The Birmingham age-herald., 1913-06-12
BETTER OUTLOOK
FOR IRON MARKET
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Usually Quoted S11 to SLIPS
Birmingham for No. 2
NEW BUSINESS LIGHT
Financial Stringency Interfering With
Carrying Out of Many Building
Projects-Outlook for Struc-
tural Mills Favorable

Cleveland, O., June 11.-(Special.) )--The
lIron Trade Review tomorrow will say;
| Indications of aa early buying move
ment in pig iron are becoming stronger.
The purchase of from 1900 TO 1900 tons
| by the Westinghouse Electric and Manu-
featuring company and increased activity
in the east will, II is believed encourage
other buyers to come into the market.
In view. however of the continued de-
cline in prices. maly buyers are still hes-
itating. Southern pig iron continues weak
and is usually quoted at $ll to Al2o BIZ
mingham for No. 3 Buffalo iron con-
tinues to dominate the eastern pig iron
situation to a very large extent on NO :.
The open market prices is sl4.oo buifaio'
but as low as s14 can be done.
The malieable syndicate in New Eng
and is sounding the market and Is ex-
pected to make a large purchase at q
low price. Eastern merchant stocks
have been greatly reduced during the
year, but there was a slight increase
in May A sale of 1900 tons of basic
in Pittsburg to the Conolian Steel
company at S14.5O valley, indicates the
present price, WHICH mas iiot aDCtii Sitsei
ly defined The minimum price of SIS
Ironton for southern Ohio No. foun-
dry iron has been reduced to $14.1o
One dealer in charcoal iron has closed
contracts for 1000 tons during May
and reports a number of good sized
oreders received during the first 10
days in June. Prices are $16.75 to
SITS, delivered Chicago, and 1850
to $3.50 Buffalo.
In finished materials. new business
continues very light. Attempts of buy
ers to place orders at lower than $1.40
on bars and $1.45 on plates and shapes
have been successfully resisted by the
sellers and it does not seem probable
that there will be any decided decline
in the heavier finished products. The
Fore River Ship Building company is
inquiring for 5000 tons of plates and
5000 tons of shapes
Informal inquiries to cover the require
ments of vessel contracts now pending
amount to about 10000. Bids have been
taken ON 5000 tons of steel for dump
barges by the interstate commerce com
mission The contract will probably be
awarded to the Maryland company The
water board of Hartford, Conn, will
receive bids on June 16 on 1900 tons
of cast iron pipe
the carrying out of many building
projects and awards of the past week
were light The Otis Steel company,
Cleveland, has awarded 2500 tons for
plate and jobbing mills to the American
Bridge company.
New York. June 11.-(Special. 1.-THE
Iron Age will say tomorrow: The steel
companies generally are gaining on the
large volume of business in their books
at an accelerated rate. Hence pre-
miums for early delivery which have
been q factor in the trade for nearly a
year, are fast disappearing. In num-
ber of lines the amount of business or
which higher than contract prices has
to be paid is nearly negligible.
Hesitancy due to tariff changes Is
particularly evident on the Pacific
coast where buying is nearly nil. this
belief being general that under the
new duties that section will become
part of the markets of the world
The outlook for structural mills is
favorable, number of large projects
coming up in various parts of the coun-
try. For Memphis and Louisville
bridges and the Kansas City terminal
$4,000 tons will be needed.
Shipyard prospects are bright, much
interest is taken in the east in bids
for the six 10000 ton Hamburg Amer
lean vessels for the Panama trade
For South American rail sales
amounting to 1900 tons are reported
Pig iron buyers seem not convinced
that they have seen the end of the
steady yielding of prices. Inquiry is
greater but only a small proportion
ends in sales.
Signs of a. falling off III consump-
tion are indicated In some districts
Chicago reporting that number of
users of castings are specifying at the
minimum rather than the expected
maximum rate on their contracts