Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-05-07
IRON AND STEEL MEN
IhUN AND EEL MEN
IN CONVENTION AT PITTSBURGH,
Large Attendance Of 0eIegates-A Num-
Der Of Wheeling Men Incuded-In-
augura Address Of the Pres.
ident, D. J. MorreII.

PITTSBURGH, May 6.-Ihe greneral
convention of American iron and steel
manufacturers and iron ore producers,
called for Pittsburgh to-day, met this
morning in the rooms OF the Western
Iron and Nail Association, on Fourth
Avenue. This convention is intended
TO include all the manufacturers and ore
producers of the United States, and was
called by Hon. d. J. Morrell, President
of the American Iron and Steel Asso-
citation, in accordance with a resolution
passed by the Board of Managers OF the
association. The purpose OF the con-
ventiOn, as announced in the call, Is ''tO
consider the present condition OF our
iron and steel industries, their wants,
and the dangers which threaten them. "
There was large attendance OF dele
gates, including quite number OF the
leading men OF the country, engaged in
the iron and steel interests. Among
those present were:
III. X. Wick, Youngstown, Ohio; John
Stambaugh, Youngstown, Ohio; Lucius
Cochran, S. G.. Baker, Altoona; II. &.
Mccormick, Harrisburg; David Thomas,
Oliver Williams, Catasauqua, Pa; w.
+. c. Coke, Reading; Percival Roberts
and j. b. MoOrhead, Philadelphia; K.
y. Gere, Syracuse; James c. Bayles,
New York; r. f. Blankenslip, Rich
mond, Va. Chas. Douglass, Johns
town, Pa. Mr. Lowry, Huntington
county; Mr.. Smucker, Blair county;
Mr.. Bushwell, New York; Mr.. Gates,
Richmond; q. Brooke, BirdsbOrO. Pa;
j. VI. Kennedy and Earnshaw, Phila.
VIM. Means, Cincinnati; T. d. Norton,
IrOnton, 0; ID. Spalding, Steubenville;
G. II. Andrews, Youngstown, o.; ).
Woodward, Hon. c. d. Hubbard, j. n.
Vance, 4. Laughlin, Major Loring and
J. =. Gilchrist, Wheeling; J. J. Shear
man, Sharpsville, Pa. ; John w. Chaliant,
b. +. Jones, j. G. Lewis, II. Laughln
VIM. p. Shinn, Reuben Miller, \. +.
Smythc, Hon. j. X. Moorhead, Charles
Caldwell, A. +. Keating, w. ID. Wood
and Joseph ID. Weeks, Of Pittsburgh.
Atll o'clock VIM. p. Shinn called the
Convention to order, and moved that
Hon. d. j. Morrel take the chair.
Adopted
The chairman then appointed Messrs.
SmuCkcr and Weeks Secretaries.
ADDRESS OF HON. d. J. MoRRELL.
Mr.. Morrell then addressed the Con-
vCUtiOn as follows:
CENTENNIAL a meeting Of the
American Iron and Steel Association,
held at its rooms in Philadelphia, on the
9th day of March last, it was resolved
that a general meeting of the members
should be held at least once in each
wear, at time and place TO be degisna-
ted bv the Executive Committee. Pitts
burgh was selected as the place for a
meeting to be held in the present month
Of May, and the President was requested
10 issue a call inviting the presence
and cooperation at this meeting Of man
uiacturers of iron and steel and pro-
ducers of iron ore throughout the
United States. This large and distin-
guishcd assembly is agratifying response
to that invitation. 1t teStities a Just ap-
probation of the labOrs of the assOCia-
ton for the common welfare, and ! sin
cercly hope will give it strength for con-
tinued and still greater usefulness" ="
The speaker then proceeded to give a
very interesting history of the organiza-
ton of the association and the work 1t
has accomplished, and then proceeded
to refer to the present business situation
as follows:
In considering the present business
situation presume that you will agree
with me in the opinion that the long
continued downward tendency of prices
i'm our trade has been arrested, and
that there are unmistakable indications,
although as vet feeble, Of returning
tide of business activity and prosperity.
We may not anticipate rapid advances
i'm prices, or great gains in business Op-
erationS, vet, if we utilize the expert
ence OF the past five years, and advance
with frmness and caution, we may rea-
sonably anticipate employment for all
at living rates. The immense strain to
which manufacturers have been sub
iectcd is shown by the fact that a
shrinkage in the selling prices OF iron
and steel rails, which fairly represent
the general trade in metals, during the
five years ending with 1878, has been as
follows: 1874 as compared with 1873,
decline Of 1875 per cent; 1876 as COM
pared with 1874, decline OF 2l4O per
cent; 1877 as compared with 1873, de-
cline of 2OOO per cent; 1877 as COM
pared with 1876, decline OF 2O.15 per
cent ; 1878 as compared with 1877, de-
cline of l2.75 per cent.
The actual discount from the average
prices OF 1879 to the average prices OF
1878 is "a l7-lOO per cent, or very near
lv twO-thirds off. The successive reduc-
tions since the panic have been harass-
ing and depicting to all, and in cases
where materials were held on credit they
were absolutely ruinious. \ vast
amount Of invested capital has been ren
dered of little value, or wholly lost, the
apparent gains of the period Of imitation
having been swept away; and 1t IS very
certain that, taking the 10 years just
closed, i'm which We have seen the nigh
est and lowest prices ever known IN our
trade, the average gains OF iron and steel
manufacturers have not exceeded sim
pie interest on the capital invested.
Will the lessons to be drawn from this
history soon be forgotten? Will there
in the future be more caution in pros
perity and more courage in advcrsity?
Who can answer? Above all, will il be
taken seriously 10 heart, and csnstantly
borne i'm mind, that all debt beyond
available means on hand at the time OF
contracting it is always dangerous,
whether it be individual. corporate,
municipal or national"
After referring to the report OF the
Secretary, he alluded 10 the confusion
arising by the use OF the long and
short ton, and argued that it would
be relief il the business custom could
be modified SO that in all the operations
only the American ton OF two thousand
pounds would be recognized. He next
alluded 10 the subject OF transportation,
and stated that its expenses constitutes
about one-third Of the whole cost Of the
less advanced forms OF iron and steel.
The railroad managers understood the
importance OF the traffic thrown upon
their lines by manufacturing industries,
but their rivalries for distant traffic and
certain kinds OF freights, which they
p,p,nall aasb pther IN carry at LOSING