The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-01
STEEL NEED EXPECTED
IN NEW BUILDING RUSH
Spectators, With Structures
Sold, Ready for Fresh I'm
dertakings Here.

Prosperity Is smiling upon the epecu-
lative builder in New York city. He las
sold most Of the structures built during
the last two or three years In Is nov
seeking new fields OF operation, With
money plentiful In the hands Of investors
they have been glad TO put some Of
their profits into improved municipal
property. Those In closest touch with
the situation-that is, from the stand
point OF the steel industry-expect r.
boom in real estate early next
year. At the moment only preferred
builders are able to borrow ample money.
but II il believed that there will he
a Hood OF funds obtainable for building,
purposes after tho first Of the year. IT."
surance companies. savings banks n
other institutions that seek this Kind
Of investment are expected to have large
sums TO lend. In considering building
operations In the near future the In
creased cost OF building must he taken
INTO consideration. 1t lie necessary to-
day TO pay $50 per ton for steel. fabri-
Gated and erected. whereas not many
months aeo the minimum price on erected
steel for buildings and bridges was s45
per ton. hen there has been an advance
Of about a cent O pound. Considering
present conditions In the steel industry,
however. this rise Is not inordtnate.
Speculative buildings to be constructed
next spring will probably include apart
ment houses. hotels and loft buildings.
At the moment inquiries for fabricated
steel for local buildings ara relatively
small. and neither architects nor engi-
neers are willing to talk freely OF the
work In the books or nov under con-
sideration for next year.
There Is reason to believe that more
contracts for fabricated steel are being
placed than are coming to the surface.
For instance, manufacturers of war mu-
nitions, when In need OF further extern
sions to plants. do not ask for compete
tive bids. but place the contract with the
builder on the ground. The same Is
true OF some other large contracts in
the metropolitan district. Prices OF plain
structural material to-day are Loo. at
the mill. depending Upon the manufac-
turer's convenience; but the real price
for actual deliveries OF steel is &c. base
Pittsburg on mill shipments, while ware
house prices have been advanced an
other dollar per ton TO 2.iOc. base IN
the New York district. II IL understood
that similar advances have been made
at other centres. such as Pittsburg and
Chicago. An unusually active demand
has been experienced ~ the warehouses.
Indicating that some contractors who
took on work several months ago and
failed to cover requirements are now
urgently In the market. The prices, of
course. refer to standard shapes. There
were reports yesterday that the nominal
mill price on standard sections had been
advanced to l.SOc. by some companies.
The minimum on Bethlehem sections was
reported to be 1.10c. base.
end will be made to-day TO the
Oceanic Realty Company on the con-
structlon Of n twelve to fourteen story
mercantile building TO he erected at the
southeast corner Of Forty-second street
and Fifth avenue, which will require
1000 n n Of structural steel.
The Pennsylvania Railroad has taken
bids ON several mall bridges calling for
400 tons uf structural steel. The phila-
delphia and Reading has also taken
tenders on bridge work calling for $50
tons OF shapes and the Chicago and
Northwestern is reported TO nave placed
a bridge contract calling for $500 tons
OF steel. The order for 500 tons %;
bridge work, placed 10y the Lehigh Valley
Railroad. previously noted. Is understood
10 have gone to the Pennsylvania Steel
Company.
The American Bridge Company has
definitely closed with the Brooklyn Rapid
Transit Company on the building OF four
sections OF elevated work, previously
noted. calling for $4,000 ton ~ struc-
tural steel, hut Connors Bros, who were
the lowest bidders for the Jamaica ave-
nue. section. calling FOR $4,000 tons Of
structural steel. have not YET closed con-
tracts for the latter, hut are still nego-
tiating with the large interests.
IL Is an Interesting fact. however. that
II will probably lie a year and "A half
before rolling schedules against this
10000 contract will lie available to the
mills. Even AL the data for the work.
ing drawings will not be In the hands
OF the fabricators until some time next
eyar. Much OF the subway work being
placed Is OF the same character, and
explains why II is possible for the mills
and shops to accept contracts which
apparently take ,p more than their ca
y pacity.
Westinghouse, Church, Kerr 4 Co.
have placed a contract for building a
sulphur plant at Freeport. Tex. calling
for 200 tons of fabricated steel. Tho
a'' oiiipaH a. dISt
placed contracts with Milliken Bros. for
$50 tons of structural shapes TO be used
in the extension of the plant OF the
Simplex Manufacturing Company at New
Brunswick, \, j.
The American Steel and Wire Com
pan at the close Of business yesterday
advanced prices of wire products So a
ton. effective at once. This makes wire
nails 81 "A keg, painted barbed wire
$2.l5 per hundred. galvanized barbed
wire $2.s5 per hundred. and plain wire
3l.s5 per hundred. II is significant
that no prices are quoted upon wire
rods. In fact, zone are available for
n shipment.
The advance that Is effective today
on the above base products veriiies the
predictions made by manufacturer
about two weeks ago, The So price or
wire nails is the highest since Septem-
Der. 1907, when the official price was
So. 05 and plain wire was 81. 90. In De
cember. 1906. wire nails were So and
plain wire s1.S5. AT no other time since
1907 has the price of wire nails touched
to-day's price OF So. In 1908 the highest
price was sl.95 in 1909 prices ranged
from $3.50 to s1.SJ; in 1910 the price
was $40; IN 1911 the price ranged
from $40 to $3.50. h highest price
ever reported on the present card was
s2.95 in 1899 and 1900. In December
1896, the official price was SEES. bur had
been AZ high ms s2.55 earlier in the year
ranged from sl.25 to $40 per Ice
pounds.
Tho Bllli, Spryi,n t'op1pliSsinp re-,