! Digest, October l'>/6. )
points of billets and scrap fell at times widely different from the general high
coke, and per gross ton of other materials.
^
C9
UJ
CJ>
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o
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CO
cc
az
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<f/
-4
<,»N
42
41
40
39
38
37
36
33
34
33
32
31
HO
29
28
27
20
25
24
23
21
20
19
18
17
10
15
14
13
12
11
10
9
8
6
4
3
i
1
/
t:
rz
1
.Co
£«as/
e— jOft
-/£„„
&>
«£»
'!/ St
?T7;
~s(>lir
fi^ —
p.rom
t &--
ill Cf
-oA'i.' r
■
1916 SECURITY PRICES. 457
Comparison of Security Prices.
Range fur till I
High. Low.
Railroads.
\hhis.m. [op. & Santa Fe... 100% 89%
\lch. Top. & Santa Fe. pfd. 101% 96%
Baltimore & Ohio 955^ 67
Canadian Pacific 220% 153
( hesapeake & Ohio 08 40
( hicago, Mil. & St. Paul .. . in ; ' s 84%
Erie R. R 32% 20%
Great Northern pfd 134% 111%
Lehigh Valley 156% us
Louisville & Nashville 141% 125
Missouri, Kansas it Texas .. 24 siH
Missouri Pacific 30 7
New York Central 96% 77
X. V.. X. H. & Hartford .... 78 49%
Northern Pacific 118}/. 97
Pennsylvania R. R 115% 102%
Reading 17214 137
Southern Pacific 991/, 81
Union Pacific 164% 112
Industrials.
Am. Beet Sugar 33}/ 19
American Can 35% 19%
American Can, pfd 96 ' so
Am. Car & Foundry 53% 42%
Am. Cotton Oil 40% 32
Am. Locomotive 37% 29%
Am. Smelting & Refining .... 71% 50%
Brooklyn Rapid Transit 94% 79
Chino Copper 44 31%
Colo. Fuel & Iron Co 34% 29%
Consolidated Gas 139% 112%
General Electric 150JS 137%
International Harvester 113% 82
Lackawanna Steel 40 26%
Xational Lead 52 40
Ray Consolidated Copper .... 22% I.".
Republic Iron & Steel 27 is
Republic Iron & Steel, pfd... 91% 75
Sloss-Sheffield 35 19%
Texas Co 149% 112
l J. S. Rubber 63 44%
U. S. Steel Corporation 67% 48
U. S. Steel Corporation, pfd.. 112'., 103%
Utah Copper 59% 45%
Va. -Carolina Chein 34% 17
Western Union Telegraph ... 66% ;>:i<s
Range
for HUB
Range 1 ,
ir 1816
< losing,
High.
Low
High
Low. ,
Aug. 31,
1916.
111%
'j'.' ! .
HIS'
100%
106%
102%
;io
102
97%
101
'.to
03%
96
82%
88%
194
138
183%
162%'
179
04m
35%
08%
58
67%
101%
77%
102%
91
90%
15%
19%
435, s
32
40%
128%
113%
127%
116%
119%
83%
04%
84%
74%
83
130 '.4
104%
135} _.
121%
134
15%
4
7%
3%
4%
18%
1%
7%
3%
4%
110%
81%
111%
100%
109%
89
43
"7%
57
60%
1 Hi
99%
118%
108%
113%
61%
51%
59%
55%
57%
85%
69%
115%
75%
113%
H'4's
81%
104%
94%
102
141'..
1 1:,;,
152%
129%
151%
?2%
:!::',
99
61%
97
68%
25
08%
50%
66%
113' ■
S'.i
115
108%
115
'.IS
40
78
52
;i%
04
39
57%
50%
55
74%
19
833%
58
81
108%
56
117
88%
ii5' ;
93
83^4
88%
83%
85
57%
32%
00
46%
57
66%
21%
59%
38%
02%
150%
113%
144%
130%
139
185%
138
186%
1 5'.!
182%
114
90
1 19%
ins'
116%
94%
28
90
04
87%
70%
44
745%
60%
70%
■-'7',
15'.,
2 7
20
26%
57%
19
83%
12
82%
L12%
72
116%
106%
112
00%
22
64%
37
64
237
1211
235!
177%
21 1
74%
14
63%
47%
62
89; ;
38
L20%
;ti ' i
1.20
117
102
1 22
115
121%
81%
48 %
993. |
Ml,
96%
..2
1.-,
51
30
42%
90
57
102%
87
Hill' .
t58
THE STEEL AND METAL DKiKS'l
October
Jan.
Feb. 7
- 81
" 29
'• 29
Mar. 1
April 5
" 15
" 19
" 24
May 1
:;
" 16
June T
" 16
July 7
Aug. 1
" 15
•■ is
" 18
" 25
Sept. 7
" 20
■' 28
Oct. 3
Blue ann. sheets
Boiler tubes
Blue ann. sheets
Boiler tubes
Blue ann. sheets
Bars
Plates
Shapes
Pipe
Wire nail-
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
Boiler tubes
Tin plate
Pipe
Wire nails
Tin plates
Plates
Galv. sheets
Tin plate
Blue ann. sheet
Galv. sheets
Tin plate
Wire nails
Bars
Shapes
Plates
Galv. sheets
Pipe
Boiler tubes
Galv. sheets
Sheet -
Blue ann. shee
Sheets
Tin plate
.'.:;.-. to 2.40
6895 to 6691
3.40 to 2.50
f,r,' i to 64%
3.50 to 2.65
1.85 to 1.90
1.85 to 2.00
1.85 to 1.90
;:'', to 76%
2.10 to 2.20
1.90 to 2.00
2.00 to 2.10
1.90 to2,.00
2.20 to 2.30
76% to 75%
2.00 to 2.25
2.10 to 2.35
2.00 to 2.25
3.75 to 4.00
75% to 74%
r,4' < to 63%
2.30 to 2.40
2.60 to 2.75
2.65 to 2.90
2.25 to 2.35
2.35 to 2.60
2.25 to 2.35
74% to 73%
63% to 61%
2.35 to 2.50
2.35 to 2.50
2.60 to 2.75
2.75 to 2.85
73% to 72%
61% to 60%
2.85 to 2.90
60% to 56%
4.50 to 5.00
72% to 70%
2.40 to 2.50
5.00 to 5.50
2.75 to 2.90
5.00 to 4.75
5.50 to 6.00
3 3.00 to 2.90
4.7:. to 4.50
6.00 to 5.50
2.50 to 2.60
3.50 to 2.60
2.50 to 2.60
2.90 to 3.00
4.25 to 4.15
70% to 69%
56$ to 54$
4.15 to 1.25
;.'.ni to 3.00
i- .'.'.in to 1.25
3.00 to 3.10
5.50 to 6.00
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 Unitec
States population:
Admitted. Departed. Change.
January, 1915. 20,684 31,556 — 10,87:
18,704
26,335
31.765
32,363
28,499
434,244
27,097
27,4 13
31,096
31,215
29,297
23,173
17.293
30,244
33,685
36,999
February
March
April
May
June
Year 1915 .
July
August
September . . .
October ....
November . .
December . . .
January, 1916.
February . . .
March
April
May
June
Year 1916 .
July
14,188 + 4,511
15,167 -f- 11,161
17,670 + 14,«9
17,624 + 14,73'
21,532 + 6,96
384,174 + 50,07
16,015 + 11,08
41,737 — 14,32
+
33,061
26,338
26,005 -
23,743 —
4,015 +
1,96
4,87
3,29
57
7,3«
37,296
366,748
25,035
10,824 + 19,42
9,894 + 23.7S
10.856 + 26,1J
13,317 + 24,7(
15.112 + 22. li
240,807 + 125,9-
12,723 + 18,2!
United States citizens arrived and d«;par
ed, with change thereby effected in Unite
States population:
Arrived. Departed. Chang'
5,115 + 3,9
10,310
8
— 1.2
— 1,8
+ 4.1
July, 1915 .... 9,027
August 9,506
September . . . 9,054
October 8,991
November . . . 8,364
December .... 8,458
January, 1916. 8,257
February .... 11,082
March 15,065
April 12,522
May 10,989
June 10,078
Year 1916 . . 121.930
July 12,624
Net change in population caused by 1
movement of both aliens and citizei
1913, +754,205; 1914, +687,065; 1915, +11
237; July, 1915, +14,994; August, 1915, — 1
128; September, 1915, —1,099; October, 19
+5,539; November, 1915. +2,490; Dece
ber, 1915, —1,461; January, 1916, +6,0
February. +17,594; March. +27.989; Ap
f30,614; May. +26.249; June. -1-22.2
year 1916. +137,138; July. +21.878.
8,188 +
8,329 +
9,166 —
9,349 —
9,469 —
12,908
10,867
8,051 - 4.4
8,968 + 2.C
10.013 +
110,733 • M.l
8,990 + 3,(
lOlri
COMPOSITE PRICES.
459
Composite Steel.
Computation i >r t Ictober I, I9i(i
Pounds
I1 '
.'.00
1.00
.'.00
I .1 .Hip
Bars
Plates
Shapes
Pipe (',-.;>
Wire nails
Sheets (38 bl.) 3.00
Tin plates 5.50
2.00
. 100
.000
in pounds 29.125
One pound 2.9125
Averaged from daily quotations.
1912. 1913. 1914. 1915. 1916.
Jan. 1.5123 1.773T 1.5394 1.4554 2.1410
Feb. 1.4878 1.7625 1.5794 1.4716 2.2988
Mar. 1.4790 1.7640 1.5638 1.5098 2.5579
April 1.5206 1.7742 1.5337 1.5357 2.7165
May 1.5590 1.7780 1.5078 1.5381 2.8043
June 1.5794 1.7719 1.4750 1.5312 2.8300
July 1.6188 1.7000 1.4805 1.5692 2.8425
Aug. 1.6784 1.7400 1.5241 1.6059 2.8588
Sept. 1.7080 1.709:: 1.5632 1.6506 2.9013
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 and Steel Prices.
eltins Bundled No. 1 R. E. No.
Steel. Sheet Wrought Cast.
Pitts. Pitts. Titts. Pitts.
1915—
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Year
1916-
Jan.
Feb.
Mar.
Apr.
May
June
July
W.
Sep.
1 1.40
I 1.70
I 1.S0
I L.65
L1.65
11.75
1 2.62
14.05
14.25
14.50
16.12
17.65
I No. 1 Heavy
Steel. Melt's.
Phila. Ch'go.
9.37
'.I.::;
9.37
9.3;
9.60
11.40
11.90
12.00
12.55
13.15
10.54
17.75 13.40
17.20 13,60
18.10 14.80
18.00 1 1.75
17.00
16.25
16.70
10.25
10.01
13.65
13.00
12.50
11.70
1 1 .65
10. T5
10. T5
10.75
11.00
12.25
13.15
13.75
15.35
17.10
12.26
18.75
L9.15
19.25
19.05
19.00
18.80
18.15
18.35
11.50 10.S5
11.85 11.10
11.85 11.25
11.85 11.25
12.00 11.85
12.85
13.10
13.35
13.90
14.95
12.40
13.70 11.85
14.70 12.15
12.54 10.90
15.10
15.35
16.30 15.00
10.25 15.75
15.75 17.15
10.00 18.0(1
16.10 17.00
10.
10.75
15.90
15.45 14.80
15.00 14.30
15.00 15.30
15.40
15.30
1 5.00
15.00 15.00 16.00
Composite PijJ Iron.
( i.
19 11
mputatioi
i. ui Bessemer, valle)
tons basic, vallej ( 19.00) . . .
I. mi No. 2 foundry, valley
ton \... 2 foundry, Philadelphi
t..n \... 2 foundry, Buffalo . . .
I. .n No, 2 foundry, Cleveland .
ton X... 2 i Mindiy. ( Ihicago . .
tons No. 2 Southern foundry",
Cincinnati 1 1 7.40 i
Total, ten tons
One ton 19
Jan.
Feb.
Mar.
April
May
June
July
A us.
Sept.
Oct.
Nov.
Dec.
Year
\veraged from daily quotations:
1912. 1913. 1914. 1915.
17.391 13.492 13.070
17.140 13.721 13.079
16.775 13.843 12.971
16.363 13.850 12.914
15.682 13.808 13.206
14.968 13.600 13.047
14.578 13.520 13.125
14.505 13.516 14.082
14.092 13.503 14.895
14.737 13.267 15.213
14.282 13.047 16.398
13.838 13.073 17.987
15.418 13.520 14.150
13.240
13.427
I :;..-. S 1
13.779
131917
14.005
14.288
14.009
15.386
16.700
1 7.220
17.475
14.823
$33.50
38.00
19.00
I 19.50
L8.75
. 18.80
19.09
34.80
191.85
185
1916.
18.690
18.564
18.857
19.021
18.965
18.552
18.585
18.514
18.097
Unfinished Steel and Iron Bars.
(Averaged from daily quotations.)
Sheet
Billets. Bars. Rods. —Iron bars, deliv.
Pitts. Pilts. Pitts. I'hila. Pitts. Ch'i
1915-
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Year
1916-
Jan.
Feb.
Mar.
Apr.
May
rune
July
Aug.
Sep.
t I
..00
i.00
i.oof
.10+
;.:,ot
>.50+
i.OOf
..20+
1.73+
1.50+
.90 +
.00+
1.00+
i.oof
I.50+
1.73+
1.12
1.12
1.13
1.18
1.18
1.2(1
1.32
1.43
1.19
1.5 7
13.26 Kl.54 12.20 12.40
32.50+ 32.50+ 42.00 2.21
34. 00f :i4.00+ 48.00 2.41
11.1111+ 11.00+ 50.00 2.50
15.00 15.0(1 00.00 2.02
13.00 13.00 59.00 2.00
42.00+ 42.00+ 5S.0O 2.00
12.50+ 42.50+ 58.00 2.00
40.00 16.00 58.0(1 2.66
17.00 15.00 58.00 2.66
'remium for open-hearth.
1.20
1.20
I.. 'II
1 .20
1.83
12.54
2.00
2.0(1
2.00
2.00
2.70
460
THE STEEL AND METAL DIGEST.
Car Buying.
Freight cars ordered:
January. 1915 3,300
February 4,255
March 1,287
April 3,000
May 20,120
June 29.864
Six months '. . ill. 916
July 5,675
August 4.61!.".
September 5,060
October 26,939
November 19.863
December 7.05.1
Six months 69.217
Year 1915 131.133
1916—
January 21.337
February 13.043
March 10,725
April 8,058
May 6.204
June 3.470
Six months 04,287
July ^.883
August 3,384
September 19,683
Pig Iron Production.
Rates pt r annum, including charcoal pig.
April, 1915 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, 1916 37. 850,000
February 39,200,000
March 39.600,000
April 39.600,000
May 39.800.000
June 39,500,000
July 38,350,000
August 39,200.000
On October 1st 39.800.000
Actual production :
1910 27,30 ! 561
1913 30,966,152
1914 23,332,244
1915 S9,916,2l3
Our Foreign Trade.
Value of merchandise imports and ex-
ports, and favDrable trade balance, calendar
years.
Imports. Exports. Balance.
1904
1,035,909,190
1,451,318,740
1905
1,179,144,550
1,626,990,795
1906
1,320,501,572
1,798,243,434
1907
1.423,169.820
1,923,426,205
1908
1.1 It',..'! 74.087
1.752.835,447
1909
1.47. -..520, 724
1,728,198,645
1910
1,562,904,151
1,866,258,904
1911
1,532,359,160
2.092,520,740
1912
*1.818,133,355
2.399.217,993
1913
1.792,596,480
J. 484,018,292
1914
I.7S9. 276,001
2.113.624,050
1915
1,778,596,695 *
3.547.480.372 *
1914—
Jan.
154,742.92::
204.066,603
Fe!>.
148.044.7Tii
173.920.14.-,
Mar.
1S2, 555,304
187,499,234
Apr.
173,762,114
162,552,570
May-
164.281. 5i:,
161,732,619
June
157,529,450
157,072,044
July
150,677,291
154.138.947
A uk.
129,767,890
110,367,494
Sept.
139,710.611
156,052,333
Oct.
137.978,778
195,283,852
Nov.
126.467,062
205,878,333
Dec.
114.656.545
245,632,558
1915—
Jan.
122,148,317
267,879,313
Feb.
125,123,391
298,727.7.-,?
Mar.
158,022,010
296,501,852
Apr.
160.576,106
294,745.913
May
142,284,851
273,769.093
June
157.695,140
268,547.416
July
143,099,620
267,978,990
Aug.
141. 830.202
261,025,230
Sept
151.236.020
300,676,822
Oct.
I4M. .-,29,620
334,638,578
Nov.
L64,319,169
331.144.527
Dec.
171,832,505
359,306,492
1916—
Jan.
184,362,11 ;
330.784,847
Feb.
193.935,117
402.991.118
Mar.
213,589,785
409,850,435
Apr.
317,705,397
399,861,157
May
229.188.957
474.881,255
hint-
►245,795,438
164,784,318
July
182,722,938
145.472.000
Aug.
199,247,391
*509,778,680
* High record.
Balance unfavorable
l'.Uii
AVKKAliKS AND EXPORTS.
Ilil
Steel Making Pig Iron
Averages.
Bessemer and basic pig iron averages,
compiled by \V. P. Snyder & Company from
Sales ill the valley market of 1,000 tons and
over. Bessemer. Basic.
Jan. . . $13.6375 $20,045 $12.50 $17,833
Feb. .. 13.60 20.2136 12.50 17.984
Mar. .. 13.60 20.8685 L2.50 18.25
April . 13.60 20.70 12.50 18.00
May .. 13.659 20.833 12.65 18.1607
June .. 13.75 21.00 12.724 18.00
July .. 13.991 21.00 12.959 18.00
Aug. .. 15.064 21.00 14.364 18.00
Sept. . . 15.906 21.9346 15.00 18.63
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;
delivered Pittsburgh is 95 cents higher.
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.
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 7,582
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
March 44 20,364
April 179 21,385
May 39 25,585
June 91 29,751
July 150 18,742
August 105 18,758
British tin plate exports have been as fol-
lows, in gross tons:
January 1916 26,271
February 27,289
March . . 39,482
April 23,337
May 41,868
June 30,351
July 38,174
British Iron And Steel
Exports.
1915— Pig Iron. Rails. Tin Plate. Total.*
Mar. .. 20,172 17,572 36,170 239,341
April .. 35,209 21,602 40,135 265,244
May . . 29,342 21,770 33,727 267,524
June .. 39,127 23,728 33,986 272,195
July .. 78,370 33,224 39,528 351,984
Aug. .. 73,283 32,962 22,572 295,260
Sept. .. 53,008 15,800 20,002 249,501
Oct. .. 78,973 13,640 31,908 312,141
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
Mar. .. 87,283 3,366 39,482 307,488
April . . 82,976 10,510 23,337 293,897
May .. 97,967 4,103 41,868 395,750
June ... 77,487 3,243 30,351 310,595
July . . . 69,999 3,485 38,174 298,929
Aug. .. 95,655 1,983 34,124 319,928
8 mos. 673,998 33,746 260,896 2,502,070
* Includes scrap, pig iron, rolled iron and
steel, cast and wrought iron manufactures,
bolts, nuts, etc., but not finished machinery,
boilers, tools, etc.
Wage Scale Averages.
Sworn averages of prices obtained by
mills for shipments in months named, used
in fixing wages under Amalgamated Asso-
ciation sliding scales. The figures represent
the rates used, the actual ascertained aver-
ages lying between the figure given and the
one five points higher. Base sizes of iron
bars; average of 26, 27 and 28 gauges black
sheets; tin plate per base box, 100-pound.
Bar Iron.
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 *1.85
July-August 1.0928 *1.15 *1.95
September-October 1.0847 *1.15
November-Dec'ber 1.037 *1.30 ....
Year's average .... 1.1125 1.144 ....
* Settlement basis.
Sheets and Tin Plates.
1916. Sheets. Tin Plates.
January-FeDruary .... 2.25 3.50
March-April 2.50 3.70
May-June 2.00 3.90
July-August 2.70 4.05
462
THE STEEL AND METAL DIGEST.
Octobei
Tin in September.
Net Advance for Month % to %c Per Pound for Last Quarter Deliveries,
IV4C for First Quarter 1917 — Deliveries into Consumption Less Than
Last Month — Net Advance £4 15s on Spot and £4 10s on Futures
The result of the fluctuations in tin
prices during September was a net ad-
vance of %c to %e per lb. on all posi-
tions to the end of the year and a rise
of l^c per lb. on domestic arrivals
during the first quarter of next year.
The sentiment in the foreign markets
was conservatively strong without any
tendency toward speculation and was
reflected in a net advance of £4 15s on
spot Straits and on spot Standard, and
£4 10s on future Standard at London,
while the Singapore price was £4 10s
higher at the close than at the begin-
ning of the month.
Deliveries into American consump-
tion in September were 4,025 tons, as
against 4,335 tons in August and 4,300
tons in September last yeax. The Sep-
tember deliveries this year included
3,350 tons from Atlantic ports and 675
tons from the Pacific Coast to eastern
plants.
Stocks in warehouse and landing at
the end of the month was 4,769 tons,
against 4,756 tons at the end of August
and 4,546 tons at the end of September
last year-
Shipments from the Straits were 3,-
270 tons, being 2,026 tons less than in
Septembex 1915. For the nine months
this year the decrease in shipments has
been 4,480 tons. The total visible sup-
ply on September 30th was 16,192 tons,
being a decrease of 1,850 tons during
the month but 1,000 tons more than a
year ago.
Submarine Activities — Insurance
Rates Advanced 1%.
The only stirring event came in the
last week of the month, when submarine
activity in the Mediterranean uncom-
fortably reminded importers, dealers
and consumers that the exigencies of
war may still cause sudden losses to
tin-laden ships. American underwrit-
ers are reported to have suffered heav-
ily from losses to shipping in the Levant
as a result of the renewal of the under-
sea wax, but thus far, none of the craft
carrying tin has been molested. The
cost of carrying metal from the Easi
Indies, via the Suez canal, and fron
London to this country, however, hai
been increased. Insurance companies
advanced rates 1% to cover the greatei
war risk and consumers of course mus'
ultimately pay the increased cost 0:
transportation.
Market Dull but Steady.
Prior to these incidents the tin mar
ket was devoid of any excitement, th<
trade being monotonously placid fron
day-to-day and from week-to-week. Th<
British Government is certainly exer
cising strong control over the market
ing of this commodity in all consuminj
countries as well as over its productioi
in the East Indies and in Wales. Ther>
is a practical embargo on exports fron
Singapore, Penang and London an<
shipments are made only by specia
permits of the English Government, si
that consumers supplies are subject ti
close espionage. Thus far, however
available supplies have been full:
ample to meet all requirements. Ameri
can consumers, in fact, have benefitec
largely from the bridling of specula
tion abroad, which in normal times, ex
ploits the consumer and puts the mar
ket in a ferment with sudden, wide an<
violent fluctuations. The advance h
prices in September, apparently, wer
legitimate ; but some Amexican consum
ers were silently expressing their pro
test at the close of the month by remain
ing out of the market. It is notable
however, that some of the largest hom<
consumers have covered requirement
for the first quarter of 1917 in the pas
two weeks.
Fear of Railroad Strike Causes
Slight Reaction.
It will be recalled, that late in Au
gust and early in September, there wa
a hesitating spirit at London, as wel
as at home, because of a dread of tto
consequences of the United States rail
1916
TIN IN SEPTEMBER.
It,:;
road employees strike. This was es
pressed in a drifting market and in
slightly lower prices at home and
abroad during the first two weeks of
the month. Spot Straits, however, was
steadier for a lew days, while Banca
tin, comprising about half the stocks,
was pressed for sale with more or less
persistence at T^e per lb. under
Straits. Chinese tin, also sold at ap-
proximately the same price as did Ban-
ea. Toward the end of the second week
some special lots of Straits tin sold
down to 08. 10c for delivery from steam-
ships at dock and first quarter of 1917
sold between :i7%c and 37%c.
The reaction in spot Straits up to
this time, had been :;4e and this year's
arrivals had receded %c to %c. Future
deliveries, however, that is, for arrivals
in next January. February and March,
had receded very slightly. On several
occasions during this time, London in-
terests were buyers here, for the earlier
deliveries, attributed to the need of cov-
ring sales against higher prices and to
some temporary difficulty in getting
shipments from London. At 38c, how-
ever, for September and October, tin
seemed cheap when viewed in the light
of the year's fluctuations. It was point-
ed out that when the year opened sales
of spot tin were made at 44y2c; the
highest point touched was 56c and the
minimum was 37^>c while the average
price to September Avas 44%c.
Market Affected Favorably on News of
Successes by Allies.
Confidence and strength that devel-
oped about the middle of the month,
was attributed to the expectation that
large American buyers would enter the
market soon, but here, the favorable
turn of the war for the Allies was as-
signed as the reason for the stronger
feeling at London. This sentiment
seems to have been well founded, for
late on September 19th, a large business
was transacted here, in December, Jan-
uary and February arrivals. These
3rders sent abroad helped the London
market on the following day and an up-
ward tendency was communicated to
prices by reports that a German raid-
ing submarine was operating in the At-
lantic with similar activities going on
TIN
Six Important Price
Periods At A Glance.
Straits Tin at Nezv York.
69.00
68.00
67.00
66.00
65.00
64.00
63.00
62.00
61.00
60.00
511.00
58.00
57.00
56.00
55.00
54.00
53.00
52.00
51.00
50.00
49.00
48.00
47.00
46.00
45.00
44.00
43.00
42.00
41.00
40.00
39.00
.38.00
37.00
36.00
35.00
34.00
33.00
32.00
31.00
30.00
29.00
28.00
27.00
26.00
25.00
'
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U.l
THE STEEL AND METAL DIGEST.
October
in the Mediterranean. A fair business
with higher prices was done on the
21st, but most of the advance at Lon-
don, that had occurred during the third
week, was lost on the 22nd. The awak-
ening interest of domestic consumers
in spot was checked by the reaction but
considerable trading was done in fu-
tures— February, March and April de-
livery-— at close to 37%c. In the last
few days of the month # a stronger tone
prevailed hare and abroad, with more
active buying of nearby and future
positions by domestic consumers, in-
cluding some large tin plate manufac-
turers who placed several important
orders for spring delivery.
Use of Tin in Manufacture of War
Munitions Larger Than Ever.
Tin is being utilized in the manufac-
ture of war munitions to a greater ex-
tent than ever before and the consump-
tion of Great Britain, France and Rus-
sia for this purpose is now large. It is
also of interest to note that the pro-
duction of "English" tin, from Cor-
nish, Bolivian and Nigerian ore, is re-
Tin Prices in September.
New York. London
Spot. Futures.
Day. Cents. £ s d £ s d
1 38.87^ 170 5 0 171 0 0
4 170 5 0 171 5 0
5 39.00 170 15 0 171 10 0
6 39.00 171 0 0 172 0 0
7 38.90 170 15 0 171 15 0
8 38.62J4 170 0 0 170 15 0
11 38.37K- 169 10 0 170 10 0
12 38.30 169 10 0 170 10 0
13 38.30 169 15 0 170 12 6
14 38.50 170 10 0 171 10 0
15 38.37 VS 170 5 0 171 5 0
18 38.37J/2 170 15 0 171 10 0
19 38.50 171 10 0 172 0 0
20 38.75 1 72 5 0 173 0 0
21 38.87J4 '73 0 0 173 10 0
22 , 38.60 171 5 0 171 10 0
25 38.75 172 0 0 172 10 0
26 38.625/. 172 0 0 172 10 0
27 38.875^ 173 0 0 173 5 0
... 39.12] . 174 10 0 174 15 0
175 10 0 175 10 0
High 39.3754 175 10 0 175 10 0
Low 38.30 169 10 0 170 10 0
Average. 38.70]^ 171 0 ll 172 0 7
ported to be at the rate of 2,000 tons
per month ; all of which output is going
rapidly into consumption.
Export Permits and Submarine
Activities Two Disturbing
Prospects.
Another recent notable feature is the
tendency of prices for nearby and for
future positions to come together. On
the closing day of the month large
dealers would rather have bought than
to have sold tin for delivery in the
earlier months, while at the same time
they were close sellers of January, Feb-
ruary and March positions. London in-
terests, too, who previously had been
sellers were reported to be buyers of
the earlier months. The possibility of
renewed difficulty in securing permits
for shipment from London and the
Straits, and the prospective incursions
of the dreaded submarine, were factors
of importance with which the trade had
to reckon at the close of the month.
TIN SMELTING CAPACITY OF THE
WORLD.
(From the London Mining Journal.)
While the world's capacity for pro-
ducing the leading metals — copper,
spelter, lead, iron, and the like — has
long been the study of careful and full
statistics, corresponding data with ref-
erence to tin smelting have never, so
far as we know, been compiled and
published. The reason, no doubt, lies
largely in the fact that most of the con-
cerns interested are private or semi-
private undertakings, which are under
the influence of English smelting tradi-
tions that it is bad trade policy to give
anything away. At the present time,
however, when such marked changes
and displacements have been caused by
the great war, and we see the United
States for the first time appearing as
a competitor in the tin smelting trade,
we think it timely to examine as close-
ly as may be the various undertakings
and their respective importance.
Pride of place is taken by the under-
takings grouped around the Straits
Settlements. As our readers know, the
production of tin from these sources
under the British flag amounts now to
about 66.000 tons per year. The lead'
ing producer and the oldest, apart from
iimi;
TIN STATISTICS.
465
Visible Supplies.
Fi b
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
\ \ ' ■: i
: supply
1912.
L6.T07
15,694
11,893
14,345
12,920
13,346
11,285
13,245
10,735
12,348
10,977
L3.207
L913
13,971
i2,:;04
ii L32
9,822
13,710
11,101
12,063
11,261
12,943
11,857
14,470
13,893
12.377
at end
11)14.
ir,.-: 14
i r,308
16,989
15,447
17,862
L6.02'!
14,167
14,452
14,613
10,894
11,483
13,396
14,907
of each month :
1915 1916.
13,901 17,041
14,548 16,511
15,467 IS, 782
15,785 19,739
14,646 19,614
15,927 19,363
16,084 18,404
15,127 18,042
15,191 16,192
13,154
16.451
16,216
15,208
Shipments From the Straits.
Monthly shipments
Settlements to Europ
1912. 1913
4,018
5,260
5,150
4,290
5,760
4,290
4,580
5,210
5,430
4,450
5,600
4,980
Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
6,050
4,669
4,810
4,400
6,160
4,280
4,770
6,030
5,160
5,020
5,560
5,110
of tin from the Straits
e and United States:
1914
5,290
6,520
4,120
4,930
1915
5,200
5,584
4,970
5,270
6,900
5,870
4,975
3,315
4,973
4,610
5,155
6,435
6,759
6,665
5,606
4,712
5,296
4,441
6,713
5,301
1916.
6,095
6,250
5,170
4,685
3,965
6,210
5,410
4,526
3,270
Total 59,018 62,550 63,093 66,517
Av'ge 4,918 5.213 5,258 5,543
Consumption
In the U.
s.
Mon
thly de
iveries
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
4,202
May
4,250
3,350
3,800
5,600
5,455
June
2,850
3,800
3,650
3,900
6,398
July
5,150
3,900
3,900
5,300
4,432
Aug.
4,300
3,600
2,900
4,500
4,335
Sept.
3,600
3,100
3,600
4,300
4,025
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.
Sept.
Straits shipments 1916.
To G. Britain.. 1.910
Continent .. 760
" U. S 600
Aug.
1916.
2, 170
066
1,490
Sept.
1915.
74'>
1,202
3,345
Total from Straits 3,270
Total from Australia
'.in
Consumption
London deliveries 1,397
Holland deliveries 127
U. S 4,025
Total
5,549
Stocks at close of month:
In London —
Straits, Australian 3,012
Other kinds 1,018
In Holland
In U. S 4,769
Total 8,799
Afloat close of month:
Straits to London 3,290
to U. S... 2,840
Banca to Europe. 1,263
Total
7,393
4,526
5,296
63
253
1,287
92
4,335
1,996
664
4,300
5,714
6,960
2,876
1,260
4,756
2,528
1,144
5
4,546
8,892
8,223
3,530
4,390
1,230
1,448
5,520
9,150
6,968
Sept. 30, Aug. 31, Sept. 30,
Total visible 1916. 1916. 1915.
supply 16,192 18,042 15,191
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 49.93H 50.42
Apr. 44.02 49.12 36.10 47.98 51.75
May 46 12 49.14 33.30 38.78 49.15
June 47.77 44.93 30.65 40.37 42.18
July 44.75 40.39 31. 7^ 37.50 38.46
Aug. 45.87 41.72 50.59^ 43.39 38.54
Sept. 49.18 42.47 32.79 33.13 38.70^
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
166
THE STEEL AND METAL DIGEST.
October
purelj Chinese business, is the Straits
Trading Company. This concern has,
as has recently been noted in the
Journal, been steadily enlarging its
works, and lias capacity to-day of ap-
proximately 36,000 tons. Second, comes
:ts young and vigorous rival, the East-
ern Smelting Company, with a capaci-
ty of about 17.000 tons. The balance
of the output is usually attributed to
■se operators. There is. however,
ie difficulty in checking these figures
with any accuracy. The amount of tin
exported from the Federated Malay
States as metal in 1913 was a little over
5,000 tons, and though, no doubt,
Chinese buyers and smelters carry on
their business in the tin producing dis-
tricts of Siam and Siamese Malaya, it
is not sufficient to explain the large bal-
ance of 8,000 tons required to make up
the deficiency. Possibly some of the
impure Yunnan tin may be included in
this figure, but as the total output from
the Mong'tze smelters does not exceed
8.000 tons, and has hitherto been almost
entirely refined in Hong Kong, the ex-
planation is not a satisfactory explana-
tion of the discrepancy. In the neigh-
boring Dutch Islands we have the
Banka smelters, worked by the Dutch
Government, with a capacity of about
15.000 tons. The output of Billiton
and Singkep is, we believe, now sold
to the Straits smelters, but even if some
of it is reduced in the islands it hardly
affects the question of the world's
smelting capacity.
Next to the East. Europe is the chief
ientre. In 1913 the United Kingdom
from home and imported ores had about
23,500 tons of metal to realize, and we
may take it that tin- smelting capacity
at that time was up to that mark. Since
the war Williams. Harvey & Company
and the Cornish Tin Smelting Company
have had extensions of their plant in
hand, the London Tin Smelting Com-
pany has been established, and the
Penpoll and Redruth Smelting Com-
5 have probably also some exten-
i, contemplation. Taking these in-
es into account, it -.cms provable
the smelting rapacity of the United
. ,,,,, after the war will not be far
short of 30.000 tons. Individual com-
. however, do not care to give us
for publication. In Ger-
many the output from the Goldschmidt
and other works in 1913 was about 11,-
200 tons. In Hungary the Loszinsky
works were developing previous to tht
war, but to what capacity we are unac-
quainted. Of late smelting has beer
started in the United States by the
American Smelting & Refining Com
pany. Their present output is statec
to be about 3,500 tons a year, but then
capacity is reported to be designed foi
some 6.000 tons, and there is a possi
bility of some other enterprises also
The only other centre where, so far ai
we know, smelting is established is Aus
tralia, where tin smelters are in opera
tion at Mount Bischoff in Tasmania, ai
Woolwich in Sydney, and at Irvine
bank in Queensland. It is very difti
cult to say what is the capacity of thesi
works. Theoretically their capacity ii
probably largely in excess of produc
tion, the latter being limited by tin
amount of ore produced in the particu
lar State and by the difficulty of com
peting with foreign biryers. The out
put from the Woolwich works is abou
900 tons per annum, that from Moun
Bischoff, so far as we can judge at pres
ent, about 1,500; while from Irvine
bank we have no data as to present ae
tivity, save only that the Queenslanc
output last year' was 2,125 tons of blacl
tin, for which the Straits is also a com
petitor. Probably, therefore, the out
put of metal would not be in excess o
1,000 tons. The Irvinebank smelter ha
an actual capacity of 50 tons per day
which illustrates the difference betweei
furnace capacity and actual output
based on the supply of ore. Summinj
up the above figures we get somethini
like the following as a rough aggregate
Asia Tons
Straits Trading Company 36,00'
Eastern Smelting Company . . 17.00'
Chinese Smelters 13.001
Banka 1V00
Yunnan 8-00'
England 28,00
Germany 1120'
U.S.A.' 6,00
Australia
Mount Bischoff (say) l,|g
Woolv ich 9°
Irvinebank (say) 1.00
Total 137,60
llllti
LKAD IX SKI'TKMl'.KK.
467
The gross total is probably excessive,
partly on accounl of the wanl of bar-
!ii(iii\ between the Chinese figures al-
ready noticed and partly because the
German works arc reckoned in at their
full capacity, despite the fact, that it is
to take their place thai new works have
been undertaken by this country and
Ihe United Stales. However, if we take
lift' the (leriuan capacity, we get a total
which is not very greatly in excess of
the world's normal output, and, conse-
quently, we may take it that the figures
are not very seriously out. At the same
time it must he rememhereil that no cap-
ital is required for the primitive Chinese
smeller, and that in some cases the
capacity of individual smellers might be
further reduced by the competition of
large centralized works such as those
existing in the Straits Settlements,
which draw their supplies from many
quarters. On the whole, however, on
the present scale of output, it cannot
he said that the industry, when once
again on a normal basis, will lack
smelting accommodation.
Lead in September.
An Active Month in Lead — Price Advanced $20 Per Ton by the Trust —
Large Business Done — London Opens Weak, Closes Strong.
In September, lead steadily gathered
strength as the month progressed, with
a large volume of business transacted
in the aggregate. Buying by domestic
consumers was re-enforced by large ex-
port orders mainly for shipment to Can-
ada and to Japan. The result of the
increased demand and heavier buying
was an advance of !/2c Per pound or
$10 per ton by the largest producing in-
terest and a further rise of $2 to $3
per ton in the open market by the close
of the month. Most of the foreign buy-
ing, at least so far as the Dominion pur-
chases are concerned, was by manufac-
turers of shrapnel. The metal purchas-
ed on Japanese account is understood
to be destined for consumption by
manufacturers of Avar munitions.
Month Opens Quiet but Firm.
At the opening of the month there
was very little demand but the offer-
ings were also small and the tone of
the market was firm. Independent pro-
ducers were well supplied with orders
for September delivery and for this
position were asking an advance over
the Trust price hut were meeting com-
petition for October and later ship-
ments.
The St. Louis market was station-
ary and the undercurrent was senti-
mentally weaker because of some ap-
prehension concerning the effect of the
'■ailroad employe's strike; hut with
light offerings — large independent com-
panies applying output upon previous
orders — prices were well sustained.
Open Market Advances $2 to $3
Per Ton.
Before the close of the first week,
foreign buyers were sounding the mar-
ket and inquiries developed rapidly
into business. Most of the buying was
on Japanese account, the order being
placed with independent producers in
the Central West — the first Oriental
business in several months that has
gone directly to the interior. These
orders are understood to have been
placed at 6V2C East St. Louis, for Sep-
tember, and about 6%c for October
shipments. _ The result of this buying
was to further strengthen the market
with an advance in the Trust price pre-
dicted. Small domestic consumers were
prompted to come into the market for
quick shipment and dealers bought
round lots of October and December
deliveries. All positions from Septem-
ber to December, inclusive, were held
at 6yoe on the 11th inst., and on the
following day prices in the open mar-
ket advanced $2 to $3 per ton ; spot
and September, bringing 6.65c and Oc-
tober and November 6.60c with all of-
ferings readily taken by domestic con^
sumers. By Sept. 13th, 50 to 100 ton
lots could riot be obtained in New York
markets, witli 6%c bill while carload
468
THE STEEL AND METAL DIGEST.
Oetobi
lots sold at 6.77c in store. On the fol-
lowing dav, orders for 1,500 tons or
more were* placed here for shipment to
manufacturers of shrapnel in Canada.
Two Advances by the Trust.
On Sept. loth, the American Smelt-
ing & Refining Co. announced an ad-
vance of !/4e per pound or $5.00 per
ton to 6%c per pound, New York, and
6.67i/2c East St. Louis. The higher
prices seemed to stimulate the demand
at home and brought out more foreign
inquiries. In the next few days, inde-
pendent producers sold September and
early October shipments at 6.80c East
St. Louis with a strong upward tend-
ency. The American Smelting & Refin-
ing Co. recognized the strength of the
market on September 19th, by another
advance of y4c per pound or $5.00 per
ton, the official price being now 7c New
York and 6.92y2c at East St. Louis.
Some Consumers Caught Short.
The quick rise in the market caught
many consumers napping and they were
forced to cover requirements at the
LEAD
Six Important Price
Periods At A Glance.
Lead at St. Louis.
Lea
Ne
d Prices
in Septeir
iber.
London.
w York.*
St. Louis.
Day.
Cents.
Cents.
£
s d
6.67J4
6.50
31
31
5 0
0 0
4 . .
6.65
6.62^<
6.60
6.60
6.60
6.70
6.77^
6.77^
6.80
6.50
6.50
6.50
6.50
6.50
6.60
6.65
6.65
6.6T/2
31
30
30
30
30
30
30
30
30
5 0
5 0
5 0
5 0
0 0
0 0
0 0
5 0
10 0
13 . .
15 ..
18 . .
6.90
7.00
7.00
6.75
6.90
6.90
30
30
30
10 0
15 0
15 0
19 . .
20 ..
21 ..
7.00
6.87^
30
15 0
.,.,
6.97J4
6.85
6.85
30
31
15 0
5 0
25 ..
26 ..
7.06J4
6.90
31
10 0
27 ..
7.06 y4
6.90
31
10 0
28 ..
7.06'^
6.87J4
31
10 0
29 ..
7.06J4
6.87J4
32
0 0
High
7.12^
6.95
32
0 0
Low
6.60
6.50
30
0 0
Average
. 6.Siy2
6.71^4
30
15 3
nut;
LEAD IN SEPTEMBER.
469
higher level. Several inquiries for 500
ton lots came from domestic mamil'ac
hirers of war munitions in the next day
or two but there was a less active, gen-
eral demand. On September 21st, a
large business was done I'or export to
Canada; buying covered September, Oc-
tober and November shipment; several
thousand tons were sold. There was
considerable competition for these for-
eign orders, the business being done at
6.85c and 6.90c, East St. Louis.
Second hands, who had been out of
the market for some time sold more or
less vigorously about September 22nd,
slightly under the Trust price, for all
deliveries up to January. There were
some special offerings of October-No-
vember-Deeemher shipments at 6.80c,
East St. Louis, but the general market
was five points higher. There was great-
er competition on future than on near-
by deliveries; indeed, the largest inde-
pendent producers had all September
and October capacity sold, and even
some of the smaller producers had the
same positions well sold. On September
26th, Canadian buyers again took large
tonnages for prompt and October ship-
ment and other large inquiries were in
the market, one, for several thousand
tons, and three or four others amount-
ed to 350 to 750 tons each.
Month Closes Strong but Less Active.
Independent producers occupying
very strong positions toward the close
of the month, were asking 7%c to 714c
New York, for such metal as they had
to offer for nearby but most of the de-
mand in the open market was satisfied
by second hands at 7c New York and at
6.90c to 6.921/oc, East St. Louis— the
Trust price. November, and later de-
liveries were offered by independent
producers at 7c New York. At the close
of the month the market was strong but
less active with early October and later
deliveries in the "West, offered at 6%e
East St. Louis.
The London market was weaker dur-
ing the first fortnight of the month,
prices' dropping £1 5s on spot and £1
7k 6c! on futures, from the end of Au-
gusl in September lllh, alter which
time, a stronger tone prevailed and the
market slowly but steadily recovered.
The advance in prices from September
11th to the end of the month was £2
on spot and £1 15s on futures, making
a net September advance of 15s on spot
and 7s 6d on futures.
Lead tMoi
New York
ithly
Aver;
iges.)
. Loui
*
St
1914.
1915.
1916.
1914.
1915.
1916.
Jan.
4.11
3.74
5.94
3.99H
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
4.23J4
7.50
3.81
4.16
7.28
June
3.90
5.86
7.04
3.80
5.76
6.77
July
3.90
5.74
6.52
3.75
5.52
6.20
Aug.
9.30
4.75
6.27
3.73^
4.59
6.27
Sep.
3.86
4.62
6.75
3.67
4.53
6.71
Oct.
3.54
4.59^
3.39
4.51
Nov.
3.68
5.15
3.58
5.07
Dec.
3.80
5.34^
3.67
5.2&y2
Av.
3.87
4.67J4
3.74
4.57
* Trust
price.
Lead Price
Chang
es.
The changes in the Trust price of lead at
New York since January 1, 1916 have been
as follows:
1916—
Opening price 5.50
January 4 Advanced .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
March 14 " .40c to 7.00
March 30 " .50c to 7.50
June 2 Reduced .50c to 7.00
July 5 " .50c to 6.50
August 2 " .50c to 6.00
August 17 Advanced .25c to 6.25
August 18 " .25c to 6.50
September 15 " .25c to 6.75
September 19 " ,25c to 7.00
+70
THE STEEL AND METAL DIGEST.
October
Spelter in September.
Market Active With Large Business Done in Futures— Net Advance
Month %c per Pound— Futures Abroad Advance £3, Spots
Stationary— Scarcity of Demand for Brass Special a Feature.
After a day or two of dulness and
slight declines in prices the market
for prime western spelter was speedily
awakened by an active demand for
this year's deliveries. The buying
movement thus suddenly inaugurated,
while remittent in character, gained in
force and volume as the month pro-
gressed. Interest was extended into
the first quarter of 1917 deliveries and
the vigorous buying carried prices up-
ward %c to lc per pound. Domestic
consumers were first to enter the mar-
ket followed by exporters and dealers
until a great broad market was de-
veloped. The rise culminated about
September 18 th, when there were signs
that domestic and foreign consumers
were satisfied; at least temporarily.
Dullness in the next week was accom-
panied by recessions of %c to %c per
pound in prices of all positions, fol-
lowed by improved buying and a re-
covery of x/4c per pound in the remain-
ing days of the month. The net result
of the month's business transactions
was an average advance of %c per
pound. At the close there was no
great animation, the observance of the
Jewish holidays, militating against full
activity, but there was evidence that
greater interest was focusing in the
market.
The course of the English market
was similar to the trend of events here.
From the end of August to September
6th, prices receded £3 10s on spot
and £1 10s on futures, followed by
an advance of £7 10s on all positions
up to September 19th, and a subsequent
decline of £4 and £3 respectively. The
net result of September fluctuations
was an advance of £3 on futures while
the spot price at the close of the month
was the same as on the last day of Au-
gust.
Month Opens Quiet But Quickly
Turns Active
Buying was at low ebb on September
1st, with small interest shown by home
for
few
hi eh
consumers but there were a
inquiries from England for
grade metal for October, Novem-
ber, December shipments. Large pro-
ducers were out of the market but
small smelters and second hands were
willing to make concessions of %c to
effect moderate sales of nearby posi-
tions. There was no desire to sell fu-
ture months. Large producers, how-
ever, were not offering for early ship-
ment. The complexion of the trade
changed completely on the following
day, large sales being made to home
consumers for shipment over the bal
ance of the year, with a few sales made
for shipment in the first quarter o]
1917. On the next day, the demanc
continuing active, prices were advanc
ed %c.
The enactment of the eight-hour lav
for railroad employees, it was assumed
would prevent a contemplated reduc
tion in wages at the smaller smelten
which in turn would support prices fo;
spelter. In the Joplin district, it wa:
pointed out, that some smelters had 21
to 50% of furnaces out of commission
the high pressure operations for a yea:
and a half necessitating extensive re
pairs. With large expenditures for re
building and the high cost of ores ane
with small prospect for reducing wage
of laborers, operators of these plant
sees light chance of profit at curren
prices for the metal. Hence some of th
furnaces closed down, may remain ii
the idle list indefinitely.
Active Buying — Interest Centered
in Futures.
After a day of hesitation, more do
mestic consumers came into the mai
ket on September 7th, brass founder
being the largest buyers to cover larg
contracts for brass rods. _ Sheet ga
vanizers also purchased liberally fo
October-November shipment. Interes
was more in future positions with sale
covering shipments for the next si
months. Dealers bought, too, but thei
l!Mli
SPELTER IN SEPTEMBER.
471
sales exceeded their purchases. The
rise a1 London al this time was at-
tributed to tlif higher ocean freight
rates.aiul the difficulty of securing ves-
sel room on boats sailing from New
York or Philadelphia in September and
October. This did not prevent more
English inquiries, however, for Sep-
tember exports from New York.
Continued active buying at home ab-
sorbed most of the cheap outside lots
offered for September shipment and
further strengthened the market. An
absence of domestic orders on Septem-
ber 11th, was compensated for by in-
quiries from Canada for high grades
as well as for prime western metal from
munitions manufacturers to cover new
shrapnel contracts distributed in the
Dominion. Large producers were more
reserved in offerings for this year's
shipment and second hands had less
to offer.
Market Advances Sharply.
. Vigorous buying by dealers and ex-
porters in the next few days, caused a
sharp upwaM turn; Canadian orders
were especially heavy but domestic con-
sumers temporarily retired from the
market. On September 14th and 15th,
export buying Tor Europe as well as
for Canada, was the most prominent
feature. Transactions covered fourth
quarter 1916 and first quarter 1917 as
well as September and October ship-
ments. Dealers competed strongly and
prices rose to the highest point of the
month. On the following day, Mon-
day, producers asked another advance
of V8c for 1916 shipments but the rapid
advance checked the consumptive de-
mand and only moderate orders were
placed by dealers.
A period of dullness ensued during
which prices receded. Brass manufac-
turers had covered requirements to the
end of the year but galvanizers, having
purchased conservatively, were still in
need. After a decline of %c to y2c per
pound, the interest of buyers was re-
newed and purchases, at first restrict-
ed to prompt and early October de-
liveries, expended into the future
months causing an advance of %c to
ViC per pound on all positions. A fair
volume of business was transacted on
SPELTER
Six Important Price
Periods At A Glance.
Spelter at St. Louis.
The average price (or spelter for the
thirty years —1886 to 1915 — was 5.36c New
York. The highest price on record was
27c on June 3, 1915.
472
THE STEEL AND METAL DIGEST.
Octobe
September 27th and 28th with more
substantial orders in sight on the clos-
ing day of the month, although actual
sales were only moderate. Greater
vitality was evident although large con-
sumers temporarily hesitated to buy on
the rising tide.
Practically no Demand for Brass
Spelter.
One notable feature, discouraging to
manufacturers of high grade spelter,
is the small recent demand for "brass
special." It will be recalled that in
the early stages of the war, brass spe-
cial commanded a premium of 2i^c to
3c per pound or more, over prime west-
ern. In recent months, however, brass
manufacturers have been using the or-
dinary or guaranteed prime western
grades on all leaded brass work. To-
day it is difficult to obtain y2c per
pound premium. Some grades of brass
speciarhave sold recentlv at a premium
of only 14c per pound. For high grade
special, prices vary widely but the best
grades of virgin spelter are quotable
at 18c to 20c per pound
Spelter Prices in September.
New York. St. Louis. London.
Day. Cents. Cents. £ s d
1 8.67/ 8.50 49 0 0
4 49 0 0
5 8.80 8.62/ 49 0 0
6 8.80 8.62/ 48 10 0
7 8.86/ 8.68^4 48 30 0
8 8.92/ 8.75 50 0 0
U 9.1"/ 3.00 50 0 0
12 9.23J4 9.06/ 52 0 0
13 9.36/ 9.18J4 54 0 0
14 9.42/ 9.25 54 0 0
15 9.55 9.37/ 54 0 0
18 9.67/ 9.50 55 0 0
19 9.67/ 9.50 56 0 0
20 9.55 9.3714 56 0 0
21 9.4214 9.25 55 0 0
22 9.23J4 9.06J4 54 0 0
25 9.11/ 8.93J4 52 0 0
26 9.17/ 9.00 52 0 0
27 9.30 9.12'/' "'2 0 0
28 9.36/ 9.18^4 52 0 0
29 9.36/ 9.1854 52 0 0
High 9.80 9.62/ 56 0 0
Low 8.67/ 8.50 48 10 0
Average 9.24 9.06 52 111
s
pelter (
New
Monthly
Average
St. L
s.)
York
ouis —
1915.
1916.
1915.
1916.
Jan.
6.52
18.18
6.33
18.01
Feb.
8.86/
20.09
19.92
19.92
Mar.
10.12/
18.09/
9.80
17.91
Apr.
11.51
18.61/
11.22
18.44
May
15.82/
15.93
15.52/
15.75
June
22.62/
12.80
22.14
12.62
July
20.80
9.70
20.54
9.52
Aug.
14.45
9.10
14.19
8.92
Sept.
14.49
9.23/
14.10/
9.06
Oct.
14.07
13.89
Nov.
17.04
16.87/
Dec.
16.91
16.72
Av'ge
14.44
14.16
. ^.._i
Sheet Z
inc Price
Changes.
The following table gives the changes
the price of sheet zinc since January '.
1916, together with the price of spelter ri
ing on the same day. Spelte
1916— Sheet Zinc. St. Lou
January 26 24.00 19.00
February 17 25.00 20.87}
April 22 25.50 18.75
May 15 24.50 15.50
May 23 23.50 14.87}.
May 26 22.50 14.12}
June 2 21.00 13.12}
June 13 20.00 13.37}
June 21 19.00 12.00
June 28 18.00 11.37}
July 6 17.00 9.37}
July 13 15.00 8.62}
Waterbury Spelter Averages. J
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
22.71
Mar.
7.17
6.56
5.59
12.15
23.15
April
7.07
6.08
5.50
13.85
23.20
May
7.13
5.77
5.38
20.55
21.2C
June
7.25
5.50
5.37
25.60
17.4C
July
7.46
5.61
5.26
24.90
15.2C
Aug.
7.34
5.99
5.66
19.30
13.6C
Sept.
7.72
6.13
5.91
17.85
13.7(
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/
5.53/
17.50
L916
THE STEEL AND METAL DIGEST.
473
Copper in September.
