Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-08-31

Ihe Moral Oh the steer Famtnc.
The steel famine now affecting every line
of construction reveals a significant condi-
ton among the people of this country. 1t
is primarily caused by an unprecedented
demand for all kinds of structural steel,
for bridges, buildings, railroads and ships.
This demand IN turn indicates that a vast
amount of capital is being expended in all
these enterprises. Investors are erecting
great buildin gs because they seek means
of profitably laying out their idle money.
They are putting ships on the ways be-
cause the carrying trade is booming and
there is a great need of vessels. The rail
roads are penetrating into new territory
and therefore need bridges to permit them
to reach freight centers hitherto unattract-
i've. This means that the farmers find
ing a market for their products and that
In the cities street railroads are being built
because there is a greater demand than
ever for rapid transit. People are going
out into the suburban areas to build and
buy homes and must have means of ready
access. This means prosperity among the
people, who enjoying the fruits of the
tremendous commercial and industrial
tiVity and have ventured to spend their
savings in property because they get
ting good wages and expect that condition
to continue. And SO while the steel makers
are straining every nerve to find sufficient
skilled labor to permit them to meet their
orders and are thus directly benefting GER
tain classes of workmen. their profitable
predicament reflects generally prevalent
condition. Virtually all the trades are af-
fected. Wages paid abundantly in one par
ticular line find their way into other lines
in proportion as the wage-earners feel the
influence of ne prosperity and grow conf
dent and beg Il to spend. The circulation of
capital. which Is always choked by appre-
hension. is stimulated and every artery and
vein in the whole social and industrial sys-
tenn feels the beneficent effect. The secret
of the spectacle is that the people have
confidence. This is wild plunge Invest
ors are not spending their millions at ran
dom, with the chance of sudden reversal
of conditions and consequent loss. They
feel that their railroads, their trolley lines,
their ships and their office buildings and
hotels will continue profitable long
the industries are active and the people
well paid and have faith. Sometimes
American prosperity depends in a measure
upon foreign calamties. such as failures of
crops. which send a rush of orders from
abroad for our wheat and other food prod
ucts. In the present case, however, the
greater part of the commercial activity is
due to the increasing foreign demand for
American manufactures. particularly in the
very line of steel and iron which now dis
closes the domestic conditions accurate
ly. This is no caIamitous cause, likely to
disappear. but it is the result of substan-
tial conditions The governments credit is
good and is at present unmenaced by de-
Structive changes. The people are in the
main thoroughly satisfied with existing cir
cumstances There is no threat in the air,
and hence the wonderful and yet natural
prosperity continues unchecked. The faith
of the people is indeed vital factor in
their own welfare.