Daily Republican., 1881-06-07
IRON OUTLOOK CRITICAL.
Prices Borne Down by British I'M
pOrtatiOns-views OF Wilmington
Manu- facturers.

Wilmington is deeply interested in tht
iron industry, and any slight depression
in the iron market is felt here very much
Apanic in this particular branch Oftrade
would be serious blow indeed. The
city therefore is deeply interested at
present in thedepressed condition of the
iron trade at present, and the signs
which Sade no good for the not distant
future are being studied with some I'M
easineSs.
The REPUBLICAN, this morning made
inquiries among leading manufac-
turers as to the cause of the present
depression. 1t was found to be
due in u great measure to speculation
and to importation from England. Some
time ago when the iron boom was at its
hight, brokers thinking the prices
would go higher placed large orders in
England.
By the time these shipments began to
arrive, however, the reaction had set in,
and the buyers found that they were
considerably out in their calculations.
The result was that while many put
their cargoes on the market, a greater
number took advantage of the customs
kept in bond for one year without the
payment of duty, in the hope of anoth-
er advance. Tuehr expectations, how
ever, have not been fulfilled and as from
time to time, for some months past, the
bonded limit on large inportations has
been expiring, the owners have been
compelled to force their holdings on the
market. Less than tour weeks ago four
teen thousand tons of old rails which
had been in bond for year in New
York were sold at a figure which in
volved the operator in loss on the
whole transaction of no less that $780,
900.
Had it not been for the excessive i'm.
portations the trade would to-day be on
firm. even strong, basis, for the de-
mand is fully up to the production of
the American mills. sit is British iron
and that alone, which Is hurting us,
says a manufacturer. in 1880 the total
of foreign iron and steel received
through the customs service aggregated
nearly 2,OOU,O0O gross tons, of which
628, 1874 were in bond on December 81
last. Between that date and April
the total was reduced to 296, ,032, while
up to May the imports amounted to
3i5, ,302 gross tons, so that within four
months close upon half million tons
were put upon the market i'll excess Of
actual requirements. Hence the drop
in prices. At the close of the year No.
foundry was strong at so, to-day it is
weak at S23; BeSsemer pig was firm at
$500, while the most recent quotations
are $3.50 to So; and even these figures
are reported rs being scaled, These are
the stand ards of the market, the other
varieties tiuctuating up or down in
their trail.
MOne well known firm said to day that
il was hard to tell what the outcome
would be. AtpreSent the situation was
gloomy, and prices was falling quite
low. The demand, however, had not
been much influenced as yet. Only a
speculative view could be given, and
this was to the effect that only con-
tinued tremendous demand would
prevent matters from becoming worse.
Mills are already shutting down.
Two blasts furnaces at COnshOhOCken,
operated by j. b. Moorhead & Co.,
were shut down yesterday, and as u
natural result of the large number Of
men thus thrown out of employment Il
feeling of gloom pervades the suburb.
The action Of the firm was necessitated
by the fact that they have 5000 tons of
pig stacked i'll the yards for hich they
are unable to find Il market except at
prices which would involve Il loss of
$2.75 to S. per ton. Another furnace,
located at Eastport, on the Reading
Railroad, also went ont of blast yester-
day. Seven others will suspend opera
Uions during the week, and by Saturday
next ut least twenty furnaces in Lehigh
and Schuylkill Valleys alone, which
were working actively Il couple of
weeks ago, will be as still and quiet as
the grave.