The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-10
Tho Boom In Iron.

Pig dron for which manufacturers we're
glad to get $40 ton a year ago, il now
selling for more than double that price.
The prices OF ore iron and steel were
almost stationary last autumn for some
months after the demand began to in
crease. The advance, which began in De-
cember last, was slow and conservative till
the latter part OF February. when the mar
kets, excited by an avalanche OF orders, ad-
vanced sharply. Then prices were station
airy again for about six weeks OF March and
April, and since that time they have been
advancing. The law Of supply and demand
rules the day, and prices have had no arti-
fetal stimulation, but have risen only as
they have been forced up by orders that
have completely outrun the possibility OF
supply within the desired time.
All the trades that use iron and steel are
booming. Not long ago, one maker of
agricultural implements purchased 10 900
tons OF bar iron in a single week, and pro-
portionate demands have been pouring in
from all the manifold branches OF manufac-
lures using iron and its products. The de-
mand for steel rails has been enormous
one OF the largest producers in the rail
rails 1t could make this year. We have seen
times before, in the past thirty years OF vast
railroad construction, when our product
OF iron did not begin to meet the demand;
but to-day, with enormously increased re-
sources In developed iron mines and capac-
ity for production we are more hungry for
iron than ever before. Perhaps we should
be very cheerful, inasmuch as the con-
sumption OF iron and steel Is one of the
surest signs Of material welfare but the
men who are clamoring for iron and can't
get 1t may be excused il they are not en-
tirely happy.
England used to help us out in the days
when she led the procession Of iron pro-
ducing countries, but this year, with the
homo and foreign demands for her pig and
finished products. she has her hands full,
and all the more because her output slightly
declined, at least in the first half OF the
year. Even our high prices afford little
hope that relief will come from abroad.
The fact Is that the whole world wants
more iron and steel and looks for its
supplies chiefly to the United States, Great
Britain and Germany; and as those coun-
tries are working to their full capacity, and
the Americans, in particular, cannot fill
foreign orders except with stock they might
sell at home, there Is little prospect in any
land, at present. that enough foreign iron
will be imported to meet local demand
or course the great rise in prices cannot
fail. before very long, to reduce consump-
tion. Mr.. CARNEGIE said in May that he
saw no prospect Of diminished prosperity
In the iron trade before next winter at
least, and many men now think that the
present impetus will maintain the boom
through the next dull season. 1t cannot
last forever, but there IL satisfaction in the
knowledge that when depression comes at
home we can still produce iron and its
manufactures at cost that will permit us
to supply much Of the demand of the world
at large. Meanwhile our manufacturers OF
iron and steel deserve to be congratulated
on their present prosperity, for they have
had hard struggle since 1898