The daily gazette., 1880-01-20
WILMINGTON. DEL TUESDAY. JANUARY 20 1880.
Iross's Upsoard Tendency.


HOW THE MARKEr Is BOOMING AND THE
PRICE BOUNDING BRIsKLY UR-THE
CAUSE OF TIN ADvANGn and rrs ULTI-
MATE EFHEoHs - VI
A gentleman of this city, who Il par
tner In one Of our largest Iron industries
said day or two ago in conversation
with a friend, that he thought the sur
prising advance OF iron might be due In
great measure TO speculation, by which
capitalists were holding 1t back to
await an advance. He was not confident
OF this, however, and remarked that II
such was the case the price would soon
60 do wn.
A reliable purchaser employed by d.
ii. Kent IL Co., said to GAZETTE re-
porter yesterday that iron was higher at
present than at any time for years." The
rise, said he, "that We are now exper-
ienciuR commenced about July 1st. The
market had been stiffening some time
previously. but until then there was no
pronounced advance. At the time the
price was about two cents per ID. IL has
SIC adily advanced, ever since, and to-day
the price is nearly double what 1t Was
then, but In some instance II is 81 cents.
The price still continues to advance, and
there seems to be guile probability of
u yet going up half a cent more.
"The cause OF this rise Is little diff
cult to be defined with exactDess. just
previous to Its commencement there
came general demand for iron. This
soon became greater than the supply,
and the result was quite an II GREASE. For
| long time previous to that the prices
had been declining. The decline COM
menced soon after 1879, when iron was
selling for about 8 cents per h., and all
the dealess had let their stock run out, SO
lhsF al A. Of,
demand commenc. d."
"What would you say with regard to
the continuance the high price?' 81
shink there Is every probability that it
Will remain aG least ~ h gh as at pres
ent for n long time. We have quotation
this morning at higher rate than quo
ted from the mills, and higher than the
stores IN Wilmington are selling It.
should not be surprised to ee the price
90 higher, as | have Defore SAID. The
Pittsburgh, Pa, establishments seem
confident of this, and think the fOun-
drynen are OF the opinion the rise will
continue. Y0u may know the tendency
OF the price 10 look up for the mills will
only accept from dealers the rates at the
time of delivery"
"DO you think the present rise Is caus-
I'd to any extent by speculations?" "No
DO not. Speculation In iron has not
been heard Of much, but the scarcity in
a neasn:e may be q tributed to that,
though To no considerable degree. If the
rise would be caused by capitalists hold
ting the iron, 10 would not DO so long con
Linued. Corners are made in nails quite
tes, because they are not 30 extensive
az IRON. and The o her day man made
Sl0O 900 on wire goods"
The advaLce In the price OF iron can
not be better illustrated than by a state
ment published in the GAzETrE at the
time of the launch of the Decatur II.
Muller from the yards of the Harlan &
HOliugsworth Company. 1t was re-
marked by member of the firm that II
the same boat was contracted for then
The price would be $50, 900 higher, so
great had been the advances in iron
since the Muller contract had been made.
This was also shown short time ago
when the Pdsey & Jones Company built
An engine aud boiler for a firm near this
city, and when IL was delivered the
statement was made that the rise in
metal had been so pronounced that the
sane contracted w,iss1 not siasn be n lied
for an advance Of less than $1,000 alone
on the engine.
The effect of the rise, so a GAZETTE
reporter was told this morning, will De
TO raise all other prices in proportion.
Iron has become such great feature In
the business and manufacturing inter
ests OF our country that prices usually
regulate themselves with the price OF
iron, To one who has never thought
| about the matter this may seem straL ge,
out such is nevertheless the case, as the
reporters informant positively stated.
Considering the immense amount OF
Iron used in Wilmington, ami the large
Number of people inentified with the
iron industries here, this regulation OF
other prices of manufactures to that
Of iron may be looked upon as
as quite noticeable, and particularly so
In he articles having large proportion
of IRON in their composition.
1t appears that European iron dealers
,re holding up to American prices very
losely, and watching the changes in
the American prices with an interest
that amounts to a careful regulation of
the iron trade to the condition OF things
here. A few months ago iron could be
bought in Europe for slightly smaller
figure than here, aud 1t was disposition
to take advantage of that which led Mr..
Wp. G Gibbons, of the Pusey & Jones
Company to go to Europe. 1t is also
said to be the same hope, in q measure,
that caused Mr.. Eli Garrett, of the
Edgemoor Iron Company, to make a
similar trip, though i'll heal Il is thought
RI hnya ha.. mart of fha n,.naa - a,