New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-05-26
BLOWING-OUT BLAST FURNACES.

EFFECT OF THE DEPRESSION IN PIG lRON-IhE
ALLENTOWN WORKS FOR SALE.
The condition of the pig-iron market continues so
bad that the producing companies IN Eastern Penn
sylvania have been compelled TO blow out numer-
Gus furnaces Along the In <>Of tho PhlIa-
delphia and Reading Railroad thirty-lve furnaces
have been blown out in the last two weeks. Eight
on the line of the Lehigh Valley also have been
blown out and within the next two weeks seven
more are to be- AT least fifty furnaces OUT OF
total of 40 in this part of the iron regions VIII De
abandoned by the first week of April. Or the most
prominent iron companies, the Crane Company ha'
one furnace out and will blow ont another Inc
Thomas Iron Company is runningonly SIX out oil itS
nine furnaces The fifty furnaces throughout East
ern Pennsylvania whose production is to be stopped
consume between 100, 900 and 100000 tons OF an
thracIte coal year. Hence the loss of this de-
mand affects the coal producing companies.
b. G. Clarke of the Thomas Iron Company, SAID
Yesterday: There has been no general agreement
to curtail the production of pig iron. Each manu-
facturer has acted Independently and has SIMPLY
been forced to blow out of his furnaces on ac-
count of the condition of the business. III Is gen
orally expected by iron men that there Will be
further decline in the price of pig iron.
tn understood that tho stoppage OF work by the
Allentown Iron Works. of Philadelphia, is only a
question Of time. The company's works are at Al
lentown, Lehigh County Penn. Its furnaces mum,
Der five. The capital stock is Sl.O0ouOO
and the bonded debt is ~ 100000. Inc
stock hoders recently refused to raise 81 ,OO0oOo
additional necessary to carry the business. ana
tho bondholders will forcclose their mortgage. The
works have been offered for salo, but an offer oil ono
iron company of 800. 900 for tho plant has been
declined The company was organized IN 1916 ana
was successful up to 1861. Sine that time. iron mon
say its pro prrty has boon waning The officers OF
the company are Frederick Prime. jr.. president;
H. Cabot vIce-president. and Frank X. Welsh, sec
retarv. The annual capacity of the works has been
abnut 60 900 net tons The first furnace was built
in 1876 and excepting built in 1872, the three
others were put up between 1916 and 1879. A
prouneui IRON man SAID Yesterday that the four old
turpaces were worthless and should he pulled down.
PHuADTIPHIA. May 2J.-llcnry Cabot, wee
president OF the Allentown Iron Company, SAID tnlS
morning that the company intended To pass the
scml-annual payment, June l. of interest on IT'S
bonded indebtedness There were no other Hablll-
ties no said except this $4,000 of interest on
bonds held chiefly III Philadelphia. The company
had blown out two furnaces several months ago
and would blow out Others soon unless the situation
changed. o.. -,
CHICAGO May 25.-From interviews with the
leading iron men of this city 1t appears 10 pc SET
tied fact that the mills oil Chicago VIII stop on
June unless sonr unexpected concession ~ MADE
by tie AIhaIgamaicd Association before that time
which Is deemed highly improbable. The | mon
Iron and steel Company. which was expected 10 re-
sumo work on june !. has apparently abandoned
all intention OF doing