The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-12-21
raE IRON MARKET.
The Present Condition nnd Futuro Pros
poets Of Alabama Iron.
Ns,s yort TInss Of DeoeMbeF IS

d
The Present Condition aud Futurs Pros
poets Of Alabama Iron.
Nev YORK TiRsS Of Deosmba is
In 1889 iron was at what was then
considered bedrock prices. Gray forge
touched 50 so ton loaded on the cars
at Birmingham. Ala, and the other
grades showed correspondingly low
quotations. Prices, in fact were the
lowest on record up to that time.
Before the year was out, however,
there came q rally, which meant neat
profits for holders Of iron, for 1t carried
the price for gray forge from 50 90 to
sl4 50 in afew months. The top prices
were realized along in November and
December, and then the market pre-
pared to go the other way. Toward the
end Of December trade was dull, and in
January, 1880, rates began TO decline.
In a few months the quotation was
back to $3.50. In year the market
had seen IN advance Of almost % per
cent, followed by an equal decline.
Iron men do not lay these nuctua-
tons to manipulations. For one thing
stocks were very small when the high
prices we're prevailing. There was only
two or three weeks supply On hand in
November.
The Barings' troubles found the iron
market with prices very much as they
had been left by the slump, and at first
the financial shake-up duo to the mis-
fortunes Of the great English bankers
did not seem to have very much effect
upon It, In q few months, though, the
iron trade was coming for its share OF
the general depression, and prices were
yielding. The decline once started was
hard to check. Prices dropped and
dropped until in September last they
were down to IS % ton for iron at,
Birmingham. There were even some
reported sales at lower figure, but IN
the eyes Of the iron men S. % was low
enough. There was nothing like 1t on
their records.
Now the rate for the grade which has
been followed above is 50 per ton. It is
the figure at which furnaces have been
taking orders up 10 three or four
months in next year from their regular
trade. At the same time well.intormed
iron mon hold that no very great guam
tity could be bought at that price,
When the market stiftened from s. 20
it was with IN increase in activity, and
when the price touched 50 there were
some heavy sales.
Pennsylvania iron did not fuctuate so
widely as the southern product. at
present it is quoted at S15 to SIS 50 for
No. Eastern, while Southern No. !.
with 81 freight to be added, is returned
at Sill. For Eastern gray forge the
price is SIS to $l3 80, the inside price
being the same as that for the southern
iron OF tho same quality, with the
freight added, and the outside price is
so cents ton higher. -..-
Is the present price remunerahYe?
He who asks this question Is likely to
receive varied answers. The capitalist
who has notion of putting in q fur
mace in the south is very likely to be
told that the cost to tho furnace owner
OF ton Of gray forge is from $3.50 ito
s.. Yet plenty OF furnaces have man
aged to go into bankruptcy with iron at
SlO. 1t is figured, however, that in
the case Of the southern furnaces, the
best located Of them can make iron at
the prevailing rate at a profit. To do
it, though, they have to consider the
advantages Of coal near at hand and
cheap, and the privilege Of dealing with
their men at their own company stores,
institutions returning particularly
good profit and making very appre-
ciable difference in the net cost of the
product OF the furnaces. Moreover,
when the value of the ore taken out Of
the ground and depreciation in plant
are counted in, there's very pretty
question as to the way tho accounts
will foot up. 10,