Year: 1873

FAULT-PBOSfECT OF A TRANSFER OF THE Iron


SUPREMACY To THIS COUNTRY.


The trade in iron, both English and Ameri-
can is now at the lowest ebb which has reached for
many years. Speculative combinations of coery own
er with the enormous Of COAL and the high prices
required for labor by the diminished supply of work
men, whose numbers leSsened by Trades Union ag
tatons have raised the expense of producing iron in
England TO pitch which for the time, has entirely
done away with expectations TO America, and has cut
down the transfer TO other countries At the
The reduced demand for railroad iron the West
and South has brought Western iron-luasters
into the Eastern market and their cheap
competitiOn with the Eastern manufacturers together
with the constantly increasing quantity Of obtained
with the opening of mines beside the effect OF
stuncencies in the money market, nave lowered the
price OF American iron far 20 leave little or no
profit for the rolnS-mis and other iron manufactures
The expense Of getting ont the is so low that the
mining companies stil make money, but the manufac-
turers have been forced to try TO open new markets.
have invaded Canada, where American iron was never
before sOd and have sent 10 England ITSELF
the traditional home Of the iron industry. English jour
nails and the VINO have at heart the prosperity OF
Great Britain have raised cry OF warning against the
selfish and deadly policy Of the OF the English
colleries, who despoiling their country of its
wealth, aud turning its trade into the hands OF its
rivals But the latest adyces from England predict
speedy fall in the price Uf coal The mOnoposts show
no sign Of relaxing their grip the Nations resources
nor is the great labor problem nearing tranquil set
tlement. Hence in Glasgow and South StaffOrdsmre
there have been advances in the price of iron,
advances beyond rates which already make expectation
tc AmeFies Out OF the question, which aid Englands
competitors in shipbuding and which tend to cripple
in many ways the prosperity Of all Great Britain


TRIBUNE reporter yesterday conyersed with many
OF the principal iron dealers Of the city Those engaged
In the importation of ERglsh iron depore the present
state Of things, and almost without hope for they
relief in the future least. The dealers in
American also have 10 lament the pres
unexsmpled depression following the active years
1871 and 1874 and admit that if there is any activity in
the business this year will be very late in the season.
but hope with the general revival Of trade 10 the Fall
that their Losses viii be changed to moderate profits
Large gains they cannot hope for until money easier
and railroads all the country finding greater fac
iy in the negotiation OF their bonds afford large
penditures for extensions for rails and for more
iron in all its manifold shapes.


N. d. Sampson Of Sampson & Brother at No 26 Cliff
st very extensive dealers states that the trade
dnller than at any time since 1861 The lack Of actiy
Iy in the English iron business is due 70 the unpre-
cedened advance in the cost of English iron caused by
speculative combinations and 10 the high rates of coal
and labor. As inevitable result Of papid rise IN
value consumption time curtailed. This is the
case at present The advance in English began in
February, 1871 and was kept up till October of last year.
when there decline of $40 Sc ton for a short time
TLis decline followed by sharp advance which
carried the price up 10 me hgucsl 10 over
reached. while il cut down the trade prOportonately.
During the Summer there another depression,
but OF only s. 65 per ton. The inactivity OF
The year is stirred in England by
ripple caused by demand from Southern Europe,
from Australia, and from South America. But the
English iron trade cannot assume its former pro-
portions unless coal is lowered in price or
that there is little hope for years as the prices
are set by the owners OF the four chief col
ieres. who acting III concert, and will not give
up any part Of their profits for the sake OF the
iron trade any other business New coal mines are
opening Eugand. and their multiplication lies the
ouly hope Of sustaining the production OF iron in Eng
Land. No orders for English iron have been sent
from this country for soreral months. The low
rates ruling for American iron shut out the
foreign article. Nearly half the demand for finished
from Pittsburgh and the other great iron centers
is for railway purposes In 1871 and Western rail
roads consumed quantities and the trade was
very brisk aud profitable The srngency OF the
money market last Winter and Spring, embarrassed the
companies as II impossible 10 negotiate their bonds
on advantageous terms Since then there has been
relief but not enough to persuade the corpora
tons to large expenditures the demand for iron
lesseued aud prices went down. The cheapness of
American iron shut the market against the English
product and hurt manufacturers in this country who
could not work of their stock to advantage. England
had all along had great advantage over America in the
possession Of wide export trade. When the demand
drooped in one OF the countries supplied by her, she
could turn TO another. Americas production, ON the
other hand had been wholly taken up within her Own
limits and dead market had cut directly to the heart
OF the trade But, English coal should fail to
decline Canada, the West Indies, and South
America must in time get their iron supplies
moro cheaply from this country than from Great
Britain That result has. in fact been reached already
There was needed only slight further advance In the
price of Rngsh irOn a slight reduction in the cost OF
the American. Indeed, if English iron should rise TO
frir. g1O fall n
tou-neither change being very mpfobable-American
iron could be laid down in Liverpool dollar for dollar
with English iron nom Birmingham The difference in
favor OF American iron against English iron, both
laid down az Hamilton Canada West now Sl1 20 per
ton or ouehalf cent per pound How long this differ
ence would continue question OF supply ana de-
r1and An abundant harvest easy money market and
,ris F trade would stir up the demand for iron IN
this country and raise price. Dealers were now
carving scanty stocks. waiting for the trade To
revive renewal of activity would require
large purchases. Mr.. Sampson stated that bar IRON
in considerable quantities had been sent TO Canaua
this Summer from Pittsburgh, Buffalo, and Cleveland
Unless however in this country should retain lts
present low prce-Which was hardly to be expected
Canadian trade would not be very important, No car


goes of iron had been this country as yet to
the West Indies or South America though English Jour


nails nave expressed apprehension OF the loss OF British
trade to those places. Mr.. Sampson summed up ms
views trade by declaring that the prosperity
of American dealers depended upon activity IN every
department Of business and an easy money MARKET


while the only hope Of English ron-masters is in cheap
coal The riga combination OF the controllers OF the


nes and the power OF the Trades Unions-which were
much more thoroughly organized in England than In
Amefcs-make that hope frail and uncertain


ENGLASDs AID NOT YET oUTGRowS


The firm OF JevOns stroud Co. Of No lOi John-st has
been for co years engaged in the English IRON trade W.


ans