New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-04-18

THE IRON AND STEEL TRADE.

CAUSES OF THE DEPREsSION-ANNUAL REPORT OF
THE AMERICAN IRON AND STEEL ASSOCIATION.
PHILADELPHIA, April 1.-THE annual re-
port of the American Iron and Steel Association gives
review domestic iron trade for the year 1882 The
extraordinary activity in the iron and steel industry
which commenced in 1870 eliminated carly In 1882
when the OF consumers became less urgent and
prices generally began 10 decline. The causes which
contributed the serious but in sense disastrous re-
action and steel industries III 1882 were many
and various could not be expected that the
extraordinary activity OF all the industries Of the country
in the Immediately preceding years would be continued
indefinitely. We had particularly reached the limit OF
sneculatiye ventures upon which legitimate business
largely depends Our iron and steel manufacturers
could not resist these influences Their best customers
the builders Of railroads. did not II IS true build
fewer miles OF railroad in 1882 than in 1884, but II had
beeome certain that much money could be obtained
for railroads In 1888 than in 1882 and the conse
uent shrinkage IN railroad mileage In the new year had
for railroad materials and by lower prices TLen again,
in the prosperous years referred TO we had our
capacity the production OF most forms OF IRON and
steel much faster than the cOnsumptye wants OF the
country had Increased Again. the harvest OF 1881 as
already stated, was not generally favorable. -
Finally, IN October, November and December came
political complications which unfayorsby affected all
business The OF the Democratic party In tic
Congressional elections regarded by many as un
friendly TO the continuance Of our protective p1ey and
reductions In the existing tarn served 10 doepin inc
public concern In reference TO the ioure OF
during tho past winter In reducing duties has fully JUS
tled This anxiety and historical accuracy requires us TO
add that this reduction was recommended Ivy a Tariff
Commission which mainly composed Of Republicans,
aud ha IL accomplished by Republican Congress-
TLe reduction effected III the duties iron ana steel
were much larger than IN the duties other lead
lug manufactured articles 49,,
Suce the beginning OF the present year the condition
O., our iron and steel industries has not improved IL
seems to be absolutely that prices must Tor some
time to come, rule extremely low. This condition OF
AFFAIRS in tue great industries under consideration may
have its advantages in stimulating consumption al q
time Wpen the country is blessed with au abundance OF
good money and In checking the erection OF new rolling
mills blast furnaces and steel works which experience
has moi needcd but It greatly to DO regret
compe usating benefits to those who receive
them. 1t is rot true, as certain
class of political economists persstenty teach that
when wages are reduced other things correspond
ingly reduced In price but, even II THIS were 3d. low
wages ana 10 prices always suggest hard times. We
do not therefore regard proptous sign tha prices
OF iron and steel are now 80 low as they are, Good
prices and good wages far better. But the fact
cannot altered that low for iron ana steel now
prevail ana only hope that wages Will be adj
used upon scale that will be mutually satisfactory to
manufacturers and their workneu
There large decrease IN the production OF IRON
rails 1882 that OF 1881 and small decrease ia
production OF hearth steel rails and cruobie
steel ngOts in ali the other articles there
increase IN 1882 over 1881. With the single exception
of pig lron however, this increase was In no instance
large and even pig iron IL only ii Inc
iron aud steel Imports 1882 made total OF 1335J7l
tons. The value Of ard steel exports In
that year 029759 Our pig iron production In 1882
was obtained i'll twenty states aud Utah Territory
and OF the total OF 5l7s,l22 IOns, Pennsyyana pro-
built 1882 t40097 ons) was much the largest In our
btsta