The times. [volume] (Richmond, Va.) 1890-1903, 1896-11-26

Satisfaction Mt Its Dissolution-Its Greedy
Policy.

The dissolution Of the Wire-Nail Man
u~facturers' Association. more
called the Wire Trust" which was
announced to-day, was received IN the
hardware trade IN this city, me DOUBT
less elsewhere. with great and undls-
guised satisfaction. PROBABLY no COM
binatlon OF manufacturers ever got 1t
self more heartily hated than TINS ASSOC
citation. its policy Is universally stls-
matized as one of greed, unrestralned mel
ther by "a sense OF justice nor a percep-
ton of good policy. This character 1t
succeeded IN acquiring In a single year,
as il began operations only in June, $3.50.
10 was organized chiefly by j. IL. Parks.
of Boston. who chose the Office of treas
urer. and stipulated TO receive as COM
pensation one cent on each kes OF nails.
During the twelve months ending june
3lth. this year. the output OF the assoc
citation was about $1,000 900 kegs. Con
seQuently, Mr.. Parks personal share
OF the profits was about $4,000.
Finding the price Of nails at 80 cents
a kcg. the association soon had II up
10 from $50 10 $3.50. This was regarded
as an extortiouate increase. The trade
rebclled, rival mills sprang up; the as
ISOLATION was compelled 10 eNpend a
largo part of its profits IN buying up
these competitors. These difficulties
made no change in the policy Of the os-
ISOLATION. Prices were not reduced.
No attempt was made TO conciliate the
alienated brute. The Trust was deter
mined 10 rule by trade strength, or 10
go TO ruin as an organization. SO D.
held prices up stiliy. limited production
more than ever. bought up a rival ass
soon as he got fairly started. But
there was the rub. So little money was
required 20 start a nail mill that they
arose like mushrooms. II took not "a
little money. however. 10 close so many.
The pace got too hot for the ayariclOus
and headstrong Trust. They could not
keep this up forever, especially II they
were not generously sustained by the
trade. But the trade was daily be
coming less generous. and so the end
came-an end uulamented, except by
a few. 70 whom the combine was "a
gold mine. IL is as clear a case OF
"overrcaching" as the annals OF trade
have recently chrOnicled. u there Is
general rejoicing over "a downfall which
meets so exactly the demands OF justice.
- NAAN AANAAN 4 A'HA ANNN 1919 Ff
a fall In the price OF nails. bringing II
near what it ought 10 be. \ conservative
estimate is that with improved ma
chinery. nails can now be made and
sold 10 jobbors for $l.25 a key. This
would allow abundant margin for rea-
sonable profits all around. They next
expect 70 see a general revival In the
hardware trade. Nails are regarded as
- III IHH.HuLla Tho
artificial and prepOstcrous prices forced
for nails by the Trust produced a great
depression throughout the trade. WITH
nails hack al a normal price. this de-
pression. IL is believed. will cease, par
ticularly as the election of Mckinley as
eures an Improvement I'm general business
conditions.
In its number issued tomorrow Hard
u.1ro of This city will edit0rlally say:
al last we are called upon TO chronicle
the fact that the last obstruction In the
athwav Of a hardware business revival
Is the utter collopse Of that great Trust.
known as Tho Wire Nail Association.
which has held the whole trade In its
firm and u%nrelaxlng grip since June, 1898.
It's l~ong-suncring constituency fought
well 10 overcome is powerful Influence,
but the times were not sufficiently for
tunate 10 encourage capital In embarking
in the industry. and with the mailed hand
upon the throat of the whole trade. its
only resource was 10 limit their purchases
10 existing wants. and produce in the
Trust financial failure. Nails were Of
fered in Chicago by mills within the pool
during the last few days as low at $40 a
keg. and al once the jObbers made quota
tions for large lots for immediate de-
livery at s. per key. II is thought in
the present rush for business in the va
rious mills, no longer held together by
the cohesion OF corporate power. nails
will drop 10 n price approximating very
closely 10 s1.25 a keg. The Trust having
resigned the jobbers 10 their fate. no re-
strictions are placed upon their selling
prices. and the market nay be considered