The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-06-13
Ghtqnteltqeufer.
rhe Nnil Meetlng To.tIay.

alarge amount in the asgfeGase-Will be
discussed and probably decided. AsiS
generally known, the present bond OF co.
he,ion among the Nail men is, a. the
gres. Calhoun once said about the Dem.
ocrucy their public plumber. Each mill
belonging to the association has It's pile
in the pool-most Of them several thous-
and dollars cach-and each one has
therefore more interest than in former
times as to its footing with the organ.
l!ion.
The present bond Of cohesion was en-.
tered into in April 1876, at which time
Nails were put up to 81 rs. Tho ar.
rAngement worked well for several
months, and all the mills made some
money. But the Eastern men who have
no such bond, and who, by reason OF
cheaper iron and cheaper labor, were
making nails full as cheap, il not cheaper,
than Pittsburgh and Wheeling, came west
Of the mountains with their surplus pro.
duct and undersOld the market, and thus
inserted the entering wedge Of consider
able decentralization. Notwithstanding
therefore the tightness with which the
Western Nail Association waS bound, ii
wa' speedily affected by this Eastern in.
va,ion, and thing. naturally began to
work loosely and enthusiastically, the re.
suit OF which was that the price was put
down 25 cents per keg, decline that
played hAri.kasi with the prospects Of
the business, even though it did rid the
market Of the Eastern invaders.
The present status OF the market is
very unsatisfactory to the manufacturers.
There is nothing now in the business
worth speaking about, and the latest
views OF buyers preclude the idea Of
prof! altogether. Under such Circum-
stances it is no wonder that the mills
talk about drawing out their money
except perhaps nominal nest egg each
.tndstopping of their production for the
next sixty days, sSy during July and
August. There is nothing new in such a
stop, as it is an old expedisnt in dull
times for relieving the market, by allow.
Ing time for consumption to overtake pro,
duction. There are, however, some per.
Sons who are opposed to it, believing that
it is better that the Nail trade should ad.
Just itself as speedily as possible to what.
ever may be the tendencies Of times az
regards general business. By the way, it
Is very difficult just now to tell
exactly what are The tendencies Of the
times aa regards general business. Some
people think that we are sctapiRg the
bottom (hardl Of hard.pau prices, and
that the midsummer OF 1877 will here.
after be known as the nadir OF the great
depression in prices that followed the
panic OF 1873. Mr.. Thaw, OF Pittsburgh
of the Pennsylvania Company, said tO
Hon. c. D. Hubbard, lately, that 1877 i,
the year in which to build railroads.
meaning that labor and material have
touched bottom, and that those who dc
not avail themselves OF these bottom
prices will build hereafter at greater
expense. This view does not look i'm
probable, and yet tits one that, as in the
case OF Engineer Becker, was held two
years ago. 1t has seemed rs il each
year since the panic has proved itself q
false bottom iu prices, and as il hard pan
had yet to be reached. The labor market
ia so important factor in determining
the cost Of production, and it has been SC
overcrowded up to this time that
the Shriukage in values Of all kinds has
been irresistible. We are informed thai
common labor is is now being engaged
on the TuscarawHs road at 50 and 90 cents
per day. This certainly looks as il hard
pan had been reached in railroad labor
and therefore We are inclined to regard
Mr.. Thaw's view az altogether probable
The future OF the nail market depend
so much on the cost OF iron that ii is al
most useless to speculate on the outlook
In regard to iron the labor question comei
in with its overshadoWing influence
Good iron is now sold at SIC
at Pittsburgh. viii it go lower
The Lake Superior ore men are doins
their best, and successfully up to thil
time, to holdupthe price. They are ask
Ing and receiving last years prices for ore
and this, too, despite lower prices for Ia
Dor at the mines, and the grea! abuud
ance OF cheap lake transportation. Ant
yet despite the hEmne's OF ore, and tht
cheapness OF coke, iron is liable to 90
lower, on account Of the uncertain
ties OF the labor market. Until the field o
employment wideus out again, til,
question Of wages will operate as con
suming rust on values OF all kinds. Il
case the Nail manufacturers stop produc
ton for sixty days the suspension vii
tell on the iron market, that the efIec
produced there will, in its turn, be feI
on the labor now employed in prOducir
iron. East OF the mountains, coal, wEic
more than with us, is an important eli
ment OF cost in production, is steadil
declining in price, and never sold SO lo'
AZ now. Labor is also lower ther
than here, and capital also Is cheape
and more abundant. Consequently iror
Is cheaper, and consequently nails ar
still finding their way, here and there
west'of the mountains.
No wonder the Nail manufacturer
who will meet ut Pittsburgh to-day ar
ia quandAry what to do-whether /
stop production and endeavor to nurs
the market, according to the old prac