The Birmingham age-herald., 1912-03-14
STEEL COMPANIES
 BUYING P|G IRON ]
Market in All Lines Stimu-
 lated as Result
COAL STRIKES FIGURE
Look to Alabama for Iron in View of Tying Up Other Fields by the British Coal
 Strike {

New York March 13.-(Specia1. )-The Iron Age will say tomorrow: Pig iron buying by steel companies has been stimulus to the market in all lines and there has been an added effect from it's coincidence with the coming of the open season
 The Steel corporations purchases or Bessemer pig iron thus far in the cen- tral west amounts to 20,O00 tons. Of melting steel scrap it bought 2OOoO tons in the Pittsburg and Chicago dis trjcts. No basic iron was bought and indications now are that any further purchases will be of Bessemer iron.
 A Youngstown steel company closed for S0,000 tons of Bessemer pig iron, on which deliveries extend oyer six months--50,OO0 tons being on an ore deal and 30,O00 tons an outright purchase Another Youngstown steel | company bought 10000 tons of Besse- mer iron at Sf4 at the furnace. Fur naces are now asking s1i25 for Besse- | mer iron and SIS for basic. Total purchases in the past two weeks were 100000 tons of Bessemer and 15,00O or basic.
 Foundry iron markets have felt an impetus from the activity in steel- making iron. At Pittsburg the Wes- : Inghouse interests have closed Tor l2,- 900 tons of foundry grades for the sec ond half of the year. Prices have not changed, though in some quarters they are trhe firmer, and southern Iron more so than northern.
 The chances of antracite and bitumi- nous coal strikes have figured more largely in the iron market this week. There is little evidence of precautionary buying of iron and steel, but the ef- forts of blast furnaces, steel works and foundries to accumulate coal and coke have created feVerlSh conditions III those markets. The British coal strike has practical ly stopped pig iron production in Great Britain, and stocks and CleVe- land iron are being rapidly reduced. European consumers may call for Ala bama iron in view of the tying up of vessels in England.
 The American Independent Steel company has made sales of 15,000 tons of billets and sheet bars in England, and that further business would have been put through but for the coal strike.
 Cleveland O., March 3.-(Special )-Thc Iron Trade Review tomorrow will say: The heavy buying of pig iron by the Steel corporation and independent companies has had a decided effect on not only DIE iron, but also on finished lines and old material. Optimism prevails and there is a general feeling that this great country is getting ready to do business on large scale without much regard to the actions of politicians.
 A great deal of the pig iron buying has been done quietly and this is good indication because it shows that the buy CTS expect to make further purchases and are fearful that the announcement
 x,.;u oIx
 Of the 105,O00 tons of Bessemer pur- chased by the Youngstown Sheet and Tube company, 2o.oo0 tons were purchased several weeks ago. Likewise in the case of the Algoma Steel company 1t has Just leaked out that that company purchased 15,O00 tons of basic several weeks ago and also bought round tonnage of Bes- semer Weather conditions have been extremely severe at the Sault Ste. Marie, and it is believed that the Algoma com pany will find it necessary to buy a larger tonnage at not far distant date. The known purchases of the Steel cor poration amounted to 25,0o0 tons of Bes- semer. 1t Is understood that a larger tonnage will be bought, if indeed it has net already been contracted for. Buying of steel making irons has had a tendency to advance prices of basic and Bessemer and to cause increased firmness in foun- dry grades. There has been, however.
 
 though there has been fair amount of buying.
 Ore handling charges on Lake Erie docks are to be reduced about one half It is probable that the new charge will be seven or eight cents compared with IS cents during the last two years. Owing to the marvellous increase and efficiency of unloading machines, the 15 cent charge, has become excessive The new freight rate from the head of the lakess will probably be 55 cents. and if the unloading charge is cut to eight cents and the freight rate to 55 cents. the net gatn, to the vessels will be two cents per ton or on a movement of 100000 tons. an increase of $s00000o in receipts while the ore shippers would save five cents per ton, or 2.00OO,0O0.
 In finished materials there is a much firmerstone and a tendency toward high CT prices. A striking feature of the situ- 1. ation is the positive evidence that in many cases buyers stocks are reduced to very low points and there is an i'm perative need of prompt deliveries.