The age-herald., 1900-06-04
WEEKLY REVIEW OF THE IRON MARKET Improvement in Demand for Pig
 Iron Was Noted. A FEW SMALL SALES MADE Buyers Are in a Waiting Mood But Masters Are Equally Firm-More
 Northern Mills to Be
 Closed Down
A FEW SMALL SALES MADE

An improvement in the demand for pig iron was noted last week, although no sales of any considerable quantities were report ed. A few small sales were made, and fn- quiries for larger quantities were received. The consumers appear to be waiting for a break in the market before placing large orders, but the iron masters do not manl- fest any inclination to cut the prices to any appreeiable extent Recent inquiries for large quantities of iron at prices much less than the local quotations have been received, but so far as could be ascertain ed the manufacturers would not entertain the offers.
 There has been a marked improvement in the demand for export iron in the re- cent past, but the lack of bottoms in which to transport it to England and the conti- nent prevents any considerable sales. Last week offers of two or three shipments of abount 1000 tons each were refused by the transportation companies because bottoms could not be had. One shipment of 800 tons which had been engaged had to be reduced
 
 the vessel in which it was to have been shipped refusing to take a larger amount. One of the ocean carrying companies of- fered to take 1000 tons per week to Genoa from October to April, but this had to be refused as the Genoa market can not use that amount. Something over 5000 tons of export iron was shipped from the Birming- ham district last week. That trade is noa4 The blowing in of No. ? furnace of the Alabama Consolidated Coal and Iron com pany at Ironaton last Saturday adds about 1000 tons week to the pig iron oroduc- ton of the state.
 Rogers, Brown X Co.
 Rogers, Brown & Co.,, in their weekly cir cular, say:
 'yrhere is an unmist stakable improvement in the demand for pig iron both east and west. It must not be understood, however, as change in temper of buyers, or that the bottom has been reached, and the eX- pected reaction is at hand. So far as can be judged it is due merely to the fact that the hand d-to-mouth policy of buying which has prevailed now for six months has strip ped consumers yards bare, and new pur- chases must be made to fill the cupolas. It is idle to conjecture when the market will make it's turn. Prices never remain sta tionary for any considerable period; they always advance or decline until some in- fuence comes in powerful enough to arrest the rise or fall, and turn the movement the other way. The further an advancing or declining movement proceeds, the more nu- merous and active become the influences to correct it. These truths are familiar enough but are often lost sight Of.
 ''Where are the influences coming from, and when will they be strong enough to arrest the present decline and start the up- ward turn? They are already at work, and each day adds to the number and force First every dollar taken off the present price of pig iron will cut down production 5 to 10 per cent. Stopping of furnaces does not work quickly but it works sure A further drop of, say, s per ton, would probably knock 3,000,000 tons off the cur rent rate of production. That would bring the output down to 100000 or 12,00O,oOo tons, which is at least 100000 tons under the current rate of consumption.
 Again, every point of decline tends di- rectly to increase of consumption, for 1t brings us nearer to the point of bringing out the large reserve demand for enter prises which are held back to await the re- turn of raw materials to normal prices.
 Third each unit of decline will oper- ate strongly in increasing our export trade, not so much in raw materials as in finished products The whole world seems to be hungry for our machinery, wire, nails, sheet iron, bars, etc.
 "Fourth-Unless something unforeseen occurs, we shall have another year com bining the two powerful factors of great crops with abundant, cheap money:
 "The American people change opinion over night. Some time during the year the force of these hopeful factors will be felt. Sentiment will change. The country will want to do business again, and Europe which admittedly takes its initiative from this side, will follow suit. Then we shall need all our iron. Perhaps the more rapid the decline the quicker this turn will come."
 More Northern Mills to Close Down
 More iron mills are to be shut down in the north. Official announcement of this may be withheld for little time, but if present plans are carried out the metal iraic cbed hot he