New-York tribune., 1901-03-03
THE IRON AND STEEL SIDE.
SEVERAL NEW ELEMENTS NOW CONFRONT
ING NANUFACTURERS.

Speaking more particularly about the progress
Of American exports of iron and steel Archer
Brown. OF Rogers. Brown & Co. we'll known
manufacturer Of these commodities, said:
on the iron and steel side OF the export question
two or three new elements now confront Us dne
noTi 'oF rtacbei fbe rceat Total OF $50 az The
I'll ointment and in Great Britain at the same
coilapse Of the boom Of is99 our furnaces and
mills needed an outiet for surplus pr9duct, ana
the foreigners took IL at good prices The move
ment mad by early fan reached such proportions
alarm. For eXHmple in the Glasgow market the
demand fer ship plates for the Clyde industry was
ncwsPaerS sounded the alarm in sensational fash
ion. Beginning three or four years ago with in
credulity and Indifference as to reported progress
state OF mind where everything was believed which
bore upon the superiority OF the or tTlc
high prices FOR English coal made low cost OUT
The effect Of this panic upon the industry in
Demand fell off, furnaces and mills stopped prices
began TO tumble. and they have continued 10 de-
clue until Cleveland pig iron is now selling at
around forty-sx shllings. as against Seven{ty-ITo
declined. furnace coke is down half; there have
been reductions in labor, and the net result
is heavy reduction all along the me lLtoat @ ,, az
vices are that manufacturers are gettlng over Ier
again AT the moment their prices are improving
In Germany the experience has been almost
identical. The Germans have for years con-
syndicates and when the break came engagements
@ nG been @ maze o iGF freak e has Therefore worked dis
astrously in many ways. some comp companies a; So; ana
have been ruined. Latest reports from Germany
however are TO the effect that production keeps up up
Tb1 see es of the dreaded American iron coming
in and have taken fresh courage - 49,, 49,.
While prices have fallen SO rapidly on the 0d 0[her T
lines have actually advanced IL Is NOT sur
steel 6uats plates, tin plate bars ETC. the
ward movement has praGt!calIy stoPped' - ne III m
working machinery, but in such forms as agricHIt
ural machnery stTGI ram enort movement Reeps up
vel and is likely to continue throughout the year
be a sharp falling Oft. but not so much as has been
iTdrIG @ oi IA the eXports Of iron and steel in 1901 will
be as great in any previous year 1900 alone ex-
Rnother new and important element in the stu
alton alton 1 Is tG nave problem which staggers the most
experienced Nothing like it has been witnessed
idle in advance of any announcement of its policy
and even of its organization, TO guess what ITS
abroad. The general belief is that il will steady
y2IGGs Wins il ana eonrd but little over onethrd Of the
total tonnage OF the country, it will nevertheless
& ~ WIN and viii own very large majority of the
6ishlv organized branches of the industry When
if approaches the foreign trade it will face grave
questions of policy Individual firms ana 1, minor
nlus Droduct in foreign countries at cost price, or
even below and il would be counted good busi-
ness But a giant corporation OF this kind under
taking 10 charge American customers more than
foreign would he with a popular outcry.
There would be a demand for reduction of tariff
Schedules that could not be resisted. The unsuc-
cessful party in the late campaign would have a
new and powerful weapon. There would be at
tempts at restrictive legislation, State and nation
ali such are some OF the penalties of greatness.
ON the other hand. If the corporation directs
lis mower TO the reduction of cost and gives domes
tic as we'll as foreign consumers the benefit, the
weapon will be taken out of the hands of the
enemy our home industries will be stimulated and
there is no reason why the secondary markets of
the world, which at present supplied largely by
England and Germany should not be mainly sup
piled from this country.
The tariff question is certain TO receive new at
tention a result of this great consolidation
think within bounds to say that most IRON manu-
facturers feel that protection has done its work in
building up American industries and that the time
has now come when, in the iron and steel trade.
important reductions can be made without injury
10 any interest II the duty were taken off foreign
ores the strongest argument against the recent
combinations would be met Pig iron longer
needs protection. although English iron is to-day
delivered in Pacific Coast markets under American
iron prices paying 81 40 a ton duty. In some spe-
ciaties the English and German might touch our
markets if the tariff removed entirely, but
the whole the American iron industry has now
sufficient protection in its abundant and cheap raw
materials. modern plant and efficient labor