The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-28
FRIDAY. july 2s. 1890.


D. .,o 1ulv number Of the North Amer
,.,, Review ar. George H. Hull has
most suggestive article on the relation
n, iron market 60 national prosperity
Tho present advance in pig iron is no
Greater than that which took place ih
,s,, when iron advanced from $40 20 '''
nor ton. or i'm 1864 when the advance was
from SIS 20 So per tons or in 1872 when
tho advance was from So TO $685. OF in
tsso from SEQ to $40 per ton, or from 50
TO Sl7 in 1889.
Saws Mr.. Hun: "It was not disturbed
oranccs or loss of confidence when
,.rn,d thc tide of prosperity n those
wears. II was The advance from one
hundred 10 three hundred per cent IN the
price of pig iron. The loss of confidence
and disturbed finances came months al
,ertards and were the effects. of me
urn I'm the tide. Fifty years ago one
hundred pounds OF iron were consumed
g., tbc United states annually for each Of
i,e inhabitants: ten years ago there were
three hundred pounds used for each per-
son and to-day We are consuming iron
o., the rate of four hundred pounds per
year for each one of our 100000 inh"oi-
tants."
Nor is this enormous consumption oi
iron excessive when We consider That
mon is used in the preparation of the
food we cat. the clothes We wear i'm
RECONSIDERATION. i'm building. and i'm fact
is the life blood of manufacture. what
ever restricts the consumption of iron
limits. TO that extent. the growth of the
peonle I'm wealth and prosperity
Now according Co Mr iulls idea the
trouble Is not that iron is over produced,
hut that the supply of iron is not flexible
enough 20 meet the demands OF the con-
, sumner in times Of great commercial ac-
t,vlty without running the furnace owners
when tine demand is not equally srcot
Certainly Mr. HUI makes out good
case for iron when Doc points out that
,o,nv enterprise in which iron is the
chief factor have Co stop when iron add
vances 100 per cent The stopping Of
these works deprlvcs numbers of men Of
employment and thereby prevents the
,,,,nufacturcr f-om selling as many
goods as before With loss of sales
come. Joss of profits and failures and
loss Of conndear. and finally panic
The remedy hat NJ Hun suggests is
that hon De carried on the exchanges
SINS, as corn. wheat pork. on or any
other az tho great staple commodities
are certainly a. SIR Hull points out
This proposal has met with the greatest
snocoss when Tor ffiy years Sis months
stock OF iron has been carried ON mo
exchange aud tho fluctuations 300 price
have only been such as were natural and
reasonable. MIR Hurs suggestion is %
GOOD one and has already been pat into
ooeration in the South. but the causes
Of panlcs De lar deeper than tho price OF
pir iron and though We agree with Mr..
hun that a plan which will make The
production OF iron moro stable and help
the consumer always TO find sufficient
supply on hand Will greatly aid the sia-
hiliiy Of prosperity in this country yet
80 long as men reach out for greater
returns and SO long as competition eN-
lists. there will always be the daneer
that more products Will boz made than
the public can buy coo prices which VIII
pay the cost Of production-and whom
ever that oyer-producuon becomes too
rreat-thcre will bc greater or less
loss Of confidence and a greater or less
manic