The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-26

Thursday, as the 9Th day of May is now
called.
What Is the significance of the falling
off in the long distant orders in iron
trader" 1 asked a specialist in that line
Does 1t signify that the boom in iron
is coming to an end and, If not that,
then, what does it signify?'
SYMPTOMS NOT ALARMING.
The specialist thought for some min
utes before answering, and then replied:
In common with every iron man in the
country, have given that very question
the closest study, and there has been a
very free interchange of views among
those who are qualified to pass an Opin-
ion on it. The practically unanimous
judgment is that the symptom is not
alarming. All the mills and shops in the
United States have orders on their books
which will keep them Working night and
day into the beginning of next year
Neither side is anxious to enter into con-
tracts beyond January, '02. Buyers hope
prices may be more favorable next year
than they have been or are likely to be
this year. Manufacturers and producers
of iron and steel do not care to bind
themselves on long time agreements for
several reasons, the chief one Of which is
uncertainty as to what they will have
to pay for labor That is really the prin-
cipal cause of the falling off in far-of
business. Statisticians estimate that be-
tween Is and so per cent Of the cost of
iron and steel is in labor 1t will be
seen therefore that charges in the wage
scale enter vitality into the calculations of
owners OF plants and mines While the
labor situation remains in a state of dis
turbance capital is loath to commit It
self on any considerable volume of con-
tracts extending ahead more than six
months"
Continuing on the Same theme, the ex-
pert added: SO far as can be ascer-
tanned there is no probability Of an actual
decrease in the production Of iron On
the contrary estimates for 1862 fore
shadow material increase iii the out
put Of that metal, II. tho United States.
We are consuming at the rate of over
l5COO,GD tons per annum as against about
l3,GOO,UOO last year New plants in course
Of construction and planned for might
easily increase the production Of iron
next year to 100000 tons. The innlmer-
able new uses to which the coarser
metals are being put warrant the convic-
ton that within three years this coun-
try will produce and distribute in the
home and foreign markets at the rate Of
2e,OOd,CO tons per annum and that the
trade can safely assume the increase t.
be permanent and enduring. TIE United
States\ can Underseil any country in the
world ahd will within twenty four months
dominate the foreign markets OF that
there Is no doubt in my mind and It IS
the firm conviction Of the men behind the
great iron and steel combines"
PROBABLE DIVIDEND.
While on this iron and steel feature !
might note that the insiders in the $3.50
0O00o0 corporation continue TO encourage
the belief that a dividend on the common
stock will be declared IN July The
speculative tip is that the declaration viii
he per cent. A powerful conservative
element in the directory will be for max
ing the dividend either 4 per cent or )
per cent and adding the remainder to the
surplus. Mr.. Morgan will return from
Europe to be at the July meeting Of
directors of the big corporation and the
dividend question Will be decided by min.
He will bring back mass of information
bearing on the foreign trade and will
have made up mis- mind how much money
it viii be necessary and wise to invest in
the development of export business
That has all along been Mr. Mcrgan's pet
hobby in connection with his corporation
and ne has been collecting pertinent data
ever since he went away.
GEORGE GOULD'S AMBITION.
Tho extent to which Mr.. George ].
Gould is getting into railroads has given
Wall street and the public new insight
into the character and plans of taat re-
r1arkable young man. lie is not so very
young, either, being well past forty
years Of age, and has been in almost
absolute control of the Gould fortunes
for many years. Until this year he has
never been conspicuous in the street and
has apparently contented himself with
re-investing the earnings Of the estate,
with no view of becoming especially
prominent among the hnanciers Of first
rank. 1t Is becoming evident that under
his management the Gould estate mas
grown enormously and that he is now II
position to size up with john D. Rookie
feller and W. K. Vanderbilt, who are be-
yond doubt the largest owners OF rail-