Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-09-25
EFFECTS OF THE ADVANCE IN
THE IRON MARKET.

since ~ vi ~ AOAh w W w. - NN-f
contracts upon which manufacturers
are working now, and will be for some
time, were made without anticipating
the rapid advance, and very few have
vet been benefited by it. Very few had
sufficient stock on hand to reap any
profit at all as yet, though they, OF
course, expect important advantages
from the revival of trade, should it con-
tinue.
As to the condition OF the mills at
Pittsburgh the Dispatch says:
A few parties had considerable stocks OF
pig on hand, but the mill men general
ly had no more than was covered by
contracts, and some OF them not 50
much. They accepted orders after the
fist rise or two to run for months, not
thinking that the price would continue
TO advance as il has done, and now they
find themselves compelled to buy at
much higher figures than they calcula-
ted on. By new contracts they will be
able to get out pretty safely on general
average, but bar has not yet advanced
in proportion to pig. Even the few FUR
naces running had nearly all their stock
of metal and ore pledged on contracts,
and as the price went up faster than
they could make metal, and faster than
mill men could manufacture it, jObbers
and retailers generally have had the
greatest benefits from the rise.
A few dealers in metal had several
thousand tons on hand at the time the
inward movement commenced, but
some had purchased portions OF the
stock as long ago as '73, when $50 was
considered very low, and they have
been holding it ever since. Now it Is
up 10 SO again, and they will not only
get out on what cost them the most, but
they will make good profit ON what
cost them considerably less and average
up very handsomely. Perhaps $4,000
tons was the largest stock any one house
bad to 20 in with. but some OF that was
dribb.el out on the first movement OF
the present rise. There has been no
such thing as a corner IN iron.
The fact is the markets were almost
cleaned out. and now all hands must
20 10 work and make up Tor the de-
mand. Ii is pretty thing Tor a
man to look at his Old pile oil pig
not pledged on contracts and see its
value increasing day by day, alter dole
FULLY contemplating its discourag' ny rust
for years; and an advance OF $40 per ton
on 10000 tons represents snug sum
To be entered up on the credit side OF
ones bank account. There are such
eases, but the fortunate ones are very
quie; about ii, Just as those who have
old contracts TO fill and no iron on hand
TO TIL them with are somewhat reserved
IN expressions about the glorious re-
vival. The advance was little too
sudden, and il ran too rapid and too far
for its beauties and benefits To be re-
allied all around. The fact that the rise
was due in part 10 the short supply
would indicate that but few could be
Immediately enriched, though all feel in
some way the benefits OF Il revival OF the
industry.
While the demand for iron NAV con-
tiuue indefinitely into the future
though some manufacturers profess To
believe il may be only temporary and
destined 10 disappear with the fall trade
the supply cannot NJ once be made at
all adequate. One operator gives II ~
his estimate that not more than $4,000
tons OF pig is now available in Pitts
burgh and the Allegheny valley, over
and above what Is covered by contracts.
The mills, iOundrieS and steel works in
tins vicinity can use about 10000 tons of
pig per week, while the furnaces in
blast are not able 10 produce more
than 1 500 tons per week. There are a
great many furnaces out OF blast, but
they cannot be started up Immediately
owing % want OF ores. Most of the fur
naceS out Of blast will probably not be
able 10 produce anything before next
year, as IL requires some time 10 reopen
their mines. Moreover, those who
doubt the prrmauCnCy oil the returned
prosperity will be- slow % recOmmence
operations requiring large outlay OF
capital. Consequently iron must come
I'm from abroad, as il is now doing %
some extent. Ii the revival of trade
should extend 20 Europe then il must
continue indefinitely, and prices may be
expected TO remain up-and 90 still
higher.
The advantages of this revival in the
iron trade have not Is yet made them
selves felt I'm any great or general ad-
vance in wages, but full employment at
present rates is benefit that many
families appreciate, and in due time
general advance in wages may be real
iZel As long as manufacturers are fill
ing contracts at old prices while buying
material AT nearly double the price cal
culated on. they cannot be reaping any
great profits, but this must come To an
end soon, and no doubt the worst Oft
is already past.
Nails have been advanced from to 3
cents, and bar iron will probable be sent
up during the present week from , TO
3 cents in order To- keep as near to pig as
possible.
Such appears 20 be the condition and
outlook OF the iron trade about Pitts
burgh to-day as nearly rs can be gath
cred from manufacturers, who vary but
but little i'm their views.