The times. [volume] (Richmond, Va.) 1890-1903, 1890-04-27
60 d IRoN PRoDUcTION
The Causes of ITS Increase Discussed by
au English Paper.


an English Paper.
Like their American rivals the British
IRON masters have been compelled topay Che
penalty this year of oyer-conddence and the
excessive speculation which prevailed Inst
year. The London Economist. boo monthly
supplement of April i-t. says. "It is noW
.bnniannv evident that the slow and nae
mral growth which was going forward dN-
-.nr fnc first halfoi l>~l was spoiled. and
.ho whole trade injured Dos the specn-
afivc mania which seized upon iron di-
ring the closing months oi the year.
Scotch warrants have receded
1m Us. 3d. t0 under H-.
Owing t0 tle advance ln wages h'"Nti7
hlye been unablei0meet iie prices ciii..l
.n tho market l0r warrants. DO b. probable
.lnf makers stocks have been increasing.
md before lone they will have to face the
contingency Ol accepting tne prices MhIrn
.ra current for warrants ur blowing v.i
.Inir furnaces go Observers On inie side
basin. Atlantic fhr question naturally arises
,tt.fnrr OBJ, warrant system l5 not ITSELF ln
d. measure. responsible for the -Iecul1-
.ion and the consequent misfortune 10
productive industry. There i- mueh room
TO doubt whether amy such mf ahet DID,
ra,. boon rau-od Pos ilr demand Tor cNn-
umufion. Early in ir4. 40. was paid iar
scotch pig warrants anal ine price rose I'D
a,- carly in this year. Au advance of OI lcf
cent. would hardly have been followed ni
any demand for consumption alone, ana
4- tine makers would NOT accept Oh. war
rant price now. BOZ ihe consumers pl1Aa.i'
lid mot paw fhe warrant price when DO was
highest Tine market Wls Doomed, FOB
large extent at 800 events, Dl ine 7lrcul'-
tive purchases Of people who Thought lhe
price going higher
a natural and worry important question
.ur Americans is why BRUSH nthel-- VIZ,
were selling at lN- early li-t year. should
NOW Dbl. reported unable lo sell ai ,an1
REFUSING that price. one cause is plainly
shown JIM 90 statement of the advances in
WAGES Of coal miners in Great Britain,
which The Economist gives as follows; "oc-
flhrr i~-S. lO per cent. July. io-j' Dbl per
cent. October. 1850. D. per cont; january
1900. iOper cent. March. $780, per- cents
AUGUST. l>9O. per cent. promised.
In TWENTY-FIVE months lne advance VIII
have been lO per ccli when iat PROMISED
rise ol % per cent in AUGUST ha7 been mace.
ln the wear l-,J alone 10 was I'D per cent hut
thp price Oi steam coal iN-. ifnm b7 DID i''o
fa fis m $780, or more than ei per cent
i~.g. and .2- january %. $500, an advance ni
nearly ~ Der cent in 3 months. AZ ihe
same time wages 0i iron furnace hands were
raised D per cent Doe 1855 end A's per cent
I'm 1852. ln tine light of aii these facts DO i.
uaf hard % believe that tle same furnaces,
which could sell 600 some profit. for iO-anout
n toaraao. are now unable t1 seil. without
loss. al Sos Yes DO i- change oi very Nn-
usual magnitude. and 0l great inlNiiince'
that the cost uf producing such 900 aiii'i'
los biz iron. should increase a quarter ODD
about year.
set appears I'm ine item of wages although,
fbo snaluiafi0n ln iron has collapsed. and
tho price Of coal has also declined 90 some
extent. As coal was advanced nearly ID
rer cent. AGAINST rise Ot - per cent. 300
WAGES. 10 d. NOT strange that there should De-
sonic reaction. hut Nail-eud was -tlll selI-
Ing nt Dos. April I. an advance oi'sj per cent.
within "a wear. Perhaps other Goals l-el DO
iron manufacture have NOT risen at SINH
lar gate. but au advance OF - per cent
in wares of miners would n il-cli compel a
lar.-. change. and the conditions Of that
trade are such that the price usually rises
nrou0riOnriolv more than the labor cost
Jrnfil labor becomes cheaperor rises equally
elsewhere, 10 seems probable that Great
Britain viii Doe handicapped in competition
with other countries. as 90 iron and steel.
bv an advance Of fully "a quarter in The cost
OF production.
Ii is fortunate for American producers
that thew have not been compelled to make
quite $50 remarkable au advance ln wages,
or i0 pay sO great difference I'm the price
Oi coal. Perhaps the general advance h
WAGES has been as much as ten per cent.
in iron producing c0ncernsi during the past
wear. But anthracite coal is actually
cheaper than a wear ago. The cost OF coke
for furnaces 40 or supplied rom llilsuni-
has advanced very much more. the Connels-
vile OUTPUT being controlled bi monnpo-
Is. ltwas Si.2j early last year, fell io 81
in August. rose % Si.lj IN November and
% -. ID in February. at which 20 Is still SELL
ing. the price being maintained hy working
part time. This. however, though an al-
vance of seventy per cent. would not affect
The price ~ iron more than about 81 per ton,
and with great number % furnaces
throughout the North there nl- been no adj
vance Ia ~ cost OF fuel. 80 that iron can
De- produced almost as cheapiy rs u could
wear ago. New \ 0rk Commercial Bulletin.