The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1905-10-14
IRON MARKET IS
STILL VERY FIRM
Great Volume Has Been Sold
Since July
WONDERFUL PROSPERITY
Advancing Tendency for Southern Iron.
Quotations of $13, No. 2 Basis, Well
Maintained-car Situation
Is Serious.

The pig iron market continues strong
around s13 for No. foundry. Consio-
cradle iron has been sold at s13, and GER
tain manufacturers are known to nave re-
fused business at that price
Rogers, Brown & Co.'s Cincinnati re-
port of yesterdays date says
Buying in all markets continues on a
large scale. There is not, however, the
same element of excitement present that
was In evidence week ago. Many FUR
naces have Withdrawn from the market
and are refusing to quote figures for the
balance of this year or first quarter OF
next. They are waiting to see how much
they will have to pay for raw material
especially coke, before committing them
selves further. Some have already bought
ut prices considerably in advance of exist
ing contracts, and this, together with the
uncertainty in regard to deliveries, Is
making furnacemen very cautious.
The local situation Is but a reflection
of conditions elsewhere, and as all classes
of buyers are in the market, all grades
of iron are in demand, with probably
tasc and malleable in the lead.
Prices on southern irons are firm, with
an advancing tendency. The same is true
of Ohio irons, after having registered
three advances In as many weeks The
continual demand to place contracts for
the balance of this year Is surprise, as it
was generally supposed most of the buy
ers had covered some time ago for their
needs to January 1. This buying has been
undoubtedly due to increased consump-
ton and speaks well for trade activity in
finished lines. So far. the advance in pig
iron and the trend of the market has been
orderly, and having preserved Its equilib-
rum to this extent it is to be sincerely
hoped that 1t will not take on any more
the appearance of a boom or panic. That
is the last thing buyers and sellers would
welcome, as they want the future to be
as free from this as the past three weeks
have been. We recently noted in these re-
ports the continued evidences of prosper
ity in the large manufacturing lines, and
now comes the awakening of that which
has great influence at times like the pres
ent; namely general foundry trade. This
seems to be better and demand healthier
than at any time before during this year.
This is probably the markets most pro-
nounced feature.
One of the largest meters of pig iron
Is extremely active, and has orders for
their product which are pending, and will
probably be placed this year. This, il
none will call for the purchase of at
least 100000 tons of iron, in addition to
large purchases recently made. None of
this tonnage has yet been covered. With
the buyers who are still to come into the
market this makes for strong outlook.
matter still to be decided is the pur-
chase by the steel corporation of Besse-
mer iron for October delivery. With Bes-
semer and basic both strong at $3.50 val
ley furnaces, 1t Is a question both as to
tonnage and price that will finally put
through.
1t is reported that the merchant blast
furnaces in the two valleys have sold
practically all the iron they can make
this year. and a good deal for next. To
this Is due the strong market and the adj
vance in that district 1t is predicted that
within a week Bessemer and basic will
be selling at SIG at the furnace.
1t is unfortunate that the sinister as
pect of the car situation everywhere pro-
trudes itself to such an extent. The cry
is going up from all classes of shippers.
In spite of the unusually fine fall and
late approach of adverse weather con-
ditions, the railroads are confronting
more serious condition of affairs than
ever before. Prices on foundry and fur
mace coke are advancing, and a number
of the leading operators are absolutely
out Of the market. Spot shipment coke
Is hard to get, and all contract matter
is being considered by itself without any
reference to price made on other and sim
liar business Furnaces coke is very ac-
tive and good prices are being paid for
reliable fuel.
Matthew Addy 4 Co.'s pig report for
The week of October 9 to IA, follows:
The main question in the pig iron market
today Is, when is this buying movement
going to stop? AS yet there are no in
alcations that the end is near. The coun-
try has never seen a buying movement
that has continued so long and has been
of such tremendous volume. 1t began in
July, and has continued uninterruptedly
ever since. So heavy was the buying in
September that it seemed as If that month
must be the elimination of the move
ment. but October has conclusively
demonstrated that this was not the case.
AS a result great many furnace COM
panies are out of the market absolutely,
for anything like nearby shipment, and