, 1880-06-12
THE BIG IRON FAILURES.

Sukpcl,xtom OF the New York Million.
nireH - Excessive Importation - The
Prububin Effect OF tIlo Crush on tlio
Iron IndtintrIcN.
IhtL,i,lphM Thn.s, June ?.
Iho susnensun announced yesterday Of
Charles W. Scoficld, nnothcr New York iron
operator, with liabilities estimated Mt S., 2,OO0,-
0oo, following so clpsc Upon the heels OF tho
future of Herman LIssbcrgcr, tIso Of New
York, for n considerably larger amount,
served to intensity interest iii local merca1l-
tiic circles regarding the tntc depression in
tile Iron tra.lc and It's probable effect OH thnt
brslicl, Of commercial Industry Ut this city.
4 thorough canvass Of leading Iron operators
here yesterday shows that Of tho merchants,
manufacturers, spGculatt,rs, b:okurs. aud
importers, which classes compose the tradc
III tlls city, only the last two were engaged
In tho importation Of foreign Iron wheN the
top prices wcrc reached inst winter, nnd
these, more conservative than their New
York contemporaries, confined their orders
principally to meet the demands uf homo
manufacturers who were unable to praclre
the raw materiais here. The rising market
appears to llnve boon first created mainly
thrnugll railroad corporations, who had per-
nlsttet thelr ro2llRG-st0uk, rails, etc., 10 tie
preCintc. NlMl the sudden and viUlcnt demand
FROM tlein nnd Kindred interests exceeded
tna nr''!lueimg fac!!iiies 81 tlo mills md fur,
a.Nl 9it Of blast. Enforced production cI1-
sued, but lit tho mcansIiltc. tic high
figures admitting OF the. profitable importa-
ton Of thu iure|gn product, II was ordered
from Enrolc III i,i'ueilse tlnantitles for flt-
tic market WIS oyerstocked. Although,
lsaiiy 0r,ltrs abroad were c0uuteriliastdGd
lnrge stocks continued 70 nrrivo attcr. tim
market Decalug gluitetl. nlu with those
sinking: From tho appended oplnions,
cleaned from prominent operators, 1t will
bc sven That the Interests here lnve been
tG,nlltsMclGn uli Il more conservative basis.
aesse'l rs in ie @ New Few YerE ir.,is, ye were two @
failures, nggregntlng' S5,o1o,000, have been
announced during the p.st week, and the
lillhedlase tuturt Is replete with healilttul
prospects. ,,,,,, ..--,
anl VIE i l.ientii'ea VIA, oi,eS rro,,!i,enss
IRON interests, yesterday Enve brief history
ei oi ING cases aiMl effects Of the late depres-
slGn III thg trade, IN subsiallee rs fGlloWs,
yc!nber, ls;s, tar iron WIS nt ils lowest ilg-
lrc, being TX to BIO. iii DceGsMber 1t WIS
4 llille ilrllnr M',l continued without mucl!
yarallo nnsl, bMay Of st ysar Then Il
ereasea ess dc ossas sa sbemt ssn JSns @ oow q" liz
or, greater actlvity', wlls noticed, and By
Anguss r1se 70 N cents. very decided ~
CREASE, During thg dull season Of 1878 quite
naees suspended oIerMttons, md these
now began filling up with orders, q nuIn-
3 ber ot r, idlo PILLS aild furnaces stnr5ed up
Giia l.n1!, prices beeatuo flrruer aud adyMnccd
W. They were still advancing in Noyem-
ber, stitlcncd In December, mid reached the
llElicst point, w TO cents, In january.
During Dccellttti, January, nnd February
the mills not being, ahlu to. supply. nil their
steel rails, bloosls and btllets,, an1 scrip iron
Mere ordered from ,broati, tho lnrkest lor-
ts9 tinn OF the orders k0ing out fr0n! New York.
THY VERY ss''t ly letter nlni Sable fHr fllture
transportation, and nre still arriving; Specu-
lAt!0n began HlsH during TINT period, nlnl as
Sisted ~ h!crtaslng tl'e stocks OH t'ils side.
Late III FchYuniy,. III, consequence Of tho
i'Nyo oroppca steadily slnce, and now have
about reached the l!attohl figure, $40.
~ don't anticipate TINT prices will 20 my
lower, Is Importation llns stopped. orders
furnaces nre go1ng ont Of hlast. All Glasses
llave lost, some by slirinknge. There Ia n
good deal Of Imported iron nj New York,
Philadelphia, baltimore, md other ports,
thesu stocks are oiIt Of tic way prices ought
to bo iirner. Consumers arc buying more
freely. think the prospects nro fair for Il
good tratlc fruln July during the season.
Cslcup Iron lnep,ls lurge consumption. Tha
market will bo kept more healthy ,and there
will hD Mo Cxtrilyl9Ant fluctuations. The
will 10 more conservative"
To u fnNl question, "}VNl thu future pro-
duction bu ltintet!?" AIr. Nlleuler said that
tho ordinary operations of the yari0als works
would nh0llt meet tho demand, alld there
does not appear 10 l,eMNy dsiosition 10 force
tic product on tho market. IIp Also stated
that thu speculation In Iron lust winter was
cOMilned eIliviIy 10 Nuw-Y orkcTs, md Thilu-
tieiphiA operators are comparatively snfo
from my suc!, undue effects Of ills course
Us nre i,tIw hel.,g experienced Tn Gotham.
q, 4. Lyman, il prominent iron merchant,
saItl tint from is73 oi, things worked tIow,i
gradually, mid stDcks a,nol,E railroads Md
other principal consuming Interests worked
down iuW, Where, tIin srIsntI of 1870 found
tlul,l. iiuforU iat lln it WIS sl,pposu,i ti,nt
resumption might result In cOntrnctluIl, bit It
liaI list to Oprost effect. tllli restored con.
iiIenco, Thu icn,ig tleliiallI cailIu fran tIle
railroads, WHOSE tul,l,,ucnts uertityf renloil- I
(sl,illv, 0l,l from to hills. Lnst August tia
iliVyuu.Cnt SIT in, yuirs Wcrp nintlp rupl,iiy,
md went right on, In December NJ. ir0n
rcoc,lctl S;W mi Inside Of TINT ilguro Tho i'm,
jorlty OF tha transactions vert lltnlc, Then