Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-06-09

tute a. natural foundation upon which
10 Duild up the manufacture of basic
steel. The conditions favorable for this
result exist in Virginia, Tennessee and
Alapam Already the beginning has
peen made. and think it is safe to pre-
oict that the main supply of basic steel
VIII De in the next quarter of u century
derived from States South of the Po-
tomac river. They have every facility
Tor export, and nowhere else in the
world, so far as | know, can the pro-
auction Of basic steel be established
on large scale 50 economically as in
| the South"
MIR. r. II. GARY.
Mr.. L. II. Gary, president of the
Federal Steel Company, takes the
ground that this country has entered
upon an era OF greatly increased con-
sumption of iron and steel, and that the
present outlook indicates a contin-
uance Of the present world wide activ-
nv 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
10 our iron and steel products will in
sure against the extreme depressions in
prices such as We have seen in former
times, thus giving n greater uniformity
ana greater profits even in dull times.
OF iron. He feels that the development
OF the foreign market for iron, steel
ana machinery, and the many new uses
10 which iron and steel are being put.
ana the wonderful development that
Is now taking place in the opening TN
Oh the oriental countries, as well as the
marvellous expansions of this country.
give promise of still greater expan-
sion Of the iron and steel trade OF the
world "a a..
years than we have yet seen.
THE FIRST POTENT FACTOR.
Mr. Il. G. Bush President of the
Clifton Iron Company of Alabama
says that the beginning of foreign
shipments of iron few years ago was
Inc hrst potent factor in changing the
IRON IRON market conditions In this country.
rms foreign demand at once relieved
the southern iron trade of its surplus
stock, and Immediately the Southern
IRON companies, which made the price
OIL iron for this country, and practically
Tor the world. began to strengthen
their positions and to demand better
prices. These developments. coming in
connection with the general improve
mcnts in the trade of the country. and
the strong faith in the ability Of the
Government to maintain sound cur
rency. caused gradual Improvement
IN prices, and the large increase in con-
sumption in this and in Their countries
indicates continuance of the widening
foreign markets for all of our products
ana that the United States is practi-
caliy the only country that can,to any
great extent, furnish the increased
supply demanded for the worlds con-
sumption. The iron and steel trade will
he thinks. continue to expand, and that
while it would be difficult to predict
how rapidly, "it is reasonable" he
says, Ito infer that such demand will
Keep pace with any possible increase i'm
production, and thus the price of iron
and steel will be maintained to such
an extent as to make the business pro-
lltable.'
1T is worthy of note" Mr.. Bush
adds. that iron and steel cannot al
ways be made in this country or else
where, as cheap as at present The
supply OF ore will gradually lessen and
certainly tthe cost of mining and trans
porting the same will gradually In
crease. This will not obtain so much in
the South as elsewhere. Consequently,
the Southern iron companies will con-
tinue to produce iron with but little
Increase In cost for some time to come.
save the increased cost of labor. This
being the case. Southern iron proper
ties becomes more attractive than ever
before. and the present prospective
margin OF profits promises unusually
satisfactory results TO investors where
meritorious properties can be OBJ
taned."
y VIRGINIAN'S OPINION.
Mr.. Joseph Bryan, president of the
Richmond Locomotive and Machine
Works, says that the enormous in
crease in the Uses of iron and steel Ia
not likely TO be abated, but methods
OF civilization will be carried into all
the countries which can be reached by
trade
Il look for a 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
baldwin Locomotive Works, by the
Harlan and Hollingsworth Shipbiuld-
ing Company, OF Wilmington; the VIM.
Cramp IL Sons Shipbuilding Company,
OF Philadelphia, and other leading pro-
ducerS and consumers of iron and steel.
SALE OF STEEL. BILLETS.
Throughout the South there has been
great industrial activity during the
past week. The most significant trans
action of the week, and as a matter OF
fact. the most significant In many
months, is the sale at Birmingham. of
lO,0Oo tons of 4-lnch steel billets at so5
TO be shipped to Pittsburg; this steel
10 be produced In the new steel works
now nearing completion at Birminr
ham.