The Birmingham age-herald., 1913-04-17
DECLINE IN PRICES
! PIG IRON CONTINUES
Buying May Strengthen the
Market
s,Fff7f=
FLOOD EFFECTS FELT
Youngstown Company Purchases Five
Thousand Tons Bessemer-In-
dustries Providing Against
the Tariff
FLOOD EFFECTS FELT

| Cleveland, o., April 16.-tSpecial. THE
Iron Trade Review today says Continued
decline in pig iron prices has been accom-
panied by heavy buying in some sections
and it Is confidently believed that contin-
uance OF this buying will strengthen the
pig iron market. Effects of the recent
floods are still being felt principally IN
delays of the railroads In delivering raw
materials and finished products.
The financial effect is also noticeable,
as many sellers are receiving pleas for
leniency for flood sufferers ard are mani
Testing a disposition to be very consid-
crate with buyers who have had good
credit in the past and are now struggling
| to rehabilitate themselves. State high
way commissioner of Ohio las received
| reports of $3.50 bridges being swept away
| by the floods and he estimates that in
Guiding bridges that have not yet been
reported the loss will amount to sS,0c0,0o0.
| In making shipments, mills are giving
preference to pressing needs due to de-
struction by the high waters
| In finished materials, deliveries are
somewhat easier and some buyers are
while the tariff bill is pending, but on
the whole the iron trade is paying little
attention to the tariff Considerable in
crease in activity has characterized the
eastern pig iron market The principal
development in the Philadelphia district
was the appearance of large buyer OF
/ basic, which has placed orders aggregat-
| ing 10000 to 10000 tons for delivery dur
| ing the four months beginning with May.
| The price, 1850 delivered, Is regarded
as the minimum at which business can be
placed.
In the Pittsburg district an independ.
ent company has placed an order for 20,-
600 tons OF basic at about SIG valley. A
Youngstown company has purchased 5000
| tons cf Bessemer at $17 and orders rom
other large companies are expected at a
not far distant date. An order for 1eyO
! tons of basic was placed by a St. Louis
| consumer. In some districts, 1t is evil
dent that the foundries are underbuying,
as they often do in declining market.
| The melt continues heavy
Independent steel makers are vigorously
condemIing the provision of the Under
wood tariff bill that provides for increas-
| ing the duty on Manganese, con-
| trary to what is supposed to be the gen
| eral principle of the bill. The proposed
tariff would raise the cost to holders of
present conditions and would probably
| force steel companies to manufacture the
alloy in this country The steel corpora
| tion is at present the only manufacturer
of Ferro- Manganese in this country.
| The Grand Trunk has placed an order
with the Pressed Steel Car company for
| 1900 cars of which 5000 will be built In
the Chicago district ana 1900 in Pittsburg.
| The same road has also awarded the
United States Steel Products company
| 5000 tons of steel for the terminal at
! Prince Rupert, British Columbia. The
| Illinois Steel comp~-y has taken $500 tons
of rails additional from Pennsylvania
| line. Othe1 steel companies report mod
| crate tonnages taken.
| Favorable crop reports are strong fac
| tor in giving an optimistic tinge to pres
| ent conditions.
The United States Steel corporation re-
ports active. business in finished lines.
| In tubes, jobbers are replenishng stocks
and there is active demand. Wire shows
healthy tone Specifications in sheets
are liberal and a fair amount of new
| business is being taken.
| Reduced capacity owing to the flood
| has apparently improved sheet prices
| Strong demand for track works and street
railway material continues Bridge work
| is more active 1t is estimated by the
leading fabricator that 240000 tons of all
classes of structural work are now pend
| ing.
| New York, April Especial THE
1 Iron Age will say tomorrow To the
decline in pig iron has been more
marked in the past week low prices
which were exceptional before being
now generally quoted In Ohio, foun-
dry iron has declined about so cents tc
SIS at furnace for No. 2.
! Eastern markets have been more ac-
Tive, due to buying by large consumers
| Virginia iron has shaded to $15 al
furnace for No. 2x. Southern foundry
iron. which for some time has sold al
$3.50, Birmingham, for No. q for early
delivery, is now on that basis for tht
second half
An eastern Pennsylvania company
lcame into the market this week for S5.-
| 900 to 10000 tons of basic iron, bring
ling out a price of $16.b0 delivered
! or so cents below the last transaction
The steel trade has found the flood,
a very much smaller market factor thar
was expected, railroad demand for future
shipment out no large figure. The
lStandard Oil company has contracted
with Steel Corporation mills for 100, ,00t
tons of plates and other material coy
lering It's wants for tanks, pipe line;
and other work for the remainder o
the year. advance of 81 a ton oil
steel pipe by the largest operator OF
April II has been followed by the In
dependent companies. New car business
ihas been quiet for some weeks, bu
1.-THE Grand Trunk has Just ordered 460t
and Baltimore and Ohio 1900 apar
lfrom the New York subway contrac
(which are now not far out of reach
Fabricating companies report 240. 90
tons of work in sight One flood oil
effect has been the disappointment OF
How prices Of sheets, a number of shee
mills being put out of commission in