Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1888-01-21
THE MARKET GLUTTED
Mr. CARNEGIE TALKS ABOUT DEPRESSION
~ THE IRON TRADE
Has HIS Firm Been UudsTssl.Dg the Market ? Tie
Reduction in Wages PDportouate to the
Decline II Values Another
View u the Situation

NEW YORK, January %. The Time,
says: The depression in the iron market
which hiss existed since the beginning of
the year has given rise to fear among a
number of large manufacturers. 4 long
continuance OF the present condition may
lead to disastrous results, while many of
the people interested have expressed be-
lief, that any greater depression of the
market IS almost certain to paralyze the
iron industry, at least temporarily. Not
the least serious Of the existing conditions
is the uncertainty in regard to the settle
ment OF tha wage question in the large fur
naces and mills.
1t having been stated that the present
depression IN the irou market was due
partially to the fact that the great firm of
| Carnegie Bros had been bearing the
market and underselling every one, a
representative OF the Times called on An
drew Carnegie last evening Tor The purpose
| of obtaining his statement III regard To the
situation.
Mr. Carnegie acknowledged that there
was 4 great depression i'll the market at
! the present time, and prices might 50 still
| lower As II underSsling the market IL
sand that il any Of his partners ia Pitts
| hurg were selling any OF the products Of
! their mills and furnaces for less than he
could get i0r them lie wOnid lyei alarmed
! for their sanity. Tie total product o!
! their furnaces lie said, was 20, 900 tom Of
p,g iron per month OF this amount thry
! were using 10000 tons in their works lor
! the manufacture Of iron III miscellaneous
! Shapes other than steel rails. The call
nll had been shut down. because there
was no demand tor rails at this season
Any suFplu- of pig iron made at their fur
naccs was being sold at the he3l pr.rr oh
taiuablr The market price turrg iron he
laid had nOt Illlrn more iGau the quota
tions Tor steel rails In fact, the reduC-
Iion in price was proportionatrly equal as
regarded both products 1t was 4 iegiti-
mate decline of values under the economic
law of supply and demand
A. the price OF these products has
! fallen oil ahnut - per cent, Mr.. Carnegie
| said thr manufacturers thought ii waE only
! fair TO ask The men 10 submit 10 4 ~ pei
cent reduction Of wage, depending upon
Il future advance in market prices tgr a
p,upDrtinnate advance Of wugrs. But tny
manufacturers had asked the Id5a IL suh-
nit tn only u lO per cent. reduction. II
! this was not satisfactory to the clnployra,
! MIR. Carnegie said that his firm would not
only DC willing, but would br anxious to
submit the matter 10 arbitration lie dId
not think that there would De any labor
troubles o. strike ia the iron industries
unlcss the inca refuse this offer.
Mr.. Carnegie said he would personally
be very sorry for the men if they should be
50 Iii-Idyi~ed "a to reject the proposed !e.
duc;I0u and attempt tO cOercG the mann
lacJuIcrsiulo paying more money for their
labor than tHr condition. OF the market
warranted. When II ~ considered that
Mr. Carnegie tirm pr1jur"S unc'cighth Oi
all ~" ply iron md G;ecl rails mInuftc
tufrd in lhr country aud that they en-
piOy 10000 men, it may Dr understood
that the gncitY Of the situation ranuut
well he eNaPgcratrd
The pIupo.al Ielrucd Ia has been uh
mitted 10 the men in Mr.. Carnrgjc'y en-
pioy and they have signiied their nm
Willingness 10 accept II, hut lwge not ia.
dicated their course should The reduction
be enforced.
Another gentleman, prominently con
ncClyd with - company which purchases
large amounts ri p'g iron, was willing ia
talk about tue state Ot the market bat
would not consent 10 the use cl his name
under any circumstances. lie said that
while there were some natural causes iul
the present state of the trade, lie was con
WINGED that the conditions were not such
az to Justify the heavy decline in prices
1t might be claimed, h. said, that there
was u0 demand for steel rails, and that
prices Tell accordingly Under such iurk
Of demand there would also naturally b,
II falling on in the demand tOT piu
iron Under these circumstances h
could hardly understand why the
steel manufacturers closed down theil
mills and kept their blast furnaces going
His company, he saI l. could not make and
sell pig iron at profit Ior the figures now
quoted by the CarnegieS'.
LIS. N'Ai M III" l"IHANS9 an" nuns NC
kept going continually, and then could
scarcely meet the demand. Both Be.aemeI
ore aud pig iron were imported extensive.
| ly from Europe to make mp the deficiency
in the domestic pig non market. There
would be the same demand thus year il it
were not for political reasons. He vas
convinced that the large manufacturers
were Purposely quitting he market with
pig iron to cause a reduction II TINS were
not 80 BE- could not rcaIil. why they
should close their mills which consume
pig iron and still keep their furnaces going
IN the manufacture Of that product