The Birmingham age-herald., 1912-01-25
RISES FROM LEADING
 STEEL MARKETS Falling Off in New Buying
 Is Indicated RAIL ORDERS LIGHT Supply of Pig Iron in the Next Few Months Will Be Ample-Some Signs of Weakness in Steel
 Making Iron

New York, January 2i.-(Special)- )-The
 Iron Age will say tomorrow: A falling off in new buying is indicated
 by rises from the leading steel markets. This is not considered traceable to the
 introduction of the new tariff bill with
 it's 50 per cent average reduction in iron
 and steel duties, but partly because the reaction from the heavy buying in Deeem-
 Der was already in evidence. There is also
 the belief that the bill will not become
 a law in its present form
 At Pittsburg in addition to the slacken- ing in new orders, specifications lately
 have not been up to expectations. Actual rail orders are light. In the past week the Fries contract for 5000 tons has come out, and the Lackawanna has in formally placed 10000, tons, of which 15,OOO
 tons goes to Buffalo.
 In eastern markets 6o,000 tons of plates
 and shapes are being figured on for pend
 ing vessel contracts, including the two
 battleshps just awarded. On the lakes
 a welcome addition to bookings is con tract for the 600 freighters for the Pitts
 burg Steamship company. An advance of
 si a ton in wire products brings wire
 nails to $1 50 and fence wire to $l 10. On plates and plain structural material prices show some variations, though ordi- nary business in both is done at 1.l5c Pittsburg.
 In the pig iron market evidence Is ac-
 cumulating that the building of Novem-
 Der and early December provided many
 consumers with all the iron they will want in the first half of the year. With
 the increase in merchant furnace out put, the supply of iron in the next few months will be ample. Some signs of weakness appear in steel making iron, particularly on Bessemer and basic in the Pittsburg district.
 Cleveland O.. January 2L-(Speeial.)-
 The Iron Trade Review tomorrow will say:
 The appearance of the Westinghouse Electric and Manufacturing company in
 the market inquiring for from 1000 to 12,- 600 tons of pig iron for delivery during the last half of the year has aroused
 much interest, as this is the first impor-
 tant inquiry which has appeared for that delivery. Furnaces are slow to quote on this inquiry, largely on account of the
 uncertainty as to the price of coke after
 July i, about which there is a difference
 of opinion.
 The scarcity Of labor in the coke regions is an important factor at the present time. and it does not seem probable that the supply will be equal to the demand for
 a number of months.
 In the Chicago market an inquiry for 5000 tons of various grades of foundry
 iron is practically closed. One thousand tons of southern No. were purchased at S10 Birmingham. Of the 10000 tons of
 basic purchased in Cleveland last week half went to a Cleveland furnace and
 half to valley furnace, the price be- ing $13,2 delivered. As a whole the pig iron market is not in as satisfactory a condition as might be wished, and the
 beginning of agitation for still further re-
 duction of the tariff certainly has not helped matters.
 Some very low prices on northern irons are being quoted in the east. The United
 States Steel corporation has finally closed
 on it's inquiry for e0O0 tons of 50 per cent
 ferro silicon. and it is understood that the usual market quotation of $70 was shaded several dollars.
 Owing to the great prosperity prevail ing in Great Britain an eastern mill
 has been able to sell 1000 tons of ship plates for delivery to Glasgow Scotland. OWlnSt however, to the rapid advance m | ocean freight 1t is not probable that this
 sale could be duplicated. High freight
 rates are interfering with both imports and exports.
 | Some unusually large shpbuilding pros poets are being figured upon by eastern yards, and prices have been asked on plain material, 10000 to 2OOO0 tons. but the complete requirement. will probably reach | 60,000 tons. It is expected that a very l large part of the 22.e00 tons of plates and shapes for the two battleships Ne vada and Oklahoma, recently awarded by | the government. will be furnished by the | Carnegie Steel company. Two ships or | dered by the Pittsburg Steamship com pany. the lake subsidiary of the United States Steel corporation, will require about 7500 tons of shapes and plates.