The Birmingham age-herald., 1903-02-28
SIMPLIFYING STOCK
 IS STILL SCARCE
LAKE ORE PRICES WILL PROB ABLY BE THE BASIS FOR GOV. ERNING IRON MARKET THIS YEAR, SAYS TRADE REVIEW.

Cleveland, O., February 27.-The Iron Trade Review says:
 Though definite announcement of ore prices has not yet been made. the inter change of views between Cleveland rate agents for Lake Superior ores and various producing and consuming interests has given publicity this week to the propos- ed prices for 1903. As now expected these will be on a basis of $4. 50 against $4.25 last year for old range Bessemers; $S.60 as against $3.25 last year for old range non Besesmers. carrying sixty per cent iron, and 12 per cent moisture; $4 as against $3.25 for the best Messabi Bessemers, those of somewhat greater fineness practically being $3.S5, and a third grade, still finer, $S.75. and $3.25 for Messabi non-Bessemer These prices are still subject to change The estimated output for all ranges is 33, coo, GOO tons-16 GOO tons for the steel cor- poration and 100000 tons for other pro- ducers. Actual shipments are likely to fall 10 per cent short of this. possibly more.
 The scarcity of smelting stock for open hearth furnaces, which was factor one week ago is still pronounced and some open hearth plants in the Pittsburg ds- trict have been shut down for portion of the week. The pig iron market drifts along without incident. Further foreign purchases are made week by week. recent transactions being chiefly in German ana Scotch irons. Foreign prices are slightly higher. Southern producers of pig iron are not unit as to prices for the second half
 While $1S.50 at Birmingham for No. 2 is adhered to by some, as low as SIS is done and second quarter iron is sold in some quarters on the same basis. North ern irons can be had in the middle west at prices below southern quotations. While $H for No. 2 foundry at furnace, delivery In the second half has been gen. orally maintained by eastern Ohio and eastern Pennsylvania furnaces, sales are reported at Pittsburg at $20.75 for the second half, the freight being S5c. De- mand for iron Is not lessening percept- ibly, even though the consuming trade is stepping up on to new level of values, all depends on the ability of furnace companies to increase the supply.
 The ability of furnaces in spite of coke troubles, to produce large percentages of higher grade irons is a factor in the situation affecting the price of mill and pipe foundry irons. Rolling mills find their raw material costs increasing and are more interested than ever in main- taining prices for bar iron. We note a sale of 5000 tons of gray forge at $2O. To. Pittsburg. Steel Is strong and scarce. It Is more and more difficult to get authen- tic reports of actual sales. but $29 to $2950 central western mills, and $3O Pittsburg, represent closely the current market. A sale of 2OOO tons of foreign bilets Is reported at $30.5O, central west ern mill. Finished material shows good activity in nearly every department and conditions here are quiet at variance with the quietness of the pig iron market. An advance of $2 a ton In wire products became effective February 2O which re- stores prices to the early fall level.