Largest Sale on Record Made to the Allies — Market Strong With Prices
Up y2c to lc Per Pound — Electrolytic in London Up
£10, Standard £9 Spot and Futures— Month's
Total Business Largest in History.
September sales of refined copper are
Estimated to have been 650,000,000 lbs.;
Being tlif heaviest monthly transactions
in the history of the trade industry.
The net revenues of the producing com-
panies on this turnover, are placed at
1113,750,000. The heavy volume of
business carried prices upward V2C to
|c per lb. on all positions at home and
American Electrolytic at London ad-
vanced £10 while Standard warrants
in the English market were up £9 net.
Unfilled orders on the books of the
selling companies at the end of the
month were approximately 850,000,000
lbs. Exports were 70,000,000 lbs.; de-
liveries into domestic channels 110,000,-
000 lbs. ; the combined outgo about off-
setting the output of the refineries.
These statistical estimates are based
upon reliable trade data.
Huge Sale to Allies Negotiated.
The announcement made with much
complacency bv the producers on Sep-
tember 23, and 200,000 tons— 448,000,-
000 lbs. — refined copper had been sold
to the Entente Allied Governments for
shipment over the first half of 1917,
had an electrical effect upon the trade
and was thrilling to Wall Street, but by
delaying the publicity of the news
long enough to permit it to leak
through several private channels, the
dramatic effect was somewhat dimin-
ished. This maximum individual sale
was negotiated at 26c per lb., it is un-
derstood, and the transaction will bring
$120,000,000 to the sellers. The profit
accruing is believed to be $78,000,000.
Exports are to be made at the rate of
75^000,000 lbs. per month beginning
in January 1917. The indication is
that the Entente Allies will take about
90% of American shipments during the
first half of 1917. Russia and Italy will
share the remaining 10% of exports,
having placed some individual con-
tracts earlier in the month, Russia
alone, having purchased 15,000,000 lbs.
I trough London.
Order Takes Up 40% of American
Output for First Half 1917.
These export obligations will absorb
about 40% of the probable American
output up to July next year. Domes-
tic consumers, too, have covered finish-
ed export contracts requiring about
100,000,000 lbs. for shipment over the
first quarter of 1917 and the total sales
to home melters during the month were
in excess of 150,000,000 lbs. so that
about 55% of refining capacity for six
months of 1917 has been pre-empted
It is an interesting fact that France
in the past eight months has taken over
105,000 tons of our copper exports
while to Russia has been shipped only
Copper in September
New York
London
Lake. Electro. Casting.
Standard.
Day.
Cents.
Cents.
Cents.
£ s
d
1 .
. . 27.25
27.75
25.12^
110 0
0
4 .
109 10
0
5 .
. . 27.25
27.75
25.12^
109 0
0
6 .
. . 27.25
27.75
25.1254
109 0
0
7 .
. . 27.25
27.87^
25.25
109 10
0
8 .
.. 27.50
28.00
25.37^
110 0
0
11 .
. . 27.75
28.00
25.50
111 0
0
12 .
.. 27.81^
28.25
25.62J4
111 0
0
13 .
.. 27.87J4
28.25
25.75
114 10
0
14 .
.. 28.00
28.37^
25.87^
117 0
0
15 .
.. 28.00
28.50
26.00
116 0
0
18 .
.. 28.00
28.50
26.12^
116 0
0
19 .
. . 28.00
28.50
26.12^
116 0
0
20 .
.. 28.00
28.50
26.12^
116 10
0
21 .
.. 28.00
28.37J4
26.12J4
116 10
0
22 .
. . 28.00
28.3714
26.25
116 0
0
"25 .
.. 28.25
28.50
26.50
116 0
0
26 .
.. 28.25
28.50
26.68J4
116 0
0
27 .
. .. 28.25
28.50
26.75
116 10
0
28 .
.. 28.25
28.50
26.68J4
117 10
0
29 .
. . . 28.25
28.50
26.50
118 10
0
Higl
1.. 28.50
28.62^
26.87J4
118 10
0
Low
. 27.00
27.50
25.00
109 0
0
Av'|
re 27.86
28.26]
25.93J4
113 18
1
474
'HE STEEL AND METAL DIGEST.
Octobei
12,283 tous ; but not a few Russian or-
ders placed in London, were all allocat-
ed to Australia and to Japan. The
total exports to all Allies in the same
period were 200,537 tons. In 1913, the
year of our greatest exports, the En-
tente Allies took about 245,000 tons,
out of a total of 276,344 tons. It is
evident that these governments have
prepared plans to manufacture war
munitions in 1917 on a vastly greater
scale than during 1916.
The refineries in September, made
some headway against the labor troub-
les that plagued the works in August,
the September output being about 180,-
000,000 to 185,000,000 lbs, including
refining by the Bessemer process. The
smelters production is estimated to be
about 210,000,000 lbs., so there was a
further accumulation of pig copper.
The available annual capacity of the
electrolytic refineries on September
1st, was about 2,175,000,000 lbs. Con-
struction now in process will increase
the total capacity by January 1st, to
2,400,000,000 lbs. annually. In the next
three months, however, the smelters
will accumulate more pig metal and a
further congestion of ore will occur at
many mines that are unable to have
output treated by the smelters and re-
fineries that are already choked with
raw material.
Consumers Enter the Market.
Early in the month, there was a hesi-
tating spirit in the open market for re-
fined copper, with second hands de-
sirous of selling, but before the end
of the first week, there was a scarcity
of nearby metal; exporters finding it
difficult to buy more than 50 to 100
ton lots for September shipment. In
the second week, some large domestic
consumers having taken foreign orders
for about 30,000 tons of brass rods and
discs, and 20,000 tons of copper wire,
purchased ingot copper in sufficient
amounts to cover manufacturing re-
quirements for shipments late in 1916
and in the first quarter of next year.
Smaller home consumers also purchased
moderate amounts mainly for delivery
in the last quarter of this year, prior to
the consummation of the heavy ex-
port contract that had been under ne-
gotiation for over a month. Although
COPPER
Six Important Price
Periods At A Glance.
Electrolytic Copper at New York
19 Hi
COPPER PRICES.
47f>
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Lake Copper Prices.
Monthly average prices of Lake Copper
in New York.
1912. 1913. 1914. 1915. 1916.
14.37'j 16.89 14.76 13.89 24.10
14.38J4 15.37J4 14.98 14.72J4 27.44
14.87 14. 90 14.72 15.11 27.42
15.9S 15.55 14.68 17.43 28.91J4
16.27 15.73 14.44 18.81 29.28J4
17.43 15.08 14.15 19.92 27.44
17.37 14.77 13.73 19.42 25.81
17.61 15.79 12.68 17.47 26.58
17.69 16.72 12.43^ 17.76 27.86
Oct. 17.69 16.81 11.66 17.92J/2
Nov. 17.66 15.90 11.93 18.86
Dec. 17.62^ 14.82 13.16 20.37^4
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 16.75J4 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 29.81
June 17.29 14.85 13.81 19.71 27.49J4
July 17.35 14.57 13.49 19.08 25.60
Aug. 17.60 15.68 12.41^ 17.22 27.36J4
Sept. 17.67 16.55 12.08J4 17.70^4 28.26
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 13.31i/2 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 14.27^ 13.52 23.06^4
Feb. 14.02 15.14 14.48 14.17 26.03
Mar. 14.53 14.76 14.18 14.34 25.90
Apr. 15.72^4 15.33 14.18 16.48 27.16
May 16.01 15.45J4 14.00 17.41 27.37
June 17.08 14.72 13.65 18.74J4 25.10
July 17.09 14.40J4 13.34J4 17.76^4 23.61
Aug. 17.35 15.50 12.27 16.46 24.67
Sept. 17.51 16.37J4 12.00 16.75 25.93
Oct. 17.44 16.33 11.29 17.32
Nov. 17.34 15.19 11.63 18.41
Dec. 17.34 14.28 12.83'/! 19.73
Av.. 16.29 15.33 13.18 16.76
Sheet Copper Price Changes.
The changes in the base 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 22.75
January 3 29.00 23.25
Januarys 30.00 23.50
January 19 30.50 24.12}4
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 33 35.00 28.25
March 1 34.00 28.12 J4
March 25 34.50 27.37J4
April 13 35.50 29.25
April 20 36.50 29.75
May 5 37.50 29.75
August 2 35.50 25.50
August 18 37.50 27.00
Waterbury Copper Averages.
1915. 1916.
14.12J4 24.75
15.25 27.75
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Av.
1912.
14.50
14.50
15.00
16.00
16.37J4
17.50
17.75
17.75
17.87J4
17.75
17.75
17.75
16.71
1913.
17.00
15.50
15.12}/2
15.75
15.87J4
15.37J4
14.75
15.62J4
16.87J4
16.87^4
16.25
15.00
15.83
1914.
14.75
15.12J-4
15.00
14.87J4
14.75
14.37J4
14.12^4
13.00
12.87J4
12.25
12.25
13.50
13.91
15.75
18.50
22.50
22.50
22.25
19.50
18.50
18.25
19.37J4
20.75
18.94
28.00
29.00
29.87J4
28.25
27.25
27.00
28.00
Exports of Copper From
United States.
January . .
February .
March ...
April ....
May .. ..
June
July
August . .
September
October .
November
December
Totals ..
(In tons
1913.
25,026
26,792
42,428
33,274
38,601
28,015
29,596
35,072
34,356
29,239
29,758
30,653
382,810
of 2,240
1914.
36,018
34,634
46,504
35,079
32,077
35,182
34,145
16,509
19,402
23,514
24,999
22,166
360,229
lbs.)
1915.
26,193
15.5S3
30,148
18,738
28,889
16,976
17,708
17,551
14,877
24,087
23,168
42,426
276,344
the
1916.
23,663
20,648
26,321
21,654
16,062
39,595
35,066
32,160
29,803
4:76
THE STEEL AND METAL DIGEST.
October
sales were made in the open market
at V^c or more, under producers' ask-
ing prices, there was a general upward
tendency throughout the month. Some
producers report this year's output
fully sold but it is estimated that 175,-
000,000 lbs. are still available to con-
sumers for shipment over the next three
months.
In the wake of the maximum sales
there were many small export inquiries
from private merchants and manufac-
turers with some sales, but reports that
European Governments are still nego-
tiating for 200,000,000 lbs. of American
copper for shipment in the next six
months are not fully credited. In the
last week, home consumers bought
moderately for November and Decem-
ber shipment, and placed a few addi-
tional orders for first quarter of 1917
shipment. Electrolytic copper which
sold early in the month at 27y2c for
October, 27 to 27y2c for November, at
26y2 to 27c for December and at 26y2c
for the first quarter of 1917; at the
close of the month, was selling at
28y2c for November, at 28c for Decem-
ber," at 27c for the first quarter and at
26y2c to 263/4c for the first half of
1917. Some producing interests were
asking *4c per lb. more, for nearby
delivery.
At London, American Electrolytic ad-
vanced steadily from £130 on Septem-
ber 1st, to £140 on the closing business
day of the month. English Standard
warrants advanced £8 on spot and £9
on future from August 31st to Septem-
ber 14th, followed by a reaction of £1
to £2, with a later recovery, the net
result being an advance of £9 on spot
and futures.
Joplin Zinc and Lead Ore
Market.
The month of September was a very
satisfactory one from the standpoint
of shipments and decreased surplus
stocks and taking into consideration
the classes of ore shipped the price
level was satisfactory for zinc ores and
showed a decided improvement for lead
ores. For five weeks of the month the
total shipments of blende ores reached
31,074 tons or an aveiage of 6,215 tons
per week while calamine ores sent out
amounted to 2,907 tons or an average
of 581 tons per week. This closely ap-
proximated 6,800 tons of all classes of
zinc ores which was decidedly above
the weekly production for the same
period.
The month opened with a stock of
variously estimated at from 23,-
000 to 32,000 tons according to the
different sources of estimation. From
the best information available it ap-
pears that the latter figure is more
nearly correct and even then was per-
haps a little too conservative rather
than too high. But by the end of the
month the shipments had so exceeded
the production that the stocks hac
dwindled to 18,820 tons. There wil
have to be still greater shipments dur
ing the coming month to make the samt
inroads upon the stocks because ther<
is a steadily increasing output at th(
present time.
Prices so far as averages are con
cerned were lower during the montl
of September than for the previoui
month but so far as the base rangi
levels are concerned there was litth
change noted. The averages were low
er, due to the larger tonnages of lov
and medium grades sold as compare<
with the larger tonnages of high gradi
ores the previous month. The monthl;
average for August for blende ore;
was $59.11, while in September th
average was but $56.59. On the othe
hand calamine ores not only sold mor
freely but the ores sold were highe
grade and the price paid higher and a
a consequence the average for Septem
ber exceeds that of August, being re
spectively $42.12 and $40.23.
A variety of causes contributed to
L916
.I0PL1N ORE MARKETS.
477
the lower output for lie month which
was otic of the factors entering into the
decreased surplus stocks. The coal
strike in Kansas and its long drawn out
settlement depleted the available coal
for the power plants dependent upon
this class of fuel for power. At the
same time one of the big turbines at
the electric power station supplying the
district with electric power had to be
taken out and replaced which cut off
a number of plants using that class of
power. Other plants were simply forced
out of commission on account of too
high production costs where ore bodies
were not rich enough to make up the
difference. But these causes were all
removed by the end of the month save
the latter one and even here there is
some improvement and it is believed
that before the present month ends
there will be a resumption of a num-
ber of mills that have been closed
down. Offsetting these to a certain ex-
tent will be additions to the idle list
by mines that have tried to keep run-
ning when they should have closed
down when the price went below their
cost of production.
Most producers believe that the buy-
ing movement inaugurated last month
will continue up to the winter season
as the smelters are known to have
small stocks of Joplin ore although
fairly well stocked with western ores
and with Mexican and Australian ores.
Increasing difficulty of shipment dur-
ing the winter months will make it
less easy to obtain ores and hence the
desire to stock up now. Also the rigors
of winter always cut off considerable
production also and often just when it
is wanted Ly the smelters. For these
reasons it is generally believed that the
price level will lie such as to encourage
the sale of all surplus stocks and to
help Increase the outputting of the
mines.
The better position of the lead ore
market has been decidedly stimulating
to the district as a whole. Both the
lead ore producers and the zinc ore pro-
ducers have profited by it, the former
by the increased price for all their
product and the latter by the improve-
ment for their by-product and hence
their whole position has been helped.
From a $65 level for August it jumped
up as high as $75 for 80% grades.
Naturally there has been a marked im-
provement in sales and shipments for
the month. The total shipment for the
month was 4,655 tons of lead ore or
an average of 931 tons per week as
compared with 710 tons weekly for
August. The average price for all
grades in August was $65.51 as com-
pared with $68 for September. Stocks
of lead ores dwindled from 2,550 tons
at the month's opening to 1,130 at its
close.
The month therefore shows a decided
advantage for the district from all
points of view. There has been a heavy
decrease in both lead and zinc stocks,
there has been a decidedly better de-
mand for both ores and consequent
better prices which in turn has resulted
in increasing production once more
and bringing a more healthy tone to
the labor situation which was being
directly affected by the heavy curtail-
ment of mining activities over the dis-
trict.
-o-O-c
478
THE STEEL AND METAL DIGEST.
Octobe
Antimony In September.
Market Dull and Declining Throughout the Month —
Prices Off lc to iy2c Per Pound.
Antimony continued heavy and de-
pressed throughout the month of Sep-
tember prices suffering a further de-
cline of 1 to l%c per pound on round
lots in bond and of l^e to l%c per
pound on jobbing lots, duty paid. It
was believed that large orders for
shrapnel would be the salvation of the
market. Shrapnel orders were placed
in Canada late in the month and result-
ed in the buying of antimony here but
the tonnages purchased were too small
or the competition too keen to cause
any radical improvement in the local
trade; indeed, prices receded to lower
levels. The increased vitality, however,
arising from the war purchases estab-
lished more healthful conditions; yet
at the close of the month dolorous deal-
ers were solociting small orders at con-
cessions. Importers, on the other hand,
were holding prices for round lots
above the trading level because the
Oriental market, from which new sup-
plies must come, was less depressed
than was the Occident.
Dealers at the beginning of Septem-
ber were holding jobbing lots at 12 "To
12%c but by the middle of the month
they were seeking orders at ll^c to
ll%c, duty paid, with small success.
In the meantime 25 ton lots had been
sold at IOV2C in bond — equivalent to
12c duty paid, and on several subse-
quent occasions an effort was made to
buy 25 ton lots at lie duty paid with-
out finding ready sellers. Holders
were asking a fraction more. Some lots
of domestic held on the Pacific Coast
were offered for future delivery here
but there being no consuming outlet,
dealers failed to respond satisfactorily.
On the 18th, an improved jobbing
demand was experienced which was
met with alacrity by dealers making
concessions. There was also some in-
terest in wholesale lots, would be buy-
ifferings lOV^c to 10%c duty paid
for shipments in October to February,
rs' views were slightly above lie
hity [iaid. Importers were more re-
sponsive to overtures but not ready t
make substantial concessions. On tl
following day dealers offered to se
October, November and December shi]
ments at lie duty paid but with sma
success. The appearance of Canadia
buyers on September 21st, followir
the distribution of shrapnel orders
the Dominion, found dealers eager fi
orders with November, December shi
ments offered at 10%c duty paid ar
even greater concessions were made L
carload lots. In the next few days, 0
ders for several large lots were plac<
at 9^0 in bond for September, Octoh
shipment to Canada, followed by bu
Aluminum, Silver, and Antimon)
Prices
in September.
Aluminum.
— Silver — Antimor
N. Y.
N. Y.
London.
N. ■*
Day.
Cents.
Cents.
Pence.
Cent
1 ...
61.00
68%
32ft
12.25
2
67%
32^4
4
32%
5
61.00
68
32%
12.2E
6
61.00
es%
32 %
12.0C
7
61.00
67%
32ft
12.0C
8
61.00
68%
32%
12.0C
9 ....
68%
32 ft
11
61.00
68
323%
12.0C
12
62.00
67%
32ft
12.0C
13 ....
. 62.00
68
32%
12.0C
14
62.00
68%
32%
11.7!
15
62.00
68
32%
11. 5(
16
68%
32%
18
62.00
68%
32tt
11.3'
19
62.00
68%
32%
11.2
20
62.50
68%
32%
11.2
21
62.50
68%
32%
11.2
99
62.50
68%
32%
11.1
23 ...
68%
32%
25 ■ ■ .
. 62.50
69%
32il
11.1
26
62.50
69 %
3218
11.1
27
62.50
69J4
3215
11.1
28 .. .
. 62.50
69%
32%
11.1
29
62.50
69 %
3215
10.9
30 ...
69%
32%
High
. 63.00
69%
3211
12.5
Av'ge,
. . 61.90
68.51%
32.58%
11.5
Av'ge.
16.90
68.51 %
32.58%
11.5
t!tl(i
ANTIMONY IN SEPTUM l'.KIi.
479
tag in lV> ton lots at 9V&c in bond for
November shipments with more in-
quiries for October shipment on Can-
adian account which subsequently re-
sulted in business. On the last two days
of the month the market again lapsed
into dullness with dealers disappointed
because the buying by ammunition
manufacturers had failed to advance
prices. With foreign orders satisfied
there was an absence of demand for
metal in bond and holders were again
seeking duty-paid orders at concessions,
-lobbing lots were offered at lie and
10 ton lots at 10% c duty paid.
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 17.62^4 43.87^
Mar. 6.78 7.91 5.94^ 20.93^ 44.71
Apr. 6.87 7.82 5.82 23.97 41.35J4
May 6.98 7.75 5.78 34.71 32.20^
June 7.07 7.62 5.62J4 36.53^4 20.40
July 7.37 7.55 5.44 35.98 14.55
Aug. 7.58 7.48 13.05 32.57 12.62
Sept. 8.00 7V31 9.79^ 28.50 11.57
Oct. 9.11 6.40 11.64 30.96
Nov. 9.11 6.28 14.14 37.88
Dec. 9.05 6.05 13.15 39.36J4
Av. 7.63 7.43 8.53^ 29.52
Quicks
r average
ilver P
rices.
of Quick
Monthli
prices
silver in
New Yor
c (flasks
of 75 pounds).
1913.
1914.
1915.
1916.
Jan
40.00
38.05
50.90
214.76
Feb. . . .
40.00
38.00
58.05^
288.50
Mar
39.50
38.00
62.93^
223.91
April . . .
39.14
38.00
65.71J4
140.10J4
May
39.19
38.00
72.65
96.95
June
39.67
37. 73
87.91
73.04 }4
July ....
39.00
35.87
93.33
80.95
Aug
39.00
74.19^
91.79^
75.04
Sept. . . .
39.00
73.57
89.09^
75.85
Oct
38.59
50.59^
92.40
Nov. . . .
38.00
51.72
102.25
Dec
38.50
51.01
126.52
Average .
39.13
47.11
82.80
ANTIMONY
Five Important Price
Periods at A Glance.
Chinese and Japanese Grade at New York
•17.00
40.00
45.00
43.00
4-.00
40.00
39.00
88.00
37.00
3G.00
35.00
34.00
33.00
32.00
31.00
30.00
29.00
28.00
27.00
20.00
25.00
24.00
23.00
22.00
21.00
20.00
19.00
18.00
17.00
16.00
15.00
14.00
13.00
to
<
r>
a:
en
■ UJ
u_ .
Q
Ul
t—
■ a. ■
.<
</>
.... ce
<
3
0
z
c/l
t/1 '
X
'13
X
3
~
—
CO
^
t-
<
—>
3
13
O
— q: —
— t —
0
— 5 —
a.
O)
H
CO
CO
< —
111
— >- —
>-
— il —
13
w
<
3
■o
a
UJ
0
o>
— O—
a:
<
—
—
UJ
— ID —
<
>
<_>
— a —
— K —
<
— 1
a.
— uj —
00
3—
O
0
— 1
0
O
<
3
11.00
10.00
9.00
8.00
7.00
0.00
5.00
\
Y —
=
Prior to the present war the high-
est price for antimony was reached
in May 1906, eight months after
peace was declared in the Russo-Jap-
anese War. Thus in May, 1906 or-
dinary grades of antimony sold as
high as 26^c. From May 1906 until
April 1907 the price fluctuated be-
tween 25c and 20c, then the market
broke badly and the average price
for the month of July 1907 was as
low as 9.53c.
480
THE STEEL AND METAL DIGEST.
October
Aluminum In September.
Firm in September — Prices Up
Aluminum, like most other metals,
has felt the effect of the European war
and America has been called upon to
share her supply of this metal with the
Entente Allies who have needed large
amounts in the manufacture of aero-
planes and other munitions of war. The
prices prevailing in the open market
to-day are almost double those current
one year ago, the result of an inade-
quate supply to meet the increased de-
mand the world over. In September
there was an advance of lc to 2c per
pound. The outside domestic market
has been narrow, largely because of the
light supply available. Sales of small
lots of Virgin No. 1 ingots were made to
consumers late in the month at 62 to
63c against sales at 60 to 62c at the end
of August. Dealers were seeking round
lots at lc to 2c under these prices; No.
12 alloy remelted, too, was in good de-
mand at 48c or higher, an advance of
about 2c per pound during the month.
There has been considerable interest
recently in the report that the British
Government has purchased a second lot
of aluminum from the largest American
producer for shipment over the balance
of this year and for several months
in 1917. The sale is~said to cover 8,000,-
000 to 10,000.000 pounds. It will be re-
called that in the Pall of 1915, the
British Government was reported to
have made a similar purchase in the
United States when the open market
price of Virgin aluminum was close to
48e per pound. In the first eight months
of this year the value of our exports
was $4,867,743 which would indicate
total exports of about 10.000,000 pounds
or at the rate of 1,250,000 pounds per
month. Most of this metal has gone to
Great Britain and Russia, and some to
Italy. The French output in normal
times is in excess of her home needs
and liberal export's are made to other
countries including the United States.
Early in the war the French Govern-
ment commandeered the aluminum fac-
tories, among other industrial plants in
that Republic. What the French out-
One to Two Cents per Pound.
put has been since that time is an un-
known quantity but probably there has
been no decrease as the needs of wai
are heavy and in one month of this yeai
France was able to export 1,000 tons.
In normal times United States im
ports about 30% of the total amount oi
aluminum consumed here but uo for
eign metal has been avilable for Unitec
States consumption since October. 1915
In the 10 past months preceding Oc
tober we imported only 3,765 ton:
against an average annual importatioi
of 10,000 tons, equivalent to 20,000,001
pounds. It "is therefore evident tha
our aluminum supply has been cut dowi
about 27,000,000 lbs. in last 8 months
On the other hand, domestic produc
tion has been increased some during th
past year and a still further increas
will be available when the plant no^
building in North Carolina is finisher
These works will have a capacity o
40,000,000 pounds per year. It wa
expected that the plant would be i
operation late this year but heavy flood
have delayed construction so it wi
probably be March, 1917, before th
work is completed.
Producers' contract prices for ingc
aluminum to be shipped in 1917 is 3
to 37c per pound ; second hands price
to dealers range from 55 to 60c an
dealers ' prices to consumers range froi
60 to 65c per pound.
Aluminum and Silver Prices.
New York
Aluminum. — Silver —
1915. 1916. 1915. 1916.
Jan. . . . 19.01 54.33 48.89^4 56.77]
Feb. . . . 19.20 57.50 48.48 56.75J
Mar. . . . 18.94^ 60.52 50.24 57.92J
April .. 18.83 60.00 50.25 64.37|
May . . . 21.85 60.00 49.91^4 74.27
June ... . 29.66 62.09 49.03 65.02;
July . . . 32.50 60.15 47.53 62.94
Aug. . . . 34.00 59.48 47.18 66.08
Sept. .. 46.75 61.90 48.68 68.51]
Oct. ... 54.17^ 49.38J4
Nov. ... 57.85 51.71
Dec. ... 56.80^ 54-97
Av'ge.. 34.13 49.69
i!>u;
THE STEEL AND METAL DIGEST.
481
Aluminum Prices in New York .
Extreme price fluctuations of pure alum-
inum (No. 1 Virgin 98 99« I I in New York;
by months.
— 1913— — 1914 —
High.
Low.
High.
Low.
Jan. .
. . 86.50
26.00
19.00
18.50
Feb. .
. . 86.50
36.00
19.00
18.50
Mar. .
27.12
86.25
18.75
18.00
April
. . 27.12J4
26.62^
18.25
17.75
May .
.. 36.63J4
25.00
18.135-
i 17.75
June .
- . L'a.7.".
23.00
18.00
17.50
July .
. . 84.00
23.00
1 7.25
17.3754
Aug. .
. . 23.50
31.50
21.50
18.00
Sept.
. . 22.50
21.50
20.50
18.25
Oct. .
.. 22.00
19.75
18.50
18.00
Nov. .
.. L9.75
19.00
19.50
18.00
Dec. .
.. 19.00
18.50
19.25
18.75
■
Averag
e. 27.12 %
18.50
21.50
17.37^
— 1915 —
1916 —
High.
Low.
High.
Low
Jan. .
. . 19.25
18.75
56.00
53.00
Feb. .
.. 19.50
18.75
63.00
53.00
Mar. .
. .. 19.25
18.75
63.00
58.00
April
. . 19.50
18.75
61.00
59.00
May .
. . 26.50
19.25
61.00
59.00
June .
. . . 33.00
26.00
65.00
59.00
July .
. . 33.00
32.00
62.00
59.00
Aug. .
. . . 37.00
32.00
62.00
58.00
Sept.
. . 50.00
36.00
63.00
60.00
Oct. .
.. 57.00
49.00
Nov. .
. . . 60.00
55.00
Dec. .
.. 60.00
53.00
Averag
e . 60.00
18.75
Consumption of Aluminum in
the United States.
Pounds.
1904 8,600,000
1905 11,347.000
1906 14,910,000
1907 17,211,000
1908 11,152,000
1909 34,210,000
1910 47,734,000
1911 46,125,000
1912 65,607,000
1913 72,379,000
1914 79,129,000
1915 99,806,000
1916 (estimated) 120,000,000
Total 628,220,000
ALUMINUM
Six Important Price
Periods At A Glance.
No. I Virgin Alum, at New York.
482
THE STEEL AND METAL DIGEST.
OctoK
Probable Business Develop-
ments Before War Ends.
Iron and Steel.
(Continued from page 431.)
Where open contracts are made,
they are for relatively short per-
iods. Thus the sheet and tin plate
mills have not opened their books
for next year, but when they do, prob-
ably by now, but when they do, prob-
they expect to place under contract all
the tin plate and nearly all their sheets,
with buvers who are certain to specify
in full.
The railroads have entered the mar-
ket again, and are inquiring for 15,000
or 20.000 cars, a large number in the
circumstances, and they have been buy-
ing in the past two or three weeks in a
moderate way, at a distinctly better
rate than formerly, showing conditions
to be such that they had better pay the
high prices than do without.
Hitherto the great advance has been
in steel, but in the past fortnight pig
iron has been advancing, and as steel
capacity is not materially increasing,
capacity is not materially increasing
there is a prospect that the scarcity in
steel may develop into scarcity of pig
iron, the latter advancing and reducing
the present absurdly wide margin be-
tween pig iron prices and steel prices.
Copper.
In spite of an increase in production
there is a positive scarcity of the metal
for delivery this side of January, and al-
though prices are double normal the
market is stronger to-day than at any
time, and consumers following the lead
of the British Government are buyers
up to next August at what would seem
high prices, but which may look very
cheap when time of delivery comes
round. What the Allies think of the
continuation of the war, and the price
of copper over the next nine months
lias been shown in their purchases of
200,000 tons for the first half of next
year at a price believed to be not under
26c. The most astounding purchase on
record both as to quantity, extended
deliveries and price. This purchase
alone is equal to one-third the antici-
pated output of this country. The cop
per situation never was sounder o>
stronger or the future so assured.
Lead.
Home and war demand has taxed pro
duction, which on account of Mexieai
troubles and conditions attending horn
operations has not been increased a
much as the high prices ruling migh
have indicated.
Every pound of the metal being pro
duced is wanted, our home require
ments have heavily increased. Whil
prices are very high, there must be \
great change in the demand before an;
decline can be possible.
Spelter.
The excitement and extraordinar
prices caused some months ago whei
we realized the unsatiable demands o
war for spelter have disappeared. J
heavy reaction has brought the pric
down to bare cost of production unde
the present labor and other costs t
many producers. The output is enoi
mous but so is the demand. In the pas
few days an advance of 1 to l%e pe
pound has taken place and the outloo!
is for prices to fluctuate around th
present level.
No such sensational prices as in th
past are to be expected, the facilities o
output are too large, and if any advan
ces above 10%c to lie take place the;
promise to be only temporary, likewis
will be any declines below 9c while th
war lasts.
Tin.
Tin being a peace metal, has not bee:
affected by war demand, but has bee
at times extraordinarily affected by wa
conditions, namely, dangers of ocea:
transportation and fears of embargoe
or British regulations affecting our sup
ply, as for instance, in the first fe\
days of the war when prices doublec
The falling off in European consumr
tion by the war has been been mor
than offset by increase in Americai
deliveries to our consumers. Our cor
sumption promises to continue to in
crease with our prosperity, the outpu
shows no increasing tendency, prices a
present compared with those ruling i:
recent years before the war are low
The prospect is for a gradually improv
•lit;
THE STEEL AND METAL DIGEST.
483
lona! decline. Alter selling as high
s 45c last February is now clown to
l ' ,.,■.
No antimony can be imported from
Europe on accounl of embargoes, the
lilies protecting their supplies in that
tay for their war requirements. We
re dependent on China and Japan for
ur supplies, and while these countries
ave developed an output equal to our
teeds this attitude is to hold their
tetal for higher prices. Meanwhile
urplus stocks that were accumulated
ere are being used up, and soou the
trnggle will come between sources of
mg market during the winter and next
spring, willi, nt any time, excitement
■""! rapidly advancing price should any
dangers of transportation he threat-
ened.
Antimony.
'I'll is metal has sustained a sensa
production and our requirements. The
outlook is for better prices, and if spec-
ulation takes hold or if any of the big
and sudden war demands strike the pro-
ducing countries or our market as was
the case repeatedly in the past, sud-
den advances are to be expected.
Increased Production of
Natural Gas.
There have been so many ''failures"
f the natural gas supply as applicable
o industries in various sections that the
iipression may have been obtained that
lie production of natural gas in gen-
ral has been decreasing. This is not
he case. There are decreases in some
elds, and there is also the influence
hat with increasing consumption in
omes the quantity available for manu-
acturing purposes decreases in many
ases. Statistics of production in 1915
ave just been issued by the Geological
iurvey, the figures comparing as fol-
3WS:
Thousands Value
of at point of
cubic feet. consumption.
562,203,452 $ 84,563,957
581,898,239 87,846,677
591,866,733 94,115,524
628,578,842 101,312,381
912
913
914
915
From 1912 to 1915 the largest in-
rease was in the California production,
rhile Ohio and Oklahoma had fairly
irge increases and West Virginia,
'ennsylvania and Texas showed slight
icreases. There were slight decreases
i Kansas, New York and Kentucky,
nd relatively large decreases in Indi-
na and Illinois.
It is only in recent years that the pro-
nation of natural gas by quantity has
een ascertained. In the old days the
producers paid practically no attention
to the matter of quantity. Even domes-
tic consumers were given "unlimited
service" the charge being regulated by
the number of outlets. The total values
as ascertained by the Geological Survey
are given below at quanquennial inter-
vals:
1885 $ 4,857,200
1890 18,792,725
1895 13,006,650
1900 23,698,674
1905 41,562,855
1910 70,756,158
1915 101,312,381
Of the 1915 production it is estimated
that 35% was distributed to 2,195,081
domestic consumers, at an average price
of 28.32 cents per thousand feet,
and 65% to 18.35S industrial consumers
at an average price of 9.7 cents per
thousand. On the whole, there has been
only a very slight increase in the past
few years in the proportion of natural
gas going to domestic consumers, and
very little change in the prices paid
by either domestic or industrial con-
sumers. In certain districts there have
been great changes. Pittsburgh indus-
trial concerns, for instance, have had
their supplies greatly decreased, but
these decreases have been largely paid
up by increased industrial use in the
relatively new fields.
484
THE STEEL AND METAL DIGEST.
Octobi
Brands of Copper in the United States
LAKE.
Refined at:
Branded.
Adventure
Hancock, Michigan.
Adv. C. Co.
Atlantic
Houghton, Michigan.
A.
Calumet & Hecla
Hubbell, Michigan.
C. & H. M. Co.
Calumet & Hecla
Buffalo, N. Y.
C. & H. M. Co.
Calumet & Hecla
Buffalo, N. Y.
B. L.
Centennial
Hancock, Michigan.
C. C. M. Co.
Copper Range
Houghton, Michigan.
C. R.
Franklin
Hancock, Michigan.
F. M. Co.
Isle Royale
Dollar Bay, Michigan.
I. R. C. Co.
Mass.
Hancock, Michigan.
Mass.
Michigan
Houghton, Michigan.
M: C.
Mohawk
Houghton, Michigan.
M. M.
Osceola
Dollar Bay, Michigan
T. O.
Quincy
Hancock, Michigan.
Q. M. O.
Tamarack
Dollar Bay, Michigan.
T. O.
Victoria
Hubbell, Michigan.
V. C.
Winona
Hubbell, Michigan.
W. A.
Wolverine
Houghton, Michigan.
ELECTROLYTIC
W.
Refined at:
Branded.
American S. & R. Co.
Perth Amboy, N. J.
P. A.
Balback S. & R. Co.
Newark, N. J.
Bb.
Baltimore Copper Works
Baltimore, Md.
B. E..R.
Boston & Montana Co.
Great Falls, Mont.
B. & M.
Chicago Copper Ref. Co.
Blue Island, 111.
C. C. R. '
Copper Queen
Laurel Hill, L. I.
C * Q.
Miami
Laurel Hill, L. I.
A. L. S.
Nichols Copper Co.
Laurel Hill, L. I.
L. N. S.
Orford Copper Co.
Chrome, N. J.
O. E. C.
Raritan Copper Works
Perth Amboy, N. J.
N. E. C.
U. S. Metals Ref. Co.
Chrome, N. J.
D. R. W.
United Metals Selling Co.
Laurel Hill, L. I.
CASTING.
R. M. C.
Refined at:
Branded. ,
Balbach S. & R. Co.
Newark, N. J.
N. B. C.
Boston & Montana Co.
Great Falls, Mont.
M. A.
Chicago Copper Ref. Co.
Blue Island, 111.
C. C. R.
Duquesne Reduction Co.
Pittsburgh, Pa.
D. E. C.
Michols Copper Co.
Laurel Hill, L. I.
C. N. C.
Phelps, Dodge & Co.
Laurel Hill, L. I.
P. D. Co.
Tottenville Copper Co.
Tottenville, N. Y.
C. T. C.
U. S. Metals Ref. Co.
Chrome, N. J.
D. S.
White & Bro., Inc.
Philadelphia, Pa.
W. B.
The
Steel and Metal
DIGEST
VOL. VI.
NEW YORK, NOVEMBER, 1916.
NO. 11.
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 ye^r
for United States, Canada and Mex co; for
other countries $3.25. ,
Advertising rates on application.
Entered at Post Office of New York as second
class mail matter.
CONTENTS.
How Peace May Effect Metals 485
Judge Gary Discusses Conditions in the
Orient 495
Tin Plate Forecast 503
Lighter Immigration Again 505
Profits in Iron and Steel 494
Notes on The Iron Situation 504
Business Trends .' 492-493
Comparison of Metal Prices 512
Comparison of Security Prices .... 513
Topical Talks on Iron,
XLIII The Basic Steel Process 506
Steel Plants,
XII The Duquesne Steel Works 508
Market Reviews:
Iron and Steel 509
Copper 53'
Tin 525
Spelter 529
Lead 533
Antimony 534
Aluminum 535
American Pig Lead 533
Our Foreign Trade 460
Railroad Earnings 507
Lake Superior Iron Ore 508
U. S. Steel Corporation Operations ... oli
British Iron and Steel Exports 516
Wage Scale Averages 51b
Tin Plate Movement 5lb
Car Buying »17
Our Foreign Trade 51/
Pig Iron Production :)1 '
How Peace May Effect the
Prices of Metals.
(By Charles S. Trench, Editor of the
American Metal Market.)
What will be the effect oil metals
after the war? If they will decline
what is a fair supposition of how
great will be that decline? To this
I have to ask the question, what will
be the prices of the various metals
when peace negotiations begin which
will absolutely result in end of the
wax? This no one can answer and
therefore it can be seen, how at the
present time, it is difficult to predict
with any exactness. Is there to start in
shortly a movement to discount the end
of the war, which at present does not
exist, by allowing stocks to run down
and result in an empty future order
book? Will this be so overdone that
when peace comes it will be proved that
after-war effects have been so overdis-
counted that instead of a further decline
with peace there follows an improve-
ment for the reason stated? If normal
prices are to rule in metals after the
war, what are normal prices? How
much above normal prices are we
to-day? Here we have to turn to past
performances, in other words, to sta-
tistics. I do not intend to bother you
with figures. My organization is re-
sponsible for a compilation of, I think,
about all the important statistics ap-
pertaining to iron, steel and metals,
known to many of you as METAL
STATISTICS, and there will never be a
time when it will be more important to
refresh our memory of production, con-
sumption, prices, etc., that have ruled
in the past, as in the period into which
436
THE STEEL AND METAL DIGEST.
Novembe
we are entering. The fact that the av-
erage price of the past 30 years up to
the beginning of this year was
14.06c for Copper
5.36c for Spelter,
27.63c for Tin,
4.25c fox Lead,
has very little bearing on the normal
value uf these metals on account of the
change in the relation of output to con-
sumption in what we might call present
times. But I do think that a compari-
son of the average prices of the two
years before the war is of the greatest
value. This comparison shows the fol-
lowing :
1912-1913. To-day. % inc.
Tin 45.37^4 41.00 *10
Copper (Elec.) 16.00 28.75 80
Lead (St. L.) . 4.33 6.87J4 59
Spelter (St. L.) 6.27 9.50 52
Antimony .... 7.53 13.00 73
Aluminum .... 23.00 65.00 181
* Decrease.
Unless before peace a radical adjust- _
ment takes place there must be some
serious declines at that time in every
metal except tin. It might be interesting
to examine each metal separately.
Tin.
Pig tin is a peace metal and con-
sequently has suffered in consumption
in Europe and in price the world over.
There has been an increase in deliver-
ies to our consumers of nearly 20% in
the current year as compared with the
year prior to the war. A part of this
has been caused by the fears of inter-
ruption in obtaining supplies from
abroad, which has led our consumers
to adopt the policy of carrying large
stocks, safety stocks, but the greater
part of the increase has been by reason
of increased consumption, the result of
prosperous trade conditions in this
country and especially in the tin plate
trade through increased demand for
our canned meats and other com-
modities. Consumers are not likely to
take any chances while the war lasts
and will continue to carry good stocks.
The sensational advances in prices at
times, caused by threatened ocean
transportation by reason of submarines,
and English Government regulations
are not forgotten, but these advances
were quickly lost when the fears wer
found unwarranted. The actual coe
sumption with continued prosperit;
promises to remain large, in fact to ir
crease. No stocks of manufacture-
goods have accumulated. The price 0
tin plates for the next six months ha
just been announced at 60% above tha
of a year ago and there is a rush t
place season contracts and best author
ties in the trade estimate the output 0
tin plates for 1917 will be quite a
amount in excess of this year. Th
statistical position of tin is a stron
one. Production is not increasing, an
it is the common opinion that highe
prices than those now ruling will rul
over the next six months. "When th
war ends there will be a recovery i
European consumption and the repler
ishing of stocks which are down t
nothing in the continental countrie:
but against this there will be a disaj
pearance of the fears in America abou
getting supplies, and the safety stock
which our consumers have been carrj
ing will no longer be held, and if ther
were no other factors to be considere
one might counterbalance the othei
But tin has for years been the speculj
tive counter of the London metal mai
ket, and by reason of British Goven
ment regulations, speculation has bee
non-existant during the war. In othe
metals it has been not only forbidde
but absolutely made impossible by th
British Government. With peace, spect
lation will revive in tin abroad. A Loi
don correspondent a few weeks ag
wrote me : "Of course, we are unabl
by Government orders, to trade in ti
except on consumer's requirements, bi
1 lick my chops at the thought of ti
revival of my business when peac
comes." The opinion is universi
abroad that peace will increase the coi
sumption of tin and make for gre;
speculation and higher prices in th
metal, and probably this will be foun
to be true. A contingency that is forgo
ten and which may advance prices
that an export duty may be levied c
tin by England to help the addition:
revenue she will need to pay for ti
war. The wonder is it has not bee
done before. Supposing an export dut
of 5c, 10c, 15c or 20c was placed by Eni
land on the metal, we would have 1
116
THE STEEL AND METAL DIGEST.
487
ay it. Nickel and tin are the only
etals we seem unable to find among
iv mineral resources. There is no sub-
it a te i'or tin. Unlike other metals, the
pice lias virtually no effect on con-
i mpt ion. If tin was at 15c we would
i>rhaps put more on our tin plates and
lake better solder and babbitt metal,
ut of this I am not sure. If it was $1
er pound we would still have to use it
>r nearly every use to which it is put.
in is one of the weakest points in
nierica's economic self-sufficiency as
nation, and it has been truly said
lat the control of this metal is Eng-
inds' strongest economic weapon in
ise of disagreement with America.
he effect of being cut off from tin
rould create sanitary troubles that
rould be terrible. I give it as my
pinion that tin at present prices is
n a safe basis and that after peace
mch higher prices are to be expected.
t is well to remember that tin is the
nly metal selling to-day at less than
lie average price of two years before
lie war for as previously noted the
rice of tin is 10% lower while the price
f other metals are 52% to 180%
igher.
Copper.
There are those who predict that the
ieace demand for copper will offset
be falling off in war demand — that
Lustria, Germany and some of the ad-
oining neutral countries will be com-
iletely bare of the metal and that there
rill be a rush to get supplies, and that
t will apply not only to the raw ma-
arial but to the manufactured com-
aodities many of which have been
aelted for war material and all
if which have gone the length of
he war without replenishment. There
s some truth in this, and already
arge purchases are reported to
lave been made for German account
,o be delivered when the war ends. But
igainst this must be placed the fact that
vhen that time comes several of the
jountries will be on the verge of bank-
ruptcy, and all of them staggering un-
ler an enormous indebtedness both pri-
nnd governmental, which will
require the practice of the strict-
est economy. It is inconceivable to
imagine that Europeans would set in
to replace their copper supplies at
prices which are more than double nor-
mal and triple the cost of production.
Even at a normal price copper is not
a cheap metal, and for many purposes
has a more economical substitute, and
the thought that the Germans will im-
mediately replace the copper roofs and
gutters and cooking utensils and the
hundred and one other articles that
were thrown into the melting pot to
furnish war munitions, is to my way
of thinking ridiculous. Cheaper ma-
terials will be used not by choice but
for economy. Then again Germany's
large purchases for the years before
the war were partly in preparation for
the war, and will not be repeated, and
partly to supply Germany's foreign
trade which she has completely lost
and may not readily regain. Another
pointto remember is that copper is a
metal that is not destroyed in the using,
and while this enormous consumption
has been going on for war purposes, the
copper so used has not all been lost,
in fact a very large portion of the used
shells and cartridges are being system-
atically collected, and the metal will
be put to another use. The idea of
these being saved and collected has
been ridiculed by a prominent copper
authority, but it is nevertheless a fact,
and the style of trench warfare that
has been conducted has made this pos-
sible. Men and guns have occupied the
same positions for months at a time
and it has not been a matter of explor-
ing "no man's land" for an occasion-
al cartridge shell, as my critic has sug-
gested, but simply a case of recovering
the piles of exploded shells and cart-
ridges that accumulated in every trench
and gun station. It may seem a small
matter in the detail but we have little
appreciation of what it amounts to in
the whole. Shut off from the rest of
the world and with a home production
of less than one-tenth of the copper that
the Allies have been receiving from us,
Germany has undoubtedly recovered
every pound that was recoverable.
At the end of the war there will be
an immense stock of this scrap in
Europe, and more than that the Allies
will have on hand, and under contract,
enormous supplies of copper both in a
raw and semi-finished condition, be-
488
THE STEEL AND METAL DIGEST.
Novem
cause there will be no diminution in the
Allied purchases or no decrease in their
reserve stocks until peace is actually
established, and I venture the opinion
the supply then will be greater than it
is to-day or at any other time in the
past.
The increase in the production of re-
fined copper was slower to come about
than in any of the other metals, and
while it to-day shows a gain of only
about 25% over 1913 we will by next
year have increased it another 25%
and in a few months will have the fa-
cility of turning out more than 200,000,-
000 pounds of copper a month, or 2,-
400,000,000 pounds a year. Before the
war our home consumption in only one
year exceeded 800,000,000 pounds and
with the loss in the war order business
in this country, we would indeed have
to enjoy extraordinarily prosperous
conditions to use 1,000.000,000 pounds
a year. The normal exports before
the war were less than 750,000,000
pounds yearly, so even if our foreign
trade came back to us on the former
basis, we would face an immense over-
supply, or rather an immense over-sup-
ply of productive capacity. A point to
be remembered is that this increase in
production was accomplished without
any pronounced increase in costs, and
the costs of the principal producers to-
day range from 7c to 10c with the gen-
eral average slightly below 10c. You
can see how much room there is for a
decline before production costs are
reached, or before the price reaches the
level that producers were wont to con-
sider a fair level for copper, viz. 15c. I
do not expect to see the decline for
months to come, neither does the British
Government, or they would not have
contracted for 450,000,000 pounds for
1917 deliveries at 26c. But we cannot
avoid a readjustment of prices later on,
and with the first real indications that
the war is coming to an end we will ex-
perience a contraction in the demand
which will bring on an unsettled mar-
ket until the industry is established in
accordance with the altered conditions.
As the production and sale of copper is
controlled by comparatively few inter-
ests the market is not so quickly sensi-
tive to trade developments, and it
would be in line with past perform-
ances if the readjustment of the pi
of this metal is done more slowly i
conservatively than in the case of ot
metals.
Spelter.
One of the greatest changes that
taken place in the metal industry
reason of the war has been in spel
Before the war Europe produced m
than double the quantity of spelter t
was produced in this country,
figures for 1913 being 742,854 tons
Europe as against 346,676 tons in
United States, and three-quarters of
European production came from C
many and Belgium, the greater pan
which was derived from the refining
Australian concentrates. Germany ]
collared these Australian concentn
by long time contracts, and throi
their syndicates they absolutely c
trolled the output and also the p:
of the metal in Europe. The exp<
of spelter from our country had ne
amounted to more than a few thous;
tons a year, in fact during the
years preceding the war our total
ports exceeded by a few hundred t
our total exports, and therefore we '.
virtually no say in the world's max
for spelter which was completely
der German control. When the ■
broke out England found herself i
helpless condition, for although poss
ing these Australian concentrates
had smelting facilities for less than c
third of her ordinary consumption
say nothing of the amounts requi
by France, Russia and Italy. Our co
try was immediately called upon
supply the Allies with their spelter
quirements, and this huge demand
only for the raw material, but also
brass and brass products, and the
cessively high prices which were p;
caused a phenomenal increase in
production here. The total number
American retorts at the end of I
year will be in the neighborhood
220.000 as against 120,000 at the enc
1914, representing a theoretical
crease in the output of 350.000 ton
year. Some authorities place it hi
er than that, and it has been stated
the U. S. Geological Survey that
will end this year with facilities
produce 900,000 tons of spelter a y<
916
AFFECT OF PEACE ON METALS.
489
deluding the output of electrolytic
fine. This is two and one-half to three
ones the amount of our domestic con-
mmption before»the war. It is impos-
able to believe that we will produce
it this rate any time during this year or
text, but taking the present output of
tbout 650,000 tons a year, ana estimat-
Bg the ordinary domestic consumption,
>utside of war 'supplies, at 350,000 tons
t ean be seen to what extent the indus-
try is dependent on the war demand.
\inong this increase in production is
he zinc smelting plant erected by the
I'. S. Steel Corporation, the largest in-
lividual consumer of spelter in the
jountry, which removes this company
from its dependence on the outside mar-
ket for its supplies, and furthermore
one or two other consuming interests
are following their example on a small-
er scale.
There is no need to discuss the price
fluctuations which have taken place
during the last two years, except to say
that the advance in the first year of the
war from 4%c to 26y2c represented the
extent of the insufficiency of supplies
which has since been corrected, for to-
day 's price of 9y2c does not mean so
much a scarcity of metal, but rather the
increased cost of production, which
figures, on account of high labor and
bther reasons, ore, etc., about 8c at the
present time.
"We face a most serious situation in
the American spelter industry with the
ending of the war for while Germany
will not resume the position she held
before, as the Australian concentrates
Will never be allowed to go. to her again,
still an agreement has been entered in-
to between the Governments of Great
Britain and Australia by which the
former agrees to take 45,000 tons of
spelter and 100,000 tons of concentrates
annually during the war and for ten
years thereafter, and has put aside $2,-
500,000 towards erection of works, and
It is only a question of time when pro-
vision will be made for the entire Aus-
tralian production. Peace will not in-
stantly deprive us of our export trade
in spelter, but it will cause a serious
falling off, and more important still
will cause a heavy shrinkage in the de-
mand from the brass trade in this coun-
try through the stoppage of war orders.
A complete revision of I be industry will
take place when that eonies, and there
will have to be a reduction in opera-
tions in every direction, and smelters
will be closed down that perhaps will
never run again. As many smelting
plants have paid for themselves several
times over through the extraordinary
profits of the last two years, this will
not prove such a great hardship, but the
real trouble will come through the re-
adjustment of the work to the altered
conditions. Costs will have to be re-
duced, both smelting and mining costs,
which will be to some extent automatic
through the lesser demand for labor
and the lesser demand for ore, and the
price of the metal will decline as the
costs decline, until we will probably
reach a point that represents the ex-
treme limit of the best equipped and
most economical plants in the country.
What that will be I do not dare to
prophesy, but you ean cut the present
price in half and yet be only a little
under what was considered a fair price
for spelter several jTears ago.
Lead.
During the first year of the war, lead
averaged only lc higher than the low
price prevailing at the start, and as
the market showed an inability to ab-
sorb more metal than was available, the
production was increased less than 2%
over Avhat it was in 1914. This year,
however, it has been an entirely differ-
ent story, and with the average price
50% over normal, and to-day double
what it was in October, 1914, there has
been a steady increase in operations in
order to take care of the larger con-
sumption, both ordinary and for ac-
count of war material, and furthermore
to supply the export demand in Europe
and the Far East. Lead has not been
affected so sensationally as copper and
spelter and some of the other metals,
but as the war demand is the basis for
present prosperity just so will there
have to be the same sort of a readjust-
ment when the war ceases. There is lit-
tle likelihood of any attempt to main-
tain the price of lead at a high level
when it is shown that the demand is
falling short of the supplies, and we
have had illustrations of this both this
year and last year when the price de-
490
THE STEEL AND METAL DIGEST.
Novemb'
elined in one case from 7c to 6c and in
the other from 7c to 4y2c. The fact
there is a protective tariff on lead of
25% ad valorem does not alter the case,
first, because it would not be good pol-
icy to forego our export trade which
was commenced several months before
the war started, and averages in the
neighborhood of 75,000 to 100,000 tons
a year, and secondly, because the lead
market here is no longer controlled by
one interest, but is established by the
competition between half a dozen im-
portant producers. The laws of supply
and demand control the price of lead in
this country to a greater extent than
ever before, and the discontinuance of
the European Syndicate, which was un-
der German domination, means that the
same conditions will prevail in Europe.
There is no possibility of the world's
market being apportioned and divided
along the lines of the old syndicate, and
while the tariff will prevent our market
from being made a dumping ground for
foreign lead, it is not to be supposed
that our prices will always be as high
as the tariff permits. There again the
question of our export trade comes in,
for to continue our export business our
market will have to stand on an even
footing with other producing countries.
