New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-04-05
THE NEJy ,SOUTH.

~
"Tbe Bulletinr of the Iron and Steel Ass'-
citation. commenting upon the warning given
in a Washington dispatch to The TRIBUNE
adds the personal conviction of the manager.
utter some days OF inquiry at Washington
that there Is real danger of the passage OF the
Mills bill through the House. Speaker carlisle
~ also quoted as saying, u am assured thd'
some tariff reduction bill will 20 on the statute
books before this session Of Congress adJourhs
though he thinks the bill may be modl-
lied az 10 free ool which he finds the farmers
,tronov opposc. That would relieve the
Texas wool growers, whose opposition is icl''
But what has the iron industry OF The New
south 10 say about the measure?
More than S2O0,0OO,OO0 OF capltai Is
said to have been invested within the past
twelyemonth in Southern enterprises and landS
There is no estimate of the amount invested
within the same time in town lots and real
estate operations on account OF the estaonsh =
ment of promising manufactures. Or all TINS
capital, much the greater part has for the bash
of it's investment the success of new works IT
producing iron and steel at the South. in de
vclonirg the mines Of coal and ore, and IT
III
number of other works which arc projected
For the creators of the New South" are not
pcople without sense. who imagine that
genuine and great prosperity can be built OH
the production Of the raw material alone, Tor
sale In competition with Pennsylvania and
Ohio products to distant Northern mills ana
Coundries. If the South cannot command tho
capital for completion Of great number OF
works, in which the raw iron can be turned
into rails. wire, bars. plates and ingots, the
costly works already erected will not prove
permanently profitable
Repeatedly during the past year steel rails
hive been landed at New-Orlcans at prices
below the cost Of Northern rails delivered
there. and obviously the same can be done al
savannah. Charleston, Norfolk, and at Texas
ports. n the present duty hardly excludes
English rails from Southern ports. II more than
100 600 tons were in fact imported within the
seven months ending with January are capt
taIists likely to be in haste to venture their
money in the establishment Of new mills with
lower duty2 The same is true Of bar iron;
g. 900 tons actually came in during the same
seven months at the present duties, and
$4,000 tons OF cOuOn Ties, lf,OOO VI euC'i
plates and sheets 10000 tons OF ingots and
biIlets Of steel 1900 tons Of wire rods, ard
10000 of tin plates. Here are $4,000 tons
of iron in these few forms, actually imported
at present duties within seven months. That Is
more than the South is likely to work up into
similar forms this whole year. if the duties arc
not changed. What capital would rush into
now works with lower duties
That is an eminently practical question for
"the New South" Its enormous investments
may he of value or for many years valucleSs
and that may depend upon the success Of Mr.
Mils's bill. The great sums expended for land
and lots, the great sums invested in enter
prises which indirectly depend upon the sue
cess of iron manufacture in the broader. larger
and more permanent sense, are all at stake
There are free trade theorists, Of course, who
Will give assurance that in States where pig
iron can be made for 50 per ton other manu-
features are certain to spring mp. But il
would be Just as safe to ask the iron manu-
facturers and the investors themselves what
they think about it. The thousands around
these new centres Of industry. whose wealth
and whole future is at stake had better ask the
IRON men themselves for they possibly know
rather moro about it than Nr. Mills. of Texas