The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1888-01-21
THE IRON SITUATION.
oARNEGlE's VIEWS ON THE SCARE.
The RumOrs of UndsrsSlliDE RIdioulsS by
Him-Ho Is willing TO ArbItrats the
Question of wagSS-A Suspicious Man.
Comments of the Eastern Press.

NEW YoRK, Jan. 2O.-Andrew Carnegie
in an interview published here to-day
speaks freely about the depression in the
iron market. This depression, which hsl
existed since the beginning Of the year
has given rise to iears among a number ol
large manufacturers that long continu.
aucs Of present conditions may lead to
disastrous results, while many Of the pso.
pie interested have expressed belief that
any great depression of the market ia
almost certain to paralyzs the iron indus
try, at least temporarily.
Not the least serious Of the existing
conditions is the uncertainty in regard to
the settlement Of the wage question in
the largo furnaces and mills. 1t having
been stated that the present depression in
the iron market was due partially to the
fact that the great firm Of Carnegie Bros.
haA been bearing the market and under
selling every one, representative Of the
Tines called on Andrew Carnegie last
evening for the purpose OF obtaining his
statement In regard to the situation.
Mr.. Carnegie acknowledged that there
was great depression in the market at
the present time, and prices might 20 atill
lower. As to underselling the market, he
said that II any Of his partners in Pitts
burgh were selling any OF the products Of
their mills and furnaces for less than he
could get for them, he would feel alarmed
for their sanity. The total product Of their
furnaces, he said, was $4,000 tons Of pig
iron per month. OF this amount they
we're using 10000 tons in their works for
the manufacture OF iron In miscellaneous
shspes other than steel rails. The rail
mill has been shut down because there
was no demand for rails at this season.
Any surplus Of pig iron made at the fur
nacss was being sold at the best price OBJ
tainable.
TIE WAGE QUESTION.
The market price for pig iron, he said,
had not fallen more than the quotations
for steel rails; in fact, the reduction in
price was proportionately equal as regard
ed both products. twas legitimate de.
cline Of value under the economic law OF
supply and demand. As the price Of
these products has fallen off about 20 per
cent, Mr.. Carnegie said the manufacturers
thought It was only fair to ask the men to
submit to 20per cent reduction in wages,
depending upon future advance in msE-
ket prices for propoItionate advance in
wages; bat the manufacturers had asked
the men to submit to only 10 per cent
reduction. II this was not satisfactory to
the employees, Mr.. Carnegie said his firm
would not only be willing, but would be
anxious TO submit the matter to arbitra-
ton. He did not think that there would
be any labor troubles or strikes in the iron
industries, unless Lhe men refuse this
offer, and said he would personally be
very sorry for the men II they should bs
so III advised as to reject the proposed re-.
duction and attempt to coerce the manu-
iac!urers into paying more money for
their labor than the condition OF the mar
ket warranted.
The Times adds: "When it Is Consid.
cred that Mr.. Carnegie's firm produces
one.eighth Of all the pig iron and steel
rails manufactured in this country, and
that they employ 10000 men, 1t may be
understood that the gravity Of the situR-
ton cannot well be exaggerated. The
proposal referred to has been submitted
10 the men in Mr. Carnegie's employ,
and they have Bignified their unwilling
ness to accept 1t, but have not indicated
their course should the reduction be en-
forced"
A SUSPICIOUS MANUFACTURER.