The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-02
DEMAND REAL CAUSE
OF HIGH STEEL PRICES
Report Indicating Discomfort
Of Foreign Buyers In
terests Trade.

terests Trade.
There was considerable interest in the
steel trade yesterday In the Paris cable
to THE Sun, which Indicated that for
eign buyers were disseminated with the
high prices prevailing for American steel
products. especially for steel bars. 1t
should be noted. however, that domestic
manufacturers engaged In making NJ
explosive shells for the allied Govern
mant have paid and are still paying
from Q TO an cents a pound for the
Inc bars necessary that Ia, for this
special steel The domestic and foreign
prices are the same. 1t IL pointed out
that IL Is more a question Of securing
the crude steel or The ore rather than
the ability to roll steel products. It Ia
n comparatively easy matter to build
a rolling mill. but with the iron districts
of France in the hands OF the Germans
where could the steel ingots he OBJ
aimed? Even IL open hearth furnaces
were erected in other French territory
where could the steel making ore he
obtained at this time?
The United States Steel Corporation
has pursued and Is still pursuing a most
conservative policy trying TO prevent
any undue imitation y prices. but II is
a question of supply and demand There
Ia an outlet for all the crude steel that
can be manufactured in this country.
n this fact alone will probably gov
ern prices. As one authority declares !:
TIL advance will continue till some
thing cracks"
There Is evidence OF some ease in the
market for ferro manganese with more
of a recession Tran at any time In sew
eral months The prospec OF shipments
of 5000 TO 10000 on from Great Brit
ain in November has caused holders
of the spot alloy here to release some OF
their stock. sales having been made In
tho last few days at sos to 500 a ton.
Agents OF the British manufacturers,
however. are still holding for 500 a
ton C. Z. {. ship Baltimore.
One OF the largest producers OF pig
iron in tho Buffalo territory Is reported
10 have sold not only full capacity for
the balance of the calendar year.. but 20
per cent. OF the output of all OF It's fur
naces for shipment over the second half
OF 1916. As a result prices have been
advanced 80 cents pAr ton, No. . foundry
now being held at SIC minimum for this
years shipment and $3.50 for delivery
over the first hal! OF next year in fact.
some OF the producing INTERESTS at Buff
falo are asking 81 for the first and
second quarters OF irxt year for No. 2
foundry. Basic iron Is being offered
only at prices to be made on special
inquiry. Malleablc b~esemer is quoted
at $685. TO $3.50.
One furnace interest in the LThlgh
Valley that took business last week for
about 5000 tons of No. , foundry iron at
$3.50 furnace Is now asking SIG. Other
interests In the eastern Pennsylvania
district reported additional sales yeeter-
day, made the latter part OF last week.
a~ggregating abou, 2.000 tons. 4 New
Jersey Manufactured of steam. water and
gas fittings has come into the market
for about $500 tons OF foundry grades
fur shipment over the first quarter OF
next year. There are numerous other
inquiries. but mainly Tor small lots. The
heavy inquire. coine from consumers
outside OF the New York district. one
furnace interest in central Pennsylvanl1
IL still Offering foundry grades on the
basis Of $3.50 for No. . y for this years
shipment.
Sales OF foundry and basic ron in the
Chicago district last week are now re-
ported to have exceeded 100000 tons,
resulting ia advance of - cents per ton
IN prices. No. > foundry being hold at
SIG for this years delivery ana $3.50
Cor delivery over the first n second
quarters OF 1915 several additional
contracts are still under negotiation at
Chicago. MAINLY for steel making grades.
Preparations are being made for blow
ing In tho only two die stacks IN the
Chicago territory.
Virginia furnaces after taking large
contracts for pig iron for delivery iu
New England ara nsk!ng higher prices,
The Virginia Coal. Iron and Coke Com
pany. as previously noted. has no No. >
y iron 10 offer for this years delivery
and IL holding No . plain At Si@5 at
furnace for delivery over the first and
second quarters ~ npNt ysnr an at
sl4.50 for delivery over the second
quarter OF 1916 only. Other Virginia
furnaces are also holding at these prices,
bu: are offering also No, 2 y at 20
cents advance and No 3 foundry at 20
cents under the above schedule.
The Baltimore lard Ohio Railroad has
placed "A contract for fifteen Mallet
locomotives with tho Baldwin works and
orders for fifteen OF tho same type with
the American Locomotive Company. az
well as 1000 more cars, The Santa fc
has placed "A contract for 400 gondola
cars with the Haskell Il Barker car
Company The Oc;ohe- car contracts
booked by all merchant builders were
the largest since November. 1912.
October, 1912, was also a heavy month
for the car builders, one 9f the heaviest
in the history OF the builders, the records
showing we 5000 ard 10000 pur-
chased that month.
The Central Railroad NJ Sew Jersey
put out an inquiry yesterday for a
bridge to be constructed at Allentown,
Pa. calling for 500 ton OF structural
steel. The award ~ 1000 tons "f
bridge work by the Maine Central Rail-
road to the American Bridge Company,
previously noted, has been confirmed
The National Folding Paper Box Com
pany has placed a contract for a paper
mill to be constructed AT New Haven,
Conn. calling for 600 tons of structural
steel, with Lewis +. Shoemaker & Co.
The city OF Miller. Ind, has placed a
contract for 2s6 tons OF 4, G and s inch
steel pipe with the National Tube COM
pany. The 4 inch pipo sold at 10 cents
a foot. the O inc at 81 cents a foot and
the S inch at a. cents a foot. Aggregate
bids ON cast iron pipe In competition
were about $4,000 above the price sub