Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1875-01-27
THE IRON TRADE.
A Retrospect and Glance at the Future
Present State and Prospects Of the Mar

Correspondence of the New York Times.
PHILADELPHIA, Thursday, January
IA, 1874. notwithstanding the recent
meeting of the pig-iron producers, and
the determination they expressed to
adopt some measures which would adj
vance the interests of the trade, there
has been as yet no amelioration of the
condition Of the market. On the, cons
trary, prices have fallen still further;
the strikers in the West hold out per-
sistently, and there is a very notable
degree of dependency prevalent among
the least sanguine furnace men. 1t is,
however, no longer matter OF surprise
that the production of pig-iron has
been reduced when it is consider
ed that the movement in prices
has been continually downward
for more than a year, until
good No. l Lehigh iron can now be
bought for twenty three dollars, which,
it might be of interest to state, is
figure in currency but five dollars 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 merely suffi-
Gent to meet fair to average demand,
for, W lille business has been almost at
stand still, a large percentage of the
furnaces have been idle, and the request
for iron from all quarters is nearly as
great as the supply. In the Lehigh
Valley, including New Jersey, there
are now about 1900 tons of anthracite
iron in hand this month; in the Schuyl-
kill Valley $4,000 tons of the same des-
cription; Lower Susquehanna, 1900
tons, and the Upper Susquehanna,
10000 tons.
At the stock of Western irons has but
little relative bearing on the price of
Eastern irons, it can be readily seen
that but slight movement is neces-
sary in the East to give the market
much firmer tone, especially SO as at no
time in the past have consumers been
SO bare of stock. In charcoal pig metal
the stocks are comparatively much
larger, aggregating nearly 375, 200 tons
for tue entire country. The result is
due to the large number of charcoal en-
terprises in the West, South, and
Southwest, induced by the high prices
prevailing in 1872 for this kind of iron.
The sales that year averaged from $55
to $50 per ton, and now it is difficult to
obtain $35, exception some favorite brands
used for special purposes. From the
high figure above mentionedth the price fell
to $26 in December last, and remains
about the same. The total production
of pig-1netal in 1871 was 81, 912, sos,
while for the year just closed it was ST.
911, 1875. The number of furnaces out
of blast is estimated at 291, with total
productive capacity of 43, 900 tons. The
importations of old rails and scrap-iron
have been very small, as the domestic
supply has been sufficient for all re-
quirements. Before any great, length
of time has elapsed old steel rails will
be placed on the market in large guam
titles, 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 an important bearing on the
economy of their use.
In regard to the aspects of the trade,
xour correspondent has conversed with
gentlemen connected with. all it's
branches, and while many hold that
bottom prices have not yet been reached
others are confident that speedy and
effectual recovery is imminent. The
latter are particularly positive about
raw irons, and declare that the market
must hereafter be decidedly firmer
Although it is not probable nor desir-
able that iron shall advance rapidly,
and it is believed that. both producers
and consumers agree on this point, it
is intimated that the rate for No. 1 will
average thirty dollars at the seaboard
for the present year, and at this price a
small profit will accrue to the maker. 1t
is not thought probable, however,
that now railroad enterprises will
be resumed to any considerable ex-
tent, but many uncompleted roads will
doubtless be finished, and as there are
many of the latter, a better business in
both iron and steel rails may reasonably
be looked for.
A comparison of prices will show the
downward tendency Of trade for the
year just closed. Iron rails suffered
quite as generally as any other class of
manufactures on account of the with
drawal of the railroad demand, and
there has been a continually falling
market. We have had no competition
from abroad, and, unless it be on the
Pacific coast, there has not been a sin
gle bar of English railroad iron import
ed during the year. Some Bessemer
steel rails, which have been incorrectly
reported as iron, have, however, been
used. The cheapness OF these rails, as
compared with English prices, attracted
considerable trade from Canada, and in
this way from fifteen to twenty thousand
tons b we been taken in bond at from
1913 to $40, gold. For foreign iron rails
the price in January, 1873, was SS72
gold, per ton; in December, of the
same year, $5s; in January, 1874,
$56 to $50; in last December, $40 to $50.
For American iron rails the price in
January, 1873, was $S77.50 to $50, cur
rency; in December of that year, $50 to
$65; in january, 1874, $50 to 1864, and
in December last, $40 to $50. Steel
rails, on the contrary, have been stead
lily gaining in popularity and in demand,
and though suffering with the general
y l. T. n a.. s.