New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-07

sIBLE TARIFF REVISION.
littsburg. Penn, Aug. (specia)-" What effect mas
iarif uncertainty your busncss7' was the query
propOunded TO representatives OF twelve Of the largest
Iron and steel manufacturing companies Of Ptsburg,
the headquarters for these two industries III lhe
United States. The answers were unanimously to the
effect that uncertainty to the course OF the Demo
cratic Administration leading factor In the
present depressed condition Of the iron and steel
business.
+. T. F. Lovejoy. secretary OF the Carnegie Stee!
Company said Probably the uncertainty to prices
affected by possible tariff changes has something TO
do with the condition Of the iron and steel business
There really thus two things to considerable
original low prices and the present condition. made
worse by the ughtncss of the money market The
depression began before the existing financial trouble
for that oyerproduction largely responsible
Dealers I'm structural iron and steel jobbcrs hc'h'
are not affected a great deal by changes in tariff. As
Q rule, manufacturers not giving long time, and
for the condition of affairs uncertainty TO policy
may possibly be in part responsible"
A. NJ. Bycrs, OF A. VI. Byers & Co., said: "Cn-
certainty Us to what the present Administration will
do is very largely responsible for the depression
Overproducton In iron and steel Is brought about
by the same cause. for in the years Immediately
previous to this the enormous output consumed
Railroads and vast number OF other enterprises that
our product afraid and have ceased work
II they do not rails To build tracks or are not
building locomotives. can't sell them Pittsbuig
product. ] am not disposed to blame silver either
for the financial difficulty which find ourselves
although perhaps the repeal of the sherman law might
be good thing. Ny feeling is that do not see any
use in buying silver bullion at premium only to
coin and let ii lie In the vaults OF the Government
Nor do / agree with Allen Thurman that the crisis l.
due TO enormous credits. IT IS surely not true. AT
least that is not what alls the iron business Years
ago 1t customary to allow sales on six months
time and then accept four months note. Now, rs
has been the rule for q considerable period, sales
have all been on short time. The trouble is right
in tariff uncertainty This country rich as ever
1t The money is In the country, surely. 1t Is
not consumed burned. 1t is tied up and people
are afraid TO il. Manufacturers are at sea as
to what the Democratic Congress will do. Perhaps
II President Cleveland and Secretary Carlisle would
even declare themselves, matter TO what end or
policy confidence would in a measure return. They
sat down at Washington the 4th Of March, ana
what did they do9 Nothing No knew and no
knows what the Administrations policy will
be. There 1t Is in nutshell. Another element
OF dstrust has been introduced In the uttcrances OF
many Of the new Congressman who are opposed 10
the encouragement OF manufacturing industries
Superintendent King, Of Jones & LaughlinS, replied
to the inquirer Something the matter with us and
O probability Of tariff tlnkering doubt has Il great
deal TO do with il. To my mind the very fact that
we are under Democratic Administration destroys
confidence for their repri ion Is that they never do
anything the right time. The AMI steel bust
ness was never I'm a condition far being
tied up goes The big manufacturers are badly az
fected and II is gradually spreading TO the dealers
and men employed All are afraid TO buy for fear
they pay for the material when their notes fan
due. The manufacturers affected by being afraid
prices will drop pieces If legislation is tempered
with The silver scare, l think. has existed largely
in the newspapers. That is, mean far as the
Sherman law goes. A vast system Of credit IS not
responsible business depression. The iron trade
IL perhaps the off of all, and in that line the
time allowed orders IS growing less Before the
war II was the ordinary rule TO allow six months
year or longer. Now buyer Is lucky If he gets
sixty days Uncertainty and backwardness are TO
blame
George P. Mcbride. OF John s. Slagle & Co., said
PROFESSIONALLY I think the tariff cloud has much 20 d.
with iron depression Money Is tied up IN safe
deposit vaults and the buyers afraid Anybody
who looks 10 q Democratic Congress for relief viii
fnd himself mistaken For the benefit of the trad
hope there will be enough coolheadcd Democrats
to aid the Republicans in preventing any tinkcrine
with the tariff. Ny experience leads 10
emphatically that the Mckinley bin has nothing TO
do with the duincss In hbn II is uncertainty.
There Is market for product. and even in ore
with which ! directly Interested there is
nothing doing. Buyers and shippers even rai'c
enough money to pay the freight, which is lower
now than ever before. The bottom fell OF the
business suddenly. too. for during the first six
months OF this year there market
Reuben Miller. who IS al the head of The Crescent
Steel Company, remarked: 1t is not altogether
matter of guesswork. some have tried 10
show. Very many things have entered into the
present depression, and it would be difficult TO say
exactly that such such Thing Is the mos direct
cause However there are some facts that are
plain and in my views / know do not agree
with every tariff subjects. believe there
shou'd be more stability. e,iho OF tariff cange,
undoubtedly has great deal b. do In bringing about
this crisis with iron and steel people. There was n
general feeling OF uneaslness and unrest which kept
growing for one most earnestly hope for some
thing ex-ca,hcdra ON the subject. We Lave had no
expression from the Administration ono way or the
other Even II the next Congress should pass low
tariff bin, the condition Of affairs would be better
than what have now. for We would know what
to 20 by. Even under unfavorabe conditions we
could perhaps trim our sails and 60 That means
we would have to reduce expenses In some way TO
meet the new order Of things. The first TO suffer.
therefore, would be labor. That Is the first and
almost only direction in which we could rerench.
To show how the manufacturers have anticipated
some cut In tariff, i am told that several have
been slrewd enough 20 have clause inserted in their
agreement with the Amalgamatcd Association that
n the tariff on articles that they handle Is lowered.
III. whole subject OF wages shall b. considered over
again II Congress puts us back again to the basis
NJ a tariff for revenue only we VIII be seriously
affected and immediately So
q. y. Oliver Of the Oliver Iron and steel Com
many expressed his views as follows 81 think the
rrosnect has n very material effect. Aside from
financial institutions business Is fairly good fccS
are good and stock is in good condition. There Is
practically no pig iron on the banks II Congress
or the Administration would even give an expression
.o we could know where stand perhaps thingS
would Improve. have a doubt as 10 tne compie''
efficacy OF silver repeal Again II |o"s'e's a. '''
:, ,ron,a affect MS decidedly. To then get revenue
there must necessarily be imports and the enec'
woun come very Even now We can com
NOT. in south America in vast number OF Ii's