The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-08-12
MINES AND MINING, STOCKS

into every human activity. The form
Ct represents probably 20 per cent OF
the whole weight Of metal roughly
speaking. but the latter represents
the greater value, in a degree beyond
calculation.
Structural and railroad steel repre-
sents only such profits as the mining,
transportation. refining and rolling de-
partmcnts yield on their labor. which
is largely unskilled and ow-priced.
ON the otherhand the smaller end Of the
Industry IN Weight-volume represents
over toweringly the bigger end IN mon
ey-volume. labor-volume and profit
volume. II is the labor and not the
weight Of the metal that represents
profit and prosperity. There is pro-
.ht on each stage Of labor. and the
price OF this labor increases as the
work becomes more finished. increas-
ing the profit both 10 the manufacturer
and the artisan.
Still more important. activity in this
90 per cent end OF the industry is the
real index 10 the buying power Of the
country because structural shapes and
railroad steel or 20 per cent end, are
not dependent upon the money in cir
cuIatiOn. II skyscrJpers are 10 be
built. accumulated wealth is drawn
upon: If battleships public Institutions.
county bridges or other municipal
works are wanted the taxpayers settle,
often without knowing that the work
is ia progress; II railroads are 10 be
laid or improved the money is raised
by loans and bonds. These public en-
terprises broadly reflect national pros
perity but are not an index Of immed-
late conditions.
II is tile small consumer Of steel who
must have money in hand. wrested
from nature. Here the crops directly
control the highly profitable end Of
the steel industry II the agricultural
lists business has been good he buys.
often in abundance: II poor. he goes
without or makes stock in hand serve
prolonged use even il comfort de-
mands bettcrmout This is the inter
locking system which makes the pro-
III OF the steel industry move forward
with uniform impulse.
The paradox Of increased steel trade,
say up 10 20 per cent OF full capacity
as il now stands, without relaxation
OF business structures throughout the
country. is explained away when we
learn that the need is a stirring OF
business in the 30 per cent end Of the
trade There is much promise, how
ever in that the last Of this 20 pct. con-
sumption Is the forerunner of demands
that viii push up the activity toward
par provided the crops are good. Up
on this pivot the conditions may be
expected 10 turn.
II is also true that some demands
ON the 30 per cent end Of the business
win follow. independent Of crop con
ditions. We know Of one public insti
tuition in Boston upon which the con
tract for piping and sewer connect
ions was let last week. an item Of $50
900. an ornamental iron and bank grill
le manufacturer tells US his industry
Us piled up with orders, working all
the men it can bench. a friend from
Detroit called and told us his employ
ors. working 1900 men i'm one Of the
largest automobile factories in the
country. had sent him east 10 scour
the manufacturing towns in search Of
1900 more skilled mechanics and mech
and as an oddity we have
word from a large wire netting con-
capacity on screen door business; this
is Frustrated now, they say. but when
chicken raising became a fad recently
they specialized on poultry netting
and their factory has been running
fun time 10 meet that demand.
Germ which ordinarily is running 10