The Providence news. (Providence [R.I.]) 1891-1906, 1902-09-29
COMMERCIAL
CONDITIONS
Situation In the United States
Carefully Watched by Europeans
DEMAND FOR STEEL AND IRON
But This Cannot Continue and British
Manufacturers Are Warned 10 Lock
Out for Competition
DEMAND FOR STEEL AND IRON

washington. Sept. 2s-commercial
conditions in the United States are now
the subject OF very close attention by
the financial and commercial journals of
Europe.
A copy of the London Financier. just
received by the treasury bureau of sta
tistics, discusses in great detail CONNER
cial and manufacturing conditions in the
United States and their bearing upon
the manufacturers and commerce OF Eu-
rope, and especially of Great Britain.
Commenting upon the reduction in ex-
ports during the last fiscal year II says:
This large decrease is chiefly owing
TO the partial failure OF the Indian corn
crop last year, and partly owing 10 the
decrease in the value of iron and steel
goods exported. The exports of all kinds
OF iron and steel, with the exception of
iron ore amounted last year 10 sll7,-
3l9. 800. This last year 0909 they
amounted TO only $9S,552,562, showing a
falling of of SIS, 75S.
1.-The shortage OF certain iron and
steel goods in proportion 10 the demand
is chihy due TO the great prosperity of
the railways 1t is estimated by steel
rail manufacturers that the railways
will require at least 100000 tons of
steel rails for the year ending June 30,
1903.
BIG STEEL ORDERS.
Orders for 100000 tons have already
been given. IL is said that l,250. 900
tons of the 100000 tons will be required
for renewals, the remainder being used
for extensions. Another great factor In
the iron and steel trade is the agricul-
tural implement industry. A third is
the Unprecedented demand for steel in
the building OF dwellings and factories.
The total imports OF iron and steel
goods amounted TO N, 247, as COM
pared with s17.S74,7s9 in 1901, an increase
OF $9305,45 This increase is general
throughout the whole list of articles,
but is largest as regards raw and semi
manufactured material Notwithstand-
ing the enormous demand for iron and
steel prices have been kept at n reason
able level. This has been largely due
to the United States Steel corporation,
who firmly refused 10 raise their prices
unduly. This policy has, doubtless,
caused a prolongation of the period of
great activity by encouraging greater
consumption.
"As long as the United States continues
in its present prosperous condition, alb
sorbing all IL can produce in the way of
iron and steel, British manufacturers
need not fear serious competition. But
this prosperity cannot last indefinitely.
THE home demand must fall of to
greater or lesser extent when. owing TO
the present increase of output all over
the country, we shall probably see an
overproduction exceeding anything hith-
erto experienced
Preparations are being made to meet
this contingency, so that when supply
greatly exceeds demand in America
everything will be in readiness TO carry
tries more economically than ever be-
fore. British manufacturers should.
therefore. put their houses In order
meanwhile.
RAW MATERIALS.
"a notable feature Of the imports is
the large proportion OF manufacturers
materials, as compared with what may
be considered as iuxuries Thus, raw
cotton, silk. WOOL fibres. tobacco, hides,
ruboer. fin. copper and chemicals form
the bulk of the importations of raw ma
terials for use in manufacturing.
In nearly all OF these a comparison Of
the quantities and value of the importa-
tions of 1902. with those OF preceding
years, shows that the increase in guam
tity Is greater than the increase in
value.
while the whole country is in con-
dition of great prosperity, perhaps IL
is more noticeable, comparatively speak
ing, in the South than In any other
part. Not that the southern states are
really more prosperous than the southern,
but the contrast Is much greater than
what IL was a few years ago. The in
crease in exports and imports in the
principal southern ports in the last two
years is a reflection OF the growth in
commerce and trade.
Railway travelling has been very much
improved, and the railway companies are
assisting the farmers and manufactur-
ers, knowing that their profits depend
upon the resources OF the South, and as
a consequence no effort is being spared
To encourage the development OF the in
dustries along the various lines.
The development of the oil industry
has done wonders for some OF the states.
Not only has IL brought immense sums
of money, but the low cost OF oil has
caused IL to be used as fuel on steam
ships, locomotives, etc, reducing costs
of manufacture and transport to no in
considerable extent"