The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-08-30
The Iron Market-Is the Present Advane.
Ing Tendency Unhealthy.

The Pitsburgh Manufacturer OF yester.
day says that It was never more difficult to
correctly quote the price Of pig iron than
at this time. 1t says that It's quotations
$50 50 To S23) "are mostly based on &C.
tual sales made week ago, but producers
are now generally wanting more, and con.
sumers would give more, but not as much
more as the former arc asking; hence
there Ia q sort OF stand or between
them-and It ls this that makes It so diff.
ticult 10 quote the market. Not only are
producers holding back for better prices,
but agents assure us that iron Is actually
scarce, and from oil the information avail
able this Is true. II Is true there are O
great many furnaces idle in the district
that find o market here, but the scarcity
OF ore will doubtless prevent great many
OF them from blowing in thlsseason. We
could learn oil apo sales OF Besseme' iron,
and therefore Omit quotations.
In regard to nails, the MdngtdeluHr says
that while the card is still s. 35 "the man.
ufacturers do not care bout selling Mt the
price," and intimates that a further adj.
vance may De looked lof.
The Manufacturer regrets the presen ad.
vancing tendencies Of iron; thinks it has
gone far enough, but that It may, and
probably will, go further. In case 1t does,
It looks for bad results, such as a disastrous
reaction Amoderate advance was desir.
able, but the present excitement is
to be deprecated. It says that The
present scarcity Of iron is also in
large degree artificial. The very unusual
activity OF business during the months OF
July and August has led buyers to give
larger orders for early fall delivery than
they would have done otherwise, and the
consequence Is that mills are now work.
ing on orders which in an ordinary state
Of the market would not have been given
so early, but have been distributed
throughout the season. 1t may b. ex.
peCted therefore that later in the season
there will be dearth OF orders, anal the
scarcity will be relieved. The present
scarcity in pig iron at least is largely ,Iue
to spectators, We have advices isOm
several points OF large purchases Of iron
not for immediate consumption, bu! for
Storage. These lots must sooner or later
be thrown upon the market, and tend to
depress prices. The new furnaces which
will go in blast before the end Of the year,
together with the large number OF idle
furnaces which are now being blown in,
will soon tend TO relieve the scarcity, and
we have no fear but that next spring
there will be plenty Of pig iron for sale. "
In addition to what we have quoted
above from the Manufacturer, we make the
following quotation from a circular just
issued by Belknap & Co. of Louisville:
''The short supply Of pig seems to be at
the bottom Of all, and while the demand
continues so very much in excess Of sup
ply the advance will necessarily be main-
tained. This is most encouraging, az the
heaviest fall trade has not yet begun.
Sheet iron, which is demanded for immed-
late consumption at this season, has ex-
perienCed the most lively upward move.
ment, say from $40 to $l2 per ton within
the past few weeks. Nails are following
rather sluggishly compared with the n'her
goods. They are bound to 60 still higher,
however, as It is an absurdity for ten pen
ny nails and bar iron to sell at the same
price per pound. One peculiar feature is
that horse shoes have not responded 10
the general movement. For this The
makers must have some private reasons,
which We imagine before long will yield to
the exigency OF the times.