The herald., 1898-06-12
The Favorable Iron Outlook

If some observers are to be believed, the
. American iron industry, and particularly
that branch producing crude pig iron, Is
very pleasantly situated a present. Great
changes, alike in the British and in the
entire worlds iron industry, have occurred
of late years, but the outlook seems to favor
even more remarkable changes. in the light
of which experiences of a lifetime in the
iron business fail to afford guides as to
future conditions. a probable famine in
tie pig iron market is what Is outlined by
recent articles in the British press, which
adduce figures to show that the home con-
sumption and export of British iron in 1897
exceeded the entire output of the United
Kingdom by close upon 100000 tons. That
the foreign demand for British pig iron
will be fully equal to that of last year is
accepted by these papers as probability
The United States, one time the largest
buyer of England's pig iron, no longer
figures so prominently, Germany having
taken her place to some extent.
Last year there was exported to Germany
from Great Britain S4S 900 tons of pig iron
and 1t is estimated that a large proportion
of the $4,000 tons shipped to Holland and
10000 tons shipped to Belgium also went
to that country The activity in German
shpbuildng is looked upon as likely to
necessitate fully as large German imports
of British pig iron this year. notwthstand-
ing the steady increase in the German home
production. The British requirements, too,
seem likely to be enormous, the naval pro-
gram In that country being likely to take
a large quantity, while even a normal de-
mand on the part of outside countries will
necessitate consumption of British pig
greatly exceeding anything yet seen. The
question Is asked as to whether the British
pig iron producers can meet this demand
Last year the British stock of pig iron
decreased 314 900 tons, and 1t was necessary
to import 100000 tons of American pig iron
to meet the home and foreign demand. 1t is
considered quite possible that before the end
of the year the present visible stocks in
Great Britain will have practically dlsap-
peared in which event pig iron
famine might be possible. If. as has
been claimed by some experts in the
British iron trade, the maximum pro-
duction of British pig iron is in a
fair way to be shortly reached, and the
takings alike for British, and German con-
sumption call for more than can be pro-
duced in those countries, it would certainly
seem as If the American pig-iron producer
was to have an opportunity of further de-
veloping the American pig-iron export trade
to an extent which makes the progress al
ready achieved. great as 1t Is, seem insf.
n!hcant. In the calendar year. 1897 the
United States exported 262 900 tons Of pig
iron as against only G2 900 tons in the pre-
ceding year. This was on production of
1852 900 tons In the entire country. Amer-
can pig-iron production is now. and for
some time past has been. at its maximum
and some uneasiness has been reported in
the trade as to whether prices could be
maintained with production which might
possibly amount to 1000 900 tons in the
course Of the calendar year. Some anxiety
has. or tho other hand, been expressed
abroad as 10 whether the present activity
here and TIE possibility OF enormous con-
sumption of iron growing out Of present
conditions would leave much of this maxi
mum pig-iron production to spare to the
outside world. IT should not he forgotten
of course, that the production Of pig iron in
1897, the largest ever known. was only
about 200 Goa tons larger than that of 1892,
six years ago. and with the present indus
TRIAL activity here and volumeof business