February 22, 1913





RECORD  AND  GUIDE





405





i





^.b.iiilpi^lJUr.iiifJyUiJKi'dniVi'Mi





BUILDING   MATERIALS   AND   SUPPLIES





The Inside Reason \Vhy the Steel Company Has Re¬
fused To Join  the  Independents  in   Price Advances.





How the Mexican Imbroglio, Trust Reform Bills, Stock Exchange Incorporation
Legislation and Other Factors Are Affecting Securities and Building.





FURTHER developnicnts in the Mex¬
ican revolt was responsible for put¬
ting a mild quietus on the general secur¬
ities market this week and for the first
time steel and other basic building mate¬
rial interests began to give thought to
the possibility of postponement of or¬
ders. This cast a slight shadow over the
outlook for the second half and opening
of the third quarter, especially if jingoists
are successful in tantalizing the author¬
ities at Washington into act^ of inter¬
vention. This, however, has only been
felt by the securities market and has not
yet  affected  contracts.

The introduction of bills at .Albany to
regulate the stock market also was a
contributing factor in the unrest among
securities, but sage heads in the building
material and construction departments
believe that even though war is declared
and the legislature puts through burden¬
some bills at Albany, it will have a ten¬
dency to encourage real estate invest¬
ments, and this should give a stability
to the general building construction mar¬
ket.

It is generally believed that contracted
operations will proceed on schedules.
Should general hesitancy develop, how¬
ever, the pig iron and steel interests
may be expected to take such action as
to discourage any postponement of con¬
struction   plans.

Those who are close in the steel de¬
partment hint that herein lies the reason
for the steel corporation's determined
stand against advances in price at this
time, although the present stiffness of
the market would seem to warrant such
action. It was suggested that the steel
company's attitude was one of extreme
far sightedness in view of the differences
which have arisen between the firemen
and the railroads, the development of the
Mexican trouble to the extent that this
country might be involved, the doubt at¬
tending the effect tariff revision will have
upon business in general, and the com¬
plexion of the stock exchange incorpor¬
ation bills, not to mention the possible
effect of New Jersey anti-trust regula¬
tions and certain government suits and
inquiries, all of which have more or less
direct bearing upon future building con¬
struction.

On the other hand there is a decided
demand for new building construction in
New York City and vicinity. Plans are
being laid, contracts have been specified,
new construction business, all in larger
volume than has been reported in any
recent year, combine to insure a degree
of stability in the building market that
cannot be upset so long as basic iron and
steel markets maintain their present
heavy mill capacities.

Open weather, the fact that labor
which emigrated last summer is again
returning to these shores in large num¬
bers, thus giving manufacturers a good
labor market; low mill stocks and a gen¬
eral tendency to return to the old princi¬
ple of supply and demand, are all adam¬
ant elements that make for continued
firmness of the general building material
and construction markets, and to insure
a continuance of prosperity. There has
been no indication of crumbling of prices.
On the other hand there is a firm tone.





COAL   SlTl.VTION   IX   .\EAV   YORK.

llituminou.s  Prices Drop AVIiile  .\nt1irncite

Reniuin.s     .\l>out   \ornial.

T HE general trade may be said to be on
* a normal, seasonable basis. The mines are
producing a heavy tonnage and the arrival of
cold weather has created a somewhat stiffer
demand.'

There is considerable irregularity in the de¬
mand for merchant sizes, but this is being over¬
come by shippers insisting that every order
must call for at least two of the domestic sizes,
that is, as far as the retail dealers are con¬
cerned. Stove sizes are scarce and egg sizes
the most plentiful. The demand for chestnut
is moderate. Pea coal is still ehort and Is the
only size selling about curcular quotations.
With the exception of barley the steam sizes
Lire moving better to apartment house, office
buildings and factories, and prices are remain¬
ing as a rule without change.

Soft coal has been selling in the local market
the past week at prices considerably lower than
the same grades could be bought for at the
mines. In this respect the situation differs lit¬
tle from that which has prevailed for three
weeks or more, the only change being that quo¬
tations have gradually become weaker as coal
standing at the different ports reached or
passed the demurrage stage and had to be sold
for what  it would bring.

