The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1883-11-20
THE IRON INDUSTRY.
NO FEARS OF A DISASTROUS PANIC
The Policy Of the Manufacturers Has Been to 6uar'
Against Jrsr.ProductIon and Consequently
the Market 10 not Being FOrest-CAuses
OF Dallnts In the Trade.

PITTSBURGH, November 19.-The Gtroni
Gle this evening says: The iron and steel
= industries Of Pittsburgh, and the entire
/ country for that matter, have suddenly as.
, sumed portentious attitude. In reality
they have not done 80 suddenly only 80 far
as the general public, uninterested direct
ly in those industries, Is concerned. Own.
, ers and operators have for some time been
aware OF the approach OF period when
the laws Of demand and supply would
have to receive careful attention, and
guided by the past they have recognized
the actual state of trade, aud are to-day
simply endeavoring to conform to 1t. This,
instead OF being matter for disQuietude,
should really be one to raise great conf.
denCe in the future, fer 1t clearly demon.
strates that the manufactures OF iron will
not produce in excess ot demand, and this
being the fact, panic in the iron trade
cannot occur. 1t is simply the schooling
OF experience. There Ia no bravado, no
keeping "a s.iG upper lip" no attempting
to force product or create supplies for an
anticipated demand. 1t Is q determination
on the part OF III anuiacturers to produce
only what is ordered, and this determine.
ton assures healthy tone to the entire
trade (however low 1t may be), and insures
the whole country against dismal panics
that overproduction alone can simulate.
From numerous sources 1t is learned
that the trade in iron, in all directions, is
extremely dull and prices exceptionally
low. These features are not the result oil a
day, or any particular cause. They arise
from the simple fact there is not demand
for the capacities Of production. Railroads
cannot sell their bonds. They therefore
cannot build new roads or extend branches.
Such being the case they need no rails.
That is the state OF the case. In other lines
Of iron consumption 1t is the same.
A HoNELY ILLUSTRATION.
To make homely but comprehensive
illustration: Say man gets shaved three
times u week. He works in a rail mill.
That nill Is short Of orders and he only
labos part time. He cuts his shayes
down to two week, and the barber, who
expected to buy new rszor, remains con.
tent with his old one which isall.s1fficient Is
for the reduced number OF shaves. Among
all iron men spoken with there was solid
sort OF tone which seemed 10 say: 1--WE
are secure. We have no over-production.
There is no excessive stock on hand in the
country. In fact it Is smaller than for
years. There can be no panic. II may be
some time before business 'booms' again,
but we are sure OF one thing-if we make
no money, We shall lose none" This "secure"
feeling was found by the reporter with all
visited. There was no attempt to hide the
fact that suspension OF manufacture
would entail some hardships on workmen,
and curtail the income OF manufacturers,
but every one spoken 10 honestly thought
that with the light stock on hand all pres
ent shut downs" will be beneficial, and
that the benefits will be derived from them
; shortly, as the normal demand will soon
use up what stock there Is and then con-
tinue to call for regular supply.
PROMINENT MANUFACTURERS VIEWS.
!; Mr.. ]. B. Oliver said that the shutting
down Of Oliver, Phillips & Co.'s mill was
on account Of q lack OF orders. So soon as
orders come in the mills now closed will
commence operations. That may be in a
week or two. Mr.. Oliver could not tell
/ when, but said these ''shut-downs," for
the same cause, had often occurred, and he
did not see why they should attract special
attention now. His firm did not intend to
be caught with a lot OF unsold stuff on
hand. They had about the usual supply,
and as soon as it was exhausted the mills
would be put in operation. While the out.
look Of the iron trade was not brilliant, It
was by no means depressing. Trade was
dull, but manufacturers were in shape TO
stand the dullness, and also to improve the
opportunities Of healthy revival, which
must come.
MIR. Oliver thought the tinkering with the
tariff Is directly responsible for some OF the
present dullness. We are now importing
Iivet rods, cotton ties and other articles
that should all be manufactured here.
OTHER OPINIONS.
Mr.. Bennett, Of Graf, Bennett & Co., &C.
kuowledged that there was dullness in
trade, but laughed at the idea Of panic.
The mills OF this company are running
though some on one.third time. Mr., Ben.
nett stated that his concern would shut
down II orders did not come in to keep 1t
going. 1t will not manufacture ahead OF
orders. They are making no preparations
or calculations to close in any department,
but II orders do not arrive, when those on
hand are filed the mills will close. Mr.
Bennett said that the stock Of manufactured
iron in the country was comparatively
small, but neither that, nor the fact that
crops were good and the entire country,
financially and otherwise, in splendid
condition, would not induce them 10 man
ufaCture ahead Of demand.
At J. Painter & Sons the reporter was
told that everything was out OF gear this
, year, even the politics Of the country be.
, Ing rather incomprehensibe." That there
had been steady decree 80 in manufacture
, for some time, and that 1t would continue
until the country called for iron goods for
use. No manufacturer will make stock TO
hold. Pittsburghers got through with that
way OF doing business at the last panic.
Furthermore, 1t was stated that the iron in.
r dustries OF the country were in sound con.
dition, and that investors who quietly wait
the natural course oil events will come out
ahead.
8 PITTSBURGH, November 10.-In addition
a to the iron mills In this city previously re.
ported to have shut down, work was to-day
suspended at Chess, Cook & Co.'s estab.
8 lshment, and two.thirds ot the men EN-.
I ployed at Graf, Bennett & Co.'s three mills
8 were suspended. This adds two thousand
! more 10 the number Of idle men. Somt
Q manufacturers say the depression Ia due to
. the imperfect tariff laws. None anticipate
i another panic.
a TIE NAIL TRADE.
!. Expressions of the "wise Men OF the
EaSt" on the Present Situation.
NEW YoRE, November 10 -Atthe recen
meeting Of the Atlantic States Nail Asso
d citation there was considerable discussion