404 



IKON AND STEEL. 



The production of open-hearth or Siemens- 

 Martin steel made but slow progress in this 

 country until 1872, when 3,000 net tons were 

 produced. The production amounted to 3,500 

 tons in 1873, 7,000 in 1874, 9,050 in 1875, and 

 21,490 in 1876, the last being the product of 

 10 establishments. 



Imports and Exports of Iron and Steel. 

 During the year ended December 31, 1876, 

 there were imported into the United States 

 iron and steel products aggregating in value 

 $10,584,126, against $15,264,131 in 1875, 

 $24,578,638 in 1874, $45,764,670 in 1873, 

 $61,714,227 in 1872, and $47,919,926 in 1871. 

 Tin plate is not included in these figures. 

 During the year ended December 31, 1876, 

 there were exported iron and steel products 

 of domestic manufacture to the value of $15,- 

 997,643; 1875, $20,417,635; 1874, $20,458,- 

 732; 1873, $16,687,754; 1872, $14,360,-617; 



and 1871, $15,206,179. The decrease in im- 

 ports since 1872 has been very great, but the 

 exports have remained substantially the same. 

 "The hopes," says the secretary of the Ameri- 

 can Iron and Steel Association, "that have 

 been indulged by many persons that this 

 country would soon enjoy a large export trade 

 in iron and steel products, have not been real- 

 ized, and the principal reason why they have 

 not been realized is due to the fact that other 

 leading iron-producing countries still manufact- 

 ure the coarser forms of iron and steel cheaper 

 than we do. But there are other forms of 

 iron and steel that we could introduce more 

 largely than we do into foreign markets in 

 successful competition with foreign manufact- 

 ures." 



The consumption of American iron has not 

 greatly decreased since the beginning of the 

 panic of 1873. This fact does not indicate 

 even moderate prosperity to the American 

 trade during this period, but it is significant 

 of the vast quantity of iron and steel which 

 this country will always require, even in peri- 

 ods of great depression. The following tables 

 show the marked decline which has taken place 

 in the prices of four leading products of iron 

 industry during the past four years, which em- 

 brace the period immediately preceding the 

 panic of September 19, 1873, and extending to 

 the beginning of 1877. The ton quoted is the 

 gross ton of 2,240 Ibs. : 



In May, 1877, the pricToTNo. 1 anthracite price of best iron rails had fallen to $37 in 



founder/ pig-iron had still further declined to Philadelphia, and the price of Bessemer rails 



$18.50 in Philadelphia, and the price of refined at the works to $48 and $49. These are as 



bar-iron in the same market to $44.80. The low prices as the country has ever known. 



