The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-03
WAITING FOR REACTION.
London Financier Says This Country
May Not Always Prosper.

Washington Letter in Baltimore sun.
A copy of the London Financier. just re-
ceived by the Treasury Bureau OF Sta
tistics, discusses in detail commercial and
manufacturing conditions in the United
States and their bearing upon the manu.
facturers and commerce of Europe and es-
pecially of Great Britain. Commenting
upon the reduction i'm exports during the
last fiscal year it says:
This large decrease is chiefly owing 10
the partial failure of the Indian crop
last year and partly owing TO the decrease
I'm the value of iron and steel goods ex-
ported The exports of all kinds of iron
and steel, with the exception OF iron ore.
amounted last year to s117. S1s, 800. This last
year Qs02 they amounted to only s9s,552,562.
showing a falling of of s1s.76s.75s.
The shortage of certain iron and steel
goods I'm proportion to the demand is chiefly
due to the great prosperity of the railroads.
1t is estimated by steel-rail manufacturers
that the railways will require at least
100000 tons of steel rails for the year end
ing June 30, 1903. orders for 100000 tons
have already been given. IL is said that
10000 tons OF the 100000 tons will be re-
duired for renewals, the remainder being
used for extensions.
Another great factor in the iron and
steel trade is the agricultural Implement
". a
mand for steel I'm the building OF dwellings
and factories. The total imports Of iron
and steel goods amounted TO $Z1,ls0,z4I, as
compared with sl7,S74,7S0 In 1901, an increase
of $685. ASS. This increase Is general
throughout the whole list OF articles, but Ii
largest as regards raw and semi-manufac-
tured material. Notwithstanding the enor-
nous demand for iron and steel prices have
been kept at a reasonable level. This has
been largely due to the United States Steel
corporation, who firmly refused to raise
their prices unduly. This policy has doubt
less caused a prolongation OF the period or
great activity by encouraging greater con-
sumption. As long as the United States
continues in its present prosperous condi-
ton, absorbing all IL can produce In the
way of iron and steel, British manufac-
turers need not fear serious competition.
But this prosperity cannot last indefinitely.
The home demand must fall on to a greater
or less extent when, owing TO the present
increase of output all over the country we
shall probably see an 0verproduction ex-
ceeding anything hitherto experienced.
Preparations are being made TO meet this
contingency. SO that when supply greatly atty,
be in readiness TO carry the surplus 70
Europe and other countries more economic
ally than ever before. British manufactur-
ers should, therefore, put their houses IN
order meanwhile.
while the whole country is in a condi-
ton OF great prosperity, perhaps II is more
noticeable, comparatively speaking, In the
South than in any other part Not that the
Southern States are really more prosperous
than the Northern, but the contrast Is so
much greater than IL was few years ago.
The increase in exports and imports in the
principal Southern ports In the last two
years is a reflection OF the growth 10 COM
rnerce and trade. Railway travelling has
! been very much improved, and the railway
! companies are assisting the farmers and
manufacturers. knowing that their profits
| depend upon the resources OF the South.
| and. as a consequence, no effort Is being
| shared to encourage the development OF
! The industries along the various lines The
! deyelopment Of the oil industry has done
| wonders for some OF the States. Not only
| has in brought immense sums OF money,
| hut the low cost OF oil has caused IL 20 be
/ used as fuel on steamboats,. locomotives,
| etc reducing costs of manufacture and
| transport to no uncomfortable extent"