The evening times., 1899-06-12
A BOOM IN THE STEEL TRADE.
Abram $. Hewitt and other Experts
Make Predictions.

Baltimore. June 12.-In view Of the great
interest throughout the business world in
the remarkable activity and prosperity Of
the iron and steel interests. the ''Manufac-
turers' Record has learned from a num-
ber of prominent producers and consumers
in these lines that there is an almost unan-
imous belief in a continuance OF great ac-
tivity for the next two or three years and
a steady expansion of production and of
the world consumption. .v -..
| Abram S. Hewitt, who has a worldwide
| reputation for the accuracy Of his predic-
tions on iron matters, says:
NO one familiar with the past history
OF the iron trade need be surprised at the
present demand, which undoubtedly ex-
ceeds the ability OF the world to supply the
| material required. In 1855 l ventured TO
make a prediction as TO the requirements
of the world for iron during the following
hundred years, giving estimates OF the
production and the consumption for each
period of ten years. The figures then CIV
| en- have been verified in very surprising
way. 1t was estimated that the demand Of
the world would require 35,o00,000 tons of
pig iron by January l, 1900; that is to say.
in the year 1899. The returns show that
this quantity of pig iron was produced and
| consumed in the year 1895, the exact limit
| having been reached one year in advance
OF the predicted time.
| The change from iron to steel, however,
/ will undoubtedly modify the conditions up
| on which the worlds supply Will be fur
| nished. From our possession of the cheap
| est fuel in the world. We are in a condition
to undersell all competitors. and. there
| fore from this time forward We will have
| large and increasing foreign demand for
| our steel products.
The export trade has come to stay, and
| the doctrine of protection has met with the
| inevitable doom which l predicted in 1888,
| in the discussion in Congress on the tariff.
wherein l tried to make clear not merely
| the conditions of production, but the GER
| tainty that before the close of the century
| this country would necessarily be the
| greatest producer and exporter of iron and
| steel in the world.
We have the ability to meet any con-
| ceivable demand, and, although, as / be-
| lieve by the middle Of the next century
the world will be using very much more
than loo, 900. .000 per annum. the resources
of this country will be entirely adequate
to meet the requirements of advancing civ
| ilization, based upon industrial progress
such as mankind has never seen."
| E. H. Gary, President of the Federal
Steel Company, takes the ground that this
| country has entered upon an era OF great
| ly increased consumption of iron and steel,
and that the present outlook indicates
| continuance Of the present worldwide ac-
tivity for several years to come, and that
the development which has already taken
place in our foreign trade and the opening
| up of the worlds markets to our iron and
| steel products will insure us against the
extreme depression in prices such as we
have seen in former times. thus giving
| greater uniformity and greater profits.
| even in dull times, than in the recent Sc
| we're depression in iron.
| He feels that the development of the
foreign market for iron. steel. and ma
| emery and the many new uses to which
| iron and steel are being put, and the won
derful development that is now taking
place in the opening up Of Oriental coun-
| tries. as well as the marvellous expansion
Of this country, give promise Of a still
greater expansion Of the iron and steel
trade of the entire world during the next
five or ten years than we have yet seen.
i 1T is worthy of note" says T. G. Bush,
President Of the Clifton Iron Company of
Alabama, that iron and steel cannot al
ways be made in this country or elsewhere
as cheap as at the present. The supply OF
ore will gradually lessen, and certainly the
cost of mining and transporting the same
will gradually increase. This will not OBJ
Consequently the Southern iron companies
will continue to produce iron with but lit
tie increase in cost for come time to come,
save the increased cost of labor"
Joseph Bryan, President of the Rich
mond Locomotive and Machine Works.
says that the enormous increase in the
uses of iron and steel is not likely to be
abated, but methods Of civilization will be
carried into all countries which can be
reached by trade. Il look for q continual
| increase in the production Of iron in the
United States, and when low prices come
again an excessive depression will be
checked by an increase Of : consumption
throughout the world"
Similar views are expressed by the Bald
win Locomotive Works. Philadelphia; by
the Harlan 4 Hollingsworth1 Shipbuilding