The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1912-08-01
LARGE VOLUME
OF NEW BUSINESS
Continuous Advance of Steel
Product Prices
THE RAILROADS BUY
Corporations Have Learned Lesson by
Their Experience This Year and
Will Buy Far in Advance
of Requirements
THE RAILROADS BUY

New York. July Especial. 1.-The
Iron Age will say tomorrow:
Rather convincing testimony to the
large volume of new business Is the
continuous performance now going on
in the advance of prices on steel pro-
ducts. Merchant steel pipe manufac-
turers most unexpectedly advanced
their prices late last Wednesday aft
ernoon one point, or So per ton. This
makes a total of two points advance
in merchant pipe on this movement
since juno l. On the same day steel
boiler tubes were advanced one point,
or about So a ton, which followed a
similar advance on May 81. Other adj
vances of the past week were 81 per
ton on cold rolled shafting, 81 per ton
on structural and boiler rivets and 81
per ton on railroad spikes made to
order. Bolts and nuts have also been
marked higher. One of the leading steel
bar manufacturers announces its price
advanced 81 per ton, while others are
slated. to be rapidly falling in line 1t
would not be surprising II minimum
prices on plates, structural shapes and
steel bars should shortly be marked up
at least 81 per ton. The foreign man
ufacturers of ferro manganese have adj
vanced their prices $3.50 per ton, max
ing the price for delivery at Balti-
more SOL.
A most interesting development Is
the appearance of large inquiries for
steel rails from leading railroad COM
panies for delivery next year. The rail
mills are now crowded with work for
delivery up to October this year with
orders continuously being received from
railroad companies anxious to make
newals The experience which the rail-
road companies have had this year has
been such as to cause them to re-
turn to their old custom of placing
orders long in advance of their re-
quirements.
Large orders for steel plates and
shapes have been placed by eastern
shipbuilders to cover requirements on
vessel contracts.
Heavy buying on pig iron has taken
place in. western markets. The dispo-
sition among pig iron consumers gem
orally to cover for deliveries running
into next year is becoming more pro-
nounced. A large foundry interest at
Fittsburg has bought 10000 tons of
foundry iron for deliveries which be-
gin this month and Will run through
the first quarter of 1913.
Cleveland, Ohio, July 31.-The Iron
Trade Review tomorrow says:
Prosperity, with all indications of
permanence, continues increasing.
Prominent Independent companies took
the lead in the most important price
advance of the week, that of 81 per
ton on ships, plates and bars. The Steel
corporation and smaller Independent
companies generally have adopted the
new schedule. This price advance was
made very quietly for several reasons.
There is a general feeling that the
one peril In the present happy condi-
tion of affairs is possibility of a
too rapid advance in prices Some COM
panies also desired privilege of sell
ing at recent quotations for the last
quarter of the year. Although earn |
ings of the Steel corporation for the
second quarter show very comfortable |
increases over those for the first quar- |
ter, they show very clearly low prices |
at which sales were made during the |
second quarter. Shipments of the Steel |
for the first half of the |
year will amount to about 100000 |
tons, highest on record. Inquiries for
about 100000 tons of rails for delivery |
next year have appeared in the market. |
This interest of railroads shown at |
an unusually early date results from
difficulties that have been encountered |
In getting rail shipments promptly |
this year as railroads have desired, es-
peeially open hearth product. There are |
still many scattered orders for rails
being placed All indications point to
further heavy buying of cars and some
leading authorities estimate that or
lers this year for equipment will be
the heaviest since 1907.
Government railways of Japan have
placed an order for 5000 tons of steel |
for transmission towers of electrifica-
lion. This order was taken by the
United States Steel Products company,
subsidiary of the Steel corporation.
The pig iron market shows greater
strength throughout the country and in
some centers noteworthy advances
nave taken place. In the Pittsburg
district $4,000 to 10000 tons of basic
rave been sold at $3.50 valley and
rom 1000 to 5000 tons at s1375 In
he Philadelphia market 5000 tons of
,asic were sold at $3.50 delivered, the
highest price paid in that section since
July, 1910 The New York market has
been rather quiet, but one large pur
.haser has taken from $4,000 to TO-
100 tons special analysis iron for de-
livery after the first of the year. In
he central west some buyers are
sounding the market for first quarter
Of next year, but sellers are very eau
.ious about making quotations