Belding banner. (Belding, Mich.) 1889-1918, 1902-08-14
Iron ana steel Market.


and a decrease of 10 millions in the
exports of that class of articles, is
the most striking characteristic of
the commerce Of the year just ended.
The total imports of iron and steel
manufactures in the fiscal year just
ended were s27 $50, 255 in value against
sl7 ,S74,IS9 in the preceding year,
while the exports Of iron and steel
manufactures were, sos, 552, 562 against
sll7,3i9,32O in the preceding year.
This makes the imports OF the year
larger than those of any preceding
year since 1893. This subject is dis
cussed as follows in the annual report
of the Chief Of the Bureau of Stats
tics just completed:
1.-The most remarkable feature in
the years commerce in manufactures
has been that which relates to the
movement in the manufactures of
iron and steel. In this class of manu-
features the exports have fallen off
sl9,OOO,OOO in round figures, and the
imports have increased SlO,000,OO0
For many years prior to 1901 the ex-
ports of iron and steel have steadily
increased while imports had steadily
decreased. Expectations of iron and
steel manufactures increased from
81, 100000 in value 1880 TO 1921 900
600 in 1900, while imports of iron
and steel decreased from S67 900
900 in 1882 to $l2,0O0,000 in 1899.
In 1901, however, the exports
of iron and steel fell TO Sll7,00o,000
and in 1902 to sos, zoo, 900 while the i'm
ports of iron and steel increased to
$40, 10000 in 1900 and to 49,, 600, 900 in
1902. Thus the exports of iron and
steel in the fiscal year just ended are
81, 900, 600 below those Of 1900, and the
imports of iron and steel are Sl4, 000,-
600 above those of 1899; the total inn
ports of iron and steel for the year
1902 being greater than in any year
since 1893 This increase in imports
of iron and steel has been generah
practically every class showing much
larger figures of imports in 1902 than
in 1901. Tin plate, for example. shows
an increase of S2,000,000; ingots,
| blooms, and bars over million dollars:
| pig iron over a million, and other
classes in about the same proportion
| The cause of the remarkable in
crease i'm imports and decrease in ex-
ports of iron and steel is stated by
the Secretary of the Iron and Steel
Association, Mr.. James M. Swank, in
his annual report issued in 1902, as
| follows:
| ga marked change has taken place
in our foreign trade in iron and steel
since this subject was prominently re-
| ferred TO I'm our annual reports in 1899
and 1900. In 1899 and Immediately
| preceding years the iron and steel in
dustries in Europe were exceptionally
prosperous; there was an active de-
mand and prices were high. In the
years just prior to 1889 the prices of
iron and steel in the United States
were lower than they had eyer been.
| Under these conditions we naturally
found opportunities to dispose of our
surplus iron and steel products in neut-
raj markets, and even in the home mar
kets of our European competitors.
But these conditions have materially
changed: the European demand and
| European prices have declined and
the home demand upon our own iron
steel works has greatly increased
while our prices have advanced hence
sharper competition in neutral and
all foreign markets and increased for
| eign competition in our own markets.
| The figures of increased imports and
decreased exports in iron and steel
| should not be hastily dismissed by our
iron and steel manufacturers. We
hope that they will lead them, instead
to dismiss the thought that the worlds
markets for iron and steel are to be
easily captured and held. The activ-
| ity in our export trade in iron and
steel in the last few years was eXcep-
| tlonal and abnormal. Not only is
| Europe adopting our improved meth
DDS OF manufacture, but il will always
have cheap labor and by these agen-
| cles 1t can hold its own markets and
actively and aggressively contend for
the possession of neutral markets.
| For our iron and steel industries, as
| well as for all other domestic manu-
featuring industries, our home mar
ket must always be our best market"
1T seems not improper TO add to the
above statement of the causes of re-
duction in exports of iron and steel
that one of the principal causes of
the low prices in foreign markets
seems likely to terminate in the near
future. These reductions in prices
were, it is stated on good authority,
due in part to excessive expectations
of iron and steel manufactures from
Germany, made at unusually low
prices with the purpose of disposing
of an accumulated surplus caused by
overproduction and the reduced home
demand due to the recent temporary
depression existing in the industries
of that country. This surplus having
been largely dismissed of and the de-