The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1873-11-15
FHE IRON INDUSTRIES OF RICH.
N0ND. =

Dy fneTo speculative OpSrallouS, OF ny tHe |
bulling or bearing Of stocks, it is impossi-
bic that they should remain unaffected by
such general financial disturbance as that
which immediately followed the failure OF
Jay Cooke & Co., and those carried down |
by that unfortunate house. The panic
caused by these failures, and the many
others that followed in quick succession
after them, soon became widespread
and universal, affecting almost every
industry in the country, and particularly
the great iron industries, SO dependent upon
the general prosperity for their successful |
prosecution among us. As the panic |
struck the chief railroad operations of the
country in the first instance, it was felt
more seriously by the iron manuiac-
turers than by any other class. In
fact, it was the diversion of cap |
ital from legitimate business enter
prise5 to speculative railroad interests
which preciptated the panic in the first
instance, and this diversion was so extern
sive that The moment the crash came
there was scarcely an iron industry in
the country which was not seriously affec-
ted by it.
With view to ascertaining how seri-
ously this branch of our industry had been
depressed by the general panic, we visited
yesterday nearly all the larger iron estab-
lishments in the city, to ascertain what
proportion of their force was now en-
ployed the terms on which they were
laboring, and their prospects for
reinunerative employment during the win.
ter. We visited the Tredegar Works,
the Old Dominion Nail Works, the Met
ropolitan Iron and Brass Works, the
Shockoe Machine Works, the establish
ments of Talbot, Ettinger and Edmonds,
George B. Sloat, and several others, con-
fcrring with the principal proprietors, and
gathering such facts as they were willing to
have communicated to the public.
One of our principal objects was TO as
certain whether there had been, in the last
week or ten days, any perceptible improve
ment in their several branches Of manufac-
ture, and, if 50, in what particular branches.
With the exception of the Tredegar
Works, and some two or three other
establishments, no such improvement was
visible. The force employed at the
Tredegar yesterday was three hundred aud
seventy-fye men in the different shops and
at the furnaces, with prospect of increas-
ing the number from day to day, as cash
orders Tor those equivalent to cash) should
come in. For all of our manufacturers
have determined to get down to hard.
pan bottom at once, and do cash
business, or its equivalent in first
class negotiable paper. AS they
can get no extended lines Of credit with
the banks, they can of course grant none
in their business and while the tempo
rary effect of this is to throw larger
number OF workmen out of employment
it cannot fail to produce most salutary
influence in the end. The Tredegal
Company will replace their men al
rapidly as their business will allow, ant
will work on three-fourths time in ordel
to give larger number employment.
The Metropolitan Iron and Brass Works
CIV. E. Tanner & Coz show considerable,
activity, and while the prospect is not yer,
fiattering for any immediate improvement
the proprletors are not at all respondent
They take as cheerful a view of the situa
ton as the nature of our monetary trou.
bles would seem TO admit, and look conf
IDENTIFY for better times when the cotton o
the South and its other important staple
are successfully moved to their more com
handing markets. They are working abou
two-thirds Of their ordinary force OF
three-fourths time, filing only such orders
as are cash or its equivalent.
The Old Dominion Nail Works hav,
commenced work again, and will prosecute
it with considerable energy during the win
ter. They have large manufactured
stock on hand, but have a deficiency il
sorts. which they intend to make up. They
Would not have stopped work at all, excep
for foolish strike among their men, whC
attempted to stand out against the trflins
reduction of twelve and half per cent
in wages, when much larger reduction
was being made in most of the same clasl
of mills throughout the North and West
Besides, they were engaged in putting in
large new turbine wheel in their Bar Mill
and repairing their immense fiy-wheel in tn
Puddle Mill, and these operations mad
the fourteen days. strike among thei
men no serious inconvenience to them
These repairs will be completed in thu
course of few days, when their whole
force with the exception of few dis
charged for their prominence in th'
"strike'') will be at work as usual, th,
inside help on full time, and the OUTSIDE
on three-lourths time. They employ
about four hundred men, and turn ou
about nine thousand tons of nails enc