The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-01-23
THE IRON Room.
An Interview with n Prominent Manu-.
facturer-IIe Thinks we are only Com
mencing n Period of Great Prosperity.

II tHctuEeF-Ane Autnhh VIC hFc uhty Sbhi
mencing Period OF Great Prosperity
n. Y. Herald Of the 2lst
"Iron has gone up 100 per cent and il
likely to remain at Its present prices fol
some time to come," said Mr.. Abram s
Hewitt yesterday 10 reporter OF the
Herald.
"To what DO you attribute this sudden
advance, Mr.. Hewett?'
ITO various causes. First, to the up
ward tendency OF everything, and then, ]
! suppose, TO the return Of confidence and
specie payments. Whether the improve
ment in values Is due to the return OF con.
tidence or the re.establishment OF pay
ments, or whether the one is dependen,
on the other and which is the dependent
am not prepared 10 say; but their in.
fluence on business generally has been
considerable, and on the iron trade espec.
tally has been very great"
SLOW has the demand for iron in.
creased?"
Enormously. The world was able last
year TO supply the demand caused by wear
and tear. which was probably ten per cent,
but now 1t is not able to supply us. We
have now $4,000 miles OF railroad against
So 600 miles OF railroad not long ago, and
here we are continually increasing"
THE GROWING WEST.
"You refer to the West?"
Certainly. They are building railroads
there in every direction. Lines there
that were formerly Of little more than
local importance are now spreading their
branches out in all directions, like the oc-
topus, and stretching toward the Pacific.
They are assuming tremendous proper
tions and want great quantities OF iron.
Then there are the immense farms OF the
West, from Dakota out, the greatest grain
growing country in the world. These
farms are worked on large capital, just as
commerce is conducted here, and they
consume vast quantities OF machinery,
tools and implements. am now talking
about them as business concerns. About
their moral effect have private opinion.
You have asked me about iron and I am
giving you my reasons for the increased
demand and the consequent advance in
prices"
"Are we importing much Just now?"
"All We can get, but that Is not much.
We have exhausted the European mar.
kets, and that it Is more than probable II
we gave an order now 10 England, for in
stance, we should have to pay higher
figure for what we wanted than is quoted
to-day. Inean by that TO show you that
1t Is a rising market"
"Are there no large stocks accumulated
on the other side?"
"Not now. They were, but we have OK.
hausted them. When we ran short we
naturally went over there. We bought
all VIC could get and ordered more. AS
soon as they saw the surplus moving they
began to perceive there was great need
in some part OF the world, and up went
the prices In consequence"
1--WE were more than able 10 supply our
own wants not long ago, were we not?"
"ies; and our facilities will increase
again pretty soon. As soon as We get
more furnaces going and mills running"
Some OF them have been closed?"
"Oh, yes; agrcat many. But now they
market will DO eased little. The prices,
however, will be kept up because the de.
mand will continue SO long as the re.
sources Of the country continue to develop.
We may, Of course, be visited by catas.
trophe. Prices may go too high and capi-
tai may lie locked up. Nothing would be
more dangerous than that, except, per.
haps, interference with the currency. |
had letter from Bonnamy Price, asking
me why ! objected 10 the legal tenders.
Now tell you object to them because l
look upon them as Il war measure, and,
the war being over, the legal tender
ought 10 disappear. You see the danger
Is with other nations. How can they be
assured We may not increase the volume
at any time and disregard obligations that
ought TO be inviolable? We must sustain
our credit and retain confidence; then we
shall be all right"
AMERICAS POWER OF coSsuNIrioN.
"Then We were the original cause Of the
trouble?"
Undoubtedly. We were the great con-
sumers. We swept away everything.
Then We fell of; but now again We have
returned to the charge as consumers, and
our capacity TO take away Is greater than
ever. We can use all their surplus over
on the other side, and employ all their ex.
ira population also. The price Of labor is
steadily increasing here, and we want
more men. We can take and use what
ever they have in excess on the other side
Of the ocean,"
"Are you buying iron out Of this coun-
try?n
bought In Cuba. You see the price Is $35.
That was on December29 Now that iron
Is worth S45-3S per cent, you see, and in
a month. That's the way It's going. This
country has always been importing GER
tain kinds OF goods. There are certain
kinds for which each country is famous.
Each OF these kinds Is wanted everywhere
for particular purposes. We take sheet
iron from Russia, and now, think, old
rails, because we can't get any others.
Norway supplies special article, and so
do Austria and England"
"a gentleman talking to you just now
said he used up old guns"
"For bores and castings, yes. They do
that whenever they eau get them. It Is
charcoal iron you know, and they buy all
in that are offered for sale. Now and again
the government has a sale OF guns, and
Mr.. Delamater, or some such man, will
buy up the lot. They sold two old Revo.
lutionary guns the other day, and OBJ.
tanned one Of them"
"Sold them as old iron?"
eyes, sir; sold them as old iron. There
are couple more Of them buried in a
certain place, and hope to be able to get
possession Of one OF these also. Old guns
have been turned into account In the
making Of locomotive wheels and other
machinery"
"You think the present prosperous
times are likely 10 continue?"
~ do, sir. Isee nothing 10 interrupt
them. They are the natural result Of the
growth OF the country, and think we
ara maralv in the cn;nmanrement Of Il