New-York tribune., 1900-07-06
TO HOLD UP STEEL PRICES.
CONFERENCES OF LEADING INTERESTS
HELD HERE. TO BE FOLLOWED
BY OTHERS.

The presence in this city this week Of leading
officers of some Of the largest steel companies,
coupled with a sharp advance yesterday in the
prices of steel stocks generally. has led Wall
Street TO believe that important action looking
TO the betterment Of the trades condition is in
contemplation. That this belief is we'll founded
is shown in the following statement, made yes
terday afternoon, by a director Of one OF the
companies interested:
The steel and iron situation has now prac-
tically touched rock bottom, and at any rate
viii have reached II before the end OF this week.
Conferences have been held, and others are TO
he held at the office of President Gary OF the
Federal Steel Company between representatives
# a the important steel interests, among them
the Federal Steel Company, the American Steel
and Wire Company. the Carnegie Company the
National Steel Company. the Lackawanna Steel
Company, and the Maryland Steel Company. and
the result of those conferences will be the end
Of the existing decentralization. 1 expect that
lower prices viii be fixed for Bessemer pig iron
and steel billets. but after that there will be no
further cutting In fact this will be the last
time such a state of decentralization exist in
the steel and iron trade. The result of the
conferences viii be the establishment of har
mOnious relations among all the steel companies.
As Ear as steel rails are concerned, their price
viii not be changed, az there are contracts far
ahead which viii prevent that
among the men who have taken part in the
conferences referred TO are President Gary and
Chairman Porter. of the Federal Steel Company;
President Schwab Of the Carnegie Company
who was one Of President Gary's callers yes
terday; and Chairman Clifford and Directors
Pam and Enwood, OF the American Steel and
Wire Company.
Ever since John W. Gates the chairman of
and Wire Company, on April 16 suddenly n
nounced the closing Of twelve OF the company's
mills, conditions in the sseel and iron trade
have been going from bad to worse, and the
prices Of the steel companies securities have
been declining On April p the Steel and
Wire Company put in force sweeping reduc-
tions in the prices OF its various products, and
other companies soon followed suit, prices being
cut mills being closed and production curtailed.
Steel and Wire common stock, which on April
Z mad sold at 593s. made a net decline Of ~
points on April IL the news of Chairman
Gates's move. closing at ~; and the preferred.
Whlch had touched 30 on February ., lost
April 16 4i2 points, closing at SD1a. Steel and
Wire common has since then gone below 30.
Yesterday its lowest price was BIZ and it
closed at 33S4, net advance for the day Of Is
per cent The preferred closed at 13$4, net ad-
vance IL per cent
sagged below 30, yesterday closed at 81, a net
advance Of 21s points. and the preferred gained
~ points, closing al OOt2 Similar advances
occurred in the other steel stocks.
II is not understood that prices of steel prod
ucts are necessarily to be advanced as a
consequence Of the agreement reached among
the companies, but that the cutting Of prices is
10 cease. 1t is likely that a statement regarding
the conferences may be made to-day by Presi-
dent Gary Bessemer pig iron, which, accord
ing TO the director already quoted, is likely TO
suffer further loss in price. is quoted in
Pittsburg at SIS so TO SIS a ton, and may go
as low as SIG, and steel billets, at $40 a
ton may decline to SD. but are not expected TO
reach a lower price.
local trade Journal yesterday printed dis
patch from the West, the substance of which
has already been printed here, the effect that
an agreement had been entered into between
the Carnegie and Rockefeller interests. 1t states
tnat the Carnegie concerns will stick to their
mills, while the Rockefeller interests will have a
monopoly Of the lake traffic, including the boats
low owned and those being built by the Car
negies- The dispatch could not be confirmed
at the offices here Of the Carnegie Company
Chairman Porter, Of the Federal Steel Company
Sald ne did not believe the dispatch had any
basis