The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1915-11-27
SAY THAT THERE IS NO
STOPPING ADVANCE IN PRICES
A BIG ORE YEAR PREDICTED
Enormous Sales Being Made at
Boom Prices IS Eating into Ore
Piles on Lower Docks

Conditions in the steel trade are
regarded as astounding. The volume
fof business being booked is conceded
to be larger than ever before known,
and indications are believed TO be
pointing TO continued activity for the
next twelve months at least.
The New York Office OF large in
dependent steel company is said TO
have sold s4,0O0.OO0 worth OF steel
products last week, q large part OF
which was for export. establishing a
new high record. All the steel COM
panies report record-breaking profits
1t is estimated. for example. that on
the basis OF present prices, the United
States Steel corporation will show net
earnings OF between $4,000, 900 and
s60,00o.0o0 for the frs, quarter of
next year.
For the first time since it's erection,
the tube mill plant OF the Youngstown
Sheet & Tube company is scheduled
to go into full operation this week.
This is The largest tube mill in the
country. The fact that all its units
are in operation is regarded as in
dicating the extreme activity OF the
market in pipe.
Sheet mills in the Youngstown, Pa.
district are running at practically full
capacity for the first time In years.
Every mill in that district is now
rolling a considerable tonnage OF
shrapnel bars for which fancy prices
are being paid. Some OF the recent
contracts for that material were taken
on basis of $50 ton. All the mills
are now we'll booked into 1916 and
large tonnages are being turned
down because manufacturers are OF
the opinion that prices will advance
further and they feel that they have
enough business on hand to justify
them in holding back.
Increased receipts OF iron ore at
Erie, Pa, have led the Pennsylvania
Railroad company to decide upon the
expenditure OF $500,0O0 for dock i'm
provements. II is reported that ore
receipts at that point are 100 per cent
ahead OF other years. Most OF the ore
being received goes to the Pennsyl
vania Steel company. the Worth Bros.
company and the Bethlehem Steel COM
pany.
Discussing the situation in the steel
trade the Iron Age says:
Conservative men in the trade who
thought two months ago TO hold de-
mand In check by asking sharp ad-
vances have given up effort on that
line. The past week has shown unmis-
taxable signs OF steel market that
has cut loose. Pig iron. with some
what less reason. Is following the
course Of steel.
THE fever has spread 10 the Lake
Superior ore trade and buying for next
year may not wait for the closing OF
navigation. Prospects are now that
SO cents will not be the limit OF the
ore advance. The boom NJ 1906 put |
up Bessemer ores rs cents. As much |
as 81 is now talked OF. Charters for
next seasons ore a. 80 cents from the |
Head OF the Lakes. against 40 cents !
this year. have already taken up most J
OF the available tonnage.
Building of new steel capacity is
being pushed In every direction and
each week brings announcement OF
rev undertakings by the Steel corpo-
ration and independent compsnies--not
30 unlike the policy Of the railroads,
OF which the steel trade sometimes
complains. In making extensions under |
the pressure OF record demand. The
steel industry Is compelled 70 add 70
its own embarrassmepts BY the steel
n is requiring for now work.
'The structural steel trade has
shown no such scramble for material
as is seen In bars and plates, but the
mills could take more business in