Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1883-11-22
PERFECTLY HEALTHY.
The Way Good Judges Regard the
Iron Trade.
CAUSES OF TIE PRESENT DULLNEss.
The Talk About Another Panic Pure
koonshne, While Some Predict a
Jump in Prices Within a
Few Months.
Special TO the Register.


PHILADELPHIA, November pa large
amount of low grade forge iron has been
disposed Of during the past six days, at SlI
TO $3.50. Consumers generally show more
confidence in the future strength OF the
market, than for several weeks. In conss-
ouence Of the favorable turn in the mar.
ket, there are more buyers In the market
looking for supplies, than for some time
past; but prices are still very low. Stocks
Of pig iron at furnaces have declined 100,
600 tons since July lst, and now stand at
$1,000 tons; Sc furnaces have gone out OF
blast since the first of the year; l9 go out
this month, and lj blow in. Good grades
Of forge iron sell at SIS; foundry ranges
from Sl9 to s2l, according to number and
make; Bessemer is quoted at S20.5O
SpieGeleisen at $50 20; Scotch iron is dull
at S2l to SIS; muck bars, $50 TO S3i with a
fair amount selling; there is no change in
blooms. The demand for anthracite is
s.rorg at 81.
The Merchant bar iron trade as still slug
gisb, ard much complaint is made is TO
present prices, aud
The Probable Course OF the Market.
Western makers are still crowdng their
stocks into Eastern Pennsylvania. Some
mills will close down earlier than usual in
December and will remain idle until trade
improves. Prices are 81 ~ for common,
- 0Ol42l0 for relied. The EIsiern uul!
makers expect an Improvement in ther
trade in consequence Of the suspension
which has been ordered in Western mills.
Quotations are s. SOtg290. Pate iron isl
good demand at - - Tor boat plate, $40
Tor tank, 500, SiUJ aud 500 Tor saeil,
tianee, and ire-boX in large lots. The de.
manu for structural iron is lair, and II day s
quotations are $2iOG2 80 for angles, $40
(93.0U for tees, and s3.4Ug3.50 for beams
and channels.
Several large transactions in steel rails
have teen closed at s35, and there are in
quiries for large lots now on the market.
1t is rumored that the Vanderbilt interests
have bought 10000 tons for $34. Small lots
continue to sell at S30G37. Within few
days past three mills have shut down, one
at Chicago, one at Cleveland and one at
Troy. The Cambria Iron Company has an
nounced a reduction of 10 per cent. in
wages, and other companies will follow suit.
HOpeiul view.
The Times says: The depressed coadi-
ton OF the great iron and steel trade at the
present time is only too well known to
thousands OF manufacturers and tens Of
thousands OF workmen throughout the
country. Hardly Gay passes in which
the announcement is not made OF the
blowing out" OF some furnace or the
shutting down of some rolling mill, ana
each paragraph is greeted by those who in
cline TO pessimisliC view OF things as in
disputabe proof that the country is gong
TO the dogs; IN fact, so prevalent has this
feeling become of late that there are many
ugly rumors OF panic in iron in the
near future, which is to cause the ruin OF
this great manufacturing interest OF the
United STATES ami prove material check
to its prosperity during the next DECIDE.
But that these appreheosions are 10 a
great degree unioundei would seem - be
evident from review Of the causes Of the
present state OF affairs. These causes in
the opinion of all the PhiIaael phia iron
men who were spoken with on this subject
Yesterday, resolve themselves into one
fundamental cause -overproduction. The
great boom in general business, which be
gan in 1870, led at once TO an extraordinary
increase in the number of miles If railrO I'd
built and therefore 10 a corresponding &C.
tiyity in the steel and iron industries Of
the country.
An Enormous Increase.
During 1879 the production OF pig iron
was 2 al, 1913 tons; in l$S2 it was 4, ,623, ,323-
an increase in only three years OF nearly
seventy-iye per cent The production Of
all kinds Of steel rose from l,0i1 ,5JG tons
in lS1y to !, 09j in lSS2-ln increase Of
nearly one hundred per cent. The DOJm
in railroad building eliminated in lSSl
when it was discovered that the business
had been greatly overdone and that enough
railroads had been laid to anticipate tie
wants of commerce and the development
Of the country for several years to come.
tt" ~ravoitable reaction then set in,
l,.t. , - 4, crease in railroad construc-
- -; c0rrespon ding falling oil in the
ru -! for steel rats. Yet during 1872,
the manufacturers seemed as yet unaware
of this fact, and the production actually
increased over two hundred thousand tons
during that year, although pr'ces were
steadily declining from s5j PEI ton in Jan.
uary 10 SIS per ton in December. On the
lst of January, 1883, there were 3S3 go
gross tons of pig iron in the market with
The price ruling at $3.50 per ton.
Too Many Pigs.
Yet, on July /, six months after, owing
to the policy of overproduction persisted
in by the II anuiacturers, the number OF
tons OF pig iron held by them and tn ir
agents had increased 10 52S, 59) gross tons,
although the price had iallsn 10 81,
while now, on November Il ii is only go
per ten.
There could be only one result from this
uneuusl state Of supply and demand, aGd
since the beginning Of the year mp 10 the
present date the number OF furnaces IN
blast has teen reduced from Az TO 3jl
while the stock now on hand Is 10000
gross tons less than that held on july /.
This would seem TO indicate that the mar.
k.t IS no longer oyersiOcked, and the slight
Improvement in tie price OF pig iron dur
iLg tie last week is greeted by the grest
msjoIi iiy OF those interested in the trade as
indicating that prices bsve reached hsr J.
pen and taat the next decided movement
will be upward. There are now no stocks
of any amount in the hands o. specIl tors
and importstions OF foreign pig iron are
notew orthily small.
Better Prospects I'm Sight.
In regard to the Eastern markets, psrtic'
ulsrly, it is the general impression among
the iron and steel manufacturers and
SCENTS OF this city that an improvement
will set in after the dul.ness which always
comes during December Of every year con-
90 tquent upon the snnusl vacation" then
taken by the mills and manufacturers.
The only pig iron which reaches this mar.
ket through the East is anthracite and on
November there were only l5s, ,S2l tons on
hand. Since the consumption Is about TO-
eco a week, 1t Is evident that we're many
more furnaces to "blow Out" a. has been
predicted in some quarters, the existing
supply would be exhausted in few weeks
Tie present condition OF the steel and
iron industry, therefore, seems, on the
whole, to be looked upon By the best
Judges SIS perfectly healthy. Many OF the
longer bead. in the trade even prophecy
a repetition soon of the jump of 1879, rben
pig-iron rose from $50 TO $40 per ton 10
three months and steel rails ross nearly
$40 per ton in the same period.