New-York tribune., 1900-10-25
IRON AND STEEL TRADE BOOMING
ARCHER BROWN TELLS OF THE ENORMOUS
EXPORT TRADE DURING MKINLEYS
ADMINISTRATION.

the well known firm Of pig iron manufacturers.
Rogers, Brown & Co., when asked by Tribune
reporter as to the bearing of the political cam
paign upon the iron industry, said:
The record of the iron trade in the United states
during four years past has parallel in the in
dustrial history Of the world. When the country
hesitated between Mckinley and Bryan. in October
1896 we touched the low water mark In that
month we produced about 100000 Of pig iron,
or at the rate Of 100000 tons year. More than
half OF the blast furnaces, rolling mills and steel
mills in the country were idle. There were those
who believed we had reached our maximum in
metal manufacture, and that must continue
TO concede 10 Great Britain and Germany the
right 10 supply the markets Of the world. Prices
for most and steel products at the lowest
point ever known IN this any other country
Pig iron sold s6 10 81 per gross ton at Birning
ham. Ala. and Bessemer pig at about 50 in North
eastern Ohio Thousands Of men were working
in ore mines and coal mines at less than 81 per
day wages. In Alabama, the average was under
20 cents. Even in the Lake Superior ore region
men could not earn enough to live and gradually
drffted off into other eTnployments. Worse than
this tens of thousands of men. who from 1890 to
1892 were prohtably employed. had no employment
g all.
A SORRY PICTURE.
''On the side OF the manufacturer and capitalist
the picture even worse. Not one blast fur
mace company IN ten Of those that kept running
were doing than getting back new dollar
for an old A dividend a thing almost
unheard OF. Securities Of leading companies
dropped 10 nominal figures or unsalable at
any price The list Of bankruptcies Of @nining
companies, rolling mills, works, steel works
and blast furnaces something appalling. 1t
rather against the commercial credit OF man
be known s interested in iron properties.
bad as things were, tirnid people alarmed
% hear from Bryan and Democratic orators that
if Mckinley elected and the gold standard
firmly established. the disasters OF the past Would
he nothing 10 those that would follow. Mckinley
E1..- ryl1fH hSTT . 81
have seen a revolution in the iron and steel man
lfacture-not in the direction Of greater disaster
but in the direction Of the greatest prosperity II
has ever known The change began the very
month that the result Of the election was known
and while the improvement has not been uniform
through the four years each year has witnessed
steady Improvement, and the last six months
have touched nigh water mark.
Let me give you some figures that will Illus
trate In 1886 we produced se217 gross tons Of pig
iron In the first half Of 1909 produced 7.e4s569
tons In the four years gain was nearly 100
per cent In 1896 Great Britain produced more than
the United States. Their production has remained
almost stationary while ours has doubled. In 1896
we produced 391ss03 tons of steel Of all kinds. In
1888 our product 75S6S54 tons, against 1926,
Os4 tons produced by Great Britain. Turning to
stocks Of iron hand, in October, 1896, carried
unsold iron furnaces amounting TO 1O01,574 tons
That about two months production at the
then current rate June / 1899 had hand
$50 662 tons or about eight days supply at the cur
rent rate of consumption.
But tonnage figures do not tell the whole story.
Prices in October. 1900, have declined greatly from
the high point OF last year, but still materially
above the distressing period of 1886 We had too
much prosperity last year resulting in abnormal
demand for iron far in of the capacity of
mills. furnaces and mines that prices were forced
up beyond reason.
WAGE FARMERS GOT THE BENEFIT.
Wage earners profted by this everywhere but
0f iron md he adV nj
minated when they would longer pay market
prices. The rapid decline of this year has brought
prices down again to normal level. but the wage
reductions have been very small. Here and there
% per cent has been taken off. where 80 40 per
cent had been put If markets DO further
decline under threats of change OF our industrial
and financial system. further wage reductions will
not be necessary, and hundreds of thousands of
wage earners in the iron and steel trades will be
dreamed Of in the Bryan campaign of 1886
The history Of the quadrennum proves how
fber ii'iE 4r aeo ne II any roeeFs i VINO qerive rive
ing are tempted to change their votes for McKin-
ley Of four years ago because Of expansion or trust
recall what they were earning before the Mckinley
but Bur the brightest and most significant feature
cur EXPORT trade Our good freG5s smong "t6e 6e
free traders used to complain a tariff which gave
against the iron and steel makers of the old world,
who thought i 70 be their proper mission to
pther forms down to pocket knives. But see what
Arabian Nights In 1890 we bought imported iron
Bnd steel TO the value of S44.5i04l3. We exported
k2f.V0000 a net difference OF Sl7500000 in Ameri-
dollars sent abroad Five years laler we i'm
had turned, and we took SloeooC0O from the for
sigPersi instead ID. Of paying Ing large sum
P o5 as ron f@os sRe & M P %S S s rs Gus
1855 $s77l550: 1893 sos CSC on imports ran down
the diminishing point. The increase in ex-
ports since 1855 has been SOC per cent Judging
PTospects ahead it looks as though the a1 eonhe ne
eas % m 69e @ Po nd gres @ sa m inns 5on neq @ alone w9Td @
see worth I ne % Worla O. at a o IsTge I therefore. will be
iron and steel workers.
EIGHTY PER CENT TO AMERICAN LABOR.
How is this enormous sum distributed as be-
tween the workman and manufacturers? I venture
TO say that 50 cent Of it goes the wage
earners and less than 20 per cent all other in
terests. II must be remembered that in the last
analysis the Of iron resolves itself almost
wholly into wages. So-called materials are all
wages except what they yield 10 the owners of the
mines they lie in the ground-in other words
royalties These royalties, together with the cost
Of transportation CDart Of which, however Is
wages ard final profit in manufacture is about all
there Is IN the cost Of iron and steel outside Of
what Is paid the miner and mill and furnace work
ers. u does not take & very profound thinker 10
benefits Of the great revival in iron aud steel +et
came in with the defeat Of Bryan IN 1896.
OF manufacturers in all sections of the country
When say mat II there were good prospect Of
OF the election OF Bryan IN November next there
would be such paralysis OF the Industry al vVoud
dnTo" d o1t hundreds OF thousands Of men. and re-
alce heavily the wages Of those left with work
dces OF iron makers for there E wlwS or prejl
IS because the iron trade the world over is linked
and draws back work stops on bridees v1a1e- yI5aq
works railroads, new buildings etc., and mills
close because they do not have the demand When
Lne money conditions are sound new enternrises 90