The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-11-12
Pittsburgh and The Panic !
A Review of the Situation
A Hopeful Outlook for the Future,
Condition Of Our Leading Indus
tries.
From the Pittsburgh Commercial.

Greatly exaggerated statements haVe
been given to the public, from time tc
time, since the beginning Of the panic,
relative to the depression of business in
this city, particularly as regards the
iron trade and its branches. Most ol
these misstatements have found pub
licity through the newspapers OF the
east, and we have taken occasion to
correct a number OF them in our
columns. Business here, as elsewhere
throughout the ountry, has been seri-
ously affected by the panic, but not to
the extent represented by telegraphic
correspondents and letter writer's Some
OF the assertions printed in leading
newspapers, have been absurd and ridi'
culous; az, for instance, that bv the
stoppage of our blast furnaces, ten
thousand men have been thrown out
OF employment Only two out of the
eleven furnaces have stopped work, and
these ceased because the workmen
declined to accept a reduction OF ten per
cent. in wages. The whole number Of
men employed, directly, is about sixty
to each furnace, and Indirectly about
forty, including those who handle the
fuel, ore, etc. This would give sn sg-
gregate OF eleven hundren men, all told,
OF whom but about two hundred are
idle. Other statements, equally as
reckless and devoid OF truth, have been
published abroad.
THE IRON BUSINESS.
Careful inquiry from persons OF intelS
ligence and large experience in the
iron business, enables US to give gen.
eral review OF the situation. Without
attempting TO disguise the fact that all
branches are depressed, nevertheless
the outlook is not near go gloomy and
discoursging as has been represented.
This becomes the more important, in
view OF the fact that it is estimated on
reliable authority that our rolling mills
ioundries, machine shops, etc, consume
about one fourth Of the entire pig met
al product OF the United States. In
the various branches OF iron manufac
ture, we usually give employment to
upwards OF sixteen thousand hands
What proportion OF these are now idle,
ID not accurately known; butt is ress-
onably certain that the stoppage is
only temporary. The market tor our
iron products is mainly ia the west and
south, and owing to the scarcity OF mon
ey, western and southern customers
have largely curtsiled their orders.
The railroad companies are very heavy
customers, and they have been compell-
ed 10 rub along" as best they can, uu-
til money becomes easier. Their ma
chinery, however, is subject TO the
same wear and tear as il there was no
retrenChment; indeed, the wear is even
greater where repairs are not prompt
ly supplied 80 that, ere long, orders
must begin 10 come in from this class
OF customers. The tightness OF the
money market has compelled the most
rigid economy, and hence it is that or
ders have fallen off, 30 that none OF our
mills are able to run full time with q
full complement OF hands At q
time like this, it would be folly in our
mill owners to stock their warehouses
with manufactured goods, and, like
prudent men, they are running merely
TO supply the demand. 10 times Of
general prosperity, such IS we have had |
until recently, there is tendency to
accumulate stocks ahead, and when the |
crash came there were considerable |
supplies on hand, in several branches, |
which have not yet been used up. These
will coon he cleaned up, and then a
gradual improvement will begin to take |
place. The degree OF this improvement
will be measured by the condition Of
the currency. There is another reason |
why many Of our rolling mills do not
manufacture stocks ahead. For several |
years past there have been marked !
changes in the demand 70. some articles;
as, for instance, plate iron. 1t has, oi
late, become the practice 10 order plates
according 10 specifications, in regard to |
length, breadth and thickness, go that
the manufacturer is no longer able to
anticipate the wants OF bic customers.
The same rule now holds in regard to
merchant bar and other iron so that
the mill owner, even If be had the
means and the disposition to stock,
could not do so economically, as 10 g
large class Of articles, any more than
house.builder could provide in advance
OF any plans or specifications the mate,
rlals that are 10 60 into a dwelling or
warehouse,
OUR BLAST FURNACES.
Ia regard to our blast furnaces, it
is only necessary to state that, while
but two OF them have stopped for the !
present, the price OF pig metal has be-