Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-04-18

PITTSBURG, Pa, April 17.-Local
iron and steel manufacturers depre-
cate the reports now being circulated
in the east and west of a big decline
in the price of iron and steel products.
These reports, they say, may nave an
effect on the market, but as prices are
regulated by the supply and demand
there can be no serious reduction.
Bessemer pig iron is firm and the out
put of the furnaces has been sold into
the third quarter of the year at $24,
Valley furnaces, and $24.9 Pittsburg.
Bessemer steel billets have been quot
ell for nearly two months at $33, but
this week billets can be had at $3.50.
A manufacturer said that the cost
price of billets, with pig iron at $24,
is $3.50, and there is no danger of a
cut below that figure, and no matter
what reports have been circulated, a
corresponding cut in finished material
would lower prices but a trifle.
AS to the prediction made in New
York by John W. Gates, president of
the American Steel G. Wire Company,
that steel rails will be offered in the
open market before the end of the
week at s22, manufacturers merely rid
icule the idea Steel rails, they say.
cannot be produced at a less cost than
billets, and as they cannot be made at
less than $3.50. With pig iron at $24
in the valleys, manufacturers do not
believe tat any one will offer to sell
at a loss of fully $3.50. Early in the
season a heavy joint order for steel
rails was given by several leading
companies, and they were allowed
what was then considered a cut rate,
the price being s33 a ton. The price
for the year wa then fixed at sS5.
The Post will say tomorrow:
The Carnegie Steel Company, after
getting the big contract for the New
York City subway and having a guar
antee that it's output will be consum-
ed in one direction now steps to the
front with a bid to unload all the pro-
| duct that is not contracted for. The
price for steel plates is quoted by
the firm at $3.50. The possibilities are
that it will go down to $1.70 within
the next month.
1t was quietly announced in local iron
and steel circles to-day that the Car
negie company was making the quota
ton of $3.50. The firms in the busi-
ness and those depending in a great
measure on the output were surprised
They did not want it made. public be-
cause it would tend to weaken the
steel and iron market, in view of the
statements made by John w. Gates,
president of the American Steel &
Wire Company.
One of the most prominent Pittsburg
steel men, not connected with the Car
negie Company, when asked his views
concerning the situation said:
THE prevailing price for steel plates
for the last few weeks has been 81. I
don't believe there will be enough
business to justify the cut. All the
concerns outside of the Carnegie Com
pany are busy with orders that will
run them for some time. OF course
there have been a number of mills
built which went into operation early
in the year.. They are looking for
business and hope to get it."
In connection with the above, it may
be stated on the authority of a lead
ing official of the Carnegie Company
that plates have been offered at $3.50
within the week but the ruling quota
ton is 81. There has been a gradual
reduction on plates covering a period
of months, but this is nothing alarm
ing. The same official said there is
10 immediate prospect of a slump in
iron and steel prices. He does not
believe that John w. Gates was quoted
correctly when he was made to say
that steel rails would be sold in open
market at S22 a ton within a week.
Such a thing is without the bounds
of possibility. The present ruling price
on steel rails is 35 and as the Car
negie Company is the important factor
in a possible reduction, it is next to
impossible to get to a lower rate with
out the consent of that company. An
other steel manufacturer said the talk
of a pronounced slump il the market
may be for the effect it may have on
the stock market.