This general
policy of providing for legitimate future requirements is one of those
instincts which safely guide the commercial world out of danger into
safety. One fruitful source of panics in former periods of activity was
the failure of consuming interests to supply themselves with raw
material to complete their contracts. The business world has learned
wisdom from its experience, and is now quietly turning a corner and
wheeling into line safely early in 1890. The tanning interests of the
United States have pursued this course in their limited field. The boot
and shoe manufacturers, if they have not bought largely of raw material,
have, at least, taken such steps as will guarantee them against a sudden
advance. The clothing manufacturers have wisely purchased for their
future wants; in fact, in almost every avenue of activity this policy
has been pursued. The users of Lake ore have already bought five and
one-half millions of the seven or eight million tons of ore they will
want this year. The users of steel blooms and billets have bought so far
ahead that manufacturers are now declining to make further contracts,
excepting for very strong reasons. The Southern pig-iron makers are
debating with themselves whether they will accept orders for pig-iron to
be delivered next summer or wait a few months. Scores of illustrations
of this sort could be enumerated.
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