New-York tribune., 1884-12-08

production caused drop In oil from IT'S
cents to about ~ cents, from which the price
| recovered to 1913 cents ut the close.
The iron market appears to tend toward
lower prices. Considerable sales iof Southern
iron, 81 or more below current Eastern prices,
have led the Lehigh manufacturers, it is said, to
decide upon an open reduction. A statement has
been published at Cleveland, the accuracy of
which cannot now be verified. that during the
past month twenty-five iron and steel works
employing ~ ZOO hands have commenced work,
while twenty seven others employing little
moro than 10000 hands have stopped work.
the force or working time has been cut down
in twenty, and general reduction in wages for
those employed has been effected. In the
ncighborhood of Pittsburg the of gas for
fuel in iron and steel manufacture rapidly ex-
tends, and is said to be cheaper than the cheap
est btumlnous coal Meanwhile nails are
offered at about 81, refined bar at about 81 80,
steel rails about S27, and No. 1 foundry about
~ \ in Philadelphia, with hopes of general
improvement in business as The result of lower
prices.
The stock market during tho past week has
been very irregular. In Western Union an
advance of 2 cents has been maintained, APP
parcntly based on the idea that the Bell tclc-
phone decision will help the stock in Jersey
Central an advance of - Of which no eXplana-
tion is visible; in Manhattan of cents, OF
which the recent payment of taxes gives OK
planation in Ncw-YOrk Central of l3B cents,
apparently due to hope of speedy settlement
in the trunk line controversy. Some other
stocks have shared in the advance, but mostly
10 Il small extent. On the other hand, North
west closes Zig cents lower than last week,
Lackawanna 1 cents lower, Missouri Pacific 23s,
Northern Pacific preferred 1is, and Union
Pacific - cent lower, and tho tone of the market
toward the close was both ragged and dull.
The settlement of rates west Of Chicago helped
the Rock Island but little in comparison with
the loss to the Northwest ana other roads, and
the sharp decline in coal stocks, which have
largely supported the market hitherto, occurred
in spite of evidence that the companies have
again united in decision to reduce production.
The output Of anthracite for the year has been
about s per cent less than for the PREVIOUS year,
but the movement has been very irregular. and
there has been some reason for the feeling that
the combination might break up because it
helped some companies while hurting others.
The general tendency of the stock market has
been uncertain and its movements due almost
wholly to manipulation.
The past week has brought no sign of better
times for labor In Philadelphia great strike
of carpet weavers rcsists II reduction, and the
stoppage of boot and shoe concerns throws
1000 men ont of work in Norwalk 1,jOO
hattcrs are striking to resist reduction the
Reading road has reduced wages 10 per cent;
Cincinnati iron concerns have made tempo
rary reduction in order 70 work at all through
the winter; and tho glass concerns about
Wheeling are generally closing. 1t is expected
that a further reduction in price of pig iron will
cause many Eastern furnaces to stop work. The
situation on The whole is less favorable than it
was six years ago when the greatest depres-
sion existed and great accumulation or idle
money crowded the banks as now. Then there
was solid basis in 4 tariff which could not be
changcd now there is constant canOr for
more mcdllng with the tariff, and little reason
to hope that the Democrats in Congress will be
wise enough to keep quiet.