The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1883-04-19

A Review of the Trade-Ressons VIII,
Prices Remain Low. .|

PHILADELPHIA, April lS.-Ihe annual
report Of the American Iron an Steel Asso-
citation gives an interesting review Of the
domestic iron trade for the year 1882.
Following are the main points touched
upon: The extraordinary activity in the
iron and steel industry which commenced
in 1870, eliminated early in 1852, when
the wants Of the consumers became less
urgent and prices generally began to de-
cline. The causes which contributed to
the serious, but in no sense disastrous re-
action in our iron and steel industries in
1882, were many and various. First it
could not be expected that the extraordin-
ary activity OF all the industries OF the
country in the Immediately preced.
ing years would be continued indefn.
itely. We had particularly reached
the limit Of speculative ventures
upon which legitimate business largely de-
pends. Our iron and steel manufacturers
could not resist these influences. Their
best customers, the builders OF new rail
roads, did not, Il is true, build fewer miles
OF railroad in 1882 than in 1881, but 1t bad
become certain that much less money could
be obtained for new railroads in 1883 than
in 1882, and the consequent shrinkaee in
railroad mileage In the new year had there
fore TO be preceded by largely decreased
demand for railroad material and by lower
prices. Then, again, in the prosperous
years referred TO we had increased our
capacity for the production Of most forms
OF iron and steel much faster than the con.
sumptive wants OF the country had in.
creased. Again the harvest OF 1881, rs
already stated, was not generally favorable.
Finally, in October, November and Decem-
ber came political complications, which
uniayorably affected all business.
The reductions effected in the duties on
iron and steel were much larger than in
the duties on any other leading manufac.
tured articles. Since the beginning OF the
present year the condition OF our iron and
steel industries has not improved. It
seems 10 be absolutely certain that prices
must for some time to come rule extremely
low. This condition Of affairs in the great
industries under consideration may have
its advantages in stimulating consumption
at u time when the country is blessed with
an abundance Of good money and in check.
ing the erection Of new rolling mills, blast
furnaces and steel works, which expe-
rience has shown are not needed; but
it Is greatly to be regretted that
1t brings also low wages, with no com.
pensating benefits to those who receive
them. 1t Is not true, as certain class OF
political economists persistently teach,
that when wages are reduced other things
are correspondingly reduced in p,ice; but
even II this were so, low wages and low
prices always suggest hard times. We do
not, therefore, regard 1t asa propitious
sign that the prices OF iron and steel are
now 80 low as they are. Good prices and
good wages were far better. But the fact
cannot be altered that low prices for iron
and steel now prevail, and we can only
hope that wages will be adjusted upon
scale that will be mutually satisfactory 10
manufacturers and their workmen. There
was ala'ge decreasein the prodrc ion Of irt n
rails In 1852 over that OF 1881, and "a small
decrease In the production OF open.hearth
steel rails and cruCible steel lngots, but In
all the other articles there was an increase
in 1882 oveE 1881. With the single exCep.
ton OF pig iron, however, thisincrease was
in no instance large, and even in pig iron
It was only II per cent The iron and steel
imports in 1852 made a total u 1855, 81
tons. The value OF our iron and steel ex.
ports was in that year Sl0,029,750 Our
pig iron production in 1882 was obtained
in twenty.six states and Utah Territory,
and Of the total OF 5,l7S,l22 tons, Penn.
sylvania produced 2,440, ,25s Ions. The ton.
mage Of iron vessels built in 1882 (40,007
tons) was much the largest in our history.