The Birmingham age-herald., 1911-11-02
IRON TRADE IS MUCH DEPRESSED Filing of Government Suit
 Has Its Effect PIG IRON IS WEAK Hope Entertained for Adjustment Necessary to Conform to Anti
 Trust Law Shattered By
 Filing of Suit

Cleveland O., November 1.-(SpeciaL) The Irton Trade Review tomorrow will say: The hope long entertained that at least in the case of the country's greatest manufacturing company any adjustment deemed necessary or desir- 1 able to conform to the antitrust law would be made amicably. was shattered | by the filing of the suit by the govern ment against the United States Steel corporation. This action will be taken as indicative that the government pre- | fers to fight rather than cooperate l The filing of the suit has had a de- pressing effect on the markets through out the country A rather remarkable fact however, is that since the filing of the suit the corporation itself has enjoyed good increase in business In practically all lines except rails. for which the demand is very limited. In some quarters there is feeling that even such drastic action as that taken by the administration is better than continued uncertainty.
 Structural material has had full share of the gloomy feeling which has
 
 ant contracts have been placed. The Illinois Steel company will furnish 700o tons of plain material for the Field me morial building in Chicago. This build ing was originally designed for Beth lehem sections. James Stewart & Go. have taken the general contract for a building in Denver, 4000 tons. Bethle- hem sections will be used in the ad- dition to the bureau of printing and engraving, Washington, 40Oo tons, also on the Otis Elevator building, Chicago, 2500 tons. The Cambria Steel company has taken 25000 tons for the Rice ho- tel Houston, Tex The McClintick Marshall Construction company has 1700 tons for additions to the New York Shipbuilding company's plant, Camden N J. The first definite in quiry for rails for next years delivery has come from a company which Is ask ing for 25,000 tons, and considerable increase in inquiry is expected at an carly date Although pig iron made from ore to be hauled at the reduced rates to become effective November 30 on the Mesabi and Vermillion ranges cannot possibly apear for mary months, and although practically all the pig iron to be used next year will be made from ore already shipped, the reduc- tion in freight rates has had a depress- ing effect on the market. Very few sales have been made during the past few days. Sales of Bessemer have been made at $14.25 valley, decline of 75 cents during the month. A Cleveland company having important ore and furnace interests has become a very aggressive seller of foundry pig iron and is selling as low as $1275 for No. 2 at its Cleveland plant for delivery into next year. The Pittsburg Steel company has renewed its basic pig iron contract with w. P Snyder & Co.
 
 New York, November 1.-(Special.) .)-The Iron Age will say tomorrow
 Whether the Steel corporation suit has already been a factor in iron and steel markets Is merely a matter of opinion. Where buying has fallen off that has been the reason given, but against it is the fact that the Steel corporations own bookings. practically all for early ship nent, were better than in several weeks. There are more indications than have ap- peared in months that the railroads have about reached their limit in the postpone ment of equipment buying. In the week new ear contracts have amounted to near ly 10000. The Norfolk and Western is in the market for 25,000 of rails. part of which has already been placed. Two eastern rail mills are closed down. Plate and structural mills have done only a, moderate business
 The October orders of the fabricating companies were about one-third less than in September, when the total was esti- mated at 10000 tons. Bar business has, shown some increase, but competition has grown keener, and JOG Pittsburg Is com mon, with here and there deeper cut. The wire trade has not been greatly stim- ulated by the lower prices of the past 10 days. In the south the Pittsburg' passing has been swept aside by recent transac- tons in wire and wire nails at prices lower than in many months.
 The billet, rail and sheet bar business of the Carnegie Steel company in October was the largest months total since March, and exceeded that for September by 2700 tons. Pig iron markets have had one of the quietest weeks of the year. Raw ma terial prices for 1912 are entering more largely into calculations of buyers and sellers, and the trade is pretty much at sea on that question.
 Bessemer pig iron has declined to s14. 9 at valley furnace and sales of maleable Bessemer have been made as low as 50 at furnace in the central west.