Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-12-20
PROSPECTS OF THE IRON TRADE

PROSPECTS OF THE IRON TRADE
There is apparently growing conf
dence in the iron trade, that the boom
has come to stay. We hear less OF the
ominous predictions about over produc-
ton and inflated prices to be followed
bya reaction, which in the early stages
Of the boom were whispered about by
the conservative men in the business.
Facts and figures upon the prospec-
tive consumption OF iron give a very
plausible basis for the belief in Il con-
tinued prosperity OF the trade. Unless
the extensive importatiOns now
being made from Europe should
materially affect the home market,
which seems likely to be the case, there
is no other apparent cause for reduc-
ton OF prices for some time to come.
The surprising extent to which impor-
tations are now being made has been
heretofore referred to. Capt. DEvRIEs,
who has Just returned from Baltimore,
saws the quantity of iron that has been
stacked up at Locust Point from Euro
pean vessels and awaiting railroad trans
portion is a wonderful sight. The Cap
tain SAYS he thought that he, having
lived so long among iron manufactures,
had nothing new to see in the way OF
iron, but this spectacle was beyond any
thing he had conceived.
one cause, il is believed, will shortly
contribute 10 reduction Of the impor-
tation, and that is complaint that the
English iron that has come to this
country is inferior 10 our American
iron, and although il is possible to lay It
down al our wharis below the cost of
American pig at the mills, there has
been very little difficulty in holding the
price Of the homemade article. II
foreign iron should come into use IN
quantities sufficient u permit o. a COM
parison being made, it is believed that
the superiority of American made iron
would be cOnclusiyely shown.
In regard to the prospects OF the iron
trade Tor the comm. year the Pittsburgh
Dispatch has collected some very inter
esting and instructive facts and figures
which we herewith append:
Bearing upon the matter, and 10 fur
nish basis Tor mathematical calcutta
ton as to the coming year, we have
been al pains 10 gather from the most
reliable sources practical men who
know whereof they speak-some peril
nent information as 10 those industrial
operations already decided upon Tor
1850, which will affect the iron market.
The conclusion tO be derived from 1t -
that one oi the briskest years Is ahead
that the country has yet known. Fore
most among the causes Is the wonderful
revival i'm railruau building. The panic
put stop 10 many enterprises OF tins
sort which were either under way or
planned i'm 1873. These have been re-
vived and with new ones made neCesSa-
" by the growth Of trade and manufac-
ture, grand total of 1000 miles is now
ascertaincd by statiCians who have col
lected the facts with care, a. the aggre-
gate length Of railroads 10 be built in the
United States during 1881. A very con-
siderable portion OF the total is already
under contract, and the means for the
whole in the shape of stock subscriptions
proceeds of bonds, &c, are reported as
secured.
Some Of the journals specially devoted
10 railroad interests have gone so Tar
as 10 figure out l2,OOO miles Tor con-
struct:uu in 1881 but We accept the low
or estimate, a. il seems To be authentl-
cally supported by details. The magni-
tulr OF the work ahead will be under
stood when il is remembered that dur
inc no previous year has the construc-
ton of railroads been more than half as
larse; and vet ON the other hand, II Is
perfectly Ineligible when the growing
demands arising from the extension OF
agriculture, commerce AMI manufact-
ures Il taken into account. together with
the natural revival OF projects that ne
S-ssarily had tn lie in allegiance during
the panic and the time OF depression
following. Here alone would arise an
extraordinary demand Tor iron. But
there is another source of demand al
most as great. Ten per cent. for
renewal OF old roads, repairs,
&c. is not by any means
an extravagant estimate, particularly
when one considers that on many lines
repairing has been deferred or done in
the most frugal way on account OF the
same influences that prevented the
building OF new roads. As there are
about 80, 100 miles of railroad now in
existence, a ten per cent renewal of rails
would be equivalent to the laying OF
1900 miles Of new track. Super-added
10 this there is 10 be considered such
necessity for increased rolling stock as
was never before felt in the history OF
American lines. The immense increase
in freight receipts during the past fall
unon nearly all the trunk Oads-an IN
crease that has sent up stocks and secu-
rit;aa in many cases from merely noml-
nal quotations to very high fgures-is,
"a conrse. well known, and yet even this,
bscanse Of reductions in freight rates,
does not adequately represent to the
s.sneral reader the vaster increase
~ Tonnage. Taking the New York
Central and Hudson River road as affair
sample, this will be understood. In 1873
the Total tonnage upon that road was
4 S9S 955 tons; in 1878 it amounted TO
$40 535 tons, or an increase within i've
wears OF 50 per cent So, too, there is
not a road OF importance that has not
ielt the pressure which is steadily grow
inc. Correspondence with the principal
caI-manaiacturing establishments Of the
countryhas resulted in information that