The age-herald., 1900-05-25
A BRIGHT FUTURE
 FOR AMERICAN IRON

New York Letter in Chicago Tribune.
 In discussing the iron outlook at home and abroad, James c. Bayless, formerly edi- tor of the Iron Age, takes hopeful view. 44e says: "So many influences. natural and artificial, seem to be at work to at once strengthen and weaken the iron market that from almost any view points it's posi- tion appears to be one of unstable equilib- rum. Satisfactorily, the position of the iron market is stronger and more buoyant than ever before in the worlds history; how long it will remain so, and what results will follow the operation of forces tending to weaken through the unsettlement of confi- dence, the statistician cannot tell, and the prophet takes shelter behind oracular utter ances admitting of such interpretation as will fit the event, whatever it may be.
 "The year 1900 opened with everything in the situation and the immediate outlook in the highest degree favorable to a long con tinued period of prosperity for the iron and steel trades During 1899 pig iron had more than doubled in price. It has been uniform and not more speculative than the anxiety of large consumers to anticipate their re- quirements, as a measure of prudence, made it.
 "Fhe stock of pig iron on hand had been reduced to about 25O,0OO tons, against 5O6,- 900 tons at the close of 1898, and 736, 600 tons at the close of 1897, and the consump- tion in sight suggested a reasonable doubt that the facilities of production could be increased quickly enough to avert a scarci- ty of pig iron which would seriously in- convenience many industries.
 Tn the main the situation as regards pig iron is much the same now in January. Notwithstanding the efforts of the makers to take advantage of the favorable stua- ton of their product stocks not in- oreasing appreciably, if at all We are working along with less than a weeks supply on hand, and are absorbing current production which, as one furnace manager said few days ago, is shipped as hot as it can be without setting the cars afire.
 ''It is admitted, however, that the pig iron buyer is surprisingly apathetic in view of the facts which kept con stantly before him, and he is as stolidly indifferent to industriously circulated ru- mors of further imminent advance in pig iron prices if there was a stock of 1,0000O0 tons on hand instead of less than
  100000 tons.
 - '"Fhe secret of this probably is that Q good deal of iron purchased for a rise and credited to consumption because bought by consumers is now coming back into the market, and can be purchased of brokers for less than the nominal quotations of the furnace agents
 Concerning the building outlook MT. Bay fn,. finished products is in the line of structural materials. The mills rolling the shapes used in bridges, steel frames for buildings, elevated railroads and the like have not in- creased their facilities much as have the manufacturers in some other lines, conse- quently they are well supplied with orders, and can count on running full for an almost indefinite period, unless orders already booked are cancelled In this department prices are firmly maintained. Steel plates are in over-supply. There is good demand for them, but the plate mills are so eager for business that the price has declined for Pittsburg delivery, and is weak at that
 That this does not mean a general col- lapse in iron and steel prices the foreign situation abundantly proves. As we have already seen, there is no stock of pig iron in Great Britain to draw from, and none on the continent. This country now makes over 40 per cent. of the worlds iron product, and in 1899 our iron and steel exports equaled in value $1OO,OOO, ,OOo They would have been materially greater this year if we had a surplus to draw from. Every eoun- try in the world is hungry for our iron and steel, in crude and partly manufactured forms, and would like a great deal more than can be spared
 While this condition remains a general collapse of iron and steel prices is impos- sible. They cannot decline below the ex- port point. In Great Britain the pig iron market shows a steady gain in firmness and a further advance in prices. Manufacturers of iron in all lines are full of orders.
 By latest mail advices it is reported that the gradual stiffening of pig iron since April 1 seems to have acted as a stimulus rather than as deterrent to buyers, and in the Cleveland district they appear to be anxious to place anticipatory orders be- fore any further upward move takes place. The smallness of the available supply of pig iron and the growing demand on the part of customers combine to put makers in a stronger position than ever and the fortunate few who have iron for sale are asking and obtaining fancy prices for it.