The Birmingham age-herald., 1906-10-13
PIG IRON PRICES
 AT HIGHER LEVEL
Market Strong and Prices for
 1907 Stiff
CONSUMERS NEED METAL
Business for Most Part Running Into Next Year-Eneland Watching American Market Closely.
 Coke In Brlsk Demand.

The Birmingham Iron market is strong and upward In price. No foundry iron s being sold for the first half of 1907 for less than SIG.
 Rogers, Brown & Co.'S Cincinnati re- port for the current week follows;
 A steady market with evidences of ln- creasng strength Is to be recorded du..- ing the past week. Each day adds to the accumulation of evidence that the present high plane of activity will con tinue well Into 1sO7 The growing scarcity of iron for early shipment, the pronounced shortage of higher grades for delivery prior to April of next year and a pro- duction still far below the normal, are conditions which justify the increase in prices which has been registered during the past week. Manufacturers in large lines are beginning to run behind on de llverles and at the pace mills and factories are being driven there seems little pros- pect of being able to catch up with the demands made on them.
 It appears that there will be a larger tonnage of uncompleted contracts for finished material carried past the first of January than has ever been the case heretofore. This means much more business activity for 1907 and should give an excellent impetus Into that year. Trade locally has been brisk ane sales made have been of good size and at advanced prices.
 Business for the most part Is now rup- ming into 1907 first quarter and first half delivery and business for shipment prior ito that time, when it can be taken care Of, is only at a sharp advance. With furnaces contendins with the difficulties they now meet from lack of labor and in- sufficient transportation of raw materials, it is only infrequently the case that they find 1t possible to take an additional business for early delivery over and above their estimate on this years make, which was figured up when present activity began six weeks or two months ago. Ad- Wances have been registered in both southern and Ohio irons and there is no immediate indication that these ad- vances in prices have reached limit In the east and west large tonnage of foundry iron has been placed during the week and there is more activity in gen. eral foundry grades than there has been in the steel making irons, as these occu- pied the place of interest a week ago.
 Reports from England indicate that they are watching the American market and market conditions closely and will keep in touch with American advances. The British iron available will undoubt- edly be used here and it is only ques- ton as to what price will be paid for It. AS has been the practice in the past the British manufacturer knows he is indis- pensable at times and uses this knowl- edge for all it Is worth There is this To be said about the English market. which has been demonstrated in the past If ls of very sanguine temperament under conditions such as are now ruling and more than once has advanced faster than conditions warrant by so doing, putting temporary stop to American buying.
 Most satisfying is the report of bus mess failures during the nine months of 1906. They indicate an unprecedented sound condition of business at a time when business expansion is proceeding at rate never before equaled. As this is
 
 business and amount of capital involved, 1t Is expected that some increase would be found in the number of unsuccessful ventures, but the figures do not show any such proportion of increase in either the amount of failures or the amount of in- debtedness This ts more surprising and satisfying than at first appears, when 1t is remembered that the country has experienced two phenomenal disasters during these nine months and rates Tor money have ruled invariably at high rate.
 Coke continues firm with increasing de- mand for nearby delivery and several good furnace contracts now under con sderation. The leading interests in each district are out of the market for any thing like sales for prompt shipment
 Matthew Addy & Co.'S Cincinnati re- port says:
 For at least six months ahead most of the iron that the country can make is now under contract. In addition d great deal of iron has been sold for the second quarter of 1907.
 As for this year, practically nothing is left except some odds and ends now and then that do not fit on regular orders The amount of spot iron available for the balance of the year apparently is very small as compared with the quantity that is needed. And with this state Of affairs it is easy to see why spot iron is commanding a heavy premium over iron for next year, This premium varies from a dollar to two dollars ton de- pending largely on the quality of iron offered. the high grade soft irons being most badly needed But all kinds of iron are in demand, and the market Is as broad as 1t possibly be. This week there has been excellent buying, the principal tonnage being for 1907 delivery The small lots offered for immedlal le shipment have been snapped up as soon as they were quoted. And in this con nection it seems evident that a great many concerns are going to be seriously inconvenienced before the end of the year, because of their inability to get .he irons they need to fill out their mix lures. The iron purchased for next year has been of all kinds. and we note sales in this market of 2000 tons of basic. 100J tons of northern No 3 foundry. 25OO tons of malleable. and so on down to large number of smaller orders.
 Northern No. 2 is being held at Sl9 and southern No. at S16 f. o. b. Bir- mngham for next year. For this year prices are too irregular to quote.
 There has been d spurt in coke, which is in lively demand. Good sales have been made. and prices are on the up grade. Good spot coke k as hard to get as good pig iron.
 In the south furnace outputs have been much reduced by reason of excessive rain There was rain in Birmingham in September every day of the month ex-