The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1880-12-05

extensive manufacture of Sxe,s, springs
wheels, bows, iciuts, bolts, clips, leather
eletn, and Thousand articles purchased il
a paTtly-hnished state by the trade, in which
many thousand OF men fad steady and re-
muneratiTe employment.
New York, Nov. 29.--Drexel, Morgan &
Co, Winslow, Lsnier & Co., and August
Belmont Il Co., have made q contract with
the Northern Pacific railroad company for
S4o,COO,OOO 6 per cent. gold bonds, forty
years 10 run, part of which is bought
"hrm, and part on options, giving The
company time 10 finish the road, the bonds to
be issued only as the road is finished and ae-
cepted By the government. The three firms
named above as contractors for the loans
have associated with them Messrs. Drexel &
Co., of Philadelphia; }, S. Morgan & Co., of
London; Drexel, Hsrges & Co., Ct Paris
In this city the associates are
the Bank of Commerce, Third National
bank, Messrs. L. Van Hogmsn Il Co, J. &
W. Seligman y Co. j. S. Kennedy
Y Co., Speyer Il Co., Kuhn,
Loeb Il Co., Woerishotfer & Co. The rs.
sociates in Boston, Mass, are Lee, Higgin-
son & Co., and Messrs. Brewster, Basstt II
Co.. and in Baltimore, johnson Bros. II Co.
BY the terms of the agreement with the com
pany, the contractors are TO name two direc-
tors in the board, and the persons selected
for the positions are j, G. Bullet Of Phila-
delPhis, and John w. Ellis, of Winslow, Las
nier u Co., New York. II is understood
that John Jacob Astor is large subscriber
TO the bonds.
Regarding the manufactured iron trade the
Industrial World, of this city, contains the
following remarks "There are some cond.
tiors that resemble the days Just prior to the
boom Of last year. There seems to DO in the
Immediate future, commencing with 1881,
several gigantic railroad projects growing
out Of the rivalries Of the great railroad
magnatcs, which are destined to give us
several trunk lines across the continent
Apropos TO this we learn that the NOrhern
Pacific has purchased $4,000 tons Of rails.
The orders for these were placed with various
mills. The indications all point to tremen-
dOus business in the next year. But ii is
hoped ard rather expected that prices will
not be allowed to rise TO SIS high pitch as
before, In fact, there are restraining inhu-
ences which will operate to keep back the tide
OF high prices. Last season when prices went
up manufacturers held their stock for still
further advance. This season they will sell. 1t
is no part OF their purpose to let prices rise
so high as to let in the foreign iron, and
they will fight againstit, Besides, there is a
goo prospect OF obtaining ore at very much
cheaper rates than last year. 1t will be re-
membered that wn the contracts for ore
were made last season the stipulated price
was $l2 80 per ton delivered at Cleveland
AMI other lake ports. But as manufactured
iron fell the owners of the mines voluntarily
reduced the price to 50 so to $40 per ton
thereby making rebate on valid contracts
to the extent of S5,000,000. A very compe'
tent judge INDUCES in the prediction that ore
wi next season be sold on an average of 81
per ton for red speculnr, and So. to 81
per ton higher on B9ssemer ores. Ehe prD'
duct of the mines last season was
nearly the amount estimated by the In
dustrlal World early in the season. The
chances are that the production for next
year will not fall short Of that produced this,
but as II is not natural to expect as great an
effort 10 Increase the output when iron is low
as when it is high, there may not be quite
60 large an output as otherwise might be ak
pected, The demand for merchant bars is
quito good. Or iObberi report very ac'
tive order trade, and prices are steadily with
out change. We quote iobbing rate at
2 3,l0c with small lots at 2 Ice, and &C.
caaionAlly very limited order at 5-lOc rates.
There is no change in the condition Of Rus
STA iron or in charcoal IRON"
The yearly production of the principal
steel works in Germany is about $4,000, QUO
tors.