New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-05
INDUSTRIAL INTERESTS.

IRON AND STEEL WORKERS IN COUNCIL.
TuE AMERICAN ASSOCIATION AT PHILADELPHIA -
BUSINESS OF the CONVENTION - SECRETARY
swANK's REPORT
IRON AN OCCASIONAL CORRESPONDENT OF rnn TRIBUNE
PHILADELPHIA, Feb. 4-The iron and steel
manufacturers Of the country meet tomorrow at the
continental Hotel Representatives OF Establishments
nd associations controlling hundred millions OF
oaDital In all parts OF the United States arc already
hare The present financial situation OF tho country
and tho threatened attack Washington upon the pre-
cont tariff will command largo share OF attention and
elicit the expression Of positive opinions In regard 70 tho
edorts Of those who would frame financial ana rev.
eDue policy uimical to the iron md steel interests
preliminary meeting OF the members OF tho h%ocaion
was held AZ their oce this morning tho following
being present:
James T. Bennett Of Graf, Bennott q Co. (oar iron'
nlaTe and ug iron) Pittsburgh. -, -,
Thos 8 blair " sboeGberser. Blair Co. (pig' nall
ana PoSt Bnsbpei Of Park Bro Co rucibo steeD,
New-YOrk CITY. r.. ,.or,har,
w E g. Coke of Philadelphia and Reading Rolling MIL
w S Mead Of Knoxville iron Co, (ps iroD Knoxville
On T. Colin Of MuirErh Iron Co g iron. Mnirkirh'
John Rogers OF j. j. Rogers Iron Co. mails. blooms
" @. Nelson aud H. @. Townsend OF Logan Iron and
Steel CO. tig ironl iewlstown Ps1n cror and stoo,
s. NJ" Ii Morris Of nors Wheeler Co tnerchant bars
d. j. MorfeIi aud f. l. Townsend of Cambria Iron
70 r, ron iron and .ieel rains largest shmcnt
in NJ re 1e country. JohnstoWn. Penn.
CGss s. imam, Ponusy lvauia Steel Co steel rails,
Alfred Hunt Of Bethlehem Iron Co (pg iron. iron and
st[ wn ram lanes kiance X NJ Co. Cron rails OHIO
J. b. Moornead Of j. b. Moorhead & Co (pig iron).
Joseph wharton. Bethlehem Iron Co tnickoD Cam
den, n. j. -, y. IT, t.o., .h.u, NJ "
Samuel j. Reeves, Pnonix Iron CO t1S iron rails
he ms orders shapes, d ~ Phmnixyiile Penn.
s. VI FELTON, Of Pennsylvania S1eei Goa Pennyivania
Many Of these gentlemen ara interested largely in
other concerns than those named. and in several
instances represent from slOOOOC0O to s5OO0OOo OF
capital The report Of the Secretary handed around
10 tho members and ordered TO be submitted to the
General Convention tomorrow The fnrthor proceed
ngs were secret but 1t understood that proposed
memorial TO Congress Will be presented 10 the Conyen-
ton TO morrow for action in which II viii probably be
suggested that the banks should DO prohibited from
paving interest on demand deposits and that the inter
changeablo bond and currency plan should be adopted
~ Congress. These generally the Hon d. j. Nor
rels views and he attributes tho late panic largely 10
the fact that tho "iDterest deposits systom drow
all the money from the country into HewYOrR ana
other money centers Tue recommendation OF the
Secretary of the Treasury to tho eject that the cost OF
and shipping charges should not 10 Included
in invoice value upon which duties are assessed
criticised by Joseph Wharton Mr. StebiDs OF DctrOt
thinks that some plan sbOfd be adopted by which tho
West can be supplied with plenty OF money az uines
and a less quantity at other seasons.
MI Elder Of JOhustOwn, Penn. Will probably ask inc
Convention to recommend to Congress the tranScont
mental railways and that those which now IN course
OF construction should be assisted substantially In Their
efforts to open up the Southern and Western material
interests to the markets Of tho world.
Mr. Wharton intends 70 lay before the Convention
. cE,la In xyhic
OF recent OF notes on deposit by the Assistant Treasury
officials al a small rate Of interest returnsble on demand
will be the feature. The committees OF tho different
associations meet tonight at the Continental Hotel 10
Interchange aud arrange business for tomorrow
The report Of Secretary James NJ. swank. TO DO pre-
scnted day. that the members OF tue Iron and
steel Institute of Great Britain will postpone their visit
to this country until 1876 when the collection OF Amcii
can iron ores In the Centennial Exposition will afford
better opportunity OF comparison with English ores.
The report further states that the act OF 1872 reducing
duties per cent, substantially ireeirade vic
tory, although intended such by many who voted
It, effect has been TO reduce the OF the
Government about s150CO0OO while it has probably not
reduced the cost of imported goods
certainly iron and Steel the high prices OF tho
last years abundanty attest The money lost to tho
Government by this reduction on duties was gained by
somebody's aud IL the consumers did not get foreign
manufacturers added it to their other profits
Tie plain duty of Congress, IL holds Is to repeal the
law thus place the duties where they were prior to
its passage This action would serve the double pur
pose OF increasing the and protecting Ameri-
can workingmen against the grave danger OF conn-
ued reduction OF wages The effect Of the panic on the
iron trade has been very disastrous January was n
very dull month in every branch of the iron business
and February opens with brighter promise At the end
OF almost ve months panic the general iron trade OF
the country little TO condition Of hoath
and prosperity than at the beginning.
The report that returns have beeD received
from 80 rail mills, only II being in operation and from
ss5 urnaces OF which PAT were in blast aud 1873 out OF
blast There is stock OF iron hand Of 308 43O tons.
and 800 hands unemployed 1t ia estimated that
in the whole country 5000 men unemployed from
the sfnnnage of fnrnaees and rail mills.