New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-05-16
THE IRON INDUSTRY.
GENERAL DEPRESSION IN ALL IT'S
BRANCHES

FURNACES IDLE THROUGHOUT THE coUNTRY-LARGH
NUMBERS woRKMES UNEMPLoYED-RE
FROM MISUNDERSTANDING OF TIKI MIN
ING INTERESTS.
The condition Of the iron industry ia tho
subject OF an article In The Bulletin, published by
American Iron and Steel Association Tho Information
afforded shows that the iron trade IA passing through
period OF great depression entang heavy loss on all
concerned. The serious fall In prices which has taken
place Is thus shown:
During the month OF April bar iron at Pittsburgh
quoted at II cents but are re- ANY in'ormst THAT
sales made at ieyen lower figure than this,
or course there Ia profit in bar iron below the figure
quoted, and only restricted demand, which pre-
varied all through the month, coulh have tempted
mill to accept less. At New-York. Philadelphia.
and other leading iron markets there were few sales u
bar IRON and they at runously low prices Many mills
shut down entirely rather than run at loss In pgiron
Mt Pittsburgh sold at SIS on four months time; MOI
I%nndery at t5e shrink m nT n
cate present them below In uxtapositon with those
" Y' '' r, + A,,p,. ~ ~ j i ~ I;
Rails at Eastern mills % goo
Bar Iron at Pittsburgh. ................4 l-5c. III
Gray Forge Pig Iron at PIttsDurgh so 90 s23 70
No. Lehigh Pig Iron at Philadelphia ~ 90 80 90
These figures represent an AVERAGE decline IN pres
de past ye 81 ons year Witch havo
used for comparison were lower than they hai Deen
cash were Of daily occurrence and mat mowneIs and
furnacemen then had orders mouths ahead ann now
what little they make to day. the extent Of the disaster
TO the business which yet survives inc p-ihc
readily seen.
This shinkage in value Is traceabe TO the reduced DO
mand for IRON re sung from the suspension OF railroad
building and the general stagnation in business IL 10
estimated that the railroads Will not consume TINS yon
onethrd the quantity Of iron they did In 1872 when one
half the manufactured iron made IN this country was
used by them The consequences OF this state OF Things
are thus described:
Mere tnan onehalf OF the rail mills OF the country
were wholly idle the first day OF January last ana
the same humber remain idle to-day while others ara
only running part of their time. Few mills arc running
to fine fun extent their capacity The amount or work
now done by merchant bar mills, carwhee Makers ear
and locomotives builders, and other branches OF Dsn1ss
intinatey connected with the railroad Interest, u navy
nne.haIf les, than 10 was a year We make TINS
statement after the most careful INQUIRY Ia. nnoo r
of men thrown out employment, by The withirtwsi
Of railroad patronage, in the various OFdncls " pusl
ness specified, aud in pail WORKS, nut anu Dolt "VA
&c not including workDen supported by FURNACES Is a.
Merchant bar mills, plate mills, founderles; mdohno
sbons and other establishments not dcpehueht upln
the railroads for orders rule less buslnes Ca
during the first months OF the pan, &c a,y ba
out OF employment al these csI'o'i'""'' ''' ' w
safely estimated at e5,OOO 4, - ....a,...
or the GC6 completed furnace stacks IN the couhly
the whole number IA blast on the lst Oh Jdh's les
was 400: ont OF blast 266. These ngufes are uerNen
from individual returns made To this once ana may a
relied upon as substantially correct lFoh iat'r iu'
formation received by w, are wafranten IA w
ton that the aggregate number Oh l - s
m this date is as great it in January BeIo" Is
tsbnlar statement condition or All the furnaces on
the OF that month, aud pesumpu'eJ a' 'no 0oo :"