The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-13
PREMIUMS AS HIGH AS
$40 A TON FOR STEEL
Prices Continue TO Advance
Stcadily-Heavy Volume
Of Trade.

Ynro~art events were Of almost daily
occurrence In the steel trade last week.
The volume Of business was heavy and
pr,ccs continued to advance steadily.
premiums Of from s: to SO a ton are
being paid for prompt shipment Of ma
,erial. Quotations on various rolled
nroducts for shipment at the convenience
Of tho mill are meaningless as far as
securing material Ia concerned. The
railroads were not especially conspicu-
o,,s. Blu. the contracts placed for equip
ment called for nearly 100000 toni Of
steel. Rail contracts aggregated 10000
tons. Car shops reported orders for
esi cars. 5000 steel underframes and
,ensirs TO 1900 cars. The locomotive
builders secured orders for forty-four
engines and bridge contracts called for
1000 tons of steel. the latter orders
being placed by tho Southern. Pennsyl-
vanla and the Chesapeake and Ohio rail-
roads.
Marine works placed repairs for 53.-
900 tons OF plates and shapes. and some
a the ~shipyards are still in the market
for steel TO cover contracts placed some
months ago. ON the lakes few Of tho
builders can take additional contracts for
boats for delivery inside Of fifteen
months, consequently some Of the inde-
,endent steel companies have been forced
by the exigencies Of tho ore situation
TO purchase four or hve boats to pro-
vide for their next years requirements.
Contracts for steel to be used in the
manufacture Of war munitions aggre-
rated about 0 1000 o Another on-
- a.. .ha.> On nm HN~a q nm HhA
point Of being closed and inquiries are
IN the market for 100000 ton addi-
t,onal for forgings n rolled steel for
direct export. Other foreign inquiries
amount to 300.0 0 to 100000 tons.
Contracts placed for fabricated struc-
tucal eteel aggregated about $1,000 tons.
One contract for 10000 tons additional
IL on the point Of being closed. The lar
re-. orders included 5000 tom for the
Mexican pier, Philadelphia: 5000 tons for
the Chamber Of Commerce building at
Pitsburg, 1000 tons for the Inland Steel
Company extension and 100 tons for
ire Oceanic Realty Company building In
New York city.
material. especially during the last few
days. More or less excitement developed
m pig iron. with sales Of about 725. 900
mns. including 900. 900 tons Of steel
making iron made at the market for de-
livery over two to four years in the
Pittsburg territory. Sales made In tho
open market aggregated about 225. 900
ionA VI wi,iui. about iiaif was disposed
q In the territory east Of h Allegheny
Mountains. Tho most important feature
waS the covering Of second half 1916 re-
Quirements by some large foundry inter-
s0. among them being manufacturers
0 heating apparatus. railroad equip
nssnt, electrical machinery. As we'll ~
purchases by general and jobbing foun-
d0a One Of the most interesting trans
actions was the distribution Of contracts
fr $500 tons Of cast iron segments for
The East River tunnel. which carried
With II practically the placing Of con-
tracts for 10000 tons Of pig ron for
long delivery.
Sales OF Lake Superior iron orc seem
70 have established the market for next
sWeon at ar average advance Of about
u cents per ton. but even higher prices
are expected before the end Of the sea-
son Shipments OF Lake Superior ore
~ water for the season aggregated as
$4,000 tons. AGAINST 82.02l, 900 tons last
year. and 49,070.47s tons for the high
record year OF 1913. It is expected that
next years water shipments will aggre
gate about b5, 900 900 tons.
Copper was as firm as It was quiet
last week. E~lectrolytic continued to
,snee from 1914 to 20 cents per pound.
hands. Interest, however, was centred
IN the export situation. Freight rates
from .6s TO III cents per pound are
being charged for shipment OF copper to
European ports. Regulations governing
shipment, 100, are extremely arbitrary
and rigid Metal must be ready for ship
nent in twenty-four hours upon notice
b. the steamship company. Shippers
indeed find II expedient to have copper
ordered from the refineries two weeks In
advance Of the necessary shipment, TO
comply with various regulations. In ad-
tttion. some OF the exporters are facing
appalling losses because OF the eXtraOr-
dinary advance in ocean freight rates.
sales OF copper made sixty to ninety
'@s ago were c. 1. I, London. conse-
llen'ly the shipper must stand the loss
7 freight. In some cases the advance
as, much AS a cent a pound.
Exports 10 Europe have been very
much heavier thar Il indicated by the
luston House returns made through the
'"fs' Exchange. During the first nine
Nolts OF the year II Is now known hat
tNoorts exceeded tho returns by 500
'ors Either maHifests are being with
ned or shipments are not correctly re-
ported. It is estimated that the total
exports since January / have exceeded
$4,000 tons, since December / exports
hasa aggregated 1914 tons, Of which
l@4ls tons were reported shipped last
week. Tho total exports for the year
are expected to be close to $780, 900 tons.
Imports reported last week were Of
small proportions. At Atlantic ports
only $3.50 tons OF copper. ESQ tons of
matte, lS5 tons Of ore were received.
Although there Is very little demand
ron either domestic OF foreign con-
sufhers at the moment tho producing
I''erests are In a strong position from
previous heavy sales. and any reaction
IN prices Is likely to be only temporary.
Tin was unsettled m irregular last
week, with frequent fluctuations here
AID abroad.
speier has been e~rratic. with rapid
ehn frequent fluctuations. For a few
cags the market was entirely democrat
uo'' but In the latter part OF the week
.here Mere sales for shipment during
The second quarter made as high as l5c.
on FRIDAY, On Saturday spot spelter
was quoted at 16c. n some dealers
wee asking substantial advances. even
AS AIsn AS l7c and lSc.
h4l continued quiet. but we'll sus-
AIMED with small sales of spot and De-
."m1rr ~ go TO 5,22hc. New York,
una sc al East st. Louis. The Lon
uon market receled los. on spot and
'u'ures, spot closing at f27 los. for
STUDY INDUSTRIAL TRAINING.