New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-09
THE EXPORT TRADE IN IRON.
LETTER OF AN IRON HOUSE TO REAssURE THE
ENGLISH MARKET.

ENGLISH MARKET
The iron market is still declining as Is evidenced
by dispatches from Birmingham. Ala. announcing
a cut Of 81 ton to SIC. in the price of No foun-
dry. and from Pittsburg saying That the price
OF bar iron has been reduced from cents to Ia
cents a pound. the reduction to go into effect on
July /. A prominent iron and steel man said yes
terday of the outlook for the trade as quoted:
There is no less real demand for iron products
than before MT Gates attracted attention. The
little material as he cam under the belief that
prices viii go far lower. He will undoubtedly not
But hold that the remedy for this state of affairs
is not in abrupt and violent measures-at least not
at present The consumer must be played" a little
longer if he is to be thoroughly exhausted and
some time. but not as long as some might think
Rogers, Brown & Co., the well known iron house.
have sent the following letter to Henry r. Morton
& Co. Metal Exchange London, giving their views
as 10 the likelihood Of heavy expectation of Amer
lean iron and steel products 10 Europe:
We observe with some concern that both Eng
fish and Continental markets continue in a state of
from this Side The fear seeP TO be Sh tb bf
there will be an enormous export movement of the
surplus OF American iron and steel products
count 81 our nt, heaFy and declining mar
greatly disturbed for these causes not only in
metals but in securities of iron and steel com
and Germany: 1t seems to us that good will be
timid with statements of fact.
You know. OF course that far pig iron is
cannot GO beyond the limits Of dead weight room
which practically confined to cotton ships and the
cotton season. The best estimate is that this can
not under present conditions exceed 100000 OF
mental ports but partly also to Great Britain. The
minute you get beyond this limit of cheap ocean
ROOM rates must be paid that at least equal 10
charter rates OF ships. and those from II shl-
ings Is shillings higher than ballast rates.
II, therefore, America is TO dump another 400 600
tons on England and the Continent, 1t would be at
Is now paid That ought to sufficient pro-
lection of English and German makers against an
avalanche Of cheap American pig iron. The same
thing is practically true of coal American coal
supplied by Great Britain but those who expect IL
TO meet English and German coal at home are
badly informed.
When il comes to manufactured forms of iron
and steel OF course America will continue to COM
pete sharply in all the markets of the world, and
fully expect our exports to grow in the future
man makers powerful competitors, and there
Is little doubt that they VIII hold their trade.
The best that America hope is TO gain by the
increase OF the worlds business which is certain
peace.
The situation therefore. seems boil down to
this: For four years past have sent you and
Europe American pig iron amounting TO l or III
per cent OF the English and German product This
year we may reach the limit OF per cent. but at
this moment il unlikely. II England got the
whole OF il, instead Of less than one-thrd it would
not replace the shrinkage in her stocks, since
January !. Our prices are slowly seeking a normal
level but they approach that production rapidly
diminshes, and the avalanche which your people
the tickers and cable Offices The bears in both
metals and securities having rare sport now,
owing TO the extraordinary credulity on both sides
of the II these statements (Which, We
think IL would do no harm to give them cur
rency your side.