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RECORD   AND   GUIDE





November 4, 1916





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I   CURRENT    BUILDING    OPERATIONS,
I             MATERIALS    AND    SUPPLIES





1





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THE continued upward trend of prices
was featured this week by advances
in Hudson River brick, iron and steel
piping, cut nails, lineseed oil and anthra¬
cite coal. .Another advance in wire prod¬
ucts is reported to be impending, not¬
withstanding that only a week ago the
quotations on these goods were raised
$2 a ton. Alasons' materials, for the
most part, continue firm and steady un¬
der  a  gradually  broadening  demand.

The startling advance in anthracite
has aroused general public attention. It
is significant that there is great irreg¬
ularity in the quotations, and that in
Brooklyn and New Jersey prices have
not been raised to the same extraordin¬
ary height as in Manhattan, where some
retailers have obtained ?13 a ton for
domestic sizes from parties in urgent
need of fuel. In railroad and mining
circles denial is made that wholesale
prices and short supply have warranted
the jacking-up of retail prices here, and
the public is being advised either to put
off buying temporarily or else use pea
coal, which is still moderately priced, in¬
stead of the larger sizes.

The advance made last week in the
price of structural steel shapes has
caused a temporary suspension of con¬
tract lettings for building construction.
Estimates have had to be revised on a
large number of pending jobs. When in¬
vestors and contractors get their bear¬
ings again it is expected that the outflow
of weekly bookings will be resumed. An¬
other reason for the lull in the local
structural steel market is the imminence
of the Presidential election.

Reports to the Record and Guide from
all quarters of the metropolitan district
indicate that while there is less interest
in politics than usual, still a number of
extra large general contracts are being
held back on that account. The smaller
work has come out this week in the usual
quantity, as represented more particu¬
larly by subcontracts, but architects, con¬
tractors and builders are saying that
much business depends on how the elec¬
tion goes. While some big jobs were
forced out by the recent jumps in the
price of steel, it is being said that much
work of importance is still being held in
abeyance for political reasons.

Uncertainty for the time being is the
predominating feeling among investors,





according to reports from building mate¬
rial houses. Lncertainty about politics,
uncertainty about labor, about prices and
about deliveries. Stability is the one
thing that is being prayed for. Stable
prices even at high levels and dependable
labor would let business proceed at a
normal rate. Until tliese conditions are
assured, a large amount of speculative
work will not come out.

Car shortage on the railroads is reach¬
ing unprecedented proportions, but con¬
gestion at the terminals has not yet ar¬
rived again at the acute stage of last
Spring. Railroad men report that ship¬
pers are co-operating with them hand¬
somely in hastening the loading and un¬
loading of cars. An increase in the mini¬
mum weight for car lots is under consid¬
eration by the principal railroads.

The war in Europe, upon which all the
controlling circumstances in the business
of this country are based, gives no prom¬
ise of an early ending. The only con¬
clusion that can be arrived at is that
price inflations, labor shortage and re¬
stricted production will continue. What
will limit commodity prices no one at¬
tempts to predict. Wheat, cotton, jneats,
drugs, steel products and ocean freight
rates have all had sensational advances.
The cost of living on tlie whole was
never higher.

The financial statement of the U. S.
Steel Corporation reported record-break¬
ing earnings for the quarter endin.g bci
tember 30,"of $8S,817,U67. This compares
with earnings of $47,964,535 in the June
quarter, and $38,710,644 in the September
quarter a year ago. The directors de¬
clared an extra dividend of 1 per cent on
the common stock. This epitomizes the
remarkable state of affairs throughout
the iron and steel industry, exceeding all
past records of activity and prosperity.
The supply problems originally created
by extraordinary foreign orders, and lat¬
terly b}' domestic structural and miscel¬
laneous requirements, have been recently
further complicated by enormous orders
from the railroad and shipbuilding inter¬
ests. Orders for over 20,000 cars were
placed during October. Locomotive
builders have since the first of the year
booked orders for more than 4,000 loco¬
motives. The consequence is continued
congestion of orders at the steel mills,
which means continued elevated prices
and restricted building operations.





Brick.—Continued good demand from
all parts of tlie metropolitan territory ex¬
cept the Bron.x is exerting a steady up¬
ward pressure upon the quotations for
Hudson River brick. Raritans can only
be obtained under term contracts. None
is availal)le for the open market. The
Hudson River yards are therefore the
only source of supply at the present time
for current business. The ordinary run
of brick is costing dealers $7.75 a thou¬
sand at the wharf, with $8.00 as the quo¬
tation on the superior grades. In one
instance a cargo of extra quality brought
the high mark of $8.25. This would seem
to foreshadow a further rise for the av¬
erage grades.

Notwithstanding the continuation of
strikes among the masons' helpers, the
Manhattan and Brooklyn demand was
good. Strange to say no cargoes went
to the Bronx this week. We do not re¬
member that it ever occurred before that
not a single cargo of common brick was
sold from the open wholesale market for
the account of dealers in the Bronx in
midseason. It is significant of the small
amount of brickbuilding being done
there. Manufacturing and shipping con¬
tinue to be restricted by labor shortage.
Less than a normal amount of material
has been accumulated at the works for
the closed season.

