The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-09-25

does not appear that many manufacturers
hereabouts have made fortunes BY the
advance. A few parties had considerable
stocks OF pig iron on hand, but the mill
men generally had no more than was eov-
cred by contracts, and some Of them not
90 much. They accepted orders after the
fHt rise or two 10 run for months, not
thinking that the price would continue
10 advance as 1t has done, and nowthey
Rnd themselves compelled to buy OF much
higher figures than they calculated on.
BY new contracts they viii be able to get
out pretty safely on general average, but
bar has not yet advanced In proportion to
pig, Even the few furnaces 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 then mill men could
manufacture Il, iobbers and retailers gen.
eraly have had the greatest benefits from
the rise.
A few dealers in metal had several
thousand tons on hand ct the time the up
ward movement commenced, but some
had purchased portions Of the stock as
long ago as 1873, when $50 was considered
very low, and they have been holding It
ever since. Now 4 Is up TO $50 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. Per-
haps 1000 tons was the largest stock any
one house had To go In with, but some Of
that was dribbled out on the first move
ment OF the present rise. There has been
no such thing as corner" in iron. The
fact Is the markets were almost cleaned
out, and now all hands must go 20 work
and make up for the demand. Il Is a pretty
thing for man to look at his old pile Of pig
now pledged on contracts and see It's value
increasing day by day, after doleiully con.
templatingits discouraging rust for years;
and an advance Of $40 per ton on $4,000
tons represents snug sum to be entered
up on the credit side OF ones bank &C.
count. There are such cases, but the for.
tunate ones are very quiet about It just as
those who have old contracts to gil and
no iron on hand to fill them with are
somewhat reserved In expressions about
the glorious revival. The advance vas a
little too sudden, and 1t ran too rapid and
too far for It's beauties and benefits to be
realized all around. The fact that the rise
was due in part to the short supply would
indicate that but few could be Immediate
ly enriched, though all feel in some way
the benefits Of revival Of the industry.
WHAT CAN he DONE.
While the demand for iron may contin-
ne indefinitely into the future-though
some manufacturers profess to believe it
may be only temporary and destined to
disappear with the fall trade-tha supply
cannot at once be made at all adequate.
One operator gives 1t as his estimate that
not more that 1900 tons Of pig is now
available in Pittsburgh and the Allegheny
valley, over aud above what is covered by
contracts. The mills, ioundries and steel
works in this vicinity can use about IA, 900
tons OF pig per week, while the furnaces
in blast are not able to produce more than
$500 tonsper week. Thereare q great many
furnaces out Of blast but they cannot be
started up Immediately owing to want oil
ores. Most OF the furnaces out OF blast
will probably not be abe to produce any
thing before next year, as it requires some
time to reopen their mines, Moreover,
those who doubt the permanently Of the
returned prosperity, will be slow to re-
commence operations requiring a large
outlay Of capital. Consequently iron must
come in from abroad, as 1t is now doing to
some extent. II the revival Of trade
should extend to Europe, then it must
continue indefinitely, and prices may
be expected to remain up-and so still
higher.
The advantages of this revival in the
iron trade have not yet made themselves
felt in any great or general advance in
wages, but full employment at present
rates is benefit that many families ap,
preciate, and In due time general ad,
vance in wages may be realized. As long
as manufacturers are filling contracts a,
old prices while buying material at nearly
double the price calculated on, they can.
not be reaping any great profits, but this
must come TO an end soon and no doubt
the worst Of 1t Is already past.
Nails have been advanced from 9 to
cents and bar iron will probably be sent
up during the present week from q to 8
cents in order to keep as near to pig as
possible.
Such appears to be the condition and
outlook Of the iron trade about Pittsburgh
to-day as nearly as can be gathered from
manufacturers who vary but little in their
views.