The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-11-22

Cincinnati Enquirer 81 sunday.
There is not much noise made at the
present time over the iron business, but it
must not be inferred from this fact that
there is not much animation, and conse-
auently no cause for bluster. That there
is no speculative movement in progress
with its attendant huCtuation OF prices is
very true. Prices are not on rampage,
and threatening to reach dizzy height
and creating a wild desire upon the part
Of those who know nothing about the
business to buy with the prospect OF sell
ing at large profit without handling or
even seeing pound Oi,lheirpurchase. Val.
ues are not being forced up to a point nom
which disastrous reaction IS sure to FOL.
low. Neither are they reaching a figure
that will stimulate importation which will
vlut the market as in 1879 and 1850
The history OF the iron market in those
wears will not soon be forgotten. In June,
1879, hot.blast charcoal iron was down to
so OOa2l 90 per ton, but an advance com.
menced in July, and continued steadily
until October when this grade OF iron was
quoted ut SO 0Oa4l 50. There was then 4
short breathing spell in which there was
decline Of $! OOI3 80, which was followed
By further advance, until SiS 0OA4i 90 was
reached in February, 1850, Furnaces ran
to their utmoSt capacity, and those that
had been out OF blast ior years "blew in
and swelled production. Foreign countries
were rauSacEed for all kinds OF iron, from
nj. down to scrap, and poured into this
country in unprecedented quantities.
| Aiterthose high prices had been attained,
a rapid decline set in, which continued un-
| Ill May, when No. hOt.blast charcoal iron
touched S97a2S, and business became de
monlized. Fluctuations have not been
upon wide scale since that time, and the
price Of this grade Of iron has not been
above $50 nor below 81.
Early in the spring Of this year the
market became steady, and there was q
fair prospect Tor good business in this
city; hut strike was inauguated that was
prolonged through the summer, with I'M
favorable results to the industry for the
time being, Happily these troubles are
ended. and the iron business is once more
upon its feet, and the footing is solid one
to all appearances There has been a
steady advance in prices during the past
month or six weeks, but it has been caused
hy legitimate conSvmptive demand, and
No. hOt.blast charcoal iron is now quoted
at SIS 5Ol29 50, and the market is strong
at these prices, and all other grades are cor
rrspondingly strong 1t is probable that
values may be further enhanced, but it is
safe to say that the abnormal figures of
! February OF last year will not be reached
during this mercantile year, which will end
next August. Whatever price is attained
will he the result Of an actual demand for
consumption, and that demand now exists
The business is in healthiul and en-
counging condition. Pig iron furnaces are
working iull time in an endeavor to keep
up with orders. and manufacturers who
consume pig iron are working double force
in some instances Bar iron is selling at
2.7Oc per h., against BIC in January last.
and against S.9Oc in January, 1850, and
nails at s. - per key against s. So
las, January, and against 81 80 per key
in January, 1850, and it seems that
happy medium between the low prices Of
last January and high prices Of January,
1850, has been reached where consump-
ton will not be checked, and at which a
profits realized by manufacturers Alto
gether, the prospects are bright for con-
tiuuance Of an active and prosperous bust
ness, and while there is no unnecessary
noise made 10 attract attention to iron as
\ speculative article, there is q boom OF
the right kind in progress, and those who
are engaged in the iron business are pur.
suing 1t in 4 strictly business manner.