The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-03-30
AN ENGLISHMAN
Who Secs a Great Future for
American Iron and Steel
But. PRESENT PRICES HIGHER
Than They Ought to be They are
High Enough, he Says, to Crowd
American Manufactures out of
Some of the Foreign Markets He
Believes Prices for Iron and Steel
Products Will Decline.

.tf -------- ~
According to r. Wigram, q leading
English maker OF machinery, agricul-
tural implements and road locomotives.
at Leeds, who Is In Pittsburgh this
yeek tho high prlce of iron and steel
o,. ,o,.o,,,,, L.,
i'iaiiuiue eui GO o. % s'si. p's''"tt'''e 40
this country have practically closed the
English market to that most important
q, .,,e-,c,n Industries
-, -.
ME-. "israth clles iiis own ease Us d
striking example. Said he, in the course
Of nm interview in the Dispatch, II came
u ms COUNTY anu pai '.eu''''S "
Pittsburgh. with the expectation OF
placing some large orders for machine
ar,, ~ :, u, ~. tor;oI h., ,or,d tho
e. INV "A ." 40 'e' a. ~ .oa
prices, Plus transportation, hlgher tnan
In England. and therefore shall make
nv purchases Mt home"
az, ~. ~,
Aholhei ease III punt eileu Wy AZ
Wigram Is the order for many thou
sands of tons OF steel, to be used In the
co,struction of the now 1rrond, rail.
-
way, no" peiiis puiit III NoFtn Africa.
This order should have gone to the
United States. and very probably to
p,...,,,.,, ~. ~, r,-,,.,,
fi''sDuish Du' 'ne f-tsiish soHetn
ment found that 1t could buy Just as
cheap, II not cheaper, In the home
market, and that is where the order
was placed.
In Mr.. Migrants opinion. 1t Is not
likely that the American iron and steel
market Will be able to maintain itself
|, for any great length Of time. He says
he has been close observer of the iron
and steel trade for upward of thirty
years, and that history always repeats
itself when prices go up like skyrockets.
He does not mean to imply that the
present prosperity In all branches OF in
dustry and commerce is mere soap
bubble, that will ere long dissolve into
the air, leaving a dark brown taste in
the mouth Of the nation, but, on the
contrary. admits that the good times
have been brought about by natural
causes, and will last indefinitely IL
prices are held within reasonable
bounds-that Is within the limits which
would effectually close the foreign mar
kets to our manufacturers.
One OF the arguments used by Mr..
Wigram to prove the correctness of his
views Is that the home market, not only
OF iron and steel, but Of all other raw
materials and manufactures. the prices
of which would have been rising in
bounds. would sooner or later become
glutted. and that the manufacturers
would be compelled to again look to for
eign countries to take their surplus
products, a situation which would nat
urally result in a sharp decline of
prices. I'VE have had the same thing
happen in England" he added. with
disastrous results. When prices rise
so high that they represent 4 fictitious
value. the time Is not far off when they
will take tumble.
I'm the very nature OF things. your
prosperity will last long time II man
ufacturers do not lose their heads, and
in their eagerness to make up for years
of poor business, leave the safe paths
OF conservatism. You've had your
seven lean years, and the seven fat
years will follow. In the seven lean
years no man bought more than was
absolutely needed to carry on his bust
ness, and many manufacturing con-
Germs ceased operations altogether be-
cause they were unable to find mar
ket for their products. Now the de-
mand for all sorts OF manufactures, es-
pecially the products of the iron and
steel industry, is greater than the sup