The age-herald., 1902-05-05
DEMAND FOR IRON IS
 RAPIDLY INCREASING

longer. They are in an unpleasant frame of mind, because they say they would have bought earlier at lower prices hao they not been induced to oeiei Ds '"e promises made them.
 C7bIcag The only marked feature in the market situation during the past week has been the renewed inquiry Tor carly delivery material. Demand or this sort has been falling off and II was thought consumers had been acenmula- ting some stock. Numerous transactions of this kind, however. point to con tinued heavy consumption and diffculty on the part of furnaces to suppN the necessary iron. Prices of local coke irons have been fairly established on the basis 800 to s21 for No foundry. The latter dgure and more is easily secured for prompt delivery. Transactions Tor del1Y- i cry during the last quarter of thisyea or i carly part of next arc comparatively few, but all furnaces seem to be fairly well supplied with orders and are not likely to have their faith weakened in present high prices by lack of frequent inquiries. Notwithstanding frequent assertions that the South will have plenty of iron to sell for the last half of the year, 1t is confidently claimed by many who ought to know that order books of Southern furnaces are very full and the majority of them have all they can do to supply during the remainder of the year what they have already contracted to deliver The new furnaces going In from time to time seem to be counterbalanced by those going out for repairs. Iron Is being melt cd at a terrific rate all over the country and 1t Is a well established fact that pro- duction Is not being increased to an equal extent.
 There is a fairly good supply of Virgin Ia and West Virginia coke for prompt delivery but shipments from the Con- nelisville district are still slow.
 New York-The features commented up- on so frequently in the past week con- i tinue in all the iron markets. Demand
 is in excess of supply. But supply is in- l creasing And the scare that influenced buyers to cover indiscriminately a month ago has passed away There is there fore a quieter and more settled condition all around but no weakness in prices. A little early delivery iron continues to turn up. partly through importation. and for this premium figures are readily paid. New furnace schemes, as we have be- fore mentioned, continue to engage att tention. The latest calculation covering furnaces actually begun or arranged for beyond any question, makes a total of l twenty with an annual capacity of fully 2,500,0 900 tons If to this Is added a ten per cent increase in output of ex- i5ting plants, through the constant im- Kovement that is the order of the day, 1 it will be seen that all previous esti- mates of productions are likely to be ex- ! ceeded.
 It is unofficially reported that the Uni ted States Steel Corporation is also plan ming exto asive building of furnaces west and east to render them independent ef the open market This may well be doubted in view of the obvious neces- sity that would be upon the owners of such properties. when deprived of their leading customer to build steel works of various kinds to use up their product thus creating new and important com petition In the field of finished forms. wherein the corporation of course makes its largest profits.
 Pittsburg-The week has been a con- spicuous one In that there has been an active dem and for prompt and forward deliveries. We are in a measure able to cope with forward wants, but are com pelled to regard prompt or early delivery iron as something extremely hard to se- cure.
 Furnaces continue to get in bad shape at most unlocked for times and as we Write we learn of one concern sudden ly caught short to the tune of some thou sands of tons for this season.