The Elbert County tribune., 1899-09-28
SUPPLY AND DEMAND.
ONE OF THE DRAWBACKS OF
EXCEPTIONAL PROSPERITY.
The Famins In stsuc.ur.1 Steel and
Iron an illustration OF the Phsn ea-i
Cond ms Attending tho Rsstor.tion
of . Proteetivs Tari1.

Of . Proteetivs Tarin.
The famine In structural steel and
iron Is perhaps the most striking
among the phenomena attendant upon
Mckinley prosperity. Nothing like II
was ever before known In this coun-
try. and certainly not in any other
country. Here we have every iron and
steel producing plant in the United
States working to Its utmost capacity.
and yet there is a big shortage in thu
supply. so great is the demand In many
lines OF construction. Because OF the
inability OF the mills to fill orders, or
even TO meet the time requirements OF
contracts already entered into. we arc
told by the New York Herald that IN
New York the structural work upon
many big office buildings is at stand
still. and public schools that were TO
have been opened for the fall term will
remain uncompleted; in Philadelphia
work upon warships for foreign pow
ers is at halt; in the West the agri-
cultural implement makers are at their
wits ends for material and are renew
ing their demands for steel for next
years delivery, and from every section
contractors and builders are calling
for impossible thirty and sixty day de-
'liveries of mill products.
The shortage In structural material,
says the Herald. is SO serious that con-
tractors are vainly offering bonuses
TO the manufacturers to push their
work. 1t is but short time since
o. nj tEn Aal r~Fnr IL
vanced IS a ton. and It is predicted that
there will be another increase within
few days. According to the experts.
the railroads are the most seriously
affected by this remarkable state Of the
iron and steel market, and already
American agents are at work in the
English market obtaining options upon
Scotch steel. The demand for mill
products is increasing daily. and those
who are responsible for the supply
frankly admit that they are unable TO
cope with the abnormal situation.
Contractors and builders are growing
desperate and are daily begging those
who hold them in bond to release them
from obligations the fulnllment of
which has been made impossible by
conditions for which they are not re-
sponsible.
From Chicago II is reported that
railroad tonnage is on a scale never
before equaled. and is still mounting
higher. AS for the iron and steel
trade, the exports for June actually
fell of owing to the great home de-
mand. The domestic requirement was
so enormous tnat material could not be
spared for foreign shipment.
Tho demand has caused The resur.
rection OF mills believed to be dead.
Old plants that have been idle for
years, chiefly from competitive causes,
have been reopened and put In opera
ton.
II a manufacturer wants material
three months hence he must buy now
and pay the prices that are current.
The clamor for materials Is in no way
relieved. There have been large sales
OF pig iron for delivery in 1900. Iron
bars cannot be bought under four
months delivery from the mill.
Vessel owners OF Chicago having
suitable bottoms for the transportation
OF iron and steel cannot fill orders.
Two years ago prices were forty-fve
to fifty cents ton for the haul from
Lake Superior to Lake Erie. Now the
rate for ore from Duluth to Lake Erie
is $1.30 a ton. and will go higher.
In Philadelphia the big shipyards.
Notwithstanding the boom "a their in
dustry, have been compelled to lay of
hundreds OF men because of delay in
the arrival OF material. Extensive
building operations have been halted
and others abandoned. Charles Nc
Caul said: ITO my knowledge certain
big building concerns within the last
few days have tried to contract with
local companies for structural steel, to
be delivered year from now at pre-
vailing prices. The proposals were re-
fused"
The Phoenix Bridge Company is la
bio to penalty of $50 per day for fail
ure to complete the big bridge over the
Schuylkill river at Gray's Ferry. The
delay is due to the steel famine. The
director OF public works las decided
not to enforce the penalty.
Pittsburg manufacturers of iron and
steel say they see no relief FOR New
York contractors. The demand is SO
far ahead OF the output that II will
take many months for the trade to
catch up. The Carnegie Sttei Com
pany, II is said. will not take orders
for structural steel for delivery un-
der twelve months. Last week s3S
ton was paid for billets. Two years
ago the price was sl4 The pig iron
manufacturers will not quote prices
for delivery this wear
The iron and steel industry. 1t will
be remembered, is protection's biggest
and healthiest child. 1t is an industry
which free traders twenty-five or thirty
years ago declared could not be built
up by protective tariff Yet today
the United States leads the world in
the production Of iron and steel. Big
as the industry has become 1t is not
able to supply the requirements OF the
great home market in these times of
Mckinley prosperity. As an index OF
the general conditions that have grown
out of the restoration of the American
policy the iron and steel situation is
interesting and instructive.
Look to Results.
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