The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-26
HIGH SHIP RATES HALT
EUROPE'S COAL BUYING
Italy and France Want Fuel
From America, but Cost
Is in the Way.

~ shO "Oys
There was a sharp advance In the
price OF spelter here yesterday following
the rise Of E3 In London. Additional
sales wcro mado In lots OF 100 to $50
tons Tor November shipment at 1874 To
1fc. Sales were made last Friday at
lJi9c. after sales "A few days previous
at l3c. The market at the close yester-
day was about 14hc. Il pound. All of
these sales are for export to Great
Britain and Russia. Domestic buying
is stimulated by tho upward tendency
Of prices.
Italy and France are actively In the
market for American coLl, but tho high
freight rates continue to initiate against
quick sales. American agents in Italy
report numerous small Industrial plants
anxious 10 purchase American coal at
about % shilllngs delivered that is.
c. !. f. On this basis It Is estimated that
100000 tons could be sold promptly. but
American interests demand 60 shilllngs,
us II is necessary TO allow at least II
shillings f. q. b.. for the actual coal II
Is thus evident that the freight rate Is
three times the cost OF the coal in this
market. There is also I'm inquiry from
Nice. France. for anthracite coal. Sales
of slack coal were reported here yester-
day at ooc.. while lump ranged all the
way from s1.10 to s1.25. Sales OF about
5000 tons are reported, mainly for do
mestic shipment
Neutral countries are buying steel
products In this market actively in small
lots, but running Us high as 5000 tons in
single transactions. This includes
plates. shapes. bars, rivets. rails and
sheets. Ono steamship recently sailed
from New York with 5000 tons OF rails
for Bombay. Another steamship IL now
loading with rails and track supplies
for India, indicating preparations for
the building of "A narrow gauge rail
road. china has taken about $4,000
tons OF wire products in the East ten
days and heavy sales OF rivets have
been made for export to China. India
Africa and Egypt.
Tho Illinois Central Railroad has
placed Il contract for 1000 tons Of
standard section rails with the Illinois
Steel Company, instead of 80, 900 tons. as
previously reported. This makes 60. 900
tons placed for 1916 shipment for this
system. Several other domestic roads
are on the point Of closing for standard
rails. and several new inquiries rave
come from foreign roads. In addition to
the recent inquiries for 100, 900 tons for
Russia and France another foreign in
quiry for probably $4,000 20 $4,000 tons
has come before the rail mills. Speciica-
tons will he released within the next
two days. Industrial lines in Cuba have
taken 100 tons and there are several
! additional inquiries for lines running
to sugar plantations. An inquiry re-
ported yesterday was for 1000 tons Of
rails for Central America.
Domestic manufacturers engaged in
making var munitions nav been able
TO secure about 1000 To- 5000 tons of
rolling billets from Eastern mills. but
, there are very few steel companies willing
to entertain propositions for somi-tin-
ishcd steel before February or March Of
neat year. Several new inquiries came
out yesterday FOR upward of 100000
tons Of round steel bars, mainly for
Eastern shipment. Another inquiry was
also put out for about 10000 tons OF
round bars for export.
Eastern ~.hipyards are Interested in
additional inquiries put out Yesterday
for two ocean boats Of about G,UuU tons
displacement. Each will call for about
1000 tor OF places and structural
shapes. The Ward Line Is expected to
place additional contracts FOR freight
and passenger boats. According to
rumur. there Will be fifteen boats pur-
; chased by the Ward Line. II is believed
tina orders for several boats Will bc
placed in the near future with the 'raInp
~Shipbuilding and Engine Company.
Manufacturers OF hardware IN New
England. automobile makers and horse
shoe founders are actively In the mar
ket for flat and round steel for de-
livery over the first ana second quar-
s.u, 80 ,AN, ,..g. A. . ,ttla mills arc
coniining sales Of this sort TO the first
quarter. but some important contracts
have been taken for delivery over Apr.l
and NdN. buc ut tho contracts of tins
kind closed in the ltst few days calls
for 1000 tong, another calls tor 1900
tons and ), third calls for 800 tons.
Most ui these orders wero taken by the
American Steel and Wire Company.
Another contract for about 5000 tons
: WAS placed In tho Chicago market, but
il is significant that many Of the con-
tracts placed are being scaled down 10
bare requirements, a. there ~ "A ten
dency among some OF tho large CON
suiners to magnify their probable needs.
US is often the case when the market
is advancing rapidly.
Sales Of wire products during the first
half OF October have been about 3 per
; cent. greater than In September. when
the purchases by domestic minuthc-
turcrs were 81 per cent. greater than
In August. The larger wiro companies
are striving to ill the needs Of dumcs-
, tic consumers before the export de-
mand IL entertained. The export de.
mand continues extremely urgent. even
at tho high premiums over prices cur
rent for domestic shipment. The iudi-
cation is that tho new contracts booked
by the American Steel and Wire Com
pany this month will he close to 1s0.-
900 tons for domestic shipment only.
: Manufacturers OF chemicals, IN the
|. Eastern territory especially. continue
to make extensions to their plants &c
. be able To meet the heavy demand. The
Union Chemical Manufacturing Com,
: paIly, located at Chicago Heights. has
! Just placed an order with the American
. Bridge Company for $50 tons of struc'