Year: 1879




Pits Gazette.


When the present year opened the
prospects for the iron and steel trade
were about as gloomy as could possibly
be imagined. The demand was at min
imum, and prices were lower than ever
before. Men of the world gifted with
far-seeing faculties, when asked If there
was no hope for the trade, shook theli
heads mournfully and expressed fear
that the history OF the past three years
was to be repeated in 1879. Fortu-
nately, however, their gloomy forebod'
ings have not been realized. The tide
began TO turn in February, and every
succeeding month has witnessed grow
ing and encouraging improvement in
this industry. Secretary James NJ.
Swank, of the Iron and Steel Associa-
ton of the United States the statistical
bureau for the iron men Of the country,
was asked Yesterday by Philadelphia
Record reporter TO give resume OF the
present condition of the industry. In
response he remarked:


There will be more iron and steel
turned out in the United States this
wear than in any one year in the annals
of the country. When | speak OF iron
and steel | embrace categoricaliy more
rails and more bar iron, more plate and
sheet iron, more pig iron, more Besse-
mer steel and more crucitle steel. What
is better, this large production Is in
answer To the demand, and manufac-
turers are not, as in many past years,
piling up stocks in order 10 keep the
furnaces i'm blast. Prices have not ad-
vanced to any considerable extent, yet
they are from ten to fifteen per cent.
higher than last fall, when figures were
lower than ever before in this country.
Our present condition is decidedly en-
couraging."


But what OF the iuture?" was asked.


al expect that the activity which pre-
walls TODAY in all branches OF the iron
and steel trade will continue for at least
a year 10 come. Nearly all the favora-
bly-situated rolling mills are in opera
ton, and numbers OF these mills, as well
as furnaces and steel works, have orders
ahead for several months TO come. But





Remember that this is midsummer
generally the dulleSt time of the whole
year. Bet New York reports an active
demand for the product OF the furnace,
and good deal OF business is dong in
old rails. Away up at Pitts
burgh the market is strong, prices
are firm and improving, and
many holders OF stocks are moving eau
tiOuslv or else holding back in anticipa-
ton O. an upward tendency. In Louis
vile our CORRESPONDENT says that the
volume OF business far exceeds that OF
former years at this season. Tennessee
has been the last place to feel the effects
of the revival, yet our report from Chat
tanoogo shows that an actual advance
in the price Of both pig and manufac-
turcd iron has commenced there; that
contracts cannot now be made for less
than ) TO 10 per cent. advance on the
prices of a month ago, and that there is
no lack OF orders at any OF the works.
All these are straws showing which way
the wind is blowing"


The condition of the Philadelphia
market at the present time is highly en-
COuraging. The demand Tor pig iron and
muck bar is very active, and lots are
taken as soon as offered. The makers
of structural iron have their hands full
and prospects of great activity for some
time TO come. The amount OF business
done in sheet iron in this locality for the
past six months is without precedent,
and heavy fall trade, combined with a
general advance in prices, is anticipated.
The same applies to bar iron. A consid-
cradle amount of business is being done
in steel rails. High prices could he OBJ
tained for present deliveries, but the
mills have their capacities engaged to
such an extent that orders can only be
taken for delivery many months hence.
The demand for delivery OF iron rails
during the next quarter is very urgent.
The scrap iron market is firm and the
prices are tending upward.