The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-03-24
A PIttsburEh opinion.

. l
A PIttsburEh Opinion.
! The Pittsburgh Telegraph. Of yesterday
takes the same view OF the iron and mai
outlook as was set forth in these column
on Monday last. 1t believes there is
legitimate demand which will be con
tinued at present prices, and that tn,
spring business will be larger in yolum
than ever before, upon basis at least as
satisfactory as the present s. % and
cent cards.
It is useless TO deny, what is an eviden
fact, that there has been lull in the iror
trade for the past three or four weeks; tha
the heavy orders and sales OF the last hal
OF December and the first three weeks o
January have fallen of, or, as 1t is usually
expressed, there has come a lull In bu
siness. This fact Is not denied, but tn,
explanation OF the fact as given by man,
is denied, and the action OF the meet
inss, which is the action OF those who art
the best posted and the most interested, Il
Eost emphatic denial OF the explanation
OF those whose interest 1t is to see a breai
in the iron trade, and who assume anC
affect to believe that the iron market is ir
retrievably gone and that panic ant
heavy reductions in the prices Of iron are
at hand. What Is the cause OF this lulli
II can be sScribed 10 two causes, both o.
which are temporary, both OF which are
rapidly disappearing. The first was over.
trading in the last Of December, aud the
first OF January; the second the state Of
the country roads. That there was over
trading in the months named above can,
not be questioned. This is true, not only
OF the iron business but OF all trades
Merchants and consumers bought largely
in excess OF their usual and ordinary
wants, and the records OF business show q
volume OF trade never before known in
this country, This was largely specula.
tive buying, not by outsiders but by those
regularly in the line OF business as con.
sumers or distributors, and only meant an
anticipation OF their wants in the belize
that goods were soon TO advance, as they
did. When this advance came, the
natural result was TO check ORDER
until some OF this stock that had been
bought in anticipation OF this advance
was sold or consumed. This is the true
explanation OF the lull in orders as com
pared with December and January. These
stocks are fast disappearing. In Chicago
alone, 1t was stated at the Iron meeting
stocks in jobbers' hands had declined
1000 tons since January !, and the same IL
true all over tho country at every point
At st. Louis ten lots OF nails, for example
Is, 600 kegs that had been held tor an ad
vance, and that had been "bugbear" Ia
the market, have been sold and are out OIL
the way. II also should be said, in this
connection, that half the stories about
large stocks OF iron aud nails held for
speculation are absolutely false, aud the
other half are very much over.stated. Fol
example, 1t is reported all over the Wesl
that Field, Letter & Co., of Chicago, had
bonght all the way from $1,000 to l0O,'
900 kegs OF nails on speculation,
This story, repeated over and owe
again, has led buyers to belieYe In
an overstoOk. The facts are that Field
Letter & Co. purchase was two car loads
400 kegs. 1t was reported last week that
three parties in this city held $4,000 kegs
The truth was that the three never held
but 1000, $500 OF which were sold In
January. II is such false boards as these
that have kept the bug-a.boo Of heavy
stocks before the trade. In view OF thest
facts which were before them, and in
view OF the added fact, though, as com
pared with January, there was decided
falling of In orders. yet as compared with
the same months OF other years there was
q decided increase, the association wisely
concluded that It was no time to be
frightened, aud took the only sensible
course left-maintain their prices. :.
The second cause OF the present condi.
ton OF the market is the state oil the coun'
try roads. These are horrible. The "old
est inhabitautp hac never seen the like
It is an embargo on trade that is severely
lfelt. This, however, is also, like the
other cause, only temporary. AT somI
points In the West 1t Is removed, and tht
business from these points Is, in volume
far in excess OF any previous spring Anf
] the indications are that when this embar
90 il removed the same report will CONT
from all sections.
There Is third cause that affects thu
iron market but not the nsil, q cause tha
will tend TO keep iron at lover tgprt
than that TO which 1t would have gone
We refer TO the fear Of foreign importa
tion. While this Is an element that mus
be carefully watched, much more has beoi
. made OF 1t that 1t will legitimately bear
Some iron has been End will continue Z
be imported, but the time, the delay II
filling orders, the large amount that mus
, be purchased il ordered direct the igno
rance Of It's quality, the impossibility 0
getting shapes and special irons, all Q
these and other facts will keen this impoi
taton within small limits.
There Is some criticism Of the mean
; adopted by the Nail Association to clea
the market by temporary stoppage, but
30 far as the workmen are concerned,
! will be remembered that the usual stop
J page at the beginning Of the year, wa
: omitted this year, and that intelligen
! treatment of the situation now may cor
tribute to steadier run hereafter. Th
manufacturers evidently do not propos
s to allow themselves to be frightened.
!. the iOrtnlgbes stoppsge is not suficien
/. they state that thay will close their mil
n for two weeks farther, and continue th
/. policy until the relations Of supply an
g demand are ascertained.
ocean vessels.
LONDON, March %. = The steamsh
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