STATISTICS OF THE AMERICAN IRON TRADE FOR 1903. By JAMES M. SWANK, General Manager of the American Iron and Steel Association. BRIEF REVIEW OF THE IRON TRADE IN 1903 AND 1904. The prosperity which characterized the iron trade of the United States from the beginning of 1899 to 1902 and throughout the early part of 1903, as noticed in previous reports, was suddenly checked about the middle of the last year by a sharp reaction in the stock market, which caused a decline in the demand for iron and steel and a consequent decline in prices. Production in the first half of the year had been on a large scale, fairly comparable with any half year since the beginning of the boom of 1899, and prices had been as a whole satisfactory, but in the last half of the year both production and prices declined rapidly. Soon after the beginning of the year 1904, however, there was a revival of activity in production, but prices did not rally. April and May, 1904, were especially active months, but with slight increase in prices. June and July were characterized by a sluggish demand. August, September, and October were again active months. Prices, except in some special products and for special reasons, have been remarkably uniform all through 1904. In September and October there was a distinct revival of confidence and hopefulness in the iron trade, and as this report is written, in the latter part of October, there are few signs of the reaction which began a little more than a year ago. The prices of pig iron have advanced in October. The stock market has recovered its buoyancy, and this recovery has been a leading cause of the revival of the iron trade. Details of production and prices and of imports and exports for 1903 and immediately preceding years will be found in succeeding pages. Some prices for the first ten months of 1904 have been added. GENERAL STATISTICAL SUMMARY. The following table gives the shipments in 1902 and 1903 of Lake Superior iron ore, the shipments of coke and of anthracite coal, the total production of iron ore, coal, and coke, and of all iron and steel, the imports and exports of iron and steel, etc.: Summary of iron, steel, etc., statistics for the United States for 1902 and 1903. The shipments of Lake Superior iron ore in 1903 were 3,281,243 tons less than in 1902, but the country's total production of iron ore in 1903 was only 534,827 tons less than in 1902. The shipments of Connellsville coke in 1903 declined 793,510 short tons as compared with 1902. The shipments of Pocahontas Flat Top coke increased 501,967 short tons as compared with 1902. The total production of coke in 1903 was 139,370 short tons less than in 1902. The shipments of Pennsylvania anthracite coal in 1903 increased 28,161,941 long tons over the shipments of the strike year 1902. The production of all kinds of coal in 1903 increased 49,791,051 long tons over 1902. The production of all kinds of pig iron increased 187,945 long tons in 1903 over 1902, but the production of spiegeleisen and ferromanganese decreased 20,320 tons. The production of Bessemer steel decreased 545,534 long tons; open-hearth steel increased 142,182 tons; all kinds of steel decreased 412,272 tons; structural shapes decreased 204,513 tons, and plates and sheets 65,744 tons; Bessemer steel rails increased 11,364 tons, and all kinds of rails 44,544 tons; iron and steel wire rods decreased 70,838 tons; iron and steel cut nails, 197,869 kegs; iron and steel wire nails, 1,350,585 kegs, and all kinds of rolled iron and steel, 736,419 long tons. Our imports and exports of iron and steel in 1903 corresponded closely with the imports and exports in 1902. The imports in 1903 amounted in value to $41,255,864, against $41,468,826 in 1902, and the exports in 1903 amounted to $99,035,865, against $97,892,036 in 1902. The imports in 1903 were, of course, largely in response to orders sent abroad before the reaction of that year. In the year 1904 the imports will be much less than in 1903 and the exports will be much greater. IMPORTS OF IRON AND STEEL. The following table, compiled from statistics obtained from the Bureau of Statistics of the Department of Commerce and Labor, gives the quantities and values of our imports of iron and steel and manufactures thereof in the calendar years 1902 and 1903: Imports of iron and steel into the United States in 1902 and 1903. Of the pig iron imported in recent years a large part was spiegeleisen and ferromanganese, but in 1902 and 1903 there was a great increase in the imports of foundry and Bessemer pig iron. IMPORTS FOR CONSUMPTION OF FERROMANGANESE, SPIEGELEISEN, AND FERROSILICON. The Bureau of Statistics of the Department of Commerce and Labor furnishes the following statistics of the imports of ferromanganese, spiegeleisen, and ferrosilicon which were entered for consumption in the calendar years 1901, 1902, and 1903. These imports are included in the statistics of imports of pig iron, spiegeleisen, ferromanganese, and ferrosilicon given in the preceding table. Imports of ferromanganese, spiegeleisen, and ferrosilicon into the United States in 1901, 1902, and 1903. The following table gives the quantities and foreign values of our imports of tin plates in the calendar years 1872 to 1903. The decline in imports since 1891 is a result of the tariff of 1890. The domestic consumption of tin plates and terne plates has greatly increased in late years. Imports of tin plates into the United States, 1872-1903. |