The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-01-30
ILLgerrInArE PRICES OF IRON.


An Iron Dealer Alarmed at the Present
Aspects of the Trade-Ni.fonnted
Hope. of Increased Demand.-Greed
ovcrreaehing Itself
New York Herald. '.'
The following letter to the Herald will
show that hopeful views and high spir'
its do not universally characterize the
cogitations OF those interested in the iron
trade. The writer argues that the average
demand for the material is much less than
the present rate Of prodsction, and he
sees no reason TO hope for largely in.
creased demand in the near future. he
therefore anticipates glut in the market
and consequent disaster as the results Of q
present prosperity more artificial thar
healthiul, and more apparent than real
He considers that those interested are
already disturbed by signs Of the coming
storm, and hopes that measures may be
taken to avert its effects. sa-
"NEw York, January "a, lSS0.-1o Mt
Editor of The Herald: The tactics which
have heretofore ruled in Wall street. judg
ing from present Indications, have beer
adopted in engineering q gigantic cornel
in pig iron. The feeling Of, confidence
produced by the successful resumption o.
specie payments in 1879 soon bore fruit II
the impetus given to every department Q
mechanical industry. Especially was thil
new activity noticeable in the manufac
lures OF iron. InApril, 1870, No. Amer
lean pig iron was sold for Sl7 and SIS PEI
gross ton; No. 2, SIG and Sl7; gray forge
Sl4 and $l5 A firm OF New England cap
italists, largely interested in the Lehigf
Valley furnaces, perceiving that there wa
no possibility OF iron going any lower
conceived the idea OF purchasing larg'
blocks OF certain brands and holdini
them for future delivery at an enhanced
price. Accordingly about 10000 tons o
pig iron Of well known prodpetion wer'
purchased and conveyed To- 5iidewater
there to await the course OF events
Shortly after this transaction the sam
firm made contract with thu
owners OF one Of the Hudson rive
furnaces for $500 tons at low price
delivery to await the purchasers option
Tie withdrawal OF so large an amount o
iron from sale during the busy season 9
the year naturally produced some strin
gency in the local market. Much NOR
might have been bought up under lik
conditions. To annouco sales Of future de
liVeries to be made In, say, February AM
March, 1880, was an easy matter. Thu
was the train laid. The large influx @
Scotch and English pig.iron into this maj
ket during last summer and JAIL, with II
comparatively low price, induced man
manufacturer to purchase thereof largely
but for foundry purposes, In the castilig q
stoves and machinery, onlya small pre-
portion can DO used. The balance Of th
mixture must consist OF iron composed
native ores. Most Of the purchases OF pi
iron made at tho present time arc mad
for small lots in order TO obtain the net
essary admixtures. That the demand fc
pir.iron Is large and increasing Is tru'
but that the source OF supply Is unequ!
TO the demand, we do not believe. se'
eral OF the largest stove manufacturers
1.-The country made their purchases for th
years consumption early last spring, an
the iron then bought Is piled In the
yards. ~
Nearly all the ioupdries In the countr
| for Obvious reasons lay In stocks Of col
and iron In the early TALL for winter's US
As but three furnaces In the Lehigh Va
lev are out OF blast, and these win soon /
: ready ior active operations, It Is bt
reasonable TO presume that the flty-or
now in blast will bank 10000 tons OF p
iron during the winter months. II
furnaces az Manhattan, PoughSespsi
!. Hudson. Albany Port Henry, and Grow
Point are in foil operation. The. one !
Peeksklll has passed into new hands, an
steps are being taken to hay have y Il , pn.
operation at an early day, and nd 50 IRON y
3 the smelling regions comes the same Stor
The Gentlemen who represent the corn,
ARE boasiiul as to the success OF thsi
, scheme, They produce figures and da
FHN -"