Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1880-04-09
PROSPERITY UNDER MoDERAPE
PRICES.

The Pittsburgh COHnmSrc'di-Gaie'e
does not take any stock in the views
OF the aIarmist who are predicting along
train OF woes, such rs followed the reac-
ton in the iron market Of 1878 The
advance in iron has not yet been car
ried to the extreme point that 1t was IN
ls73: hut the Commercial advances the
view, which, We think, is shared by
majority Of the manufacturers that a
maintainance Of steady and permanent
prosperity in the trade must be had
upon the "bdsis Of BsOderdte prices.
Information received from Pittsburgh
weuld indicate that the manufacturers
have been prompt to ADMIT that the
advance OF the card rate to four cents
was a mistake; that they have over
reached themselves; and they have nov
given up the four cent card and are con-
sidering the importance OF lowering the
cost Of pig iron and labor.
The following views Of the Commercial
are worthy OF consideration
We take il Tor granted that values IN
the IRON trade will have To he revised 10
a lower standard than Mt present. The
expedient of restricting production
which the nail trade is clinging 80 iondly
10 means simply handing your trade
over To SOME one else. The idea that
people cannot be- found who will make
and sell iron and nails at less than cur
rent prices il hardly worth considering
a wear after the whole trade was glad to
get orders at half Of the present card
rates. The average price ~ iron Tor the
past thirty-tive years has been about 30
per ton for pig iron and three cents inr
bar. The PROSPEROUS condition Oi the
agricultural interests aud the unprecc-
,lcnted rate oi mining aud railway
development make 1t certain that the
country will take and consume, NJ
prices somewhat above that average, all
the iron that our domestic mills can
produce, and all the foreign iron that
will be likely to be imported at that
price. The best thing that the trade can
do, therefore, ~ To steadily anu carefully
let prices down to a level where the de-
mand will revive. The sooner they do
this the better; and their pres
ent disposition makes the sltua-
ton much more hopeful than 1t
was three weeks ago, when there was
disposition 10 try to bluh the country
into accepting the Jour cent card. Ot
course the situation is not without ITS
hardships and perils. The presence OF
a large stock oi foreign iron on the mar
ket Is likely to enhance the difficulty OF
letting prices down easily and without
general break. 1t is also hard on the
manufacturers that they have to pay
four cent prices for manufacturing three
and A hall cent iron. But they have
only themselves tn thank Tor the exist
ence OF things at present, and thelr dls-
position Ia remove the elements OF dan
ger is a good sign for the future.
A return to moderate prices, ranging
between three and three-and-a-hali
cents for bar iron not only ensures a
steady and permanent prosperity to the
iron trade, hut 1t will also prove great
benefit To the working classes. Ii VIII
oi course reduce their rate OF wages, but
that reduction will be- more than COM
pensated for by steady cmpluymcnL
Take the Illustration OF the nail trade
on this point. The factories have shut
down Ion one out oi the first four
months oi $50. The operatives, rather
than lose the time which they have pctn
compelled To- remain idle, IN the VAIN
attempt to hold up prices, could have
afforded to pay their employers, the dil-
ference between the price which they
were trying to get and u price at which
the demand would have been sustained
To the Manufacturers, the wOrkmen,
and the consumers as well, the policy OF
Of scaling down prices To a moderately
profitable and permanent basis, PROM
iscs the best results.