Preferential tariffs on the part of Eng-
land and the British Colonies may place
us at a disadvantage with Australia,
and we may get back to the point where
we are only able to export lead pro-
duced in Mexico, and smelted here in
bond, but whatever it is, we can rest
assured prices will be readjusted to
meet the conditions which present
themselves. Having had a smaller and
more orderly advance than the other
metals under discussion, it stands to
reason that the reaction will also be
more moderate and conservative. Lead
can be produced and sold at a small
profit for 4c and the question whether it
falls below that level when the war
ends, will depend very largely on
whether the prosperous conditions in
this country are continued.
Antimony.
Antimony being a comparatively un-
important metal, in the sense that it is
used in such small doses for all peaceful
purposes, requires no detailed discus-
sion. Its use for war munitions, par-
ticularly shrapnel, that has brought
into the limelight during the past tv
years, and the inability of the world
increase the output at the same rate i
the impressed demand was the cause
the unexampled rise in prices. With tl
opening of the war an embargo w
placed on antimony by England and y
have had to depend on China and Jap<
for our supplies. In the early part
this year antimony was selling at 800
higher than when the war started, b
it has since declined to 13c as against <
average price of about 7y2c for the ha
a dozen years ending 1913. The produ
tion of antimony in the Far East h
been more than doubled, and as the
will be a large excess of supplies aft
the war, the price will inevitably d
cline to a level of around 5c a poun
Like tin, but unlike most of the oth
metals, the price of antimony has no e
feet on the consumption, and the fa
that the metal is cheap will not increa
its use, and the market will be deten
ined almost entirely by the cost of pr
duction which is not over 5c in China
Aluminum.
Aluminum in recent years has taki
greater strides forward than any oth
metal, in fact we are only just begi
ning to realize its possibilities of dev<
opment, and the regret is that the pr
duction is not more generally distribu
ed instead of being centered in a fe
hands. Anything that would tend
increase the competition and therel
aheapen the cost would be welcomed 1
the trade, but the abandonment of <
important prospective independent o
eration in this country does not gi'
much promise of this. Before the w
the market here was influenced by tl
European market, and notwithstandii
a duty of 2c per pound considerab
quantities were imported. Latterly ho1
ever, the movement has been reverse
and we have been supplying aluminu
to the Allies at record prices, rece:
sales having been made as high as 6'
as against an average price of 18V2C
the year 1914. That peace will cause
return to former prices is the most na
ural conclusion, because of the loss
the war demand and because the i
creased output will probably only 1
saleable at a price reasonable enouj
to encourage the use for those purpos
1916
AFKKCT OF PEACE ON METALS.
491
for which a substitute cau be used and
is used w lieu prices are high. The alumi-
num works in Europe may not be in a
position to spare any supplies to America
or to compete in our market for some
years, and a decline in price here might
be entirely independent of foreign com-
petition. The price of copper will also
influence the price and use of aluminum
far lately notwithstanding the dearness
of copper large amounts of aluminum
wire and cable have been scrapped and
sold and replaced with copper. Also
the prosperity of the country as reflect-
ed in the state of the automobile indus-
try, minus the greater part of the auto-
mobile export trade, will to a large
measure determine how low the price of
aluminum will go and how soon a nor-
mal level is reached again. Aluminum
like all the other metals is having its
fling but the old basis of values has not
been altered but only lost sight of for
the time being.
I am afraid I have exceeded my time,
but just one word more. It is often
said the world is in the melting pot now
while the war is being waged. My idea
is the world in social, economic and
business relations will be in the melting
pot when peace comes, and the product
that will be produced, in social, eco-
nomic, trade developments will be won-
derful and inspiring. I am enough of
an optimist to believe that out of this
great disaster there will come in Europe
a new world of ideals and conduct. The
awful suffering and bloodshed will not
be in vain. The cancer of slavery had
to be cut out in our Civil War with all
the suffering it entailed, so likewise the
cancer of militarism in Europe. The war
has not only made Europe find their
souls and develop the spiritual part of
their nature, but there has been a tre-
mendous quickening of intellect and
ability and efficiency, and in that is the
promise of her recovery. Let us see to
it that we in America who have been
wallowing in prosperity in the face of
this awful suffering have not lost there-
by those sterling virtues that come from
adversity ; that prosperity and ease has
not attropized our abilities and effi-
ciency and enterprise. Great opportun-
ities are before us, but they won't be
thrown in our laps. We must go after
them, seize and make them our own. In
the race we start with tremendous ad-
vantages. Let it never be said that in
the new world of endeavor now open
ing before us we were weighed in th&
balance and found wanting. And one
last word, realizing all that Europe's
suffering has brought to us in wealth
let us determine to consecrate a part of
it in "pouring oil and wine into the
wounds and binding up the broken
hearts", so that instead of feelings of
resentment at our prosperity in face of
their lossj our fellow world citizens may
in the years to come thank God that one
country at least was saved to lead in the
work of restoration and equipped with
the means to do so.
-o-o-o-
492
THE STEEL AND METAL DIGEST.
19H
Business Trends.
Record Bank Clearings
Remarkably heavy payments through
the hanks, as reflected in clearing house
transactions indicate that business is
Vicing maintained in unprecedented vol-
ume in practically all sections, total
bank exchanges in October, according
to returns received by "Dun's" Review
from 131 leading cities in the United
States, amounting to no less than $25,-
501,563,806, an increase of 27.1% as
compared with the same month last
year and 63.4% as contrasted with the
corresponding month in 1913. Indeed,
for the first time in the history of the
country, bank exchanges exceeded the
twenty-five million-dollar mark, the
above total being far and away the
largest ever recorded.
The sum above set forth excels by
about 12% the previous high-water
mark touched in September, while dis-
closing a gain of about 27% over the
extraordinary total for October 1915,
and indicating increases of about 120%
and about 65% respectively, over the
corresponding month in 1914 and 1913.
Many New Incorporations.
Exceptional activity is noted among
promoters in the formation of new en-
terprises. This is indicated in the Oc-
tober incorporations in the Eastern
States with a capital of $1,000,000 or
over, which represented a total of $303,-
768,700. With the exception of Febru-
ary last, when the charters filed in-
volved $365,995,300. the past month's
output is the largest in years. It com-
pares with a total of $164,700,000 in
September. In October a year ago the
incorporations amounted to $208,695,-
000. A striking feature of the returns
is the fact that all lines of industry are
represented, in keeping with the month-
ly showing for more than a year past.
The grand total of all companies with
a capital of $100,000 or over, covering
all States, including those of the East,
reached the large total of $365,050,700,
LSt $174,933,000 in August and
'180.500 in February. The Octo-
ber figures a year ago were $266,701,
000.
Following are the comparativ
figures as specially compiled by Th
Journal of Commerce and Commercia
Bulletin of companies incorporated i:
the eastern States during the last thre
years with an authorized capital o
$1,000,000 or more:
1916. 1915. 1914.
Jan. $270,995,000 $51,150,000 $120,050,00
Feb. 365,995,300 53,950,000 51,575,00
Mar. 194,750,000 70,050,000 57,700,00
April 166,650,000 32,200,000 136,185,0C
May 209,735,000 78,950,000 62,700,0C
June 264,350,006 J.81,247,100 70,050,0C
July 217,66^,550 71,100,000 68,700,0C
Aug. 113,472,000 67,100,000 50,600,0f
Sept. 164,700,000 286,625,000 54,800,0(
Oct. 303,708,700 208,695,000 35,487,51
Total $2,271,069,500 1.101,067,100 707,847,5(
Nov 190,075,000 81,650,0(
Dec 135,125,000 105,450,0(
Total $1,426,267,100 $894,947,51
October Failure Record Good.
In view of the active trade reporte
for the month of October and the ne
high records established in bank clea
ings, foreign trade, and other measun
of movement, it is not at all surprisir
to note that October failure retun
make a good showing when compart
with most of the preceding months i
this year or with October of the tv
preceding years. It is true there we
more failures last month than in Se
tember or July, the increase over tho
months according to "Bradstreet's
being 7% and 8% respectively, b
there were fewer than in any oth
month this year and the decreases fro
October, 1915 and 1914, according
the same authority were 7% and 13
respectively.
Liabilities make an even better she
ing than do failures. Compared wi
those of September there is a decxea
shown of 26% and June and July we
the only months of this year shown
smaller totals.
inn;
BUSINESS TRENDS.
493
Business Trends.
Commodity Prices Still Rising.
An extraordinary price situation pre
vails in America at peace and in Eu-
rope at war. Commodity prices in Eng-
land, on the continenl of Europe, in
Canada and here arc at record levels
for what arc termed modern times and
the indications are that they will go
higher. That is the gist of all three,
reports issued by "Bradstreet's",
"Dun's" and "The Economist."
The competition to get goods seems
to overshadow the question of whether
prices are not already too high. Though
there is much talk about the necessity
for checking the upward flight of com-
modities, as well as about conservatism
in buying being desirable, the fact is
that supplies relative to demands are
all too light, and while America re-
mains the one leading open market of
the world, with money to lend as credit
to finance purchases by over-sea buyers,
little relief from high prices can be ex-
pected, particularly as prospects of
peace seem as distant as at any time in
the past.
"Bradstreet's" index number as of
October 1st stands at $12,039, the high-
est figure ever touched within the life
of its data. This level indicates a rise
of 2.2% over September 1st, while
showing an advance of 22% over Au-
gust 15, 1914. almost directly after the
outbreak of the war.
"Dun's" index number for October
1st works out at $152,355 against
$152,018 a month earlier and discloses
an extreme rise of $31,615, or over 25%
as compared with the number of Au-
gust 1, 1914, when the war commenced.
Now we will turn our attention to
England. The end of October index
number published by "The Economist"
registers a sensational advance over the
figure for August and September. The
October number is 4596 an advance of
173 points over the September record
which in turn was 51 points higher
than that for August. The average
of the commodities on which this in-
dex number is based is 2200 and the
advance now recorded is thus more than
108% above the average.
An Unparalleled Record of
Foreign Trade.
Export trade in September surpassed
by about half of 1% that of August,
was 7(1', in excess of September a year
ago, and was over three and one-quar-
ter times the value of that of the month
of September two years ago. Further-
more, the total exports in September
were equal to those of the entire fiscal
year 1875, and owing to a rather sharp
decline in imports, the excess of ex-
ports over imports in that month was
not only the largest ever recorded in
any month, but was larger than any
shown in any full fiscal year previous
to 1898, while little below the like ex-
cesses for the fiscal years 1909 and 1910.
Swelled by the very large totals for Au-
gust and September, exports for the
nine months of the present calendar
year are $400,000,000 in excess of those
for the entire calendar year 1915, 56%
heavier than a year ago, and $1,200,-
000,000 greater than the exports for the
entire fiscal year 1915, while more than
double those of any fiscal year previous
to 1911. September imports showed a
decrease of 17% from August, and of
34% from the high-record month of
June, being the smallest since Novem-
ber 1915. For eight months of the cal-
endar year 1916 they were $300,000,000
less tlian half the exports, but were
$58,000,000 more than those for the en-
tire calendar year 1915, and only $62,-
000,000 below those for the high-record
fiscal year 1914, while, of course, ex-
ceeding those of any previous fiscal
year in the country's history. For the
26 months of the war (August, 1914, to
September, 1916, inclusive) exports
were only $100,000,000 less than double
the imports. Gold imports since the be-
ginning of the war have been $858,095,-
662 and exports have been $230,828,448,
an excess of imports of $627,267,214,
and the total exports of all kinds since
the war began exceed all imports by
$3,580,475,485, which sum overtops the
total imports and exports of merchan-
dise in any fiscal year previous to 1912.
494
THE STEEL AND METAL DIGEST.
Novembe
Profits in Iron and Steel.
While the whole iron and steel in-
dustry is making money the profits are
by no means equally divided. In a
general way it may be said that the
profits are by far the largest in the
making of steel, the conversion of pig
iron and scrap into unfinished steel.
In general the producers are obtaining
prices that are high, compared with
the average of a series of years,
but decidedly low compared with
prices realized on steel. While
the steel finishing departments are
not making large profits, on the
whole, some of them have very heavy
profits. Then there are wide diver-
gences in the profits of different con-
cerns engaged in practically the same
line of business, depending upon indi-
vidual circumstances.
Average prices being realized on pig
iron may be estimated by taking it that
the iron now being shipped was sold
when our composite averaged about
$18.60, but our composite contains
freights totalling 76 cents, so that the
furnace price averages a shade under
$18. The furnaces were selling at cost
when the composite stood at $13, but
Lake Superior ore is higher to the ex-
tent of $1.30 per ton of pig iron and
Connellsville coke to the extent of 75
cents, and other costs, including labor
are much higher, whereby if a furnace
is receiving $5 above its former cost
its profit is probably not half that
amount. As the investment sometimes
runs as low as $5 per ton of annual out-
put the profits are large even though
the blast furnace is making much less
than the steel works.
The Steel Corporation's earnings per
ton of ouput in the past quarter were
between $25 and $30 per gross ton.
The majority of independents have
been making more per ton, as they did
not sell so far ahead and thus are ship-
ping higher priced material, on an av-
erage, than the Steel Corporation. Inde-
pendents making a large proportion o
shell steel in their output are makiBj
profits on that material probably no
far from $50, a vastly greater earnuij
than that of the Steel Corporation h
the case of the many smaller interest
which have little or no investmen
prior to the steel mill, and not so mucl
in finishing departments.
The smaller plate mills are rnakinj
exceptionally heavy profits. The larg
mills, which sold ahead, are still delrv
ering some plates at 1.60c, and the ton
nage they are shipping above 2.00
is probably relatively small, wherea
there are some independents whos
shipments are averaging in the neigh
borhood of 3.25e, say $30 a ton mor
than the large mills are currently realis
ing.
The total advance in the basing dis
count on steel pipe is about $21 pe
net ton. At minimum prices there wa
a profit, but on account of increase-
costs of labor and supplies there i
some ground for doubting whether th
profit is now much over $20 a net to:
even to the concerns who make thei
coke and mine their ore. There wouL
be much more money in selling billet
at the currently quoted market of $5(
On account of the rapid movement
in the various markets, changing th
realized prices as well as the costs o
raw materials, there are great diffei
ences in profits of concerns in precise!;
the same line of business. For illus
tration. there was pig iron sold on th
basis of $18 and a shade less, for th
first half of 1917, while $22 or highe
can now be realized. There was cok
sold at less than $3.00, say at $2.75 fo
that period, while now it would be diff
cult to buy at $4.00. If $18 pig iron i
matched against $4.00 coke and $21 pi
iron against $2.75 coke there is a d:
vergence in profit of about $4.50 pe
ton of pig iron.
-o-O-o-
L916
ADDRESS UY KIJIKUT II. OAKY.
495
Judge Gary Discusses Conditions
in the Orient.
Address by the President, Elbert H. Gary, at Semi-Annual Meeting of
American Iron and Steel Institute, St. Louis, October 27, 1916
At the last directors' meeting of The
Institute, before the summer vacation,
a member suggested that, at the Octo-
ber meeting, I give some account of my
proposed visit to the Orient and there-
fore he properly may be charged with
the responsibility of the President's re-
marks on this occasion.
I left New York on July 3rd for To-
ronto and from thence proceeded via
the Canadian Pacific Railroad to Van-
couver; sailed on the "Empress of
Asia" July 13th; arrived at Yokohama
July 24th (dropping one day at the
180th meridian and picking it up again
on the return trip, and from there went
on same steamer to Manila, arriving
July 31st. I left Manila on another
ship (Japanese) August 7th for Hong
Kong, overtaking the "Empress of
Asia " which had preceded the Japan-
ese ship, and sailed for Shanghai. From
there I went through portions of China
(visiting Peking, Soochow, Nanking
and various other places in the eastern
and northern part) to Mukden, in Man-
churia; Seoul, in Korea, and then
across Japan Sea or Strait of Korea
to Shimonoseki, in Japan, arriving Aug.
29. I remained in Japan until Sept. 14,
when I embarked on the "Empress of
Russia" for Victoria, B. C, arriving
September 23rd. I visited the principal
cities in Japan and motored consider-
ably through the country, as I also did
in China and the Philippines, wherever
practicable. The journey, taken as a
whole, was long, rather warm and some-
what tiresome, as I expected it would
be, but it was all interesting and en-
joyable and a trip to be recommended,
even in the summer months. The accom-
modations for the traveler are gener-
ally good and in many respects are ex-
cellent.
This brief outline has been given be-
cause I am hoping many of my hear-
ers will be inclined to inquire into the
details and then to personally inspect
this fascinating portion of the Earth
situated on the opposite side of the
Globe from your habitation. I will lat-
er suggest reasons for my wish.
There are many phases of Oriental
life and customs, of natural and arti-
ficial beauty, of contrasts between the
old and new civilizations, all of which
attract and interest the student and
charm the traveler; but it is not my
purpose to attempt at this time to do
more than glance at some of the gen-
eral features of the different countries
mentioned, in which it seems to me you,
as business men, are especially con-
cerned. I was diligent and impartial
in the endeavor to ascertain facts that
appeared to have a bearing upon your
interests and mine in the affairs and
conditions of these nations respective-
ly. I saw as much of the countries and
as many of the people as the limit of
time permitted. Posing only as a mem-
ber of the business fraternity, I re-
ceived from foreigners everywhere the
most hospitable and generous treat-
ment and the frankest expression of
sentiment toward the people of the
United States. Also our diplomatic
representatives, without exception,
were courteous, helpful and hospitable ;
they are rendering faithful and efficient
service.
The Philippines.
The Philippine Islands, with proper
development and modern practice, are
capable of supporting comfortably ten
times, or more, the number of people
now living within their territory.
There can be produced everything in-
digenous to semi-tropical latitudes and
many things to better advantage than
on any other lands within the same
proximity to the equator. Hemp, to-
bacco, sugar, rice, cocoanut oils, coffee,
fruits, vegetables, grains, choicest tim-
ber and multitudes of other valuable
products can be raised in as large or
larger abundance than in any other
496
THE STEEL AND METAL DIGEST.
Novembe
country, with comparatively slight ex-
ception. The natural requisites, includ-
ing moisture, water-power and partic-
ularly richness of soil, are all sufficient.
The climate is equable and excellent.
In the summer, it is warm during the
middle of the day, but the nights are
agreeable, and, on the whole, the tem-
perature seemed to me very much bet-
ter than the average. No doubt the
records will show favorably by com-
parison. The Filipinos, as a race, are
a fine people, intelligent, of good dis-
position and possessed of capacity for
success. I met large numbers of them,
confined perhaps to the better educat-
ed classes, but nevertheless representa-
tive. With opportunity, example and
precept they will take a desirable place
in the ranks of progressive and worthy
citizens.
When the United States paid nearly
$20,000,000 to Spain, the owner, for the
title to the Philippine Islands, she ac-
quired a territory possessed of all the
essentials for building up a rich, health-
ful and desirable extension of its domin-
ions as a valuable and necessary supple-
ment to the immense productive capa-
city which she already possessed; and
it was inhabited by a people who, by
nature, would readily become loyal and
faithful citizens of our country.' When
the United States, by mere chance, or
as the result of an overruling Provi-
dence, became responsible for the fu-
ture welfare of the inhabitants of the
Islands and for the conditions which
might directly and seriously affect oth-
er countries, especially those in prox-
imity, there was much in the condition
of the people to be deplored. The
masses were ignorant; perhaps pur-
posely deprived of education ; and they
were subjected to tyranny and cruelty.
They were poor, unhealthy, diseased,
overtaxed and wretched. They were
more or less at war with each other and
with their Government. Every influ-
ence, every tendency, was bad. They
had no hope for the future. Intelligent
happiness was neither a reminiscence
nor even an aspiration. Because of the
diseases prevalent, both the people and
their beasts of burden were a menace
to the outside world. The Filipinos
were not blamable for this situation;
they deserved a better fate.
The United States was a good Samar
tan. The splendid men who Avere dul
appointed by our country, includin
both military and civil representative:
with fortitude and judgment and hi
man instincts took up and carried o
the work of renovating and rejuvenai
ing this conglomerate of physical an
moral corruption, which had develope
without the fault or the understandin
of the people themselves. The result
of their efforts will stand for all tim
to come as a monument to the generoui
humane and intelligent policy of an er
lightened and unselfish nation, unles
something shall be done in the future t
counteract or neutralize the results o
the course which has been pursued. A.
those who have represented the Unite
States in bringing about the wonderfi
changes in the Phillipine Islands are er
titled to the highest commendatior
Their work has not been fully appre
ciated by the average citizen of thi
country.
There has been established a soun
and exemplary government. The law
are wisely and justly administered b
able and impartial judges; modern an
commodious hospitals have been trail
and are in charge of competent, pra(
tical and humane doctors and nurses
plagues and dreadful contagious an
infectious diseases have been largel
stamped out; model schools, special an
common, have been established, an
they are filled with eager and indus
trious Filipinos taught in the Englis
language. Good roads have been built
agriculture, horticulture and forestr
have been improved; means and metl
ods for civilization and for moder
practical results have been taughi
though, of course, much remains to b
done.
There has been a general cleanin
up, and the best results of experienc
in other up-to-date countries are bein;
applied so far as possible. Filipinos ur
derstand and appreciate what has bee:
done, and they are a grateful people
Of course, the large majority are n
ferred to. There are always exceptions
All this has cost and is costing larg
sums of money, but emphasis should b
given to the fact that, with the excep
tion of the money paid for maintainm;
the army and navy, which is no mor
nit;
ADDRESS BY ELBERT B. GARY.
497
hail it would !><• if stationed else-
where, the total expense of making the
mprovements and changes adverted to
uul maintaining the same, as well as
he expenses of administration, includ-
ag the civil government, courts of law,
salaries of appointees of the United
States Government, schools, hospitals
uul everything else of the kind, are
uul. from the start, have been paid
from the treasury of the Philippine
Grovernment.
Without the protection and assist-
ance of the United States ; without the
experienced talent of representatives
sent from here ; without the added en-
ergy, skill and invested capital of
Americans ; if the Filipinos were again
left to themselves, they would be un-
able to make the progress in the de-
velopment of the resources of the coun-
try which is possible and desirable ; and
the future of the Islands would be un-
certain. They would not long be per-
mitted to drift towards old conditions
so as to be a menace to the health of
neighboring nations particularly inter-
ested, for the latter would interfere
and probably take possession and con-
trol.
The United States assumed a moral
obligation to the Filipinos and to other
nations when she took charge of these
islands. She could not shirk it if she
wished to do so.
Moreover, if the Filipinos desire it,
as I believe they do, and if the United
States, as I think a majority of the
citizens wish, shall decide to have the
Philippine Islands remain permanently
a part of the territory of the United
States, it would result in great finan-
cial benefit to the Islands and their in-
habitants and also to the United States ;
and all other nations would approve.
Considering the interests of the Filip-
inos and the Americans both, it would
be a grave mistake to sever the rela-
tions now existing between them.
There cannot be properly developed
the immense natural resources of the
country and the resulting business
with adequate facilities for conducting
the same, without large amounts of
capital, and it is impossible to secure
these unless and until there shall be
permanently established a government
which is satisfactory and will not be
assailed. If the United States should
abandon the Islands, capital already in-
vested would be withdrawn, m part at
least, ami additional investments would
be discontinued. The Americans in the
Philippines who have done and are do-
in i- much to advance the pecuniary in-
terests of the Archipelago, as well as
the natives themselves, understand and
openly recognize the fatal results to
the Islands if they should lose our
support.
China.
During the last few decades, at least,
China has not kept pace with others in
the progressive march of nations. Pos-
sessed by nature with extraordinary
opportunities, she has nevertheless oeen
retroactive in disposition and, to some
extent, has been exploited for the bene-
fit of others. With a population of 400,-
000,000 and a territory almost as large
as Russia, containing the richest and
most productive soil, a variety of cli-
mate which permits the growth and ma-
turity of the principal grains and fruits,
and with an abundance of the richest
minerals, she has, notwithstanding, be-
come poor in cash resources; and the
normal and necessary development of
the country for the proper utilization
of the national assets has been neglect-
ed, if not ignored. Consequently, in
the consideration of questions relating
to economic expansion, and in other re-
spects, China has, for a long time, been
well nigh helpless. It would not be
useful, nor does time permit, to discuss
the reasons for these conditions. Many
of them are well known. It is sufficient
to say that China, with her natural
facilities, has the opportunity of be-
coming one of the greatest and most
prosperous of nations.
Apparently, the leading Chinese
statesmen, the most intelligent and
most influential citizens and the best
thinkers are keenly alive to the situ-
ation and are earnestly solicitous for
the immediate future of China. The
present Governmental Administration
and the Parliament as well are devoting
their talent and energy to ascertain and
apply a solution for the problems which
interfere with the growth and strength
of their country. They realize that
there is needed a new constitution
which will establish a concentrated,
498
THE STEEL AND METAL DIGEST.
Novembei
unified, though democratc, government;
a new and modern financial system
which will be satisfactory to the finan-
ciers throughout the world; an ade-
quate, thoroughly trained and fully
equipped military force for defensive
purposes; and the adoption of a sys-
tematic plan for the development of
the whole country for the benefit and
for the promotion of the welfare of the
whole population. The leaders are
frank and outspoken in declaring the
desirability of a government such as I
have indicated; and they appreciate
also the necessity of having friendship
and assistance of all other nations. They
know that, under these conditions and
with this attitude on their part, and not
otherwise, they may expect to establish
a credit which will secure the loans
necessary to reorganize the affairs of
government, and will put to practical
use the instrumentalities for providing
the money which is now lacking.
The present Government is an honest,
unselfish, capable, industrious and har-
monious organization. There are states-
men in China of high intelligence and
qualifications. It should be only a ques-
tion of time when the internal strifes,
that are prevalent and have done so
much to obstruct and retard legitimate
growth and prosperity, will have
ceased; when the peoples of the differ-
ent provinces will be pacified and pos-
sessed of a spirit of genuine loyalty and
patriotism. This is what is especially
needed in China, and this is what will
be experienced when there is a clear
and general understanding of the mo-
tives of those now in governmental con-
trol.
China is now in a transition stage of
activity. For a single and simple in-
stance, the visitor to Shanghai may see
from his hotel window, within a space
of two hundred by seventy-five feet,
the jinrikiska, the sedan chair, the
wheelbarrow (carrying a large load of
freight or passengers), a cart drawn
by a caribou or water buffalo, a donkey
or pony cart used as a passenger
vehicle, a bicycle an automobile, an
electric train ; and nationalities and cos-
tumes of a great variety of patterns
and styles.
< toe of the principal things needed in
China is first-class railroads. We know
by experience what they are and do foi
a new country. There are province!
with immense acreages of the most fer
tile soil and a population of scores o:
millions, that have no pretension o:
reasonable facilities for getting to pur
chasing or consuming markets. If then
can be established the basis of credi
as already suggested, and as now seem:
probable, it is to be hoped Americai
capitalists will participate in furthei
loans which will permit the rapid ex
tension of railroad lines, for this wil
tend to correspondingly increase thi
volume of general business between th(
two countries. The people of Chin;
who are well posted are desirous o:
maintaining the most cordial and in
timate relations with the business con
cerns of the United States. Formerly
China desired to be left alone. Shi
wanted to be exclusive and seclusive
She claimed to be self-contained, an<
really thought it was wise to live unti
herself alone. That belief and attitudi
are becoming changed as a nation. Sh<
now wishes the open door policy to pre
vail. The national latch string is ou
for all other nations. Indeed, in somi
instances, those in authority have beei
too willing to grant concessions. Per
manent concessions of territory a
Shanghai, Peking, Hankow, Hongkong
and other places have been granted ti
various foreign countries who still owi
and occupy the same. The Unitec
States was formerly included in the list
but I think we have released and aban
doned all that were ever given to us.
The people are becoming familia
with the habits and methods of othe:
peoples. They are entering educationa
institutions in other countries and the^
are learning the English language. Trui
it is that large numbers in outlying
provinces are ignorant concerning thi
language or wTays or even existence o
foreigners, but all those in control o
national or provincial affairs are wel
advised and they welcome every oppor
tunity to learn and to assimilate. Es
pecially does China need and desire thi
sympathy and neighborly support o:
the people of the United States. Hen
is a great field for operation on thi
part of American business men whicl
can be cultivated without injury or ob
jection on the part of any other natioi
1916
ADDKKSS BY ELBERT 11. GARY.
499
and with decided benefit to China her-
self. 1 mult! wish that in sumc respects
the conditions in the United States
which now exist, resulting, I think,
from political agitation, might be mod-
ified.
The Chinaman is naturally strong,
diligent, industrious, economical, hon-
est and intelligent. He is a good farm-
er and a shrewd merchant. He would
like to be a good and loyal citizen, and
it is only because he has been imposed
upon or has misunderstood the facts
that he appears to have been at times
unreasonable or disloyal. He is a force
in the world that must be considered,
and it is wise to influence him honestly
and practically in the right direction
whenever the opportunty is afforded.
Where Chinese blood is mixed with the
Hawaiian or Filipino it has raised the
standard of intelligent manhood, so far
as I have observed.
There are men listening to me who
will live to see China a great and pros-
perous nation; rich, powerful and pro-
gressive; better than she ever was in
her palmiest days; one of the best
creditors of and debtors to other coun-
tries ; and at peace with all the world.
I hope and trust she is just now making
a successful start in this direction. I
have for her the same kindly feeling
which so many of her best people un-
doubtedly entertain toward the United
States. She will sometime have the
power to do harm, but instead she
may be a force fo.r international peace,
progress and prosperity.
Throughout the country and in the
cities and villages there is much to sur-
prise and cha.rm the visitor. There may
be seen uncleanliness in many places
and crowded habitations to the extent
of danger to health, but in other places
it is decidedly different in appearance.
For illustration, there is a striking con-
trast between Canton or Soochow, on
the one hand, and Peking, on the other.
The latter has an abundance of open
space.
Scattered over the farms, throughout
the country, are innumerable mounds
of earth resembling, from a distance,
cocks of hay. These are graves of the
dead. They are of different sizes, de-
pending upon the prominence or lack
•f prominence of the departed, and per-
haps some other considerations. As an-
cestry is worshipped and the spirits of
the deceased believed to visit, if not
abide near, the graves, one can under-
stand why, for years, the Chinese ob-
jected to the disturbance of the lands
resulting from the building of rail-
roads.
The use of opium is diminishing and
will disappear in the comparatively
near future.
Many books have been and more will
be written on China ; but to understand
and appreciate one should personally
observe.
I have endeavored to excite your in-
terest only in some of the prac-
tical things that ordinarily engage the
attention of the business men. We
should know the country and its people
better from the standpoint of our own
interests.
Japan.
Japan is a vigorous, progressive,
prosperous nation. Representatives
have temporarily resided in foreign
countries, including England, Germany
and the United States, for the purpose
of studying the languages, customs,
methods, improvements and facilities
for advancement and for defense; and
on their reports, from time to time, the
Japanese people have adopted and as-
similated what they consider to be the
best features of enlightened civilization
shown in the different countries. They
are highly intelligent, determined,
adaptable, very industrious and, above
everything else, superbly loyal to their
emperor and to their nation. The or-
dinary citizen lives for his country and
is just as willing to die for it. There
are no internal strifes ; on the contrary
there is a harmonious whole. They
present to the outside world a united
front. This is as it ought to be in
every nation. It gives a solidarity of
power that is invincible.
It may therefore be seen why Japan
has taken a leading position amongst
the nations of the world, contrasting in
a striking manner with her place 60
years ago. Rice is the principal, though
not the only, crop grown in Japan. As
the Islands are mountainous and not
fertile, it is probable at least 50% is
not cultivated. The fish industry is
large and profitable. In farming, min-
500
THE STEEL AND METAL DIGEST.
Noveinbe
ing, manufacturing, merchandising,
and with respect to her schools, hos-
pitals, courts, prisons, temples, means
of transportation, military training
and strength and, generally, in the pos-
session of modern equipment and ad-
ministration of public and private af-
fairs, Japan excels, and already may
be considered a model government in
many particulars.
Japan has grown and is growing
with her strength. She has, with Ko-
rea, Formosa and other island territory
recently acquired, 259,671 square miles
and a population of 72,000,000, as com-
pared with 37,000,000 in 1872. Besides
all this, she is now increasing in wealth
and in the near future will, I believe,
be considered rich, unless her present
policy shall be abandoned. Her finan-
ciers, hex business men and her states-
men deservedly rank high. They are
farseeing and they are conservative.
The wonderful natural beauties and ar-
tistic development and display, I can-
not take time to describe.
I am disposed just now to discuss
briefly before you questions which as
a business man, I was free to speak
about in my intercourse with Japanese
acquaintances. Because I was open and
sincere and especially as I was an
American, independent of any political
obligation to consider questions of
diplomacy, I met willing and attentive
listeners and cordial greetings.
For some time there have been sug-
gestions, in public and in private, in the
United States and in Japan as well,
that, for numerous reasons not neces-
sary to recall, there was possibility, if
not likelihood, of active hostility be-
tween these two countries. Whenever
either Government has decided to pro-
vide an additional warship some one
in the other country has been prompt
in charging that this meant prepara-
tion for war between these two na-
tions.
I said repeatedly, on my own re-
sponsibility, making no claim except
that I believed I could accurately rep-
resent public sentiment, that a large
majority of the people of the United
States did not desire, but would de-
plore and stubbornly oppose, war with
Japan, except in self-defense, and that
they were of the opinion there is not.
now nor will be any cause for seriou
trouble or disagreement; that ther
need be no conflict of opinion whicl
could not be finally and satisfactorily
settled by mutual negotiation and con
sideration. I also expressed the belie
that our governmental administratioi
is and would be inclined toward thi
most desirable exercise of authority
To all this I am sure this large com
pany of representative business mei
will heartily subscribe. I would repea
and emphasize the sentiments thus ex
pressed.
And now, gentlemen, I am here to sa;
to you in words just as emphatic an
in a belief no less absolute that th
leading and controlling men of Japa
are equally anxious to have a contii:
uance, permanently, of the peaceabl
and friendly relations now existing b(
tween these two countries. That ther
may be exceptions may go without saj
ing; it would be usual and need excit
no surprise nor fear if such is the fac
Still I have no positive information o
which to base this conjecture. I ha
good opportunity to ascertain the re*
situation, though my visit to Japan wa
comparatively short. The most pron
inent and influential men in Japan ar
outspoken in their profession of frienc
ship for the United States and her ci
izens. They refer with sentiments c
gratitude to Commodore Perry's vis
in 1853, to them, apparently hostile i
that time. They now consider this a<
tion as friendly and as the beginnin
of the growth of a great an
prosperous nation. They speak (
the benefit Japan has received an
is receiving from the United Stat<
educationally and otherwise. The
claim to have received the largest ben
fit in economic lines by visits to an
intercourse with Americans. They ri
fer with satisfaction to the large an
increasing trade relations. And, witl
out stopping to enumerate, they spea
of our people as their friends and a(
visers, now and always, as fair an
generous and pacificatory in policy an
practice ; as a model government, whos
friendly interest they court.
If you suggest these men may ha\
dealt simply in diplomacy, so-called, (
in diplomatic language, I answer, the
gave me no reason to think so ; I si
L916
ADDRESS BY ELBERT 11. GARY.
501
lured their confidence as I gave them
nine. They do not hesitate to advance
the reasons for peace and the objections
Id trouble. They realize that the geo-
graphical Locations of these two coun-
tries should make them practically al-
lies although acting independently and
in their individual capacities and inter-
ests. And, from the business stand-
point, the Japanese manufacturers,
merchants and financiers are desirous
of co-operating with those in the Uni-
ted States, to the fullest extent, in pro-
tecting and promoting the welfare of
both and at the same time benefiting
those in other countries with whom both
of us may be conducting business. They
understand and appreciate the spirit of
co-operation which has actuated the
the men engaged in our lines of busi-
ness and they would be pleased to con-
sider with us all legitimate plans for
the application of this principle. While
it is a difficult problem, requiring pa-
tience, skill and tact, still I believe we
may be able to work out methods
which will benefit all concerned. It is
well worth trying. International con-
ditions are peculiar. They are compli-
cated and will be worse. Every one in-
terested in international commerce
should make careful survey of existing
facts for purposes of future explora-
tions and developments. There are
many practical problems to consider
and their solution will require time and
thought; but we will find the Japan-
ese business men ready to take them up
in a fair, reasonable and intelligent
manner.
What Japan Wishes in China.
The subject of Japan's intentions to-
ward China and her possessions is a
mooted question in many foreign quar-
ters. From considerable inquiry and
study, I conclude Japan sincerely de-
sires that China shall proceed and suc-
ceed in the directions I have indicated ;
that she shall become firmly establish-
ed as a sound, peaceful, progressive,
prosperous and rich government with
free and open seaports, transacting an
increasing business of every kind, with-
in the limits of her capabilities, with
any country or all countries outside
her domains, on a fair, just and profit-
able basis. I am confident Japan would
like Chin? for a continuous, permanent,
friendly, profitable and satisfied cus-
tomer, with no political, social or finan-
cial difficulties, internal or internation-
al. I think we may expect to see, be-
fore long, efforts on the part of the
Japanese people to cultivate cordial
business relations with those in China.
I know there are important and influ-
ential men in Japan who will actively
advocate this course. I am also of the
opinion, founded on conversations, that
the Japanese will be glad to consult
with Americans concerning financial,
commercial and even political questions
relating to China. Japan and China
both wish for close and intimate rela-
tions with the United States and are
willing to discuss and determine all
matters affecting the rights and inter-
ests of any, with the purpose of doing
justice to themselves and all other na-
tions. The more our statesmen study
these questions the more clearly it will
appear there need be no irreconcilable
differences of opinion.
Korea.
Korea, as you know, has again be-
come a part of Japan. The name has
been changed to Chosen, which is the
same word in the Japanese language.
It is a fine country, with people of
good appearance, disposition and
physical and mental ability, fully equal
to the average. Under Japanese meth-
ods, conditions and appearances are
rapidly improving. The Koreans seem
to be satisfied with the governmental
change. They have more respect for
the present administration than they
entertained towards former ones, and
they believe their prosperity is increas-
ing and will continue to increase. It
seems probable there will be a gradual
and complete amalgamation of the two
races, and, if so, it will be beneficial to
both.
Our Business Men Should Visit
The Orient.
Now, I would urge all of you, who
find it practicable to visit the Far East.
Go during the autumn or early spring
months, if convenient, but do not hesi-
tate to make the journey during the
summer time. You owe it to your-
selves, to the business interests you rep-
resent and to your country to come into
close relations with the people of these
502
THE STEEL AND METAL DIGEST.
November
far distant lands. While they are far
away, if measured by miles, yet in point
of time they are growing nearer, by
reason of improvements in transporta-
tion; and the trip is enjoyable. You
may be assured there are innumerable
features in each of the countries in-
tensely attractive and in many respects
different from what you have ever seen.
"While I was somewhat fatigued at
times, I continued in good health and
I have every reason to congratulate
myself on having had the opportunity
to see these countries and to meet so
many agreeable people. If you decide
to do so, you likewise will be glad to
have made the journey.
More and more of our business men
should come into close contact with
the people of Japan, China and the
Philippines. It will be of benefit to all.
There is much to see and to learn.
Many misunderstandings have arisen
and some still exist. They can and
should be removed. It is as true as it
is old that human nature is about the
same the world over. We in the United
States are not possessed of all the vir-
tues. We are just as likely to be wrong
in judgment and conclusion as others.
Indeed, we have often been wrong. If
some of our leaders in Congress had
been better posted, it is possible that
many ill-advised speeches would not
have been delivered. At any rate, I
strongly urge that as many of our cit-
izens as find it possible take the time
to personally and impartially inquire
into the facts which bear upon the re-
lations of the United States with other
countries. There is always danger of
unsettled disagreements if parties con-
duct their communications at arm's
length. If they converse "eye to eye
and face to face ' ' even nations are much
more likely to avoid conflict and to
settle disputes without doing an in-
justice to any. If we are looking for
trouble we can usually find it ; and if we
are looking for harmony it is, as a rule,
equally easy to procure.
If any one connected with our gov-
ernment will spend a few months, or
less time, in Japan, with an honest in-
tention and effort to ascertain the sen-
timent of the large majority of the con-
trolling elements, I verily believe such
a one will be convinced Japan is not
desirous of trouble with the United
States, but, on the contrary, earnestly
desires our friendship and co-operation
in every worthy ambition.
Business Conditions.
Following my usual custom I will
conclude with a few words regarding
business conditions.
It is well known that the steel busi-
ness in this country is better than ever
before. Our concern is only for the
future. Many believe there will be a
continuance of large business for many
months or years after the war closes;
others think there will be a material re-
cession. No one can certainly foretell.
I have heretofore expressed opinions on
the subject which have been published.
Obviously the wise man will husband
his resources, keep within safe limits
and avoid over-extension. It is better
to be prudent and make less profits than
to become reckless or extravagant at
the risk of calamity. With large bank
balances we are independent and se-
cure; with large indebtedness to the
banks which we could not readily pay.
we would be in danger of bankruptcy
depending upon future business condi-
tions. All this we know by the experi-
ence of the past. As we cannot read
the future we should exercise cautior
and be prepared for unfavorable
changes.
Whenever the war shall close, the
business of this country will be con
fronted with new conditions. The pur
chasing power of the whole world wil
have been very greatly reduced. For
eign countries who are now buying oui
products, because compelled, will with
draw their patronage in a larg<
measure. Other non-producing coun
tries will find their financial resource!
and credits lessened. More than this
foreign producers, in great need, wil
strive more diligently than ever to sup
ply the countries that are financially
able to pay and at prices based upoi
cheap labor and low cost, as they havi
a perfect right to do.
Our producers, including our wag<
earners, will find themselves in com
mercial antagonism with the most per
sistent and difficult competition eve:
experienced, unless this shall be pre
vented by laws that are reasonable an<
sufficient. Most of the foreign produc
i<m;
TIN PLATE FORECAST.
503
Ing count lies, and quite likely all of
them, will be thoroughly protected by
tariff provisions and we should be on
a parity with them in this respect.
1 firmly believe, if the present un-
protective tariff laws remain unchang-
ed, we shall probably meet with com-
petition from foreign sources after the
war closes which will adversely, and
perhaps disastrously, affect American
industry ami American labor. Condi-
tions will be even worse than they were
between October 1st, 1913, and the be-
ginning of the war. If the laws shall be
amended and adequate protection to
American producers and their work-
men is afforded, we may expect satis-
factory business conditions for some
time to come.
Tin Plate Forecast.
We forecast this year's production
of tin and terne plate at 1,350,000 gross
tons, involving about 1,275,000 tons of
tin plate and about 75,000 tons of terne
plate. These estimates compare with
production as officially reported for
previous years as follows :
Terne Plate. Tin Plate. Total.
1906 . . 86,324 491,238 577,562
1907 . . 69,842 444,933 514,775
1908 .. 68,830 468,257 537,087
1909 . . 85,237 526,722 611,959
1910 . . 75,082 647.688 722,770
1911 . . 70,733 713,227 783,960
1912 . . 85,445 877,526 962,971
1913 . . 61,136 762,583 823,719
1914 . . 65,266 865,975 931.241
1915 . . 72,978 982,958 1,055,936
1916* . 75,000 1,275,000 1,350,000
* Forecast.
The fact that mills are oversold for
this year and will carry tonnage into
the new year enables us to make our
usual tin plate production forecast at
an earlier date than at some previous
times, because we are justified in assum-
ing that the mills will run full during
the balance of the year. If they do
not we shall be entitled to revise our
•estimate at the close of the year. There
are, of course, bare possibilities of pro-
duction being curtailed through short-
ages of steel or coal arising from rail-
road blockades or other causes.
Our estimate for 1915 was published
in our issue for February, 1916, and
was incorporated in our annual Metal
Statistics, the figure being 1,060,000
g"oss tons, while the official statistics,
made public by the Institute six months
later, showed 1,055,936 tons, represent-
ing a divergence in our estimate of
three-eighths of one per cent.
The gain in production this year over
last is about 28%, by far the largest
percentage increase in recent years, the
next largest being the 23% from 1911
to 1912.
A peculiarity of this year's tin plate
operations is that the rate of output at'
the present time, and the prospective
rate to the end of the year, is larger
than at any previous time in the year.
This arises from the fact that new mills
have been put into commission recently.
We estimate that the production in the
fourth quarter is at a rate 20% greater
than the average rate in the three quar-
ters preceding.
Next year's output will be much
larger than this year's, if the expecta-
tions of makers are borne out, that
there will be demand for more than can
be produced. Production can gain
next year over this by reason of the
year starting with more mills than the
average of this year, as the independ-
ents will Tiave more and the leading
interest will have the 24 mills at Gary,
and by the tin mills making less than
their usual tonnage of black plate spe-
cialties. There will be, according to
our count, 461 mills, 241 for the inde-
pendents and 220 for the leading inter-
est. These mills could make in the
neighborhood of 1.500,000 gross tons of
tin and terne plate and possibly a trifle
more.
504
THE STEEL AND METAL DIGEST.
Novembei
Notes On The Iron Situation.
The Lake Superior iron ore shipping
season is now nearly ended and the
result as to total tonnage is almost es-
tablished. Prospects are for a total
movement, lake and all-rail, of close to
64,000,000 tons. Speculation now turns
to the character of ores brought down
this year and the prospective prices
and tonnage for next year.
A question has been raised as to the
supplies of Bessemer ore as compared
with non-Bessemer. It is understood
that the independents are completing
a program of bringing down 7,000,000
tons of Bessemer ores. In 1914 and
1915 the Steel Corporation's production
of Bessemer steel was 67% of the total,
leaving 33% for the independents, and
on this proportion 7.000,000 tons of in-
dependent ore would go with 14,000,000
tons of Steel Corporation ore, making
21.000,000 tons altogether. The annual
compilation showing the movement of
Bessemer and non-Bessemer ores is not
published for 1915, but in the four years
preceding there was 1.59 tons of Besse-
mer ores for every ton of Bessemer pig
iron made in the United States. The
low ratio is explained by the fact that
all the furnaces use non-Bessemer ores
to the extent permitted by their Besse-
mer ores running lower in phosphorus
than required to produce the standard
analysis of pig iron. The production of
Bessemer pig iron in the first half of
this year represented a rate of 13,130,-
000 tons a year, which multiplied by
1.59 gives 20,900,000 tons of ore requir-
ed for a year's run. This checks ad-
mirably with the 21,000,000 tons al-
ready estimated as the prospective sup-
ply. Evidently, however, there would
be no room for the Bessemer steel
works to operate any more fully than
they did in the first half of this year,
nor would there be room for any large
exports of Bessemer pig iron.
The next interesting question if
whether, in the rush to ship iron ore
as the problem has been one of lake
shipping more than of mining, the aver
age iron content of the season's ship
ments has been greatly reduced. Ir
the past the average iron content ha;
always dropped when the shipments be
came particularly heavy, besides whicl
there has been a continual thougl
gradual decrease. In the 11 years, 190S
to 1913, those years being comparable
as both showed heavy production, then
was an average decrease of .42 of i
unit per year in the average iron con
tent. If there were a drop of one unii
for 1916 it would be equivalent, or
64.000.000 tons, to no less than 1,250,
000 tons of ore. Such a drop woulc
not tend to produce an iron ore short
age of course, but it would tend to de
crease the average production of pig
iron at furnaces, the yield being se
much less. The coke consumptioi:
would be somewhat increased.
Several weeks ago it was thought thai
ore prices for 1917 would be made verj
shortly, but this event seems, to be
quite in the future. That there will be
a large advance is certain. The lake
freight rate will be higher, thougl:
hardly by the 50 cents recently predict
ed. The cost of mining is increased ii:
various ways, all supplies being high-
er priced while labor costs more, and
many of the mines are operated on a
sliding scale of royalties whereby the
royalty per ton will be increased. The
ore advance will doubtless run close tc
a dollar a ton.
It seems to be assured already that if
will be possible to move considerably
more ore next year. Vessels to be com-
pleted for the new season will add at
least 4.000,000 tons to the carrying
capacity in a season, so that if 64,000,-
000 tons is shipped this year from the
region next season's shipments could
be 68.000,000 tons.
916
LIGHTER IMMIGRATION AOAIN.
505
Lighter Immigration Again.
Prom December, L915 to April of this
ear there was an increase in immigra-
ion, whereby measurable progress was
nade towards a restoration of the rate
hat obtained before the war. Since
hen there have been progressive de-
feases, whereby distinct hopes of de-
isive improvement are dispelled, and
bore is the cumulative effect of contin-
led light humiliation, making labor
career month by month.
In the two fiscal years before the war
here was an average increase in popu-
ation due to the passenger movement,
>f about 60,000 per month, this average
igure being obtained by taking the ex-
;ess of arrivals over departures, both
iliens and • citizens. The movement
iince July 1, 1914, has been as follows:
Fiscal year 1915 .... 117,237
■' " 1916 .... 137.138
July. 1916 21,878
August 21,717
Total 297,870
If the former rate of increase in pop-
ulation had obtained, 60.000 a month
for 26 months there would have been
in increase of 1,560,000, and deducting
297,970, as shown above as the actual
increase there is left what amounts to
in accumulated deficit 1,260,000 in our
population.
The immigration in the fiscal years
1913 and 1914, taken for comparison,
cannot be regarded as exceptionally
heavy, as while the fiscal year 1913 was
a good one industrially the fiscal year
1914 was bad in the main and certainly
conditions were not such as to encour-
age an unusual volume of immigration.
On the contrary one would rather have
expected a large volume of emigration
January to June, the second half of the
fiscal year. The present industrial ac-
tivity 'is such as would attract immigra-
tion." It, cannot be said that labor is
scarce simply because there is so little
immigration. It is reasonable to as-
sume that if there hail been the usual
volume of immigration there would
still be very full employment. The de-
ficit in immigration explains in part
why the scarcity is so acute.
As already noted, there was an im-
provement for a while. In December,
1915, there was a net decrease in popu-
lation due to passenger movement of
1.461, the next four months showing
progressive increases until in April the
excess of persons entering the country
over those leaving was 30,614, repre-
senting fully half the average popula-
tion increase that occurred in the two
fiscal years preceding the war. The
April movement was the largest for
any month since the war started.
The movement of citizens has been
rather interesting. Of course in the
long run there is an excess of citizens
leaving the country, but not a single
citizen is made abroad, except in the
case of births abroad to American
parentage, and that cannot count
much, while there are some native born
citizens who die abroad, and there are
many foreign born who come to this
country, become naturalized, and then
return to their native country.
Accordingly there is nothing remark-
able in the fact that in the two fiscal
years 1913 and 1914, before the war,
there was a large excess of citizens
leaving the country over those enter-
ing, but it is somewhat remarkable
that since the war started there has
been a large excess movement the other
way. Many citizens returned home
while a smaller number left the coun-
try. The excess of citizen movement
has been as follows:
Fiscal year
1913 excess out 61,098
1914 excess out 82.211
1915 excess in 67,167
1916 excess in 11.197
July, 1916 excess in 3,634
August excess in 304
506
THE STEEL AND METAL DIGEST.
Noveml
Topical Talks On Iron.
XLIII. The Basic Steel Process.
The four great steel making process-
es, as explained in Talk No. 6, Septem-
ber. 1913, a.re the acid Bessemer, basic
Bessemer, acid open-hearth and basic
open-hearth. The acid Bessemer and
acid open-hearth processes were separ-
ate inventions. The basic Bessemer and
basic open-hearth were not. The two
acid processes involve as their chief
function the reduction of carbon and
silicon in pig iron in order to produce
steel. The basic processes involve the
reduction of phosphorus also and hence
quite naturally the basic process was
developed later than the acid. Prior
to its development it was necessary, in
order to make steel, to use a pig iron
containing no more phosphorus than
could be permitted in the steel pro-
duced, as none was eliminated. The
basic process was the development of
Sidney Gilchrist and Percy C. Thomas,
both of England.
The idea of blowing cold air through
a bath of molten pig iron whereby the
carbon and silicon were burned out
and the metal was raised greatly in
temperature was a brilliant conception.
a stroke of genius arising, relatively
speaking, from nothing. The devel-
opment of the basic process, on the
other hand, represented the painful
working out of means to fill long felt
want. During the decade of the eight-
een-seventies, when the acid Bessemer
steel process was making great commer-
cial strides, there was continual dis-
cussion of the possibilities of finding a
process whereby pig iron containing
considerable quantities of phosphorus
could be used in the manufacture of
steel. At most of the meetings of the
Iron and Steel Institute the matter
came up in one form or another. It is
therefore one of the curious facts in
this history of this interesting process
that the Institute itself smothered a
paper detailing the solution of the
problem. Messrs. Thomas and Gil-
christ submitted a paper, detailing
quite fully the results of their experi-
ments and giving analyses, to be read
at the Paris meeting of the Institute in
September, 1878. The paper was or
inally near the top of the list, but t
youths were practically unknown a
the paper was placed at the bottom, 1
ing eventually left unread for lack
time. Mr. Windsor Richards, manag
of Bolckow. Vaughan & Company
works at Middlesbrough, however, a\
personally interested by Mr. Thorn
this interest resulting in the erecti
of a pair of 30 cwt. converters by tl
firm, aiyl on April 4, 1879, they wt
able to show an absolutely successJ
operation. A record of one of the eai
blows shows that at the end of i
minutes of the blow the carbon v,
very slightly reduced, the silicon
most entirely eliminated and the ph
phorus slightly increased. In the ne
six minutes nearly all the carbon dis*
peared with the remaining silicon a
the phosphorus was slightly reduci
In the next four and a half minutes t
phosphorus (originally 1.57%) drc
ped from 1.22% to .14%, and in fi
seconds more, at the end of the blow,
stood at .08%, the final analysis beifi
Carbon, trace; silicon, nil; mangane
trace; sulphur, .05% (originally .06^
while as noted the phosphorus H
.08%.
