New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-05-26
AMERICAN IRON TRADE.
WEAR OF GREAT PRODUCTION.

A YEAR OF GREAT PRODUClloN'
THE STATISTICS FOR 1s7Q-ANNuAL REPORT OF
MR.. JAMES NJ. swANK, sECRBrAKY OF lhN
AMERICAN IRON AND sIEFL ASSOCIATION
The report of Mr. Swank, secretary of the Amer
lean Iron and Steel Association says that of all the
ve,r since the panic of 1873 that of the least pro-
duesion of iron and steel was 1876. Prices were
also down that year. but they went down still more
in the next two years. At the close of 1878 there
was a change. In the Spring of 1879 there was
sudden demand. Mr. Swank SAYS:
prompt Iucr asr ~ production was seen TO o. lu-
peratlvey necessary. aud preparations we're III I Iop
been idle Iron rails when had Long been ngiec,S
were again sought Tor THROUGH me lnany ST tbat
makers 70 take all the orders ior cary Gu, sr II he
were offered to them BY the middle oi ths !t'n r.
came aparent that the Witch h'I rad been 20 long
Idle could not be fel&ated ~ tme 10, 20 49, H.,
nv raT"ads and from industries Witch nad been stDn
iatcd into new life by the Improvement III ihe
fmnors of these articles were therefore fesuued
cnied N the Importation were large gaan',Ss o. t U
place OF pig for MISCELLANEOUS purposes sSoloe
nyIs ONLY partly successful, were also mace
=, serre BcSsener steel blooms OF foreign manufacture
to rolled INTO rails 70 iron rni nuns o,y nnon
aatjc sources OF supply Of al exlIaordEary demand
for iron ana steel disclose the fact that the
available supply Of domestic lon ore was wI no. li
snScent and many Of foreign ore were hr0dgh
from Europe even England and ireland Delns uIaSn
with the supply of COKE 1t was not CGI cnur se
the demand. The prices OF ore 'bu ookc vi ,I
adyanctd and advanced by LEAPS ana n3unGs;
sddtn0 greatly to the OF producing IRON al "eel
and encouraging sill further tee tendency 10 AuN"So
the prices o; these articles. But MISUNDERSTANDING no
stimulus of high prices, the lmIoLti1oA 3l raw n,
ferias and flushed products, ana the largely hefcu
production of domestic woTk-eXctedlhg III Tue WUOle
Of the wear 1879 that Of any pre'edh+ ye ~ t ~
Variable iron famine in the closing months u 10 %
greater than that of 1871 EXcl neht anu
took the place NJ he gloom lhd
Yhich the American Iron trace ha0 oeeh so
scaIcely one year before aud The business OF buying ahd
selling iron became ose DeiShhor 10 'h' Vi e"i'''"E
stocks. - ~. ,,,o ,,,,rioua sj,r-
oton OF the home IrOa trade has come y an enc;
The msrct al the middle OF Nav IS settling 10 healthy
condition. Prices Tor the relnAhi 20 Oh Ihe year w.,
ably rule shade above thcse at whh iOrt'S IRON ~
sfeel ear be- sold at NewYOTk with Ttcht ara GUY ra
Couxln ptiOn Is still active, low prices cooperating WIN
an ABUNDANCE OF money AID gen raj prosperity 90 eNI
70 msiority of the furnaces and rolling mills and steel
weeks vi tie couutrE the promise OF STEADY M ~
way excited demand for their p'OduetN IA 80
many furnaces ana rolling mills nave AGAIN peS S"f'
The ony cuse for serious apprehension concerning
the Immediate future OF me d,estlc iIt1 IL sG 81
duties on imports. r cent exyVriepce proves onlS W.
clearly that port atOns o. foreign IRON anu s'eeI en
not be trjtlcd with.
Mr.. Swank says that the late advance of rr1ces
was not due to the tariff 10 any combination OF
American makers. 1t was due to the hard times
lasting five years. which caused falling on Ill
production and left the makers unprepared ro meet
a sudden call for iron. The wild scramble of the
railroads for iron was not expected, and when 1t
came il created an excited condition of the market
The report then passes to statistics. Inc 1oIlow'
ing extracts cover all the important points,
The following table will show fc lowest prices touched
Ivy and steel products since the pane OF
1879 and the prices prevailing at the middle OF Nay
1880: