New-York tribune., 1912-08-15

continue ahead of those of July. THE
iron Age" in part says that the iron and
steel situation could hardly develop more
satisfactorily to the producer. and the out
TOOK mas seldom been better, either for
volume of business or for prices yielding
proht. The last week has established
| hlgner prices for pig iron. though the
Voiume OF buying was probably somewhat
loss than In the week preceding. In the
fnished material market II has accented
the conditions Of unparalleled operations
at mills and of advancing prices on new
business.
Indications OF record addition to the
country's wealth In this years crops make
railroad buying more than ever the piv-
otal factor in the steel trade Of the com
ing Year. just added to 10000 tons of
rails reported last week are one lot of
2o,OOO tons and another Of 1900 tons
placed for next years delivery. and other
rail contracts are under negotiation.
1t Is stated that none Of the rail orders
Tor next year We're included In the Steel
Corporations tonnage statement of July
81, showing about 10000 tons more of un-
filled orders than on June 80. 1t is still
necessary TO point out, however. in view
of much current comment on the steel
trade that much the greater part OF the
business coming 10 the books OF the steel
companies represents specifications OH old
contracts. The most recent prices thus
apply as Yet to only a fractional part of
the whole
While note has been sounded here and
Z
manufacturers seem to be facing the
prospect of higher prices with entire COM
placency. They consider that the various
upward steps in the rebuilding of prices
will only be compensation, and after
many months. for the loss of profits in
the last disastrous year.
Plates. structural shapes and bars are
| the lines In which most OF the reported
offers Of premiums have been made. Con
structon work that cannot wait has pro-
duced most Of them IN a number Of
cases Central Western mills have declined
premiums, working I'm small tonnageg,
where they could accept them, at current
rates. The Eastern plate trade is still
conspicuous in the taking of premium
business. the bonuses varying from s. 10
rule that l.S0e Pittsburgh for bars and
1.35c for plates and shapes apply to small
or moderate orders. Some larger con-
tracts have been taken at these prices
and some large buyers have been able TO
do 81 n ton better. Yet one case is known
in which buyer of bars paid / 6oc at mill
for 500 tons TO insure delivery this year.
New General Manager.
President Drummond Of the Lake SUI
perior Corporation announces that in pur-
suance Of its policy and the separate
financing and operating Of It's chief sub
sidiary companies the executive Of the
Lake Superior Corporation has decided %
place an independent general manager
over the plant and operations Of the Al
gonna Steel Corporation, Limited. at Soult
ste. Marie. The steel corporation was re-
Gently organized and combined several OF
the subsidiary companies of the Lake Su-
perior Corporation, including the Algoma
Steel Corpora ton. the Lake Superior Iron
and Steel Company, the Lake Superior
Power Company etc.
Samuel Hale. at present vice-president
and general manager Of the Wisconsin
steel Company, has been appointed TO the
position of general manager Of the Al
gonna Steel Corporation, and will take M
his position about October !. The Algoma
steel Corporation has taken pains to Sc
cure a first class man. as Mr. Hale's rec
ord will testify. He is foFty-three years
old and WAS born in Chicago. lie started
i'm the steel business In 1898 with the
Illinois Steel Company. serving with II i'm
various capacities until 1899. when he was
appointed assistant superintendent lie
was subsequently associated with the op-
erations of the International Harvester
Company. whose steel properties were
organized into the Wisconsin Steel Com
pany. of which. as stated, Mr. Hale was
made vice -presi<s Mt in charge OF the opcr-
ations With these he has been associated
for the last ten years. which have been
years Of successful operation.
The AiGoms Steel Corporation is AZ the
moment Installing larger blooming mill
and rail mill for the purpose Of increasing
it's output Of steel rails
R0MN 00TS