The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-28
Pic IRON MARKET
. CENTER OF INTEREST
Despite RumorS AtIoat Remark
able Strength Is Shown
$4,000 TONS STEEL TO JAPS
Purchase BY Leading Interest of Ton
mage Offered BY New Steel Plant
In the Buffalo Dis
trict.

Cleveland. o, February p (speciall-
The Iron Trade review tomorrow will
say
The pig iron market continues to be
the center of interest, and considering
the number of rumors afloat, which would
tend to increase any Inherent weakness,
remarkable strength is shown.
One event which has been widely re-
fered to in reports as an indication of
weakness WIS the action Of a large in
dependent steel maker in refusing ON ae-
count of what it considered the excessive
price to take about 10000 tons of Besse-
mer and basic pig iron on a sliding scale
contract, which permitted such action in
case the price reached a certain point.
The case with which this tonnage, sud
denly thrown upon the market, was alb
sorbed is, however. proof of the strength
of present conditions.
AT the time the iron was refused. one
interest, which makes basic iron, was
badly in need of iron for its customers
and bought a part of the tonnage at
about $22 and large steel making in
terest, whose production of iron had been
tui ldlltu ny llt DlOWlD8 out OF SeNeldl
of its furnaces was another buyer.
Indications now are that shipments of
iron ore from Lake Superior ranges
next season may amount to 4, 100000 tons,
about 100000 tons more than has been
estimated.
In finished lines there is no diminda-
ton in the great activity which has long
prevailed. in structural shapes, I'm which
the demand has not been SO strong as
in most other lines, there is some improve
ment. in sheets and plates the mills are
falling farther behind in their deliveries
New York. February 27.-The Iron Age
tomorrow will say:
So far as the finished branches of the
iron and steel industry are concerned bus
mess is developing in very satisfactory
manner Eight mills are full at work,
and specifications are coming in steadily.
Shipments during the first half of Feb
ruary were for obvious reasons not quite
up to the output of the mills. A sale
| of 10000 tons of steel rails to the Man.
| churain road some weeks since las been
| followed by contracts for bridge work
| amounting to 5000 tons.
In the steel market the most interest
| ing development is the purchase by the
leading interest of what tonnage was Of
fered in the market by q new open hearth
| steel plant In the Buffalo district about
to begin production.
| The pressure in the wire and tube trades
| for an advance in prices has been per-
! slstent recently. 1t is thoroughly under
| stood. however, that the most powerful
| interests are averse to any raising of
| prices.
| Some disquieting reports come from
| Pittsburg with reference to- the attitude
| of the puddlers who may secede from
| the Amalgamated association. and make
| demands independently. The eastern bar
| iron markets are strong.
The pig iron markets are featureess.
| The spot markets are controlled en-
| tirely by local and temporary conditions,
! with a tendency towards lowering of
premiums. Middlesborough iron has been
| offered in cargo lots AT 5000 at tide
water, but for the future business is
confined to purchases made for export
work. For forward delivery of foundry
irons negotiations are pending east and
south. but buyers and sellers seem too
| far apart. Prompt basic is scarce, al
though the mills have good deal OF
| tonnage, due them ON old contracts. \
| leading southern producer sold i'm the st
| Louis district one lot of 1900 tons IN
! January. and one lot of 15,009 tons in Feb
| ruary of basic pig for delivery during
| the second half of the year. The iror
| netted $40 at Birmingham.