New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-15
ANOTHER TEST OF PROGRESS.

Even while many are gloatng over the notion
that prosperity has vanished there comes 1.-THE
Iron Age" with It's record OF a production OF
213159 tons OF pig-iron weekly November l.
This Is almost the largest production ever
known, and the same journal adds the record OF
stocks unsold. which indicates that tho con-
sumption In manufacture, the production OF
finished forms for use, is the largest ever known.
The great steelmaking companies have been
buying iron and manufacturing 1t beyond their
own production, while the unsold stocks not held
by them decreased $500 tons IN October. at the
rate Of Il, 900 tons weekly, which would indicate
a consumption exceeding 217,7OO tons weekly,
whereas the greatest production ever known nj
any time was Just two years ngo-217 ,308 TONS
Then the great steel companies which turned out
about 40 per cent Of the aggregate were appar-
entity accommodating stocks OF pig
II has long been considered one Of the surest
indications Of general prosperity that the con-
sumption Of iron Is large and increasing. But
the single fact that this manufacture Is pro-
duclng more than 1t was before leaves much OF
the story untold. A sudden and unnatural IN
crease is sometimes caused by speculative nfu-
cnces which do not last, but result in disastrous
shrlnkage and reaction when the bubble Of fc-
titous prices Is broken. II was such an ad-
vance In 1895 which brought the great output
touched two years ago. The price Of Bessemer
pig had risen at Plttsburg from $40 70 May l
10 over SIT In September about 60 per cent IN
less than FIVE months-and there was a rush TO
put into operation works long idle In order to
secure the profit which such a price offered.
Rails had been raised by the combination from
SD to SIS ton, and wire nails from s. cents
10 50 25 n keg, and steel plates from los TO Q
cents. The speculative rush to buy not only
hoisted prices but set the mills to turning out
products far in advance OF consumption.
This year the situation Is altogether different.
The combinations and trusts have been exploded
Bessemer pig - only 81 % higher than at the
lowest point ever reached, and only 80 cents
higher than June o, five months ago. The enor-
nous increase In output has como in obedience
to consumption, and without the stimulus of
speculative prices. Anthracite pig is not higher
than II was in June; bars and plates at Phila-
delphia but 10 per cent higher; beams not higher
and angles but little; wire nails but 10 cents
higher and cut nails 10 cents lower. The gen.
eral average Of iron and steel prices is not quite
per cent higher than 1t was juno o. Not be
cause OF speculative booming, but in answer to
the steadily increasing demand for finished prod
nets, tho works have increased their output faI
beyond the greatest quantity ever produced al
anything like the present low range OF prices
| Indeed, II Is the fact that no such production
would have been possible in former years with
out much higher prices, for there are fifty-sX
| fewer furnaces at work than there were two
years ago, but the capacity OF the coke and
anthracite furnaces has greatly increased, aver
| aging 271 tons weekly now against 9S7 TONS
| In 1895.
An important feature in the case Is the dis
covery Of the capacity Of this country TO pro
duce and manufacture more iron than ever be
fore at prices which permit heavy exports Il