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MARINE REVIEW. } VoL. V. CLEVELAND, OHIO, THURSDAY, JANUARY 28, 1892. Now's; Prospects in the Iron Market. Prospects in the iron market at this time of the year, are especially interesting to lake vessel owners, and it is unfortunate on this account that. notwithstanding big transactions in the. steel rail trade, and indications everywhere of an enormous de- mand for iron during the coming year, prices of pig iron do not improve. Steel rail manufacturers have bought supplies of iron ore, but the pig iron market is probably no better than it was at the opening of the year and transactions between furnace owners and ore producers are delayed on this: account. It is somewhat discouraging that the market does not improve in this. important .esard, .as om. .every , hand there are reports of great preparations for increased business during the year. © The western railroads at their Jan- uary meetings decided to make heavy purchases of materials,' including rails, ears 'and locomotives, and while this has not yet reached the market, its influence is, of course, felt in an indirect way. Great importance is attached to preparations on the part of the railways for the business attending the World's Fair. Question of. High or Low Water. Vessel owners and shippers who have been considering the question of high or low water in connection with freight con- tracts for next season were much interested in the opinion Gen. Poe, expressed in the REVIEW last week. Gen. Poe sees. no... reason | for expecting that the stage of water will be: any better in: the spring than it was at the close of navigation last fall,and as he" is known to be fully acquainted the with conditions, this opinion will carry great weight. Still the question is, of course, one of great uncertainty, and in some quarters good reasons are given for expecting an increased depth of water, especially on Lake Michigan and Huron. It is claimed that for the first time in several years the streams and wells of Michigan are found to be full, denoting moisture in the earth. the water was absorbed in the dry earth. Pig Iron and Steel Rails. Complete returns of the production of pig iron and the manufacture of steel rails in 1891 have just been given out by' The total production | the American Iron and Steel Association. of pig iron in 1891 was 9,273,456 net tons of 2,000 pounds, or 8,279,870 gross tons of 2,240 pounds, against 9,202,703 gross tons in 1890, a decrease of 922,833 gross tons, or over Io per cent. The decreased production may be said to have all occurred in the first half of 1891, as the production in the second half of 1891 was larger than either half of 1890. "Our production of pig iron in the second half of 1891," says the Bulletin of the association, "was 269,573 gross tons larger than in the second half of 1890, which was.the half year of largest production-in our history prior to 1891. -Our produc- tion in the second half of 1891 was at the rate of 9,823,526 gross tons per annum. It was larger than in any full year in our history down to and including 1885, and larger than Great Britain's production in any whole year down to and including 1867. Our prduction of pig iron in £891 was about 1,000,000 gross tons larger than Great Britian in the same year. 'The shrinkage in production in 1891 as compared with be. excessive, In: previous years, it is argued, there was no moisture and with a thaw in the spring 1890 was distributed among the different fuels used in our blast furnaces, and it was shared by most of the pig iron producing states inthe north and west, most notably in Pennsylvania, whice lost over 500,000 het tons, all in the first half of the year. But the Southern States lost in the aggregate less than 40,000 net tons, while many of them actually increased their pedi cbon in 1891 over 1890. 'The stocks of pig iron which were unsold in the hands of manufacturers or their agents on Dec. 31, 1891, which were not intended to be used by the manufacturers, amounted to 596,333 gross tons, against 422,055 gross tonson June 30, 1891, and 608,921 gross tons on Dec. 31, 1890. 'These figures include a part of the stocks of pig iron held at the periods named in storage warrant yards, and which was under the control of the makers, the part not. under their control on the 31st of December last amounting to 30,900 gross tons, which added to the 596, 333 tons above mentioned, makes a total of 627,233 gross tons which were on the market at that date. On Dec. 31, 1890, the storage warrant yatds held 52,900 gross tons of pig iron which were not under the control of the makers, making a total of 661,821 gross tons which were then on the market. The difference be- tween the aggregate of unsold stock at the close of 1890 and 1891 was only 34,588 gross tons. If the demand for pig iron for consumption were now exceptionally active and if prices were advancing the stocks held at the close of 1891 would not 'It is for the producers themselves to decide whether. these conditions exist. It will be remembered that at the close of 1890, and soon afterwards, many furnaces we1e blown-out. because of the accumulation of unsold stocks, 'yet they did not then aggregate much more than the quantity with which we began the present year.' The association also presents statistics of the production of Bessemer steel rails of all weights and sections in the United States in 1891, exclusive of the comparatively small quantity made by .other manufacturers from purchased blooms. 'The' total production in 1891 was 1,366,259 net tons, or 1,219,874 gross tons, a decrease of 577 615 gross tons from the production in 1890. The following table shows the production in each half of 1891 and the total production of the year as compared with that of 1890, with exception above noted for both years. -- First ° Second Total Total half, 1891, -- half, 1891, 1891, 1890, | States. net tons net tons. net tons. net tons. Penmisyl ya ttl dyacs. vactes access 439,902 506,252 945,154 1.396,460 AlilPother states, os e..0-<-rsss0s- 140,027 280,078 420,105 616 728 » DLotal net tons......... 579.929 786 330 1,366,259 2,013,188 Some Wonderful Figures on Speed. In an-article on "Atlantic Liners, Past Present and Future" Engineering says: 'As to speed there is really no insurmount- able difficulty in attaining 40 knots, but this would require some- thing like 160,000 indicated horse power with s_venty boilers to generate the steam for the engines, and these wou'd burn consid- erably more than 2,000 tons of coal a day. 'The experience of the past suggest these figures. Some idea may be formed as to the size of vessel necessary for this machinery. We leave it to the imagination of the reader. The question is one of finance, and it might. need a company of millionaires to own and run a fleet of such vessels. In ten years the speed has increased from 16 to 20 knots. and in the same time the indicated horse power has gone up from 6,000 to 18,000, while the size of ships has been doubled. To attain this result the ship of today burns 1,900 tons of coal in six days, whereas ten years ago 600 tons only were burned in seven and a half days."