New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-21
THE IRON TRADE.
MEETING OF TIE AMERICAN IRON AND
STEEL ASSOCIATION.

REVISION or THE NATIONAL BANKING SYSTEM
Observation-Disclosures EFFECTS OF THk Reg
Is1RY LAWS on IRON sHIP-BUILDING.
PHILADELPHIA, Nov. 20.--The annual meet
Ing OF the American Iron and steel ASSOCIATION was
held to-day Ia this city Samuel J. Reeves President In
the ehar owing to the fact that very short notice
given the meeting not largely attended as would
have been the under more favorable circumstances
Among those present were:
Samuel J. Reeves of tho pbnniy Iron co,npany pbn.
nixy DIV, T Penn; r. H. Lamboru OF the PennNlvania
SUI nUnany Phlladephia e. b. Pratt OF the Buhslo
IRON anu Sa'i Company. Buffalo; the Hon. ID. j. MOIrell
81 lne Iron Company. Johnstown, Penn; j. b.
James PaE ae Of James sSSnet
OF It,sonrgn; f. W. Noble Of Detroit, Mich. T. a. Han
Morris, OF Morris. Wheeler 4 Co.. Philadephia Joseph
wharton, Bethlehem Iron Company, Penn; the Hon. e.
Dr - o. Wurtz, Cambria Iron Company Penn. and
Jonn u. Brown, Of John II. Brown Co., Wayne Iron
and Steel Works, Pittsburgh.
The Presidents address occupied half an hour In de-
livery and completely reviewed the business of the
Association and condition Of the iron trade Touch
ing the question OF iron shp-budlng, he maintained
that IL was the duty OF Congress protect shipping
interests from the attacks Of free traders and expressed
his dissatisfaction with the resolution recently passed
by the National Board OF Ira e, sitting at Chicago, In
Whch they declared their belief that the time had
when Congress should allow foregnbullt ships be
registered by the United States. lie asserted that
America can supply cheap and build good ships
England or Scotland In referring to relations with
Europe in the supply OF iron and STEEL he said:
We have now passed the point of dependence. We
t we have ore Oh the Tno9 TT d. We nave
verse legislation by Congress Will be able from this
steel OF every description. aud to export these articles
to our neighbours We now make all kinds OF pig iron
except spiegeeIscn and we will ultimately enabled
10 dispense with its Importation An agent for the sale
OF railroad Iron ia New-l0rk Cts has acknowledged
that MS business in this country in the sale OF English
a..
as lhel now are Commisson men OF that city are no
longer opponents OF tho sale Of American rails for they
are seeking agencls under nome establishments III order
10 continue tie business.
The Secretary, Mr. James NJ. swank, read short
business report after which his annual report was sub
mted to the ASSOCIATION. 1t states that the present
financial crisis has deranged tho whole business,
and prices OF Iron have declined IN some lines far
below the cost of production. At the beginning OF
November, fully one-third OF tho furnaces and mills
were idle and by the end Of the month oncha Of the
furnaces will he blown out" The rail mills bare OF
orders and the OF pig iron Is accommodating. with
sale ut any price. Thousands OF
Of work, and those yet employed have accepted q
reduction OF 10 per cent IN wages. Under these cir
eumstance5" says the report it lie proper consider
whether IL wise 10 continue the encouragement OF i'm
purtaton OF foreign iron twice repeated by Congress in
reducing duties within four An increase OF duty
pig iron from 81 50 ton and prOportionatey
other classes would be wise measure OF relief by
Congress It's better 10 have reduced revenue than
cold aud hunger ia the homes OF the American working
men"
Tae Hon. D. ]. Morre referring to the Presidents ad-
Dress said;
Our supply Of steel rails IS equal 10 the demand
and we Will be abe 10 control own markets here
after II PRICE. IA England do not 50 greatly recede that
her nanuac lcrs VIII be able 10 snip stee! rails TO ts
country In view Of III, possible event. protection
tor Of deep significance that the English Government
aimed through their consular system 10 acquant them
They even t the second Secretary Of tho Legation at
Washington on extended tour throughout the country
panic.
