The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-04-29
Business Prosneets.

A meeting Of tho Eastern Iron Masters
Association at New York on the 18th
inst. discussed tho prospects OF the iron
business and incidentally OF business gen
orally. A synopsis of the opinions cX-
pressed is embodied in the following
questions and answers. which arc taken
from tho Iron ago:
QUESTIONS ny TIE SECRETARY.
FIRsT-h not he eIistiRg and prolonged
ItriH0ency in the money market tho cauSO
Of the present depression in all branches
Of trade!
This was answered atilrmativCly by all
present, one stating as his conviction that
without an early let up in money, not
only would iron and other articles decline
heavily, but a Saoeeping financial panic
to0ud proStrdte tho business Of tie country.
Wool had declined 80 per cent in year.
The cry Of tight money market came
from every point Of the compass, traced
partially TO fictitious manipulations in the
New York stock and gold markets, but
caused also by heavy importations oil
luxuries and the general extravaganza oil
the masses, overtrsdipg, etc. W8ilstFeet
gamblers might pay per cent a day tot
nlOReY for abort period, but honest indus
try could not afford to pay that much per
month without suffering. Neither can
our immense railroads continue to i'm
prove and build If compelled to pay cur.
rent rates for money.
SHCoND.-HGS consumption decreGSei, Of
is there any rsaSon to suppose that tho cork
shops of tho nation piN stop using ir0np
In reply, it was stated that the large
railroads were crowded with freight in
excess OF their carrying capacity, and al
high tolls, and were making money and
spending 1t by tho million, for rail, en-
gines, cars, CerotI, shops, etc. Others
stated that while consumers OF iron were
buying Spdringly, and allowing their stock.
TO run doUR 10 The lOIreSt point, they still
were fully at work, tho large locomotive
and machine works running 10 their Ut
most limit, and the ship yards, nail anC
horse shoe works, boiler shops, loundres
and bridge aud girder mills, were in full
blast, while building permits were lar il
excess Of any former year, and as far al
known, not single blacksmith shop haC
stopped, although all were suffering from
dear money.
TuIRD.-Imp0rtS being impossible (aflel
old orders are tllledA and our country de
pending upon foreigners for at lsdii ono
third Of our supplies, trltere Is the Iron 4
come from, il the consumption continues a.
hcTet0t0re2
While some arc expecting that the in
creased product from new Iron work.
will Offset the absence Of importation
they refuse to acknowledge the fact tina
the expansion Of the country yearly ab,
serbs an increased product. II money dc
creases in value to It's legal rate. season
OF prosperity would probably dawn upOI
US, unparalleled In the history Of thu
country.
FoURTH.-Are there other causes for III
dullReSJ Of all branches Of buHine6S?
The secretary stated that he had letter.
from different sections OF the country, ant
all referred to the severity Of the winter
the lakes and upper Mississippi being still
closed with ice; the snow very deep il
many sections in early April; roads nGarll
impossible, and trade, as q result, back
ward. The increasing prices last sum
mer and fall, induced some consumers {
purchase in ddpdne0 Of immediate WdntS
others arc waiting for o decline in prices
working with small stocks. Its as;erlcl
by competent authority that the Wester
Mills have not accumulated heavy stock
oil bars; on tho contOry, east aud west, i
mills and stores, stocks were know
to DO light and broken, as III
mills did not run to full capacit
during the winter months. Recent Eng
fish papers contain addresses and appeal
by the large Iron firms to their EN-
pIoyes to avoid all strikes and causes 10
lurIher advancing the cost Of iron, or tn
power which has enabled Britain 10 il
tluence and control the markets OF tw
continents, will forever pass away iror
tho British Iron Masters. This admission
only confirms previously expressed con
lyIcuous, that by uniformity Of action an