The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-08-11
BUSINESS NEWS.
Substitution of Steel for Iron Nallt
Causes Trouble at Wheeling.
What Esradstreet Thinks of the Gen.
eraI OutlOOk-Scarcity of Cash
In California-Rad on the
lucky Ones.

WHEELING, W. Va, Aug. 1.-The reputa-
ton of Wheeling in the Matchmaking and
understanding circles of the world must be
perletuated through the nail of steel This
declaration was made two years ago by II
prominent nail man of this city just at the
time when that stupendous plan was formu-
lating by which all our local mills were Ia
pool their issues in gigantic steel plant.
What has been feared from the first is now
being realized When the nail of steel was
first contemplated the immediate after
thought was that it would do away with tho
forge department of every nail-mill and
throw out of employment the hundreds of
men who now make their living there but
now comes the information that will GER
tainly be regarded as serious, and
which will command the atten-
ton of every iron worker IN the
city and country. This is that the mills will
not build steel plants, but will get their steel
bars from Pittsburg, thus not only throwing
out all the force in the forge department by
giving them no other employment, and fore
ing them to leave the city to procure work
foI their daily bread. Friday the bailers
and heaters at the Labelle mill w"re mott
fed by letter that their services at the
mill would be dispensed with. None of
them were aware that any such u radical
change iii the working of the mill WAS gong
to take place. The doing away with the
force department of this mill throws over
$50 meu out OF employment, who will have
to leave the city and seek enjoyment IN
other cities. Friday night gentleman con-
| nected with the manufacture of iron and
nails said: This movement of the laabelle
| is the first break The other mills are bound
| TO follow that lead or strike something else
| that will put them on an equality" Should
| this move Gecome general it will effect in the
various branches 900 men, or at least 5000
| persons i'll all The trade produced by the
| living expenses of those 5000 people will
cease, and retailers will certainly feel it. The
| action of the Labelle created little less than
| CONSERVATION. Two mills have cut down
their forge forces 1t was canvassed on the
street corners and produced a profound i'm
| preston.
Farmers Refuse TO Sell Their Grain.
| SAN Francisco, Cal, Aug. IL The slow
movement of the wheat crop is phenomenal
the export for July being only 22,0O0 tons
mostly flour There is plenty Of tonnage il
| harbor, but farmers refuse to sell As CON
sequence there is stringency in the money
market. Complaints come from the greai
wheat valleys that money ha!
never been so hard to get As now
Interior banks in many cases hav,
refused to advance loans on wheat. AS {
matter Of fact the banks are unusually short
In interviews with leading bankers it wa
| learned that large loans had been made Il
reap the crop, which, being unusually large
cost a great deal to harvest The scarcity @
money in New York has taken great dea
of coin out of San Francisco. A prominen
shipper said: Last year the principal ship
peIs lost not less than IS, 600 600, all of whicl
money went to the farmers The latte
have spent the profits Of the last few year
improving their farms and buying land il
Oregon and Arizona. A great deal of none.
has thus gone out Of the state; consequent,
farmers have no money on hand, and ship
pers have none to lend. If the farmers be
come SPECTATORS to hold their wheat 70
higher prices they must run the risk of tigh
money market, from the effect of which tn
state is suffering, and the only relief is for til
farmer to sell his grain"