The New York herald., 1873-10-30
TRADE DEPRESSED.
Disastrous Effects or tae Monetary strin-
gency ON Pennsy.vania Iron Masters
and Manufactuyersi I'm General.

Oiblstr0us Enects OF tAe Monetary Str1n.
gency ON Pennsylvania Iron Masters
AID Manufacturers In General.
PITrsBURG, Oct. 27, 1878.
There Is no concealing the fact now that the late
financial panic has worked great injury to the DIFF
ferent Leading manufacturing institutions OF
the country, and nowhere have such establish
ments been less ready to discountenance that
which would tend to cause uneasiness or depres-
sion or have STAYED OF the impending calam-
ity fer the length Of time that the manufacturers
Of this great hive Of industry have. But the de-
pressing effects attending money stringency
are becoming more manifest every day, and the
truth cannot longer be concealed. Numerous
manufacturers have been obliged to yield TO
strong combination OF circumstances and suspend
operations at their different establishments. These
remarks do not apply to all branches OF industry
here, for many Of the mills hereabouts keep run.
ming at their usual steady gait: but 1t is only q
question OF weeks when there Will be general
Suspension unless the employees submit TO con-
Siderable reduction In the matter OF wages. An
extensive establishment-Singer, Nimick n Co.
shut down their sheet mill some weeks ago
on account OF slack orders and with q
view OF arriving at an understanding with
their employees. A proposition was made to the
length this reduction was accepted, and the works
| resumed again this morning. The great blast FUR
| naces OF Moorhead 4 Co., on the Monongahela
River, have suspended operations, and, 1t IL SAID
|
remainder of such furnaces IN this city, and IN the
Mahoning and Shenango valleys There are eight
! of these furnaces in this city, employing in the
aggregate about 500 men, and as II requires about
| loo men for each IN the mines, II will have the
erect OF turning nearly 10000 men out OF employ
4 ment.
The reason the furnaces are shutting down Is
that they are losing money, and have done so LOT
some time past. The high cost OF running and other
| expenses. with the depressed state OF the pig iron
market, have forced the furnaces to sell their
| manufactures below cost. These institutions In
| tend to close down and wait until the price OF
labor is such as TO allow them TO go to work again
| with better prospects. Manufacturers say they
have been paying ruinous prices for every sort OF
a reduction TO prevent entire suspension
and avoid stagnatlon OF business. Manu-
featuring establishments are to-day paying
twice as much Tor coal as they did
in 1850 and war prices Tor every variety or labor
The American Iron Works made general reduc-
| ton Of wages this morning averaging twelve per
cent. The reduction applies to all departments OF
under. on this class there Will be no reduction
The workmen accept the reduction without much
objection but 1t is not clear that they VIII be so
| tractable If easier times come. In the lace or
dull winter resistance is unwise for poor labor
ing man with large family; and this Is the view
OF the situation generally taken
The depression IN certain lines OF the glass trade
still continues, and the future Is not such as to
inspire those engaged in the business with hope.
The coal miners who as is usual wltntnem at TINS
OF the year, had been on strike, expressed
desire to return to the pits this morning at the
| rates they were obtaining at the Inauguration OF
the strike but quite number Of their employers
| them will resume work at o less figure than they
i