Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1899-09-29
SUPPLY AND DEMAND
ONE OF THE DRAWBACKS OF
EXCEPTIONAL PROSPERITY.
Famine in structural stce, and Iron
an Illustration of the Phenomenal
Conditions Attcndin. thc kcstorn-
ton of a Protective Tariff.

tIOl Oh a ITOVCCttVG 1uIllls L
The famine in structural steel II
iron is perhaps the most striking among
the phenomena attendant upon MclNln-
ley prosperity. Nothing like it WAS ever
before known in this country, and GER
tainly not in amy other country. Here
we have every iron and steel producing
plant in the United States working To
its utmost capacity, and yet there is Il
big shortage in the supply. so great is
the demand i'll the many lines OF con-
%struction. Because of the Inability OF
the mills to fill orders, OF even to meet
the time requirements OF contracts al
ready entered into. we are told by the
New York Herald that in New York
the structural work upon many bis
Office buildings is ut IL standstill. anu
public schools that were 10 have been
opened for the fan term will re-
main uncompleted; i'll Philadelphia
work upon warsh:ps for foreign powers
is ut IL halt; IN the West the agricultural
implement makers are ut their wits
ends for material and are renewing
their demands for steel foc next years
delivery, and from every section con
tractors and builders are calling for i'm
possible thirty and sixty day deliveries
of mill products.
The shortage i'll structural material.
says the Herald, is so serious that cont
tractors are vainly Offering bonuses to
the manufacturers 10 push their work.
IL *. I,,+ =, s.l,,rt fip,n ..i,,.n Sfi,,ln;l11u1
iron and steel were advanced 50 Il ton,
and it is predicted that there will he
another increase within q few days. Ac-
cording to the experts. the railroads are
the most seriously affected by this re-
markable state of the iron and steel
market. aud already American agents
are at work in the English market OBJ
tanning options upon Scotch steel. The
| demand for mill products is increasing
daily. and these 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 beg
cling those vino hold them in bond to
release them from obligations the fulfill
ment of which has been made impossi-
Bile by conditions for which they are
not responsible.
From Chicago it is reported that rail
road tonnage is on 81 scale never before
aqualed, and is still mounting higher.
AS for the iron aud stec! trade. the cX-
ports for June actually fell off owing
to the great home demand. The domes.
tic requirement was so enormous that
material could not be spared for foreign
shipment.
The demand has caused the resrlrIec-
ton of mills believed to he dead. Old
plants that have been idle for years,
chiefly from competitive causes, have
been reopencd and put in operation.
If n 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 1000. Iron
bars cannot he bought under four
months delivery from the mill.
Vessel owners of Chicago having suit
able bottoms for the transportation of
iron and steel cannot fill orders. Two
years ago prices were III to 30 cents Il
Lake Erie. Now the rate for ope from
Duluth to Lake Eric is S1.3O Il ton, and
will go higher.
In Philadelphia the big shipyards,
Notwithstanding the boom in their in.
iustry, have been compelled to lay off
hundreds OF men because of delay in
the arrival of material. Extensive
building operations have been halted
and Others Abandoned. Charles Me
Caul said: 80 my knowledge Certain
big bnildin. concerns. within the last
few days have tried to contract Will
local companies for structural steel, 'tC
be delivered q year from now at pre-
vailins prices. The proposals We're re
fused"
The Phoenix Bridge Company is Lin
BILE to q penalty of $50 per day for fail
ure to complete the big bridge over thu
Schuylllill River mt Gray's Ferry. TIL,
delay is due to the steel famine. 1h,
director of public works has decided
not to enforce the penalty.
Pittsburg manufacturers of iron an
steel say they see no relief for New
York contractors. The demand is ST
far ahead Of the output that it will tax,
many months for the trade to catch UP
The Carnegie Steel Company, it is said
will not lake orders for structural stee
for delivery under twelve months. Las
week $sS a ton was paid for billets
Two years ago the price was S14. Th
pig iron manufacturers will not quot
prices for delivery this year.
The iron and steel industry, it will b
remembered, is projections biggest an
healthiest child. 1t is an industry whic
free traders twenty-five or thirty year
ago declared could not be built up by
protective tariff. Yet to-day the I'm
ted States leads the world in the pre
duction of iron and steel. Big as til
industry has become, it is not able t
supply the requirements of the grea
1,.,,a .,,,l.o% r., %boco +;,,Dc 80 1rory3.