Year: 1879

Yesterdays Pittsburgh Telegraph.


There is not a man in Pittsburgh who
is not aware that an advance in
the price of iron, stifening in prices
for manufactured iron and heavy de-
mand for Pittsburgh's iron articles
from the ontside, mean a change for the
better in all other classes of business
throughout this section OF the country.
For this reason the statement that the
iron trade has revived very materially
from its half paralyzed condition, will be
received with general feeling
OF relief. The Telegraph sent a repre-
sentative around among the iron men
to-day to discover the cause for the AL
vance that has been made in the price
of some classes Of pig iron. The sum
and substance OF the views OF q number
Of the leading manufacturers and iron
brokers may be given in the following
conversation, which was held with one
OF them-for it expresses precisely what
they all think. .4


Il am told that some OF the anthracite
or eastern coke irons have gone up from
SIC to Sl7 a ton. Is that reliable?
asked the reporter


"Yes it is" was the quick reply.
"There s'no doubt that the long looked
for and anxiously hoped for change for
the better has come at last. For some
time past, anthracite iron has been going
up. Some grades have increased in
price more rapidly than others, because
they are iavorites with the manufactur-
ers. A grade OF iron that sold three or
four weeks ago for $40 could
not be bought a week ago for less
than Sl6.5O. and to-day the same iron is
readily sold at Sl7 and will probably
advance still further. There has been
an increase of price in all grades OF the
cheaper class of iron, of from fifty cents
to a dollar a ton all around. | do not
think that this is a speculative increase,
but my opinion is that it is well based,
and that there is good and sufficient
cause for it. | have been in the iron
business here for great many years,
but [ never knew the time before, when
there was such small amount OF all
kinds of raw iron in stock There is a
great scarcity of old rails, and only
one or two firms have stock OF pug
that is worth speaking of, in this city.
There is not only scarcity OF raw iron,
but there is also very limited supply
of manufactured iron. 1t would sur
prise any iron man, who does not know
how the situation stands, to be told
what very small stock Of manufactured
iron is held by our mill owners, One
cause for this is the fact that everybody
took advantage OF the recent railroad
war and shipped away nearly all the
goods they had on hand, and l think
that the iron business has reached the
bottom of the hole into which ii has
fallen and that it will steadily ascend.


Outside of Pittsburgh and in other
parts OF the country there are parties
who have stocks of pig iron which they
have held since lS73-'7+I5, with a
view TO taking advantage OF a return OF
prosperity. These parties, when they
see that our prices are advancing To
point where they can make profitable
sales, will begin to put their stocks on
the market. This will act for a short
time like throwing cold water on the
prospect Of things, but it will not last
long enough to do any injury TO us.
This is because these stocks are not
large enough to answer general and
extended demand. The makers of pig
iron are beginning to see that they can
ask more for their goods, and that they
will get their price, and by this time
next wear think that the iron men will
look back and wonder how they ever
were 80 foolish az 10 sell Superior iron
for Sl7 ton. OF course such an ont
look us this has caused the manuiaCtur-
ers to make extensive purchases OF pig
iron, and great deal of business Is be-
ING done, and still more will be done in
that line There is also q greater de-
mand for manufactured iron than for a
number OF years. If the mill men would
tell the truth they would acknowledge
that they have received more than
twice as many orders during the past
month or six weeks as they have for a
corresponding period since 1913. To
sum the whole matter up, think that
there is every prospect that the next
year will be busy and prosperous one
in the iron world"