There has been a lot of this class of tonnage
disposed of in recent weeks, and as not much
is being sent down here on consignment now.
the inference is that the accumulation has been
pretty well worked off. If this theory is cor¬
rect, the local trade is gradually getting into
a healthier state, though the price situation
does not indicate any change for the better.
While some of the coal that is being sacrificed
is of poor or indifferent quality, the discrimi¬
nating buyer is able to find among it a con¬
siderable amount of the better grades, and
these better grades can be had in some cases
as low as .$2..')5 f. o. b., or an even dollar at
the mines.

It is impossible to buy good Central Pennsyl¬
vania coal for mine shipment at that figure.
Somerset County producers are asking from
$l.:iO to .$1.4.j for their better grades, and the
poorer coals are bringing $1.15 up, as a rule.
Low grade Clearfield coal is selling down to
SI.05. but the better qualities are quoted at
$1.2."> and upward. Cambria County coals have
much in the same range, with some of the high¬
est grades going almost entirely under con¬
tract and practically unobtainable in the open
market. It is a peculiarity of the present situa¬
tion that while poor coal can be had at about
summer prices, the better brands are in demand
at good  figures.

NO   DEM.VND   FOR   BRICK.
Question   of   Price   Range   Coverlns   Com¬
mon   Brick   Explained.

/"■   OMMO.N' brick in this market is in light de-
^-'      mand as far as cargo movements at whole¬
sale (lock are concerned.    The only sales in the
Hudson  River market last week were four cov¬
ered   cargoes,   which   went   out   at   ^7.50.     Most
of  the  dealers are  riding from stack  and  there
are only 34 covered cargoes left in the market.
Offlciai  transactions  for North River common
hrick during  the last week  with  records cover¬
ing  the corresponding week last year follow :
1913.
Left over. Feb. 10—61.

Arrived       Sold       Covered

Monday     .............    0              (I              (i

Tuesday     ............     n               i)               o

Wednesday   ..........    0               (i               o

Thursday    ...........    (i               0               n

Friday    ..............    0               o               o

Saturday     ...........    0               o               o

Total    .............    0               0               0

Condition of market, dull. Prices. Hudsons
(basic). .$7 to $7.50. Raritans, $7. (Wholesale
dock. X. V. For dealers' prices add profit and
cartage.) Newark (yard). $8.2.5. Left over.
Feb. 8. GO. Total covered. 0. Total covered
sold. 4. Total covered on reserve. ,34. Total
covered In corresponding week last year 43
1912.
Lett   Over,  Feb.  10,   17.

Arrived       Sold       Covered

Monday    .............    0               0               0

Tuesday     ............    0               i                2

Wednesday    .........    0               1                2

Thursday    ...........    0               1               7

Friday    ..............    0               0               2

Saturday    ...........    0             i             -j

Total    .............    0            4            n

Condition of market, dull. Prices. .$0.7.5 to
.?7. Raritans. no quotations. Total covered, 43.
Reserve.   Feb.   17.  13.

NOTE.—Inquiries from dealers and consumers
regarding our quotations for Hudson River
common brick have been received recently and
complaint is sometimes made that the full range
of prices has not always been published. This
seems   to  call   for  an   explanation.

Quotations made in this department are those
covering basic transactions at the West 52d
street    wholesale    docks.    During    the    winter





months a record is given of the number of car¬
goes under cover and the number of covered
cargoes sold. This brick is quoted only when
the number of covered cargo sales during the
week aggregate a total large enough to be a
factor m the market. When, as was the case
in the week ending Feb. S, only 1 covered cargo
was sold, no quotation was made, because the
sales of this brick were not sufficiently heavy
to permit the fixing of a basic price. For the
eame reason it one or two uncovered or open
cargoes of brick happen to be sold for less than
the lowest basic record price, that brick Is not
considered as properly belonging in an offlciai
brick price range and the quotation is not given
as minimum. In other words the brick quo-
ations published in the Record and Guide are
those representing the largest number ot cargo
sales within a range representing the average
high and average low sales. The market is
neier judged by the quantity of brick ridden
from stacks, this brick having figured in quota-
ions and records ot an earlier date. Frequent¬
ly, especially in times ot great speculation as
at the present, the wholesale market will be
extremely dull while dealers will be active on
their stacks. At such times it is impossible to
definitely quote price, hence, only wholesale car¬
go  quotations   are  given.

The word •■basic" in parenthesis following the
classification of brick means that most sales
are being made between those levels, which in
the case this week is between $7 and $7 oO
which latter figure happens to be the average
m^aTket-^Ed''       ™^^'"-<i "rick in the wholesale





STEEL   SPECIFICATIONS   HEAVY

February     Tonnage      Somewhat     Lighter

Than   December   and   January.

