Hannibal journal. (Hannibal, Mo.) 1852-1853, 1853-02-17
HANNIBALssJOURNAL.
THURSDAY, Il, FEBRUARY II, 1859.
ROT

RoN,
In the article quoted below, tho causes are
stated, for the extraordinary rise in iron which
has talsen place during the last six months, in
thl, country and in England. At the furnaces
on The Ohio river. pig irn has in that time adj
tauSed from $25 to $50 per ton, the present
price. The price of bar iron at the same fur.
naces, has also, Of course, advanced loo per cent
The remarks below seem to lead 10 the conclu.
sion that the present high prices Of iron canno,
long be maintained:
The Irsn Trade IN England
From the Annual Trade Report Of WIN. Con.
nal Il Co., Glasgow, we make the following
interesting extract in relation TO the advance of
IroA in England, and the continuance Of a de-
nand for II at the present prices:
Pic IRON.-In looking at the statistics for
the causes Of the great advance which has taken
place in the price Of Pig Iron, being upwards
OF one hundred per cent in eight months, We
hnd an increase TO the stock Of 100000 tons
over last yeer-sa production as large as ever
hnown-sand still increasengi and, on inquiring
into the state and prospects 81 the tEsde, we find
that we commenced the year NTH the largest
stock ever known, as, notwithstanding the low
prices. ruling since 1876, the stock had increased
from 10000 tons, at the end Of lS4f to $50
900 at the end of 1861, being for 1851 about
10000 more than the average o: the previous
six years, prior to which period we have no cor.
rect statistical information; and there being ia
furnaces in blast, there appeared no prospect Of
an immediate improvement in prices, as It was
evident stocks would continue 10 increase, un-
less the production was curtailed. These facts;
with the prospect of considerable competition
from the newly discovered field Of minerals in
the north Of England, where, in the face Of the
miserable state Of the trade here, a number Of
furnaces were in course Of erection; and several
OF our most intelligent Iron masters having per-
SOnslly visited that district, the trade became
satisfied that they could produce Iron there as
cheaply as in Scotland, although not perhaps Of
equal quality--increased the gloom which hal
so long prevailed; and the first four months Of
this year were, perhaps, the most dishearte ming
our Iron trade ever experienced. The price
gradually receded till the end Of April, when il
reached 35s TO 35s cd for warrants, and GAS to
34s I'd for scrip. In the meantime, the price
being Is to los below the cost of production at
most o. the works, several Of the Iron masters,
seeing no end TO this state Of matters, as stocks,
notwithstanding prices and freights, were as low
as ever known-were supposed 10 be increas-
ing--resoived to stop their works, and IL to Ii
furnaces were eventually put out; reports were
also circulated, ;la: severn! large ~crk. must be
stopped ere long, unless some change took place
fer the better This induced several parties,
who were convinced that before long the trade
would work its own cure--by the masters be-
ing compelled 10 stop their works--to turn their
attention to the article as safe Investment, and
in May several large purchases were made about
36s to 37s, with the view of being held over
for several years if necessary, till this anticipa-
ted reduction of the make was accomplished
This gave frmness to the market, which, on the
purchases being followed up by the trade and
spectators, and greatly increased demand for
Inalleable Iron having taken place for ship-bul-
ding, shipment, and other purposes and the
general trade of the country Iapiily improving,
prices rose 10 about 45s in the month of June,
when most of the dealers and brokers here, be.
ing Of opinion that further advance was un-
warranted commenced TO realise, and prices,
consequently, fuctuated between 44s to 44s Cd
till about the end of August. The market af-
forwards got wholly into the hands of specula.
tors; prices advanced rapidly in September, and
continued to do so till about ten days ago, when
il reached Us Cd, and we close the year at 73I
TO las for G. M. b. warrants.