Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1884-12-17
THE IRON DEPRESSION
And ihs Policy Of Greed That Has
Caused II.
The Sheet Mills Reduetioa---Unhealthy
Maid Profit Of the Past---IOo
Great Capacity to
Blame.

On the FIRST day Of the New Year, gen.
eral reduction of Is per cent viii 60 into
effect at the Etna and Standard mills, in
GLIDING all men not members of the Anal
samated Association. 1t will extend from
the highest to the lowest, taking in clerks,
bookkeepers and laborers alike. The con-
Germs feel that they have made a contract
with the Amalgamstion and the wages Of
those men win not be touched. In the
two mills, this order will affect about two
hundred men, including the Office forces,
blacksmiths, anneslers. bundlers, teamsters.
carriers, etc. The coal bank forces, belong
ing to another union, will not be affected.
There was rGmor yesterday, that at
the Whitaker mill, which is of the same
class, the same reduction would be made
but Mr.. Whitaker promptly contradicted it.
when questioned by telephone. Neither
will there be any reduction at any OF our
nail mills, as far as could be ascertained
A REGIsTER reporter had talk with one OF
our mill owners yesterday, on this and
kindred topics and gained considerable In
formation on the iron question. Said he:
1--WE are row experiencing q periodical
depression that is the result Of great over
production; or rather, | should say, the
effect Of having producing capacity largely
in excess of the demand. II is the logical
result of the ability to make in seven months
enough nails TO last year"
"How did it happenY'
I'm this way. In 1879, 80, 81, 'S2, and
'S3, though less in 1888, there was great
money in nails. There was an unhealthy
profit Along in those years, mills declared
dividends, in some cases az high as 40 per
cent and one mill even declared stock
dividend of 100 percent. There was, | say,
an unhealthy profit in the business. What
was the resuls? Men rushed into mills
and new ones sprung up, while
the old ones largely increased their produc-
ing capacity. The result is we have reached
that state Of affairs when in seven months
we can turn out enough nails to supply the
demand for q yer. When a boom comes
the mills put on full force and make money;
the market gets stocked and over-stocked,
and the mills must STOP Now see the iniquity
of this. Instead of employing fewer men
for longer time, giving them steady work,
the mills double their force, work only hall
as long, and then lie idle. 1t makes no diff.
ference to the owners, but in the name Of
God what are the men going TO do about il?
The market is glutted With nails and
down goes the price. The only thing to be
done is to shut down and limit the produc
ton, and that is what they are trying to do.
Then there is the steel nail with the call on
the market keeping the iron one in hot
wster. The steel nail mills have a trade
and refuse to shut down and will run, as ]
would do, until they force some Of the
smaller concerns, the weaker ones, to the
wall Now that is the situation. And
here, in the tail end of the Republican sd
ministration, come these purbGnd idiots and
attribute this to the result of the election!
The whole thing is done by this internal
system of tariff that makes US prey on
each other, one getting rich at the expense
Of the other; that builds an impregnable
wall about US, keeping out the wealth that
would make Us great"