The Cheyenne daily leader. [volume] (Cheyenne, Wyo.) 1870-1884, 1879-10-17
THE BUSINESS BOOM,

! III u StlV DOoS -
1t is rolling along and increasing as it
rolls, blessing manufacturers, working
men. merchants and business men gem
orally. But it is in the manufacturing
districts where the principal change is
made manifest within the past few
months. In the matter Of iron and
steel, and the various articles of mer-
chandize that are made therefrom, the
boom is simply immense. All the roll
ing mills and blast furnaces that were
running right along have doubled their
productions, and those that have been
lying dead for periods ranging from
two to five years, are lighted up. New
firms are organizing to erect new estab-
lishments. .Workmen are in demand at
good wages. Every demand fora raise
in wages is conceded Indeed, in a
number of instances, the manufacture
ers have had posted In their establish
ments notices stating that the wages
of all. workmen were thereby increased
a certain percentage. Strikes among
the glass workers which ran along for
one and two years, suddenly ended, and
the men are all at work, receiving adj
vanced wages.
As a consequence all kinds of BUSH
ness are looming up. Real estate is en-
HANGING in value and house building Is
going on briskly. Branches Of trade
that have long suffered in idlenese are
being revived, and the labor market is
therefore active. From public and
private sources we learn of the wonder
full and beneficial reaction that has 50
happily set in.
From the glass factories and rolling
mills comes the information that they
have sufficient orders ahead to run
them several months, and Of course,
expect many more meanwhile.
There Is one point about the iron
trade that deserves mention: The
| Wholesale iron dealers all oven the coun-
try have for the past six years been
buying very lightly, carrying small
stocks, in order that they might take
advantage Of the constantly falling mar
ket. The result is that now that iron
is on the rise. the merchants are anx-
ious to lay in big stocks Immediately,
before another rise ccurs so that they
may reap the advantage thereof. The
sharp demand thus created stimulates
prices. Those who have stocks find
their wealth quietly growing in a very
gratifying manner. Those who are,
unsupplied become urgent and this only
excites the market the more. To sup
ply all of the wholesale dealers of the
country with the stocks they desire to
carry is overtaxing the immense capac-
ity OF all the iron works Of the United
States so the English are drawn upon
to make up the difference.
w may cite two illustrations to
show how the rise in prices have made
fortunes for two firms, at least. There
are, of course, many others who have
enjoyed q similar experience, but these
two are authentic: One is the case of
a Boston hardware dealer. Early in
the summer he ordered 10000 kegs of
nails. Now nails were almost q drug
in the market. There was no demand
for them, and the manufacturers were
glad to make them at cost. Hence they
were very cheap. The friends Of the
aforesaid hardware dealer were profuse
in their sympathy for the sad mistake
made, and even went so far as to pre-
dict the ruin of the big purchaser. In
two months after the far seeing hard
ware nan had laid in his stock, he sold
out ut IN advance Of n dollar per key
Ia clear profit of $4,000.
The other is the case OF n blast fur
mace firm in Pittsburgh. Their furnace
never stopped during all the years uc-
ceeding the panic, wen when there was
no demand whatever for .'pig iron."
They went on producing thousands
upon thousands of tons of ''pig."
| Wages were low and the iron was pro-
duced cheaply. The quantity increas-
ed, spreading over acres Of ground.
Still the work Of production went on.
The piles of ''pig'' were mortgaged to
enable the firm TO produce more pig
Then came the sudden demand for
their iron followed by a big rise in
prices. The firm being the only one
with a supply on hand, soon sold out
and their profits on the pile trerc $685.
900. The head of this firm is Gen. j..
K. Moorhead, who represented the
Pittsburgh district in congress during
the war and Tor several years thereaf-
ter.
Wyoming has not felt the effects of
this boom simply because she is not a
producer of iron. But the wave will
strike us in time. We produce beef,
and business prosperity in the east
means better prices for cattle. In this
way will We be benefited. But under
the circumstances Of the case, the
ware will be sometime in reaching us.
But it will come all the same.
|
THE greenbackers of Ohio didn't cut