The Birmingham age-herald., 1914-01-29
UPWARD TENDENCY ,
IN PIG IRON PRICES
Improvement i'm Volume of
Business Maintained
RAIL BUSINESS BETTER
Union Pacific Places Order for Five
Thousand Freight Cars--Struct-
ural Outlook Decidedly More
Promising

F., Cleveland, o. January &.-(special)
The iron Trade Review tomorrow will
say:
! The Improvement in the volume of busi-
ness in pig iron and finished materials,
which started at the beginning of the
year, is being maintained and there is
an upward tendency in prices. Some of
the new prices such as those on sheets
have not yet been esta blished, but there
| is increasing firmness all along the line
from pig iron to scrap. January made a
good record even in comparison with the
same month in prosperous years. The
new bookings of the American Steel and
Wire company for the month exceeded
the record and specifications of this COM
pany fully equal any month of the past
year. In tubes the National Tube COM
pany made a new record in January Of
last year. but its business for the first
20 days of this month is up to the former
high record.
Contracting in sheets and tin plate con-
tinues and many of the leading mills are
operating to full capacity. Steel bar book
ing this month of the Carnegie Steel COM
pany are more than double those for De-
cember Shading of 81. 20 C. on plates is
usually at distant points where the Pitts
burg basis is disregarded.
Sales of pig iron continued in good
volume in all the leading centers except
Pittsburg. and included over 10000 tons in
the south. 5000 tons by Cleveland
agencies, 25000 tons in Chicago territory
and 1900 tons by Buffalo sellers A very
large percentage of these tonnages was
OF foundry grades. In addition 25 600 tons
OF basic were taken by a st. Louis steel
casting company a large part of the ton
mage being placed with southern makers
The American Car and Foundry COM
pany has purchased large tonnage of
foundry and malleable for various plants
|. .Ihe American Locomotive company has
purchased 600 tons of foundry iron for
quick delivery at Schenectady
In tile east and central west furnaces
are more disposed to hold for better
prices, but the hardening is not uniform.
AS result of the competition of the
United States Steel corporation and for
eign makers the price of ferro manganese
has been cut IS a ton, making the new
quptatlon $40 seaboard or $25 a ton less
than the price a year ago. While per-
maps 1t Is too much to expect that there
VIII be general railroad buying until the
freight rate controversy is settled, the
placing of order for 5000 freight cars
by the Union Pacific, the largest single
order since last May, will cause some en-
couragement TO car builders and others
catering to the railroad trade. The Vir-
ginia railroad is expecting to award 1000
gondolas soon
Rail business is looking somewhat bet
ter, and it is believed that the placing.
I-of the Pennsylvania order for 1914 re-
0ulrpmPntS will ha JaIa
number of inquiries for lots ranging
| from 1900 to 60oo tons are pending
New York. January 2S.-(Special )-The
Iron Age will say tomorrow: There is
now so much of a tendency to overdraw w
the Improvement in iron and steel that
exact statements seem tame What is
most plainly shown by recent buying is
that extent to which stocks of finished
steel were used up in the lean weeks
following September. The January busi-
ness that has been so well thought of
In contrast with that of November and
December, has been largely replenish-
ment.
| Steel mills, it should be understood,
| have now no such back log orders for
| the heavy finished forms as have al
ways preceded price advances and steady
increasing employment of mills
Efforts of buyers to contract for the
/ citht LII st Hall lnOlcale more confidence
| in present prices. The larger steel com
| panies have come to a 65 per cent basis
| OF ingot production this week. Pittsburg
mills have done better as a rule than
| those in the Chicago and some other dis
| tricts.
An advance in sheets to &c for No. .
black, Sc for galvenized representing SO
ton. with 81 a ton advance on blue
annealed has been announced by the
| leading products. Some pipe and tube
makers have gone beyond their January,
| 1913, business, which was a record. The
| structural outlook is more promising.
| Railroad buying is not yet important,
and there is little reason to believe that
| the railroads will come to the rescue
of the mills in the expected February
| lull in general demand.
| The Union Pacific's order for 5000 cars
has been given out, and from the car
works standpoint it was timely. Pig iron
is quieter, though western markets are
! still fairly active.
At St Louis 5000 tons of basic was
taken and 1000 tons is pending. Prices
have not been helped by the consider
able business done. and it still lacks
much of being an old-time buying move
ment Tennessee iron has sold at S10.50
at furnace figuring back to s10.25 Bir-
mingham.