The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-07-21
Interest is CsRiefing More and
More in 1903 Delivery
NEXT YEARS. CONSUMPTION
Northern Producers Of the Pig Metal
Are Selling Briskly, and South
ern Companies Will Soon Be-
gin Booking Contracts.

Now that the leading southern iron
making companies have agreed upon the
selling price for the first half of 1903
activity in contracts for that period will
begin at once. The S17 basis will, it is
thought, be the basis maintained.
Extracts from Rogers. Brown & Co.'s
circular of Saturdays date follows:
Cincinnati. There mas beer during the
past week a marked increase in inquire
les for pig iron to be delivered during
1905 Mary contracts have been booked
and the market Is to a certain extent es-
tablished. The extended inquiry among
users OF pig iron has been made to aseer-
tain, If possible. the effect of current
prices on next years consumption. The
tool men say that if they are obliged to
make 1905 contracts for castings on the
prices current their for eign business will
he entirely cut off, but they have COM
psratively little OF it now. Stove makers
claim that an increase in the cost of
their product will probably cause the
consumer to use cheaper grade. Some
Ct the agricultural implement men think
that the farcer will defer purchases for
year or two rather than 10 pay an ad-
vance. Others arc of the opinion that
the consumption of iron will continue
without restriction. COR there is plenty
of money in tie country and a promise
of big crops that can be marketed at
high figures They think the farmer is
like other people, and when he has more
than the usual amount OF funds viii he
mere liberal IN his expenditures. Even
the chronic pessimist does not apparent
ly expect any marked decline in the
price Of pig iron during the first nalf of
next year.
Pittsburg-The extremely interesting
feature of our local market during the
past five or six days has been the heavy
buying movement covering the first six
months of 1903 and in the case of the larg-
est order placed with one concern, defiv-
cry called for August and half of Sep
TENDER. 1t Is rather surprising to find
such disposition to buy SO far ahead at
this time, but careful Investigations Of
the reasons, plainly Indicate that in every
instance the concerns are heavily booked
on orders well into next year
1t is with extreme difficulty that we
have been able to keep up with our in
quiries for prompt iron, that is iron for
1902 delivery. Not only our furnace con-
hear is running below its normal capacity.
New York-Interest In the iron market
centers more and more in 1903. The at
titude of conservative buyers for some
weeks past has been one of supplying this
years needs by any means available, but
of leaving future supply until the future
could be more clearly Siscerned This
position, apparently wise and safe, has
been forced by two considerations.
Tfw.s.t
tracing their output wen into next year,
and are daily asked to figure on work. To
book heavy forward orders without COW
ering for raw materials is too speculative
a course to commenditself
The second consideration is the grow
ing prospect that long before the cur
rent year is over, the capacity of the
blast furnaces of the country will be
taken up before the first half of 1903, as
fully as 1t has been for the last half of
1902, and that the melter who prefers to
take his chances for supply, In the hope
of a lower market later runs too great
a risk in the present active condition of
his own business
We have therefore witnessed, the past
week, very heavy buying for the first
half of next year. In one instance a
large consumer entered the market fer
requirements, from April to December
ic Niihlt5iToS VI eiC DuScA " teehS iioiu
is rather stimulated by the Indifferent
attitude Of furnace companies, who are,
as a rule, much more concerned about
filing contracts on their books, which are
in many cases delinquent in shipments
than they are about new business. There
is little disposition to make concessions
in current prices to secure these long
forward contracts.
1t now looks as though 1903 would in
herit from 1902 a very considerable ton
n2ge. which, for one cause or another
furnaces have been unable to deliver on
time. This must be reckone.. with as no
small factor in future calculations.