Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-09-03
PROSPECTIVE CONSUMPTION OF
IRON.

luQlG- pcSutAh AN~'N+N~1. lNN
larger share Of pubiic interest than'the
iron trade. whateyer doubts or differ
ence of opinion there may be as to the
degree a business revival,
all agree that there is "a boom" in the
iron trade. An advance OF 10 cents per
key on naifs IS substantial ard-indis-
putable Argument, nor is this all OF the
evidences. Many believe that this is
but the beginning OF the advance-that
prices will shortly leap upward to
point that will call into activity all the
idle mills as well as all the available
capital, until the market is again glutted
and depressed by over-produc-
ton. Others are of opinion that
it is only a temporary condition
of the market brought about the
increased demand-that the diminished
production, superinducedb by low prices,
will soon be made up by the inducement
of better prices, and while there may
not be a return TO old rates there will be
abundant competition TO prevent fur
ther advance.
The whole question, of course, hinges
upon the prospective consumption, and
we find this phrase OF the matter very
fully and intelligently discussed in an
article from the Bstlis;iR of the Iron and
Steel Association, from which We make
the following extracts:
Last week We referred to the proba-
bic consumptive demand in this coun-
try during the present year and the
next year Tor iron and its substitute,
steel. We placed it near the line ofprO-
duction in 1872 or 1873. Taking the
wear OF greatest production, 1872, we
find that in that year we produced
2.S54,5 $50 net tons Of pig iron ahd 1000
600 net tons OF all kinds The prOduC-
ton and importation of pig iron and
rails in 1872 were as follows:
P.gIOr. Net Tons. Rails. Met Tons.
Ptoduc, icd So ~ PtOddc,i0n.... l, O0O,uu
ImpO..d,ioc..... 2,5,gO7 ImDo. .iou..-. 800
Total suppiy-s,I5O5.5 Total supplyI $3.50
The exports of pig iron and rails in
1872 were so insignificant as not to re
quire notice here. The consumption OF
both these products in that year was
therefore apparently equivalent to the
total supply, namely, 3,l50,525 tons of
pig iron and $50, $50 tons OF rails.
But it was not SO as regards pig-iron.
The year 1871 was the year OF the iron
famine, and very little pig-iron was car
ried over i'm stock from that year 10
1872: whereas 1872 was cOnfeSsedlv a
year Of Over-prOduction and needless
importation Of pig-iron, resulting in the
carving over into 1873 of large guam
titv i'm stock. In the absence OF exact
statistics we estimate the excess OF stocks
al the close OF 1872 over those at the
close of 1871 as fully equal 10 the impor-
tation of 1872, namely, 295,9j7 net tons,
which would leave the actual COnsump-
ton of the year 1872 at 1851 ,55S tons,
the quantity then produced. We
will produce rs much pig-iron in 1879
as 1872, and import about lOO,-
600 tons. We will probably carry over
in stock to 1880 rs much pig iron as we
carried from 1878 10 1879, namely, Oh
56j net tons. The consumption OF this
year will therefore aggregate about
5000. 600 tons, and il is our opinion that
i'm 1850 it cannot be greatly in advance
of these figures. Old iron rails are still
an obstruction 10 q wide expansion Of
our pig iron industry, and it is not to be
expected that the present extraordinary
demand for new rails for relaying worn
out tracks, which largely absorb the
present make OF pig iron, will be con-
tinued after the rails now ordered are
laid down.
With regard to the consumption OF
rails in the exceptionally active year,
1872. we cOncede that il was almost
equal to the united production and inn
pOrtatiOn of the year, namely l,3'O,SjO
net tons; but that this consumption can
be repeated this year or the next we
said last week that we did not believe,
for the reason that We are not building
railroads 50 rapidly now as We did in
lS72, and that the steel rails which are
now So largely used last much longer
than the iron rails which they have dis
placed. In 1872 we built $50 miles of
railroad; this year the most Sanguine cs-
Inmates DO not place the mile
aye above 1000 miles. The long
life 0i steel rails no one will now
doubt. The new iron rails which are
being put down are generally, too, of SUI
prriOr quality. Ii is fair, also, we think,
10 assume, MS we have assumed above,
that the present activity in replacing
worn-out rails is wholly exceptional
induced partly by the improved iinan-
cial condition of the railroads, and part
ly by the apprehension OF higher prices
on rails, and cannot, in the nature oil
things, continue longer than next year.
The leading railroads commenced IN
earnest last year to relay with steel rails
the tracks which had been wearing out
since the panic; by the end of
next year the substitution OF steel
for iron rails bv these roads will Ice
largely accomplished. This work OF
substitution is known 10 have been
almost as active last year rs it is this,
vet the total production of rails i'm 1873
was only So, 6S5 net tons, and only 10
tons were imported. The number of
miles of railroad constructed in that
wear was 1904. This year we wlllprO
duCe over 100000 tons of rails, les
more than in 1872, and we will probably
import $4,000 tons, making a total OF
about l,050,000 tons, or, in round num-
bers 100000 tons, as the probable con
sumption of the year. The actual con-.
sumption cannot exceed these figures
very much, nor can the consumption of
1850 vary greatly from that OF 1870.
We may summarize our views upon
this subject, which is properly receiving
a great deal Of attention, by repeating
that it is our belief that thecountry can
not consume much more than 3,OOO,OOO
net tons Of pig iron in this year or the
next wear, and not much more than
100000 tons Of rails. In both eases
the estimated consumption is slightly
i'm advance of the cOuntry's production
in 1872. Ii in 1879 and again in 1880
We but equal the production OF pig
iron and rails in that exception
ally prosperous year, AMI do not
import more than $4,000 tons of rails
and 100000 OF pig iron in each year,
We will have enough to be thankful for,
and need not complain because we have
not done better after almost six years
of panic and harl times There ora