The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-04-24
"Gcnticmen'S Agreement" n Pitts
burg Means Fight
on Gates.
WIRE TRUST CUT PRICES.
These New Figures Had To BE Met
bv Eastern Manufacturers. So
I'll v Formed Their Own Com
bir" Meeting To-Day.

! Pi'tshurg Pa. April 22 The most i'm
! irortant DEVELOPMENT locally resulting from
the action "f the wire combine directors
! is a cali for a meeting Of IN. Associated
! Manufacturers of Steel cui Nails, who have
! "sentlem.n's acrecmcnt" regarding
prices.
II is probable that this meeting will he
nc!i Al Wheeling to-morrnw. when action
Will he taken to reduce the price of cat
| rdis. 20 meet the cut made by the wire
company. Steel cut nails have been selling
at S.'a a k"s. against 81 ~ for wire nails.
Trade Stn-nGtci.
Starnati"n Of tr:,dc in iron ard steel cir
ci"S was noticoa today. as Il rc~ut "f
the eat of the American Steel and Wirr
'rmTany. but the principal manufacturers
declared that the prices would he held firm
although they knew that business would be
held back Tor week or two.
Almost every manufacturer admits shat
the past few days have been the most
critical i'll the steel business for more than
two years. Tn" cut-ilail nl,n il j. said
MlH 'ndedN"r iu adjust their prices Win
those al thc combine
Ia. +. Jones. ir., treasurer OF Jones *
l-aHSAlinS limited. ono -: the mos; con
S"iNdtlNe iron firms in th. country said
today that the reduction in wir,. and w!r.
mus would nave no fleet on other lines in
the IRON ana steel business ;ts TAR as prices
wcr" concerned
ne SAT-! IN" wire combine hai made .x-
'"SS''" i!'Haf"es Ill wir" nails and that the
CONSUMING public had waited in tn. hone
OF securing their needs At lower, pricss.
IN" result is that business has i,.u ,.ril
but h' declared that the CONSUMERS fId
aboHt mate up their minds Ia l.,iy because.
%, pressing needs when III" TrcXp-cted cut
vi ''' wire MON" WAS announrrd.
Demand for Iron nnt: Steel.
Mr.. Jones thought thu. iron AMI ~.,el mar-
k'i generally would not he affected. that
plS iron would NOT be r"iu I'D III price and
mat the present prices would con.iuue Tor
soma time.
Tn" demand for iron and steel of all Kinds
WAS too strong I" give any intirdti"n III
Weakening Just now. md th, n. manufacturers
We're no; in the least frightened at -if.- r.-
markablc actions of the '4St ye"k. Mr..
Jones was sanguine it would only require a
low days :ur the market to steady itself
snd leav" everything adjusted ana H. Il
highly prosperous condition
other c"nServdtiv" steel manufacturers
melt! n" SAN. upini y.
THREE ROD MILLS CLOSED.
.Ioli"t III, April -3.-Drera;i,,lfs .y.r. sr,s
pended; to-day ut The three rod mill. of the
Illinois steel Company ii ihis civ. -
tween q" and 100 meg. were tarowu ont nf
SAYS REPAIRS ARE NEEDED
Chicago April 22.-Pr.SiG.ni Eu..p. Buff
inston of the Illinois St--i Company whyn
asked t"-:ay r"G4rding the shutdown "i
the three rod mills of the Illinois sty,l
Company At Joliet, said tina, the closing
OF the mil VAS merely for the purpose of
making some mlich-need.ti repairs. He laid
The shutdown had no sicuiiicanca aS re-
CARDS the condition of til'. ron ana >,ari
trade, and the mill woUlJ be started again
just as soon as the repairs wefe completed.
MIR. GARY'S DIFFERENT VIEWS.
New York. April 23-Pr"s;,,cnt Gary of
the Federal Steel Company said. c",ltern-
ing IN. closing down of the Illinois Steel
company's mills: The Illinois, Ste. Com
the Federal Steel Company. has rod mil!
at Joliet, which had a capacity of about
-p'" tonS year. The American Steel
anh mi, "ire T.. ,n@mrany nd and hay been
stantially The total output of these rods
prodrccd by tn. steel company.
l. ne Wlfe company purchased 1'n.%" cf the
rods 10 b" used during The first six months
of 1850. and have taken about 61.Wy tons
OF the same. hut have asked = temporary
cessation Of deliveries ~ to the balance.
decided to temporarily close The rod mill
at Joliet. haviaS received positive nssur-
lay vii. not he long continued. and that all
of the rods contracted for will bc taken
within short time
CANNOT REACH MR. GATES.
New York Apr! 2S.-t'r"siicnt Ru'iolph
kcppler of the New York Stock Exchange
was seen to-day In reference TO the report
that Congressman Noonan of the Second
Illinois District intends 10 introduce a res
olltion in the House Of Representatives. de-
mandng that the affairs Of the stock ex-
change be investigated in connection with
the recent manipulation Of American Steel
and Wire shares. Mr. kepplcr said:
Operations in Steel aud Wir" shares on
the stock exchange do not concern the |
governing body of that institution 40 long
as they are hoestly conducted by members. |
have yet to hear that any member Of the |
eXchang" has been guilty Of wr"ngdoins |
in that connection. Mr.. Gates * not mein- !
hsr Of the stock exchange, and. as l have |
several times declared. he is beyond our |
juriSdi2tion.' |