Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1883-02-21
IRON AND STEEL.
Andrew carnegie's Views on the situ,tioa
The Present Depression-Tafif
Proteetion-why Western
Mills Are Affected.
NO PANIC IN THE IRON MARKET.

NEw Yosx, February 2o.-Mr. Andrew
Carnegie, who is without question the
larres, iron and steel manufacturer IN this
country, was asked by . correspondent:
what is the outlook for the steel rail
businessr'
The four steel rail mills In the Hast
also those at Pittsburgh and Johnstowa.
have orders enough on hand 70 keep them
busy for the next six months. The mills
in the West however, are suffering through
q wsnt OF orders."
''oe "rhs Present Depres.sss
arises from Q check TO the abnormal growth
OF railroad building in this country daring
the past two or three years. There ars
four mills idle at present, the Union Iron
and Steel Company, Chicago, the old works
of the North Chicago Rolling Mill Compa-
ny, the Vulcan Iron Works OF 81 Louis,
and the Joliet III. Iron aud Steel Conpa.
py's works. Should these continue 70 re.
main idle, the business will return 70 in
bealthful condition"
"What influence has the tariff agitation
ON the present condition VI afairsf'
ait has some, Of course, but the present
condition OF affairs would arise had there
been NO tariff discussion. The question ola
TaPt6 Protection
Ia. OF course, OF the utmost importance 10
the manufacturers; any reduction Of the
tariff beyond what the Tariff Commission.
ers recommend will give the markets OF the
Southern Atlantic seaboard TO the foreign.
ers. Steel rails can be made In England at
s.S per ton. They can be delivered In New
Orleans At k27 per ton. Add to this the
proposed duty OF SIS, which the House bill
as recommended reads and you have steel
rails in New Orleans at ti2 per ton. There
never was time when . steel rail mill near
the Atlantic coast could make and deliver
a steel rail in New Orleans at this price"
MtIIs DiHsreatIy Affected.
What effect 10 the lack Of orders having
upon the mills generally"
The Eastern and Pittsburg mills have
no, been affected at all the Western mills,
however, are suffering. This Is quite nat.
ursl. The great extension OF raiirosd sys.
TENS having taken place In the West, tds
stoppage Of building Is more severely fsit
there. do not think the outlook 10 ofisht
for the Western mills, but It's better for
the Eastern mills; Is l have said, they srs
now practically filled with orders for the
next six months. think that the neg
works OF the North Chicago Rolling Mills
At South Chicago. and also the Cleveland
Rolling Nils, will find enough business !"
keep them going
"Hhst 10 the general outlook for the iron
SThe iron outlook Is still moro diseour-
aging than 10 tho steel. The capacity ot
the iron mills Is far beyond any possible
demand, AZ was proved last year, when
'D''' The Principal Mills
were shut down by q strike for nearly four
months, snd 30 little scarcity OF iron was
caused that prices remained almost station
ary. II was olear that whenever the mills
began running the prices would fall and
this has occurred already, until prices arc
now lower than at any time since the panic.
There will no doubt be larger consump.
ton Of iron this year, but the capacity be-
ing 90 far beyond our consumption there
is no prospect OF any advance In prices;
nothing but restricted production VIII re-
store the iron trade 10 healthy condition.
"Is not steel encroaching upon iron
somewhat" asked the reporter.
Yes. sir, II Is; and that IL another
trouble with the iron mills. Their most
improbable specialiies are being gradually
drawn away by steel"
"Do you anticipate any
Panic in ihe Iron Market"
There must be many stoppages, and the
failures which we bear OF daily among the
iron men may not have exhausted the list
Of weak concerns, but the principal manu-
facturers In iron nre very strong and no
general panic need be apprehendsd. They
are now doing generally . close business.
and credits are very restricted. The great.
est Of care is being exercised ~ to credits
among the iron men,"
Take the country 20 whole, aud what
10 the business and commercial outlook =
at Is decidedly good. differing greatly
from the iron and steel departments. The
change In the last few months from . bal.
snce Of trade largely In our favor. and
shich 10 likely TO continue until We again
draw gold from Europe. gives great
bound to be felt a. the season sdvsnces."