The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1916-02-23
Rising Steel Prices Alarm Consumers; Many Rush
Into the Market Too Late to Secure Needed Metal

NEW YORK. Feb. 22-ENcitement il
ruunluE high In the steel Industry. The
p~erpendicular advance in prices Is
Spreading conformation among the con-
snmers Who have waited too long In
placing contracts. Many Of them have
rushed into the market in the last day
who need steel are again hesitatIug be-
cause 81 the hirh levels rcgched al
though 20 seems probable that within a
lew days other sharp advances lu prices
% rolled PRODUCTS Will be-
The Carnegie steel Company. following
INC advance OF 50 per ton ia the mill
price Of bars. plates and shapes. has
warehouse prices OF plates $40
per ton ana or bars and shapes 50 Her
ton This makes bars and structural
shapes 2s5 cents and steel plates $50
cents per pound Z % b. WaVcrly ware
house. shrapnel bars. ; inch and over.
nave been advanced 20 AIS cents per
pound from warehouse.
The steel companiee. large and small.
are being importunied for supplies OF all
ki.de tither toi quick shipment or late
delivery. The new Inquiries that came
into the market yesterday aggregated
moro than 100000 tons. OF course the
largest tonnage wanted IS FOR the manu-
4acture of SnruIuel and high explosive
shell Tor export but domestic manu-
~iacturers ot war munitions have again
come into the market for steel 20 cover
Russia and Great Britain as well as
Tor France. In fact definite inquiries
were rcrorted yesterday for five or six
million shells. which will require $1,000
tons of steel Among the most Urgent
inquiries are several million 3 inch
s%hrapuel shells Tor Russia and an equal
number OF e inch and % inch shells
FOR Great Britain. A. was rumored yes
terday that the Canadian Car and Foun-
dry company was again trying TO re
place contracts for high explosive shells
IN the United states.
It. is an interesting fact that the
smaller steel companies making finished
products could sell all Of the lnEots and
hillets they can produce FOR months at
relatively nisher prices than can be real
iED1 for finished rolled products. SO
great and so urgent Is the demand for
crude and s~emi-nnished steel such
sales however. would mean that the
merchant plants would lose their organ
l1atlon ana be forced 20 give DO rthe cIs-
toners that they haze secured through
years or hardship and OF painful effort.
,o~n-"quently in the long rr-. sales of
90 the highest prices ever recorded.
would be a suicidal policy. 4 ereat FOR
elgn and domestic demaud FOR steel.
therefore. goes gnsattsfied.
sales of AKA pen heart and EyE-e-
mer hillcts have been made. however. by
some of the larger. mills TO regular GUS
sold their prospective capacity ot semi
Finished steel az prices ranging from
me highest prices OF record for Be-se-
mer billets We're made in October. 1889.
Al that time 100 open hearth hIlIets were.
4. earth steel become "A commercial lac
Cor iu tne steel trade. or course. spec
al carbon lilletS have sold recently al
above, indeed. sales FOR 500 TO 500 81 ton.
q 3D. D.. mill have been made Tor early.
n,iEery-both Bessemcr and open.
The New York Central Railroad has
placed g. contract for tlity-rN, locomo-
dives with the American locomotive
Works DOB addition 90 tee order for nine
ty-Ilte previously given 20 tre Lima LOO
H"..H..NF LLHNN"I|M-L. Mol ALA lLHL
,ntral system is SIN negotiations Tor
railroad has given au order for twenty
lu.. motives tl trc American LocUm0-
i've Works. while ml-.rllul,ous uru-is
.ty..r fu. .R,ITU1- .rf r+. ,r
works. Since February orders FOR ao-
l.'e power nave been che heaviest since
June ltls, but sales ia she iatt.r month
-r.lau.i large foreign orders. Sine, tho
tii-t Dl ftur4afy -t' loeuunt.N'- have
been ordered of which only nf.y-fye
or companies are urgently in the mar
smaller sizes. IeIu.te .sru.r.e- c1I FOR
..-''. L'l lH.il.lrE ONE Tor
i-i".es has he,a. sa-He urEsns ln
though .He MIN. ave sold la csUas.,y.
since une %es.nuinE ~ tae tlro-
steel riis Has & point UH |cu..arE Ir.
The discount u.s. now G. scr cent. max
smher q 1915 the discount was ST. per
cent Ihs h~isnest prie. ever reaIr -l.
oday are thus So rsr ton below lie
nIrA record price.
The American Car and Foundry COM
tll pas its-H contracts Cor 1915 cars.
lurlNiinE. l2'u for tns Cuba Railroad
raul. The cuban order include. 500 Uat.
cars. 800 box cars and 600 freight cars
U.s I-l.s4Narua steel Company fss lr-
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