The Birmingham age-herald., 1913-07-31
BUSINESS NOW ON
PROSPEROUS BASIS
Heavy Buying of Pig Iron in
Leading Iron Centers
FAVORABLE REPORTS
Purchases of Steel Making Pig Iron
in Pittsburg and Youngstown
Districts-Increased Firm
ness in the South

Cleveland. O.. July Especially THE
Iron Trade Review tomorrow will say:
Heavy buying of pig iron in leading iron
eenters has brought great encourage
ment to the entire trade and furnishes
strong evidence that prosperity will be
enjoyed throughout the remainder of the
year.
The very favorable reports of earnings
by the Steel corporation, by the Republic
Iron and Steel company and other inde-
pendents. show that in spite of the de-
creased buying of the past six months,
business is really on prosperous basis,
and with the return of active buying much
greater are in prospect.
Within a few days purchases of steel
making pig iron In the Pittsburg and
Youngstown districts have aggregated
nearly 100000 tons, the principal purchase
being that of Youngstown Sheet and Tube
company, which took from Mahoning val
ley furnaces 1900 tons, divided equally
between basic and Bessemer, the price
being about s14 so delivered for the basic
and $1565 for the Bessemer
The Andrews Steel company Newport,
Ky, bought about 1900 tons of basi
and the Jones and Loughin Steel COM
pany took 5000 tons of prompt basic and
the American Steel foundres 1900 tons
The Commonwealth Steel company ST.
Louis is inquiriDg for 5000 tons of basic
In eastern territory. including lower New
England. sales of various grades of pig
iron during the past two weeks have
amounted to nearly 100000 tons Buffalo
sellers have been extremely active and
have booked large tonnages.
The largest single order is the recent
transaction in the east which was for
10000 tons of malleable taken by the
malea bic syndicate for New England
plants About half of this tonnage came
from Buffalo and the remainder from
another New York state company. The
price was ON the basis of $13 90 Buffalo
A sale of 5000 tons of malleable and
numerous minor sales have since been
made on the basis of s14 Buffalo, The
advancing tendency of the Buffalo mar
ket has strengthened the whole pig iron
situation in the st. Evidence accumu-
lates that the western Pennsylvania pig
iron market has struck bottom Inquiry
in that section is fairly good. The Vir-
ginia market Is still irregular, but will
probably be soon readjusted to higher
levels.
In the south there is increased firm
ness and quotations range from $40. 80 to
Sl1 Birmingham for strictly No. foundry
The strengthened coke market has been
a factor in adding to the hrmness of
pig iron. Coke producers in the Connells-
vile region are standing firmly for 81 so
for furnace coke for the last half and
number of sales, including one for
$500 tons. have been made for August
delivery at that figure. A general ad-
vance has taken place on both furnace
at,A In-s
New River districts. Pocahontas foundry
is now quoted at SO per ton and furnace
at 81. go TO S2.75. The merchant pipe mar
ket is stronger. An Ohio pipe maker has
taken an order for 200 miles of 12 inch
pipe for the Louisville gas line and or
ders for 150 miles of from eight inch to
is inch have been placed with several
makers in the Pittsburs district. R. d.
Wood e. Co. have been awarded about
10000 tons of cast iron pipe and special
ties for the extension to the New York
high pressure system.
The same company has taken 1875 tons
for Schnectady.
Financial difficulties still apparently de-
fer the making of municipal contracts for
cast iron pipe.
New York, July 30-(Speeial.)-T Iron
Age will say tomorrow:
The Steel corporation statement shows
$41, 100000 net earnings in the quarter end
ing with June. The actual market facts
of the week. Such showing from a
period SO recent and the knowledge that
current operations are yielding profits
fully as good are favorably interpreted,
even though new buying of finished steel
is less than half current shipments.
Pig iron has given more proof of a
turn than In any week of the long success
sion of declines and repeated announce
ments of the bottom. Quite significant Is
the buying of about 1000 tons of Besse-
mer and basic iron by a Youngstown
steel company at s15. 80 at furnace for the
former and SAG for the latter Other
sales are under negotiation but furnaces
are asking something more than the above
prices.
Producers of foundry pig iron in va
rious districts have plucked up courage
to mark up their prices % to 30 cents
Not much southern iron is now to be
had at s10.50 Birmingham. Some further
agricultural bar contracts are reported
The implement makers have bought care
fully. Canadian buying of implements
is considerably less than last year though
crop prospects are all they were a year
ago.
The limitations on credit are a factor
there as well as on this side.
With few exceptions, as in tin plates
and some gauges of sheets. buyers now
find that 30 day deliveries can be had on
steel products under such conditions that
heavy contract buying will not soon be
resumed.