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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 
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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 

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111 

85 

105 

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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 

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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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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 

„ 

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/\ 

■ 

VS. 

/         \ 

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f            \ 

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\%-  / 

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/     \ 

\            / 

f      \ 

% 

\        / 

\ 

%. 

\/ 

July.  y"„ 

\/ 

Feb.,1913 

7907    \~ 

A 

A 

\% 

/\ 

/      \ 

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/             \ 

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7     \ 

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/       \ 

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J  an., 1908 



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at  double  t 

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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. 


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29 

28 
27 
20 
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24 
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■ 

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 

< 
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en 

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Ul 

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....  ce 

< 

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0 

z 
c/l 

t/1 ' 

X 
'13 

X 

3 

~ 

— 

CO 

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t- 

< 

—> 

3 

13 

O 

— q: — 

— t — 

0 

— 5 — 
a. 

O) 

H 

CO 

CO 

< — 

111 

— >- — 

>- 
— il — 

13 

w 

< 

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■o 

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UJ 

0 

o> 

— O— 

a: 

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— 

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— ID — 

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— a — 

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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 

S7 

v. 6 

Engin. 


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