The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1872-04-18
The Scarcity Of Iron.

FROM the tlnanclal SUTOnlClt
The condition OF the iron market at
the present time is, in many respects,
without precedent in the history Of the
trade. With every frrnsce i'll h'ast,
and importation as large as the very
limited surplus Of foreign production
will permit. we are threatened with an
iron famine. Since January /, Ameri-
can pig iron No. / has advanced from
$50 and $37 to $50 and So per Ton,
rails from so to $S5, and bar iron from
SIS 50 and $S7 50 to SOB and $lO".
In imported iron the rise has been pro-
portionate. English rails have adj
vanced since the beginning Of the year
from SIS to SO and S773 gold; Old rails
from $50 to $50 and $GS, and scrap iron
from So and S43 to So and So. The
reasons for this is easily found.
Throughout the world, but more
especially in this country, there has
been during the past few years, an
enormous increase Of consumption, and
the increase Of production has not kept
pace with it, chiefly because the neces-
sity for Lew iron was not felt until the
surplus stocks of this and other mar.
kets were exhausted. Last year the
consumption of iron in the United
States was shout 100000 tons, OIL
which we produced 1000 600 tons and
imported the balance, beginning the
current year with no surplus, which
has forced consumers to depend wholly
upon the immediate product OF the
furnaces. OF the total consumption
last year, it is estimated that one hall
was used in railroad construction and
equipment. This year a largely in
creased co asumptive demand is an
ticipated. We have now some
sixty thousand miles of railroad
in operation, to keep which in repair
will require, in addition to old rails, re-
rolled, about three tons to the mile, OF
saw 10000 tons. Last year we built
about 1000 miles Of new road. Ii we
build a. much this year we shall require
of new rails about Lightweight tons to
the mile, or $4,000 tons. To this may
be added for bolts, spikes, joints
switches and the like, say ten tons tc
the mile, or 10000 tons. The capacity
of the furnaces now in operation /:
5000 900 tons, to which may be added
10000 tons as the probable product o.
new furnaces now building. In the
present condition Of the European mar
ke,s it is doubtful whether we will b'
able to import ss much this year al
last; but supposing we import the same
quantity, or 600, 900 tons, our total sup
DIV would then amount to about ,, 100,
600 tons. Deductiug from this the nine
hundred and sixty-six thousand tons
needed for railroad construction, We hav'
remaining l,7S4000 tons for railroad
equipment, building purposes, gas ant
water pipe, machinery, the manu-.
facture Of hardware, bridges, ship build
! inc and the thousand other uses TO
which iron is employed, or less thai
: one half the estimated requirement. l
would appear, therefore, that ther
must be curtailing OF consumption II
some direction, or an active competition
among consumers for the limited supply
, Still we cannot think it probable tina
}. there will be any great advance on tn
= very high prices now obtained 10
, prices pay the producer so wen nov
. that they must soon stimulate proauc
ton to . point which will meet the 70
ouirsments Of the trade.