Mr. George \V. Maynard, an Ame
can, but for several years consulti
engineer for the Standard Iron & St
Company at Manchester, England, to
an interest in the new process with t
idea of introducing it in the Unit
States. Arrangements were complet
and Mr. Maynard returned to t
United States in March 1879, fi:
spending considerable time, as
himself put it, "at the patent office
Washington in an effort to edui ate
metallurgical department. " Eventua
the patents were granted in good for
The first license was granted to Shot
berger & Company, Pittsburgh, for i
in open-hearth furnaces, but it does i
appear that they ever exercised t
license.
The first actual practice of the ba:
process in the United States was
Steelton, Pa.. by the Pennsylvai
916
TOPICAL TALKS ON [RON.
!)07
tee! Company. Upon the completion
t' a urn Bessemer department the old
ne, with two 5-ton converters, was
vailable for experiments, and on May
. L883, the Brs1 basic Bessemer steel
•;ts made. The iron came chiefly from
regular blast furnace, which bad been
roducing iron miming a trifle over
% in phosphorus, while a small quan-
ity came from a stack using puddle
indcT and therefore making' high phos-
jhorus, over 3%%. The operation of
lie regular furnace was modified by
sing some converter scrap and slag, to
ncrease the phosphorus. The steel
ffoduced was of excellent quality and
ery soft but the cost was so high that
he operation was abandoned. The
cxt basic Bessemer operation was at
fottstown, Pa., by the Pottstown Iron
[ompany, Joseph Hartshorne, manager.
the first blow was July 1, 1886, while
be operation was finally abandoned
kugust 15, 1893, after somewhat less
ban half a million tons had been made.
The first basic open-hearth steel man-
iil'acl lire was al the works of the 'His
Sleel Company, Cleveland 0., S. T.
Wellman being manager, in 1886, when
a run of several weeks was made with
a 15-ton Furnace, using the Bessemer
iron of the day, .10% to .15% in phos-
phorus, with a large proportion of mis-
cellaneous scrap.
Partly through the instrumentality
of Andrew Carnegie the various patents
relating to the basic process were sold,
early in 1881, to the Bessemer Com-
pany, Limited, which had control of
the Bessemer patents. While there
were several patents, the important
feature of the process, whether prac-
ticed in the converter or open-hearth
furnace, is to use a basic instead of an
acid lining, and to introduce limestone.
The basic Bessemer process requires an
iron quite high in phosphorous to ob-
tain the necessary heat of combustion,
and such iron is not produced in the
United States, hence only the open-
hearth basic process is employed in the
United States. Abroad the production
by the basic Bessemer process is large.
Railroad Earnings.
Railroad earnings per mile of road, of roads having annual operating rev-
enues above $1,000,000, this being about 229,000 miles or about 90% of the
total steam railway mileage ; compiled by the Bureau of Railway Economics
from reports furnished the Interstate Commerce Commission.
Revenue
1913-14—
Expenses
. Net.
Revenue
1914-15
. Expenses
Net.
1915-16
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
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
22G
939
718
221
1,133
797
336
February
914
746
168
900
680
220
1,140
800
340
March . . .
1,091
801
290
1,015
722
293
1,260
844
416
April ....
1,038
782
256
1,013
724
289
1,233
827
396
May
1,047
800
247
1,044
735
309
1,307
857
450
June ....
. 1,097
789
308
1,094
732
362
1,302
851
451
508
THE STEEL AND METAL DIGEST.
Nov em be
Steel Plants.
XII.— The Duquesne Steel Works.
The Duquesne Steel Works of the
Carnegie Steel Company has had quite
an interesting history. The Duquesne
Steel Company was organized with
$350,000 capital stock on June 4, 1886,
by a number of Pittsburghers who wish-
ed to compete in rail manufacture with
Carnegie Brothers & Company, operat-
ing the Edgar Thomson and Homestead
steel works. Dissensions soon arose
and the company was reorganized as
the Allegheny Bessemer Steel Company
with $700,000 capital. The plant was
erected under the supervision of
Charles Amsler, consulting engineer of
Mackintosh, Hemphill & Company, and
comprised two seven-ton Bessemer con-
verters with the necessary roll trains,
arranged to roll rails without reheating
the blooms, while the mills hitherto had
reheated the blooms. On the comple-
tion of the works the Carnegie firm ad-
dressed a letter to purchasing agents
of the railroads warning them against
rails thus made. The rail pool was al-
leged to have discriminated against the
new works in the allotment of orders,
and with some dissensions among the
management, and more or less labor
trouble, the operation was not a great
success. The first bloom was rolled
February 9, 1889. October 30. 1890,
the stockholders accepted a bid from
Mr. Prick, of the Carnegie firm, of $1,-
000,000 in bonds for the plant, the ma-
terial on hand to be paid for in cash.
The price paid was less than the invest
ment. It is claimed that in the firs
twelvemonth the works earned he mil
lion dollars, by the mill being switchei
from rails to billets, for which ther
was a heavy demand at good prices.
The converters ran until Septembe
1907, 18 years, when they were abaii
doned to provide room for additions
open-hearth furnaces, the first opei:
hearth steel having been made at Dn
quesne in October. 1900. while the pre>
ent capacity is 1,346,000 tons of ingotf
all basic open-hearth.
The Duquesne blast furnaces, th
first of which was blown in June 8. 189
inaugurated a new era in blast furnac
construction, as they were very larg
and were provided with much mor
blowing capacity, in proportion to cul
ical contents of the stack, than had eve
before been furnished. It was year]
however, before any of them ever a
tained the standard rate of 600 tor
of pig iron a day for which they ha
been built. There are now six stack
rated at 1.035,000 tons of basic pig iro)
The output, apart from billets and she(
bars, runs chiefly to merchant bars. Tl:
first continuous bar mill built at th
Duquesne works was not expected 1
find employment more than an averag
of half time but was expected to ear
a profit nevertheless. There are no
three such continuous merchant bf
mills at the works.
Lake Superior Iron Ore.
Shipments of iron ore down the 1
1911. 1912.
April 331,645 204,042
May 3,684,819 5,919,074
June 4,819,996 7,567,555
July 5,221,373 7,600,233
August 5,548,311 7,760,248
September .... 5,231,069 7,287,230
October 4,769,965 7.010,219
November 2,523,253 4,072,674
December 14,579
Season Lake .. 32,130.411 47,435,777
* Estimated.
akes have
seen as follows, in gross tons :
1913.
1914.
1915.
1916.
866,386
269,686
503,832
1,658,411
7,284,212
3,852,063
5,012,359
8,449.580
7,974.444
5,502,367
6,005,591
9,507,576
8,204,416
5,784,514
7,204,021
9,750,157
7,677,601
5,869,477
8,081,117
9,850,14C
7,258,413
5,438,049
7,863,146
9,600,786
6,526,103
4,242,392
7,146,873
:"s.-,oo,ooc
3,270,958
1,068.682
4,445,129
18,545
1,411
57,236
49,070,478
32,021.987
46.318,804
57,3 16,6$
lint;
IK [RON AND STEEL SITUATION.
509
The Iron and Steel Situation.
Market Running- Wild.
A month ago we began our review
under the caption "A new steel move-
ment." The word "movement" is no
longer precisely applicable, for the
term when applied to the iron and steel
industry suggests broad and regular
buying and selling, with an orderly
advance in prices. There is no regular
buying and selling now. Some classes
of buyers are practically out of the
market, while many mills refuse alto-
gether to quote on a considerable pro-
portion of the inquiries that come to
them. There is not only no orderly ad-
vance in prices, there are on some com-
modities no definite prices at all.
This change is the contribution Oc-
tober has made to the already interest-
ing history of the iron and steel mar-
ket. The market is running wild. There
are two causes of the disorder. Prices
have reachel a level which some buyers
cannot pay, or feel they cannot pay
with the existing condition of their
business. In some products at least
producers find they cannot fully supply
their regular customers, and hence on
many inquiries they do not quote, so
that purchases when made are at dif-
ferent prices when the character of
the material and the delivery is the
same, but the relation between the buy-
er and seller is different.
The pig iron market, hitherto quite a
laggard behind steel, became wild in
October, with sharp and quite disorder-
ly advances, the markets in different
districts advancing unevenly, whereby
pig iron frequently penetrated into new
territory.
Steel Price Advances.
As indicated, it is no longer possible
to quote finished steel prices closely,
even for the familiar "delivery at mill
convenience," partly because the mills
make distinctions between buyers, as
to whether they are regular customers
or not, and as to their ability to pay
high prices, and partly because "de-
livery at mill convenience" while itself
a very elastic term, sometimes runs so
far ahead that the delivery is uninter-
esting. We have always defined the
regular market price of a commodity
as the price at which the bulk of the
material was being sold at the time,
but at the present time there is in the
case of some commodities no one price
at which most of the tonnage is being
sold.
In a general way, however, it may
be said that during October minimum
prices have advanced $2 a ton on bars,
$4 on shapes, $5 on plates, $8 on black
sheets, $15 on galvanized sheets and $2
on wire products.
The Mill Attitude.
There is a similarity between the
attitude the mills appear to maintain
now and that of early this year. By
the first of this year steel prices, for
forward delivery, had reached a level
equal to that attained in 1907, gener-
ally regarded as the highest "safe"
level. The sharp advances that oc-
curred in January, February and
March could reasonably be interpreted
as a recognition on the part of the large
mills that they could not hope to hold
the market indefinitely, while since
prompt deliveries were commanding
much higher prices they might as well
advance their prices for forward de-
livery. If that resulted in partly
clearing their order books they would
be able to make earlier deliveries and
those deliveries might command the
high prices. In other words it looked
as if the mills considered that there was
a time limit rather than a price limit
on the market.
When the mills made those sharp ad-
vances :n the first three months of the
year, representing more than half a
cent a pound on the average of all fin-
ished steel products, the buying was
not curtailed. There was more busi-
ness on books July 1st than on April
1st or January 1st. The market has
continued strong and the time limit
has been set forward. Instead of its
being the end of this year it is the end,
or nearly the end, of next year. The
mills feel that nothing they do is like-
ly to hasten or retard the final break.
Tn all probability that will come when
510
THE STEEL AND METAL DIGEST.
Novemb
peace in Europe is assured. While there
are widely divergent forecasts the more
common one sets the time at about a
twelvemonth hence. It seems quite well
assurd that the market cannot do any-
thing- which will cause a break in less
time, or at least a break that would
affect mill operations. The business
on books almost fully assures operation
at capacity until that time. The actual
business is, of course, not nearly suffi-
cient, but in many cases there is ton-
nage reserved for certain classes of
buyers, tonnage that it is practically
certain will be taken. In many cases
the buyer would already have con-
tracted for the tonnage, but the mill
has preferred to wait, expecting delay
to make the order involve a higher
price.
Production and Shipments.
In July and August steel production
was 10%, possibly 15% less than in
June. September saw the June rate re-
gained or at least closely approached.
In October a new rate has probab
been made. Certainly many of 1
mills have made new tonnage recorc
The sharp increase in shipments h
not served to make steel more plentif
or cause buyexs to relax their effor
to secure better deliveries from th«
mills. It is doubtful whether Novei
ber and December shipments will be
large as those of October. October
traditionally the month for breakh
records, because weather conditio
are favorable, but many mill manage
have acquired the habit of making a
assist nature, and in various ways th<
arrange that the heaviest tonnag
shall fall in October. Sometimes th
mortgage November operations, by a
ranging rolling schedules to the a
vantage of October and by postponh
needed repairs. Then there is bi
weather to be counted upon, and mo
serious of all is the matter of trar
portation. "Weeks ago the railroads f<
down in the matter of coal car supply
Pig Iron Prices.
(Averaged from daily quotations; at Philadelphia, Buffalo, Cleveland an
Chicago, prices are delivered.
Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
191G
Jan. .
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Bessemer, Basic
Valley
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
. 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
. 21.00
. 21.00
. 21.00
. 21.00
. 21.00
. 21.32
. 23.81
18.00
17.88
18.48
18.48
18.21
18.25
18.00
18.00
18.27
20.17
12.75
12.75
12.75
12.75
12.75
12.70
12.72
13.71
14.50
14.58
15.82
17.98
13.81
18.50
18.50
18.50
18.50
18.44
18.39
18.25
18.2?
18.58
20.56
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
19.24
19.50
19.60
20.50
20.50
19.90
19.15
19.00
19.50
20.5:2
No:
Phila.
14.45
14.50
14.05
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
20.20
20.25
20.04
19.75
19.58
19.50
20.58
13.25
13.25
13.74
12.69
13.17
13.08
12.83
13.83
15.43
15.75
16.73
18.02
14.23
18.25
18.25
18.77
19.25
19.15
18.75
18.75
18.75
19.04
20.48
land.
13.25
13.25
13.25
13.2.3
13.25
13.25
13.20
14.08
15.04
15.25
16.47
18.13
14.31
18.80
18.80
18.86
19.00
19.08
19.30
18.80
18.57
18.67
19.87
Contract price, f.o.b. Baltimore;
Prompt, f.o.b.
N*o. 2 fdy.
Chi-
cago.
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
19.50
19.50
19.50
19.50
19.17
18.75
19.79
Connells
inchun
9.50
9.50
9.42
9.25
9.47
9.50
9.61
10.77
11.22
11.71
13.14
14.00
10.59
14.92
14.64
15.00
68.00
68.00
78.00
78.00
91.00
100.00
100.00
100.00
107.50
105.00
100.00
105.00
91.71
115.40
139.00
173.00
15.00 175.00
15.00 175.00
14.63 175.00
14.00 175.00
14.00 175.00
14.38 165.00
15.35 165.00
vllle ovens.
1.5
1.5
1.5
1.5
1.5
1.5
1.6
1.5
1.6
2.1
2.3
3.1'
3.4
3.4
'.'.4.
2.3.
2.5.
2.61
2.7E
2.ft
5.6<
lit.
THE [RON AND STEEL SITUATION.
511
ul they have nol furnished the coke
arks an altogether sufficient supply,
t the end of October some steel mills
ere beginning to feel a serious short-
ie of oars for the shipment of their
•oduct. For the future there is the
vorahle influence that lake shipments
! ore and coal will soon end while the
saviest pressure for grain movement
ill be over, while there are the unfa-
n-able influences of bad weather and
instantly decreasing motive power as
comotives are not repaired as they
tould be. The first cold snap, which
ways disarranges transportation, may
the present delicate alignment cause
blockade from which the railroads
ill not quickly extricate themselves.
he blockade that started in October,
302, was not broken for six months,
ntil the combination of spring weath-
f and decreased industrial activity
lddenly restored normal conditions as
) transportation.
Thus the prospect is that steel will
ecome more scarce rather than more
plentiful in the next two or three
months, for any serious transportat ion
difficulties will slow down iron and
steel production all along the line.
There are no stocks of coke or pig iron
.ni.l for most finished steel products
there are no storage facilities adequate
to handling the mill output for anj
length of time. Any Link in the chain
may prove to be a weak one.
Coke.
Connellsville furnace coke for spot
shipment stood at 1.50 in May, 1915.
At the beginning of last August it was
$2.50. At the beginning of October
it was $3.50. On October 25th it sold
a1 $8.00, and it has since declined only
a fraction of a dollar. Contracts being
filled are at $2.25 to $2.75, but in many-
cases the shipments are inadequate. The
daily turnover in spot coke is quite
small. Some observers suggest that
there is danger of a condition arising
whereby consumers will be buying their
coke over again, and suggest that buy-
ers do not help themselves by bidding
Finished Steel Prices.
(Av
eraged from
daily quotations
f.o.b
Pittsburg
1.)
Grooved
— Sheets
Comp.
Wire
Steel
Blue
Tin
Fin.
1915
Shapes
Plates.
Bars.
Pipe, Wire,
Nails.
Skelp. Black.
Galv.
\nnl.l.
plate.
steel.
anuary . .
. 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
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
1.75
4.80
1.33
3.10
1.5312
My
August . .
September
Dctober . .
. 1.25
1.22
1.27
79 1.38
1.58
1.18
1.74
4.65
1.32
3.10
1.5692
. 1.30
1.26
1.30
79 1.38
1.61
1.25
1.85
4.40
1.37
3.10
1.6059
. 1.33
1.33
1.35
79 1.54
1.69
1.28
1.91
3.68
1.51
3.10
1.6506
. . 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
76J4 1.98
2.13
1.75
2.60
4.75
2.55
3.75
2.1410
February
. . 2.06
2.16
2.06
75^ 2-11
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
April . . . .
2.50
2.75
2.50
71^ 2.25
2.40
2.35
2.89
5.00
2.95
4.70
2.7166
2.50
2.83
2.50
70 2.45
2.50
2.35
290
5.00
3.00
5.46
2.8043
July ....
Aug
Sept. . . .
Oct.
2.50
2.90
2.50
70 2.45
2.50
2.35
2.90
4.80
3.00
5.75
2.8300
2.90
2.50
70 2.45
2.50
2.35
2.90
4.40
2.90
6.00
2.8425
.. 2.54
2.94
2.56
70 2.53
2.58
2.35
2.90
4.20
2.90
5.54
2.8588
2.60
3.00
2.60
69^ 2.55
260
2.35
2.91
4.20
2.90
5.75
2.9013
. . 2.63
3.07
2.62
69 2.59
2.64
2.40
3.23
4.50
3.15
5.77
2.9747
512 THE STEEL AND METAL DIGEST. Nove
Comparison of Metal Prices.
Kange for 1914
High. Low.
Pig Iron.
Bessemer, valley 14.25 13.75
Basic, valley 13.25 12.50
No. 2 foundry, valley 13.25 12.75'
No. 2X fdy. Philadelphia. 15.00 14.20
No. 2 foundry, Cleveland . 14.25 13.25
No. 2X foundry, Buffalo. 13.75 12.25
No. 2 foundry, Chicago . . 14.75 13.00
No. 2 South'n Birmingham 10.75 9.50
Scrap Iron and Steel.
Melting Steel, Pittsburgh. 12.00 9.75
Heavy melt, steel, Chicago 11.00 8.00
No. 1 R. R. wrought, Pitts. 12.75 10.00
No. 1 cast, Pittsburgh 12.25 10.50
Heavy steel scrap, Phila. .. 11.25 9.00
Iron and Steel Products.
Bessemer rails, mill 1.25 1.25
Iron bars, Pittsburgh 1.35 1.20
Iron bars, Philadelphia . . . 1.27/ 1.12/
Steel bars, Pittsburgh 1.20 1.05
Tank plates, Pittsburgh .. 1.20 1.05
Structural shapes, Pitts. .. 1.25 1.05
Grooved steel skelp, Pitts.. 1.20 1.12/
Black sheets, Pittsburgh.. 1.95 1.80
Galv. sheets, Pittsburgh . . 3.00 2.75
Tin plate. Pittsburgh 3.75 3.10
Wire nails, Pittsburgh .... 1.60 1.50
Steel pipe, Pittsburgh .... 79/% 81%
Connellsville Coke at ovens.
Prompt furnace 2.00 1.60
Prompt foundry 2.50 2.00
Metals — New York.
Straits Tin 65.00 28.50
Lake copper 15.50 11.30
Electrolytic copper 14.87/ 11.10
Casting copper 14.65 11.00
Sheet copper 20.25 16.50
Lead (Trust price) 4.15 3.50
Spelter 6.20 4.75
Chinese & Jap. antimony. 18.00 5.30
Aluminum, 98-99% 21.50 17.37/
Silver 59/ 47^
St. Louis.
Lead 4.10 3.35
Spelter 6.00 4.60
Sheet zinc (f.o.b. smelter) 8.75 7.00
London. £ £
Standard tin, prompts ... 188 132
Standard copper, prompts 66/ 49
Lead 24 17%
Spelter 33 21/
Silver 27/d 23/d 27/d 22rVl 37/d 26*id
Ritnge
for 1915
Range fo
r 1916
High.
Low.
High.
Low.
2 1.00
13.60
20.00
20.00
18.00
12.50
22.00
17.75
18.50
12.50
23.00
18.25
19.50
14.00
22.75
19.50
18.80
is. 00
21.30
18.50
18.00
11.75
25.00
18.00
18.50
13.00
22.00
18.00
14.50
9.25
16.50
14.00
18.00
11.00
18.75
16.00
15.25
8.75
18.00
14.50
17.25
10.75
19.50
17.50
15.00
11.00
16.25
14.75
16.25
9.50
17.75
14.75
1.25
1.25
1.47
1.25
1.90
1.20
2.75
1.90
2.06
1.12J4
2.66
2.06
1.80
1.10
2.70
1.85
1.60
1.10
3.25
1.85
1.80
- 1.10
2.80
1.85
1.75
1.12/
2.50
1.75
2.60
1.70
3.40
2.60
5.00
2.65
5.00
4.15
3.60
3.10
6.00
3.75
2.10
1.50
2.70
2.10
79%
81%
69%
78%
3.50
1.50
8.00
2.50
3.75
2.00
8.25
3.25
57.00
32.00
56.00
37.50
23.00
13.00
30.25
23.00
23.00
12.80
31.00
23.00
22.00
12.70
28.25
22.00
27.25
18.75
37.50
28.00
7.00
3.70
7.50
5.50
2 7.25
5.70
21.17/,
8.37H
40.00
13.00
45.00
10.50
60.00
18.75
65.00
53.00
56/
46/
77/
55^
7.50
3.50
8.25
5.45
27.00
5.55
21.00
8.20
33.00
9.00
25.50
15.00
£
£
£
£
190
148/
205
163
863/
57/
146
84/
30
18/
36^
27^
11(1
28 /
111
44
1916 SECURITY PRICES. 518
Comparison of Security Prices.
Range for 1014 Range for 191B Range for 1010 Clo.ing-,
High. Low. High. Low. High. Low. Oct. 31,
Railroads 1916.
Atchison, Top. & Santa Fe... 100% 89% ,111% 92% 103% 10054 107%
Atch. Top. & Santa Fe. pfd. 10134 9»H 102% 90 102 97% 1003,4
Baltimore & Ohio 95% '17 96 63% 90 82% 87%
Canadian Pacific 320% 153 194 L38 183% 162% 17234
Chesapeake & Ohio 68 40 6 1 ; , 35% 71 58 083,4
Chicago, Mil. & St. Paul .... 107% 84% 101% 7754 10254 91 94%
Erie R. R 32% 20% 45% 19% 43% 32 39
Great Northern pfd 13434 111% 128% 112% 127% 116% 118%
Lehigh Valley 156% 118 833/6 645% 87% 74% 83%
Louisville & Nashville 141% 125 130% 104% 139% 121% 136%
Missouri, Kansas & Texas ..24 8% 15% 4 8% 3% 73%
Missouri Pacific 30 7 18% 1% 19% 3% 9%
New York Central 96% 77 110% 81% 114% 100% 107%
N. Y„ N. H. & Hartford .... 78 49% 89 43 77% 57 60%
Northern Pacific 118% 97 119 99% 118% 108% 112
Pennsylvania R. R 115% 102% 61% 51% 60 55% 585%
Reading 172% 137 855% 693% 115% 75^ 109%
Southern Pacific 99% 81 104% 81% 104% 94% 100%
Union Pacific 1643% 112 141% 115% 153% 1293% 150%
Industrials.
Am. Beet Sugar 33% 19 72% 33% 104% 61% 102%
American Can 35% 19^4 68% 25 68% 50% 61%
American Can. pfd 96 80 ,.113% 89 1153% 108% 113%
Am. Car & Foundry 53% 42% 98 40 78 52 67%
Am. Cotton Oil 46% 32 64 39 58% 50% 563%
Am. Locomotive 37% 29% 74% 19 92% 58 82%
Am. Smelting & Refining ... . 71% 50% 108% 56 117 88% 112
Brooklyn Rapid Transit 94% 79 93 83% 88% 83% 85
Chino Copper 44 31% 573% 32% 64% 46% 61
Colo. Fuel & Iron Co 34% ,29% 66% 21% 63% 38% 52%
Consolidated Gas 139% 112% 150% 113% 144% 130% 1383%
General Electric 150% 137% 185% 138 187% 159 183 Jfj
International Harvester 113% 82 114 90 119% 108% 117%
Lackawanna Steel 40 26% 943% 28 90% 64 88%
National Lead 52 40 70% 44 74% 60% 68%
Ray Consolidated Copper .... 22% 15 27% 15% 29% 20 26%
Republic Iron & Steel 27 18 57% 19 . 83% 42 77%
Republic Iron & Steel, pfd... 91% 75 112% 72 116% 106% 114
Sloss-Sheffield 35 19% 66% 22 70% 37 62
Texas Co 149% 113 130 235% 177% 225%
U S. Rubber 63 44% 74% 44 63% 47% 59%g
U. S. Steel Corporation 67% 48 89% 38 122% 79% 1187%
U. S. Steel Corporation, pfd.. 112% 103% 117 103 123 115 121%
Utah Copper 59% 45% 81% 48% 113% 74% 106%
Va.-Carolina Chem 34% 17 52 15 51 36 46%
Western Union Telegraph . . . 6674 53% 90 57 105% 87 102/3
514
THE STEEL AND METAL DIGEST.
November
high prices for spot coke. The ob-
servation is not entirely applicable,
for the consumers are in two classes,
the steel works, which can pay almost
any price for coke rather than have
their output of steel diminished, be-
cause they are making $25 to $50 a ton
profit on it, and the merchant furnaces,
which have their iron sold at relative-
ly low prices and would lose money if
they paid more than about $5.00 for
coke. We do not understand that there
is any moral delinquency on the part
of coke sellers, but such a delinquency
is feared, and it is well to point out
that if a steel works bids $8.00 for spot
coke that coke may come out of a mer-
chant furnace contract and thus the
steel works would be ahead.
The latest business in contract fur-
nace coke involves a contract for first
half at $4.00 and the extension of a
$3.75 first half contract over the sec-
ond half at the same figure.
Spot foundry coke lagged behind
furnace coke because it required a day
or two for news of the successively
higher prices obtained for furnace to
reach the trade. Eventually foundry
coke passed furnace, sales being made
regularlj' in the closing days of Oc-
tober at $8.00, while as high as $9.50
appears to have been paid in excep-
tional cases for single carloads.
Pig Iron.
The advances in pig iron have been
wild, the different districts not hold-
ing together at all. Virginia was the
slowest to avance, and Virginia iron
penetrated to Pittsburgh, while it re-
U. S. Steel Corporation's Operations.
Earnings and Unfilled Orders.
Earnings by Quarters.
Net earnings by quarters since 1911:
Quarter. 1916. 1915. 1914.
1st $60,713,624 $12,457,809 $17,994,382
2nd 81,126,048 27,950,055 20,457,596
3rd 85,817,067 38,710,644 22,276,002
4th 51,277,504 10,935,635
Year 130,396,012 71,663,615
1913. 1912. 1911.
1st $34,426,802 $17,826,973 $23,519,203
2nd 41,219,813 25,102,266 28,108,620
3rd 38,450,400 30,063,512 29,522,725
4th 23,084,330 35,181,922 23,155,018
Year . . . 137.181,345 108,174,673 104,305,466
Unfilled Orders.
(At end of the Quarter.)
First. Second. Third. Fourth.
1904.. 4,136,961 3,192,277 3,027,436 4,696,203
1905.. 5,579,560 4,829,655 5,865,377 7,605,086
1906.. 7,018,712 6,809,584 7,936,884 4,489,718
1907.. 8,043,858 7,603,878 6,425,008 4,642,553
1908.. 3,765,343 3,313,876 3,421,977 3,603,527
1909 . . 3,542,590 4,057,939 4,796,833 5,927,031
1910.. 5,402,514 4,237,794 3,158,106 2,674,757
1911.. 3,447,301 3,361,058 3,611,317 5,084,761
1912.. 5,304,841 5,807,346 6,551,507 7,932,164
1913.. 7,468,956 5,807,317 5,003,785 4,282,108
1914.. 4,653,825 4,032,857 3,787,667 3,836,643
1915.. 4,255,749 4,678,196 5,317,608 7.805,220
1916.. 9.331,001 9,640,458
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.
1915— % % % Tons.
January 44 81 +37 +411,928
February . . 57 66 +9 + 96,800
March 67 60 — 7 — 89,622
April 71 63 — 8 — 93,505
May 76 85 +9 +102,354
June 79 113 +34 +413,598
July 83 104 +21 +250,344
August .... 91 89 — 2 — 20,085
September . 98 133 +35 +409,163
October ... 103 172 +69 +847,834
November . 102 186 +84 +1,024,037
December . 102 152 +50 +615,731
1916 —
January ... 102 112 +10 +116,547
February .. 102 157 +55 +64(1,199
March 104 164 +60 +762,035
April 104 146 +42 +498,550
May 104 82 —22 —297,340
June 104 82 —22 —297,340
July 90 86 — 4 — 46,866
September .96 87 — 9 —137,773
lsut;
THE [RON AND STEEL SITUATION.
,1:
tarded the advance in the East to such
an extenl that delivered Philadelphia
was $22.75 while E.O.D. furnace Buffalo
was $25, the normal divergence being
about $1.50 in the other direction.
Southern iron was rather sluggish in
advancing, but eventually advanced so
sharplv as to become almost unquot-
able at all. The average advance in
the whole pig iron market in October,
as si i own by our composite, was almost
$2.50 per ton. From the low point of
December, 1914, to October 1, 1916,
the advance had been only a shade more
than $6.
Unfinished Steel.
From the middle of August until the
middle of October billets and sheet
bars were regarded throughout the
trade as fairly quotable at $45 to $50.
Transactions were light, but practically
all that were made testified to the range
mentioned being fairly representative
of the market. Suddenly the lower pri-
ces disappeared entirely, and at the end
of October fair quotations were $50 for
billets and $52 for sheet bars. Besse-
mer steel was quotable as high as open-
hearth, partly because none was obtain-
able. Rods advanced $5 a ton to $60
to $65 and forging billets an equal
amount, becoming quotable at $70 to
$75.
Tin Plate.
On October 8th, as noted in last is-
sue, several of the independent tin plate
mills announced a price of $6.00, for
the first three months of 1917 in the
ease of jobbers and the first six months
in the case of manufacturing consumers.
Much to the surprise of the majority
the leading interest on October 12th
announced a price of $5.75. All pro
ducers had insisted that there would
qo1 be enough tin plate to meet require-
ments and each producer insisted In
would sell only to his regular custom-
ers. Thus there was not much regular
competition. Some of the independents
came down to +5.75 in the case of the
majority of their customers whili
others held ou1 for $6.00. By the end
of the month regular customers of th
leading interest were bidding indepen
dents $6.25 and customers of indepen-
dents were doing likewise. A sale of
50,000 boxes for export was made at
$6.50 on the next to the last day of
the month.
Railroads Buying Heavily.
A noteworthy feature of the situation
is the heavy buying by .railroads. Orders
for spikes and other track repair ma-
terial are being placed freely for deliv-
ery in the first half of next year. There
has been fairly heavy inquiry for rails,
for delivery late in 1917, but as a rule
deliveries cannot be arranged and some
contracts have been placed for early
1918 delivery.
Buying of freight cars has reached
.really spectacular proportions in the
past two months seeing that last spring
the railroads practically withdrew from
the market on account of the very high
prices but they have since re-entered
with prices still higher. Our regular
summary, printed on another page
shows that about 19,683 freight cars
were ordered in September and about
32,402 in October, making 52,985 for the
two months against only 23,000 ordered
in the five months preceding. Thus the
rate of buying has been multiplied al
most six times.
-o-O-o-
516
THE STEEL AND METAL DIGEST.
.Novemb
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.
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 20.70 12.50 18.00
May .. 13.659 20.833 12.65 18.1607
June .. 13.75 21.00 12.724 18.00
July .. 13.991 21.00 12.959 18.00
Aug. .. 15.064 21.00 14.364 18.00
Sept. .. 15.906 21.9346 15.00 18.63
Oct. .. 16.00 23.6576 15.0147 20.3086
Nov. .. 16.615 15.518
Dec. . . 19.021 17.487
Year .. 14.870 13.810
Above prices are f. o. b. valley furnace;
delivered Pittsburgh is 95 cents higher.
British Iron And Steel
Exports.
1915— Pig Iron. Rails. Tin Plate. Total.*
Mar.
. . 20,172
17,572
36,170
239,341
April
.. 35,209
21,602
40,135
265,244
May
.. 29,342
21,776
33,727
267,524
June
.. 39,127
23,728
33,986
272,195
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
13,640
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
Mar.
. . 87,283
3,366
39,482
307,488
April
. . 82,976
10,510
23,337
293,897
May
. . 97,967
4,103
41,868
395,750
June
. . 77,487
3,243
30,351
310,595
July .
. . 69,999
3,485
38,174
298,929
Aug.
.. 95,655
1,983
34,124
319,928
Sept.
. . 72,683
2,712
19,226
231,335
9 mo;
.. ?46,68'i
36,458
280,122
2,733,405
* Includes scrap
, pig iron, rolled
iron and
steel.
cast and wrought iron manufactures,
bolts,
nuts, etc.. but not finished machinery.
boiler
5, tools, etc
Tin Plate Movement.
United States imports and exports of 1
' plate in gross tons have been as follov
the imports of course including those f
drawback purposes : Imports. Expor
1915 2,350 154,54
January, 1915 1,608 7,01
February 265 5,83
March 53 10,50
April 44 9,08
May 24 7 21
June 75 7i5g
July 71 13,89
August 50 21,93
September 31 22,26
October 15 16,92
November 54 15,53
December 62 16,79
January, 1916 62 12,17
February 107 13,53
March 44 20,36
April 179 21,38
May 39 25,58
June 91 29,75
July 150 18,76
August 105 18,75
Wage Scale Averages.
Sworn averages of prices obtained 1
mills for shipments in months named, usi
in fixing wages under Amalgamated Ass
ciation sliding scales. The figures represe
the rates used, the actual ascertained ave
ages lying between the figure given and tl
one five points higher. Base sizes of ire
bars; average of 26, 27 and 28 gauges blat
sheets; tin plate per base box, 100-pound.
Bar Iron.
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 *1.85
July-August 1.0928 *1.15 *1.95
September-October 1.0847 *1.15
November-Dec'ber 1.037 *1.30
Year's average 1.1125 1.144 ....
* Settlement basis.
Sheets and Tin Plates.
1916. Sheets. Tin Plate
January-February .... 2.25 3.50
March-April 2.50 3.70
May-June 2.60 3.90
July-August 2.70 4.05
116
OUR FOREIGN TRADE.
517
Car Buying.
61,916
69,217
131,133
Our Foreign Trade.
64,287
reight cars ordered:
January, 1915 3,300
February 4,255
March 1,287
April 3,000
May 30,120
June 39.864
ix months
July :'W5
August +.625
September 5.060
October ■''•939
November 19,863
December '. 7,055
six months
fear 1915
1916—
January 21,331
February 13,043
March ^,725
April *.058
May 6,204
June 3,470
Six months
July '•■■ -.883
August 3,384
September 19,683
October 32,403
Pig Iron Production.
Rates per annum, including charcoal pig.
April, 1915 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, 1916 37,850,000
February 39,200,000
March 39,600,000
April 39,600,000
May 39,800,000
june 39,500,000
July 38,350,000
August 39,200,000
On October 1st ., 39,800,000
Actual production:
1910 27,303,567
1913 30,966,152
1914 23,332,244
1915 29,916,213
Imports.
1905 1,179,144,550
1906 L,320,501,572
1907 1,423,169,820
1908 1,116,374,081
1909 1,475,520,724
1910 1,562,904,151
1911 1,532,359,160
1912 *1, 818,133,355
1913 1,792,596,480
Value of merchandise imports and ex-
ports, and favorable trade balance, calendar
years.
Exports. Balance.
1,626,990,795 447,846,245
1,798,243,434 477,741.862
1,923,426,205 500,256,385
1,752,835,447 636,461,360
1, 728, 198,645 252,677,921
1,866,258,904 303,354,753
2,092,526,746 560,167,586
2,399,217,993 581,084,638
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
1914—
Jan. 154,742,923 204,066,603
Feb. 148,044,776 173,920,145
Mar. 182,555,304 187,499,234
Apr. 173,762,114 162,552,570
May 164,281,515 161,732,619
June 157,529,450 157,072,044
July 150,677,291 154,138,947
Aug. 129,767,890 110,367,494
Sept. 139,710,611 156,052,333
Oct. 137,978,778 195,283,852
Nov. 126,467,062 205,878,333
Dec. 114,656,545 245,632,558
1915—
Jan. 122,148,317 267,879,313
Feb. 125,123,391 298,727,757
Mar. 158,022,016 296,501,852
Apr. 160,576,106 294,745,913
May 142,284,851 273,769,093
June 157,695,140 268,547,416
July 143,099,620 267,978,990
Aug. 141,830,202 261,025,230
Sept. 151,236,026 300,676,822
Oct. 148,529,620 334,638,578
Nov. 164,319,169 331,144,527
Dec. 171,832,505 359,306,492
1916—
Jan. 184,362,117 330,784,847
Feb. 193,935,117 402,991,118
Mar. 213,589,785 409,850,425
Apr. 217,705,397 399,861,157
May 229,188,957 474,881,255
June *245,795,438 464,784,318
July 182,722,938 445,472,000
Aug. 199,247,391 509,778,680
Sept. 164,128,604 *512,847,957
* High record.
t Balance unfavorable.
49,323,680
25,875,369
4,943,930
fll,209,544
f.2,548,896
f457.406
f5,538,344
119,400,396
16,341,722
57,305,074
79,411,271
130,976,013
145,730,996
173,604,366
138,479.836
134,169,807
131,484,242
110,852,276
124,879,370
119,195,028
149,440,796
186,108,958
166,825,358
187,473,987
146,422,730
209,056,001
196,260,640
182,155,760
245,692,298
218,988,880
262,749,062
310,531,289
:;48,719,353
518
THE STEEL AND METAL DIGEST.
Novembei
Price Changes of Iron and Steel Products
From July 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 rates
are merely those upon which our quotations were changed. A few other price
changes are included.
1915—
1915—
July l
Shapes
L.20
to 1.25
Nov. 4
Bars
1.50
to 1.60
" '2
Sheets
1.75
to 1.70
" 12
Tin plate
3.30
to 3.60
" 6
Wire nails
1.55
to 1.60
" 12
Sheets
2.20
to 2.25
" 6
Painted barb wire 1.55
to 1.70
" 15
Sheets
2.25
to 2.40
7
Sheets
1.70
to 1.75
" 15
Galvanized
sheets 3.80
to 4.00
" 14
Galvanized sheets 5.00
to 4.50
" 15
Blue ann.
sheets 1.80
to 2.00
" 16
Boiler tubes
73% to 72%
• " 16
Wire nails
1.85
to 1.90
" 20
Plates
1.20
to 1.25
" 18
Bars
1.60
to 1.70
" 20
Wire nails
1.60
to 1.55
" 18
Plates
1.60
to 1.70
" 28
Galvanized sheets 4.50
to 4.25
Nov. 18
Shapes
1.60
to 1.70
" 29
Wire nails
1.55
to 1.60
" 18
Galvanized sheets 4.00
to 4.25
Aug. 3
Shapes
1.25
to 1.30
" 24
Galvanized
sheets 4.25
to 4.50
" 4
Sheets
1.75
to 1.80
" 30
Sheets
2.40
to 2.50
6
Black sheets
1.80
to 1.85
" 30
Galvanized
sheets 4.50
to 4.75
" 16
Wire galvanizing
80c
to 60c
" 30
Blue ann.
sheets 2.00
to 2.25
" 19
Blue ann. sheets
1.35
to 1.40
Dec. 1
Wire nails
1.90
to 2.00
" 23
Wire galvanizing
60c
to 70c
1
Boiler tubes 69% to 68%
" 24
Wire
1.40
to 1.50
" 15
Bars
1.70
to 1.80
" 24
Wire nails
1.60
to 1.65
" 15
Plates
1.70
to 1.80
25
Black sheets
1.85
to 1.90
" 15
Shapes
1.70
to 1.80
" 27
Plates
1.25
to 1.30
" 21
Wire nails
2.00
to 2.10
Sept. 15
Shapes
1.30
to 1.35
" 22
Sheets
2.50
to 2.60
" '20
Wire nails
1.65
to 1.75
/an. 3
Tin plate
3.60
to 3.75
" 28
Sheets
1.90
to 1.95
3
Blue ann. sheets 2.25
to 2.35
" 29
Shapes
1.35
to 1.40
" 4
Bars
1.80
to 1.85
" 4
Plates
1.80
to 1.85
Oct. 1
Boiler tubes
72%
to 71%
4
Shapes
1.80
to 1.85
" 6
Bars
1.35
to 1.40
4
Pipe (with
extra
6
Sheets
1.95
to 2.00
2^%
78%
to 77%
:
Blue ann. sheets
1.55
to 1.60
5
Blue ann. s
heets 2.35
to 2.40
" 15
Bars
1.40
to 1.45
7
Boiler tubes 68%
to 66%
" 15
Plates
1.40
to 1.45
" 12
Blue ann. s
heets 2.40
to 2.50
" 15
Shapes
1.40
to 1.45
" 14
Boiler tube.
66%
to 64%
*' 15
Galvanized sheets 3.60
to 3.50
" 19
Blue ann. sheets 2.50
to 2.65
" 19
Black sheets
2.00
to 2.10
" 21
Bars
1.85
to 1.90
" :?1
Wire nails
1.75
to 1.85
" 21
Plates
1.85
to 2.00
" 25
Blue ann. sheets
1.60
to 1.65
" 21
Shapes
1.85
to 1.90
" 26
Bars
1.45
to 1.50
" 21
Pipe
77%
to 76%
" 26
Plates
1.45
to 1.50
" 24
Wire nails
2.10
to 2.20
" 26
Shapes
1.45
to 1.50
Feb. 7
Bars
1.90
to 2.00
" 28
Blue ann. sheets
1.65
to 1.70
7
Plates
2.00
to 2.10
" 29
Boiler tubes
71%
to 69%
7
Shapes
1.90
to 2.00
Nov. 1
Steel pipe
79%
to 78%
" 14
Wire nails
2.20
to 2.30
1
Galvanized sheets 3.50
to 3.60
" 15
Pipe
76%
to 75%
4
Black sheets
2.10
to 2.20
" 21
Bars
2.00
to 2.25
4
Galvanized sheets
3.60
to 3.70
" 21
Plates
2.10
to 2.35
STEEL PRICE CHANGES.
i!9
s
s
" 13
" 13
•• 13
" 15
" 15
" 23
" 23
" 28
" 29
" 29
" 29
April 5
" 15
" 19
Shapes
Tin plate
Pipe
Boiler tubes
Wire nails
Black sheets
Blue aim. sheets
Bars
Plates
Shapes
Steel pipe
Boiler tubes
Bars
Shapes
Plates
Sheets
Steel pipe
Boiler tubes
Sheets
Boiler tubes
Tin plate
Pipe
Wire nails
Tin plates
Plates
Galv. sheets
Tin plate
Blue ann. sheets
Galv. sheets
Tin plate
Wire nails
Bars
Shapes
Plates
Galv. sheets
Pipe
Boiler tubes
Galv. sheets
Sheets
Blue ann. sheets
Galv. sheets
Sheets
Tin plate
Sheets
Galv. sheets
Tin plate
Galv. sheets
Wire nails
Sheets
Blue ann. sheets
Plates
Bars
Shapes
Grooved skelp
Sheets
Galv. sheets
Blue ann. sheets
Tin plate
Shapes
2.00
3.75
75%
549!
2.30
2.60
2.05
2.25
2.35
2.25
74%
63%
8.35
2.35
2.60
2.75
73%
61%
2.85
60%
4.50
72%
2.40
5.00
2.75
5.00
5.50
3.00
4.75
6.00
2.50
2.50
2.50
2.90
4.25
70%
56%
4.15
2.90
2.90
4.25
3.00
5.50
3.10
4.30
6.00
4.40
2.60
3.25
3.00
3.00
2.60
2.60
2.35
3.35
4.50
3.15
5.75
2.70
to 2.25
tO 4.00
to 74%
to 03%
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
to 4.75
to 6.00
to 2.90
to 4.50
to 5.50
to 2.60
to 2.60
to 2.60
to 3.00
to 4.15
to 69%
to 54%
to 4.25
to 3.00
to 3.00
to 4.30
to 3.10
to 6.00
to 3.25
to 4.40
to 5.75
to 4.50
to 2.70
to 3.35
to 3.15
to 3.25
to 2.70
to 2.70
to 2.50
to 3.40
to 4.75
to 3.30
to 6.00
to 2.80
Immigration Statistics.
Years mentioned refer to fiscal years
ended June 30th. Aliens admitted in-
clude immigrant and non-immigrant,
aliens departing to and emigrant and
non-emigrant.
Excess Arrivals Over Departures.
Citizens. Total.
1913
1914
1915
1916
July, 1915 . . .
August
September . .
October ....
November . .
December . . .
January, 1916
February
March
April
May
June
July
August
Aliens.
815,303
r69,276
50,070
125,941
11,082
*14,324
*1,965
4,877
3,292
*570
7,303
19,420
23,791
26,143
24,708
22,184
18,244
21,413
August,
*01,098
*82,211
67,167
11,197
3,912
*804
866
662
*802
*891
*1,212
*1,826
4,198
4,471
2,021
65
3,634
304
754,205
087,065
117,237
137,138
14,994
*15,128
*1,099
5,539
2,490
*1,461
6,091
17,594
27,989
30,614
26,729
22,249
21,878
21,717
Immigrant aliens in
Non-immigrants in .
39,97
6,37
Total aliens in 36,347
Emigrant aliens out ■ 7,686
Non-emigrant aliens out 7,248
Total aliens out 14,934
Excess aliens in 21,413
Citizens in 9,809
Citizens out 9,505
Excess citizens in
Total increase population . . .
September, 1916
Aliens in 43,298
out 13,988
304
21.717
Excess in
Citizens in
out
29,310
10,669
9,226
Excess in 1,443
Increase in population aliens
citizens
Total
+29,310
+30,753
Excess of departures.
520
THE STEEL AND METAL DIGEST.
Novembc
Iron and Steel Imports and Exports.
Value of Tonnage and Non-Tonnage.
1911.
January $18,738,
February .... 18,690
March 22,591
April , 24,916
May 20,616
June 20,310,
17,454
20,013
19,875
20,220
20,823
22,186
July
August . . .
September
October . .
November
December
Totals .
391
,792
991
,912
,795
,053
,557
,308
,833
061
1912.
$18,451,914
21,801,570
24,474,799
26,789,853
28,050,247
24,795,802
24,917,952
25,450,107
23,286,040
25,271,55!)
26,406,425
23,750,864
1913.
$85,141,409
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
16,5f:0,260
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
31,730,132
35,892,106
37,726,657
38,415,180
43,602,741
48,056,220
45,825,277
1916.
$51,643,807
54,155,386
58,300,297
58,722,411
72,918,913
76,257,884
70,745,162
86,296,703
$249,656,411 $289,128,420 $293,934,160 $199,861,684 $388,703,720 $529,040,563
Exports of Tonnage Lines,— G
1909. 1910. 1911. 1912.
ross
January 70,109
February 84,837
March 94,519
April 100,911
May 109,808
June 114,724
July 100,850
August 105,690
September 97,641
October 110,821
November 116,105
December 137,806
118,681, 152,362 151,575
110,224 150,919 204,969
124,980 216,360 218,219
117,921 228,149 267,313
178,589 307,656
174,247 273,188
162,855 272,778
177,902 282,645
181,150 248,613
186,457 251,411
187,554 233,342
190,854 235,959
135,306
120,601
127,578
131,391
.119,155
129,S28
155,138
150,102
1913.
249,493
241,888
257,519
259,689
242,353
243,108
237,159
209,856
213,057
220,550
175,961
181,715
ons.
1914.
118,770
121,206
159,998
161,952
139,107
144,539
114,790
86,599
96,476
147,293
140,731
117,827
1915.
140,550
139,946
174,104
223,587
263,113
356,431
380,336
405,952
381,917
350,955
362,766
353,840
1916.
357,122
368,867
438,058
384,924
540,549
526,772
503,685
597,750
Totals 1,243,567 1,540,895 2,187,724 2,948,466 2,730,6811,549,543 3,532,432 3,717,727
Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Iron
1913.
175,463
188,734
164,865
174,162
191,860
241,069
272,017
213,139
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.
75,286
78,773
88,402
91.561
98,974
118,575
119,468
126,806
173,253
138,318
113,544
118,321
1916.
89,844
93,315
93,383
75,712
148,599
134.154
156,755
127,094
Iron and Steel Imports.
1912. 1913. 1914. 1915. 1916
Jan.
20,008
21,740
17,776
10,568
15,8£
Feb.
11,622
25,505
14,757
7,506
20,2i
Mar.
15,466
27,467
27,829
8,025
15,1(
April
12,481
25,742
30,585
16,565
20,1'
May
15,949
28,728
28,173
28,916
32,11
June .
21,407
36,597
23,076
32,200
26,8f
July
17,882
36,694
25,282
20,858
14,7r
Aug.
20,571
18,740
28,768
27,557
32,2;
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.
21,231
26,454
9,493
35,455
Totals 2,594,770 1,350,588 1,341,281 918,856 Total 225,072 317,260 289,778 282,443 177,471
1916
COMPOSITE PRICES.
521
Composite Steel.
Computation for November 1, 1916:
Pounds. Group. Price Extension.
Bars '.'.:" <5-«0
V/2 Plates 3.25 4.875
V/2 Shapes 2.80 4.200
\y2 Pipe (34-3) 3.05 4.575
\y2 Wire nails 2.70 4.050
1 Sheets (28 bl.) 3.40 3.400
y2 Tin plates 0.00 3.000
10 pounds 30.850
One pound 3.0850
Averaged from daily quotations.
1912. 1913. 1914. 1915. 1916.
1.5123 1.7737 1.5394 1.4554 2.1410
1.4878 1.7625 1.5794 1.4716 2.2988
1.4790 1.7646 1.5638 1.5098 2.5579
April 1.5206 1.7742 1.5337 1.5357 2.7165
May 1.5590 1.7786 1.5078 1.5381 2.8043
1.5794 1.7719 1.4750 1.5312 2.8300
1.6188 1.7600 1.4805 1.5692 2.8425
1.6784 1.7400 1.5241 1.6059 2.8588
1.7086 1.7093 1.5632 1.6506 2.9013
1.7588 1.6779 1.5236 1.7264 2.9747
1.7750 1.6203 1.4769 1.9089
1.7789 1.558 1.4324 2.0329
1.6214 1.7241 1.5182 1.6280
Jan.
Feb
Mar
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
Scrap Iron and Steel Prices.
9.20
9.25
9.37
9.37
9.37
9.37
9.60
Melting; Bundled
Steel. Sheet
Pitts.
1915—
Jan. 11.40
Feb. 11.70
Mar. 11.80
Apr. 11.65
May 11.65
June 11.75
July 12.62
Aug. 14.05 11.40
Sep. 14.25 11.90
Oct. 14.50 12.00
Nov. 16.12 12.55
Dec. 17.65 13.15
Year 13.25 10.54
1916—
Jan. 17.75 13.40
Feb. 17.20 13.60
Mar. 18.40 14.80
Apr. 18.00 14.75
May 17.00 13.65
June 16.25 13.00
July 16.70 12.50
Aug. 16.25 11.70
Sep. 16.61 11.65
Oct. 18.25 11.65
f Premium for
o. 1 K. K. No.
Wrought Cast.
Pitt*. Pitts. Pitts.
1 No. 1 Heavy
Steel. Melt'g.
Phiia. Ch'go.
10.75
10.75
11.25
11.25
10.75 11.50
10.75 11.85
10.75 11.85
10.75 11.85
11.00 12.00
12.25 12.85
13.15 13.10
13.75 13.35
15.35 13.90
17.10 14.95
12.26 12.40
10.30
10.70
10.85
11.10
11.25
11.25
18.00
18.75
19.15
19.25
19.65
19.00
18.80
18.15
18.35
19.30
open-h
15.10
15.35
15.75
16.00
16.10
15.40
15.30
15.00
15.00
15.80
earth.
9.00
9.20
9.25
9.13
9.50
9.75
11.85 10.90
13.70 11.85
14.70 12.15
14.50 12.00
14.65 13.95
15.60 15.25
12.54 10.90
16.30 15.60
16.25 15.75
17.15 16.75
18.00 16.75
17.00 15.90
15.45 14.80
15.00
15.00
14.30
15.30
15.00 16.00
15.65 17.35
Composite Pig Iron.
Computation for November 1, 1916
One ton Bessemer, valley
Tun tons basic, valley (22.00) ....
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 (19.40)
Total, ten tons
One ton 22.310
Averaged from daily quotations:
1912. 1913. 1914. 1915.
Jan. 13.240 17.391 13.492 13.070
Feb. 13.427 17.140 13.721 13.079
Mar. 13.581 16.775 13.843 12.971
April 13.779 16.363 13.850 12.914
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
$26.00
44.00 .
23.00
22.75
25.25
21.30
22.00
38.80
223.10
1916.
18.690
18.564
18.857
19.021
18.965
18.552
18.585
18.514
18.697
20.192
Unfinished Steel and Iron Bars.
<A%'eraged from daily quotations.)
Sheet
Billets. Bars. K
Pitts. Pitts. P
1915—
Jan. 19.25 19.75
Feb. 19.25 19.75
Mar. 19.30
Apr. 19.50
May 19.50
19.80
20.00
20.00
24.80
25.00
25.00
25.00
25.00
June 20.00f 20.50f 25.00
July 21.40t 21.90f 25.75
Aug. 23.50f 24.00f 27.00
Sep. 26.50f 26.00f 29.75
Oct. 26.00f 26.00f 31.50
Nov. 26.20f 26.50f 36.00
Dec. 30.73f 30.73f 39.50
Year 13.26 10.54 12.26
1916—
Jan. 32.50f 32.50f 42.00
Feb. 3-i.00t 34.00f 48.00
Mar. 41.00f 41.00f 56.00
Apr. 45.00 45.00 60.00
May 43.00 43.00 59.00
June 42.00f 42.00f 58.00
July 42.50t 42.50f 58.00
Aug. 46.00 46.00 58.00
Sep. 47.00 45.00 58.00
Oct. 48.00 48.00 59.00
1.12
1.12
1.13
1.18
1.18
1.20
1.32
1.43
1.49
1.57
1.72
1.99
1.20
1.20
1.20
1.20
1.20
1.20
1.20
1.25
1.3S
1.45
1.54
1.83
.97
1.03
1.10
1.14
1.15
1.17
1.20
1.22
1.30
1.38
1.51
12.40 12.54 10.90
2.24
2.41
2.56
2.62
2.66
2.66
2.66
2.66
2.66
2.02
2.25
2.40
2.50
2.60
2.60
2.60
2.60
2.70
2.75
1.79
1.92
2.17
2.35
2.35
2.35
2.35
2.35
2.35
2.35
THE STEEL AND METAL DIGEST.
