The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-10-27
IRON MARKET HIGH
AND VERY ACTIVE
Almost impossible to Buy Spot
Delivery Metal
COKE PRICES ARE UPWARD
For Almost Nine Months the Iron Mar.
ket Has Held at a Satisfactory
Level, With No Fluctuation.
The Car Trouble.

There were no new features IN the BIZ
mingham iron market yesterday Spot
| iron is exceedingly, hard to find even in
very small lots. Pig metal for November
and December delivery brings readily 80
ON a No basis. Iron for the first hall
is quoted at s17,5O&1S.
Rogers. Brown & Co.'S Cincinnati report
for the current week says:
In spite of the. INCREASE in production of
pig iron for September, which rate OF
| increase has been continued, there is no
| let up in the urgency of the demand for
| iron for either immediate consumption or
| on time contracts If this rate of In
crease continues during the balance of the
year. 1t will serve very largely to take
care of an excessive demand which Ia
having a tendency to make a runaway
market, the last thing desired by both
| producers and consumers. If this in
| crease will have its effect it will result
| in making the year 1906 the most success
full and satisfactory In the history of
| the iron trade, not only from the point of
production and consumption but also from
the point of view of the political econo-
mists who point with pride to the long
continued stability of the iron market
through that period For almost nine
months the market held at a satisfactory
level with practically no fluxtuation, and
the recent advances have only been those
absolutely justified by the unusual con-
ditons of abnormal consumption and de-
creased domestic production.
Locally business Is excellent, and while
the contracts placed for 1906 shipment
are les sthan they have been, on account
| OF the absolute inability of furnaces to
care for any additional tonnage for this
year. the interest in 1907 business keeps
| up.
| The anticipated trouble in car supply
| and prompt transportation after loading,
is now at hand and has been a large fac
tor in the delay experienced by consum-
| ers In getting material ordered. At some
points it becomes so bad as to make nee
| essary issuing of orders prohibiting ac-
ceptance of any heavy freight for twenty
four hours or longer. This was done by
some roads last week and was made nee
| essary by their congested condition. This
car trouble manifests itself more strongly
perhaps In the coke fields, and in spite of
the favorable weather conditions which
| have held recently the movement of coke
| from the Virginia Pocahontas and Con-
| nellsville fields has all the appearance OF
regular mid-winter delay.
| Coke prices are ruling higher and the
supply for anything like nearby shipment
! is exceedingly limited. Prices 1907 con-
tracts are high and firm, with the best
and more popular brands at a premium
| over the so-called market
Matthew Addy & Co.'S Cincinnati re-
port for the week says
This week has been particularly notice
able because of the demand for foundry
| iron for quick shipment. Inquiries and
| sales for next year have been good, but
| the consumers who want immediate deliv-
| cry have been most In evidence, and they
have furnished most of the excitement.
As a matter of fact, the country has on
| furnace yards no reserve stock of iron at
all. To make matters worse most of the
| furnaces are behind on shipments of con-
| tract iron. Thus beated buyers or con-
sumers who find that they will need more
than they originally purchased, have not
wide market from which to select. There
! are of course odd lots here and there, but
| that is about the extent of the spot sup
| ply. and 1t is not at all adequate for the
present emergency. Today the domestic
| consumption of iron Is greater than ever
before in the history of the country. When
there was similar condition of affairs
| in 1902, an immense quantity of English
and German iron was brought over and
dumped on the American market This
iron then cost all the way from $1S to
possibly $40, f. o. b. Atlantic ports, duty
paid. But today while there are great
stocks on hand In England yet the mar
| ket there and in Germany, too, is active,
and prices are high, so that relief in
that direction is not likely. Today for
eign iron would probably cost, duty paid,
| exceeding $50. so (. o. b. Atlantic port, and
| If there is serious attempt on the part
of America to buy iron abroad this price
will likely be sharply advanced Remem-
| berlng that railroad freights to point of
| consumption, and the expense of doing
| business, must be added to these quota
tions, IT is not probable that much for
| eign iron can be shipped to interior points,
| though the stringency in New England
and points along the coast might pos
sibly be relieved by importations
| Coke has been unusually active, and
| there have been large purchases by fur
mace interests. Foundry coke has also
| been sold in considerable quantities.
| In Birmingham today spot iron cannot
| be quoted. as every transaction is a law
| unto itself. For next year from sl7 to
| $3.50 is asked. No. for next year is $40
+. o. b. Ohio furnace, as the supply is
| limited.
| 1t seems now as If all the iron that
| the country can produce in the first half
| OF 1907 will be sold before the new year
comes. Prices are still going up hill. There
| Is no question whatever in regard to the
| strength of the market, actually and
statiSticallY and that the whola fendnncu