Show IRON TRADE SITUATION A moderate increase in pig iron buying Is noticed cleveland 0 july 28 the iron trade review in reviewing the iron situation this week says A moderate increase in pig iron buying has been noticed la the past week but finished material markets have settled further into midsummer mid summer dullness and have so far refused to make good the reported declarations of vall street authorities now that the steel corporation meeting has been held and the expected action taken in declaring the usual dividend on the preferred stock it may be that the iron market will be allowed or a alma to work out its own destiny in the regular way pig iron buying was to bo looked for in july since most consumers aimed to come out even at the end of june with their purchases for the first half and if inquiries are an index of wants there Is some little business in prospect tor august cincinnati has had a good share of the activity the past week in foundry iron a number of indiana buyers taking round lota tho total Is between and tons to which are to be added several good orders placed by cincinnati foundries and a ton contract finally entered into by an ohio alpo concern deliveries to be in the next four months sales of to tons of basic iron are dilso reported by southern sellers tho quotation of by southern turn acea is now quite general but as with previous advances business lessons when quotations move up at present for no 2 seems to bo minimum for southern iron but there is considerable variation in prices on northern foundry iron particularly la the east some furnaces have shown more anxiety to get business and have named low figures others have advanced their quotations in the belief that the outlook justifies the refusal ot prices that cut too cleao to cost in the central west 1175 at furnace or no 2 Is still named foundries find no increased demand for castings from 40 to 50 per cent of the output of a year ago Is the average with jobbing foundries and some are running with about one third force under those conditions stocks of pig iron will not decline without a fur ther blowing out of furnaces present indications are that the july production of pig iron will fall below that of february though exceeding the total for january |