Novembe
Copper in October.
Enormous Production and Consumption in October — Market Very Firn
With Prices up y2c to lc per Pound — Foreign Market £5 10s Higher
on Spot, £4 10s on Futures — Record Sales Since Last December.
The production of copper was at an
enormously heavy rate in October. The
smelter output was close to 230,000.000
pounds. Kenned output was somewhat
uncertain ; there were so many contin-
gencies that more time must be allowed
before attempting to make a close esti-
mate. Tentatively, however, it appears
that about 190,00*0^000 pounds were re-
fined including the metal treated by
the Bessemer process.
Deliveries into home melting chan-
nels in October, are estimated to have
been 120,000,000 pounds. Exports were
73,274,880 pounds. Consumption, there-
fore, practically offset output.
In the past ten months, the output
of pig copper was onlv a little under
2.000,000.000 pounds while the refined
production was about 1,800,000,000
pounds, or at an average rate of 180,-
000.000 pounds per month. Shipments
to domestic consumers in the same
period were at an average rate of 115,-
000.000 pounds per month — having
been as low as 100,000,000 pounds and
as high as 130.000,000 pounds— making
a total for the ten months of 1,150.000.-
000 pounds. Exports from January 1st
to November 1st, were 622,081.600
pounds. The total deliveries thus far
this year, therefore, have been 1,772,-
081,600 pounds, leaving only a margin
of 27,918,400 pounds between current
refined output and consumption.
Sales Since Last December Approxi-
mately 2,700,000,000 Pounds.
Impressive and huge as these pro-
ductive and consumptive totals are,
and reflecting the extraordinary
growth of the refineries, as they do. yet.
they are eclipsed by the achievements
of the smelters and the climax of in-
terest is reached in the phenomenal
sales aggregating approximately 2,-
700,000,000 pounds since last Decem-
ber. The commitments made in the
last 60 days are equivalent to 60%
of the probable output in the first half
and 80% of the maximum production
anticipated in the first quarter o
1917.
October orders placed on domesti
and foreign account are believed t
have aggregated 200,000,000 pounds
leaving only a very small unsold capac
ty for November and December. I
the past four weeks, the demand ha
been mainly for deliveries over the ba
ance of this year, and there are sti
many unsatisfied inquiries for these d<
liveries. Liberal sales, also, have bee
made for shipment in the first quarte
and moderate transactions have coa
ered deliveries to be made in the firs
half of 1917.
Market y2c to lc per Pound Higher.
The natural result of these cond
tions, has been to carry prices upwar
%c to lc per pound and the indict
tion is that prices will continue to ac
vance in the next month or so. Som
selling interests believe that the mai
ket in the next 60 days, will agai
reach the price altitude attained .las
April, and possibly establish a ne^
high record. On the closing days c
the month, sales of Electrolytic wer
made by large producers at 29c t
2914c for November-December shij
ment, at 28c for January, at 27%c fo
February, 27^c for March, and z
2iy±o, for second quarter delivery, i
the open market.
Total London Advance £5 10s on Spo
£4 10s on Futures.
The London market for Electrolyte
steadily advanced from £140 at th
end of September, to £144 on Oetobe
24th, subsequently receding to £14
10s on the closing day of October,
net advance of £2 10s. Standard coj
per advanced from £118 10s for spc
and £115 for futures on Septembe
29th, to £124 for spot and £120 fc
futures on October 19th. Futui
Standard receded to £119 on Oetobe
25th, but recovered to £120 on 0<
tober 30th. In the meantime, spc
Standard advanced to £125 on 0<
on;
COPPER PRICES.
523
Lake Copper
Monthly average prices
n New York.
1912. 1913. 1914.
an. 14.3754 16.89 14.76
Feb. 14.3854 15.3754 14.98
Mar. 14.87 14.96 14.73
\pr. 15.98 15.55
May 16.27 15.73
[une 17.43 15.08
ftlly 17.37 14.77
\ug. 17.61 15.79
sept. 17.69 16.72
3ct. 17.09 16.81
Kov. 17.66 15.90
Dec. 17.6254 14.82
Prices.
of Lake Copper
14.68
14.44
14.15
13.73
12.68
12.43
11.66
11.93
13.16
1915.
13.89
14.7254
15.11
17.43
18.81
19.92
19.42
17.47
•4 17.76
17.92 J4
18.86
20.3754
1916.
24.10
27.44
27.42
28.9154
29.28J4
27.44
25.81
26.58
27.89
28.3754
Av. . 1«.58 15.70 13.61 17.64
Electrolytic Copper Prices.
Monthly average prices
Copper in New York.
1912. 1913. 1914.
of Electrolytic
Jan. 14.27
Feb. 14.26
Mar. 14.78
Apr. 15.85
May 16.16
June 17.29
July 17.35
Aug. 17.60
Sept 17.67
Oct. 17.60
Nov. 17.49
16.75J4 14.45
15.27 14.67
14.9254 14.33!^
15.48 14.34
15.63
14.85
14.57
15.68
16.55
16.54
15.47
Dec. 17.5054 14.47
14.13
13.81
13.49
12.4154
12.08J4
11.40
11.74
12.93
1915.
13.71
14.57
14.96
17.09
18.60
19.71
19.08
17.22
17.7054
17.86
18.83
20.35
1916.
24.10
27.46
27.44
29.31
29.81
27.4954
25.60
27.36^
28.26
28.64
Av. . 16.48 15.52 13.3154 17.47
Casting Copper Prices.
Monthly average prices of
per in New York.
1912. 1913.
Jan. 14.02 16.57
Feb. 14.02 15.14
Mar. 14.53 14.76
Apr. 15.72J4 15.33
May 16.01
Casting Cop-
Sheet Copper Price Changes.
The changes in the base 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 20 36.50
May 5 37.50 -
August 2 35.50
August 18 • ••■ 37.50
Waterbury Copper Averages.
1915. 1916.
14.1254 24.75
15.25 27.75
1914.
14.2754
14.48
14.18
14.18
June 17.08
July 17.09
Aug. 17.35
Sept. 17.51
Oct. 17.44
Nov. 17.34
Dec. 17.34
15.4554 14.00
14.72 13.65
14.4054 13.3454
15.50 12.27
16.3754 12-00
16.33 11.29
15.19 11.63
14.22 12.8354
1915.
13.53
14.17
14.34
16.48
17.41
18.7454
17.7654
16.46
16.75
17.32
18.41
19.73
1916.
23.0654
26.03
25.90
27.16
27.37
25.10
23.61
24.67
25.93
27.17
22.75
23.25
23.50
24.1254
24.75
25.25
25.25
26.00
27.50
28.25
28.1254
27.37J4
29.25
29.75
29.75
25.50
27.00
Jan:.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Av.
1912.
14.50
14.50
15.00
16.00
16.3754
17.50
17.75
17.75
17.8754
17.75
17.75
17.75
16.71
1913
17.00
15.50
15.1254
15.75
15.8754
15.3754
14.75
15.6254
16.87J4
16.8754
16.25
15.00
15.83
1914.
14.75
15.1254
15.00
14.8754
14.75
14.3754
14.1254
13.00
12.8754
12.25
12.25
13.50
13.91
15.75
18.50
22.50
22.50
22.25
19.50
18.50
18.25
19.37J4
20.75
18.94
28.00
29.00
29.8754
28.25
27.25
27.00
28.00
28.8754
Exports of Copper From
United States.
the
Av.. 16.29 15.33
13.18 16.76
January . .
February .
March . . .
April ....
.May . ...
June
July
August . .
September
October .,
November
December
Totals . .
(In tons
1913.
25,026
26,792
42,428
33,274
38,601
28,015
29,596
35,072
34,356
29,239
29,758
30,653
382,810
of 2,240
1914.
36,018
34,634
46,504
35,079
32,077
35,182
34,145
16,509
19,402
23,514
24,999
22,166
360,229
lbs.)
1915.
26,193
15.583
30,148
18,738
28,889
16,976
17,708
17,551
14,877
24,087
23,168
42,426
276,344
1916.
23,663
20,648
26,321
21,654
16,062
39,595
35,066
32,160
29,803
32,712
524
THE STEEL AND METAL DIGEST.
Novembe
tober 30th. On the last day of the
month, spot receded to £124 and fu-
tures to £119 10s. The result of the
fluctuations was a net rise of £5 10s
on spot and £4 10s on futures.
At the beginning of the month, a
strong and even buoyant tone preval-
ed, resulting from the exceptionally
heavy transactions in September and
while producers accepted some orders,
second hands were not disposed to sell ;
offerings in the open market being re-
duced to very small lots. Domes-
tic consumers displayed renewed
interest in shipments to be made in the
first quarter of next year during the
first week, placing some contracts at
fractionally higher prices.
S. S. Strathdene Sunk With 5,000,000
Pounds of Copper and Brass.
In the second week, the trade was
stimulated by reports of further large
munitions contracts that did not de-
velop, but this fact was lost sight of
in the excitement attending the exten-
sion of the German submarine activity
on the American coast. In the sink-
ing of the Strathdene. among other
boats, on the 8th, by the U-53, about
5,000,000 pounds of copper and brass
were lost ; this led to additional buy-
ing in the open market. Insurance
rates advanced immediately, as a re-
sult of the undersea danger to shipping,
but the apprehension was ephemeral
and rates subsequently were reduced.
Belief that Germany would not, or
could not, interfere seriously with our
shipping was followed by a temporar-
ily easier feeling with freer offerings
of Electrolytic at 28% c for October;
at 28 to 2814c for November-December ;
at 27Voc for Januarv-Februarv and at
27c for the first half of 1917.'
Month Closes With Active Demand —
Freight Room Scarce.
Early in the third week, there was
a lull in buying but sales of small lots
of Electrolytic for prompt shipment
were made at 28%c to 28%c. Casting
copper was very scarce and advanced
fractionally. On the 19th, there was
renewed activity at home and more
liberal sales were made to foreign con-
sumers for this year's shipment. All
demands were not satisfied, there bt
ing a lack of freight room on outgc
ing steamships for weeks ahead. A
the month advanced the scarcity o
nearby copper became more pronounc
ed, the demand for November-Decem
ber shipments being most pressing
During the last few days, inquirv fo
100.000.000 to 125.000.000 pounds "wer
in the market for November-Decem
ber and January shipment from horn
consumers resulting in sales of 40,000.
000 to 50,000.000 pounds for shipmen
after January 1st. Demand from ex
porters too. was active, but few of th
large producers could accept contract
for shipment before February. As th
month closed, large domestic bras
manufacturers, who had purchased 40,
000,000 to 50.000.000 pounds, earlier ii
the month, were again in the marke
with small prospect of being able t<
secure shipments before January i
then. There were also new export in
quiries, mainly from France.
Cop]
N
)er In October.
Londor
:w York
L.
Lake. Electro.
Casting.
Standard.
Day.
Cents.
Cents.
Cents.
£ s
C
2 ..
. 28.37J4
28.75
26.62 J4
119 0
(
3 ..
. 28.37J4
28.6254
26.75
119 10
(
4 ..
. 28.3754
28.75
26.87^4
120 0
(
5 .. .
. 28.37*4
26.6254
27.37J4
120 0
c
6 .. .
. 28.37^
28.6254
27.25
120 10
c
9 .. .
. 28.37*4
28.6254
27.25
121 0
c
10 .. .
. 28.37^
28.6254
27.25
123 0
c
11 .. .
. 28.37^
28.6214
27.1214
123 10
c
12
123 0
0
13 .. .
. 28.37^
28.6254
27.12J4
123 0
0
16 . . .
. 28.37^
28.6214
27.1254
123 0
0
17 .. .
. 28.37^
28.62 54
27.12J4
123 10
0
18 .. .
. 28.37^
28.62J4
27.25
123 10
0
19 ...
. 28.37^
28.6254
27.25
124 0
0
20 .. .
. 28.37J4
28.62 J4
27.25
124 0
0
23 .. .
. 28.3754
28.6254
27.25
124 0
0
24 .. .
. 28.37J4
28.62 J4
27.25
124 0
0
25 .. .
. 28.37J4
28.62 54
27.25
124 0
0
26 ...
. 28.3754
28.6254
27.25
124 10
0
27 .. .
. 28.3714
28.6214
27.25
124 10
0
30 .. .
. 28.3714
28.62 J4
27.25
125 0
0
31 .. .
28.3754
28.6254
27.37J4
124 0
0
High
28.50
29.00
27.50
125 0
0
Low .
. 28.25
28.50
27.00
119 0
0
Av'ge
28.3754
28.64
27.17
122 15
0
1!)UJ
TIN IN OCTOBER.
525
Tin in October.
Market Strong Throughout the Month
Spot, 254c to 23/4c on Futures—
£5 5s on Spot Standard, £6
on Spot Straits —
Tin came forward from primary
markets in full measure in October, the
Straits shipments being 5,868 tons, thus
compensating for the smaller shipments
in September. The average monthly
shipments from the East Indies this
year have been 5,145 tons and the av-
erage in the past two months has been
4,569 tons. Since January 1st the Straits
have shipped 51,449 tons, which are
only 3,054 tons less than during the
corresponding period last year.
Arrivals at Atlantic ports wexe only
2,655 tons in October and six tons were
exported, but in the past ten months
50,466 tons have been received here.
Deliveries into American consumption
in October were 4,556 tons of which 556
tons were sent from Pacific ports to
eastern works.
American stocks October 31st were
3,419 tons, of which 2,819 tons were in
store and 600 tons landing. It is in-
teresting to note that while stocks land-
ing were 1,000 tons less than a month
ago, the supply in store was decreased
only 300 tons. Evidently, much of the
store tin is held against emergencies by
consumers and cannot be resold under
the agreement with British authorities.
Other stocks, mostly Banca, are not for
sale now and are being carried for for-
eign account.
The visible supply on October 31st
was 17,415 tons, which is 1,223 tons
larger than on September 30th, and
4,261 tons greater than a year ago. Of
the 10,251 tons now afloat from the
Straits, 2,194 tons are Banca and Bil-
liton for Europe and 4,427 tons are
coming direct to the United States.
The net result of fluctuations in pri-
ces in the home market during the
month was an advance of 2Vfcc per
pound on spot, and 2% to 2%c per
pound on other positions. Spot tin,
however, during the excitement caused
by the German U-boat campaign, ad-
vanced 4c per pound, nearly half of
—Net Advance 2y2c Per Pound on
Large Business Done — London Up
15s on Futures and £5 15s
Statistics Unfavorable.
which was subsequently lost.
The foreign markets were generally
strong and the net changes resulted in
establishing an advance of £5 5s on
spot Standard, a rise of €6 15s on fu-
ture Standard and an advance of £5
15s on spot Straits at London, while
the net rise at Singapore was £8 5s.
The intermediate fluctuations were
within a range of £6, the highest pri-
ces being current at London on Octo-
ber 26th, when spot Straits and Stan-
dard sold at £182 2s 6d. The Singa-
pore maxkef reached its highest level —
£186 10s— on October 27th.
Month Opens With Sound Situation.
At the beginning of October tin was
commercially and statistically sound
although large stocks were in store. The
September monthly report indicated no
falling off in production; delay in the
sailing of vessels being the cause of
what had appeared to be a shortage.
With a supply of 961 tons more on
hand; with an advance in price of 7c
per pound, and with a fine outlook for
good business, the comparison with tin
a year ago, when the market was de-
pressed, was most favorable.
Active Demand— Prices Up y4c to %c.
As a result of these conditions an ac-
tive American demand, with the best
buying seen for some time, developed
immediately and on the fourth day,
with prices Vac to %c higher, 400 to 500
tons were sold at 39.25 to 39.40c for
spot and October ; 39.25c for November,
December and 39c to 39y8c for January
arrivals, with many in the trade be-
lieving that futures would soon com-
mand a premium.
On the following day, 40c per pound
was asked for spot with no future posi-
tions offering; sellers withdrawing to
await higher prices, although many
buyers were anxious to place orders for
January, February, March deliveries.
For two days after this, the market re-
526
TIN STATISTICS.
Noveml
Visible Supplies.
Visibl
e supply
of tin
at end c
>f 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
19,739
May
14,345
13,710
17,862
14,646
19,614
June
12,920
11,101
16,027
15,927
19,363
July
13,346
12,063
14,167
16,084
18,404
Aug.
11,285
11,261
14,452
15,127
18,042
Sept.
13,245
12,943
14,613
15,191
16,192
Oct.
10,735
11,857
10,894
13,154
17,415
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
Europ
: and U
nited 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
4,685
May
5,760
6,160
6,900
6,759
3,965
June
4,290
4,280
5,870
6,665
6,210
July
4,580
4,770
4,975
5,606
5,410
Aug.
5,210
6,030
3,315
4,712
4,526
Sept.
5,430
5,160
4,973
5,296
3,270
Oct.
4,450
5,020
4,610
4,441
5,868
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.
Mon
thly de
iveries
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
4,202
May
4,250
3,350
3,800
5,600
5,455
June
2,850
3,800
3,650
3,900
6,398
July
5,150
3,900
3,900
5,300
4,432
Aug.
4,300
3,600
2,900
4,500
4,335
Sept.
3,600
3,100
3,600
4,300
4,025
Oct.
3,850
3,700
3,700
4,900
4,550
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 Exchang
(Tons of 2,240 lbs.)
Oct. Sept.
Straits shipments 1916. 1916.
To G. Britain.. 2,455 1,910
" Continent . . 730 760
" U. S 2,683 600
Oct.
1915
1,11
1,35
2,0."
Total from Straits 5,868 3,270
Total from Australia 100
Consumption
London deliveries 1,208
Holland deliveries 109
U. S 4,55r
1,397
127
4,025
Total
5,873 5,549
Stocks at close of month:
In London —
Straits, Australian 2,858
Other kinds 887
In Holland
In U. S 3,419
Total
7,164
3,012
1,018
8,799
4,44
2t
1,6!
41
4,9(
1,7S
1,44
2,14
5,37
Afloat close of month:
Straits to London 3,630
to U. S. .. 4,427
Banca to Europe. 2,194
3,290
1,91
2,840
5,54
1,263
31
Total 10,251 7,393 7,77
Oct. 31, Sep 30, Oct. 3:
Total visible 1916. 1916. 1915.
supply 17,415 16,192 13,15
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 49.93^ 50.42
Apr. 44.02 49.12 36.10 47.98 51.75
May 46.12 49.14 33.30 38.78 49.15
June 47.77 44.93 30.65 40.37 42.18
July 44.75 40.39 31.75 37.50 38.46
Aug. 45.87 41.72 50.59J4 43.39 38.54
Sept. 49.18 42.47 32.79 33.13 38.70J!
Oct. 50.11 40.50 30.39J^ 33.08 41.16
Nov. 49.90 39.81 33.50 39.37^
Dec. 49.90 37.64 33.60 38.75
Year 46.43 44.32 35.70 38.66
L916
TIN IN OCTOBER.
527
named quiet and firm with possibilities
[or large business being transacted bul
,vith insufficient amounts offered to ac
iomplish much. All foreign limits were
sold and expectations for a sharp ad-
vance were entertained. The move-
ments of the first week resulted in an
advance of tyc per pound on prompt
and :V on early Spring deliveries.
Spot Tin Up 4c On U-Boat Scare.
The German submarine activity at
the beginning of the second week dis-
turbed the market, causing a sharp ad-
vance of 4c on spot ; Straits being of-
fered at 43 to 433,4c. It was impos-
sible to get quotations for future posi-
tions, even with numerous inquiries for
December, January, February deliver-
ies. On the following day a large busi-
ness was done with domestic consum-
ers, sales being made at 41 to 41 ^c for
November, 40y2c for January-Febru-
ary and 40c for April-May; all limits
being sold, many orders were not filled.
With two tin-laden vessels afloat in the
danger zone, and insurance rates sharp-
ly advanced, sellers became very cau-
tious; even Banca tin was scarce and
difficult to purchase at only %c per
pound less than Straits.
With the safe arrival of the City of
Naples and the Lancashire at their re-
spective ports just after the holiday on
the 12th, the tension was relieved, but
foreign limits on futures were few and
high, sellers being reluctant to name
prices although there was a very fair
inquiry for early deliveries.
Market Reacts, Then Turns Firm.
Following this, the spot price de-
clined both at home and abroad but
there was no pressure to sell, there be-
ing only about 2,000 tons expected in
total arrivals for the entire month and
this was an insufficient tonnage to cov-
er the average monthly requirements.
Stocks afloat were reported to be 2,350
tons — 600 of which were from the East
Indies — but sellers offered only a few
nearby positions at 41c per pound.
The next day, a reaction of ^c per
pound occurred here, with a decline at
London and the East Indies of £1 5s
on spot, because of the unsettled condi-
tions, London also reporting difficulty
in securing sufficient freight room for
shipments. Banca tin, also was scarce;
spot being held at 40%C and futures
at 401/i>c Per pound.
The market gathered strength in the
days succeeding both at home and
abroad and London advanced £1 on
all positions with East Indies up 15s.
By the 19th, a notable feature, was the
fact that future deliveries for January
and beyond, were the same price as the
cheapest lots obtainable from steamers
afloat for New York, while spot mar-
ket was nominal at 41c with the sub-
marine fear allayed by the reported
sinking of the U-boat 53. An unverified
report that the British government had
requested that all buyers names must
be given before shipments could be
made, caused some anxiety about this
time. A few days after this the non-
arrival of the s.s. Michigan, overdue
for two days, with 275 tons, again made
sellers cautious but Banca remained
steady within %c Per pound of the
Straits price ; the scarcity now being
explained by the poor quality of the
Tin Prices
in October.
New York
London
Spot
Futures.
2 39.37J4
175 5
0
175 5
0
3 39.45
175 10
0
175 10
0
4 39.75
176 15
0
177 0
0
5 39 87J4
177 10
0
178 0
0
6 39.87J4
177 5
0
177 10
0
9 . .' 42.75
178 0
0
178 10
0
10 42.75
181 0
0
181 10
0
11 42.25
180 0
0
180 10
0
12
180 17
6
181 7
6
13 41.50
180 15
0
181 5
0
16 41.25
179 10
0
180 0
0
17 40.85
178 5
0
178 10
0
18 40.87*4
178 10
0
179 5
0
19 41.00
179 10
0
180 5
0
20 41.00
179 10
0
180 10
0
23 41.12 J4
180 0
0
181 10
0
24 41.25
179 15
0
181 0
0
25 41.70
181 5
0
182 15
0
26 42.00
182 2
6
183 12
6
27 41.87^4
181 5
0
182 15
0
30 42.00
181 10
0
183 0
0
31 41.87J4
180 15
0
182 0
0
High .... 42.75
182 2
6
183 12
6
Low .... 39.37J4
175 5
0
175 5
0
Average. 41.16
179 6
3
180 1
8
528
THE STEEL AND METAL DIGEST.
November
ore which made extra-refining neces-
sary and added to the expense.
Spot Tin Scarce — Market Strong.
Even with the safe arrival of the s.s.
Michigan, spot tin continued to be
scarce and both prompt and nearby de-
liveries advanced to 41 to 41%c for Oc-
tober and to 40% to 41c for November.
December, January positions.
Great Britain's close control of the
markets has made sellers, here, .realize
the advisability of carrying larger
stocks. Prices continued to rise with
the market growing stronger, and with
only 600 tons known to be afloat and
not due here until early Novemb&r, em-
phasizing the tension existing in the
spot tin situation, which daily grew in
interest. On the 26th, 42c was asked,
this being the price quoted just before
the U-boat fright.
On the next day, London prices de-
clined 17s 6d on spot and future Stand-
ard and on spot Straits to £181 5s.
£182 15s and £181 5s respectively.
Business in spot was transacted at 42c,
being shaded Vsc in some eases, with
futures y^e lower but little was done.
On the 30th London advanced 5s in
each position ; East Indies declined £1,
but fluctuations abroad had small
bearing upon the market here.
Month Closes Quietly.
The closing day was quiet, with far-
off future positions seasier and spot
Straits difficult to quote, there being
an indisposition among traders to give
publicity to close prices. On the sur-
face, the market was maintained, while
special prices were made to meet the
merits of individual cases. Spot Bancs
was scarce and firm, but concessions
were made on metal to arrive in De-
cember, January.
The censoring of trade messages
abroad caused much annoyance here,
cables being so long delayed that out-
of-town buyers could not be reached
until the following clay.
-o-o-o-
916
SPELTER IN OCTOBER.
529
Spelter in October.
Market Strong and Active the Fore Part of Month— Then a Reaction, Fol-
lowed by Resumption of Active B uying and Higher Prices— Sub-
marine Activities An Unsettling Factor— Net Advance for
Month lc to iy4c On All Positions— London Up
15s on Spot, £4 15s on Futures.
Spelter was active, strong and buoy-
nt with a general advance of :; i to %c
ler pound during the first week of Oc-
ober, Eollowed by recessions of % to
J4c per pound in the next ten days.
'onsideralile excitement accompanied
he Large dealing's on the rise and an
insettled nervous feeling attended the
lecline which was inaugurated by the
German undersea craft raids on Amer-
can commerce on the Atlantic coast.
Increased activity developed during
;he third week, with a sharp upward
turn in prices that continued to the
2nd of the month resulting in a net ad-
vance of 1 to lVsC per pound, on this
pear's positions and a rise of iy±e Per
pound on first quarter 1917 deliveries.
The English market was subject to
wide fluctuations with a rise of £5 on
spot and £6 on futures from the end
of September to the 9th of October.
From that time, prices slowly receded
with slight reactions to the end of the
month when spot closed at £52 15s, a
net advance of 15s, and futures closed
at £50 15s, a net rise of £4 15s from
the closing price on September 29th.
Market Opens Firm and Higher.
The market opened firm at the be-
ginning of the month with prices high-
er. Sellers were reserved, but there
was a good demand from home consum-
ers for early deliveries while export-
ers succeeded in purchasing October-
November-December metal to a moder-
ate extent. On the third, with the mar-
ket still firm and quiet, there was in-
difference on the part of both buyers
and sellers, due to the unwillingness of
either to yield Vgc per pound in the
prices asked and bid.
Following this, a strong tone devel-
oped with sales of October at 9%c
f.o.b. East St. Louis, a substantial busi-
ness being done with dealers and oper-
ators but consumers held aloof. One
important feature demanding attention
was the small difference between
prompt and October-November and be-
tween spot and first quarter prices. The
latter position sold within ^c of the
spot price.
Sharp Advance, Market Excited.
In the next day or two, there was
renewed activity and prices advanced
sharply amid great excitement. Large
sales were made to trading interests and
even producers feverishly searched the
market for October-November-Decem-
ber metal. Prompt and October sold
at 10c East St. Louis, while Novem-
ber-December sold at 9.75 to 9.87y2c,
and in one instance at 10c. Consum-
ers eagerly sought the cause of the ex-
citement but having accumulated a
good supply previously, cautiously re-
mained out of the market. Develop-
ments seemed to indicate that the
speculative element was maneouvering
for higher prices. The large business
transacted, established the market firm-
ly at 10c for all deliveries, East St.
Louis — a flat rate — but subsequent
trading was on a smaller scale. There
was less metal to offer but some ex-
port orders were placed. The market
was in a more healthful condition than
when it reached the same high level
last July, the supply being not so
large, was in stronger hands and there
was no pressure to sell as was the case
three months previously. Consumers,
however, maintained a reserved atti-
tude.
U-Boat Activity.
The German submarine activity of
the U-53 caused abrupt complications
in the second week, which threatened
to become serious if not immediately
checked. London advanced £2 10s
and insurance rates on shipments were
increased but without a compensating
strengthening of the market here; in
fact, October receded to 9y8c and
October-November-December shipments
were offered at 9%c E. St. Louis in a
580
THE STEEL AND METAL DIGEST.
Novembe
dull and unsettled market. On the
10th. a few sales of brass special were
made at premiums of %c to l^c per
pound, a notable feature being the con-
tinued absence of consumers from the
market. For October prime western
9y§c East St. Louis was asked by small
smelters; 9%c for November and 9%c
for December but dealers made sales
%c below these prices. Large pro-
ducers made no change in their prices.
During the remaining days of the
week, an apprehensive attitude, assum-
ed by both buyers and sellers, pre-
vented any important business being
transacted, a drifting market being the
result without essential change in
prices.
Reawakened Demand.
By the 16th, some interest was de-
veloped, a few hundred tons of prime
western being bought here and there
with some sellers making concessions.
Large producers, however, were con-
tented to hold unsold supplies for high-
er prices which they anticipated would
result from an advance in the price of
ore in November-December because of
curtailment in smelter operations, due
to natural causes. Buyers, on the other
hand, wisely adopted the policy of pur-
chasing only on a declining market, re-
tiring at the slightest indication of an
advance. Their refusal to buy when
the market was 10c helped to bring
about the reaction that existed at this
time. The London market declined
£1 10s on prompt and 10s on future,
the equivalents being 11.58c and 10.84c
per pound, respectively. With the con-
tinued indifference of consumers and
the independent attitude of the pro-
ducers, prices declined here on the 17th.
and London went down another £1 10s
on prompt and £1 on futures without
sending any orders to our markets.
On the 19th, occurred the first really
good demand, since the disturbed con-
ditions precipitated by the German in-
terference with our shipping. Sheet
galvanizers made inquiries for October-
November-December, developing the
fact that there was very little spelter in
the market for these positions. Half a
dozen producers reported October
capacity all sold with November so well
sold that they did not care to take more
business at this time. Some sales of
October, however, were reported a
9^c East St. Louis, showing greate
strength in nearby positions than hai
been supposed to exist. November als
sold for 9Voc and December 9%c whil
next year's deliveries were unchangei
at 9%c. The next day, prices ad
vanced Ygc, sellers giving the impres
sion that they preferred to retire fror
the market rather than to sell for less
Consumers were more disposed to bu;
at a slight advance ; large amounts wer
not obtainable. With producers' mind
set upon 10c, some competition was es
pected to develop as soon as that lev«
was reached. London advanced £1 o:
prompt and futures but no new expor
orders were reported in our market.
Market Stronger.
By the 23rd, the market had gatl
ered increased strength, with urgen
inquiries from galvanizers and a smal
volume of business was transacted a
10c for prompt and October; 9%c fo
November-December and at 9.75c fo
first quarter 1917. The reserved att:
Spelter Prices
in October.
Day.
New York.
Cents.
9.55
St. Louis.
Cents.
9.37J4
9.4354
9. 56^4
10.00
10.00
9.8714
9.8154
9.75
9.75
9.62 J4
9.50
9.50
9.56J4
9.62!4
10.1214
10.1214
10.12^4
10.1234
10.12%
10.25
10.25
10.37%
9.25
9.83%
London
£ s
52 0
,
9.61J4
52 0
9.7354
34 0
. . . 10.1714
54 0
6
9
10.17J4
. . . . 10.05
54 10
57 0
10
. . . . 9. 98J4
56 0
11 .
. . . . 9.9214
56 0
12
56 0
13
9.92^4
56 0
16
... 9.80
54 10
9.67J4
53 0
18
9.67J4
53 0
19
. . . . 9.7354
53 0
20
9.80
54 0
23
24
25
10.30
10.30
. . . 10.30
54 0
54 0
54 0
26
27
10.30
10.30
54 0
54 10
30
31
10.42 V2
.. .. 10.42J4
53 5
52 15
High ...
Low . . .
Average
10.55
9.42 y2
10.01
57 0
52 0
54 3
U6
sim:i/i'ki; in October.
531
ide of producers continued to be the
,ost significanl Eeature and Eore-
tadowed a further advance. Some
ih's by second hands were made at
)i/8c for prompt October-November
id i)"so tor dannary-February-March,
o.b. East St. Louis. Producers asked
jC more, with prime western scarcer
urn brass special for early deliveries;
le latter being held at V2c premium.
Wage scale controversies at several
'klahoma plants, to erystalize Novem-
er 1st, was considered the main rea-
jn for the disinclination of producers
> sell, but their reserved attitude was
ot wholly explained and for several
ays the market remained quiet and
rm; prices being unchanged on the
7th. On the 30th, there was a good
emand from dealers and the price ad-
anced %c all around; sales of brass
pecial of good quality were reported
,t 10%c East St. Louis for prompt and
or November-December shipments.
>roducers pointed to the gas fuel
ituation, as the basis for their belief
hat prices wall remain firm and high
;hxoughout the winter and they con-
inue to show a disinclination to sell
ilthough the market has advanced to
I0y4e for November-December and to
LOc for January-February-March. The
-ecession in London was a surprise but
ivas of small significance.
Month Closes With Good Demand.
On the closing day of the month, an
important demand was encountered but
with offerings light, sales were not large
Word came from Oklahoma that owing
to the advance in the prices of spelter
the contemplated reduction in wages
would not be put into force on Novem-
ber 1st, and consequently there would
be no strike as had been previously ex-
pected. London again declined 10s on
prompt to £52 15s making the total
decline from the highest point, £4 5s
and brought the closing price within
15s of the level at the close of Septem-
ber. The recessions abroad were at-
tributed to more abundant supplies that
had been shipped from New York in
September and early in October.
Sheet Zinc Price Changes.
The following tabie gives the changes in
the price of sheet zinc since January 26,
1916, together with the price of spelter rul-
ing on the same day. Spelter
1916 Sheet Zinc. St. Louis.
January 26 24.00 19.00
February 17 25,00 20.8754
April 22 25.50 18.75
May 15 24.50 15-50
May 23 23.50 14.8754
May 26 22.50 14.1254
June 2 ., 21.00 13.1254
June 13 20.00 13.3754
June 21 19.00 12.00
June 28 18.00 11.37J4
July 6 17.00 9.37J4
July 13 15.00 8.6254
October 26 16.00 10.1254
Si
»elter (
— New
1915.
Monthly
Averages.)
St. Louis
1915. 1916.
v
Paterb
1912.
ury Spelter
Averag
1915.
es.
York
1916.
1913.
1914.
1916.
6.52
18.18
6.33
18.01
Jan.
6.78
7.56
5.54
6.55
22.25
Feb.
8.8654
20.09
19.92
19.92
Feb.
6.85
6.81
5.70
11.85
22.70
Mar.
10.1254
18.09J4
9.80
17.91
Mar.
7.17
6.56
5.59
12.15
23.15
11.51
18.6154
11.22
18.44
April
7.07
6.08
5.50
13.85
23.20
May
15.8254
15.93
15.5254
15.7554
May
7.13
5.77
5.38
20.55
21.20
22.6254
12.80
22.14
12.62
June
7.25
5.50
5.37
25.60
17.40
July
20.80
9.70
20.54
9.5254
July
7.46
5.61
5.26
24.90
15.20
14.45
9.10
14.19
8.92
Aug.
7.34
5.99
5.66
19.30
13.60
14.49
9.23J4
14.1054
9.06
Sept.
7.72
6.13
5.91
17.85
13.70
Oct.
14.07
10.01
13.89
9.8354
Oct.
7.83
5.74
5.23
16.85
12.95
17.04
16.8754
Nov.
7.74
5.60
5.38
19.36
Dec.
16.91
16.72
Dec.
7.65
5.44
5.90
21.15
Av'ge
14.44
14.16
Av'ge
7.33
6.0654
5.5354 17.50
YA-2
THE STEEL AND METAL DIGEST.
Noveinbe
Lead in October.
Market Quiet but Steady at the High Level of Prices Established in Septem
ber — U-Boat Scare Not a Factor in This Metal.
Lead in October, was well sustained
at the high level established in Sep-
tember, but there was less animation.
Current production, which is liberal,
is going steadily and rapidly into con-
sumption, there being no evidence of
surplus stocks in the hands of either
producers or melters. The prospect is
that this state will continue throughout
the winter.
Although there were rumors that
another advance in price was contem-
plated by the American Smelting & Re-
fining Company, there was scarcely a
ripple in the trade to indicate such
action. The outside market remained
firm with scarcely a fluctuation of im-
portance. The German submarine
escapade that unsettled markets in
other metals, had no effect upon lead.
The market was narrowed by the
retirement of several producers who
had sold October-November output, but
the demand from consumers was also
reduced while there was not enough
change from day to day to tempt deal-
ers to operate to any extent. * Second
hands made a few sales.
The main feature of interest in the
second week, was renewed demand for
export to the Orient. Early in the
month, large shipments were made on
previous contracts to Archangel but
there was no new demand from Russia.
In September the United States ex-
ported 8,857 tons to Europe. Domestic
consumers with needs well covered for
sixty days made few efforts to purchase
except to fill-in contracts. Producers
were generally well satisfied. It was
pointed out that the average price of
lead during the first nine months of
the year — 6.68c East St. Louis — was
50% higher than during the corre-
sponding period last year, when the
average price was 4.44c per pound. The
1916 price is lc per pound above the
high record in 1906 and 2y2c per pound
higher than the average price during
the past thirty years.
The output of lead in 1915, according
to the final report of the Geological
Survey, was 550,055 tons, being th
heaviest production in the history o
the industry or 14V2% greater than i:
1914, the previous maximum recor
when 542,122 tons were produced. Con:
pared with 1914. when the output wa
462,460 tons; the gain was nearly 16ft
In the third week, a few sales wer
made for export to Japan, but it wa
difficult to secure any metal for earl;
delivery from producers; independen
interests as well as the American Smelt
ing & Refining Company having capaci
ty fully engaged to December. All th
metal available was being readily ab
sorbed but there was small demand fo
late positions such as December-Jan
nary-February. All of the ore in th
Joplin district was going rapidly t
the smelters.
In the fourth week, there was smal
change in the general situation bevoni
Lead Prices in October
New York.* St. Loais,
Day. Cents. Cents.
2 7.0654 6.8754
3 7.0654 6.87J4
4 7.06J4 6.8754
5 7.0654 6.8754
6 7.0654 6.8754
9 7.06>4 6.87J4
10 7.06J4 6.87J4
11 ...... 7.06J4 6.8754
12
13 7.06J4 6.8754
16 7.0654 6.87J4
17 7.0654 6.87J4
18 7.0654 6.87y2
19 7.06J4 6.8754
20 7.06J4 6.8754
23 7.06J4 6.8754
. . 7.06% 6.8754
25 7.0654 6.8754
26 7.0654 6.8754
27 7.0654 6.87J4
30 7.0654 6.8754
31 7.0654 6.8754
High 71254 6.90
Low 7.00 6.85
Average . 7.0654 6.87*4
London
£
s
31
10
31
15
31
15
31
0
30
15
30
10
30
15
30
10
30
10
30
10
30
10
30
10
30
10
30
10
30
10
30
10
30
10
30
10
30
10
30
10
30
10
30
10
31
15
30
10
30
14
116
LEAD IN OCTOBER.
more ample supply to meet the small
emand for prompt and November
upment. Regular customers, appar-
utlv were taking less than earlier in
ie month but there was uo important
cumulation and prices were well
laintained.
The London market declined £1 10s
„ spot, and CI (.n future G.M.B., dur-
u.v the first eleven days of the month,
„' £30 LOs for spot, and £25 10s for
ntures, and these prices remained un-
handed to the end of the month. Eng-
ish fead receded from £33, estabhsh-
.,1 early in the month, to £32 10s on
►etober 25th; this price being current
,,, the closing day of the month.
Lead (Monthly
— New York*
1914. 1915. 1010.
3.74
3.82
4.03
4.19
Jan. 4.11
Feb. 4.06
Mar. 3.97
Apr. 3.82
May 3.90
June 3.90
July 3.90
Aug. 9.30
Sep. 3.86
Oct. 3.54
Nov. 3.68
5.94
6.23
6.83
7.50
Dec.
Av.
3.80
3.87
4.231/2 7.50
5.86 7.04
5.74 6.52
4.75
4.62
L.V.I
5.15
5.34'/£
4.67^
I
Averages.)
St. Louis
1914. 1915. 1916.
3.9954 3.57
3.95 3.72
3.98
4.11
4.16
5.76
6.27
6.75
7.00
3.80
3.70
3.81
3.80
3.75 5.52
3.7354 4.59
3.67 4.53
3.39 4.51
3.58 5.07
3.67 5.26J4
3.74 4.57
5.80
6.17
7.46
7.67
7.28
6.77
6.20
0.27
6.71
6.97^
Trust price.
American Pig Lead.
The accompanying table gives a se-
ries of analyses from authoritative, or-
iginal sources, of representative Ameri-
can brands of pig lead at the present
time It is not, however, considered
advisable to identify the brands, but
simply to group them according to
class. .
The first class, which we have desig-
nated as •■extra-tine" is a grouping of
our own, including lead that is 99.97 %
fine or better. In certain cases these
leads are produced by extra-refining,
including electrolytic refining ; m other
cases they owe their high purity to
the excellence of the ore from which
they are smelted. These leads are
sold for corroding, but also they
Recent Analyses of
. . Extra
Silver 0.0008 0.0004
Arsenic".... none none
Antimony .. 0,0130 ^^
Bism-u'th".'.'. 0.00S0 0.0032 none
Conner .. none 0.000.
T-r°Ppe 0.0010 0.0007
Zinc '.'.'.'.'.'.' 0.0019 0.0005
Cobalt and
nirkel none none
Le"d 99-9700 99.9801 99.9941
— Ordinary Desilverized —
Acinic ' 0.0003
AnSny.V 0.0046 0.0060
lismuth".'. 0.0800 0.0794 0.1200
Copper .... 0.0010 oQo45
Zinc '.'.'.'.'.'.' 0.0040 0.0008 0.0040
Cobalt and
nickel ... ..„ OCKB
Lead 99.9050 99.9135 99.8655
fill some special needs for which
lead as nearly chemically pure as pos-
sible is required.
Ordinary corroding lead is about
99.95% fine.
Ordinary desilverized lead ranges
from about 99.85 to 99.91% Pb.
Common Missouri lead (southeast-
ern) is rather uniform with 99.90 to
99.92% Pb. or about the same as ordin-
ary desilverized. The main differences
between these classes of lead are the
higher copper in the Missouri and in
some cases the higher antimony in the
Missouri lead, which renders it slightly
harder and especially adapted for the
rolling of sheet that is to be used in
chemical work.— Eng. & Min. Journal.
American Pig Lead.
Ordinary
Fine Corroding
0.0005 0.0003
0 0050 none 0.0010 0.0006
0'0040 0.0077 0.0100 0.0045
0.0025
0.0010
0.0040
none
0.0010
0.0014
none
0.0100
0.0015
0.0500
0.0006
39.9875
none
99.9890 99.9775
99.9440
0.0006
0.0106
0.0070
0.0008
0.0056
0.0750
0.0006
none
0.0132
none
0.0600
0.0060
none
0.0800
0.0030
0.0030
0.0600
0.0015
99.9174
trace
99.9102
99.9032
0.0080
99.01 1.")
334
THE STEEL AND METAL DIGEST.
Novembi
Antimony In October.
Market Firm and Higher at Opening of Month With Considerable Business
Done— Quiet and Easier at the Close.
Antimony was quiet and easier dur-
ing the first few days of October but
on the 4th inst. on active demand for
round lots in bond, developed sudden-
ly, resulting in sales of spot October
and November shipments at 9% to
9%c in bond; late in the day some
business was done at 9%c. Dealers
who took these orders were inquiring
for December, January and February
positions, bidding 9%c in bond for
shipments over the first two months of
next year. Additional large sales were
made to munition manufacturers on the
following day at 10c in bond, for
shipment over the last quarter of the
calendar year. Dealers also endeavor-
ed to buy spot, October and November
shipments at ll^c duty paid, evident-
ly to replace previous sales but little
was available except at a further ad-
vance and small lots did sell at llVsjc
per pound duty paid. Importers solicit-
ed bids on October, November and De-
cember shipments from China and
Japan but were not offering at defin-
ite prices. An interesting phase of the
market was that jobbing lots were
available at the same or at less price
than were 25 to 50 ton lots.
Early in the second week, a strong-
er tone prevailed with a further frac-
tional advance with additional sales of
round lots in bond at IOV2C for prompt,
October and November shipments. The
jobbing trade was quiet but prices
were stronger at 11% to ll%c, duty
paid. Before the end of the week,
prices had advanced sharply and sub-
stantial contracts for October and No-
vember were placed at ll^c in bond.
A few contracts also were closed for
October shipment from the Orient. Job-
bing lots were advanced to 12%c duty
paid. Most of the metal sold in bond
was for export to Canada but there
was also considerable animation in
trading among local dealers. Sales
during the first half of the month ag-
gregated between 2,500 and 3,000 tons.
On the later transactions, as high as
12c was paid in bond and 13c duty
paid. The advance in prices during tl
first fortnight was 2y2c per pound.
The largest Canadian manufacture]
had apparently covered requiremenl
before the third week but there wei
several other inquiries for 25 to 50 to
lots, from the Dominion as well 1
more small inquiries of 5 to 15 tor
from domestic interests. On the 16tl
there were offerings at 12c in bond fc
shipments from China and Japan i
thirty days, while jobbing lots sold s
13%c to 1314c duty paid. More Car
adian orders were quietly placed i
the next few days but otherwise ther
was a lull in the market, during whic
Aluminum, Silver, and Antimony
Prices in October.
— New York —
Aluminum. Silver. Antimonj
Day. Cents. Cents. Cents.
2 62.50 69.12J4 10.9324
3 62.50 68.8714 10.9334
4 62.50 68.37^ 11.00
5 62.50 67.50 11.37J4
6 64.00 68.25 11.62J4
7 68.25
9 66.00 67.12^ 11.62J4
10 66.00 67.50 11.62J4
11 66.00 67.12J4 11.87^4
13 66.00 68.87J4 12.75
14 68.00
16 65.00 68.25 13.12J4
1" 65.00 67.75 13.12J4
18 65.00 67.75 13.12J4
19 65.00 67.75 13.12J4
-0 65.00 67.87J4 13.12J4
21 67.87^
23 65.00 67.25 13.12^4
24 65.00 67.37H 13.12J4
25 64.50 67.37J4 13.12*4
26 64.50 67.37J4 13.12*4
27 64.50 67.37J4 13.12J4
28 67.62J4
30 64.50 67.75 13.12^
31 64.50 68.12J4 13.12J4
High 67.00 69.12^ 13.25
Low 62.00 67.12J4 10.87J4
Average . . . 64.55 67.84 12.44
)16
>me resale lots were made at 13c dutj
aid but home consumers wanting 5 to
0 ton lots Eound difficulty in placing
rders at this price, while jobbing lots
F6re held at L3] ,«• and November-De-
ember shipments from the Orient were
eld at 12c in bond. Cables reported
stronger tone in Japan but limits
ere were somewhat lower.
In the fourth week, an easier feeling
eveloped and in the absence of large
[emand and prices for shipment from
AM M IN I'M IN OCTOBER.
535
the Orient, receded Vi to V2c The local
market was better sustained but there
was scarcely enough trading to serious-
ly lest the temper of sellers. In the
last two days of the month, dullness
prevailed and prices were lower,
wholesale lots being offered at ll%c in
bond for quick shipment, and at HVfec
for November shipment from Japan.
Jobbing lots were held at 13 to 13i/4c
per pound but there was small demand.
Aluminum In October.
Market Strong and Active—!
Aluminum was strong and higher in
)ctober, the net advance in the price
:or Virgin ingots in the open market
>eing 2c per pound. The export and
lome demand readily absorbed all the
netal available ; in fact, the supply for
several weeks was entirely inadequate
;o meet current requirements. The of-
icial contract price of ingots for ship-
nent in 1917 remained 35 to 37c per
pound but the largest producers had
nothing to offer for shipment over the
balance of this year. At the beginning
ai the month, No. 1 Virgin ingots were
quotable at 62 to 63c per pound but
by the 6th prices had advanced to 63
to 65c for spot with scarcely any metal
available. Sales of 200 to 300 tons for
export in November were made at close
to 63VoC but prompt or October ship-
ment was difficult to obtain, irrespec-
tive of price, in 100 ton lots. Small
lots are understood to have sold at 65c
per pound. Pure remelted, 98-99%
pure, was also in light supply and firm-
er at 6IV2C to 62c per pound. Sheet
aluminum sold for nearby shipment at
80 to 85c per pound.
In the second week, the urgent de-
mand and the small supplies were re-
flected in asking prices of 66 to 66%c
per pound for ingots for export. The
gain in our export trade this year, aiter
making due allowance for advance in
prices, is shown in the Government re-
turns, the value of exports m the first
eight months this year, being $4,867,-
743 against exports during the entire
year of 1915, valued at $2,994,072.
After the first ten days, the advance
Prices Up 2c per Pound.
in prices brought out freer offerings
from invisible supplies and the export
demand being satisfied, temporarily,
the tone of the market was less firm
and prices of ingots that had advanced
3c per pound from the beginning of
the month, receded lc per pound. Sales
of round lots of ingots for November-
December - January shipment, were
made during the third week, to dealers
at even lower prices. In the last week,
the market receded further under freer
offerings and relatively smaller de-
mand. Dealers were bidding only 62c
for November-December shipment and
succeeded in making some purchases
on this basis but ingots for prompt
shipment were difficult to buy under
64 to 65c per pound. Remelted metal
was even weaker than Virgin and prices
receded sharply 2 to 3c per pound un-
der the prices current at the end of
September.
Alu
minum
and Silver Prices.
— New
York
Aluminum.
— Silver —
1915.
1916.
1915.
1916.
Jan. ...
19.01
54.33
48.89^
56.77J4
Feb. ...
19.20
57.50
48.48
56.75J4
Mar. . . .
18.94^
60.52
50.24
57.92^
April . .
18.83
60.00
50.25
64.37J4
May . . .
21.85
60.00
49.91^2
74.27
June ...
29.66
62.09
49.03
65.0254
July ...
32.50
60.15
47.52
62.94
Aug. ..
34.00
59.48
47.18
66.08
Sept. ..
46.75
61.90
48.68
68.51^
Oct. ...
54.17J4
64.55
49.38^
67.84
Nov. . .
57.85
51.71
Dec. ..
56.80^
54.97
Av'ge . .
34.13
49.69
536
THE STEEL AND METAL DIGEST.
Xovembt
Aluminum Prices in
New York.
Lead Price Changes.
Extreme price fluctuations of pure alum-
The chan
ges in th
e Trust price of lead
inum (N
3. 1 Yirg
n 98-99%) in New York;
New York
since January 1, 1916 have be«
by months.
as follows:
— 1913—
High. Low.
— 1914 —
High. Low.
1916—
Jan. . . .
26.50
26.50
26.00
26.00
19.00
19.00
18.50
18.50
Opening pi
January 4
-
Feb. ...
. Advanced .25c to 5.'
Mar. . . .
27.1254
26.25
18.75
18.00
January 7
27.1254
26.6254
18.25
17.75
" 15c to 5 '
April . .
May ...
26.62^
25.00
18.12 y2
17.75
January 21
.20c to 6.1
June . . .
25.75
23.00
18.00
17.50
February 9
.15c to 6.!
July ...
24.00
23.00
17.25
17.37J4
.05c to 6.:
Aug. . . .
23.50
21.50
21.50
18.00
" .10c to 6.'
Sept. . .
22.50
21.50
20.50
18.25
.20c to 6.1
Oct. ...
22.00
19.75
18.50
18.00
March 14 .
.40c to 7.(
Nov. ...
19.75
19.00
19.00
18.50
19.50
19.25
18.00
18.75
March 30
" 50c to 7
Dec. . . .
. . Reduced .50c to 7.(
July 5
.50c to 6..
Average .
27.12 54
18.50
21.50
17.37J4
50c to 6 (
— 1915 —
— 1916—
August 17 .
. Advanced .25c to 6.J
High.
Low.
High.
Low
August 18
" .25c to 6.;
Jan
19.25
18.75
56.00
53.00
September
15
" .25c to 6.'
Feb. . . .
19.50
18.75
63.00
53.00
September
19
.25c to 7.C
Mar. . . .
19.25
19.50
18.75
18.75
63.00
61.00
58.00
59.00
April . .
Chinese
and Japanese Antimony.
May . . .
26.50
33.00
19.25
26.00
61.00
65.00
59.00
59.00
Average
June . . .
monthly
price of Chinese an
July ...
Aug. . . .
33.00
37.00
32.00
32.00
62.00
62.00
59.00
58.00
Japanese (ordinary brands) in New York
Sept. ...
50.00
36.00
63.00
60.00
1912.
1913.
1914. 1915. 1916.
Oct
57.00
49.00
67.00
62.00
Jan. 6.89
8.7754
6.03 15.24 42.26
Nov. . . .
60.00
55.00
Feb. 6.78
8.16
6.00 17.6254 43.87J
Dec. ...
60.00
53.00
Mar. 6.78
7.91
5.94J4 20.9354 44.71
Apr. 6.87
7.82
5.82 23.97 41.35"
Average.
60.00
18.75
May 6.98
June 7.07
July 7.37
7.75
7.62
7.55
5.78 34.71 32.205
5.6254 36.5354 20.40
5.44 35.98 14.55
Quicksilver Prices.
Aug. 7.58
7.48
13.05 32.57 12.62
Sept. 8.00
7.31
9.7954 28.50 11.57
Monthly average prices
of Quicksilver in
Oct. 9.11
7.31
9.7954 28.50 11.57
New York (flasks
of 75 pounds).
Nov. 9.11
6.28
14.14 37.88
Dec. 9.05
6.05
13.15 39.3654
1913.
1914.
1915.
1916.
Av. 7.63
7.43
8.5354 29.52
Jan
40.00
40.00
38.05
38.00
50.90
58.0554
214.76
288.50
Feb. . . .
IMPORTS OF ANTIMONY.
Mar. . . .
39.50
38.00
62.93 y2
223.91
The imp
orts of
antimony metal an
April . . .