The following officers were elected for the present
year:
P5;sdfnf Hgeysi Js,ap anss, an, s.
james Park, H.; Tleasurer Chas wheeler Secretary
James VI. swank; Executive Commi.,ee. & j Reeves,
Park jr. Pcrciyal Roberts; James Bennett, Root H.
LinJori. Alfred Hunt, T. Io"nsend Chat' Eh.cIer'
James l. Bennett from tho Committee 90 ResOlu-
lions, made the following report which WAS unan
mOusy adopted:
Resolred That this association attributes the general
prosperity the trade at the country winch has
characterized the past and the previous years to
the tariff policy OF the Government which has fOstered
home Industry aud enabled many branches OF manuiar.
lures 10 obtain positions rendering ten independent 0f
foreign rivalry.
ResoIred That the iron and steel in tho
United states do not regard themselves in any way
responsible for the present embarrassment Of Their IN
dtlstry, winch intl nave conducted Win care auu
economy, and they arc assured that the adoption ny
Congress Of financial system adequate 10 the largely
increased and increasing business needs OF thu country
will enable them not only 70 supply all demands Tor
home consupton but also to rival older nations IN tno
markets OF the world
Resoired, That the horizontal reduction OF ten per
cent OF due made ny tue second section OF the acc of
Congress 81 me g. 1872. WAS unwt.e ana uncIetiO''
Government, and should he repealed.
RcSOucd, That Congress should revise the national
banking system, removing the monopoly inantaned %
the existing national banks, prohibiting Thorn from pay
ing interest on demand deposits, aIh making other
wholesome regulations Tor their government anu snOui
devise other means Tor aOrding adequate supply Ot
currency and for giving it tho requsite hexollitY
Resolved, That laws gllatlng customs duties should
have equal aud uniform construction und application aJ
all ports OF the United States and the contrary praeuce
which now prevails should he corrected by the Secretary
Of the Treasury or by Congress.
Resolrcd, Tie the RAPID and healthful growth u iron
shipDuildng this country has demonstrated the ben
eiral Influences OF the registry laws Of The Unitod
states, and that under their protection american sup
buiiders will be enabled through tho improvement and
1Yeopment of our Inannfscires OF iron 10 take pos
the carry trade Of the country, foreign
we'll as inland thus adding greatly to che prosperity OF
the nation peace. ls strength and Ia
Of war; believe that free trade 10 ships would
check this whole sonc progress would be- detrimental to
American Labor aud Injurious TO the best interess of the
Re sofred That we regard the power given 20 single
creditor under the present banking law 10 force debtor
bankruptcy against his viii and 10 the injury OF all
others having CLAIMS against the estate, unjust IN
principle and disastrous IN practice aud iu the opinion
OF this Association the law should BE- amended ~ 70
give hreeourths OF tho creditors In the interest tbe
right TO control the settlement OF the AFFAIRS or the in
solvent aud TO prevent them from DeinS suJected 10
proceedings In bankruptcy.
Resolved That this Association has learned with great
satisfaction that the members OF the Iron and steel In
sttute OF Great Britain propose 10 yst this country
next year Tor the purpose OF asceraipng the extent
and progress OF the iron and steel Industries OF tho
United states, and that menberS OF this Association
will extend TO them hearty welcome and Will takd
pleasure IN showing them their several works ana IN
otherwise aiding them 10 accomplish the object OK their
visit.
Resoired That the acceptance by the Executive Com
mitee OF tho trust Delegated 10 this AssOcauon ny the
Executive Committee VI the United States Cenehnai
Commission of making adequate representative col
lection or TIE iron the United states Tor display
at the liberation nj Exhibition OF 1876, Is hereby APP
proved; ana recognizing the Importance ana diculty
nss active cO0DeratiOn