New national era. [volume] (Washington, D.C.) 1870-1874, 1873-01-09
The American Iron Trade.

According to the Official statement Of the
British Board Of Trade for the year ISL the
exports Of iron in tina: year, from the British
isles - the United states, CI n! kinds,
wrought and Cuwrought, were Goa, = Is tons,
and Is the American pS.cIcuOa the same
yeaE was about $50 600 sJus, the a8EgG gate
consumption Is thus seen 70 be about . .OUO,-
600; whereas, the American iron interests
have heretofore only estimated it at n,Cc0,-
coo. so that the consumption Of iron in this
country increases much faster than the TRADE
itself seems to be aware \ large part Of this
consumption has been stimulated By the
united and enterprising management OF the
capitalists connected with the trade, who
have taken numerous and heavy risks in
railroads, steamships, and manufactures Of
all kinds, in order to keep the market for iron
and iron products steadily ahead Of the sup
ply. Were it not for this influence 4 large
part Of The new railroad movements would
never get beyond paper prospectuses. 81
much has been written and published by free
traders about the profits H American irca
masters and iron manufacturers, and theig
being oyergrowu menopolists, that the cOuE-
try at large really does not seem 10 know how
greatly it is indebted to these men for the i'm
nense Improvements everywhere visible. 80
far from wr!nging cXOrbitant prices from
needy customers, many Of these iron firms
create the trade upon which they prosper, by
throwing their capital boldly into railway and
other enterprises, which without them could
have no fiscal standing at all.
The American Iron trade has done much
more toward stimulating the national pro-
grcSs than it has received credit for, and all
the surplus profits over and above the run
ming expenses and costs of living, have been
embarked freely in the boldest enterprises
HANGING tho consumption Of iron aud iron
products In tho United States. What is here
said relates, it is true. chiefly to the iron in
tcrests Of Pennsylvania, because here they
have been combined and led brilliantly by
our railroad capitalists. In other States,
and especially in New York and New Eng
land, this has not been the case, because the
railroad capitalists of those States seem to
have been possessed by a mania to import
foreign rails, or anything else of iron or steel
needed by them, on the score of Cheapness,
aud have thereby totally lost the aid and
sympathy Of these lion manufacturers in tic
undertakings in which they have been en-
gagged. The consequence IS, that they have
not distinguished themselves by building Das
works, but by stock jobbing schemes to gJap
lines already built.
Hence the progress Of the great CORPORATE
enterprises in which philadalll,ia has I,eeu
so extensively engaged may be said to repre-
sent largely the iron and coal interests Of the
Commonwealth. Philadelphia capital led Tie
way, and the iron and coal interests rally to-
gether with Us and render practicable. All
the protection, then, that the tariff can give
to interests OF this character richly rcpavs
the'whOle Republic ; for while PENNSYLVANIA
aourishes on it, the works she builds tell the
story Of national progress and prosperity.
New York and New England have far more
capital than Pennsylvania, and might have
done more with it. But the compact and
ski!Eully managed combination Of our inter
ests has been moro than match for our
Northern ncighbOr3 IN railroadin9 and iron
shipLuilding; and attracted by the Unif9rEi
SUCCESS Of this combination many capitalist.
Of New York State and New England ere
always ready TO Join our enterprises. These
men feel and know that when PHILADELPHIA
undertakes scheme in dead earnest, whether
ii be railroad to Puget Sound, OF san Diego,
or the city Of Mexico, or a steamship line t.
Liverpool. entirely our own, it Is bound to
succaeJ. And hence We entertain ~ sort e
doubt that il we were now to ask f.r n sub
scrip,i3n Of so, OQ0, 800, to enable our Amen
can steamship Company t. engage IN general
commercial enterprise, the States Of New
England and New York would take their fall
share lit, since they know that the company
il sustained by the immense railway AMI
manufacturing capital Of Pennsylvania
These are the causes that stimulate the pro-
d!9iou3 growth OF the American iron trade
Gtttz2eLChtl North AMERICAN