The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-06-21
THElRoS TRADE.
condition OF the Market since the Col.
lapse Of the Boom-The Demand for
Pig, Bar.Iron and Nails.
PITTSBURGH, Pa, June Is.

Condition OF the Market blnee Tue 70
, lapse OF the Boom-The Demand 70
Pig, Bar.Iron and Nails.
PITTSBURGH, Pa, June is.
Correspondence Cincinnati Enquirer.
The iron trade, for the first time sine
the collapse Of the boom, Is beginning t
show some encouraging features, although
the era Of dulness has not yet ended
Over two.thirdso Of the mills in this section
are now in operation in consequence th,
termination Of the boilers strike. Th,
pig.iron markets. very dull in consequence
OF the fact that the manufacturers are onl,
buying for their immediate wants, no
deeming 1t prudent to lay IN large stocks
in view Of the present condition Of th,
trade. As regards the importation OF for.
eigu pig.iron, notwithstanding the very
heavy decline in prices, the receipts con
tinue Unexpectedly large, chiefly con
signed to dilatory spectators who have
now occasion 10 regret having gone in so
late and so deeply. These importations
based on late contracts caused the recent
failures OF Schofield and Lissberger, two
leading importers.
There is, however, o certain proportion
OF the consignments of foreign pig that
were contracted for when bar iron was q
cents per pound before the inception Of
the boom. At that time certain buyers
and consumers became possessed OF the
idea that American mills aud furnaces
could not supply the demand here, and
they went abroad and made contracts
ahead for shipments OF pig to this country
hence, Il was the spectators alone who
had their fingers burned in this depart
ment. This foreign iron is mainly Scotch
pig, remarkably weak iron-much in the
favor OF the manufacturers on account OF
the large amount OF scrap that can be
worked In with 1t.
The demand for merchant iron atpres-
ent Is rather light. This, in large meas
ure, can be attributed to the season. The
farmers in this country are the large con.
sumers Of iron, which goes into agricul.
tufal implements, nails, &c, and, being
busy on their farms, they have no time TO
make purchases. The demand for tank
iron Just now Is active, owing to the re-
cent large destruction OF tanks in the oil
ItBlOut tup btcdu9 luClGAaO " VA pioddL
ton and the construction of the seaboard
pipeline, which necessltates the building
Of large tanks along the line at the sea-
board. Orders have been placed with
firms in this city during the past few
days for sixty.nine large tanks, with a
storage capacity OF l,975,0O0 barrels.
Three iron firms in the oil country have
also received orders for the immediate
construction OF ffty-two tanks with q
capacity OF 1900 900 barrels.
A very promising feature in connection
with bar.iron Just now is that there Is
large number ofinquiries forlargeamounts
OF merchant iron, to bedeiivered during the
next five or six months This indicates that
buyers have recovered confidence, and be-
lieve that iron has reached the lowest point
and are anxious TO cover themselves for
the future. There is nothing in the trade
TO indicate weak tone or panicky feeling
and well-informed manufacturers look for
larger consumption OF iron OF all grades
during 1880 than in any year in the past
decade. For the manufacturers OF egri.
cultural implements 1t can be said that
they have plenty OF work TO do on orders
received during the spring. Many Of
them will run straight through the sum-
mer without the usual stoppage for re
pairs in order that they may be clear and
ready for the fall trade. 1nregard TO rail
road iron, the outlook is very good; not q
single road in the country has abandoned
contemplated improvements or extensions,
savein such cases where consultations oI
railroads have rendered such improve
ments unnecessary.
Nails, which had almost reached the
jumping. off point as regards weakness, are
now getting into good demand. The JET.
ierson Iron Works, OF Steubenville, have
advanced the price Of their nails in Chi.
cago twenty-five cents per keg. This
movement will bring the market In that
city squarely up to card prices, freightage
added. Il also indicates that the supply
OF nails held by spectators has been prac-
tically exhausted. The nail men here are
carrying q fair percentage oil stock, and
say that they will keep on suspending the
production until they are the masters Of
their own business. The sudden impetus
which seized the iron trade last fall, and
which was prognosticated In the Enquirer
last spring, has given rise to much speech.
lation as to its causes. For number OF
years past our people have been living
from hand to mouth as regards the iron
supply.
During this period the crops have been
good, the effects Of the panic have been
steadily sinking out OF sight, specie pay
ments became fact, and the nation grew
rich, although values were low. Our
farmers implements wore cut, and for the
transportation OF the crops the railroads
found 1t necessary to increase their facili-
ties and 10 enlarge their scope OF territory
by extensions. As the fall of 1879 ap-
preached 1t began to look as though there
was going to be q dearth in iron. In con.
sequence OF this, consumers who had been
buying their iron from week to week be.
gan to send in orders for three and five
months stock, fearing that they would
not be able to secure it when they wanted
It, and also with an eye to hold the stock
for speculative purposes in view OF the
promising prospects for an advance.
In short time prices began TO advance,
all the mills in the country ran double
turn, old furnaces that had fallen into dis.
use were put in repair, and new ones were
erected, and our manufacturers set them.
selves to work with will. Prices contin-
ued TO advance, and when the swollen
tide OF prosperity had reached It's height,
there came collapse, and within q short
time the market was utterly demoraliEed
and prices began TO tumble. The cause Of
the collapse primarily was the failure Of
the English iron market to follow ours,
aud the consequent importation Of an i'm.
mense quantity offoreign iron. This in.
fux, together with the surplus produc.
ton in this country caused by the large
increase in facilities, combined to stagnale
the market. ~
It took some time before our manu-.
iacturers realized that the boom had col.
lapsed, but they finally comprehended
that their only salvation lay in reducing
prices to figure thatrendered turther i'm
portation Improbable. Our manufacturers
look this step, and since that time have
been compelled to sit by and wait until
| thia anynlna fFnn has hnan consumed