The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1884-12-04
Business Outlook.

StASAAASSc ~asN~~N-'
In an article last week on the Business
Outlook, we mentioned the fact that
some industries were being suspended.
wages reduced in others, and q feeling OF
depression prevailing through nearly all OF
the manufacturing districts. We stated
that this was occurring immediately after
the election of Democratic President.
We did not assert that this result was the
cause of it. On the contrary we argued
that this condition of things could not. IN
our opinion, exist very long. because OF
the conditions of demand and supply
that there had been no oyerproduction Tor
the past year. at least--that the surplus
stocks had been in a degree exhausted, and
that production would have to come TO
meet the necessary demands of existing
business The whole argument had refer
ence to the iron trade, which enters so
largely into nearly all branches Of indus
try. and while it WAS not mentioned, we
had in our mind the necessary repairs
to the numerous railroad lines throughout
the country and the reiaying OF rails. in
cident to the natural wear and tear. The
article was designed to be hopeful, to
remove cause for grumbliDg and to inspire
confidence that the present condition OF
things could not last very long. es-
pecially so, when feverlsh apprehen-
sion had subsidized, and the fact was
recognized that u Republican Senate
could arrest any mischieyous disturbance
Of the tariff laws. even were the PreSi-
dent-elect disposed to sympathise with the
extreme element of his par ty on this sub
ject, which We did not believe.
The Vfadicator notices the article. but
only the opening sentences. Had our CO.
temporary read The lines through he would
have found that there was nothing in it to
call for his criticism, and a reference to
the fact that Low Moor had resumed OPP
erations. That citation had no signifi-
canoe whatever. The furnace had blown
out for repairs, and when it was in condi-
ton to recommends operations it would
have been the baldest folly not to have
done SO. especially as no unfayorable legls-
lation can be expected at least for eighteen
months to come, even under the most mn
favorable view of the prospect.
We recognize it as duty to deal fairly
and honestly with all questions, and par
ticularly those which affect the business Of
the country. Our object was to show the
present condition of the industries, and
to present such facts and conclusions rs
would enable business men to intelllgently
understand the situation and regulate
their affairs accordingly. We look upon it
as a crime to trihe with matters Of this
kind, and discuss them simply i'll Il parti-
Fan light and for partizan purposes. We
endeavored to present the situation as it
appeared to us, and in doing SO referred to
facts which we thought would inspire hope
and confidence, yet impress caution. in
business circles.
| In this connection we give the views of
Mr.. John D. Weeks, editor OF the Iron
AGE, Pittsburg, Pa, who is authority on
all matters pertaining to iron industries:
1t has been my duty for years to study
the wages and labor problems. III per-
sOnal and practical way. recall the causes
which led to the panic of 1878 and the
| bloody riots of 1877, and | fear for the
| future Men have confidence and bring
capital from its retreats when they have
reason to think that there will be no dis
| tnrbing legislation. Then they will buy
literally. 1t is the willingness to buy in
anticipation of wants which fills the books
Of the manufacturer with orders and keeps
| the wheels in motion and the men en-
ployed. Business men now fear uncertain
| Iy. Since Mr.. Cleveland is elected the
country is unable to look for a fixed policy
directing the financial and commercial in
| terests Of the country before the middle
of the winter of 1856, after the new
Congress shall have been organized. The
1 interval will be filled with doubt. Capital
will be timid till the policy of the Demo-
Gratis has been plainly developed. Bust
ness will suffer. | do not apprehend q fur
| Their reduction OF wages, but / fear that
| in few months there will be no wages at
all for the operatives in the iron producing
and manufacturing districts OF the coun-
1 try There is no overproduction to-day.
! The demand has fallen off because cloud
of doubts darkens the future. The present
dullness will grow. The number of I'M
employed men Is increasing and their
| temper is becoming more unhappy. |
shall esteem the country fortunate if the
enforced idleness does not breed serious
| mischief.
| The New York Tribune of the 26th con.
tains interviews with a long list Of man.
ufacturers, from which we clip the follow
ing, as presenting the most hopeful view
| ho in hn ,foo f,,rir, m
business, increased by the election of Mr..
Cleveland, is illustrated by a few exam
pies in this city. Large firms do not hest
tate to speak openly Of this matter, and
| the causes assigned by most of them are
much the same. For instance, the iron
works of j. B. & j. NJ. Cornell, in Centre
| st., employ now only 500 men. whereas the
| usual number has been from |, 900 to 800.
J. B. Cornell says I'VE have been grad
ually reducing our force for nine months,
on account of the general depression
There is always some depression in Presi-
dental years, but this year on account
of the uncertainty on the tariff ques-
tiOn, business is in worse state than
I have known it to be before. Capital is
easily frightened, and capitalists are wait
ing, have been waiting for some time, for
| something to be decided in regard to the
tariff. The election of Mr.. Cleveland does
not settle anything. 1t will be at least a
year and half before the policy of the
Democratic party is clearly outlined, and
during all that time business has to wait.
| 1t will be short work and small potts. 1
know of many prominent firms holding
on in hope that things will turn out all
right. All lines of business seem to be
affected. / don't think MIR. Cley Gland
will do anything very bad if they let him
alone. don't think any sudden change
will be made, nor do look for sudden
collapse of business houses and manufac-
turing establishments. Wall Street will
be attacked first. and then the great mer-
camille houses viii suffer. and the manu-
facturers.'
Both of these extracts contain food for
reflection, and coming from parties direct
ly interested in manufacturing industries
are worthy OF consideration.
While Gen. Logan was in New York
last week, he was approached bya reporter
for an interview. His response was that
he was no longer Il candidate and his words
were not now so interesting to the coun-
try as they were previous to the election.