The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1873-12-06 00:00:00

THE IRON TRADE.

WOLI

r, Wednesday.

The great event of to-day's market has been
the reduction, by the Earl of Dudley and other
leading colliery proprietors, of is. per ton in the
price of slack-coal. The circumstance was regarded
by some ironmasters as indicative of a general
drop in coal being near at hand. A general drop
is greatly needed ; but that it will follow upon this
change in the price of the least valuable of the sorts
remains to be seen. Slack has become abundant
because it is being largely produced by the reopen-
ing of old pits, and because, also, the high price of
10s. per ton has led to great quantities being
brought up from the thick-coal pits, instead of very
many tons being left below ground. Excepting
of slack-coal, there are no accumulations at places
where a good connection exists with the leading
consuming markets. At the some time, there are
colliery proprietors, whose customers, consist al-
most exclusively of ironmakers in this district,
have begun to restrict their output. That they
are driven to this wonld appear from the fact that
comparing the turn-out of our mills rind forges
now with that of a busy time, when 20,000 tons of
finished iron are produced here weekly, we are con-
suming perhaps 20,000 tons of coal less then the
forges and mills are capable of using. There are
leading mill and forge proprietors who have ex-
tremely few orders on their books, and are, there-
fore seeking them somewhat anxiously. But they
are not accommodating their prices to the market.
Hence the quotations of leading houses were, this
afternoon, £l4. per ton for marked bars ; singles,
.£l4. 15s. to £16.; plates, .£l5. to £l6s.; and nail
rods, £l3. Inferior bar could be had at from £l2.
to £l3. and there weresome sheets on offer at £1.1..
L)wer prices the makers professed themselves un-
able to quote, because of the continued dearness
of good pig-iron and fuel. The considerable de-
mand for stone that distinguished last week's
market was more conspicuous to-day„ but the de-
mand cannot be met. All-mine pig-iron was offer.
ee to-day at .£7. 55., and cold-blast at from XS. to
£B. 10s. per ton. The Cannock Chase collieries
keep full of orders, and immense prices are being
got. Shallow coal is firm, 19s. at the pits, and in-
to the boats there is cast as much as five tons of
slack that has to be paid for at that very high
figure. The coal merchants were to-day very loud
in their complaints of these exorbitant terms-

There was a large attendance of ironmasters on
'Change at Birmingham on Thursday, and the tone
of the meeting, influenced by a further reduction
in the Bank rate and the prospect of cheaper coal
was more cheerful than for sonic weeks past. As
yet, the reduction in fuel is limited to Is. per ton
in slack, equivalent to 10 per cent.; but as there
is a good deal of underselling by small coalowners,
and consumption has fallen off very greatly during
the last few weeks, the impression is gaining ground
that common coal will have to be proportionately
reduced. Meanwhile the iron trade continues in
a very quiet state, and production is still being
curtailed. This week two additional works are
thrown out of operation : a small concern at
Smethwiek called the Phumix, and the Eagle
Works at West Brumwichrwhich contains four-
teen puddling furnaces, and employs some 300
men. In other eases the works are running half
time. On the other hand, some of the makers of
iron adapted to local requirements are busier, and
the orders for bedstead iron in particular are so
numerous as to assure the angle makers full em-
ployment until the turn of the year. The leading
iron furnaces are only moderately engaged, chiefly
fo: export, and their present prices are steady at
£1.4 for bar,, £l5 for sheets, ..fil2 108 to £l3,
for nail-rods and angles, £l4 to £l4 10s for hoops,
and £l3 103 to £l4 108 for rivet iron. Second
class bars are still quoted £l3, but-prices of un-
branded iron are rather irregular, owing to the
weakness of some of the smaller makers who have
been compelled to realise stocks. Pig-iron is firm
as regards the best qualities of native all-mine,
but cinder-pig is weak and irregular. Ironstone
is increasingly scarce and dear.