The Birmingham age-herald., 1905-12-30
Holiday DulIness is Decidedly
 in Evidence Now
AN INTERESTING REVIEW
There Is Every Reason for consratula. tion-The Country Has Passed Through f2 Months of Unpar-
 alIeled Business Activity.

after the new year.
 Rogers, Brown & Co.'S Cincinnati report of yesterdays date follows:
 The continuation of the holiday dullness generally comes during the last week of December, and this year has been no ex- ception to the rule. New business is' In consequence, rather light although pro- duction consumption and the demand for prompt shipment continue at high pres sure. Prices are firm and the year goes out with the best possible condition pre- vailing in the pig iron and coke trade. Bessemer and basic are both in good de- mand.
 Interest in structural steel and steel rails continues unabated. It is now con- fidently stated that contracts for rails al- ready placed with manufacturers for 1906 delivery aggregate two million tons. prae- tlcally eight months output, and 1t is positive that a heavy tonnage will be placed next month. It is estimated that the mills during 1905 have rolled and dis tributed S,000000 tons, and in addition will carry over into 1908 100000 tons, bought for 1905 delivery. This would show sales for 1905 have been well over 100000 tons.
 As usual under conditions now existing, preparations are being made for blowing in of a number of furnaces old and new, but with the recent shutting down of several and those that will go out later, no material increase in production can be expected. Advancing cost of pro- auction and the drawbacks of the winter season will have their effect.
 A review of the year now ending is in- teresting Differing from its predecessors, it started with the impetus of the re- viving trade during the last few months of 1904 and, with a short period of de- precision, has maintained an ever increas- ing activity which has brcken records in more lines than one. Proolction for the year promises to be over 3,O0O,OOO tons and will surpass by over b,0oOO0O tons the greatest yearly production hitherto record ed. This alone would make the year mem orable, but when it is but one of mum Der of equally surprising record break ing feats in the country's resources, 1t only occupies the place of interest as an index of what the year has seen.
 Starting Last January.
 Starting in January with an approxi- mate stock on furnace yards of 050,000 tons, the consumption of the month took
 
 al reduction In stocks of LOGO tons Feb ruary saw 8 further reduction of S4000 tons March 31 900 tons. In April, with an increasing number of furnaces in blast and consumption steady. there was slight increase. May, June and July each saw an addition to available stocks, but beginning with July they again began to dwindle, September seeing over Ill 900 tons in addition to current production shipped from the yards. This has held true during the remaining months.
 As was predicted in our report of year ago. the influence of 1904 and the then condition of the business world 1t was only fair to expect eeord-breaking results in 1905. This has been confirmed.
 After the holiday quietness the mar lIet generally stood firm, with practically no change for over four months Busi ness was good and the contracts booked by manufacturers kept them uniformly busy and generous buyers. Buying ahead was generally indulged in, and it was not until early May that it assumed an easier tone. At that time the bulk of the consumers were covered to the first of July, and as the furnaces were busy filling orders which were booked earlier in the year, new business was at min fmum. Consumption was proceeding at a record breaking rate, particularly among the steel makers. who had tonnage of unified orders on hand greater than ever before in their history.
 During May there was a drop of 50c per ton in the price of southern iron, and Zoe shaded in northern figures. Business became quieter during June and July with every now and then an increase in in- quiry. which indicated that there was un- der the surface interest which promised well later on. Curtailment of production took place, while to all appearances the rate of consumption was without notice able change The last of July saw prices on southern iron reach $l1.50 Birming ham, against $13.25 June 1. Northern iron declined to S1425, as against Sl6.00 in June. Late in July when it was generally admitted that prices could not decline below the level of s11 Birmingham, an improved movement was manifest. 1t was proof that buyers with dwindling stocks and expiring contracts thought 1t wise to cover at the existing market for a limited period at least. The ensuing spurt of buying was phenomenally heavy for that season Of the year, and prices reach ed accordingly. Twelve dollars Birming ham for No and s1425 furnace for north ern iron were registered on September 1. with confidence in steady improvement which seemed to be the keynote in all steel and pig iron circles.
 This period was marked by heavy buy ing in finished material, which had up to that time not reached the general foun- dry trade. This class was the last to respond to the improved conditions In the early fall large buying by the steel companies in excess of their own manu- facture helped the market, and October saw southern No. at $l2.50 Birming- ham; northern at $15.50 furnace. The ma iority of southern furnaces were then out of the market for the balance of the year and very reluctant to quote for de- livery during 1906. Spot iron In all mar kets was at premium Structural steel and steel rails, together with orders placed with car companies, occupied the place of general interest at that time.
 The Car Shortage.
 In early October coke began to feel the influence of the advancing iron market and responded in sympathy The car shortage began to protrude itself earlier and more nconveniently than usual. Sep tember showed unmistakable evidence of coke activity.
 In spite of an increased iron produce ton of about 55.00O tons over August the great consumption then proceeding took care of this increase, as well as over 100000 tons additional decrease in furnace stocks.
 During the last of october it seemed that nothing could stop a runaway mar ket, and many were predicting $2O iron Every effort was made to prevent this and one of the features of the year has been the successful omplishment of continually advancing market without undue excitement More than 100000 tons production during october broke all ex- sting records.