The Birmingham age-herald., 1912-09-19
IRON AND STEEL
 CONTINUE STRONG  Now Lees Talk of a Run
 away Market RAILROAD ORDERS m.
RAILROAD
ORDERS
Export Business in All Lines Heavy. Republic Company Secures Liberal Orders-Books
 Opened for 1913

New York, September 1S.-(Special} The Iron Age will say tomorrow:
 Iron and steel markets continue ex- ceedingly strong with good sized ad vances in pig iron in some districts and in finished material a rising ten dency, but less talk of a runaway mar ket
 The opening of the books of import ant steel companies for deliveries in 1913 is the chief new development of the week Sales of steel bars have been made for the first quarter at s1.S5 Pittsburg and of plates and structural shapes at s1.4O.
 The Baltimore and Ohio and Penn sylvania orders, which will he large, are likely to be closed within 10 days. The Lackawanna railroad Is reported to have placed 20,0o0 tons, the great CT part at Buffalo. The Hartman lines have bought 10000 tons more for this year at Chicago. The Southern Pacific has just added 1S.OO0 tons to it's 1912 order
 Export business in all lines Is at full tide and for export rails higher prices are being secured than for home deliveries. The second period in the history of our steel exports in which this has been the case. Following 12,000 ton contract for Siam, captured by American mills, the Canton and Hankow railroad has bought 5000 tons here. The single Chinese rail mill is sold up for 12 months.
 An order for 2600 cars for Argentine has been taken by the Middletown, Pa, works.
 H I- l.t.lll ltpt New York, 2e.3000 tons, was placed this week.
 The weeks advances in foundry pig iron represent an average of about 50 cents In northern markets. Western and central western buying of foundry grades for the first quarter and first half of 1913 Is still considerable and the situation is stronger in every quarter.
 Further sales of 40OO tons of south ern iron have been made for export 10 Italy in the early months of 1913, the price netting $lf at furnace for No. 3. Southern No iron has sold al s135O Birmingham for delivery In the first quarter, and SIS is minimum with Alabama sellers for this year.
 Cleveland. O., September 1s,- cSpecial)-- The Iron Trade Review tomorrow will say:
 While the outlook for continued record breaking business in iron and steel prod ucts for the first half of next year could hardly be brighter. the disposition or some interests to advance prices rapidly is deplored by conservative leaders in the trade Men in very high positions give assurance that there will be no run away market and that the prevailing pol lev will be one of safeguarding and spreadiny out of present prosperity.
 Announcement by the Republic Iron and Steel company of a price of $l 50 on steel bars for delivery during the first quarter of 1913 came after little quiet contract ing on a basis of s1 8 for first quarter and s1 i0 for second quarter. Announce lnent of an advance of only $l per ton over the lowest prevailing price was re- ceived with such favor by buyers that orders were literally entered with the Re- public company and to a limited extent with a few othe" companies which were | willing to take business at sl.35 for first quarter.
 On the whole, however. the policy Of steel companies is to take orders very cautiously and from day to day It has become more difficult for buyers to cover for their requirements after January 1.
 On shapes and plates selling policy has been even more conservative and very | limited amount of buying has been done for first quarter at s1. 10 Some companies | are positively refusing to take any orders | on shapes plates and bars for next years | delivery Eastern Pennsylvania compa- | nies have again advanced prices from $l | to g ton for prompt delivery of plates and shape. Further sharp advances in pig | iron have followed heavy buying. At Buf- | falo after orders for about do,e0 tons had been placed some interests advanced i their quotations to SIS furnace for No. | and maleable for first half of next 1 year and at Cleveland prices were ad- vanced from 75 cents to si after sales or from DOoO to 30,oo0 tons had been made.
 Very high quotations made by some furnaces amounted to withdrawals from the market and few competitors are willing to sell at lower prices. In the central west many furnaces have sold more than half of their estimated produe- ton up to July 1, 1913. For steel making ingots there Is heavy Inquiry at Pitts burg for about 35.00o tons Bessemer, and a Youngstown company is confidently eX- pected to buy coco tons basic for de- livery after April l. The rail buying movement for next year is now under way Eastern lines as well as western systems are covering for their require rnents Pennsylvania and Baltimore and Ohio orders are expected to be closed very soon and will be heavier than for