The Birmingham age-herald., 1916-06-29
FOREIGN DEMAND|S :. | IMPORTANT FACTOR Sagging Tendency of Prices
 Being Checked by Europe COTTON TIE PRICES Market Opens With Quotation of S1.35,
 Highest on Record-Inquiry For
 Sheet Bars Heavy-Japan- csc Shipyards Order
TON TIE PRICES

| Cleveland, June 2S.-(Special.-Th Iron
 Trade Review tomorrow will say: Heavy foreign demand for pig iron and finished | materials Tn checking the sagging tend ency of prices. If hostilities in Mexico develop to the extent now feared there | will be decided increase in buying by the government of munitions and equip | ment of various kinds but the volume of demand of this kind is not expected to
 be large in the near future.
 | Continued demand for pig iron for ex- | port is a very important factor. A re- | cent heavy sale for export to Italy will | take out of the market for next two
 months the output of the largest mer-
 chant furnace in eastern Pennsylvania and furnace in western Pennsylvania l will be engaged for several months in | making pig iron for export to the same | country. Numerous furnace companies which have received foreign inquiries dur | ing the past few days have not quoted on account of their inability to give deliver
 ies at any time this. year. Domestic
 market is very dull and only transactions l of importance as purchased by an eastern | Pennsylvania steel maker of round ton | mage Of basis for third quarter delivery | at S19 delivered
 | The cotton tie market has opened at | S1.35 per bundle, the highest price which l has ever prevailed for this product Last | year the price was S5 cents, and in 1914 it | was 65 cents. The cotton crop this year 1 will require 45,000 to 60,000 tons of cotton | ties. Some of this total will come from | stock now in hand
 l There is very heavy inquiry for sheet l bars from foreign countries and some of the tonnage is very attractive. Domestic consumers in Cleveland and some other | centers are having trouble in buying | enough billets and sheet bars to keep l their mills in operation. There is re- | markable irregularity in prices which | now show range of as much as $10. Every transaction seems to be a law unto it. | self.
 On account of high prices prevailing, l the public service commission of New 1 York city has rejected bids for 52,000 tons | of steel for subway and elevated work. Canadian company which is figuring on large Russian order for cars is in- 1 quiring for 5000 tons of shapes. The | Pennsylvania railroad Is in the market for 15,000 tons of bridge material Three bulk freighters ordered by M. A. Hanna l & Co. will require about 10000 tons of shapes and plates, to be furnished by the | Carnegie Steel Go.
 | Japanese shpyards. which recently bought 10000 tons of plates are anxious | to place orders for about 50,000 tons addi- l tional British buyers are also about to place round tonnages for ship plates Im- l portant domestic consumers are sound | ing the market on prices for next year. | The naval programme of the govern ment will require ultimately a very large tonnage of steel.
 Recent orders from foreign govern ments include 10000 tons light rails for l portable tracks placed with a Cleveland company and one hundred small locomo- | tives for service in carrying supplies to | trenches in France placed with the Bald win Locomotive works. Many railroads are deferring placing of orders for track fastenings, as prices on some of this na- terial has advanced 100 per cent, or about l $20 per ton, since last contracts were made