The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-08-04


j. F. WHEEnER.
PITTSBURGH.
PIETsBURaH, August 1.-The favorable
reports of the outlook for the iron trade o.
this city sent you last spring has beer
fully justified by the subsequent develop
ments of the markets. Since that time
the leading grades of pig iron have ad.
yanced s. and 50 so per ton; scrap iron
has stifened up $5 and $6 per ton from
lower prices. This is due to the increased
demand, not decreased production, as the
furnaces in blast in the surrounding dis
tricts have increased in number and ca
pacity, while the rolling mills are all in
that given by the receipts of raw iron.
The iron used for material in the manufac-
tories of this city increased in the first six
weeks of 1879 about IL per cent. as COM
pared with the same period of 1873.
AT present the situation is regarded as
very favorable for the iron interests. Not
withstanding the second sharp advance in
prices, orders for merchant iron are COM
ing in freely, to judge by the reports which
most mills make, and those who do not
report orders say that the indications are
very favorable for large trade, as the fall
business opens up.
Prices continue buoyant on pig iron,
which is scarce on mill and foundry grades
1t is not uncommon to find instances in
which the operations of mills are delayed
by the difficulty of obtaining certain
grades of metal which are in demand and
largely sold ahead. Bessemer steel is very
active, and reports are,that the works here
have sold up to their capacity for the rest
of the year at prices that will net them
steel mills are well filed with orders, and
prices are firm. The recent advances on
railways and railroad spikes is also q
prominent feature of the situation.
Inquiries among leading manufacturers
this afternoon strongly corroborate the
favorable reports previously current to
the above effect. MIR. James Oliver, of
uation was marked by great buoYancy,
which had been chiefly felt in pig iron so
far. The firm had not experienced any
heavy increase in orders yet, but he re-
garded the prospects for a fall move in the
iron trade as decidedly encouraging. The
railroad demand was certain to be large,
on account of the activity and prosperity
poets of the iron trade good, although the
improvement is not yet manifest in the
Western markets.
James Laughlin, Esq, of Jones & Laugh
lin, said yesterday that he regarded the
prospect as better than it had been for
many years. Prices. were looking up,
orders were coming in freely, and the re-
cent advance afforded manufacturers an
opportunity for little profit.
MIR. Charles Zug, of Zug & Co., reported
that they had large volume of orders
which would occupy the capacity of their
mill for some time ahead. Prices were
such as to afford some time, though mar
gins were still rather narrow. He regard
ed the outlook as very encouraging in
deed.
Other inquiries succeeded in develop
ing repetition of these views, with the
facts that the productions of some works
are pretty well sold ahead, while all are
confident of good trade. The only
quarter from which danger can be feared
overdone, as it was in 1873. If the iron
men adopt conservative policy, there is
no reason why an extended era of pros
perity should not be enjoyed.
FROM NEW YORK.
New YORK, August 1.-Representatives
of the great iron and steel companies
which have offices here concur in the
statement that the condition of trade is
most excellent, and that the prospect is
highly encouraging. During the past two
months there has been large and steady
demand, so that many of the large COM
panies have all the orders they can fill.
ST. LOUIS.
ST. LOUIS, August 1.-The iron trade of
st. Louis is in a more prosperous condition
than for months, with q healthy prospect
ahead. Prices for many grades of manu-
factured iron have advanced about Is per
cent, and nearly all the mills and facto-
ries are running. The product seems to
be all needed for consumption, not for
mere speculation. The pig iron market is
very bare, and the scarcity is attributed
mainly to the constant consumption of
the supply. The demand for all grades
is believed to be permanent and to mark
the inception of an era of better times
than the iron business has known since
1873.
THE NAIL CITY.
WHEELING, w. VA, August 1.-The con-
dition of the nail trade in the Wheeling
district, while it can hardly be said to be
satisfactory, it is better than at any time
during the past year. With the Pittsburgh
mills mainly idle, and the Belmont of this
city ard one or two other mills of Wheel
ing shut down, the supply of nails is not
more than equal to the demand in this
market, and sales are brisk.
At meeting of the manufacturers of
this city and vicinity held to-day, prices
cent off for carload lots, and it was gener-
ally conceded that the situation would
warrant a further advance, but for the
danger of inducing mills now idle to come
in under the temptation of paying price.
The policy of the manufacturers here seems
to be to keep nails down to point at
whiGh mills less fayorably situated cannot
compete. They claim that should they
accede to the request of Pittsburgh and
put the price back to s. S5 the inevitable
result would be that the mills now out
would be started up again, and the IN
creased production would have the effect
of again breaking down the market. For