The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-01-20

poets of The MARKET. IA
[Corzplnaent tie NJ. TlmesI
PImAPEtRm4, Thursday, Jan, "a
Notwithstanding the recent meeting Of
the pig iron producers, and the determia-
alton they expressed to adopt some meas-'
ures which would advance the interests
Of the trade, there has been as yet no
amelioration Of the condition Of the mar
ket, On the contrary, prices have fallen
still further; hcstriKcrs in the West hold
out pcrsistcntEy, and there is a very mo-
table degree Of ,despOpdepey prevalent
among the least sanguine furnace men.
1t is, however, no longer matter Of sur
prise that the production Of pig iron has
been reduced when it Is considered tint
the movement in prices has been COnlln-
ualIy downward for more than year, un-
Ill good No. Iehigh iron can now b.
bought for S23, which, Il might be Of in
tercst to state, is a figure in currency,
but s. per ton higher than the lowest gold
price ever reached in the history OF the
trade, that minimum being attained in
1861. But it Is estimated that even at
this period the stock OF iron is merpl y
sufficient 10 meet fair average demand,
for, while business has been almost at u
stand still, y large percentage Of the lur-
naces have been idle, and the request for
iron from all quarters Is nearly as great
as the supply. In the lehigh Valley, in
Guiding New Jersey, there arG now about
$500 tons Of anthracite iron in hand this
month; in tho Sehuylkill Valley 10000
tons Of the same description; Lower Sus-
quehanna $1,000 tons, and the Upper Sps-
IuChanna, 10000 tons,
AS the stock Of Western irons has but
little relative bearing on the price Of
ERtcrn irons, it can h. readily seen that
but a slight movement Is necessary in the
East to give the market'a much firmer tone
especially so Us at no time in the past
have G1psltmeR bcm 10 bare Of stock.
lii charcb,Apig.netalI the stocks are Com.
paraiiyely mpcll larger, aggrgpung near
~ 275,000 tons Tor the entire country,
This result il due 10 the large number Of
new charcoal enterprises in the South,
West, and Southwest, induced by the high
prices prevailing In 1872 for this kind OF
iron. The sales that year averaged from
$55t to $50 per ton, and now It Is difficult
to obtain $35, except for some iayOrite
brands used for special purposes. From
tho high figure above mentioned the
price foil to $50 in December last, and re-
mains about the same, The total pro-
luction Of pig.metal In 1871 was 1872
COS, while for tho year jnst closed twas
l,Oi21S5. The number Of furnaces out
Of blast Is estimated at POI, with total
productive capacity Of 1900 tons. The
Importations Of old rails aud sCrap.irOn
have been very small as the domestic sup
ply has been sufficient for all requirements.
Before any great length Of time has elaps-
ed old steel rails will be placed on the mar
ket IN large quantities, and the result Is
looked forward to by steel and iron rail-
makers with considerable interest, from
the fact that their marketable value as
old material will have m important bear
Ing Oh the economy Of their use.
IN regard to the aspect Of trade, your
correspondent has COnYGrsed with gentle
men connected with ali its branches, and
while many hold that bottom prices have
not yet been reached, others arc confident
that aspeedy and eIleCtual recovery IL
imminent. The latter arc particularly
positive about raw irons, and declare that
the market must hereafter be decidedly
iirmer. Although It Is not probable
nor desirable that ir9n shall advance
rapidly, and It Is believed TINT both pro-
ducers and consumers agree on this point,
It Is intimated that the rate for No. l
will average thirty dollars at I he sea-
board for the present year, and at this
price IL small profit will accrue to the
maker. II L. not thought probable, how.
ever, that new railroad enterprises will
he resumed to any considerable extent,
but many uncompICtcd roads will doubt.
less he finished, and as there are many Of
the latter, a better business IN both irOn
and steel rails may reasonably bc Looked
Toe .