The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1903-03-15
PIC IRON MARKET
is STILL WAITING
Sellers Believe Present Prices
Will be Maintained
ONLY SCATTERING SALES
Rogers, Brown 8 Co. Report Evidence
of Faith In Stability of Prices BY
the Jobblng Foundry
Trade.
ONLY SCATTERING SALES

]. F. Fletcher of Shook & Fletcher, iron
brokers, said yesterday:
THE pig iron market has been quiet
for the past week, and is still In a walt
ing condition. Consumers are holding
off in the hope of lower prices and sellers
are keeping their iron, believing that the
present prices will be maintained. Small
scattering sales are reported but not
any of great moment"
Extracts from Rogers, Brown & Co.'S
circular of Yesterdays date follow:
Birmingham-Th furnacemen of the
south have during the past week been
more interested in the weather indica-
tons and the excessive rainfall than IN
making prices on pig iron. Some mines
have been flooded with water, which has
seriously interfered with coke opera
lions, in some cases. threatening the fur
mace Weld. The southern furnacemen
seem perfectly willing to await the pleas
ure of the buyers advent in the market
and in the meantime little is accomplish
ed in the sales department.
The furnacemen, realizing that the cost
| of their coke and the amount produced
during the last half is al present an un-
known quantity, claim that they are
not justified in naming lower figures Tor
the iron they must then manufacture;
that in a few months only the miner is
to be reckoned with. who may present
claim for a larger share of the present
alleged prosperity. Therefore, facing an
uncertain cost sheet, 1t is not surprising
that prices remain firm even during a
slow market. Despite predictions to the
contrary, prices on coke hold up, bust
ness for the entire year being taken at
figures that are named for spot ship
ments.
From Cincinnati.
Clncinnati-The increased demand dur
ing the past two weeks for pig iron in the
east has lent considerable encouragement
to western makers. 1t is believed that the
buying movement will spread and that
within the next thirty days a decided bet
terment will be seen in the central and
western districts. The report that the
United States Steel corporation viii need
during the last half of the year more
bessemer iron than can be produced by
the valley furnaces, has a beneficial CT
feet.
The actual transactions in southern and
weeks If not months, will be necessary
sumption continues without abatement.
There is still a demand for grey forge
and basic
New York-Evidence of faith in the sta
bility of our current of prices has been
| given during the past week by NUM-
Der of the jobbing foundry trade, in maxi
| ing further purchases for their require
ments for the last half of the year. This
quiet movement has now absorbed a
good portion of the estimated output of
some of the leading producers OF foun-
dry pig iron. For current needs, deliveries
on old contracts are In the main sui
ficient supplemented by the steady ar
rivals of foreign material Inquiries for
prompt delivery. when for small quanti-
ties can be met by domestic producers,
but for any large quantity of foundry
pig recourse must be had to the foreign
markets. In basic and bessenler, for
prompt shipment, local makers can offer
nothing, and these inquiries go abroad.
Foreign prices have eased somewhat
during the past week, possibly to the ex-
tent of shifting ger ton A continued
Improvement is noted on the continent
and in Great Britain.
From Pittsburg.
Enthusiastically no effect has yet
ben felt on account of the slightly inn
proved transportation facilities which
the Pennsylvania railroad in particular
has succeeded in making A very ma
terial improvement. effective for several
weeks If not months, will ben ecessary
to influence the coke or iron market to
any noticeable extent.
The fixing of prices for lake ore for the
coming season has undoubtedly settled
the question of lower prices for iron with
a number of buyers. Since this was done
several concerns who have been holding
off have changed their views and placed
their orders for second half delivery.
Some concerns are still postponing their
purchases for this delivery. The majority.
however, seem to have concluded to pur-
chase now. A number of large orders
have been placed. The market Is decided
ly more settled and we observe the abb
senee Of rumors of iron being offered at
lower prices.
The demand for basic and forge is
strong. the supply of the latter being
very limited. Small orders only have been
placed for prompt delivery.