39.14
38.00
65.7154
140.1014
regulus in
August
amounted to 3,414
May ....
39.19
38.00
72.65
96.95
693 pounds
, which
we believe to be tli
June . . .
39.67
37.73
87.91
73.04J4
largest imports for any one month o
July ....
39.00
35.87
93.33
80.95
record. A
comparison of the imports o
Aug. . . .
39.00
74.1954
91.7954
75.04
metal and
ore are
shown below :
Sept. . . .
39.00
73.57
89.0954
75.85
Metal Ore
Oct
38.59
50.5954
92.40
79.2854
and (antimon
Not. . . .
38.00
51.72
102.25
regulus. content.)
Pounds. Pounds.
Dec
38.50
51.61
126.58
August, 1916
3,414,693 596,97
Average.
39.13
47.11
82.80
August, 1915 ....
661,030 772,69
1916
THE STEEL AND METAL DIGEST.
537
Brands of Copper in the United States
LAKE.
Refined at:
Branded.
Adventure
Hancock, Michigan.
Adv. C. Co.
Atlantic
Houghton, Michigan.
A.
Calumet & Hecla
Hubbell, Michigan.
C. & H. M. Co.
Calumet & Hecla
Buffalo, N. Y.
C. & H. M. Co.
Calumet & Hecla
Buffalo, N. Y.
B. L.
Centennial
Hancock, Michigan.
C. C. M. Co.
Copper Range
Houghton, Michigan.
C. R.
Franklin
Hancock, Michigan.
F. M. Co.
Isle Royale
Dollar Bay, Michigan.
I. R. C. Co.
Mass.
Hancock, Michigan.
Mass.
Michigan
Houghton, Michigan.
M. C.
Mohawk
Houghton, Michigan.
M. M.
Osceola
Dollar Bay, Michigan.
T. O.
Quincy
Hancock, Michigan.
Q. M. C,
Tamarack
Dollar Bay, Michigan.
T. O.
Victoria
Hubbell, Michigan.
V. C.
Winona
Hubbell, Michigan.
W. A.
Wolverine
Houghton, Michigan.
ELECTROLYTIC
W.
Refined at:
Branded.
American S. & R. Co.
Perth Amboy, N. J.
P. A.
Balback S. & R. Co.
Newark, N. J.
Bb.
Baltimore Copper Works
Baltimore, Md.
B. E. R.
Boston & Montana Co.
Great Falls, Mont.
B. & M.
Chicago Copper Ref. Co.
Blue Island, 111.
C. C. R.
Copper Queen
Laurel Hill, L. I.
C. * Q.
Miami
Laurel Hill, L. I.
A. L. S.
Nichols Copper Co.
Laurel Hill, L. I.
L. N. S.
Orford Copper Co.
Chrome, N. J.
0. E. C.
Raritan Copper Works
Perth Amboy, N. J.
N. E. C.
U. S. Metals Ref. Co.
Chrome, N. J.
D. R. W.
United Metals Selling Co.
Laurel Hill, L. I.
CASTING.
R. M. C.
Refined at:
Branded.
Balbach S. & R. Co.
Newark, N. J.
N. B. C. \
Boston & Montana Co.
Great Falls, Mont.
M. A.
Chicago Copper Ref. Co.
Blue Island, 111.
C. C. R.
D. E. C.
Duquesne Reduction Co.
Pittsburgh, Pa.
Nichols Copper Co.
Laurel Hill, L. I.
c. n. c. ; .
Phelps, Dodge & Co.
Laurel Hill, L. I.
P. D. Co.
Tottenville Copper Co.
Tottenville, N. Y.
C. T. C.
U. S. Metals Ref. Co.
Chrome, N. J.
D. S.
White & Bro., Inc.
Philadelphia, Pa.
W. B. ', '. \
November
THE STEEL AND METAL DIGEST.
191
Trade Notes.
The Maryland Tube Corporation, Bal-
timore, has been incorporated with
$500,000 capital stock by Herbert B.
Stimpson, 400 Equitable Bldg., Balti-
more ; Charles H. Birmingham and Hey-
ward Taylor. It has acquired a tract
in South Baltimore and it is stated that
it is planned to construct a tube, bar
and sheet mill and a brass foundry. Mr.
Birmingham will be in charge.
The Cleveland Copper and Brass Roll-
ing Mills Company, Cleveland, O. To
manufacture brass and copper. Capital
$10,000. Incorporators: H. J. Klosser,
G. L. Branch, A. C. Altman, J. C. Quay-
le, and B. M. Duncan.
The Interstate Steel Mfg. Company,
Milwaukee, lias been incorporated with
a capital stock of $60,000 by James J.
Devlin, Walter B. Potter and Harry F.
Bayley, president of the Bayley Struc-
tural Iron Company, Milwaukee.
The Premier Special Machine Com-
pany, New York, has been incorporated
with $50,000 capital, to manufacture
tools, gauges, machines, etc. C. A.
Davidson, 125 "West 115th street, and
A. A. Greenberg, 600 Academy street.
The Perkins Appliance Company,
Springfield, Mass., has been incorporat-
ed with capital stock of $50,000 to man-
ufacture steel, iron and other metals.
The directors are J. L. Perkins, presi-
dent ; Harry R. Elder, 423 Main street,
Springfield, treasurer; and R. S. Miles.
The Carwen Steel Tool Company, No.
Philadelphia, manufacturer of milling
cutters and similar steel tools, is plan-
ning to increase the capacity of its
plant by the installation of new equip-
ment.
The Dayton Screw Company, Day-
ton, O., is a new company headed by
W. P. Anderson, formerly general su-
perintendent of the Delco Company.
The company will fit up a plant in the
Webb Building for the manufacture of
cap screws.
The LaCrosse Tractor Company, La
crosse, Wis., has been organized i:
Delaware with a capital stock of $1
500.000 to manufacture tractors an
other farm machinery and will tak
oyer the business of the Stay-Rite Ee
gine Company, maker of gasoline en
gines. The incorporators are L. Hirsb
heimer, J. M. Fixon, L. F. Easton am
L. C. Colman, all of LaCrosse.
The New England Drawn Steel Com
pany,, Mansfield, Mass., incorporate*
with $250,000 capital, will commenc
work at once on a large factory whiel
it expects will be in operation in fou:
months.
The Toothill Rolling Mills, Inc., o
Brooklyn, N. Y., has been charterec
with $10,000 capital, to deal in whit<
metals and carry on a rolling mill. L
Smith, Jr., B. L. Bennett and D. Brodj
are directors.
The Standard Tool & Mfg. Company
237 Laurel Avenue, Arlington, N. J.
has been incorporated with a capital oj
$25,000 by John Stranberg and Bernarc
Keating, Arlington and Fred Roach, bi
Howard street, Newark.
It is announced that the Holl Stamp
ing & Mfg. Company, in which H. C
Holl and other Cleveland men are in-
terested, will be established in Mans-
field, O., in the plant of the Cornell
Company has been incorporated with
electric equipment.
The National Type Foundry, Bridge-
portport, Conn., has been incorporated
with $175,000 capital by William J.
Piatt, G. S. Piatt and Edward E. At-
kins.
The Massillon Foundry & Machine
Company, Massillon, O., will increase
its capital stock from $100,000 to $300,-
000 for the purchase of a site and erec-
tion of a new plant. It will be 100x300
feet, of brick and steel, and located
near the plant of the Central Steel
( 'oiiipnny.
The
Steel and Metal
DIGEST
VOL. VI.
NEW YORK, DECEMBER, 1916.
NO. 12.
Published Monthly by the American Metal
Market Company, 81 Fulton St., New York.
C. S. Trench, President,
C. S. T. Trench, Secretary and Treasurer,
Branch Office, 627 Oliver Bldg., Pittsburgh.
Subscription Price Two Dollars a ye-r
for United States, Canada and Mex co; for
other countries $2.25.
Advertising rates on application.
Entered at Post Office of New York as second
class mail matter.
CONTENTS.
The Business Situation • ■ 539
Extraordinary Effect of 28 Months of
War on Metal, Iron and Steel Prices 543
American Metal Market War Relief
Fund 544
Good Comes From War and Evil 542
Are We Riding Hobbies to Our
Destruction? 548
High Iron and Steel Prices of the Past 549
Where Our Exports Are Going 552
Stop, Look and Listen! 570
Lake Iron Ore Prices 553
By-Product Coke Plants 554
Topical Talks on Iron,
XLIV— Heat 556
Steel Plants,
XIII— Lukens 558
Business Trends- 546-547
Comparison of Metal Prices 562
Comparison of Security Prices 563
Market Reviews:
Iron and Steel 559
Copper 571
Tin 574
Spelter 577
Lead 579
Antimony 581
Aluminum 582
Railroad Earnings 551
Lake Superior Iron Ore 564
U. S. Steel Corporation Operations ... 564
British Iron and Steel Exports 567
Wage Scale Averages 558
Tin Plate Movement 570
Car Buying 558
Our Foreign Trade 565
We Wish All Our Readers
A MERRY CHRISTMAS.
The Business Situation.
Have We Over-Exploited Our Flood
of New Wealth.
The Secretary of the Treasury in his
report to Congress this week, dealing
with the most remarkable year in the
financial history of the United States
summed up the present situation in a
single paragraph as follows :
"The financial strength of the
United States — the greatest in our
history — gives us a commanding
position in world finance. We
have been transformed from a
debtor into a creditor nation. On
November 1, 1916, the stock of
gold coin and bullion in the United
States was estimated at $2,700,-
136,976, an increase of $714,597,-
804 in the past 16 months. This is
the largest stock of gold ever held
in the United States or in any
other country of the world.
Through the operations of the Fed-
eral reserve system and with our
abundant supply of gold as a basis,
the credit resources of the United
States have become more than suf-
ficient for home demand, and we
have been able to finance our great
domestic and foreign trade with-
out strain and to extend vast
amounts of credit to other nations
throughout the world."
The report went on to say that the
functions of the new Federal reserve
540
THE STEEL AND METAL DIGEST.
Decern
banking system, have made it possible
to develop the largest and most active
credit operations the United States has
ever known. Not only the vast domes-
tic and foreign trade of the country
in normal measure, but the unprece-
dented volume of exchanges connected
with the war trade has been accomo-
dated virtually without a single jar.
The necessity of extending enormous
amounts of credit to other nations all
over the world in these times of com-
mercial stress has been met in a man-
ner that has commanded the admira-
tion of financiers of every country, the
Secretary sets forth, and inspired
American financiers with a firm con-
fidence in the stability of the present
system, now hardly at the beginning of
its third year.
On the same day on which this state-
ment was issued, after several days on
which the call money market in New
York touched at times as high as 15%,
the Federal Reserve Bank of New York
issued a statement that the rediscount
facilities of this system had been taken
advantage of by several of the largest
banks in this country including the
National City Bank, National Bank of
Commerce, American Exchange Bank
and the Liberty National Bank of New
York, for the first time since the Fed-
eral Reserve system was inaugurated.
A Warning To Go Slow.
The business interests of this coun-
try, to our minds, have received a
warning that in spite of the flood of
wealth that has come to this country
the situation has been exploited to the
limit, and it is quite impossible for
this to be continued without danger.
The financing of the enormous advance
in values of securities and in prices of
commodities would seem to have ab-
sorbed the new wealth of the country
that has come to us by reason of the
war. If present inflated values are to
be continued, or advanced, if new un-
dertakings are to go on at the rate at
which they have lately been proceed-
ing, and above all if the speculation in
securities and "get rich quick" ven-
tures are to go on unimpeded, new
floods of wealth must come, to us, and
more quickly than seems probable, even
with the further war profits that are be-
fore us. It is a warning to go slow.
Answer Found in Comparison of C<
modity and Security Prices.
Compare the prices of commodil
and securities to-day with those of t
years ago and the answer is quite ph
Compare the amount of capital or loi
required to finance the extraordini
business we are doing, and the pri
at which it is being done, the new i
dertakings, and the sensational speci
tion and prices of securities.
To mention only a few items tl
have absorbed new capital. It is
timated there has been invested sii
the war began over
$167,500,000 in chemical industries
$521,600,000 in oil and gas companie:
$10,000,000 in shipbuilding industr
$130,000,000 in war munitions
$200,000,000 in industries supplyi
other war demands. Here we hi
over one billion dollars. What abi
the hundreds of other smaller
dustries that have been stimulated
the war and the great prosperity a
increased demands of our country?
Take iion and steel for instance, 1
pig iron output in 1914, estimated
the basis of prices received at woi
for material shipped, was valued
about $300,000,000, in 1916 it was $6c
000,000 ; finished steel in 1914 was v
ued at $600,000,000, in 1916, it was $
100,000.000. All the pig iron did i
go into rolled steel and the value
iron and steel castings and rol
wrought iron would be additio:
to the value of the regular steel n
product.
The mental faculties of business n
have been under a terrible strain d
ing the past two and one-half years
reason of the extraordinary conditii
in the world and in their own busin
caused by the war, and if under it ma
have not been able to think and act
sanely as usual, and in some cases hi
lost all sense of proportion, it is ]
surprising.
Is the Fear of Shortage of Supplie
Justified?
How much of the enormous purch
es running far into the future has bi
caused by panic fears of buyers, as
iron, steel, copper and allied comm
ities, that there would not be enov
supplies to go round, and that if tl
1916
THE STEKL AND METAL DIGEST.
541
did not act at once and place con-
tracts irrespective of price they would
not get the material? Has this fear
been justified? The future will tell.
The highest prices in the history of
modern times find buyers on many com-
modities apparently indifferent to what
they are asked to pay provided they can
find a seller, and this in spite of the
fact that there must be going on an
Enormous increase in production. Spec-
ulation where it is free or where it is
allowed to exist has gone the limit.
Some day will come the movement to
turn paper profits into hard cash, and
it is to be hoped the effort will not be
crowded into too short a period of time.
What Has Absorbed Our New Wealth?
It may be asked where all the money
and capital and new wealth has gone?
Why with such sensational prosperity
should some of our banks have had to
turn to the Federal Reserve Bank for
rediscounts this week and why should
call money this week command the
highest rate since the war broke out?
What is the amount loaned by the
banks compared with two years ago?
What is the accommodation, in spite of
their profits, that manufacturers and
traders have been obliged to have in
order to finance iron and steel and cop-
per commodities at prices two to three
times their normal level, jiist to men-
tion one item that affects our readers.
In other words, if a tabulation was
possible of the amount of capital re-
quired to carry on business at its pres-
ent enormous rate and at present prices,
would it be found to be more than the
new wealth and capital that has come
to us by reason of the war?
War's End Further Off Than Ever.
Where all the material is going and
how long the demand is to continue,
we do not touch on, except to say, the
former is a puzzle to us in view of the
heavy increase in output. As regards
the continuation of our war demand,
the Rumanian developments would
seem to put the end of the war still
farther off than ever. While it con-
tinues America must continue to get
richer through an enormous demand
for our goods, but if the recent pace at
which we have exploited the situation
and which we think is showing signs of
having reached the limit is not curbed,
then there is danger ahead and need
for a word of caution. It is our opinion
that long before the war ends, a very
sharp readjustment from the extreme
limits that we have reached will take
place, and if present warnings are not
heeded and further advances and over-
confidence continues we may reach a
very dangerous position.
-o-O-o-
542
THE STEEL AND METAL DIGEST.
Decern
Good Comes From War and Evi
The Great European War, however,
much it may be deplored, is not an un-
mitigated evil. From a lofty attitude
of mind, it must be assumed that the
nations involved needed the chastening
influence to be obtained only through
the profound sorrow attending the
shedding of precious blood in a vast
war theatre. Those who are left, will
receive a rich legacy from the deeds
of valor and of self-sacrifice performed
by the dead. They will also be mor-
ally better off because of the virtues
they have themselves exercised in the
service of humanity, however paradox-
ical this may seem, viewed from the
standpoint of war's horrors. Ideals-
silent, invisible and intangible — are
preparing the way for new nations to
be founded upon the ruins of the pres-
ent, a people, who as a whole, will be
actuated by higher motives, and be
more susceptible to the finer forces of
nations when restored to peace than
they were prior to the war.
In this country too. the death
struggle abroad is not without salutary
influence. Sympathy, felt and express-
ed, and supported by helpful deeds is
doing much to offset the thoughtless
tendency to grow rich at the expense
of others' woes without contributing
to relieve some of the suffering result-
ing from the war.
From a material standpoint, our
greatest gain from the war is not de-
rived from the huge profits obtained
on merchandise sold, but for the neces-
sity which compels us to develop our
own vast resources ; to stand more firm-
ly upon our industrial feet, to apply
new-found energy and efficiency, back-
ed by ample capital, to the manufac-
ture of materials for which supplies
we hitherto have been content to de-
pend upon European nations. That we
are now taking the requisite steps in
industrial progress is evident in the in-
vestment of over $167,500,000 since
hostilities began in Europe, in develop-
ing chemical science and art, that has
been dormant under the paralizing in-
fluence of German vim and genius. The
lUitcd States has at last awakened to
the importance of manufacturing
own chemical and dye stuffs and i
most earnestly hoped that this inv
ment will prove profitable and t
manent.
Heretofore there has been no lact
activity in American oil and gas fie
but under the stimulus of the war,
forts and development have been
doubled and expressed in the autl
ization of $521,600,000 new capital
oil and gas companies; of this amo
over $400,000,000 is already employ
The shipbuilding interest of
United States, much depressed
years because of ignorance and pre
dice at home, has taken a new lease
life because of the war. Hundr
of thousands of tons of steel are n
going into merchant shipbuildi
some 1,400,000 tons since January
this year— and $62,000,000 new eapi
has been lodged in new plants. Sn
the war began over $10,000,000 ]
been invested in the American sh
building industry. Twelve other sh
yards have been projected and am
capital is available for building si
ways, but the scarcity of labor and r
terial holds plans in abeyance.
Iu the manufacture of war munitic
less than $50,000,000 new- capital v
called for this year, whereas nea:
$84,000,000 was employed in such
dustries last year in this country. T
capital authorized for this purpose
the last two years is over $130,000,0(
but it is significant that only $4,0C
000 was needed in the last six monl
for this purpose. When the war
oyer, of course, much of this capi
will be withdrawn to find employme
in more peaceful but probably 1<
profitable enterprise.
It is impressive that nearly one I
lion dollars have been called into si
vice in capitalizing the industr:
here referred to. in the last two yea
as a direct result of the war, inclu
ing the manufacture of war munitioi
but it is of vastly greater importan
that new energy, skill, and genius ha
been called into being, implying th
the was is not an unmjtieated evil.
THE ST H HI i AND METAL DIGEST.
543
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544 THE STEEL AND METAL DIGEST. December
American Metal Market War Relief Fund.
An Appeal to the Metal, Iron, Steel and Allied Trades for a United
Offering for the Relief of the Sufferers of the Great War.
The "American Metal Market" makes an appeal to the American metal, iron,
steel and allied trades for a Thanksgiving offering for the relief of sufferers of
the great Avar. We have probably all of us contributed as individuals, in some
form or other to alleviate the awful misery and suffering that has been caused
by the war, but our total donations are as nothing in comparison with our
wealth, and we can therefore afford to join in a united offering on the part of
the trade.
At this season when we are preparing to give thanks for the peace, happi-
ness and prosperity which we have enjoyed during the year, it is proper that
our thoughts and sympathies should turn towards our unfortunate fellow
men for whom the year has meant war and misery, suffering and disaster, and
out of the greatness of our riches we should contribute some portion towards
the relief of their misfortunes.
We are ending the greatest year the metal trade has ever experienced and
with record-breaking operations and record-breaking prices, it is impossible to
even approximate the wealth which we have accumulated. Had this prosperity
resulted to us apart from any connection with the war, it would even then have
been our duty and our privilege to generously aid and assist suffering human-
ity in Europe, but how much more are we bound to do so when we remember
that it is this terrible calamity which has brought us our prosperity. Wheth-
er we are directly concerned in the manufacture of arms and munitions, or the
raw or semi-finished material used in their construction, or whether, as is the
case with the majority of us, we have profited from the prosperity arising to
our country by the war, it is war and death, and disaster and destruction
which is the basis of our recent prosperity. The fact that we have played no
part in the causes and effects of this greatest disaster of all ages, does not re-
lieve us from our obligation to contribute generously towards the mitigation
of the distress in Europe.
Let us not forget that we alone of all neutral countries are in a position to
furnish the aid required, and let us not sit back with the reflection that with
total contributions to date of $34,000,000 our country has done and is doing all
we are bound to do. We have sent $12,000,000 to poor Belgium, but England
and France have themselves contributed many times that amount towards
Belgian relief, and the urgent appeals for further funds ought to bring home
to us the extent of the requirements for that country alone. There is need for
all we can send, and we in the metal trade should properly take a front place
in the relief provided by this great country of ours. If our contributions
amounted to 5% of our net profits this year the sum would be an enormous one
and yet what is 5% on profits which show an increase of 50% to 100% to 200%
or more than they were in normal years. Let us celebrate this Thanksgiving
with a really generous war relief offering and prove to the world that the
American metal trade possesses sympathies in proportion with its greatness.
The "American Metal Market War Relief Fund" is non-partisan, as the contributions
will be distributed according to the subscribers' wishes. Thus each subscriber is asked
to designate what relief he desires his donation to be applied against, whether French,
British, Russian, German, Austrian or any other of the belligerents or to the neutral
American Red Cross, or to the innocent gnferers in Belgium, Armenia and Poland, or
according to any race or creed. Subscriptions which are not specified will be divided
equally among the Belgian, Armenian and Polish reliefs.
Mil \\ Ali KKIilKK KI'NI). VJ5
Mr. Alexander Gilbert, Presidenl of The Markel and Fulton National Bank,
\V« Fork, lias kindly agreed to acl as Honorary Treasurer of the "American
Metal Market War Relief Fund," and cheeks should be drawn to his order
as Treasurer. Therefore, please mail your liberal donation, stating its meth-
od of disposal to
Mr. Alexander Gilbert, Treasurer,
American Metal Market War Relief Fund,
c|o The Market and Fulton National Bank,
81 Fulton Street, New York.
All contributions will be immediately acknowledged and a list of contribu-
tions will be published regularly in the columns of our daily paper without ref-
erence to the individual method of distribution, to be followed later with an
account of the amounts realized by the various reliefs.
The "American Metal Market" is pleased to start the subscriptions for
tli is fund with a contribution of $2,000.
The blessings of peace, happiness and prosperity have never been thrown
greatex contrast with the sacrifice and misery and suffering of Avar, than
in this year which we are ending, and the President expresses the thought
3f all of us in his Thanksgiving Proclamation when he urges that we who
liave enjoyed such blessings shall aid our war stricken brothers. No other
nation in all history has ever been called upon to relieve such countless mil-
ions of sufferers, and no other nation has ever before contributed in such
arge measure, but the ability to do so has been graciously bestowed upon
is, and no one can believe that our prosperity does not carry with it the
remendous obligation of humanity to minister to the distress of our fellow
nen. Our large contributions of the last two years have accomplished un-
old good, but the sufferings in Europe are increasing and means of the coun-
ries at war to relieve them are decreasing, so we must carry on our relief on
i still larger scale if we are to live up to the full measure of our obligation.
It is no time to rest content with the good work that we are doing, but
ather to plan to increase our contributions so that they more nearly approx-
imate extent of the needs.
Yours respectfully,
AMERICAN METAL MARKET COMPANY,
81 Fulton Street, New York.
-o-O-o-
546
THE STEEL AND METAL DIGEST.
Decern
Business Trends.
A History* Making Month In Stocks.
The events, both favorable and un-
favorable which were brought to bear
on the stock market during November
were the most notable of any period
since the opening months of the war.
Both in Europe and in this country it
was a history-making month. Many
sensational advances took place in se-
curity prices and new records were es-
tablished for Steel common and Beth-
lehem Steel, the former selling at 129%
and the latter at 7.00, while many
other specialties recorded gains of 10
to 30 points and, in one case, that of
Gulf States Steel, the advance was
.about 90 points.
During the first half of the month,
except for one or two days, the market
was on a sharp upward grade. The pre-
election boom was spirited owing to
the expectation of a Republican victory
but when it became known immediate-
ly after election day that the outcome
was much in doubt, the market natur-
ally hesitated. However, when the
news was received that President Wil-
son had been re-elected. Wall Street
soon cast aside all fears regarding the
consequences of the Democratic victory
and prices again rose on the belief that
the present prosperity will continue, at
least as long as the war lasts. This
speculation came to a halt about the
middle of the month when, because ot
talk of big mergers, copper shares were
bought indiscriminately, these stocks
advancing 3 to 12 points overnight.
Following this, unfavorable events,
from the stock market point of view,
came in rapid succession, causing the
market to be every irregular and as a
result prices had a tendency to go lower
during the closing days of the month.
One of the most important of these
incidents was the word of warning in
the form of an official statement from
the Federal Reserve Board cautioning
hanks not to put too much of their
liquid funds in unsecured notes of tor-
eien governments. The issuance ot this
warning followed the announcement ot
the fiscal agents of the British Govern-
ment that December 1st was the c
set for the sale of British Treasury 1
in this country.
Commodity Prices Rising Rapic
It is an amazing condition of aff
that prevails in connection with c
modity prices. It matters little wh
er one looks at products of the m
field, loom or furnace, for the s
leads nowhere but to higher levels
as a result we find that the index n
bers of both "Bradstreet's"
"Dun's Review" register unusu
heavy increases, establishing new ]
records. This condition, it is ha
necessary to point out, is chiefly
result of underproduction in the
of enormous domestic consumption (
bined with an extraordinary foreigr
mand. Speculation plays a promu
part in some quarters, and the strei
of many markets is accentuated by
growing scarcity of materials anc
bor, the increasing car shortage, the
ing costs of production and other
ments. Indeed, the high prices
obtaining may be accepted as pena
of the prosperity that has spread
over the country and of course the
that the United States is practical!}
only large free market in which
warring nations, as well as foreign
trals, may trade, is also an influenc
The price of practically every
modity is rising higher and hi
every day, and there is no assuran
the 'outlook to indicate that this
paralleled inflation will not cont
In view, then, of what has been cit
is not at all astonishing to find the
est index numbers showing approxi
increases of 5% over October 1st oi
year, of 25% over October 1st a
ago, of 35% over that date in 1914
of 40% over October 1st 1913.
Yes, it is an amazing condition c
fairs that exists, but some day
balloon will burst with painful sue
ness (of course not while the Euro
war continues) and then what? A ]
lyzing panic of over-expansion —
1907 1 Let us at least hope not.
916
THE STEEL AND METAL DIGEST.
547
Business Trends.
enormous Foreign Trade Continues.
While statistics of foreign commerce
ontinue to be characterized by huge
gures, the October export return,
bowing, as it does, a falling off from
he large aggregates of August and
icptetuber. is noteworthy as possibly
udicating that export trade for a time
t least has reached its crest.
This inference rests largely on the
:nown fact that high prices here should
iave a tendency to contract export
rade ; they certainly have done this in
he case of wheat exports, and as
'Bradstreets" points out "the diver-
ion of much vessel tonnage to Aus-
ralia and other countries to load wheat
aay have the effect of decreasing the
ressel room available for American
ihipments. ' '
The decrease shown in October ex-
ports from the high-record total of Sep-
;ember was about $25,000,000 or nearly
5%. Imports are on the increase, the
jain over September being in excess
]i $12,000,000 or approximately 7%.
rhe gain in imports over October, 1915,
was more than $26,000,000 and over
those of October, 1914, $38,000,000. It
will be observed that there is some
tendency in commerce to correct the
vast difference between the eastward
and the westward movements and thus
put a check on gold importations —
which, incidentally in October were the
second largest ever reported, — but the
change thus far is moderate compared
with what yet must be done to make
buying and selling balance, the excess
of exports over imports for the tenth
month' of this year being $314,200,000,
the second largest in the country's his-
tory.
It is interesting to note that exports
for the war period of 27 mouths ex-
ceed imports by a trifle more than two
dollars to one and gold imports since
the war began were $955,595,662 or four
times the exports.
In the following table will be found
the totals of exports and imports for
the month of October; for ten months
ending October Hist and for the war
period of 27 months :
October. 1915. 1916.
Exports ... $336,152,009 $490,613,280
Imports ... 149,172,729 176,423,897
Exc. of Exp. $186,979,280 $314,189,383
Ten months ended October 31st:
1915. 1916.
Exports $2,867,694,132 $4,441,125,633
Imports 1,451,267,515 2,007,598,565
Ex. Exp. $1,416,426,617 $2,433,527,068
Summary of trade since the war be-
gan:
Gold & Silver. Mdse.
Exports $ 358,211,263 $8,908,438,368
Imports 1,022,899,740 4,434,877,888
Ex. Exp. *$664,688,477 $4,473,560,480
* Excess of imports
Smaller Iron Output.
November pig iron production, as
was expected, did not measure up to
the remarkable rate of October, says
the "Iron Age". The total was 3,311,-
811 tons, or 110,394 tons a day against
3,508,849 tons in the thirty-one days
of October, or 113,189 tons a day. How-
ever, no other month of the year equal-
led the November rate, in spite of coke
and car troubles.
The daily average production of coke
and anthracite pig iron in the United
States by months since January, 1913,
is given as follows 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 67,506 73.015 108,422
June .... 87,619 63,916 79,361 107,053
July 82,601 63,150 82,691 104,017
August ■. . 82,057 64,363 89,666 103,346
September 83,531 62,753 95,085 106,745
October . 82,133 57,316 100,822 113,189
November 74,453 50,611 101,244 110,394
December. 63,987 48,896 103,333
Ms
THE STEEL AND METAL DIGEST.
Decembe
Are We Riding Hobbies To
Our Destruction ?
Elementary truths are usually sus-
ceptible of close application to affairs
in general. We all know that it is a
good thing for a man to have a hobby
as an avocation, and we also observe
that when a man rides a hobby in his
vocation, his regular business, he often
rides it to destruction. The reason of
the divergence is plain. When a man
has a hobby outside his business it af-
fords him relaxation and rest, by tak-
ing his mind from his business when it
ought to be resting, whereas when the
hobby is in his business it takes his
mind from other features of the busi-
ness and produces a lack of balance in
the various efforts exerted to further
the business.
Has the war made the American na-
tion a rider of hobbies? If so it is a
serious matter, for we are engaged in
a serious business and don't need any
hobbies for relaxation. The individual
may relax, should relax, but a nation
never.
It does seem as if we had acquired
the hobby riding habit. Some time ago,
after the war started, someone sug-
gested export business and we all ex-
claimed, "What an excellent idea!
Why didn't we think of it sooner?".
Before the war we were a debtor na-
tion, and growing more so every year.
That was when we should have had
more exports of merchandise, to try to
pay our debts. Now we are becoming
a creditor nation, and will certainly be
one within a few months more. A cred-
itor nation does not need an excess of
merchandise exports and could not
have it indefinitely if everyone of its
citizens were endowed with all the wis-
dom of the ages.
Then there is another hobby, excel-
lent in its way but very dangerous as
the sole means of conveyance — prepar-
edness. We do not know against whom
or against what condition or against
what time.
These two hobbies are all right in
their way, but we are in grave danger
because we have been riding them s
hard as to lose the sense of proportio
as to the importance of other thing;
like the man in business who makes
hobby of a few features and neglect
the others.
This country is rapidly approachin
an economic crisis, and neither es
port trade nor preparedness is g(
ing to delay that crisis one minute. A
a nation we have paid off our indebtec
ness or will soon have done so, but th
amount only represents something lik
$50 per capita, $3 a year income if ii
vested equally for the benefit of eac
person in the country, while in the di
location that has attended the perforn
ance the purchasing power of the ii
comes of millions of men has been cu:
tailed by tens of times that amount.
We have established a new bankin
system, designed to avert financii
panics, and have been happy that th;
matter is settled, anyhow. We obtaii
ed what was called an "elastic" cu
rency, but true elasticity in anythin
involves an ability to return to the orij
inal state when the force is removei
Lately we have just begun to suspei
that what we got was perhaps a stretel
able currency instead of an elastic cu
rency. If we had not been so busy rii
ing hobbies we might have a clearer ui
derstanding of the matter by this tim
In the early months of the war v
were driven into a perfect panic <
fear by the exports of gold. When tl
flow turned the other way we emitte
a sigh of relief that another of o\
troubles was gone, and proceeded '
the riding of hobbies. Now the ban
ers are trying to devise means to ste
'.he flow. A certain presidential ca
didate once gained great popularit
which did not last until election tim
however, by :efusing 10 countenam
mankind's being crucified upon a cro
of gold, but now we need one who sha
deliver us from being crusher, nr.rl
an avalanche of gold. Sir George Pais
told us early this year it was a del
1916
IRON AND STIOKL IMtlCKS.
549
sio;? to think we could deriva any bene-
fit from tli war. but who was- he — only
the financial adviser to the British Gov-
ernment, which has been skating rings
p.round us, deluging us wU.l gold and
thereby making a ready market for
British, French and Russian bonds. Sir
George even admits, we iinderstand,
that if the war lasts through 1917 Eng-
land cannot continue specie payments.
They are such masters of the game
that they can tell us the moves in ad-
vance and still have their own way. We
take passing notice and resume our
pleasant occupation of riding hobbies.
It is high time to awake and face what
is coming to us while the war continues,
before we complete our pretty plans
what we shall do after the war ends.
High Iron and Steel Prices Of
The Past.
Successively the rise in iron and steel
prices has carried prices beyond various
top points of the past, until so many
have been passed that the question
"When were prices so high?" becomes
somewhat an intricate one. We have
passed successively the high points of
1912, 1909, 1907 and 1902. The next
thing to pass was the price level of
the 1899 "boom," and that also has
been done. Some top points in that
boom were: Bessemer pig iron, $24,
valley ; Bessemer billets , Pittsburgh,
$40 ; shapes, 2.25c ; plates, 2.90c ; bars,
2.50c. Other high prices are shown on
page 11 in the last issue of our Metal
Statistics.
When one has to go back of 1899 in
a search for prices comparing with
those now ruling he is lost with respect
to the common steel products, for they
were not made early enough to have
higher prices. The transition from
wrought iron to mild steel occurred in
the decade of the eighteen-nineties,
chiefly during the industrial depression.
Thus for most steel prices the present
are simply the highest in the history of
the steel industry. Some of our steel
products did not have their counterpart
in wrought iron even. Beams, for ex-
ample, did not amount to anything. The
iron beam was a sorry affair, having
too short a "radius of gyration," i.e.,
the proportion of metal in the web was
too large.
Bars, of course, we have always had
with us, so back past the gray dawn of
steel price history we seek iron bars at
2.90c, Pittsburgh, and find them first in
April, 1880. There was a high level at
that time, 4.00c, in February and March
of that year. From September, 1879, to
April, 1880, the price was above 2.90c.
Back still farther we find bars at 2.90c
or higher in March, 1874, and in sev-
eral years preceding. The high point
was 5.10c, in September, 1872.
Billets, of course, we cannot find, as
they only became an important market
commodity about 1889.
Rails are a separate steel commodity,
as steel rails were made in large ton-
nages long before there was any consid-
erable production of ordinary soft steel.
Bessemer rails are now $38. Late in
1899 the price was fixed at $35, for the
1900 season, but the market broke to
$26 early in 1900. Going back farther,
we first find $38 rails in July, 1887, the
price having been $38 or higher from
January to July of that year, with the
top price at $39.50. From the begin-
ning of steel rail manufacture until the
latter part of 1883 the price had been
higher than $38. Our references go
back to 1867, in which year the aver-
age price, in currency, was $166, with
2,277 tons produced in the United States
and the remainder of the consumption
imported, under an ad valorem duty of
45%.
In the case of pig iron we must go
back to a time when the grades and
the districts were altogether different.
The leading market was Philadelphia
and the standard price for statistical
purposes was No. 1 anthracite. Taking
the present market of foundry iron,
Philadelphia, at $29, we must go back
550
THE STEEL AND METAL DIGEST.
December
to April, 1880, in which month we find
the market crossed below $29 much
more rapidly than it is now crossing up-
wards, for the market was $41 in Feb-
ruary and $25 the following May.
When we go back thus far and find
prices higher than the present the suc-
cess of the search is not due altogether
to the fact that in the early years of
the industry costs were so much higher
that prices had to be higher. In 1803
and 1804 the average price of charcoal
pig iron at Philadelphia was less than
$30. There are no continuous records
of prices f.o.b. furnace but as there
were no railroads the price at furnace
must have been much less. From 1855
to 1862 inclusive anthracite pig iron
at Philadelphia was well under $30.
The high prices, higher than those
now ruling, are to be found chiefly by
reason of there having been two boom
periods. That of 1879, lasting practical-
ly from May, 1879, to May, 1880, was
very strictly a boom, following a pro-
longed industrial depression just as did
the 1899 boom. It was said of 1879
that "people woke up one morning to
find the country prosperous." The
other period, not exactly a boom, was
the period following the Civil War.
The Jay Cooke panic of September,
1873, may be taken as having ended
that period of extreme prosperity, but
there is a lesson for us of to-day in the
fact that the great break in prices did
not occur at that particular time. In
view of the possible lesson it may be
well to cite details. There was a con-
tinuous decline for years. Starting
with certain high points, pig iron at
Philadelphia declined from September,
1872, to November, 1878. Iron rails de-
clined from June, 1872, to October,
1877. Refined iron bars from store,
Philadelphia, declined from October,
1872, to February, 1879. The period of
continuous decline averaged about six
years. The length of the decline was
due, of course, to the fact that "costs
were high" and it took time to reduce
them. The same thing occurred dur-
ing the depression of the eighteen-
nineties. The same thing will occur
in the next depression, if another of
the same description is to come.
Was Sir George Paish Wrong?
Sir George Paish has been well
known to American men of affairs for
many years. As editor of London
Statist he has occupied an important
position, which he has well filled, and
he is often spoken of as "the well
known British economist" and for the
war he has been officially commissioned
as financial adviser to the British
Government.
We wonder whether Sir George was
wrong, or whether a great many people
in the United States are now wrong.
Perhaps there is a question. What he
said last February, in an elaborate
article in the New York Sun was :
"The idea that the United States is
deriving or can derive any advantage
whatever from the war, is a complete
delusion. All that is happening to the
advantage of your country is that it is
suffering less than the belligerents as a
result of this titanic contest."
Since Sir George reached his conclu-
sion, say February 1st, our favorable
merchandise trade balance, deducting
an allowance for items against us in
the unseen balance, appears to have
made this country richer by nearly twc
billion dollars. It is the trade balance
that occurs to us at once when we thint
of our profiting by the war.
When we hark back to the statemem
the suggestion comes that new develop
ments make the case different, but sucl
a suggestion must be dismissed. It is
absurd to assume that Sir George die
not expect these large trade balance^
He points out that the war has mean
an almost complete stoppage of Ameri
can progress, and possibly there v.
something in that. We are feverishly
making some new things, which wil
not be required after the war, but tha-
is not the case throughout. We havi
developed a great deal along chemica
lines and have made a great deal o:
progress that we might have made any
how, but lacked the incentive.
To almost everyone it looks gooe
Lit Hi
RAILROAD EARNINGS.
551
that we are buying back our securities
hold abroad. In future we shall not
have to send interest and dividends
out of the country. It is a well recog-
nized fact that we are not investing
money in new enterprises promising
lasting returns to the amount that we
usually do in normally prosperous
times.' It is also a fact, as Sir George
pointed out in his article, that we are
denied the usual immigration. We are
not investing the money and we are not
giving the men work, in other words
not progressing towards larger and
larger industrial activity in the way
Ave otherwise should.
There was a silver tongued orator 20
years ago who coined many phrases,
one of them being "The rich are grow-
ing richer and the poor are growing
poorer." The people did not believe
the phrases up to election time and so
he was defeated for the presidency.
Whether the statement was true or not
all will admit it would be a had thing
for the country for it to be true. With
quite a large number of people in the
United States to-day it is true. Some
are making enormous profits, while
some have but little increased income
and are faced with very high prices
for what they need. If they are not
growing poorer in pocket they are in
receipt of less of this world's necessities
and conveniences than formerly.
In this matter the real question is
yet to be answered by the manner in
which the accumulating wealth is
eventually spent. There is no use try-
ing to blink the fact that the situation
is a dangerous one.
Railroad Earnings.
Railroad earnings per mile of road, of roads having annual operating rev-
enues above $1,000,000, this being about 230,000 miles or about 90% of the
total steam railway mileage; compiled by the Bureau of Railway Economics
from reports 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 1,190 764 426
September 1,257 854 403 1,185 783 402 1,251 7 4 477
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
January .. 1,021 795 22G 939 718 221 1,133 797 336
February. 914 746 168 900 680 220 1,140 800 340
March.... 1,091 801 290 1,015 722 293 1,260 844 «•
April 1,038 782 256 1,013 734 289 1,223 827 m
May 1047 800 247 1,044 735 309 1,307 857 450
Tune '" 1097 789 308 1,094 732 362 1,302 851 4Si
Fiscal' year' 13,483 9,801 3,682 12,678 8,915 3,763 14,818 9,684 5,134
1916-17
Revenue. Expenses. Net.
July $1,315 $848 $467
August .. 1,418 882 536
552
THE STEEL AND METAL DIGEST.
December
Where Our Exports Are Going?
Everyone at all interested in the for-
eign trade of the United States has
wondered where our merchandise ex-
ports are now going, as compared with
the distribution of the trade before the
war. The statistics, in figures, are very
complicated and confusing. A concise,
precise and accurate presentation has
been developed by the First National
Bank of Boston, and was given in its
foreign trade letter dated October 31st.
The chart shows the whole matter so
clearly that with the kind permission of
the bank we reproduce it below.
The first seven months of 191-4 repre-
sented the period just preceding the
outbreak of the war, and the chart
therefore compares the first seven
months of the three years, 1914, 1915
and 1916. At a glance it shows the
general distribution of our exports, by
countries, and in detail it shows how
these exports have varied since the
war started. The countries are arrang-
ed in the order in which the trade stood
in the first seven months of this year,
whereby the United Kingdom comes
first, as it would if 1914 had been taken
as standard instead, while Germany
comes last, although it stood third in
1914. As values have greatly enhanced
the chart is no index to quantities, ex-
cept very roughly.
In values our trade with all countries
has increased, 1914 to 1916. except in
the case of Belgium and Germany —
Austria being included with "all other
countries." In the case of China, Cen-
tral America, South America and Africa
the increase in value is not large, and
the quantity probably decreased.
TOTAL EXPORTS OF MERCHANDISE TO PRINCIPAL COUNTRIES
SEVEN MONTHS ENDING JULY
■ l-ION OOl-l-ARS
^///ikwAl
" ■ ■■>■■■ ~ • ; -■ j
1-Mfew.y.vi 1914- tXPURTS
WJMMWA 1915 "
mmm 1916 •
1916
LAKE IRON ORE PRICES.
553
Lake Iron Ore Prices.
Lake Superior iron ore prices for the
1917 season have been established at
$1.50 advance over the 1910 schedule.
Before the lake carrying rate had been
established, an advance of $1 seemed to
be in prospect. That was when it was
expected that there would be a stiff ad-
vance in the lake rate, but not a
doubling in the rate. Later the rate was
established, by extensive chartering, at
$1.00 net to the vessel, or a doubling,
and when 50 cents additional had to be
paid to the vessel the ore producers
were naturally not content with an ad-
vance that would give them, with their
precarious operations, merely the ad-
vance that the lake vessels would ob-
tain.
The following table shows the dates
of iron ore price announcements, with
the price of Mesabi non-Bessemer, by
far the most important grade market-
wise, and our composite pig iron for
the same date :
Ore. Pig.
March 20. 1912 $2.85 $13:675
November 19, 1912 . . 3.40 17.275
Mav 1, 1914 2.85 13.85
April 19 1915 2.80 12.915
December 7, 1915 .... 3.55 17.51
November 23, 1916 . . 5.05 25.96
When iron ore prices are named but
once a year it is rather natural that
there should be divergences between the
price fixed and course of pig iron, and it
has been a matter of comment in the
blast furnace trade that advanced ore
prices have frequently been followed by
a declining pig iron market. The ore
producers, however, can rejoin by cit-
ing many instances of low prices be-
ing named for iron ore and being fol-
lowed quite promptly by a general ad-
vance in pig iron. The fact is that it is
difficult for pig iron price movements
to continue in the same direction long
enough to justify either high or low
iron ore prices, except when the pig iron
movement is of unusually great pro-
portions.
For the season of 1912 the ore pro-
ducers delayed fixing prices as long as
possible, doubtless hoping for an ad-
vance in pig iron, but the advance did
not come in time. The next inning was
theirs, however, as the pig iron advance
of 1912 was about over when on No-
vember 19th the prices for 1913 were
announced. Last year conditions seem-
ed ripe for a pig iron advance, but it
had not come by April 19th, when the
ore interests had to put out practically
the same low prices as obtained in 1914.
(On Lake Erie Dock).
— Old Range— — Mesabi —
Bess. Non-Bess. Bess. Non-Bess.
1887 ... 6.00 5-oo
1888 ... 475 4-oo
1889 ... S-oo 375
1890 . . . 6.00 4.50
1891 ... 475 375
1892 . . . 4-50 375
1893 . . . 400 3.25
1894 . . . 2.75 2.00 2.50 1.75
1895 . . . 2.90 2.25 2.25 1.90
1896 . . . 4.00 2.60 3-25 2-40
1897 . . . 2.65 2.25 2.10 1.80
1898 . . . 2.75 1.80 2.15 1.70
1899 . . . 2.80 2.00 2.25 1.90
1900 ... 5.50 4-15 4-40 4-00
1901 ... 4-25 2.85 2.75 2.35
1002 . . . 425 3-00 3-00 2.60
1903 . . . 4.50 3-6b 400 3-20
1904 . . . 3.00 2.60 2.75 2.35
1905 ••• 375 3-20 3-50 3-0O
1906 . . . 425 370 4-00 3-50
1907 . . . 5.00 4-20 475 4-00
1908 ... 4-50 3 70 4-25 3-50
1909 ... 4-50 370 4.25 3-50
1910 . . . 5.00 4-20 4 75 4-00
191 1 ... 4-50 370 4-25 3-50
1912 . . . 375 3-00 3.50 2.85
1913 ... 4.40 3-6o 4.15 340
1914 ... 375 3-00 3-50 2.85
1915 ••• 375 3-00 345 2.80
1916 ... 445 370 4-20 3-55
1917 ••• 5-95 „ 5-20 570 5-05
Particularly 1894 to 1899 some grades sold
at materially higher prices. Base ore con-
tent (natural state) 1906 and some previous
years; Bessemer, 56.70; non-Bessemer, 52.80;
1907 and later: Bessemer, 55.00; non-Besse-
mer, 51.50.
For the 1916 season the ore interests
fared much better, as there had been
quite an advance by December 7, 1915,
when this year's prices were announc-
ed. More or less true to tradition, how-
ever, the pig iron advance did not run
much farther. The advance of the past
few weeks has been spectacular, justi-
fying almost any iron ore advance that
could be considered. The furnacemen,
however, will not profit by the advance
to any great extent until after the
middle of next year, and as they will
551
THE STEEL AND METAL DIGEST.
Decern!
not be using the new ore until about
June there will be a better division than
usual between the furnaceman and the
ore producer.
The $1.50 ore advance means about
$2.75 per ton of pig iron produced, as
the average consumption of iron ore is
1.85 tons per ton of pig iron produced.
That is not altogether a fair compari-
son, however, as the furnaces use more
material than this 1.85 tons of ore, cc
siderable tonnages of mill cinder a
scale being consumed also, and pric
on these will of course increase all
With the advances in labor, coke a
supplies the total cost of making a t
of pig iron at valley furnaces promi;
to be fully $20, against about $13 wh
wages and materials were at th
lowest.
By-Product Coke Plants.
The Latest Koppers Oven — What is Known and What is to be Learned in By
Product Coking.
There is a great deal to be learned brings us to the heart of the subject
as to the selection and mixing of coals
for by-product coking, a great deal
more than has been learned thus far.
The ovens are, apparently, brought al-
most to perfection, but the very changes
that have been made in recent years in
by-product ovens have served to make
useless much of the information about
coking value of coals that it was
thought had been acquired, for with
changes in the ovens coals that had
failed afterwards succeeded.
This is the gist of what was developed
when the metallurgical and mining
section of the Engineers' Society of
Western Pennsylvania took up the sub-
ject of by-product coking at its meet-
ing in Pittsburgh, November 28, 1916.
The paper of the evening was by C. J.
Ramsburg, second vice-president of the
H. Koppers Company, the subject being
"A personally conducted trip to the
Koppers by-product coke and gas plant
of the Laclede Gas Light Company, St.
Louis. Mo. " The use of the word ' ' trip ' '
had reference to the fact that there
were two reels of movies, beautifully
executed. The "movies" are really a
great aid to the acquisition of knowl-
edge. Mr. Ramsburg gave the audience
the "pusher side" of a battery of 51
Ovens, showing the pusher at its work,
perhaps two feet a second, and then
instantly whisked the audience around
to the "coke side." saving a tramp of
hundreds of yards, and exhibited the
same coke issuing from the oven, and
falling cleanly and clearly in two
streams into the quenching car.
.Mention of there being two streams
by-product coking, the very core, spe<
ing literally. The core is made by t
meeting of the two "tar films" and
an extent it is left, for it is found h
ter to err on the side of under coki
rather than of over coking. To ek
date for the uninitiated, a Kopp
oven has inside dimensions say 37 to
feet long, 7 to 9 feet high and 18 to
inches wide. The sides are heated a
the pulverized coal within begins
coke, not in a mass, but by the p
gress of a tar film from each side
ward, at the rate of about half an ii
an hour. What is between the tar f
and the side, as the operation progn
es, is coke, in more or less advam
stages. What is nearer the center i
between the two tar films, is coal, i
Mr. Ramsburg asserted that after
coking operation had been going on
ten hours the inside would not be for
at a temperature much if any above
boiling point of water. The tar i
is impervious and the gases p
through the incipient coke.
These ovens are built in batteries
say 50 to 70 ovens. The Gary plan
in two rows of four 70-retort battel
each, making 560 ovens. Each ret
at Gary makes 12.7 net tons of coke
charge, with a minimum coking tim*
16 hours. As it is really a question
the rate of progress of the tar film,
can build wider ovens and use a Ion
coking time, or narrower ovens an
shorter time, all with practically
same coke output per oven per yi
The latest type of Koppers ovens, i
one not likelv to be changed further
1916
1SY PRODUCT COKE PLANTS.
555
l>s> ( inches wide, taking 1€ aet tons of
coal ami producing 1'J'i ne1 tons of
coke, with a coking time of 18 hours.
The second plant of this type to be
built was that of the roungstown Sheet
& Tube Company, comprising four bat-
teries of 51 retorts each, 204 ovens.
The Laclede plant was completed in
June, L915, primarily for the purpose
of producing gas for the City of St.
Louis, and comprises 56 ovens. It car-
bonizes 990 net tons of coal per charge
(60% Blkhorn, Kentucky and 40%
Pacahontas, West Virginia) equal to
17.7 tons per oven. At 121/4 tons of
coke this would be a yield of 69.2%. It
produces for municipal use 6,400 cubic
feet of gas per ton of coal consumed,
only the richer gas being furnished,
the leaner being used for operating the
ovens. Were the municipal standard
slightly lowered it would be possible to
sell all the gas produced, and then the
retorts would be heated by producer
gas, made from coke breeze, etc., at a
very low cost.
Each oven has gas and air inlets at
each side, both subject to regulation,
with regenerators underneath. These
beat tbe incoming air only, by means of
the regenerators, with changes of re-
generators every 30 minutes.
Coal is crushed, the major part pass-
ing through a y8-inch mesh screen, and
mixed, being carried by a larry running
over the battery of ovens, a charge be-
ing delivered to an oven through sev-
eral holes in the top. The pusher, which
which runs along the "pusher" side of
the battery, is operated electrically. Be-
sides the pushing mechanism it carries
a leveling bar which passes throughout
the top of the chamber after the charge
has been delivered and levels it. At
each end of the oven is a door. A door
carrying mechanism removes the door
upon occasion and carries it to one side,
the pusher then thrusting the entire
mass of coke out, to fall into the
quenching car as already mentioned.
This car quickly carries its load to the
quenching tower, where it is deluged
with water for 40 seconds, the quick-
ness of the operation being designed to
leave the coke hot whereby it dries
itself, and showing eventually not over
2% or 3% moisture.
The By-Products.
Mr. Ramsburg gives the by-products
in connection with one ton of coke as
follows :
9,000 cu. ft. gas, 550 B. T. U. per ft. $.60
12 gallons tar 35
:>."> lb. ammonium sulphate 99
1 1 '2 gallons benzol 50
100 lbs. coke breeze 12
Total value $2.56
The gas value is calculated by using
natural gas cost at ordinary works, tak-
ing account of respective heat units.
The ammonium sulphate is taken at or-
dinary value, though the present value
would be $1.40. The benzol is calculat-
ed on the basis of gasoline equivalent if
used in a motor.
The gas production would be great-
er, though the average thermal value
would be somewhat less, if none were
used to operate the retorts. In Ger-
many many coke ovens are operated by
blast furnace gas.
Mr. Koppers, by the way, went to
Germany a few months before the war
and has since been engaged in building
coke plants in Germany. No one in Ger-
many is to be allowed to burn raw coal ;
all must be coked. Mr. Koppers oc-
cupies the position of consulting en-
gineer to the H. Koppers Company,
but of late they have been unable to
consult him.
The Coals.
The antithesis brought out by the
paper and discussion was that the Kop-
pers oven, in its proportions, opera-
tion, etc., has been brought to practical
perfection, for that type, while on the
other hand there is but little known as
to values of the different coals and their
proper proportions, for coking pur-
poses.
Oxygen seems to be the principal de-
termining element in the coal. When a
coal with too much oxygen is used the
coke does not cohere. As one goes
farther West he finds coal with more
and more oxygen.
Apart from the matter of oxygen,
there must be a mixing of high volatile
and low volatile, to produce the best re-
sults in coke. Too much high volatile
coal in the mixture makes too dense a
coke, while increasing the proportion of
556
THE STEEL AND METAL DIGEST.
