Arizona republican., 1901-10-17
Europe'S Prices Depend on
 American Market
Views of British Expert Now in This Country on Tour of Obser- vation-South's Industrial Obser- vation.

l this country making a personal study ! of the situation in iron and steel. His 1 observations on the ground coincide ! with his judgment formed across the water. and the results of them as writ ! ten by him for this weeks issue of the 1 Manufa cturers' Record, can only be en- | couraging to American iron and steel i interests.
 MT. Jeans finds the iron trade here agin at the crest of a wave of pros | perity which seems likely to continue | for many months to come but which i Is hardly reflected in the iron trade of | Europe. He regards as the mainstay ! of the British iron industry at present 1 shipbuilding, which. having had re- | markable revival, is now enjoying something like boom, and which has | been less cut into by American or Ger man competition than any other | branch of the British iron industry. At the same time British manufa cturers are concerned with the possibilities of ! keener competition all around, because | of the rapid and large increase or the ! resources of production both in Amer i ;ca and Germany. As to the part America is to play in this connection i MT. Jeans says:
 | So far as the American iron trade now has. or is likely to have in the fu- | ture, a material influence on the British 1 iron trade, l think there can be little ] doubt that under the existing economic | regime European prices must be largo J. ly fixed. if not wholly determined. by the markets of the United States. This | of course. is likely to mean that British manufacturers can hardly look in the future for the exceptionally high prices to which they have been more or less accustomed at intervals in the past, | unless, indeed-which is hardly prob able-American firms are so fully book | ed that they cannot undertake outside orders. Such a consideration has na- i turally very seriously depressing in ! fiuence on British industry. Whatso- ever enterprise has hitherto been de- 1 veloped in the British iron trade has | largely been function of the expecta- ton. amounting to d certainty, that is i the staying powers of the makers were only sufficient to enable them to wait a | boom was certain to come that would recoup them for years of bad business 1 But this prospect is clearly by TO means so good as it was since Ameri- | can manufacturers began to turn their attention in solid earnest to the cap l ture of European and other outside | markets. The impression is growing | that those who spend a great deal of | money in new and improved plants ia , the face of such an outlook are taking | too many chances and hence that way l danger lines. Nevertheless. there is | great deal of new outlay being incur red in Great Britain in the remodellins and improvements of both iron and improvements of both iron and steel 1 steel works. probably quite d dozen of our leading steel plants would be hard i to beat in America. This remark aD- plies more particularly to steel works of Consett, Dowlais. Dalzell, Weardale. Lancashire and Cyfartha. But the | trouble is that these works cannot: however good. depend on securing OF i ders that will keep them m regular op- eration. owing to the necessarily con- tracted limits of available markets. and in this respect they stand at a great | disadvantage as compared with the trade of the United States, which. pro- 1 tected at home. can and does make full use of its resources and opportunities to capture the markets of other couu- tries to whatever extent may be need ed to keep its works fully employed under a recognition of the fact that full going is a fundamental condition of cheap production"
 The renaissance of the industrial work carried on in the south prior to 1860 is illustrated in a report made ny d CTS Record of this week on the exter.- sive copper and other development | work which has been in progress in ! Rowan county. North Carolina, for the last two years. Prior to the discovery of gold in California that section was the largest gold. producing region in the United States. the Gold Hill mine in that county having made a record of several million dollars of gold, which
 
 was reported as the most importa nt gold mine in the United States. The mineral veins at that point carry cop per, gold and other metals, and when operated so largely prior to 1850 the miners were after gold only. and the increasing copper found proved a hin- drance then but now the world hunger for copper brings this section. after an
 idleness of half a century. to the front as possibly one of the important cop per producing regions. of the country.
 About two years ago the Union Con-
 per company was organized in New
 York by w. G. Newman and other cap italists to operate in that field, and af-
 ter spending over S1. 1.600 GOO in actu Il development work. mining equipment and building large sIneiter and mil,
 it has just started up it's shelter with
 an abundant supply of ore blocked out the results of it's two years work and it's lavish expenditure. demonstrat- ing, according to this report, that a
 great mineral region of vast possibil-
 ities for profitable mining operations
 is now to be opened up in North Caro-
 lima. The old mine known as Gold Hill.
 which had such record in 1S49. ani
 which adjoins the Union property. has been purchased by MT. Newman, the
 organizer of the Union company. and is also to be developed on a broad
 scale.
 Pittsburg capitalists have likewise