Loudon free press. (Loudon, Tenn.) 1852-1855, 1853-04-02

The ADVANCE IN THE PRICE OF IRON.-The
sudden and great advance which has recently
taken place in the price of railroad iron, is a
circumstance of unusal importance to various
interests Of this country. In less than year
the price of railroad iron in Great Britain which
is the principal seat Of its manufacture and its
controlling market-has advanced from 95 or
S25. to { 10 or $50 per ton. There is every
reason to believe that it will continue to rise,
and not stop short of E II or E Il per ton. Six
wears ago iron went up in much the same way,
rising in a very brief period from c to E II
per ton. This advance then was produced as
it is now, by the projection and constructing
of great number of railroads, with the essen
tial difference that the mania at that period
was confined chiefly to England, whereas now
it is diffused over many countries, raging most
furiously in our own, and embracing a much
vaster aggregate Of projects. The railroads
in progress which produced the great advance
in iron in 1917, did not exceed three thousand
miles in aggregate length, though much lar
Ger amount was projected, and afterwards par
tally abandoned. The investment of capita.
in these British railroads caused the most dis
astrous commercial revolution experienced in
Great Britain. 1t ruined many hundreds of
her richest merchants, and produced long
continued prostaton Of every industrial interest,"
from which it required years Of patient labor
and economy to recover.
From the best information accessible to the
pablo it appears to be quite certain that there
are now in progress, and in actual course Of
construction, in Europe and America, at least
twenty thousand miles of iron railroads, besides
vast amount of projected railroads not yet
begun, which we do not take into account. OF
this amount ofrailroad in progress 1000 belong
to Europe, and $4,000 at least to this country,
exclusive of more than 1000 now constructing
in Canada We have seen list made ont OF
the railroads now under way IN each State,
which amount in the aggregate to more than
$4,000 miles. and which list has understated
rather than overstated the trnth, for in this
State alone it omits 60 miles Of railroad in
actual construction, and has made similar
omissions as to other States. However incred-
ible aggregate may appear at first sight, 1t Is
impossible for the most careful scrutiny to make
any deduction from 1t.
Railroads require at least 100 tons per miles
of iron for single track, and of the roads IN
progress in Europe 1000 will be double track
roads. It follows from this that the railroads
now in the course of construction in Europe
and America, will require for their completion
no less than two millions and four hundred
thousand tons of iron. To make this quantity
will require all the rolling mills in the world,
which are engaged in the manufacture of rail
road iron at least six vears-those OF Great
Britain furnishing three-fourths and the Uni
ted States France and Belgium the remaing
fourth The best authorities do not estimate
the largest quantity ofrailroad iron in any one
year even as high as 100000 tons, yet even at
this rate it will take six years to furnish iron
for the roads already begun.
The necessary consequence of this state OF
things is, that the price Of railroad iron will
not only keep up, but further advance and be
maintained at very high prices for a long time.
This will make the manufacture OF railroad
iron the best manufacturing business that can
be undertaken in this country for some years,
for it is affirmed on the best authority that the !
article which is now selling at $40, with every
propect of advancing to at Leaf $50 per ton,
paws fair broft to the maker at $50 per ton.
The advance in iron will nearly double the /
cost of many Of the railways at the West and /
South, for the cost of grading upon some of
them was less per mile than the cost ofth iron, |
even before it advanced. The profit to a few .
of the companies which have secured their iron .
at low prices will be very large. The English .
railroad companies are now compelled to pay /
$40 per ton more for their iron at home, than
the price at which our railroad companies
were enabled to obtain it about year ago,
freight and duties included.-Railr0ad Times.