Deeemb
low volatile opens up the cell structure.
Pocahontas, Somerset, Cambria, etc.,
are all low volatile coals. The Inland
Steel Company formerly used 60%,
70% and 80% Pocahontas (low vol
tile) and produced good coke, but
now using larger proportions of ni«
volatile coal.
Topical Talks On Iron.
XLIV.— Heat.
The layman is apt to think that the
measurements made in the iron and
steel manufacturing industry are solely
of quantities of material, the blast fur-
nace manager weighing his ore, coke
and limestone and the resultant pig
iron, the steel mill weighing its pig iron
and scrap and the resultant steel in-
gots, the rolling mill weighing its fin-
ished products and measuring the di-
mensions, plates as to length, width
:and thickness, sheet bars as to weight
jper lineal foot, and so on.
There is something else that is being
Continually measured in the iron and
steel industry, and that is heat. There
is scarcely an operation that does not
involve the measuring of heat, which
is a quantity just as important as the
weight of materials or their dimen-
sions.
The blast furnace manager, for in-
stance, computes the quantity of heat
that should be produced by the coke he
charges, and he knows the amount of
heat "carried off by the gases, the pig
iron and even the slag. In the steam
power plant the quantity of heat the
coal burned should produce is known,
and the effort is made to account for
all this heat, in power produced and
in the various losses that occur. At
the open-hearth steel furnace the ther-
mal efficiency of the producer gas is
measured. In the heating for rolling
careful attention is paid to tempera-
ture. In some branches of rolling con-
sideration is even paid to the heat pro-
duced in the steel by rolling, the con-
version of the power used for rolling
into heat that appears in the steel. The
newest branch of heat measurement is
in the heat treating of steel, to im-
prove its quality whereby it is heated
to certain precise temperatures m or-
der to produce desired crystalline
structures.
The Reaumur scale of temperatures
practically never employed, the tv
standards being Fahrenheit, in whii
the melting point of ice is 32 degre
and the boiling point of water 212 d
grees, and the Centigrade or Celsius,
which the melting point of ice is ze
and the boiling point of water is li
degrees.
These are measurements of the d
gree of heat. For the quantity
heat there are two standards, t.
British standard, used very largely
the United States, and the meti
standard, used on the Continent ai
to an extent in the United States ai
England.
The British standard is the "B.
U." or British Thermal Unit, oft
called merely the "heat unit," a tei
never applied to the metric standa
which is always called the "calorie
One B. T. U. is the quantity of he
required to raise the temperature
one pound of water from 32 degre
to 33 degrees on the Fahrenheit sea
The ordinary calorie is the large ei
orie, sometimes so called, while the
is also the small calorie, which shou
always be so designated. The large c,
orie is the amount of heat required
raise one kilogram (2.2 pounds)
water from 0 degrees to 1 degree
the Centigrade scale. The sm
calorie refers to one gram of water
stead of one kilogram, and therefc
it requires 1,000 small calories to ma
one large calorie.
The conversion of calories into h(
units involves making allowance i
the difference in the temperature sea
and the difference in weights. T
heat unit is smaller than the calorie
the fact that a degree Centigrade
1.8 times a degree Fahrenheit and
kilogram is 2.2 times a pound, so tl
it requires about four heat units
It) Hi
TOPICAL TALKS ON [RON.
557
make one Large calorie.
In many cases the conversion does
not require the use of this factor. For
instance, in considering the heat value
of coal the metric system would ex-
press the heat value in calories per
kilogram of coal, whereas the heat unit
system would express it in heat units
per pound and if the factor just men-
tioned were used the result would be
the heat units per kilogram of coal,
which is not what would be wanted.
The weight conversions cancel each
other, whereby the heat units per
pound of coal equal 1.8 times the cal-
ories per kilogram of coal, so that 7.500
calories per kilogram of coal would
precisely equal 13,500 B. T. TJ. per
pound of coal.
The "mechanical equivalent of heat,'
is used for conversion. One B. T. TJ.
equals 778 foot pounds, a foot pound
being a quantity of power, the amount
required to elevate one pound one foot
against the force of gravity. Horse-
power is not a quantity of power, but
a rate of poAver, 33,000 foot pounds per
minute. Dividing 33,000 by 778 one
gets 42.4, the number of heat units re-
quired to furnish one horsepower for
one minute. Thus the theoretical heat
value of a fuel used can be compared
with the power actually delivered by
the motor, to determine the efficiency.
Conversion can also be effected be-
tween mechanical power and electrical
power. The unit in electricity is the
watt, which is a rate, not a quantity,
being a flow of one ampere of current
at one volt pressure. The common
term is the kilowatt, or one thousand
watts. One horse power is equal to
746 wats or .746 kilowatt.
It is of interest to reflect that while
these measurements of the degree of
heat, the quantity of heat, mechanical
power, quantity of electricity, etc., are
so common and so absolutely exact, we
are dealing with something we know
practically nothing about. It is per-
haps, as if we weighed a substance
preciselv, yet had no idea what the sub-
stance was. The foot pound is the
amount of power required to move one
pound one foot against the force ot
gravity, but the scientists have only
lately 'begun to take courage enough
to address themselves to the question
what gravity is. Then in the case of
temperature, there was a time when it
was thought to be understood. It rep-
resented "molecular vibration" and
simple experiments showed that the vi-
bration of a gas would cease at 273
degrees below zero on the Centigrade
scale or 459.4 degrees below zero
Fahrenheit, hence that was called "ab-
solute zero" but of late the question
has been raised whether there could
not be still lower temperatures. Then
as to electricity, the nomenclature and
the systems of measurement were built
up when electricity was regarded as a
fluid because what else could it be?
In the new physics electricity is rec-
ognized as matter, and it doesn't flow
through the conductor. We measure
what appears to flow through a wire
but the physicists assure us the elec-
tricity isn't in the wire at all, it is in
the space outside. It is rather amus-
ing, when we know how carefully some-
times we must insulate a wire, to pre-
vent the electricity from leaking out,
that it never got into the wire. How-
ever, the manufacturing industries can
go along very nicely measuring these
things without having any idea what
they are.
Pi£ Iron Production.
Rates per annum, including charcoal pig.
April, 1915 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, 1916 37,850,000
February 39,200,000
March 39,600,000
April 39,600,000
May 39,800,000
June 39,500,000
July 38,350,000
August 39,200,000
October 41,700,000
On November 1st 40,000,000
Actual production:
1910 27,303,567
1913 30,966,152
1914 23,332,244
1915 29,916,213
558
THE STEEL AND METAL DIGEST.
Decembi
Steel Plants.
XIII.— Lukens.
There are iron making concerns in
Sweden that have maintained an un-
broken record of production for half
a dozen centuries, the business being
handed down from generation to gen-
eration. As that was before the dis-
covery of America we cannot have iron
making concerns as old, but consider-
ing the age of the country Lukens is
quite an old institution. It was in
1810 that Isaac Pennock built the
Brandywine rolling mill at Coatesville
(which must not be confounded with
the present Brandywine works at
Coatesville, built by the Worth Broth-
ers in 1881) and the plant was bought
in 1816 by Dr. Charles Lukens, who it
is claimed rolled at the works the first
boiler plate made in America. In 1825
Dr. Lukens died, and his widow, Re-
becca W. Lukens, conducted the busi-
ness for 20 years. After her death
the name of the works was changed to
Lukens, in her honor.
In 1890 the present Lukens Iron &
Steel Company was incorporated, tl
business having previously been coi
ducted under the firm name of Charli
Huston & Sons. At that time the plai
comprised three double puddling fu
naces, two trains of rolls and one har
mer, the power being part steam an
part water, and there was being erec
ed what was probably the largest plai
mill in the country, with three-hig
rolls 34x120 inches. At various timi
in its history, probably for the maj<
portion, the Lukens works have ha
the largest plate mill in the countr;
The puddle mill was dismantled i
1906, and the present steel-makiri
equipment comprises one acid and fi\
basic open-hearth furnaces, all of 4
tons capacity, the ingot capacity beiD
360,000 gross tons a year, dating froi
1892 and 1896, while four 75-ton fu
naces were completed in 1916. Tl
company owns the Allegheny Ore
Iron Company, operating three bla;
furnaces and iron mines in Virginia.
Car Buying
Freight cars ordered:
First half 1913 114,000
Second half 33,000
Year 1913 147,000
First half 1914 66,000
Second half 14,000
Year 1914 80,000
First half 1915 61,916
Second half 69,217
Year 1915 131,133
1916—
January 21,337
February 13,043
March 10,725
April 8,058
May 6,204
June 3,470
Six months 64,287
July 1,883
August 3,384
September 15,683
October 32,403
November 29,283
Wage Scale Averages.
Sworn averages of prices obtained I
mills for shipments in months named, us(
in fixing wages under Amalgamated Ass
ciation sliding scales. The figures represe:
the rates used, the actual ascertained ave
ages lying between the figure given and tl
one five points higher. Base sizes of ire
bars; average of 26, 27 and 28 gauges bla<
sheets; tin plate per base box, 100-pound.
Bar Iron.
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 1.85
July-August 1.0928 1.15 1.95
September-October 1.0847 1.15 2.00
November-Dec'ber 1,037 1.30
Year's average .... 1.1125 1.144 ....
Sheets and Tin Plates.
1916. Sheets. Tin Plate
January-February .... 2.25 3.50
March-April 2.50 3.70
May-June 2.60 3.90
July-August 2.70 4.05
September-October 2.75 4.10
1916
THE IRON AND STEEL SITUATION.
559
The Iron and Steel Situation.
The Runaway Continues.
Finished steel prices advanced in
November by an average of $5.75 per
net ton, against a total of $20 a ton in
the preceding ten months of the year.
Pig iron advanced $5.35 per ton,
against less than $10 in the whole pre-
ceding history of this unprecedented
movement.
Perhaps the simile of driver and
driven is a trifle rough to apply to the
steel market, but with the kindest
thoughts for all we venture to employ
it. In the ordinary market movements
we have had, in 1905-6, in 1909 and in
1912, there has been considerable sug-
gestion of the steel producers skillfully
handling the reins, applying a little
jerk here and a little encouragement
there, whereby the progress from low-
er to higher prices was orderly and a
comfortable tonnage of business was
amassed in the order books. The term
"runaway" has often been used in the
past, not as applying to anything oc-
curring, but as referring to something
that should be avoided. The steel in-
terests handled the reins in such a way,
they pointed out, as to avoid a run-
away. Perhaps there was not much
danger of a runaway in any of those
movements, but we all recall how the
possibility was referred to.
Now, of course, there is a runaway,
which consists in the driven taking the
bit in its mouth. This the buyers have
done, by their bidding higher and high-
er prices, by their visiting sales man-
agers and insisting that they must have
the tonnage put upon books. Often
the buyer does not venture to make
a bid but assures the sales manager
that he can name the price or even, in
some cases, that he can name the price
later, whenever he gets ready. The use
of the simile permits us to observe that
in the ordinary physical runaway the
one who occupies the seat allotted to
the driver is scared. In this runaway
the one who occupies the driver's seat
is not scared ; it is only the runner who
is scared. The steel mills have long
passed the stage of being scared. They
know that various mishaps are coming
but they enjoy the ride, for unlike the
conventional runaway, the course is
lending towards safer and safer ground,
in that surplus earnings are being ac-
cumulated and they are reserved
against the collisions and smashes that
are to occur some day.
Throughout this steel price move-
ment there has been the natural ten-
dency to assume that buying was
prompted in considerable part through
buyers observing that prices were ad-
vancing and hence being tempted to
make further commitments. There has
been room for the assumption that if
the price advancing movement should
halt, the buying would soon drop off.
There was suspicion that such a time
had arrived last June and July. In
August prices began advancing sharp-
ly and at the same time buying in-
creased. "We all have our opinions but
the writer doubts whether any of us
really knows — certainly he does not
pretend to know — which was the
cause and which the effect.
Market events of the past month or
two have not thrown light on that sub-
ject. Much of the buying has been of
the most substantial character. The
buying of ship material, which has run
into large figures, has occurred when
it was well known that the shipyards
of the world would be engaged not
only during the remainder of the war,
but for years thereafter, in a feverish
effort to restore the world's merchant
marine, reduced by many sinkings and
being depreciated by extremely hard
driving, both of the commandeered
vessels and of all others. The buying
of freight cars, about 100,000 having
been ordered 'in the four months Au-
gust to November inclusive, was by
railroads which had previously dropped
out of the market because they thought
prices too high. Even if the railroads
were moved by sentiment, which they
were not, as stern necessity dictated
the ordering of the cars, the fact would
remain that the orders are firm.
Prices and Consumption.
Doubtless there are many cases of
560
THE STEEL AND METAL DIGEST.
Decembe
consumers being unable to pay present
prices for steel. The cases are not ob-
served, as those who can pay the prices,
and are anxious to do so, occupy all
the attention. The volume of unfilled
orders on steel mill books has been in-
creasing, since August 1st, and it has
been increasing more rapidly in the
past two months than in the preceding
two months. Apparently very little of
the new business is in the form of the
familiar "open contract." It appears
that most of the new business is in the
form of definite orders for specific pur-
poses. In many cases the regular con-
tract buyers are held down to shorter
periods than usual. Some of the job-
bers are only now being covered on
steel bars for first quarter. Their ton-
nages are reserved for them, if they
are regular customers, but the price is
fixed as late as possible.
Export Demand.
The export demand is in excess of
the mills' willingness or ability to sel!
If in the next few months domestic de
mand decreases, on account of big]
prices, it is expected that export dc
mand will take up the slack, even be
fore any slack becomes plainly visible
Export selling has been so light tha
the tonnage capabilities of the fieh
have not been tested. Possibly the,
are over-rated, for it is one thing fo
buyers to bid certain prices when th
supply is meagre and another thing fo
them to absorb a large tonnage at thos
prices. We venture to assert that i
the export market is unable to absor
50 or 75% more material than it ha
been furnished in the past six month
the American steel market is not as st
cure as producers profess to consider i
Pig Iron.
Our composite pig iron advance
$5.35 during November and Decembe
was entered with prices advancing s
a still more rapid rate. The south
Pig Iron Prices.
'Averaged from daily quotations; at Philadelphia
, Buffalo, Cleveland
anc
Chicago, prices are delivered.
>
o. 2 fdy.
Ferro-
Fur-
Bessemer
Basic,
No. 2 fdv.
No 2
X fdv.
Cleve-
Chi-
Birm- mangan-
1915
Valley —
Phila.
Phlla.
Buffalo
land.
cago.
ingham
ese.«
coke
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
1.5!
Mar.
.. 13.60
12.50
12.75
13.50
14.05
12.74
13.25
13.39
9.42
78.00
1.52
April
. 13.60
12.50
12.75
13.40
14.05
12.69
13.25
13.50
9.25
78.00
1.5!
May
.. 13.60
12.50
12.75
13.25
14.25
13.17
13.25
13.50
9.47
91.00
1.5C
June
.. 13.75
12.57
12.70
13.42
14.25 '
13.08
13.25
13.50
9.50
100.00
1.5C
July
.. 13.98
12.87
12.72
13.83
14.28
12.83
13.20
13.50
9.61
100.00
1.6r
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
1.6f.
Oct.
.. 16.00
15.00
14.58
17.25
16.25
15.75
15.25
15.08
11.71
105.00
2.1*
Nov.
.. 16.67
15.88
15.82
17.40
16.95
16.73
16.47
17.50
13.14
100.00
2.3J
Dec.
.. 19.19
17.73
17.98
18.01
18.81
18.02
18.13
18.48
14.00
105.00
2.8!
Year
. 14.90
13.78
13.81
14.88
15.25
14.23
14.31
14.47
10.59
91.71
1.7!
1916
Jan.
. . 21.00
18.00
18.50
19.24
19.71
18.25
18.80
19.00
14.92
115.40
3.14
Feb.
.. 20.50
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
3.4.
Apri!
. 21.00
18.48
18.50
20.50
20.20
19.25
19.00
19.50
15.00
175.00
2.4!
May
.. 21.00
18.21
18.44
20.50
20.25
19.15
19.08
19.50
15.00
175.00
2.34
June
.. 21.00
18.25
18.39
19.90
20.04
18.75
19.30
19.50
14.63
175.00
2.5^
July
.. 21.00
18.00
18.25
19.15
19.75
18.75
18.80
19.50
14.00
175.00
2.6!
Aug.
.. 21.00
18.00
18.2?
19.00
19.58
18.75
18.57
19.17
14.00
175.00
2.75
Sept.
. 21.32
18.27
18.58
19.50
19.50
19.04
18.67
18.75
14.38
165.00
2.9<
Oct.
.. 23.81
20.17
20.56
20.52
20.58
20.48
19.87
19.79
15.35
165.00
5.65
Nov.
.. 29.40
24.80
25.60
24.68
25.00
27.31
24.58
25.70
19.72
165.00
5.7
•
Contract p
Ice, fob
. Baltimore:
x Prompt, f.o.b.
Connell
vtlle ov«
L916
THE IKON AND STEEL SITUATION.
561
rapidlj approaching the condition of
being sold ou.1 for the second half of
L917. Southern iron has Lagged be-
hind northern iron throughout the ad-
vance of tlu- past iVw months, some-
thing unprecedented. The really sharp
advances in southern iron did not oc-
eur until some northern steel works,
which ordinarily do not touch south-
ern basic iron, were forced to seek iron
in the south. It is quite clear that it
is the demand for steel-making pig
iron, not foundry iron, that has advanc-
ed this market, both north and south.
In the case of valley iron the evidence
was not on the surface, as for consid-
erable periods foundry iron has been
quotable higher than basic, but that
was simply because the furnacemen
saw the demand coming and changed
from foundry to steel-making iron. By
anticipating an extra demand for basic
iron they produced a scarcity of foun-
dry iron. It all comes out in the wash,
however, as foundry, malleable and
basic iron are all at the same level.
and Bessemer iron is $5 a ton higher.
Lake Superior iron ore prices lor the
1917 season were developed November
23d, ni an advance of $1.-56 pet the
L916 schedule. A full tabular pre-
sentation of ore prices is given on an-
other page.
On October 26th Connellsville lur
uace coke for spot shipment first sold
at $8.00. By the middle of November
the spot market was down to $6.00,
but early in December $8.00 was again
reached. Some interest is now mani-
fested in furnace coke on contract for
the first half at $4.00 to $4.50, the ma-
jor portion of the first half coke hav-
ing been covered some time ago at low-
er figures. There is even talk of con-
tracting for the second half and some
operators seem to have $5.00 in mind
for that period.
Transportation.
Car shortages were serious in Oc-
tober and some regular blockades were
expected for November, when usually
there is decidedly inclement weath-
Finished Steel Prices.
(Averaged from daily quotation
s, f.o.b. Pittsburgh.)
Grooved Sheets —
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
May 2.50
June 2.50
July 2.50
Aug 2.54
Sept 2.60
Oct 2.63
Nov 2.86
Plates,
1.10
1.10
1.15
1.20
1.17
1.15
1.22
1.26
1.33
1.42
1.63
1.75
1.20
1.90
2.16
2.53
2.75
2.83
2.90
2.90
2.94
3.00
3.07
3.33
Bars,
1.10
1.10
1.15
1.20
1.20
1.20
1.27
1.30
1.35
1.43
1.63
1.75
1.31
1.87
2.06
2.36
2.50
2.50
2.50
2.50
2.56
2.60
2.62
2.76
Pipe, Wire,
81 1.34
80^ 1.38
80 1.40
80 1.37
79 1.35
79 1.35
1.38
1.38
1.54
1.63
1.72
1.88
1.48
Steel
Skelp. Black. Galv
79
79
79
79
78
78
79'.
7634
75^
73?4
71^
69
68^
1.98
2.11
2.25
2.25
2.45
2.45
2.45
2.53
2.55
2.59
2.79
1.54
1.58
1.60
1.57
1.55
1.55
1.58
1.61
1.69
1.78
1.87
2.03
2.13
2.26
2.40
2.40
2.50
2.50
2.50
2.58
260
2.64
2.84
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
1.75
1.94
2.24
2.35
2.35
2.35
2.35
2.35
2.35
2.40
2.75
1.80
1.80
1.80
1.80
1.80
1.75
1.74
1.85
1.91
2.03
2.30
2.53
1.85
2.60
2.60
2.73
2.89
290
2.90
2.90
2.90
2.91
3.23
3.72
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
4.80
4.93
5.00
5.00
4.80
4.40
4.20
4.20
4.50
5.34
1.30
1.30
1.30
1.33
1.35
1.33
1.32
1.37
1.51
1.60
1.90
2.26
1.49
2.65
2.85
2.95
3.00
3.00
2.90
2.90
2.90
3.15
3.66
3.10
3.10
3.15
3.20
3.11
3.10
3.10
3.10
3.10
3.15
3.45
3.60
3.10
3.75
3.83
4.20
4.70
5.46
5.75
6.00
5.54
5.75
5.77
6.40
Comp.
Fin.
steel.
1.4554
1.4716
1.5098
1.5357
1.5381
1.5312
1.5692
1.6059
1.6506
1.7264
1.9089
2.0329
1.6506
2.1410
2.2988
2.5579
2.7166
2.8043
2.8300
2.8425
2.8588
2.9013
2.9747
3.2036
562
THE STEEL AND METAL DIGEST.
Comparison of Metal Prices.
Bonce
High.
Pig Iron.
Bessemer, valley 14.25
Basic, valley 13.25
No. 2 foundry, valley 13.25
No. 2X fdy. Philadelphia. 15.00
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 ... 1.27J4
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 79J4%
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. 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 59J4
St. Louis.
Lead 4.10
Spelter 6.00
Sheet zinc (f.o.b. smelter) 8.75
London. £
Standard tin, prompts ... 188
Standard copper, prompts 66J<
Lead 24
Spelter 33
Silver 27J4d
for 1914
Range for 1915
Range for 1916
(losing.
Low.
High.
Low.
High.
Low.
Nov. 29,
1916.
13.75
21.00
13.60
33.00
20.00
33.00
12.50
18.00
12.50
28.00
17.75
28.00
12.75
18.50
12.50
28.00
18.25
28.00
14.20
19.50
14.00
28.75
19.50
28.75
13.25
18.80
13.00
27.30
18.50
27.30
12.25
18.00
11.75
28.00
18.00
28.00
13.00
18.50
13.00
27.00
18.00
27.00
9.50
14.50
9.25
21.50
14.00
21.50
9.75
18.00
11.00
25.50
16.00
25.50
8.00
15.25
8.75
22.50
14.50
22.50
10.00
17.25
10.75
22.50
17.50
22.50
10.50
15.00
11.00
17.50
14.75
17.50
9.00
16.25
9.50
23.50
14.75
23.50
1.25
28.00
28.00
38.00
28.00
38.00
1.20
1.90
1.80
2.90
1.90
2.90
1.12^
2.06
1.125*;
2.66
2.06
2.66
1.05
1.80
1.10
2.90
1.85
2.90
1.05
1.60
1.10
3.50
1.85
3.50
1.05
1.80
1.10
3.00
1.85
3.00
1.12^
1.75
1.12J4
2.85
1.75
2.85
1.80
2.60
1.70
4.00
2.60
4.00
2.75
5.00
2.65
5.00
4.15
5.00
3.10
3.60
3.10
7.00
3.75
7.00
1.50
2.10
1.50
3.00
2.10
3.00
81%
79%
81%
68%
78%
68%
1.60
3.50
1.50
8.00
2.50
7.75
2.00
3.75
2.00
10.00
3.25
9.50
28.50
57.00
32.00
56.00
37.50
45.00
11.30
23.00
13.00
34.00
23.00
33.75
11.10
23.00
12.80
34.75
23.00
34.62^
11.00
22.00
12.70
32.75
22.00
32.37^
16.50
27.35
18.75
42.00
28.00
42.00
3.50
7.00
3.70
7.50
5.50
7.00
4.75
27.25
5.70
21. 17^
8.37^
13.23%
5.30
40.00
13.00
45.00
10.50
14.50
17.37J4
60.00
18.75
66.00
53.00
64.00
47%
56^2
46 Va
7V/4
55%
74%
3.35
7.50
3.50
8.25
5.45
7.20
4.60
27.00
5.55
21.00
8.20
13.06*4
7.00
33.00
9.00
25.50
15.00
21.00
£
£
£
£
£
£
132
190
148M
205
163
189%
49
86%
57%
151
84^
151
17%
wy4
18%
36%
27*4
30%
S1J4
110
2sy8
111
44
59%
23J4d
27J4d
22rsd
37%d
26f£d
35 fid
i)16
SECURITY PRICHB. ,li:;
Comparison of Security Prices.
Ilange for 1914 K.inge for 1915 Ki.nge for 1910 Olo.ln«.
High. Low. High. Low. High. Low. Nov. 29
Iron and Industrial Stocks. • 1916-
Allis-Chalmers Mfg 1454 6 49% tyt, 38 19 34%
Allis-Chalmers Mfg. pfd 49 38% 85% 33 93 70% 90
American Can 35% ™lA 68% 25 68% 50*4 62
American Can pfd 90 80 113% 89 115% 108% 114
American Car & Fdy 53% 42% 98 40 78 52 73%
American Locomotive 37% 29% 74% 19 98% 58 887%
American Smelt'g & Refining 71% 50% 1087% 50 123% 88% 1107%
American Steel Foundries .... 37% 27% 74% 24% 72% 44 00
American Zinc, Lead & Smelt'g 71 67% 97% 29-% 57%
Anaconda Copper 38% 24% 915% 49% 105%g 77 98%
Baldwin Locomotive 52% 38% 154% 265% 118% 65% 77%
Bethlehem Steel 46% 29% 000 46% 700 415 019
Bethlehem Steel pfd 91% 08 184 91 108 120 155
Chino Copper 44 315% 57% 32% 74 40% 08
Colo. Fuel & Iron Co 34% 29% 06% 213% 03% 38% 50
Crucible Steel 109% 18% 99?? 52% 83%
Crucible Steel pfd 112% 84 124% 108% 124
Driggs-Seabury "»* 69 73^
General Electric 150% 137% 185% 138 187% 159 179
General Motors 99 373% 558 82 850 405 810
General Motors pfd 95 70 136 905% 128% 108 120%
Granby Consolidated 91 79% 120 80 106
^reat Northern Ore Prop .. 39% 22% 54 25% 503% 33% 44%
Gulf States Steel "3 71 173^
International Harv. of N. J. 113% 82 114 90 126% 108% 125
International Harv. Corp 112 82 85 55 87% 08% 84%
Lackawanna Steel 40 20% 94% 28 107 04 102%
National Enam. & Stamp... 14 9 30% 9% 30 19% 32'/,
National Lead 52 40 70% 44 74% 00% 97%
National Lead pfd 109 105 115 1043% 117% 112 112%
N Y Air Brake 09 58 1643% 56% 186 118 179
Pressed Steel Car 46 263% 78% 25 . 88% 42% 83%
Pressed Steel Car pfd 104% 96% 106 86 108 98% 107%
Railway Steel Spring 343% 19% 54 19 61% 32 58%
Railway Steel Spring pfd. .. 101 88 102 . 86% 104% 95% 103%
Ray Consolidated Copper ... . 22% 15 27% 15% 37 20 33
Republic Iron & Steel 27 18 57% 19 93 ' 42 87^
Republic Iron & Steel pfd. .. 91% 75 112% 72 117 106% 115%
Sloss-Sheffield 35 19% 66% 23 93% 37 84
Sloss-Sheffield pfd 92 85 102 85 103% 91% 102%
Tennessee Copper 36% 24% 70 29 66% 21% 24%
Texas Company 149% 112 237 120 241% 177% 207%
U. S. Cast Iron Pipe 13% 7% 31% 8 38% 16% 25%
U. S. Cast Iron Pipe pfd 49 30 55% 32% 67% 48% 05
U. S. Smelting & Refining 81^ 62^ 77
U. S. Smelting & Refining pfd 53^ 50 50^
U S. Steel Corporation .... 07% 48 89% 38 129% 79% 127%
U. S. Steel Corporation pfd. 112% 103% 117 102 123 115 121%
Utah Copper 59% 45% 81% 48% 130 74% 121%
Virginia Iron, Coal & Coke.. 53 35 74 30 72% 41 04
Westinghouse Elec & Mfg. . . 79% 64 74% 32 71% 523% 62 %
564
THE STEEL AND METAL DIGEST.
Deeeiub
er. November weather was unusually
favorable and the transportation situa-
tion is no worse. Serious difficulties
are expected later, but one month th
might have been bad has been safe
passed through.
U. S. Steel Corporation's Operations.
Earnings and Unfilled Orders.
Earnings by Quarters.
Net earnings by quarters since 1911:
Quarter. 1916. 1915. 1914.
1st $60,713,624 $12,457,809 $17,994,382
2nd 81,126,048 27,950,055 20,457,596
3rd 85,817,067 38,710,644 22,276,002
4th 51,277,504 10,935,635
Year 130,396,012 71,663,615
1913. 1912. 1911.
1st $34,426,802 $17,826,973 $23,519,203
2nd 41,219,813 25,102,266 28,108,620
3rd 38,450,400 30,063,512 29,522,725
4th 23,084,330 35,181,922 23,155,018
Year . . . 137,181,345 108,174,673 104,305,466
Unfilled Orders.
(At end of the Quarter.)
First. Second. Third. Fourth.
1904.. 4,136,961 3,192,277 3,027,436 4,696,203
1905.. 5,579,560 4,829,655 5,865,377 7,605,086
1906.. 7,018,712 6,809,584 7,936,884 4,489,718
1907.. 8,043,858 7,603,878 6,425,008 4,642,553
1908.. 3,765,343 3,313,876 3,421,977 3,603,527
1909.. 3,542,590 4,057,939 4,796,833 5,927,031
1910.. 5,402,514 4,237.794 3,158,106 2,674,757
1911.. 3,447,301 3,361,058 3,611,317 5,084,761
1912.. 5,304,841 5,807,346 6,551,507 7,932,164
1913.. 7,468,956 5,807,317 5,003,785 4,282,108
1914.. 4,653,825 4,032,857 3,787,667 3,836,643
1915.. 4,255,749 4,678,196 5,317,608 7,805,220
1916.. 9,331,001 9,640,458 9,522,584
Bookings and Shipments.
In this table, first two columns, percei
ages of bookings and shipments to total i
pacity, our own estimates, while last colui
is derived from official reports of "unfill
tonnage" while third percentage column
directly computed from this tonnage colun
Ship- Book- Dif- Di
ments. ings. ference. feren
1915— % % % Tons
January ..44 81 +37 +411,!
February ..57 66 +9 + 96,!
March 67 60 — 7 — 89,(
April 71 63 —8 — 93,!
May 76 85 +9 +102,;
June 79 113 +34 +413,!
July 83 104 +21 +250,;
August 91 89 — 2 — 20,(
September . 98 133 +35 +409,1
October ... 103 172 +69 +847,i
November . 102 186 +84 +1,024,(
December . 102 152 +50 +615,1
1916—
January ... 102 112 +10 +116,!
February .. 102 157 +55 +646,1
March 104 164 +60 +762,(
April 104 146 +42 +498,!
May 104 82 —22 —297,;
June 104 82 —22 —297,;
July 90 86 — 4 — 46,f
September .96 87 — 9 —137,1
October ... 106 145 +39 +492,(
Lake Superior Iron Ore.
Shipments of iron ore down the lakes have been as follows, in gross
1911. 1912. 1913. 1914, 1915.
April 331,645 204,042 866,386 269,686 503,832 1
May 3,684,819 5,919,074 7,284,212 3,852,063 5,012,359 8
June 4,819,996 7,567,555 7,974,444 5,502,367 6,005,591 9
July 5,221,373 7,600,233 8,204,416 5,784,514 7,204,021 9
August 5,548,311 7,760,248 7,677,601 5,869,477 8,081,117 9
September 5,231,069 7,287,230 7,258,413 5,438,049 7,863,146 9
October 4,769,965 7,010,219 6,526,103 4,242,392 7,146,873 9
November 2,523,253 4,072,674 3,270,958 1,068,682 4.445,129 *4
December 14,579 18,545 1,411 57,236
Season Lake .. 32,130,411 47,435,777 49,070,478 32,021,987 46,318,804 *62
* Estimated.
tons:
1916.
,658,41
,449,58
,507,57
,750,15
,850,14
,600,78
,116,19
,500,00
,432,84
916
OUR FOREIGN TRADE.
565
Immigration Statistics.
Years mentioned refer to fiscal years
ended .June 30th. Aliens admitted in-
clude immigrant and non-immigrant
aliens departed include emigrant and
non-emigrant.
Excess Arrivals Over Departures.
Aliens. Citizens. Total.
1913 .. 815,303 *61,098 754,203
1914 . 769,270 *82,211 687,065
m5 . 50,070 67,167 117,237
1016 " .... 135,941 11,197 137,138
July, 1915 ... 11,082
August *14,324
September . . *1,965
October .... 4,877
November . . 3,292
December ... *5'<'0
January, 1916 7,303
February 19,420
March 23,791
April 26,143
May 24,708
June 22,184
July 18,244
August 21,413
September .. 29,310
October 28,339
Four months . 97,306
3,912
*804
866
662
*802
*891
*1,212
*1,826
4,198
4,471
2,021
65
3,634
304
1,443
*2,012
3,369
14,994
*15,128
*1,099
5,539
2,490
♦1,461
6,091
17,594
27,989
30,614
26,729
22,249
21,878
21,717
30,753
26,327
100,675
Our Foreign Trade.
Value of merchandise imports and ex-
ports, and favorable trade balance, calendar
years.
Imports. Exports. Balance.
L90S 1.179,144,550 1,626,990,795 447,846,245
L906 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
1913 *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
1914—
204,066,603 49,323,680
173,920,145 25,875,369
187,499,234 4,943,930
162,552,570 fH.209,544
161,732,619 t2,548,896
157,072,044 f457,406
154,138,947 t5,538,344
October, 1916.
Immigrant aliens in 37,056
Non-immigrants in 7>006
Total aliens 44'062
Emigrant aliens out 7>153
Non-emigrant aliens out 8,570
Total aliens out 15,723
Citizens in 10>061
Citizens out 13)'073
Excess citizens out 2,013
Change in population:
... +28,339
Aliens ~ '
o 012
Citizens
Net change +26,327
* Excess of departures.
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
1915—
Jan. 122,148,317
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
164,319,169
171,832,505
1916—
Jan. 184,362,117
193,935,117
213,589,785
217,705,397
229,188,957
'245,795,438
182,722,938
199,247,391
164,038,614
176,423,897
* High record.
t Balance unfavorable.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept
Oct.
Nov
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
110,367,494 tl9,400,396
156,052,333 16,341,722
195,283,852
205,878,333
245,632,558
267,879,313
298,727,757
296,501,852
294,745,913
273,769,093
268,547,416
267,978,990
261,025,230
300,676,822
334,638,578
331,144,527
359,306,492
330,784,847
402,991,118
409,850,425
399,861,157
474,881,255
464,784,318
445,472,000
509,778,680
*515,007,408
490,613,280
57,305,074
79,411,271
130,976,013
145,730,996
173,604,366
138,479,836
134,169,807
131,484,242
110,852,276
124,879,370
119,195,028
149,440,796
186,108,958
166,825,358
187,473,987
146,422,730
209,056,001
196,260,640
182,155,760
245,692,298
218,988,880
262,749,062
310,531,289
*350,968,794
314,189,383
566
THE STEEL AND METAL DIGEST.
Decern
Price Changes of Iron and Steel Products
From September 15, 1915 to Date.
Price changes in merchant bars, structural shapes, plates, wire nails, merchant pi]
sheets and tin plates are given below, with dates. These are the commodities used
compiling our composite finished steel. In some cases the dates named are those up.
which prominent producers announced price changes, but more frequently the rat
are merely those upon which our quotations were changed. A few other pri
changes are included.
1915—
1915—
Sept. 15
Shapes
1.30
to 1.35
Dec. 23
Sheets
2.50
to2.(
" 20
Wire nails
1.65
to 1.75
Jan. 3
Tin plate
3.60
to 3/
" 28
Sheets
1.90
to 1.95
3
Blue ann. sheet
; 2.25
to 2.;
" 29
Shapes
1.35
to 1.40
4
Bars
1.80
to 1.8
Oct. 1
Boiler tubes
72% to 71%
4
Plates
1.80
tol.J
6
Bars
1.35
to 1.40
4
Shapes
1.80
to l.t
6
Sheets
1.95
to 2.00
4
Pipe (with extra
2]/2%
78%
to ;
7
Blue ann. sheets
1.55
to 1.60
5
Blue ann. sheets 2.35
to 2.4
" 15
Bars
1.40
to 1.45
7
Boiler tubes
68%
toe
" 15
Plates
1.40
to 1.45
" 12
Blue ann. sheet.
2.40
to 2.5
" 15
Shapes
1.40
to 1.45
" 14
Boiler tubes
66%
to b
" 15
Galvanized sheets 3.60
to 3.50
" 19
Blue ann. sheets
2.50
to 2.6
" 19
Black sheets
2.00
to 2.10
" 21
Bars
1.85
to 1.9
" 21
Wire nails
1.75
to 1.85
" 21
Plates
1.85
to 2.0
" 25
Blue ann. sheets
1.60
to 1.65
" 21
Shapes
1.85
to 1.9
" 26
Bars
1.45
to 1.50
" 21
Pipe
77%
to 7
" 28
Plates
1.45
to 1.50
" 24
Wire nails
2.10
to 2.2
" 26
Shapes
1.45
to 1.50
Feb. 7
Bars
1.90
to 2.0
" 28
Blue ann. sheets
1.65
to 1.70
7
Plates
2.00
to 2.1
" 29
Boiler tubes
71% to 69%
7
Shapes
1.90
to 2.0
Nov. 1
Steel pipe
79% to 78%
" 14
Wire nails
2.20
to 2.3
1
Galvanized sheets 3.50
to 3.60
" 15
Pipe
76%
to 7
4
Black sheets
2.10
to 2.20
" 21
Bars
2.00
to 2.2
" 4
Galvanized sheets 3.60
to 3.70
" 21
Plates
2.10
to 2.3
4
Bars
1.50
to 1.60
" 21
Shapes
2.00
" 12
Tin plate
3.30
to 3.60
" 21
Tin plate
3.75
to 4.0
" 12
Sheets
2.20
to 2.25
" 29
Pipe
75%
to 7
" 15
Sheets
2.25
to 2.40
" 29
Boiler tubes
64%
to 6
" 15
Galvanized sheets 3.80
to 4.00
Mar. 1
Wire nails
2.30
to 2.4
" 15
Blue ann. sheets
1.80
to 2.00
8
Black sheets
2.60
to 2.7
" 16
Wire nails
1.85
to 1.90
8
Blue ann. sheets
2.65
to 2.9(
" 18
Bars
1.60
to 1.70
" 13
Bars
2.25
to 2.3.
" 18
Plates
1.60
to 1.70
" 13
Plates
2.35
to 2.6(
" 18
Shapes
1.60
to 1.70
" 13
Shapes
2.25
to 2.31
" 18
Galvanized sheets
4.00
to 4.25
" 15
Steel pipe
74%
to 7:
" 24
Galvanized sheets 4.25
to 4.50
" 15
Boiler tubes
63%
to 61
" 30
Sheets
2.40
to 2.50
" 23
Bars
2.35
to 2.5C
" 30
Galvanized sheets
4.50
to 4.75
" 23
Shapes
2.35
to2.5C
" 30
Blue ann. sheets
2.00
to 2.25
" 28
Plates
2.60
to 2.75
Dec. 1
Wire nails
1.90
to 2.00
" 29
Sheets
2.75
to 2.85
1
Boiler tubes
69%
to 68%
" 29
Steel pipe
73%
to 72
" 15
Bars
1.70
to 1.80
" 29
Boiler tubes
61%
to 60
" 15
Plates
1.70
to 1.80
April 5
Sheets
2.85
to 2.90
" 15
Shapes
1.70
to 1.80
" 15
Boiler tubes
60%
to 56
" 21
Wire nails
2.00
to 2.10
" 19
Tin plate
4.50
to 5.00
1916
AVERAGES AND EXPORTS.
567
April
24
May
1
3
1G
June
7
"
16
July
7
"
7
Aug.
1
"
7
"
15
"
18
"
18
25
Sept
7
"
7
"
20
"
28
Oct.
3
"
3
"
6
"
7
"
13
"
13
"
13
"
16
"
19
"
20
"
20
"
24
"
25
"
25
"
25
"
26
"
26
"
27
"
30
"
31
Nov. 1
"
6
"
8
"
15
'
15
'
15
'
18
'
20
'
20
'
21
'
21
' 21
' 21
' 21
' 25
' 27
' 27
' 27
Dec. 4
" 4
Pipe
Wire nails
Tin plates
Plates
Galv. sheets
Tin plate
Blue ann. sheets
Galv. sheets
Tin plate
Wire nails
Bars
Shapes
Plates
Galv. sheets
Pipe
Boiler tubes
Galv. sheets
Sheets
Blue ann. sheets
Galv. sheets
Sheets
Tin plate
Sheets
Galv. sheets
Tin plate
Galv. sheets
Wire nails
Sheets
Blue ann. sheet:
Plates
Bars
Shapes
Grooved skelp
Sheets
Galv. sheets
Blue ann. sheets
Tin plate
Shapes
Boiler tubes
Wire nails
Sheets
Tin plate
Grooved skelp
Pipe
Galv. sheets
Tin plate
Sheets
Bars
Plates
Shapes
Blue ann. sheets
Boiler tubes
Grooved skelp
Blue ann. sheets
Galv. sheets
Wire nails
Pipe
Sheets
72%
2.40
5.00
2.75
5.00
5.50
3.00
4.75
6.00
2.50
2.50
2.50
2.90
4.25
70%
56%
4.15
2.90
2.90
4.25
3.00
5.50
3.10
4.30
6.00
4.40
2.60
3.25
i 3.00
3.00
2.60
2.60
2.35
3.35
4.50
3.15
5.75
2.70
54%
2.70
3.40
6.00
2.50
69%
5.00
6.25
3.65
2.70
3.25
3.30
52%
2.60
3.40
5.50
2.85
4.00
to 70%
to 2.50
to 5.50
to 2.90
to 4.75
to 6.00
to 2.90
to 4.50
to 5.50
to 2.60
to 2.60
to 2.60
to 3.00
to 4.15
to 69%
to 54%
to 4.25
to 3.00
to 3.00
to 4.30
to 3.10
to 6.00
to 3.25
to 4.40
to 5.75
to 4.50
to 2.70
to 3.35
to 3.15
to 3.25
to 2.70
to 2.70
to 2.50
to 3.40
to 4.75
to 3.30
to 6.00
to 2.80
to 52%
to 2.85
to 3.65
to 6.25
to 2.60
to 68%
to 5.50
to 7.00
to 4.00
to 2.90
to 3.50
to 3.00
to 3.40
to 46%
to 2.85
to 3.50
to 5.75
to 3.00
to 66%
to 4.25
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.
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
20.70
12.50
18.00
May
.. 13.659
20.833
12.65
18.160T
June
.. 13.75
21.00
12.724
18.00
July
. . 13.991
21.00
12.959
18.00
Aug.
.. 15.064
21.00
14.364
18.00
Sept.
.. 15.906
21.9346
15.00
18.63
Oct.
.. 16.00
23.6576
15.0147
20.3086
Nov.
.. 16.615
29.12
15.518
27.229
Dec.
.. 19.021
17.487
Year
.. 14.870
13.810
Ab
Dve prices
are f._ o
b. valley
furnace;
delivered Pittst
urgh is
95 cents higher.
British Iron And Steel
Exports.
Pig Iron. Rails. Tin Plate. Total.*
1912 .. 1,262,383 407,175 481,123 4,933,113
1913 ..
1,124,181
500,117
494,497
5,049,090
1914 ..
780,763
433,507
435,392
3,972,348
1915 ..
611,617
242,289
368,602
3, 250,299'
1915—
Mar. .
. 20,172
17,572
36,170
239,341
April
. 35,209
21,602
40,135
265,244
May .
. 29,342
21,776
33,727
267,524
June .
. 39,127
23,728
33,986
272,195
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
13,640
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
Mar.
. . 87,283
3,366
39,482
307,488
April
.. 82,976
10,510
23,337
293,897
May
. . 97,967
4,103
41,868
395,750
June
. . 77,487
3,243
30,351
310,595
July .
. . 69,999
3,485
38,174
298,929
Aug.
.. 95,655
1,983
34,124
319,928
Sept.
.. 72,683
2,712
19,226
231,335
Oct.
. . 73,187
6,929
10,929
241,261
10 mos.. 818,868
43,387
291,051
2,974,666
* Includes scrap, pig iron, rolled iron and
steel,
cast and wrought
iron manufactures.
bolts,
nuts, etc.,
but not
inished machinery.
boilers, tools, etc.
568
THE STEEL AN]) METAL DIGEST.
Decembei
Composite Steel.
Computation for December 1, 1916:
Pounds
v-A
1
Price Extension.
Group.
Bars
Plates
Shapes
Pipe (M-3)
Wire nails
Sheets (28 bl.) 4.00
l/2 Tin plates
10 pounds 33.725
One pound 3.3725
2.90
7.250
3.50
5.250
3.00
4.500
3.15
4.725
3.00
4.500
4.00
4.000
7.00
3.500
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 2.7165
May 1.5590 1.7786 1.5078 1.5381 2.8043
June 1.5794 1.7719 1.4750 1.5312 2.8300
July 1.6188 1.7600 1.4805 1.5692 2.8425
Aug. 1.6784 1.7400 1.5241 1.6059 2.8588
Sept. 1.7086 1.7093 1.5632 1.6506 2.9013
Oct. 1.7588 1.6779 1.5236 1.7264 2.9747
Nov. 1.7750 1.6203 1.4769 1.9089 3.2036
Dec. 1.7789 1.558 1.4324 2.0329
Year 1.6214 1.7241 1.5182 1.6280
Scrap Iron and Steel Prices.
Melting Bundled No. 1 R. R. No.
Steel. Sheet Wrought Cast,
Pitts,
Pitts.
1915—
Jan. 11.40
Feb. 11.70
Mar. 11.80
Apr. 11.65
May 11.65
June 11.75
July 12,62
1 No. 1 Heavy
Steel. Melt's.
Pitts. Pitts. Phila. Ch'go.
9.00
9.20
9.25
9.13
9.50
9.75
9.20 10.75 11.25 10.30
9.25 10.75 11.25 10.70
9.37 10.75 11.50 10.85
9.37 10.75 11.85 11.10
9.37 10.75 11.85 11.25
9.37 10.75 11.85 11.25
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 13.25 10.54 12.26 12.40 12.54 10.90
1916—
Jan. 17.75 13.40 18.00 15.10 16.30 15.60
Feb. 17.20 13.60 18.75 15.35 16.25 15.75
Mar. 18.40 14.80 19.15 15.75 17.15 16.75
Apr. 18.00 14.75 19.25 16.00 18.00 16.75
May 17.00 13.65 19.65 16.10 17.00 15.90
June 16.25 13.00 19.00 15.40 15.45 14.80
July 16.70 12.50 18.80 15.30 15.00 14.30
Aug. 16.25 11.70 18.15 15.00 15.00 15.30
Sep. 16.61 11.65 18.35 15.00 15.00 16.00
Oct. 18.25 11.65 19.30 15.80 15.65 17.35
Nov. 2C.50 13.75 21.25 17.75 18.25 21.00
Composite Pig Iron.
Computation for December 1, 1916:
One ton Bessemer, valley $33.01
Two tons basic, valley (28.00) 56.0(
One ton No. 2 foundry, valley 28.01
One ton No. 2 foundry, Philadelphia 28.7!
One ton No. 2 foundry, Buffalo 28.2!
One ton No. 2 foundry, Cleveland . . 27.31
One ton No. 2 foundry, Chicago . . . 27.51
Two tons No. 2 Southern, Foundry
Cincinnati (24.40) 48. 8(
Total, ten tons 277.61
One ton 27.760
Averaged from daily quotations:
1912. 1913. 1914. 1915. 1916.
Jan. 13.240 17.391 13.492 13.070 18.69C
Feb. 13.427 17.140 13.721 13.079 18.564
Mar. 13.581 16.775 13.843 12.971 18.851
April 13.779 16.363 13.850 12.914 19.02]
May 13.917 15.682 13.808 13.206 18.96J
June 14.005 14.968 13.606 13.047 18.555
July 14.288 14.578 13.520 13.125 18.58;
Aug. 14.669 14.565 13.516 14.082 18.514
Sept. 15.386 14.692 13.503 14.895 18.691
Oct. 16.706 14.737 13.267 15.213 20.195
Nov. 17.226 14.282 13.047 16.398 25.24c
Dec. 17.475 13.838 13.073 17.987.
Year 14.823 15.418 13.520 14.150
Unfinished Steel and Iron Bars.
(Averaged from daily quotations.)
Sheet
Billets. Bars. Rods. — Iron bars, deliv. —
Pitts. Pitts. Pitts. Phila. Pitts. Ch'go.
1915—
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 20.00T 20.50f 25.00 1.20 1.20 1.17
July 21.40f 21.90T 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 1.3« 1.30
Oct. 26.00f 26.00f 31.50 1.57 1.45 1.38
Nov. 26.20T 26.50f 36.00 1.72 1.54 1.51
Dec. 30.73f 30.73f 39.50 1.99 1.83 1.69
Year 13.26 10.54 12.26 12.40 12.54 10.90
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 2.17
Apr. 45.00 45.00 60.00 2.62 2.50 2.35
May 43.00 43.00 59.00 2.66 2.60 2.35
June 42.00T 42.00f 58.00 2.66 2.60 2.35
July 42.50f 42.50f 58.00 2.66 2.60 2.35
Aug. 46.00 46.00 58.00 2.66 2.60 2.35
Sep. 47.00 45.00 58.00 2.66 2.70 2.35
Oct. 48.00 48.00 59.00 2.66 2.75 2.35
Nov. 52.75 54.00 65.00 2.66 2.85 2.50
t Premium for open-hearth.
1916
IMPORTS AND EXPORTS.
569
Iron and Steel Imports and Exports.
Value of Tonnage and Non-Tonnage.
January $18,738,391
February .... 18,690,792
March 22,591,991
April 24,916,912
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
1912.
$18,451,914
21,801,570
24,474,799
26,789,853
28,050,247
24,795,802
24,917,952
25,450,107
23,286,040
25,271,559
26,406,425
23,750,864
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
31,730,132
35,892,106
37,726,657
38,522,175
43,602,741
48,056,220
45,825,277
1916.
$51,643,807
54,155,386
58,300,297
58,722,411
72,918,913
76,257,884
70,745,162
86,296,703
90,895,592
Totals
$249,656,411 $289,128,420 $293,934,160 $199,861,684 $388,703,720 $619,853,667
Exports
1909.
January 70,109
February 84,837
March 94»519
April 100,911
May 109,808
June H4.734
july 100,850
August 105,690
September 97,641
October 110,821
November 116,105
December 137,806
of Tonnage Lines,— Gross Tons.
1910.
118,681,
110,224
124,080
117,921
135,306
120,601
127,578
131,391
119,155
129,828
155,138
150,102
1911.
152,?62
150,919
216,360
228,149
178,580
174,247
162,S55
177,902
181,150
186,457
187,554
190,854
1912.
151,575
204,969
218,219
267,313
307,656
273,188
272,778
282,645
248,613
251,411
233,342
235,959
1913.
249,493
241,888
257,519
259,689
242,353
243,108
237,159
209,856
213,057
220,550
175,961
181,715
1914.
118,770
121,206
159,998
161,952
139,107
144,539
114,790
86,599
96,476
147,293
140,731
117,827
1915.
140,550
139,946
174,104
223,587
263,113
356,431
380,336
405,952
382,118
350,955
362,766
353,840
1916.
357,122
368,867
438,058
384,924
540,549
526,772
503,685
597,750
643,767
Totals 1,243,567 1,540,895 2,187,724 2,948,466 2,730,681 1,549,543 3,532,432 4,361,494
Jan. . .
Feb. .
Mar. .
April.
May .
June
July •
Aug.
Sept.
Oct. .
Nov.
Dec.
Iron
1913.
175,463
188,734
164,865
174,162
191,860
241,069
272,017
213,139
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.
75,286
78,773
88,402
91,561
98,974
118,575
119,468
126,806
173,253
138,318
113,544
118,321
1918.
89,844
93,315
93,383
75,712
148,599
134.154
156,755
127,094
452,876
Iron and Steel Imports.
1912. 1913. 1914. 1915. 1916.
Jan. .
20,008
21,740
17,776
10,568
15,824
Feb. .
11,622
25,505
14,757
7,506
20,280
Mar.
15,466
27,467
27,829
8,025
15,162
April.
12,481
25,742
30,585
16,565
20,175
May
15,949
28,728
28,173
28,916
32,113
June .
21,407
36,597
23,076
32,200
26,886
July
17,882
36,694
25,282
20,858
14,774
Aug.
20,571
18,740
28,768
27,557
32,257
Sept..
18,740
19,941
38,420
23,344
25,558
Oct.
25,559
20,840
22,754
34,319
Nov.
. 24,154
25,809
24,165
37,131
Dec.
. 21,231
26,454
9,493
35,455
Totals HsWim 1,350,588 1,341,281 1,029,603 ] Total 225,072 317,260 289,778 282,443 203,029
570
THE STEEL AND METAL DIGEST.
December
Stop, Look and Listen !
Everyone will recall, when reminded
of the matter, the interview given to
the press early last January by Chair-
man Gary of the Steel Corporation. Few
will think of it without being remind-
ed. It is a duty we owe ourselves to
consider from time to time this tremen-
dous inflation and where it is likely to
land us some day. Judge Gary's in-
terview was misunderstood at the time
in many quarters. There was an ex-
clamation "Why what's the matter?"
and when nothing happened everyone
went on at a fiercer pace than ever.