SUMMARY.—Transactions In the North River





Friday,  November 3, 1916:

Condition ot marltet: Demand good; prices
rising. Quotations: Hudson Rivers, $7.75 to
$8 2.5 a thousand in cargo lots to dealers. Num¬
ber of cargoes left over from previous week, 6 :
arrived, 30 ; sold, 40. Distribution : Manhattan,
I.T; Brooklyn, 14; Bronx, 0; New Jersey points.
7 ; Yonkers, 1; Astoria, 2 ; Great Neck, 1. Left
over Friday, November 3, 5.

Linseed Oil.—Prices advanced 4 cents
a gallon Tuesday to 94 cents, an increase
of 6 cents a gallon over last week's
price and about 20 cents a gallon over
prices on October 1. The normal price
is about 50 cents a gallon. While the
supply has been seriously curtailed by
the lower production in South America
the demand is greater on account of
paint manufacturers being rushed with
business.

Coal.—Prices are rising, almost from
day to day. Retail quotations run from
$9 to $13 for stove coal a ton in Man¬
hattan, but only $7.75 in Brooklyn. The
higher price in Manhattan is not satis¬
factorily accounted for, except on the
ground of greater urgency and need in
that borough by large buyers willing to
pay premiums. Pea coal is quoted at $7
and buckwheat at $5.50 per ton in Man¬
hattan. Spot bituminous coal continues
to command a premium of $2.50 a ton.
In the Jersey cities the price continues
at $7.25 for stove and chestnut coal.

President Truesdale, of the Lacka¬
wanna   Railroad,   declared  that   the  ad¬





vances made by dealers are not justified,
that there has been no shortage of ship¬
ments to New York, and not more than
an average increase of 25 cents a ton in
the price to dealers to cover the higher
cost of production, resulting from higher
wages. A statement made by Mr. Trues¬
dale from his records shows the following
comparison of wholesale prices, f. o. b. at
Jersey City for the month of September,
1915, and 1916, the same prices prevail¬
ing, he added, for October this year:

1915.             1916.

Egg  ........................  $5.2.5             $5.45

Stove   ......................    5.25               5.70

Chestnut   ...................    5.50              5.75

Pea........................    3.50              4.08

Kalamein Doors  and Windows.—The

demand for kalamein doors and windows
at this time is not as good as it was sev¬
eral years ago, or even as good as last
year. There is a great dearth of large
jobs, particularly in the metropolitan
district. Concerns that formerly would
have three or four large operations un¬
der way simultaneously are at the pres¬
ent moment proceeding slowly.

Daniel P. Gallagher, president and
treasurer of the Knoburn Company, sheet
metal contractors, remarked:

"The material in the manufacture of
our products has been steadily advancing
for months, and in the judgment of the
writer has not reached its maximum. Ul¬
timately, we think, this condition is going
to have the effect of temporarily retard¬
ing the construction of new buildings. .At
the present time all the shops in the
trade are quite busy.

"There is a shortage of labor, prices
are slightly higher than they were before
the war, but work is not sufficiently abun¬
dant to warrant a warlike increase."

Structural Steel.—Following the ad¬
vance of $2 a ton in plain material last
week, there was naturally a lull in struc¬
tural steel lettings this week. Besides,
the nearness of election day, with the un¬
certainties connected therewith, have also
had a deterring effect. A large number
of contracts are pending, some very im¬
portant. The latest lettings reported
are: To Levering and Garrigues, 300
tons for the New Departure M. F. G.
Co. at Bristol, Ct. To the Hinkle Iron
Company, 1200 tons for the Nameloc loft
building in West 36th street, 500 tons for
an apartment in West 70th street, and
400 for another in East 66th street.
Plain material is quoted at 2.869 cents
per pound to 3.169 cents, New York, tide
water, for mill shipments.

Iron and Steel Pipe.—National Tube
Company has announced an advance iii
all black and galvanized lapweld pipe of
$2 a ton by reducing the discount one
point. The leading wrought iron pipe
makers have followed in line with steel
pipe producers, by announcing one point
less discount on all extra heavy and dou¬
ble extra black lapweld iron pipe in less
than carload lots; lapweld pipe was ad¬
vanced $4, or a reduction made of two
points  in  the   discounts.

Cut nail manufacturers have made the
first advance in prices of their product
in some months, raising them $2 a ton
to a minimum  of $2.65 per keg.

Electricians' and Plumbers' Supplies.—

The market for finished copper, brass and
other products holds very strong. Spot
lead is quoted at 7.02^c., New York, in
large lots, a recession of 2'/2 points. Spel¬
ter prices have hardened. Spot prime
Western moved up to 10.45c. The fol¬
lowing are mill quotations:

Sheet Zinc   ..................... $15.00 (fj!.....

Copper wire ....................    •31..50 (9 .32.00

Sheet  copper,  hot rolled.........    37..50 @.....

High Brass sheet, wire and rods..   4000 roi 48.00

Low brass sheet, wire and rods...   40.00 0i 46.00

Bronze rods  ....................    40 00 ffi) 46.00

Brazed brass tubln?.............    45.00 (ai 46.00

Brazed bronze tubing............    47.00 @ 4S..50

Seamless copper tubing..........    43.ii0 (iTi 46.00

Full  lead sheets   ................      9.00 @.....





wholesale   brick   market   for   the   week   ending

RBCORD   AND   GUIDB   QUOTATIONS   ARE   ACCEPTED   AS   OPFICIAI.   BY   BUILDING   MATERIAI.   EXCHANGES