Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1880-01-26
IRON AND NAILS.
FACTS INDICATIVE or FURTHER AD-
VANCE.
Merchant Bar at Four Cents, and Nails at
Seven Dollars-These are the
Figures Predicted by the
Iron Manufacturers.


The fears entertained by few people
that the revival in the iron trade was
spasmodic and temporary, seems now
70 have been discarded by all who held
them. Indeed but few iron men, any,
have entertained such fears, and the
evidence presented in these columns
last Saturday, showing that the iron
boom is healthy and has come to stay,
are backed up by fresh facts by any and
every manufactures the reporter has
met. The scribe was in consultation
with different iron men during
the week who predict seven dollar nails
by the middle Of March, and four cent
iron within the next Jew weeks. That
iron will 20 to four cents is admitted by
almost all the manufacturers. A rough
rule which very generally holds true IN
the iron business is that for every dol
lar manufacturer pays on ton oi pig
iron he should receive the tenth OF
cent on pound OF merchant bar. In
other words, ii he pays forty dollars for
a ton OF pig he should receive forty
tenths OF a cent, or four cents Tor a pound
OF merchant bar.
WHY THERE MUST DE AN ADVANCE.
Pig iron is now selling for $40 per
ton, and under the rule the manuiac-
turer chOuld now be receiving fOur cents
per pound Tor merchant bar. The price
is still 81 cents per pound. But as evi-
dence that the market is stitfening We
may state that of all the manufacturers
in Pittsburgh not one will contract to de-
liver merchant bar at that price in the
future. They even refuse to take con-
tracts for the near future, but II they
have any bar iron on hand at the time
the purchaser calls they willingly sell
at - cents per pound. But II
is difficult To- find mill with any
considerable stock on hand. Another
reason ior predicting n further increase
in the price of iron is the fact that pig
iron is still scarce and the price is on
the increase. The scarcity OF ore makes
il pretty certain that there will be fur
ther advance in the price OF pig, and
the demand iOr manufactured iron also
seems to be increasing slightly. The
eastern iron manufacturers are now ask
ing 81 and I cents per pound Tor mer-
chant bar, and refuse to make contracts
for future delivery at 1 cents. The
prices are generally little higher in
the East than in the Pittsburgh market,
however. Oi course an increase in the
earl rate Oi merchant bar will carry
With it another increase in puddlers
Wages.
NAIIS--TIIERE Is No STOCK.
There seems To he more difference of
opinion among the iron men about Il
further increase in the price Oi nails,
and a number OF them are slow To be-
ieye that the price will reach seven dol
lars per keg by the middle Of March.
But those who have given the matter
most attention art iirmest in the belief
that seven dollars will soon be the price.
al tell Won nails will reach seven dol
lars by the middle OF March as sure as
you're alive, said manufacturer to the
reporter yesterday afternoon.
"GOur reasons?
"Well, in the first place there is no
stock in the country. | was in conver-
sation Yesterday with a Wheeling manu-
iaCturer who makes the sales Tor his firm.
He is no ordinary drummer, but the
man who makes all the important sales
ior his mill, and who gives his exclusive
attention to that feature. lie tells me
that Wheeling is not only without stock,
but that her mills are to-day 10000 kegs
behind their orders. All Information |
can get corroborates his statement
GLOW about the statement that there
is large stock OF nails held in the West
That was also topic Of conversation
between myself and the Wheeling gem
tleman. His firm sent him to all the
leading western cities to investigate. lie
made a thorough examination and found
that there was absolutely no stock there.
He found, believe, five or ten thousand
kegs in the hands OF Speculation, but
what is that2 There arc no nails in stock
in the West.
THE HOME STOCK.
How about Pittsburgh ~
"There ia only one mill in Pittsburgh