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STATISTICS OF THE AMERICAN IRON-
TRADE FOR 1894.
GENERAL REVIEW OF THE DOMESTIC IRON TRADE.
Our last Annua] Report, which appeared in September, 1894,
contained a review of the causes of the financial and industrial
panic of 1893 and a condensed history of the accompanying
depression in all branches of business, the historical references
closing with the passage by the House of Representatives on August
13th of the Senate substitute for the Wilson tariff bill, this
substitute becoming a law on August 28th, on which dav Congress
adjourned until the first Monday in December.
The Senate substitute was so much more considerate of American
industrial interests than the Wilson bill which it displaced,
and there was everywhere manifested such a profound feeling of
relief that the vexed tariff question had at last been settled, even
if not in all respects wisely settled, that the business men of the
country, and particularly railroad officials, bankers, and manufacturers,
at once began to look more hopefully upon the future,
while consumers of manufactured products, gauging the future
of prices by the changes which had been made in the tariff", at
once gave out orders which had long been withheld. The stock
markets advanced, and even London bought freely of American
securities. Exports of gold almost ceased. Many manufacturing
establishments which had been idle were set in motion, while
others which had been running half time or less than half time
were put in operation full time. The freight tonnage of the railroads
increased, and thousands of cars anil not a few locomotives
which had been rusting in idleness were again brought into use.
Coming to the iron trade, the production of pig iron increased
from an estimated weekly output of 115,356 tons on August 1st,
several weeks after the coke and coal strikes of 1894 had lost
their force, to an estimated weekly output of 151,113 tons on .September
1st. On the latter date the active furnaces in the country
numbered 171, against 135 on August 1st, an increase of 36. On
October 1st the number and capacity of the furnaces in blast
were about the same as on September 1st, but on November 1st
there was an increase iu the number of furnaces in blast and in
their capacity, aud on December 1st there was a further increase