The Birmingham age-herald., 1903-05-19
MR. M'QUEEN TALKS OF IRON MARKET Says There is No Cause for
 Alarm BUYERS MUST SOON YIELD if the Steel Corporation Should Place an Order for 5o,ooo Tons Every body Else Would scram-
 ble to Buy Iron.
BUYERS MUST SOON YIELD

Second Vice President J. W. Mcqueen of the Sloss-shefheld Steel and Iron com pany has returned from trip to Pitts burg and other points in the north. He states that the iron market is very en- couraging. that there Is no question but what the buyers will have to give the prices asked at present. He cites the following from the Wall Street Journal as an epitome of the situation at pres ent:
 There Is no danger of a general price demoralization in iron and steel, or any really serious cuts for the next twelve months at least.
 up to that time the home manufact- urers of steel and iron cannot possibly hope to get In position where they can meet demands unless there should be the greatest slump in consumption ever known-a most unlikely contingency.
 Present Situation.
 ''The present market situation is largely due to two causes-the expiration of con- tracts for the first half of the year, and the threatening labor situaton all over the country, which may precipitate stubborn contest between organized labor and employers and consequent loss to all trades
 Consumers of iron and steel are hold Ing off on contracts for the last half and the last quarter. They hope to benefit by anything which may lead to lower prices, but they will find little later that the big steel companies with more orders than they can fill this year. are not likely to cut prices.
 'It is going to be impossible for rail- roads to procure steel rails, for instance, below BPS a ton next year. That basic point has already been practically agreed on for next year.
 Iron Market Explained.
 "As to the pig iron situation 1t Is easily explained For months the southern man. ufacturers were unable to take new busi- ness. Yet all the time the pig iron was being imported in great quantities and the foreigners were making big profits.
 ITO check this the cut to s16.50 and $17 for foundry No was made. It accom- plshed the object of cutting importers profits and of checking imports, but 1t did not go quite far enough.
 "As a matter of fact German pig iron can still be sold at a small profit near the seaboard and the fractional reduc- tions now and then reported are to meet this kind of competition.
 Buyers are watching matters closely. They want to get their iron as cheaply as possible. Should the United States Steel corporation or any one of the big com panies place an order for 50,0OO tons of iron, 1t would precipitate general scram- ble among buyers to get in This natural ly would stiffen prices and that is just what Is going to happen.
 Conditions Last Year.
 "The same conditions prevailed at this time last year. except that prices were then lower than they are now and the big coal strike was confronting us. With the labor situation cleared the first of June should see tremendous activity in all branches of the steel and iron trade
 Finished products are costing nearly s4 a ton more than last year, due to increas. ed cost of labor, ore and coal, a fact which in itself is a guarantee that there will be no big cut in prices"