The daily gazette., 1880-04-24
Heavy I'm portations End the iron
Boom.

| The news which we PRINT this week
on our first page and elsewhere In our
market quOtati 3Ds records the impor-
tant fact that the "iron boom" which
has existed In the United States since
July OF last year has come 10 an end.
fhe climax of excitement and specula~
ton was reached in E. -bruary. and since
then prices have been gradually weak
ening and orders decreasing. Two lead
Ing causes of the turn in the tide have
Ior some time been operating with fun
force; one of these was increased oroduC-
tlon, and the other was largely increased
lmportatiODS. Sooner or later these in
nueDces would be m asters of the sisua-
ton. The country could consume 90
much iron and no more. So long as the
supply Was below the demand prices
continued steadily to advance; when it
became equal to the demand, or exceed
ed 1t, prices had to fall. The heavy inn
portations of January, February and
M arch over loaded the market In some
lines, and prices at tir>t weakened and
then went down with run. The de-
line in pig iron has been SO ton, iE
bar iron, from 4 to 2-10 cents pound;
in old rails, from S45 to S25 a ton; IN new
iron rails, from S67 to $50 ton; in steel
rails, from S35 to $50 ton. Prices have
correspondingly declined in British mar
kets; or, more correctly, II was the de-
cline In prices In British markets In or
'ier TO effect sales on this side that caused
the decline hers. The latest advices In
dictate good deal of demoraliz ation in
English and Scotch markets.
The problem to be worked out by the
iron and steel manufacturers Of this
country the present spIing and coming
summer is very simple one. A large
quantity of iron and steel will be To-
quired by our new and old railroads, our
Western farmers and other consumers.
No man need to lie awake ut night wor-
rytng about possible decline in the
| consumption of iron and steel There
will be no such reacti on. The CO untry
| Is prosperous, and it Is going tn stay
| prosperous for long time to come. Who
shall supply it with iron and stee ?--the
domestic manufacturer or the foreign
manufact This Is the problem to
be solved. All other troublesome ques-
tions In tine IRON trade have been dis
posed Of or are comprised in this one.
Our manufacturers, If they would en-
tirely supply the home market, must meet
| the foreign prices, adding the duiee
and other 'sts of importation. True.
foreign iron, is not, as rule, equal In
| quality to American, but nevertheless
the prices at which 1t oan be laid down
| on our wharves must be met BY dOmos-
tic producers. Fortunately the tariff
will for the present remain undisturbed,
but unfortunately onr late necessities
have started up idle mi lis and furnaces
In Great Britain, the owners of which
will strive hard TO se'l their product in
our market Ours Is the only considera-
BILE foreign market they have to depend
upon.
The owners of our rolling-mills and
furnaces, having lowered their prices,
have taken the Fl rst step toward reclaim-
ing the home markets from foreign
hands. They have done the right thing
not a moment 10 soon. They must now
be supported generously and manfully
by the manufacturers of coke aud the
miners of iron ore. But ore and coke
are unreasona bly, high in price to-day,
and are out of all proportion to the
prices of iron and steel. We confident
ly believe that those who have them to
sell will come to the aid of their Gus.
toners. If they do noe do this they Will
simply kill the goose that lays the golden
eggs. Notwithsi andIDg the tariff, for
egners will continue to supply US with
their iron and steel. aud many OF Oul
furnaces Will again be closed, II coke
and ore remain where they are.-Bultetif
Of the american IRON and Steel AssosiG
ton.