New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-01
TIE "EAMINE" IN IRON.

wild eyed speculation in iron, as In tin and
other minor metals, and n far greater specu,
Iotion in stocks Of iron making and manu-
featuring companies, enterprlsing newspapers
would not find large and impressive type so
frequently for the heart breaking word fam
inc" To calm agitation II may be well TO sug-
pest that iron is not a necessary article or daily
diet The folks who cannot get II to-day or
tomorrow live without It until they can III
they need II for rails-and over a sixth OF
the entire output is so used-they simply use
the old rails n little longer. II they cannot get
Il In time TO erect new stores or ONCE Dulld-
inps or mower houses as soon rs they wish, they
only have TO defer the erection. 1t Is astonish-
ing when one looks into II, how great pro-
norton Of the iron and steel consumed Mt all
in this country IL consumed in building for
future years or generations. Rightly measured,
tho iron outpyt so often called a barometer, Is
more truly prophecy. The people now In
habiting these United States could meet all
their current needs If the supply OF iron were
much smaller than 1t Is. One other com
mon mistake may also be proitably corrected
Mt the outset There will not come any ex-
tensiye closing of manufacturing works for
want OF iron ms material so long as the sup
NV of It continues anywhere near as large as
If has been In recent months.
The official report of the association, given
in substance on Friday, showed that the out
mt. 62S9. 167 tons In the first half Of 1892 and
the quantity taken from visible unsod stocks,
2SS. 40 tons. supplied G,517,3O7 tons for con-
sumption less net exports, not then exactly
known. The Treasury official report just
issued, with the highly creditable promptness
NJ, lin Cb;of of tho Rurp1u Of StatiS-
tics shows that 900 766 tons Of domestic and
741 tons of foreign iron were exported during
the fiscal year, and only 22,316 tons were inn
ported. making net exports 277,191 tons, OF
which 131146 tons were in the first half OF
1899. Thus the maximum supply Of consump-
tion. without any allowance for Increased
stocks of the great steel making companies,
was G. 446161 tons In the half year, or 24S,OW
tons weekly. But for a consumption which
could not have exceeded that average for the
half year the actual supply in June was over
$50 900 tons, according TO the lowest OF all the
accounts. In that month too, the weekly out
nut rose. according to THE Iron Age" from
ga OG2 tons weekly to 263 1888 tons, either be-
ing considerably beyond the half years aver
age of consumption. While stocks decreased
| so. 400 tons. this was because companies were
they could accept new ones at the much higher
prices now paid Even with that rush the APP
parent consumption in June took but 11,SIO
tons weekly from stocks, while the production
increased 9,301 tons weekly during the month,
| and according to all accounts, must nave IN
| creased still more in July.
| The meaning Of these facts is that, with all
consuming works driven to the utmost in June
1 Of nil, mood have bppn
much greater than the output July l, and
| considering increase of stocks by the great
companies, was probably less, while In July
the weekly supply has been further enlarged
No famine of pig iron seems in the least TO be
| feared therefore, however high prices may be
rut by those controlling the limited surplus
| for sale. But this presupposes that the supply
Of iron ore will continue sufficient to keep at
work the furnaces now in blast at least until
the demand for consumption abates. And 1t
is to be noticed further that the high price Of
pig has already cut off most Of the exports,
which averaged 21.s5S tons monthly In the
first half Of the year, thus increasing the sup
ply left for home use.
The famine, if there is one, will therefore be
Of ore rather than of pig. But the details
which come to hand almost daily of extraor-
|
ore by reopening many old mines which had
ceased to be profitable with pig at less than
half it's present price, by pushing work on new
mines, by chartering more vessels for moving
the ore and by making contracts with railroad
companies for the transportation OF large guam
titles by rail after navigation closes, or earlier
II necessary, 60 far to remove apprehension.
In the old lake regions alone over thirty mines
not used when the year began are now at work,
and so are about dozen more in the Alabama
region. besides others in Pennsylvania and New
Jersey which have been Improbable of late
wears. A large contract is also reported under
which the vast deposits south Of st. Louis
will again he drawn upon later scientific meth
DDS having made 1t possible to produce from
them higher grades Of iron than could formerly
be obtained The great Eastern companies
which own extensive mines near Santiago In
Cuba have not been urmndful Of their OPP
portunity, and over 43,IOO tons Of ore We're
imported in June. With order established. the
question as to these supplies Is merely one of
labor. which can be secured from this coun-
try, and Of ocean vessels for transportation
In view of all these things there does not seem
70 be as much reason as some represent for
apprehending scarcity Of supplies for the
furnaces. and II they are kept at work the
iron famine" will not go much further. In
deed. there were noticed two weeks ago. and
again last week. some Indications that the very
high prices now asked for iron and ts prod
ucts have caused some slackenng in the de-
mand, which will naturally become important
whenever 1t seems probable that an excess OF
production Is likely TO produce lower prices