The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1901-10-04
Lessons of Steel Strike.

Omena In the lBQuSOTidi anu Con lOi
cial history of the United States,
saws the New York Times, has been
witnessed in the course Of the iron
and steel markets since June /, with
out attracting as much attention as
might have been expected. AT any
previous time, and under almost any
previously existing conditions, the
occurrence of three and a half
months strike in the principal steel
mills ia the country would have
caused profound disturbance in
prices and induced speculation
which might have ended in some
thing like panic. That nothing OF
this sort has occurred or been sug-
gested as among the possibilities OF
the situation would seem to Indicate
that there are unsupported advant-
ages in the Capitalization of the con-
troll of this industry which are bene-
fetal to all in interest.
The enormous proportions of the
demand for all forms of iron and
steel fer consumption mean that in
Vulnerable enterprises are In hand
which must protect themselves
against the failure of their supplies
of material or find themselves brought
to a standStill, with great loss TO
those Immediately concerned. More
than once within recent years we
have seen scramble for all the
material in sight with less reason
than was offered in the issue between
the Amalgamated Association and
the United States Steel corporation.
This year nothing of the kind was
witnessed. Dealers with large and
well assorted stocks took advantage
of the opportunity to advance prices
a little on orders accepted for prompt
delivery, but the company made no
advance. and continued selling what,
it had to sell at the prices ruling be-
gan. The management seems to-
have kept it's head wonderfully well
and to have maintained good look
out forward. The quiet confidence it
has manifested has inspired conf
dence in others and the resumption OF
work in most of the mills lately clos
ed occurs as naturally and easily as il
it had been nothing more than the
customary summer intermlssion for
rest and repairs.
The position of pig iron is remark
able. The stoppage OF four furnaces
of the National Steel company, all
modern and of large size, cut down
the total product somewhat, but the
loss was in great degree Offset by the
increase in production under other
ownerships, There were 225 furnaces
in blast on Sept. /, making about 300,
600 tons per week. That is very close
t., the maximum product. That il is
no greater than the needs of the trade
is u,ga by tie FACT that between
Aug. and Sept. stocks of pig iron
in first hands shrank over 10000 tons,
leaving the total supply OF iron lin
sight," outside of the holdings of the
steel concerns operating their own
blast furnaces, less than $751;, 900 tons,
or, say ten days product. During
September it is probable that pig
iron make will again reach record
breaking figure. A number of new
and large furnaces have just been put
into blast, and if the four furnaces of
the Steel corporation in the Shenango
and Wheeling districts which were
stopped by the strike resume at once,
the production for the next thirty
days will probably br larger than for
any previous month in the history of
trade. That the situation is not
wholly predominated by the United
States Steel corporation is indicated
by the fact that there is an import
ant development, nooably in and near
Sharon. Penn, and in less con-
Spicuous degree at other points, east,
west and south, of both iron and
steel manufacture. What we said a
few weeks ago as to the influence of
the Steel corporation in establishing
and maintaining confidence and en-
couraging large investments in enter
prises which would not otherwise
have been undertaken at this time
was undoubtedly true, and it is daily
becoming more and more evident to
thoughtful students of the business
situation. Its management of the
steel strike will materially broaden
the basis of this confidence, and the
conviction that it will be able to
maintain the conditions essential to
it's own existence makes every owner
Of shares in plant operated outside
of it's control feel that his investment
is safer than it would be were the
conditions restored which existed
prior to it's formation.
Skilled labor which has undoubt-
edly watched the progress of recent
events with especial interest, cannot
but recognize the fact that it's fears
as to the influence of great consolida-
+ of To ~ +c ,Dop fo,o 1884.