New-York tribune., 1874-12-11
THE PIG IRON TRADE.
CONVENTION OF MANUFACTURERS

CONVENTION OF MANUFACTURERS.
THE MEETING LARGELY ATTENDED-AN AGREEMENT
MADE TO REDUCE THE PRODUCTION OF PIG IRON
ONE HALF-RRsOLUTIONs ADOPTED OPPOSING
SPECIE PAYMENTS AND APPROVING THE 3-G5
BOND sCHEME-A PROTEST AGAINST RECIPROCITY
WITH CANADA-A COMPLIMENTARY BANQUET.
PHILADELPHIA, Dec 10.-A convention OF all
persons interested in the pig iron branch OF the Iron
trade in the United States was held this morning at the
rooms Of the American Iron and Steel Association In
pursuance OF call made by the chairman Of the Pig
Iron Committee. Tie meeting was very largely at
tended by the OF the iron manufacturers
of Pennsy aud from Maryland and New
York. After reading tie call for the meeting and the
resolutions adopted at the meeting held on Nov a. the
reporters we're asked retire. and the Convention con-
suited with closed doors.
The Committee OF Seven, appointed last month, re-
port ed the following agreement:
The undersigned pig iron manufacturers believing
that the greatly decreased demand IN consumption OF
pig iron imperatively demands a corresponding de-
that through oyerpr0ducOD crisis now exists 10 the
pig iron business which requires prompt and energetic
action TO save II from Threatened bankruptcy ana run
and believing. also. proper AM nost effective remedy
is 10 be found In decrease of the proauctIon
10 correspond with the deudnd for consumption, We
undersigned urnaceOwners in person and by their
representatives hereby each with the other that
respective works TO quantity not exceeding
one-nalf the capacity OF our several furnaces,
Of production for and during the whole OF the year 1872
prOrided that this agreement shall not be binding unti
signed BY the of at least twOthlrds OF
the furnaces exclusive of chdrcosD in the United
States and prorded further that the sgners OF TINS
agreement may Withdraw ana be released from the
giving two months written notice 10 the Seere-
of the American Irou and steel Association OF their
desire and Intention TO do SO.
H. Mccormick OF Harrisburg offered the following
substitute for the report or the Committee:
Resolred That il is the Of this meeting that any
combination or agreement limit the production Of
better is circulate as wlde, as possible te
most statements of market prices that can he
Obtained, the amount Of prodHctlon the proOabe de-
mand. and the stocks hand leaving the producers
SUSPEND or ccntiaue producton WITH about one.haf
of all the Of tue country now out OF blast and
the demand limited for product of those yet in
blast that gray forge pig iron is quoted III TINS market
to-day at low dgures IN our opinion the pig iron
manufacturers reed anyIce agreement as 10 sus-
pending for a while further production
After some debate ii vote taken on the substi-
tue and it declared lost The report OF the Com
mittee was then adopted almost unanimously.
Col aufiman OF Lancaster offered the following
resolu IONS:
Resolred That In judgment 1t would be disastrous
TO tue manufacturing and commercial interests OF tue
country to attempt redemption or specie pay ID
the future and tnat il attempted, would only be
failure. ~,
bu mess of the country such condition, by regu-
ang the tariff on imports as will Keep the balance of
trade in our Iavor and by that means Keep our specie
from going out Of the country
ResOlred That We Lercby approve OF the Se5 bill Of
all honorable means Ior ITS passage.
Mr.. Mccormick OF Harrisburg opposed action upon
any matter that savOred Of politics finance He de-
clared himself In favor OF npecie payments and thought
IL this question had been settled by Congress in favor OF
specie payments 1t would have completely ended the
fluctuations In prices to which all OF trade had
lately been subjected
Col kaufman thought the industrial Of the
country opposed to specie Bankers aud
brokers favor it, but nlnetyne out Of every hundred
producers oppose it,
Mr.. Chamberlain Of Chattanooga, Tenn, deprecated
discussion on fnauce urging that the meeting should
conne It's attention the present condition Of the iron
trade.
Mr. Mccormick moved that the resolutions be laid on
the table. Lost. Tie resolutions then adopted.
Mr.. Whitaker Of Helertown, Penn, presented the
following:
Resorsd, That this Convention, representing the Pig
from Manufacturers OF tins country earnestly protest
against the ratification Of the proposed Reciprocity
Treaty with Canada Oeieving that sueh treaty II rat-
fed would result IL completely breaking down the bar
rers which now exist against the lntrOduct1n 10 our
markets o. ae ts reSenuss OF te
oyernment in preventing tue payment OF the interest
on our National DEBT and la continuing sindehnely the
General distress which now prevails. AnOped.
Mr. Ainey moved that executive committee OF five
be appointed out the plan of curailing pro-
duction Adopted. The committee was then appointed
as follows:
Messrs. william H. Ainey Of AlentOwn, J.. B. Moor
lanes j. Bennett of Pittsburgh, aud H. L. Brooke OF
Baltimore.
The meeting then adjourned.
The American Iron and Steele Association tonight
gave a complimentary dinner TO Isaac Lowthian Bell
and Thomas Whitwel. eminent English metallurgsts,
Al the Continental Hotel. Among the prominent men,
bers present Samuel j. Reeves, Abram g. Hewitt,
Daniel J. Morrell, David Thomas, ]. B. Moorehead
w. T. C. Coke, Guiliord Smith, Henry Mccormick,
O. Dawson Coleman, Percival. Roberts. 8. M. FELTON,.
Alfred Hunt Tohn Fritz, Joseph Wharton, Charles Ii.
Ashburne, Edward Brooke, aud Horace L. Brooke The
list Of invited guests included such distinguished men
az Thomas A. Scott, Franklin Il. GoweD, Gen. Robert
Patterson Morton McMchael exGov. VIM. Bgler, ].
Moorebead J. p. Lesley, State GeOloest OF PenDsy
yapa Abraham Garrison, ID. X Ferguson, OF St. Louis
Franklin Allen Cyrus Elder. Rossiter w. Raymond, and
Charles stile. The speech OF welcome TO the honored
onests WAS made by Abrsm s. Hewitt, who was called
npon by President Reeves TO perform that duty. Re
,nonses 10 ,oasts were made by Messrs Bell whitewe
scott Towep, J. X. Moorehead, A. L. Holey, Morrel
wharton McMichael, Patterson, j. o. Leslie, and
othara Over 100 persons sat down to the banquet.
THE CITIZENS REFORM PARTY IN BOSTON.