Judge Gary was warning people about
the end of the war, not about something
that was going to occur in a few weeks
or months. His words are truer than
ever now, because we have had a great
deal more of the expansion he observed
had occurred and the inflation which he
"feared" is now rampant. He coun-
seled us to "stop, look and listen." Per-
haps we cannot stop now, having no
time, but we can look and we cannot
help listening for the facts cry out. We
no longer need to be advised to listen,
at any rate. We cannot stop our ears.
That interview, as related to the steel
industry, was precisely timed by the
chairman of the great steel corporation,
once a dominant factor, but now with
not even a voice, for the buyers have
been making the market and no seller
is justified in committing suicide by re-
fusing to accept higher prices offered
for his wares. The time was January
6th, and according to our statistics,
often quoted since, it was at the be-
ginning of January that the average
level of finished steel prices crossed
the top point that had been reached in
1907. Prices since then have been war
inflation prices, and the amount to-day
is $24 a net ton, disregarding the pre-
mium prices paid for deliveries.
Of course everyone realizes that there
will be a complete readjustment once
peace abroad becomes assured, but
there is a disposition to "let it go at
that." Judge Gary did not think the
war would last much longer, while it
has already lasted longer than he ex-
pected, but the longer it lasted the
worse, he felt, would be the condition
thereafter. The common view seems to
be that the news will come sudden-
ly and then everybody will readjust,
but those who are expecting a trumpet
to call to everybody to readjust may
find that there were some who antici-
pated and that the trumpet sounded
not at the first moment but at the last.
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.
1906 56,983 12,082
1907 57,773 10,293
1908 58,490 11,878
1909 62,592 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 41 9?084
May 24 7,218
June 75 7,582
July 71 13,895
August 50 21,939
September 31 22,271
October 15 16,922
November 54 15,538
December 62 16,792
January, 1916 62 12,178
February 107 13,534
March 44 20,364
April 179 21,385
May 39 25,585
June 91 29,751
July 150 18,760
August 105 18,757
September 51 18,770
19 1G
COPPER IN NOVEMBER.
571
Copper in November.
Market Very Strong and ActivTwith Violent Advances Here and Abroad-
PriceSe Up 5c to 6c per Pound, Electrolytic m London Up £26 10s,
Prices Here up^ gj^ Up £26> Futures £22 10s.
following two weeks, when sales (lid not
Copper prices in November advanced
violently at home and abroad. The rise
at New' York was 5c to 6c per pound.
The fore mn trade centers followed
dutifully in the wake of the American
market. At London the rise was £<Sb
10s on Electrolytic, £26 on spot and
£22 10s on future Standard. The ad-
vance abroad was steady and continu-
ous the onlv ephemeral reaction being
on Standard, November 28th, followed
by an immediate advance on November
29th to the highest level ever reached.
At home the prices prvailing at the
close of the month established a new
maximum record for Electrolytic, while
Lake sold at the highest price since
1872 when sales were made at 44c. Prior
to that time to-day's prices were ex-
ceeded onlv in 1866, 1865 and 1864.
In the latter year Lake metal sold at
55c, the highest price ever recorded.
November Sales Next to Largest on
Record.
November sales of refined metal were
startlinglv heavy— 600,000,000 pounds
—being next to those of last Septem-
ber the largest for a single month in
trade history. The September transac-
tions, amounting to 650,000.000 pounds,
included 448,000,000 pounds in one
block for the Entente Allied Govern
ments, whereas the November contracts
were placed mainly by domestic con-
sumers. Some substantial export busi-
ness was done on account of France,
Italy and Russia, however, last month,
and it was the large French Govern-
ment inquiry, for 100,000 tons of Elec
trolytic— still unsatisfied— that awak
ened home buyers to the necessity tor
prompt and energetic action.
Buying was most vigorous about the
middle of the month when in one week
300,000,000 pounds were sold, amid
feverish excitement, while prices ad-
vanced sharply after the closing of each
important contract, causing consterna
tion among buyers and leading to the
exercise of more conservatism m the
aggregate over 100,000,000 pounds. Ihe
reduced buying, however, was largely
due to the sold-up capacity ot the re-
fineries ; it being estimated, at the close
of the month, that 90% of the prospec-
tive output for the first half of 1917, and
60% of the entire output for 1917, had
been sold. This statement is based up-
on sales of 1,450,000,000 pounds in the
last three months. It becomes equally
evident that only 30% of the prospec-
tive production during the second halt
of 1917 has been sold. The fact that
consumers have placed liberal orders
for delivery in the third and fourth
quarters of next year, however, m itself
is a phenomenal development and ex-
presses the strenuosity due to war
conditions.
Consumers Forced to Pay Premium
Prices for Near Deuveries.
Although large producers reported
this year's capacity entirely sold, needy
consumers came into the market at the
eleventh hour for November and De-
cember shipments and were forced to
pay 34.75c to 35c per pound to those
who had the metal to sell. Melters also
found it difficult to place orders tor
shipment during the first quarter ot
next year and prices for this position
advanced to 33.50c to 34c per pound
in the closing week of the month, ihe
main buying was for shipment during
the second quarter, at 32.50c to 33.50c
or for shipment in the second and
third quarters combined, at 32c to 33c
per pound. A few contracts for fourth
quarter delivery were consummated at
31c to 32c and at the close of the month
producers were asking 31.50c to 32c
for this position.
Strength is a predominant feature of
the market to-day, although there is
less buying, because of the large unsat-
isfied foreign inquiries and the heavy
prospective needs of domestic consum-
ers for melting in the second half of
next year. For a few days in the last
572
THE STEEL AND METAL DIGEST.
December
Lake Copper
Prices
Monthly average
prices
of Lake
Copper
in N
ew York.
1912.
1913.
1914.
1915.
1916.
Jan.
14.37J4
16.89
14.76
13.89
24.10
Feb.
14.38*4
15.37J4
14.98
14.72^
27.44
Mar.
14.87
14.96
14.72
15.11
27.42
Apr.
15.98
15.55
14.68
17.43
28.91J4
May
16.27
15.73
14.44
18.81
29.28!4
June
17.43
15.08
14.15
19.92
27.44
July
17.37
14.77
13.73
19.42
25.S1
Aug.
17.61
15.79
12.68
17.47
26.58
Sept.
17.69
16.72
12.43J4 17.76
27.86
Oct.
17.69
16.81
11.66
17.92 }4
28.37^
Nov.
17.66
15.90
11.93
18.86
31.71
Dec.
17.62 y2
14.82
13.16
20.37J4
Av. .
16.58
15.70
13.61
17.64
Electrolytic Copper Prices.
Monthly average prices
Copper in New York.
1912. 1913. 1914.
of Electrolytic
Jan. 14.27
Feb. 14.26
Mar. 14.78
Apr. 15.85
May 16.16
June 17.29
July 17.35
Aug. 17.60
Sept. 17.67
Oct. 17.60
Nov. 17.49
Dec. 17.50>
16.75^ 14.45
15.27 14.67
14.92J4 14.33^
15.48 14.34
15.63
14.85
14.57
15.68
16.55
16.54
15.47
14.47
14.13
13.81
13.49
12Aiy2
12.08J4
11.40
11.74
12.93
1915.
13.71
14.57
14.96
17.09
18.60
19.71
19.08
17.22
17.70J4
17.86
18.83
20.35
1916.
24.10
27.46
27.44
29.31
29.81
27.49J4
25.60
27.36J4
28.26
28.64
32.22^
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 14.27*4 13.52 23.06J4
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>4 15.33 14.18 16.48 27.16
May 16.01 15.45J4 14.00 17.41 27.37
June 17.08 14.72 13.65 18.74J4 25.10
July 17.09 14.40H 13.34 y2 17.76 J4 23.61
Aug. 17.35 15.50 12.27 16.46 24.67
Sept. 17.51 16.37>4 12.00 16.75 25.93
Oct. 17.44 16.33 11.29 17.32 27.17
Nov. 17.34 15.19 11.63 18.41 30.37J4
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
copper this year are given b
price of Lake copper on the
1916— Sheet Copper
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 20 36.50
May 5 37.50
August 2 35.50
August 18 37.50
November 10 38.50
November 14 40.00
November 20 41.00
November 29 42.00
price of sheet
elow, with the
same date.
Lake Copper.
24.75
25.25
25.25
26.00
27.50
28.25
28.1214
27.3714
29.25
29.75
29.75
25.50
27.00
29.75
31.75
33.75
33.75
Waterbury Copper Averages.
1915. 1916.
14.12 y2 24.75
15.25 27.75
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Av. .
1912.
14.50
14.50
15.00
16.00
16.37J4
17.50
17.75
17.75
17.87^
17.75
17.75
17.75
16.71
1913.
17.00
15.50
15.12J*
15.75
15.87J4
15.37J4
14.75
15.62^
16.87^
16.87J4
16.25
15.00
15.83
1914.
14.75
15.12^
15.00
14.87J4
14.75
14.37^
14.12J4
13.00
12.87^
12.25
12.25
13.50
13.91
15.75
18.50
22.50
22.50
22.25
19.50
18.50
18.25
19.37^2 33.25
20.75
18.94
28.00
29.00
29.87J4
28.25
27.00
28.00
28.8734
Exports of Copper From the
United States.
(In ton
1913.
January . . 25,026
February . 26,792
March . . . 42,428
April 33,274
May 38,601
June 28,015
July 29,596
August .. 35,072
September 34,356
October . . 29,239
November 29,758
December 30,653
Totals .. 382,810
* Exports from
s of 2,240 lbs.)
1914. 1915
36,018
34,634
46,504
35,079
32,077
35,182
34,145
16,509
19,402
23,514
24,999
22,166
360,229 276,344 299,659
Atlantic ports only.
26,193
15,583
30,148
18,738
28,889
16,976
17,708
17,551
14,877
24,087
1916.
23,663
20,648
26,321
21,654
16,062
39,595
35,066
32,160
29,803
33,224
23,168 *21,433
42,426
1916
COPPER IN NOVEMBER.
573
week there was some hesitation in the
market due to new-found caution
among some producing and large selling
interests and the belief that consumers
had over-bought, In t lie last day or two
this feeling seems to have been dissi-
pated.
Exports Very Small.
One feature of interest was the fall-
ing off in November exports, 21,433
tons only, being the smallest foreign
shipments since last May. Deliveries
into domestic consumption also were
less heavy, due to freight embargoes in-
to New England and at Pittsburgh. Do-
mestic deliveries probably did not ex-
ceed 112,000,000 pounds. Thus the total
deliveries into home and foreign
consumption were about 162,000,000
pounds. These are the smallest ship-
ments into consumptive channels in five
months. On the other hand there was
some labor difficulty at refineries, and
output, for this and other reasons, was
probably cut down 5,000,000 pounds.
Copper In November.
New York
Day.
Lake. Electro. Casting.
Cents. Cents. Cents.
. 28.50 28.75 27.50
. 28.50 28.8754 27.50
. 28.50 39.00 27.625/
. 28.75 29.75 27.625/
London.
Standard.
£ s d
124 0
124 0
124 0
0
10
13
14
15
16
17
20
81 ...
22
23 .. .
24 ...
27 .. .
28 .. .
29 ...
30 ...
High
Low .
Av'ge
29.25
29.75
29.75
31.75
31.75
32.25
32.25
33.25
33.75
33.75
33.75
33.75
33.75
33.75
. 33.75
. 33.75
30.25
30.50
32.00
32.25
32.50
32.75
32.75
33.25
33.75
33.75
33.75
33.75
33.75
34.00
34.50
34.621/
28.50
28.75
29.00
29.75
30.25
30.25
30.25
30.75
32.25
32.62^
32.625/
32.50
32.37J/
32.375/
32.3754
32.375/
The estimated output was about 185,-
000,000 pounds, exceeding shipments by
28,000,000 pounds, affording some re-
lief to the previous scarcity of spot
metal. Foreign shipments, however,
probably will be renewed with greater
vigor in December when more ships are
available to carry copper to Europe.
Thus far this year the total exports
of American copper have been 299,659
tons of which the Entente Allied coun-
tries have taken between 93 and 94%.
Only relatively small lots have gone to
Holland, to Scandinavia and to the
Orient.
Emphasis should be placed upon the
fact that the smaller exports in Novem-
ber were more virtual than real. Much
heavier shipments were made from the
works than could be accommodated on
steamships and belated government re-
turns will probably show larger exports
from the South. The copper that has
left the refineries consigned to Euro-
pean points is not available for use in
this country and hence many millions
of pounds already shipped will come to
light in the December movement, Those
in close touch with the situation believe
that exports during the year will aver-
age at least 30,000 tons per month
which would give a total of approxi-
mately 806,000,000 pounds outgo to for-
eign lands.
. 34.00 34.75 32.75
. 28.37J/ 28.625/ 27.3754
31.71 32.22^/ 30.3754
124
124 10
124 0
124 10
124 10 0
136 10 0
128 10
129 10
135 0
139 0
141 0
144 0
144 0
144 0
144 10 0
147 0 0
145 0 0
150 0 0
151 0 0
151 0 0
124 0 0
134 13 2
Quicksilver Prices.
Monthly
New York
Jan
Feb
Mar
April ...
May
June ....
July ...
Aug
Sept. ...
Oct
Nov
Dec
Average.
average price of Quicksilver in
(flasks of 75 pounds).
1915. 1916.
50.90 214.76
58.05J/ 288.50
62.93J/ 223.91
65.715/ 140.105/
1913.
40.00
40.00
39.50
39.14
39.19
39.67
39.00
39.00
39.00
38.59
38.00
38.50
39.13
1914.
38.05
38.00
38.00
38.00
38.00
37.73
35.87
74.195/
73.57
50.595/
51.72
51.61
47.11
72.65
87.91
93.33
91.795/
89.095/
92.40
102.25
126.52
82.80
96.95
73.045/
80.95
75.04
75.85
79.285/
79.80
574
THE STEEL AND METAL DIGEST.
Deeembei
Tin in November.
Markets, Both Foreign and Domestic,
Advance Here 314c on Near Delive
and Singapore Market Up
Source of Cons
A strong tone prevailed for tin
throughout November, the net result of
the fluctuations in prices at home be-
ing an advance of 314c per pound on
nearby positions and of 3c to 3.12%c
per pound on future deliveries ; that is,
for arrivals here during the first five
or six months of next year. The gen-
eral tendency of the market was upward
during the first three weeks with no
important reactions. The advance cul-
minated on the 22nd and 23rd instants,
when spot and nearby tin scored a rise
of 3.75e to 4c per pound, while future
positions were 3c to 3.50c per pound
higher than at the beginning of the
month. Subsequently there was a frac-
tional decline, the latter positions yield-
ing only ysc to %c per pound while
spot and early shipment prices declined
i/oc to %c per pound.
The eourse of the foreign markets
was very similar to the progress of
events here ; indeed, the strength of the
metal was derived mainly from primary
sources and the American market was
largely a reflection of developments
abroad. At London, both Straits and
Standard tin advanced steadily from
the 1st to the 23rd of the month. The
few reactions that occurred within this
time were slight, and confined to the
third week. On the 23rd, spot Straits
had advanced £11 5s while Standard
had risen £11 5s on spot, and £12 on
futures. The Singapore market during
the same time was subject to more fre-
quent and wider oscillations but the
general tendency was strongly upward,
the full advance being £12 15s.
All of the foreign centers, while still
possessed of a strong undercurrent, re-
ceded from £1 10s to £2 10s during
the last week of the month, the result
for the month being a net advance of
£9 on spot and £8 15s on future Stan-
dard and £8 15s on spot Straits tin at
London, while the net rise at Singapore
was £9 5s.
Strong Throughout the Month — Net
ry; 3 to 3y8c on Futures — London
£9 — Permit Situation Still a
iderable Worry.
Permit Situation Still a Disturbing
Factor.
At the beginning of the month the
American trade was still plagued by de
lays in foreign cables and while there
was a fair jobbing demand some cutting
in prices was indulged to secure or-
ders. Large consumers, apparently,
were indifferent and the difficulty
of securing permits for shipment from
the English authorities narrowed the
London market and caused higher
prices to be asked for the smaller sup-
plies available. A moderate business
was done in nearby positions but domes-
tic consumers were strangely compla-
cent concerning March to June posi-
tions.
Tin Lost on "Glenlogan" Cause of
Strength in London — Dullness Here
Due to Election Uncertainty.
The stronger tone at London during
the first week was attributed to the loss
of several hundred tons of tin by the
sinking of the steamer "Glenlogan"
and the dulness here was due to the
anxiety as to the outcome of the Presi-
dential election. Foreign sellers of
Straits tin made small effort to sell fu-
ture positions, anticipating higher pri-
ces but there were frequent offers to
sell future positions of Banca tin at %c
per pound under the nominal market
for Straits metal. The London view
was that the needs of the trade were in
excess of the supply available and suf-
ficient to cause and to sustain higher
prices with the market free from specu-
lation or manipulation.
About the 10th inst. a better demand
from consumers led to some sales of
March and April as well as spot and
November at advancing prices. The
strength of the market was attributed
to the increased output of tin plate here,
to the larger use of tin in the manufac-
ture of war munitions, to the difficulty
in securing English permits, to the ten-
dency to reduce output at the Straits,
191G
Visible
Jan.
Feb.
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Av'ge
TIN STATISTICS.
575-
Visible Supplies.
supply
1912.
18,707
14,998
15,694
11,893
14,345
12,920
13,346
11,285
13,245
10,735
12,348
10,977
13,207
of tin
1913.
13,971
12,304
11,132
9,822
13,710
11,101
12,063
11,261
12,943
11,857
14,470
13,893
12,377
at end of
1914.
16,244
17,308
16,989
15,447
17,862
16,027
14,167
14,452
14,613
10,894
11,483
13,396
14,907
each
1915
13,901
14,548
15,467
15,785
14,646
15,927
16,084
15,127
15,191
13,154
16,451
16,216
15,208
month;
1916.
17,041
16,511
18,782
19,739
19,614
19,363
18,404
18,042
16,192
17,415
21,186
Monthly Tin Statistics.
Compiled by New York Metal Exchange.
(Tons of 2,240 lbs.)
Nov.
Straits shipments 1916.
To Gt. Britain.. 1,407
" Continent . . 498
" U. S 3,475
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
4,685
May
5,760
6,160
6,900
6,759
3,965
June
4,290
4,280
5,870
6,665
6,210
July
4,580
4,770
4,975
5,606
5,410
Aug.
5,210
6,030
3,315
4,712
4,526
Sept.
5,430
5,160
4,973
5,296
3,270
Oct.
4,450
5,020
4,610
4,441
5,868
Nov.
5,600
5,560
5,155
6,713
5,380
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
Total from Straits 5,380
Total from Australia 315
Consumption
London deliveries 1,197
Holland deliveries 119
U. S 3,165
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 4,202
May 4,250 3,350 3,800 5,600 5,455
June 2,850 3,800 3,650 3,900 6,398
July 5,150 3,900 3,900 5,300 4,432
Aug. 4,300 3,600 2,900 4,500 4,335
Sept. 3,600 3,100 3,600 4,300 4,025
Oct. 3,850 3,700 3,700 4,900 4,556
Nov. 4,300 2,800 2,600 2,975 3,165
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.
Oct.
Nov.
1916.
1915.
2,455
1,838
730
825
2,683
4,050
5,868
6,713
- —
100
298
■ '
1,208
1,402
109
147
4,556
2,975
Total
Stocks at close of month:
In London —
Straits, Australian 3,662
Other kinds .... 1,048
In Holland
In U. S 2,850
4,481 5,873 5,524
2,858
887
3,419
7,164
1,569
1,430
1,849
4,848
Total 7,560
Afloat close of month:
Straits to London 2,532
to U. S. . . 6,368
Banca to Europe . 4,726
Total 13,626 10,251 11,603-
Oct 31, Nov. 30.
1916. 1915.
17,415 16,451
3,630 2,515
4,427 8,213
2,194 875
Nov. 30
Total visible 1916.
supply 21,186
Straits Tin Prices In
New York.
1913. 1914. 1915. 1916.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
1912.
43.24
43.46
42.86
44.02
46.12
47.77
44.75
45.87
49.18
50.11
49.90
49.90
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 34.30
39.93 37.32
38.08
36.10
33.30
30.65
31.75
41.88
42.63
49.93^ 50.42
47.98 51.75
38.78
40.37
37.50
50.59^ 43.39
32.79 33.13
30.39J4 33.08
33.50 39.37^ 44.17
33.60 38.75
35.70 38.66
49.15
42.18
38.46
38.54
38.70&
41.16
576
THE STEEL AND METAL DIGEST.
Decemb
to the smaller supply available outside
of the Straits and to the stronger atti-
tude of the Dutch Government controll-
ing the Banca output.
Ocean Freight Charges Advanced
25 to 30%.
A large business was reported about
the 15th to have been quietly going on
for some time, if not in Straits, at least
in Banca and other brands but outside
of prices for nearby shipments there
was considerable irregularity in quota-
tions. The small arrivals here and the
light supplies afloat caused considerable
uneasiness, especially as most of the
store stocks here were not available for
resales. The alarm was increased by
the stringent policy exercised in grant-
ing shipment permits and the cable ad-
vices on the 20th that the British Gov-
ernment had pre-empted more East In-
dia steam tonnage causing an advance
of 25 to 30% in ocean freight carrying
charges.
Tin Other Than Straits Becoming
More Popular.
_ On the 21st, some much needed tin ar-
rived from London and the cheerful
announcement was made that 1,050 tons
more were afloat for New York, but the
spot situation was only slightly reliev-
ed. In the next few days, prices ad-
vanced to the highest point of the
month with considerable business done
in Banca and Chinese brands. America
cabled some larger orders for late fu-
tures to London at the beginning of
the fourth week but with a reaction in
the English market buyers were inclin-
ed to be more conservative. In the last
few days of the month the indifference
of large American consumers was more
pronounced so far as Straits tin is con-
cerned, but there was evidence that
other brands are finding more favor.
The arrival of the s.s. Suruga with
850 tons from Singapore and Penang
on the 28th. was reassuring although
the tin was not received in time to ap-
ply against November contracts. On
the other hand, reports that the Ger-
man Government had bought the stock
of Banca tin held by the Dutch Govern-
ment for delivery after the war and
that the supply of Chinese tin which
had been coming here regularly was
about to be cut off, caused some uneasi-
ness.
November deliveries of tin into d
mestic consumption proved to be lar
er than was anticipated — 3,165 tons,
which 2,800 tons were shipped from A
lantic ports and 365 tons came ea
from Pacific ports. Stocks in wai
house and landing on November 30t
were 2,850 tons, a decrease of 569 to
during the month. Arrivals at Atlant
ports were only 2,285 tons.
Tin Prices in November.
New York. London —
Spot. Future
1 41.75 180 5 0 181 10
2 41.75 180 10 0 181 15
3 42.12J4 182 5 0 183 10
6 42.50 182 15 0 184 5
7 183 10 0 184 15
8 42.75 183 10 0 184 15
9 43.00 184 5 0 185 10
10 43.25 185 0 0 186 5
13 43.87J4 186 5 0 187 15
14 4i.37l/i 188 0 0 189 10
15 45.00 189 15 0 191 2
16 45.00 189 0 0 190 15
17 45.12H 188 15 0 190 2
20 45.25 188 10 0 190 5
21 45.25 188 15 0 190 10
22 45.62^ 191 0 0 193 0
23 45.50 191 10 0 193 10
24 45.50 190 5 0 192 0
27 45.50 190 10 0 192 5
28 45.25 190 0 0 192 0
29 45.00 189 0 0 190 15
30 189 5 0 191 5
High 45.62^ 191 10 0 193 10
Low 41.75 180 5 0 181 10
Average . 44.17 186 18 8 188 10
Chinese and Japanese Antimony.
Average monthly price of Chinese an
Japanese (ordinary brands) in New York
1913. 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 5.94}^ 20.93J4 44.71
Apr. 6.87 7.82 5.82 23.97 41.35}
May 6.98 7.75 5.78 34.71 32.20}.
June 7.07 7.62 5.62^ 36.53^ 20.40
July 7.37 7.55 5.44 35.98 14.55
Aug. 7.58 7.48 13.05 32.57 12.62
Sept. 8.00 7.31 9.79^ 28.50 11.57
Oct. 9.11 7.31 9.79% 28.50 11.57
Nov. 9.11 6.28 14.14 37.88 13.65
Dec. 9.05 6.05 13.15 39.36J4
Av'ge 7.63 7.43 8.53^ 29.52 .....
1916
SPELTER IN NOVEMBER.
577
Spelter in November.
Market Strong and Advancing Throughout the Month— Prices Up 2i/4 to
234c per Pound— Ore in Joplin District Advanced §6V.
sumers were not ready to buy for fu
Spelter in November was strong and
higher. The advanee in prices ranged
from -U to 2%c per pound. The rise
was due mainly to the increased cost
of production which made smelters re-
luctant sellers until late in the month.
Consumers were constantly in the mar-
ket for nearby shipments from the be-
ginning of November but found exceed-
ing difficulty in placing orders. Pro-
ducers wanted future contracts but
later, were even reserved in taking such
orders. There were few export order
inquiries, England and Prance finding
Japanese more amenable to their over-
tures than were American producers
and operators. The closing prices here
were the highest of the month for all
positions but during the last few days,
dealers, receiving metal against their
November contracts were shading pro-
ducers' prices for prompt shipment but
took no chances in offering future posi-
tions.
The course of the foreign markets
was of small importance and of less in-
terest here while the price of zinc ore
steadily advanced in the West. It is
notable, however, that while England
satisfied its unusually moderate require-
ments in the Orient, prices at London
steadily advanced from November 1st,
to November 17th, when the rise was
£5 on spot and £4 15s on futures. A
reaction of 15s to £1 on the following
day was followed by a further sharp
advance to the end of the month when
the net rise for the month was £7 on
spot and futures.
Producers Well Sold Up— Market De-
moralized on Election Uncertainty.
Producers were extremely indifferent
sellers when the month opened, hav-
ing already sold all the November-De-
cember metal they cared to offer and
some had even over-sold. Stocks at
smelters had been much reduced and
with manufacturing costs rising, most
smelters turned a deaf ear to consum-
ers' inquiries for more November-De-
cember metal. On the other hand, con-
ture delivery, which positions produ-
cers were ready to sell. Some orders
were placed, however, for nearby posi-
tions but with the daily demand exceed-
ing the available supply prices advanc-
ed V8 to y±c daily up to the eve of the
presidential election. Immediately fol-
lowing first reports of the results of the
balloting the market was excited and
unsettled with producers and consum-
ers alike anticipating and preparing for
a "boom." Confusion and disappoint-
ment resulted from later reports but
the undertone continued strong, based
upon the rise of ore in the Joplin dis-
trict. Dealers, anxious buyers before
the election, were less keen to place
orders subsequently, but there was a
wide variation in prices.
Ore Price Scores Another $10 Jump.
On November 13th, another advanee
to $10 on the price of ore to $90 per
ton in the Joplin district caused pro-
ducers to be even more conservative
and some retired from the market as
sellers for shipment in the first and
second quarters of 1917. Not a few of
the smelters were short of raw ma-
terial and the rise in ore prices was
due to the scramble of such producers
to cover requirements. The strength
of spelter was increased, too, at this
time by the sudden cold snap in the
West that decreased the fuel supply of
the gas-fired smelters in Kansas. The
coal supply, also, was uncomfortably
short with other smelters.
Market Active and Advancing— Ore
Up Another $5.
Up to the middle of the month, prices
of prime western spelter had advanced
1 to VAa per pound. Brass special,
too, had appreciated sharply and now
commanded lc premium per pound over
prime for November-December ship-
ment ' Intermediate and high grades
were also in good demand and higher.
Up to and including the 20th, there
was good buying of brass special at
steadily advancing prices for early next
578
THE STEEL AND METAL DIGEST.
Decembei-
year's delivery. Dealers at this time
were competing with consumers as buy-
ers of all kinds of metals. Another ad-
vance of $5.00 per ton in the price of
ore at Joplin on the 20th, making the
total rise on the movement $30.00 per
ton, made sellers more reluctant to sell,
and dealers and consumers more
anxious to buy, resulting in accelerat-
ing the advance. None of the produ-
cers were free sellers of spelter this
side of April, and more than half of
them were out of the market. Up to
November 22nd, metal prices had ad-
vanced 3c per pound in a month and 4c
per pound since the upward movement
began ; even at the advance it was diffi-
cut for buyers to induce producers to
accept orders but dealers took not a
few orders for nearby shipments.
Producers Freely Offer Future
Positions but Very Reserved
on Near Deliveries.
Galvanizers came into the market in
Spelter Prices in November.
New York.
Day. Cents.
1 10.55
2 10.67%
3 10.7334
6 10.80
7
8 11.05
9 11.30
10 11.30
13 11.36%
14 11.48%
15 11.80
16 12.03
17 12.17i/>
20 12.30
21 12.55
22 12.80
23 12.86%
24 13.05
27 13.17%
28 13.23%
29 13.23%
30
High 13.30
Low 10.42%
Average 11.92%
St. Louis.
Cents.
10.37%
10.50
10.56%
10.62%
10.87%
11.12%
11.12%
11.18%
11.31%
11.62%
11.87%
12.00
12.12%
12.37%
12.62%
12.68%
12.87%
13.00
13.06%
13.06%
London.
£ s
52 10
52 10
52 15
53 5
53 15
53 15
54 5
55 0
55 15
56 0
56 0
56 15
57 10
56 10
56 10
57 5
13.12%
10.25
11.75
58 0
58 0
58 10
59 0
59 10
59 10
59 10
52 10
56 0
force about November 24th, buying De-
cember-January and January-February-
March positions in as large tonnages as
could be secured at steadily advancing
prices. Dealers continued to take or-
ders for early shipments, buying fu-
tures against sales while producers ac-
cepted most of the future contracts
for prime western. Brass special also
was sold far into the future. The ac-
tive buying extended over several days
followed by smaller transactions but a
firm tone continued to prevail as might
be expected, when on the 28th. the
price of ore in the Joplin district ad-
vanced to $105 for top grades.
Consumers having relieved most
pressing needs were less anxious to buy
during the last two days of the month
while producers were readier to enter-
tain offers for future positions but they
were still reserved on sales for early
shipment. There was a better supply
of prompt metal, however, available
through dealers who were receiving
metal against November contracts and
were shading the nominal asking prices
of the producers % to 14c per pound.
When the month closed prompt and
December shipment metal was being
sold at a net advance of 234c per
pound ; first quarter shipments at an
advance of 2%c to 23/4c and second
quarter shipment at an advance of 2i4e
per pound over the prices current when
the month opened.
Spelter (
New
Monthly
Averag
St. 1
es.)
York
..ouis
1915.
1916.
1915.
1916.
Jan.
6.52
18.18
6.33
18.01
Feb.
8.86%
20.09
19.92
19.92
Mar.
10.12%
18.09%
9.80
17.91
Apr.
11.51
18.61%
11.22
18.44
May
15.82%
15.93
15.52%
15.75%
June
22.62%
12.80
22.14
12.62
July
20.80
9.70
20.54
9.52%
Aug.
14.45
9.10
14.19
8.92
Sept.
14.49
9.23%
14.10%
9.06
Oct.
14.07
10.01
13.89
9.83%
Nov.
17.04
11.92%
16.87%
11.75
Dec.
16.91
16.72
Av'ge
14.44
14.16
i!iit;
LEAD IN NOVEMBER.
579
Lead in November.
Market Stron- but Quiet During Larger Portion of the Month-Prices Up
Market btron dul V^ pound_fTrust Prices Unchanged Despite
Predictions to the Contrary
Lead was strong but quiet durmg the
first half of the month. On the 17th
and 18th, activity suddenly developed
at New York and at St. Louis with
prices higher in the open market. In
the next ten days considerable business
was transacted mainly in January-leb-
ruarv-March shipments. Predictions
were constantly made that the official
price of the Trust would be sharply ad-
vanced from day to day, but the month
closed without any definite action by
the American Smelting & Refining Com-
panv • at least, so far as the public was
concerned. Some export business was
reported to have been quietly done in
the West, mainly for shipment to Japan
but it was difficult to obtain authentic
information concerning details. Ine
month closed upon a dull but strong
market with prices largely nominal but
at an advance of % to %c per pound
over the prices prevailing when Novem-
ber began.
No Change in London Price.
The London market was negative so I
far as having any bearing here. For
"military reasons" the English market
was fixed at £30 10s for spot .and i at
£99 10s for futures on October bth,
and to all intents and purposes it re-
mained at that level throughout No-
vember. According to foreign advices,
however, some business was quietly
done at higher prices.
Apparently, the American Smelting
& Refining Company had a similarly re-
straining influence upon the American
market by simply making no change m
its open official base price but the out-
side market finally broke from confine-
ment.
Election Outcome Disappointing-
Market Very Dull.
When the month opened producers
occupied a strong position, having sold
capacity well through November but
consumer's requirements had also been
quite fully covered. The result was an
extremely dull market for ten days.
.Disappointment over the election out-
come intensified the dullness. On the
tenth some inquiries came from Japan
but the market was too well supported
to permit of any foreign sales except
at an advance. Exporters had previous-
ly scoured the western markets but the
prices asked were above buyers' views.
Independent producers were too busy
filling previous contracts to make any
serious effort to secure new orders and
found much difficulty in securing cars
to make shipments on current obliga-
tions.
Market Becomes Slightly Active.
Buyers maneouvered to secure lower
prices for later delivery but to small
purpose. Ore remained firm or was
Lead Prices
in Nove
mber.
New York.*
St. Lonis.
London.
Day.
Cents.
Cents.
£ s d
7.06K
6.8754
6.8754
6.8754
6.8754
30 10 0
3 .
6 .
7.0654
30 10 0
7.06^4
30 10 0
7.0654
30 10 0
7 .
8 .
9 .
10 .
6.8754
6.8754
6.8754
30 10 0
7.0654
30 10 0
7.0654
30 10 0
7.00
30 10 0
13 .
7.00
6.8754
30 10 0
14 .
7.00
6.8754
30 10 0
15 .
16 .
7.00
6.8754
6.90
30 10 0
7.0254
30 10 0
IT .
20 .
7.0254
6.90
6.90
30 10 0
7.05
30 10 0
21 .
7.18J4
7.00
30 10 0
23 .
7.2254
7.1254
30 10 0
23
7.22J4
7.1254
30 10 0
24
7.20
7.1254
30 10 0
27
7.2254
7.12 54
30 10 0
28
7.2254
7.1254
30 10 0
29
7.3754
7.20
30 10 0
30
30 10 0
High .... 7.50
7.25
30 10 0
LOW .... 7.00
6.85
30 10 0
Average . 7.11
6.96
30 10 0
*
Outside market
580
THE STEEL AND METAL DIGEST.
Decembe
slightly firmer in the Joplin district,
although an increased output was ex-
pected because of the large percent-
age of lead to zinc in ore mined in
most fields. It was notable that second
hands had little or nothing to offer and
consequently the few orders that were
placed went to the few producers who
were willing to make sales. Consum-
ers' interests pushed by greater needs
became more serious in the third week
and on the 17th, some substantial or-
ders for December-January shipment
were placed in New York. On the fol-
lowing day the western market was
awakened from its torpid state to meet
an active demand from domestic and
from foreign buyers. Depressing forces
were eliminated and prices advanced
slightly with China as well as Japan
in the market to fill delayed require-
ments.
Month Closes Quiet and Unsettled.
On November 20th, 7.00c was freely
bid for future positions but sellers ask-
ed and obtained 7.10c New York and
on the following day advanced asking
prices % to %c after refusing large or-
ders from dealers and consumers. The
Trust was reported to have sold capaci-
ty for the year and to have taken orders
for January shipment at 7.15c, New
York. Some independent producers
withdrew from the market. On the
27th, 714c per pound was paid for
prompt and December shipment and on
the following day 7i/4c was paid for
January shipment. Some of the inde-
pendent producers reported capacity
sold through January. The market wa
quiet and somewhat unsettled on th
closing day of the month with a wid
range in prices but the inside price
quoted were 71/ic New York, and 7.15
East St. Louis for prompt and Decern
ber shipment, and ly^c, New York an<
7.10c East St. Louis for January ship
ment. Other quotations were 10 to 21
points higher.
Sheet Zinc Price Changes.
The following- table gives the changes ir
the price of sheet zinc since January 26
1916, together with the price of spelter rul-
ing on the same day.
Spelter
1916~ Sheet Zinc. St. Louis.
January 26 24.00 19.00
February 17 25.00 20.87^4
AP«1 22 25.50 18.75
May IS 24.50 15.50
May 23 23.50 14.87^4
May 29 22.50 14.12%
June 2 21.00 13.12J4
June 13 20.00 13.37J4
June 20 19.00 12.00
June 27 is.oo 11.37J4
July 6 17.00 9.37%
July 11 15.00 8.62J4
October 26 16.00 10.12J4
November 10 17.00 11.13%
November 17 18.00 12.00
November 20 19.00 12.12J4
November 24 20.00 12.87^
November 24 21.00 12.S7J-4
Lea(
(Monthly Averages.)
Waterbury Spelter
Avera
ges.
New York*
1914. 1915. 1916.
St. Louis
1914. 1915. 1916.
Jan.
4.11
3.74
5.94
3.99J4
3.57
5.80
1912.
1913.
1914.
1915.
1916.
Feb.
4.06
3.82
6.23
3.95
3.72
6.17
Jan.
6.78
7.56
5.54
6.55
22.25
Mar.
3.97
4.03
6.83
3.80
3.98
7.46
Feb.
6.85
6.81
5.70
11.85
22.70
Apr.
3.82
4.19
7.50
3.70
4.11
7.67
Mar.
7.17
6.56
5.59
12.15
23.15
May
3.90
4.23J4
7.50
3.81
4.16
7.28
April
7.07
6.08
5.50
13.85
23.20
June
3.90
5.86
7.04
3.80
5.76
6.77
May
7.13
5.77
5.38
20.55
21.20
July
3.90
5.74
6.52
3.75
5.52
6.2C
June
7.25
5.50
5.37
25.60
17.40
Aug.
9.30
4.75
6.27
3.73^
4.59
6.27
July
7.46
5.61
5.26
24.90
15.20
Sep.
3.86
4.62
6.75
3.67
4.53
6.71
Aug.
7.34
5.99
5.66
19.30
13.60
Oct.
3.54
4.59J4
7.00
3.39
4.51
6.97J
Sept.
7.72
6.13
5.91
17.85
13.70
Nov.
3.68
5.15
7.00
3.58
5.07
6.96
Oct.
7.83
5.74
5.23
16.85
12.95
Dec.
3.80
5.34H
3.67
5.26^
Nov.
7.74
5.60
5.38
19.36
14.10
Av.
3.87
4.67J4
3.74
4.57
Dec.
7.65
5.44
5.90
21.15
* Trust price.
Av'ge
7.33
6.06^4
5.53 y2
17.50
ID hi
ANTIMONY in NOVEMBER.
581
Antimony in November.
Market Firm and Active With Prices Up 1 to H/2c per Pound-Munition
Orders the Main Factor.
Shrapnel manufacturers in November
proved a boon to importers of anti-
mony. The advance in the market ot
1 to iy*c per pound was due mainly to
purchases of the metal to be used in
the manufacture of war munitions and
incidentally there was a better jobbing
trade demand from domestic consumers.
At the beginning of the month, there
was no indication that large lots would
be needed, but upon the development
of an easier tone buyers came into the
market, taking 25-ton lots at ll%e in
bond and at 13c duty paid, for prompt
shipment. There was also _ some
nibbling for future positions with im-
porters offering to sell at 12%c, duty
paid, for December-January shipments.
There was also some effort to sell at
lie in bond, for November shipment
from the Orient. Jobbing lots were
sold at 13c, duty paid, and dealers who
quoted 13i/4c, lost orders. Buyers not
taking hold promptly, would-be-sellers
yielded slightly, offering spot and
November shipment in wholesale lots at
12%c duty paid; jobbing lots were
easier, too. Late on November 3rd, con-
cessions granted, resulted in sales 01
several lots at 11% to ll%c in bond for
November-December shipment from the
Orient. These sales were followed m
the next few days by liberal sales of
the same position at fractional ad-
vances. In all, 500 to 600 tons of No-
vember-December metal from Japan
and China were sold and there was a
better demand for spot with ll%e bid
in bond. The largest purchases were
made by Canadian war manufacturers
of munitions, but some quiet buying
was also evident on American account
After the closing of large .contracts
there was some desultory buying ot 40-
ton lots for November shipment trom
the East and of 5-ton lots of spot here
A few days of dullness succeeded the
activity but prices were well sustained
and later, more inquiries came out tor
November-December shipment from the
Orient, buyers bidding liy4c while sell-
ersasked llV2c in bond. There was
also a better demand for small spot
sales made on fractional advances.
After the middle of the month, shrapnel
manufacturers again placed contracts,
paying ll%c, in bond, for November-
December shipment from the Far East.
Jobbing lots were advanced to 13y2c.
On the 17th, buyers were more anxious
to cover November-December-January
contracts but importers were offering
guardedly. On the 20th, buyers suc-
ceeded in purchasing spot, and from
steamships afloat, nearing port, at 13c
in bond, while jobbing lots sold at 13%c
duty paid. Evidence that ammuni-
tion manufacturers full requirements
were still uncovered, caused some ex-
Aluminum, Silver, and Antimony
Prices in November.
— New York —
Aluminum.
Silver. 1
Vntimony
Day.
Cents.
Cents.
Cents.
. 64.50
68.1254
13.1254
. 64.50
68.1254
13.1254
3
. 65.00
68.1254
13.00
4
68.3754
. 65.00
69.50
13.00
. 65.00
71.6254
13.00
. 65.00
71.8754
13.00
. 65.00
71.8754
13.00
11
71.50
. . 65.00
71.75
13.00
. . 65.00
71.75
13.00
. . 65.00
71.50
13.1254
. . 65.00
71.3754
13.1254
. . 65.00
71.37J4
13.50
18
71.6254
. . 65.00
72.1254
14.50
. . 65.00
72.50
14.50
. . 65.00
72.8754
14.50
. . 65.00
73.1254
14.50
. . 65.00
73.1254
14.50
73.6254
. . 64.00
74.00
14.50
. . 64.00
73.8754
14.50
. . 64.00
74.3754
14.50
High ...
. . . 66.00
74.3754
14.50
. . . 63.00
68.1254
12.87}/
Average
. . . 64.80
71.59
13.65
THE STEEL AND METAL DIGEST.
Decembi
citemeut and prices advanced. Later,
some orders as far forward as March,
1917 were understood to have been
closed. Jobbing lots sold at 14%c,
duty paid.
Following the closing of large con-
tracts for future delivery some sellers
withdrew from the market but a mod-
erate business was still done on the
22nd. in spot and future positions at
12Voc in bond. Spot also sold at 14y2c,
and" January-February-March deliv-
eries, at 14c, duty paid. On the follow-
ing dav. holders were asking %c per
pound " advance but consumers were
more reserved.
Dullness developed on the 24th when
war munitions manufacturers had sat-
isfied their requirements and even the
activity in jobbing lots ceased. In tl
next few days consumers were not co
spicously in the market but prices i
mained firm at 1234c in bond for E
cember-January shipments from t
Orient and at 14y2c, duty paid, 1
spot jobbing lots. On the closing d£
of the month, the market was qu
with some interest shown by deal*
and by consumers and with a few sa
for December delivery at 14c, di;
paid. Dealers were bidding 13c i
spot in bond, but importers were a:
ino- y2 to lc per pound more. Nove
ber-December shipment from the Orn
was held at 13c in bond, but the 1
sale was at 12V2c in bond. Jobbi
lots of spot were held at 14y2c ]
pound, duty paid.
Aluminum in November.
■n- txt^+1, a /iva tiHtip- Tendency But Reacts at the Close — ]
. . ^T , p „™nlo r,fpprincs and sc
Aluminum was well sustained in No
vember; in fact a moderate advance
was established early in the month on
No 1 Virgin which was in light supply
for prompt shipment but in the last
week a more adequate supply resulted
in an easier tone and some recession in
prices, the net result of the month s de-
velopments being a decline of %c to lc
per pound on Virgin but ; remelted re-
mained quiet and steady throughout the
entire month.
At the beginning of the month, some
small sales were made to consumers at
64 to 65c for Virgin and in the next
few days as high as 66c per pound was
asked and obtained for spot. Under
present conditions no change in the of-
ficial contract price for ingots is to be
expected. The largest .interests have
capacity well sold and there is sufficient
foreign demand to take up any surplus
supplies that may become visible from
time to time without seriously disturb-
ing the market.
November shipments were difficult to
buy under 64c so far as consumers
wore concerned and even dealers ; could
find little metal available under 63c for
November-January, until late m the
month when an easier feeling resulted
from more ample offerings and sc
business was done at 62 to 63c, bul
the close of the month, little was ay
able under 63c and sales of ingots v,
made to consumers at 64 to 6oc. bh
continued scarce and firm with n
asking 80 to 85c for shipment in si:
eight weeks. Occasionally odd
come to the surface through sec
hands who sell between 75 to 80c
pound.
It is an interesting fact, that price
ingot aluminum have advanced 7 ti
per pound since the first of this y
and since January, 1915, the rise
been 43%c to 44y4c per pound,
lowest price reported this year
53c in January and February, or
cents per pound lower than the in
price prevailing to-day.
Apparently there was but 1
movement in remelted metal in No^
ber and prices did not change es
tially.
It becomes evident from time to
that progress is being made in th
forts to increase output in this cou
but it requires many months for
plans to come to flower. As havi
bearing upon this phase of the situs
it is announced that the Alum:
1916
THE STEEL AND HIATAL DIGEST.
583
Company of America has just placed
another contract for plant extension in
Tennessee with the American Bridge
Companj railing for 1 .000 tons of struc-
tural steel.
Aluminum Prices in New York.
Extreme price fluctuations of pure alum-
inum (No. 1 Virgin 98-99%) in New York;
bv months.
— 1913— — 1914 —
High. Low. High. Low.
Jan 26.50 26.00 19.00 18.50
Feb 26.50 26.00 19.00 18.50
Mar 27.1254 26.25 18.75 18.00
April ... 27.1254 26.6254 18.25 17.75
May .... 26.62J4 25.00 18.1254 17.75
June 25.75 23.00 18.00 17.50
July 24.00 23.00 17.25 17.37J4
Aug. ... 23.50 21.50 21.50 18.00
Sept. ... 22.50 21.50 20.50 18.25
Oct 22.00 19.75 18.50 18.00
Nov 19.75 19.00 19.50 18.00
Dec 19.00 18.50 19.25 18.75
Average. 27.1254 18.50
— 1915 —
High. Low.
Jan
Feb
Mar
April . . .
May
June
July ....
Aug
Sept. ...
Oct
Nov
Dec
Average.
19.25
19.50
19.25
19.50
26.50
33.00
33.00
37.00
50.00
57.00
60.00
60.00
60.00
18.75
18.75
18.75
18.75
19.25
26.00
32.00
32.00
36.00
49.00
55.00
53.00
18.75
21.50
High.
56.00
63.00
63.00
61.00
61.00
65.00
62.00
62.00
63.00
67.00
66.00
17.37^
i9ie—
Low
53.00
53.00
58.00
59.00
59.00
59.00
59.00
58.00
60.00
62.00
6.3.00
Aluminum and Silver Prices.
New York
Aluminum.
1915. 1916.
Jan. .
Feb. ,
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
19.01
19.20
54.33
57.50
18.9454 60.52
18.83 60.00
21.85
29.66
32.50
34.00
46.75
60.00
62.09
60.15
59.48
61.90
— Silver —
1915. 1916.
48.8954 56.77J4
48.48 56.75J4
50.24 57.93J4
50.25 64.37J4
49.9154 74.27
49.03 65.0254
Av'ge.. 34.13
54.17 J/2 64.55
57.85 64.80
56.80^4
47.52
47.18
48.68
49.3854
51.71
54.97
49.69
63.94
6S.08
68.5154
67.84
71.00
STATEMENT OF THE OWNERSHIP,
MANAGEMENT, CIRCULATION, ETC.,
required by the Act of August 24, 1912 of
The Steel and Metal Digest, published
monthly at New York, N. Y., Oct. I, IQ'6:
State of New York, County of New York:
Before me, a Notary Public in and for the
State and County aforesaid, personally ap-
peared A. R. Trench, who, having been duly
sworn according to law, deposes and says
that he is the Business Manager of The
Steel and Mclal Digest, and that the follow-
ing is, to the best of his knowledge and be-
lief, a true statement of the ownership, man-
agement, circulation, etc., of the aforesaid
publication for the date shown in the above
caption, required by the Act of August 24,
1912, embodied in section 443, Postal Laws
and Regulations.
That the names and addresses of the pub-
lisher, editor, managing editor, and busi-
ness manager are:
Name of — Post Office Address.
Publisher, American Metal
Market Co 81 Fulton St., N. Y.
Editor, C. S. Trench . . 81 Fulton St., N. Y.
Managing Editor,
C. S. J. Trench 81 Fulton St., N. Y.
Business Manager,
A. R. Trench 81 Fulton St., N. Y.
That the owners name and the names and
addresses of stockholders owning or hold-
ing 1 per cent or more of the total amount
of stock are ;
American Metal Market Com-
pany (Corporation) .. 81 Fulton St., N. Y.
C. S. Trench 81 Fulton St., N. Y.
C. S. J. Trench 81 Fulton St., N. Y.
I. Trench 81 Fulton St., N. Y.
That the known bondholders, mortgagees
and other security holders owning or hold-
ing 1 per cent or more of total amount of
bonds, mortgages, or other securities are:
None.
That the two paragraphs next above, giv-
ing the names of the owners, stockholders,
and security holders, if any, contain not
only the list of stockholders and security
holders as they appear upon the books of
the company but also, in cases where the
stockholder or security holder appears up-
on the books of the company as trustee or
in any other fiduciary relation, the name of
the person or corporation for whom such
trustee is acting, is given; also that the said
two paragraphs contain statements embrac-
ing affiants full knowledge and belief as to
the circumstances and conditions under
which stockholders and security holders
who do not appear upon the books of the
company as trustees, hold stock and se-
curities in a capacity other than that of a
bona fide owner; and this affiant has no
reason to believe that any ether person, as-
sociation, or corporation has any interest
direct or indirect in the said stock, bonds,
or other securities than as so stated by him.
(Signed ) A. R. Trench, Business Manager.
Sworn to and subscribed before me this
second day of October, 1916.
John Bowen,
Notary Public, Kings County
Ctf. filed in New York County
(My commission expires March 30th, 1918.)
584
THE STEEL AND METAL DIGEST. December, 191
Trade Notes.
The Sandusky Forge Company, San-
dusky, O., has been incorporated with
a capital stock of $300,000 and will es-
tablish a plant in the building formerly
occupied by the Peoples Cement Com-
pany. The officers are: President, J.
Barrows, Jamestown, N. Y. ; vice-presi-
dent, M. C. Crow, president Crow-Elk-
hart Motor Company, Elkhart, Ind. ;
secretary and treasurer, W. H. Collier,
Painesville, O.
The United States Alloys, Inc., Bu
falo, N. Y., which was lately organize!
has purchased a 16 acre site on Riv<
Road and N. Y. C. R. R, where it wi
build an extensive plant for the produ
tion of alloys used in steel making.
The Maryland Tube Corporation, Bal-
timore, Md., with a capital of $500,000,
has been incorporated by H. B. Stimp-
son, C. H. Birmingham and H. Taylor,
A tube, bar and sheet mill and brass
foundry will be constructed on a tract
of land acquired by the company in
South Baltimore.
The Interstate Steel Mfg. Company,
Milwaukee, has been incorporated with
$60,000 capital stock by Harry F. Bay-
ley, J. J. Devlin and W. B. Rotter.
The T. K. Bell Engineers, Inc., Harri-
son Building, Philadelphia, has been es-
tablished by Thomas K. Bell and others
and has leased the former Rittenhouse
foundry and machine shop on Main
Street, Norristown, Pa. It will be de-
voted to the production of iron and steel
specialties now being manufactured in
Philadelphia.
B. F. Avery & Sons, manufacturers
agricultural implements, Louisville, K
have increased their capital stock fro
$1,500,000 to $2,300,000. Charles
Huhlein is president.
The Pressed Metals Company, Toron-
to, has been incorporated to manufac-
ture iron, steel, metals, machinery, tools,
etc., with $60,000 capital by John W.
Leighton, Owen J. P. Crick, James H.
Chewett, and others of Toronto.
The Sterling Engine Works, Lti
Winnipeg, has been incorporated wi
a capital stock of $25,000 by Vincent
Maddock, Roy M. Wolvin, William
Leaney, and others, to manufactu
steam and gasoline engines, boilers, £
ricultural implements, etc.
The Tillsonburg Foundry & Machi
Company, Tillsonburg, Ont., has be
incorporated with $25,000 capital
manufacture machinery, motors, <
gines, iron, steel, tractors, etc., by S?
ney E. Dykeman, David J. Downs, Fr
erick J. Bushmell and others of Tills*
burg.
The Elkhart Stamping & Tool C(
pany, Elkhart, Ind., has been incor
rated with $25,000 capital stock
manufacture tools. The directors
Alexander H. Hyndman, Oliver A. i
Bert D. Gause.
The Silvertown Cycle Mfg. Co., Wor-
cester, Mass., has been incorporated
with a capital stock of $500,000 to man-
ufacture bicycles. The directors are
Charles A. Persons, president; Albert
D. O'Donnell, clerk; and Orville A.
Jones. Plans for a factory have not
yet matured, but it is the intention of
the company to begin manufacturing
soon so that its product may be on the
market next summer.
The Packard Fuse Company, Ltd.,
Catharines, Ont, has been incorpora
with a capital stock of $200,000 by R
Hamilton, G. C. Rougb, S. R Cru
hank, and others, to manufacture fu
projectiles, etc.
The Ames Shipbuilding & Dry D
Company, Seattle, has been incorpo
ed for $800,000 by Edgar Ames, pi
dent of the Seattle General Cont:
Company, and plans the erection <
shipbuilding plant in Seattle and a i
dock of 7,000 tons capacity. The c
pany has contracts for three steel ste
ships of 8,800 tons each.
TS Jteel and metal digest
300
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