E "^fj^w-""' .■^^'"^' makers have found that
•- specifications, while heavy so far this
month, probably will not exceed December or
Januarys business. Contracts are reported to
he  heavy,   but  specifying  is  slow.

The most active demand in the Pittsburgh
district other than the semi-finished materfal
which   cannot   be  satisfied   by   deliveries   for   a

Some o?rh° 'i'^" """V'"- '^ '°'' mei-chant bars
borne of the larger makers are so far behind in
deliveries on merchant bars that they will not
quote on new i^nquiries. Warehouse stocks are
Z^ '««'■. and high premiums prevail tor
prompt shipments.

The heav.v demand for steel sheets continues
a   feature   of   the   Pittsburgh   market.     E.astern

hllvrbuying!""" "'""''"' ""^ '^"""''' '" '='==' f«"'«
tl,I^'^'l,1 ^'eei makers as a whole are hopeful
that there wi be an active year in the irade
fiii^"■f""'"' -^^^ ^'^^ sood prices and large un¬
filled   tonnage   next   January   1.    the   Western

fl^M"" are.'"'"■'= "Ptimistic than the Eastern
for the latter will feel European compel Hon
more keenly  if  the  tariff is  cut          "'i'>'""on

i,niii°°=?^il^   consumers   of   copper   continue   to

a s?ill f^fr.h ■''°; 'r'' ■?'*'"''''' ■° anticipation of
a still further decline in electrolytic.    The same

ducts"', uio'""/"""""'"'^ °' manufactured pro¬
ducts, although some orders for electrical work
and power plants and transmission lines were
Placed when the market receded to 15 c^nts
for   electrolytic.     Such   buying   is   temnorarilv

°j:,\i^^\,}' '' i"^'"™' "'at consumers aie
watcdiing the market carefully for any change
in the tide affecting future delivery.





SAND   AND   GRAVEL   FIR.MER.

Plan   on   Foot   to   Standardize   Gravel   for

Entire Country.

Y HE local market for sand and gravel has
fnr ihL ,° "" j^\ almost precedented strength
for this time of the year. In fact some of the
cc.mpanie., handling this commodity say that
they are having trouble in meeting the demand.
Sand IS very stiff at 45 cents ?nd gravel is
held at varying prices generally even with list
-An extra large demand for sand and gravel is re¬
ported from railroad interests, including sub¬
way contacts. Even building construction in¬
terests are aggressively in the market.

tharles D. Warner, secretary ot the Xational
-Association   of   Sand   and   Gravel   Producers    in

cX"rt'' = t',"^t"'"'". "'.I ='■■""' """^ S-'a^'?' situation,
(ailed attention to the activity of the .National
Association of Sand and Gravel Producers and
what It hopes to accomplish in the near future

The association has two committees at work'
which promise much for the producers of gravel
anti the users of it. One is the Committee on
1 niform Grades and the other is the Traffic
Committee. The work of the Committee on
Initorm Grades will be centered upon securing
an arrangement agreeable to all sections of the
(ountr.v for four or five standard sizes ot gravel
hat will be designated in a uniform manner, so
that a -.W 1 gravel,■• for instance, will mean
the same thing in every part of the country.

This system will make for better conditions
In the archaecfs work in specifications. In the
invoicing ot materials, and will bring all the
other advantages that uniformity gives The
gravel machinery manufacturers should welcome
this change, as it will mean to them uniform
screens. The association's committee will co¬
operate along this line with the National Asso¬
ciation of Cement Users' Committee, and prac¬
tical results are expetced in a short time. Aid
in the consummation of the plan has been prom¬
ised by Percy Wilson. Secretary of the Associa¬
tion of American Portland Cement Manufactur¬
ers, aud by Richard L. Humphrey, President ot
the  -National  Association  of  Cement Users

As indicating the rapidity with which the
gravel industry has grown in the United States
It may he said that as an industry it is prac¬
tically only ten years old. It has grown up
along with the cement industrv. and at the
present time there are more than 900 producing
companies in the country. Last year these
companies paid to the railroads of the United
States more than $.30,000,000 in freight. Not¬
withstanding this volume of business, gravel
and sand have no regular classification. It also
will be the work of the Freight Committee of
the association to fccure rriQre equitable freight
rates.