Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1883-07-18
TRADE DEPRESSION.
The Cause Of the Trouble and the
Remedy.
NEW MARKETS LYING At OUR DOORS.
The Effect on Labor and Capital that Idle
ness in Our Various Industrial Estab-
Ishments Produces-A View of
the Present Outlook.

NEw YORK, July lin commenting
upon the present situation OF the business
affairs Of the country, the Herald says:
1t must be admitted that the condition Of
many of the large industries in this coUn.
try is such as to challenge serious consid-
Grafton. But as the symptoms are nearly
alike in every case it ought to be easy to
| recognize the cause and prescribe q remedy.
The fact that many commodities are almost
unmarketable, that there is an excess Of
supply over the immediate demand, and
that prices have reached the lowest limits
compatible with a continuance Of produc.
tion, shows beyond all reasonable doubt
that the productive capacity OF manufsc-
tories has outrun the power Of the nation
to absorb and
Consume the Products
In less than four years the industries OF the
country have passed from period OF great
prosperity to one Of stsgnation.
In one OF the great industries this prog
ress may be clearly traced. In the early
months of 1879 pig iron was selling at Sis
per ton. The great development in rail.
road enterprise which the occurred created
such demand for iron that domestic pro
ducton and importations were for time
unable 10 satisfy it, and in February, 1850,
the price had mounted to S4l per ton. This
exceptional condition could not, however,
continue for any length of time, as il gave
a great stimulous 10 investments in blast
furnaces by holding out the
Promise of Rich Profit.
In April, 1879, but 2il furnaces were in
blast; one year later the number had in
creased to 43l, and continued 10 increase
till lNN2, although in the meantime the sup
ply Was being adj usted to the demand and
iron was selling between S2S 20 and 50 l.
per ton. In spite of falling off in the de.
mand for iron, producers did not make any
attempt 10 CurtaIl production and meet the
altered conditions Of the market, Is the out
put in l>S2 exceeded that Of lH>l by hall II
million tons, and rs proving an excessive
pre- lduction the stock remaining unso!d al
The end of 1883 was more than double that
which remained over in the p 'eviois year
The Iron Market
is still suffering from the effects OF this i'll
advised policy. The furnaces tha, are
most disadvantageously situated Tor pro.
ducirg cheapIy are gradually being blown
out, SO that on the lst OF June but sol Of
the 6SS furnaces of the country were in
blast and twenty.seven other furnaces were
about to shut down.
Much the same course has been run in
woollen manufactures, and for some time
the thinning out process has been con-
tinued. In a review OF the dry goods
market it was recently said: The con.
suming power of the country was never
greater nor possessed of so much wealth,
yet the goods market has rarely exhibited
such heightened
Period OF Inactivity.
The only solution to the last condition is
that the supply and production have been
so IN excess of the demand that the sur.
plus stock is too heavy to be moved with
the freedom Of four years since" As EN-.
pbasizing this statement We are told that
upward of 800 sets OF cards are not running
and this estimate is probably complete.
The large number OF closed mills lie In
New England and represent fully one.third
of the total producing capacity OF the mills
in that Legion. As each card consumes
daily abou, 800 pounds Of wool the reduc
ton in the demand for raw woods will not
be far from 30 600 pounds per day, or up.
ward of GOO0,0N pounds per working
month-no small matter for the wool pro.
duCers.
Unfortunately there is no reason for re-
earding the condition OF the
Iron and Wool Industries
as exceptional The organ OF the paper
makers says that the great question is
what can be done with the paper that is
produced and cannot be consumed in this
country. ii predicts that unless some
thing is done collectively, individual man.
ufaCturers will in time be forced TO shut
down their mills frequently 10 avoid col
lapse The glass and earthenware manu-
faCturers complain OF the excessive compe.
tition amor themselves, Of large stocks
and unremgnerative prices. The coal and
coke men are seeking TO maintain prices
by restricting output. On all sides the
same conditions are met with-lItt!e de
maDd and stagnaTt markets.
1t must be obvious that the policy ot 81
terna,ely running mills TO their fullest ca
paCity and shutIiug ihem down Is at best
spasmOdic and unsatisfactory meth1i "i
carr, ing on
Industrial Operations.
The high profits made during prosper
Gus period are swallowed up IN the r-ac
ton that follows, and serious loss Is laid
upon both manufacturers and workmen.
Tie closing of mills means millions q cap
Itsl lying idle, costly and valuable plant
deteriOratinr and thousands OF workers
thrown on, of employment What the
consumers gain through the low prices
| will not begin to make up for the losses en-
tailed and the aggregate wealth of the
country, SO far from being in'reisef, IS
wasted BY such process.
What, then, is the remedy Obviously
the opening Of
New Markets
| for the surplus which cannot be consumed
here Almost at our doors exist markets
| which only our own folly and stupidity
| have prevented us from mOnOpolizing;
| and, already large, they stand prepared TO
| take our surplus cotton, woolen and glass
| manufactures, our iron and steel, raw aud
wrought, on leather and paper. A possible
market Of $3.50 10000 exists in South
| America, but at present We occupy only
one.tenth OF il. The West Indies import
more than $ll5, ,OOO 90, but they take only
| 33l 900 600 from this country. Canada OBJ
| ;ains only one-third OF what she wants
| from rs, and the same proportion holds IN
| Mexico and the Central American States
| On this continent then. in the aggregate
| lies open TO Us
| Market For Our Manufactures
Of at least $500 900, 600. In no instance,
save perhaps in that OF Canada, are any OF
the nations included in this survey OF man
| ufscturipg nations, and therefore they
| would not compete with our domestic IN.
| dustries. They will take our Manufactured
| prod ucts il only We will take from them
| their raw materials. This our tariff fosbids.
| We refuse the cheap raw materials which
| would enable US, through low cost oil pro
| duction TO monopol!ze these markets, and
We make no attempt 10 secure that ekten'
sion of the sale OF our commodities which
| would enable our manufacturers TO run To
! their fullest capacity the year round. Was