The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-07-26
TO STOP PRODUCTION.
Iron Men Propose to Close Every
Blast Furnace in the
Country.

New York.JuIy 26-Discussing the con-
dition OF the iron and steel industries
and the meeting in Chicago today. the
Iron Age in its regular weekly review
says that the gravity of the situation
is indicated by the arrangements which
have been made for the conference of
the leading steel and Bessemer pigiron
interests. which is TO be held IN the
Office of the Federal Steel company
Chicago. today The call is signed by
f. H. Gary of the Federal Steel COM
pany. C. NJ Sehwab or the Carnegie
Steel company and Joseph G. Butler, Jr.,
representing the Bessemer Furnace as
ISOLATION and states that at a former
meeting OF the presidents OF the leading
steel companies it was thought advisa-
BILE to call this meeting TO so over the
situation and see what could be done
to improve it. The Iron Age says.
The plan proposed is TO cut down
production as much as possible. Every
blast furnace controlled by these in
tereStS is to be closed under agreement
for one month, the Federal Steel COM
pany. Carnegie Steel company, and 9TH
er large companies agreeing TO do this If
plan viii depend upon the unanimity
with which il is accepted The dissent
OF a single Important interest would
probably be fatal
OF the general situation. the Iron Age
says:
The week just closing has developed
considerable more business than its pre-
decesSors, and this has given a mild
sort of encourag cement 10 manufacturers.
Nevertheless the increase in the volume
or business IS not great enough by any
means to satisfy the manufacturers who
need steady stream Of orders 70 keep
their mills running or their blast fur
naces free from accommodating heavy
stocks of pig iron The sales made have
plished at the still further sacrifice OF
prices 4 lower range of prices than
that Of last week now prevails through
almost the whole line It is assumed
by some that the bottom Is now in
sight because present prices in many
cases represent actual cost of prOduc-
ton. but this has often proved to be
delusion- Prices will continue to settle
until the supply falls below the de-
mand
I'VE have information Of heavy trans
actions in pig iron for export. Our Bir-
mingham correspondents report sales in
that district or al least 40. 900 tons, and
a pig iron house outside Of the district
report sales Of 1000 tons. Much more
export trade could be done, not only in
pig iron but in finished products If yes
sci room could be secured, but il is
difficult at present to arrange for ocean
carriage, and freight rates are also
nearly prohibitory.
Restriction of production is proceed
ing quite rapidly, more blast furnaces
having recently DlOWn out, While others
are fast getting into shape for suspend
ing operations II is likely now that
the western bar mills viii remain closed
for considerably longer than had been
expected in view of the fact that the
manufacturers and the Amalgamated
association have locked horns over the
wage scale for the coming year. The
association has positively refused to
make any modification OF the scale
formulated at Indianapolis, and the
manufacturers have just as positively
refused to accept it The closing of so
many mills should have an effect on
prices OF bars. but steel bars have sold
within the week at lower rates than the
previous week. A very interesting item
Of news in the announcement that the
Carnegie Steel company is about 70 en-
ter into the manufacture of rods on a
large scale, and that it may also decide
to manufacture hoops, bands and cotton
ties
Some failures of foundry men have
occurred in New YORK and New Eng
land, but they are not regarded as in
dicating any general weakness in the
trade