New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-21
DEPRESSION IN THE IRON TRADE.

VIEWS OF SAMUEL J. RHRvEs-GL0OMY FORE
BoDINGs-oRDERs FOR IRON WORK DECREAsiNa'
lrRoM REGULAR CORRESPONDENT OF The TRIBUNE
PHILApELPHIA, April 16.-As the leadlng
iron producing aud manufacturing works IN
mia have Offices here facilities are Afforded ior 'oe'n
the CONDITION OF trade throughout the e'a'o. D
after INJURY among them that the views OF Gil are Gun
hotaa In tho statement Of Samuel j. Reeves,
tho prasident nj the Phoenix Iron Company, whose
orIs a, pbnxyiIe are the largest IN tho country TOT
manufactured iron the Cambria Iron Company al johns
town only exceeding them in the production Oh iron III
Its grinder forms:
Association of the United States says that there Is un
deubtedy great depression in the iron trade ana TINS is
,aryelv ar mainly due TO the financial question: and the
reoept manic The YOUNGSTERS greatly dsheartened
nv the failure Of Congress to settle the vexed question
NJ the currency They say that any settlement wouiu
lie relief provided it be final The leading manulac'
turers, however, favor all financial schemes be-
fore Congress which look to increase OF
currency. The condition of the iron trade IN
Pennsylvania is as bad as it can be.
The works at Phenixville have been particularly ior-
tunae for the reason that they had large contracts
which Afforded work through the panic and up 10 inc
present time. They have had two blast furnaces lue
but have the production Of three or four OF o'o
peoples to supply their works Their own were put ou
Of blast at the commencement OF the puddiers s.rA
Nav last but the men came back after SIX weeks uio
ness and signed an agreement not 70 oeonE W gu!
union whatever. The Phoenix Company nave su
ore ON hand 10 run the furnaces now ldIe lor sA '
but they can buy the stocks Of Mig iron OF other M
in the neighborhood as low as h5 there is no
themselves and PROBABLY lower d neiviOit q, oosrann
reason why they should puttheir furnaces IN @
while they can buy that manufactured py o'ners az io
Mr. Reeves further says Manufactured iron OF all
descriptions Is perfect drug in the market inc de
msnd IS less now when most expected demand than 1t
was three months ago and there is no sign OF improve
"a
that thugs would be In the normal CONDITION ABOUT ts
time but A. has turned out So Inc iron taue ms
NOT been so bad for 10 years. and he looks LOT no m
prOyement TIL next Fall. AS 10 we slhe,
stated is contemplated ne does no, oer th naDntac
turers with indifference II not approval. Inc hlu-
owners OF Pennsylvania would not be damageu Dy q
universal strike because they are now running 'neii
works at o loss. 1890. It'll.
Tue miung interest is identical with that OF the mills;
mining falls of IN proportion to the demand, te9 eh
now no deInapd ana the miueOwners would not run the
miues M all but for the necessity OF Keeping the Wae
out This depre Is not new, but has existed anu
Increased since last November. TIE orders on manu-
kept the mines and mills running TOT Two OF Inree
months after the panic, but now these sources OF
are being rapidly exhausted inns is seen IN
degree in the OF the Phmnx Iron Company Ihere
has not been days cessation OF labor at their WORKS
the panic because they had large contracts mace
before Il began, but it begins TO look "squaly now
as but few contracts have been made. Inc
two blast furnaces which nave peeh iuie
employed say 900 men. and the hydraulic
shop stopped week ago for want OF orders Mr. Reeves
fears this Will have to be adopted stun iurtner
for the same potent The case OF the Cambria
one In point Several weeks ago the men Pu. up .
notice that they would hold meeting with view 10
should be settled, "wOrk would continue as DefOrh
Of the in striking was at once antlcl,
pated by the foreman, who shut down me WORKS, anu
ever they resumed work at the old prices and under
the condition that they should be nOn-unOn men. This
is the case also with the Duncannon works IN the same