The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-06-10

sive process Of Bessemer, they convert
ed it into steel. they got 3S3 per cent
more. They also paid about $50 ton
for preferred pig metal from Iron
Mountain and other places. Why,
sir, their stock, . couple OF years ago.
could not have been had for 200 per
cent premium Now. vise men would
not give Is cents on the dollar
for it."
How did they get the Bessemer
patents? What royalty do they pay
the inventor
ut is generally said here" exclaimed
my informant, that the chief agent OF
the Company vent abroad, watched bis
chance. ard spirited to Cleveland some
Of the workmen who fully understood
the process. That's all the royalty We
know about"
The cashier of one of the Cleveland
banks said to me yesterday Take the
iron interest out OF consideration, and
business is
sS5A AZ VSOb No S'6h>y
and times as easy, with prices falling
The sentiment OF all men who possess
lie for more contraction and
speci. payments by 1875. The IRON
men are desperately endeavoripg to
float things over, and look for their
greatest catastrophe TO come in six or
Twelve months. ! expect tbs Aahon>
ing Valley, where :uanufsctures have
spruug up 10 the widest scale to be as
silent as it was before forge or furnace
was raised there. Pittsburg can get
through because they have had such
papics before their business is old /;
their purses are longer. But, 10 our
bank, We give iron makers poor accom-
n odatiou. A man came in the other
dav, and represented that be had
100000 in his mill. We instituted
inquiries, and found that, Of this
$500 900 was wstered stock and bor>
rowed money. There is no way out
for these people. Their is no way out
Tor these people. Their devices for
relief are childish az their system Of
Protection. They never look for advice
ARE Intolerant; and rig ht 10 this
stronghold OF Protection, the High
Tariff is now so clearly exposed,
through its own logical development
to disaster. the public men and journals
will not sgsin be dumb before 1t.
rur porrrxc Mia
of Cleveland in 1872 were six IN num-
Der: The Cleveland Rolling Mill
Company, the Cleveland Iron Com
pany, the Cuyshogs Iron COMPANY. the
Otis Iron Company, and the Union
Iron Works. There were tour iron.
pipe companies. three iron mining com.
panies and nine establishments or com.
pauies for handling iron ore At The
present time, not one Of these mile are
said to be running on full time, though
the Bessemer Steel Works at Newbury
are making Steel Rails for the Grand
Trunk Railway OF Canada. Herein
is the comfy OF the Tsrif,-denyips
reciprocity to Q useful and cordia
ueig Dor, while receiving compensation
Tor its recklessness and the loss o
work, in order for steel in the nick OIL
time:
I'VE have been living almost withou
God or a moral law" said q Cleveland
physician to me. Here are our
THREE Rich MEN,
Amsss Stone, J. q. Wade aud Still
man Wi.t,-worth about s., 600, 900 o,
100000 apiece. Stone and Witt
made their money by watering stock IN
Lake Shore and Cleveland Il Columbus
Stooe was a Massachusetts, carpenter
Witt an Albany canal boatmau. Yor
know now they build railroads. They
get q franchise, aud make three or foul
surveys, to seduce the people 10 make
subscriptions, and vote county and towr
bonds, give station and shop sites,
etc. Thea they always affect to prefeI
that route they do not mean TO take, IL
order to get still better offers from tn,
side they do decide to follow. The,
issue bonds and stock the stock the.
divide among themselves and build tn
road with The bonds poorly or substar
tiantiaIly, according as they cell the
bonds high or low. They let the con-
tract TO one Of their own number, wht
conveniently resigns Then, for to,
remainder OF dsys, they water thi'
stock whenever it is possible and finsll.
get 10 be adopts at that sort OF shicau'
erv.
~. II. Wade was a travelling artist
and then q telegraph operator, all wor1
out with consumption or somethini
akin to it. He was desperate from tn,
apparent certainty OF death. Whil
cutting telegraph poles in Michigan th'
idea occurred TO him OF consolidating
the detached aud independent telegraph
lines, which were then run down au'
could be bad cheap. He gave stock IL
the new compsny-uotbins else-'o
these lines, and then wstered the stool
until be had 81, 100000 to represen
what cost 81, 100000. Then ne tool
bonds for his own stock; then unload
ed the sock aud got out. In the sam
way an effort was made from this cit,
tc get control OF the transportation o
all the oil produced 10 America, an
by that means to put it upin price Il
mankind.
"The panic and the stringency,
concluded my Informant, will cur
the country OF such enterprises.
Capt. Winslow said, responsive 4
my question 4: They DOW get about :
for Lake Superior pig, where they 60
sl3 before. And IS is q plenty. Tb
fac, is, Gath, this thing has been over
done. Gen. Garfield, who is the mos
lar sighted public man We have, toll
our iron people, several years ago, t
look out tor the rock OF too niue
, traffic. Had they listened to him, in
stead OF poutiug at the truth, We shout