New-York tribune., 1900-07-13
BOTTOM AT LAST IN SIGHT
OPINION EXPRESSED AS TO Steel, AND
IRON C0NDITI0NS-COMPARATIvELY
FEW FURNACES ARE CLOSED.

Reports from ths various steel and iron manu-
fs-tu-t1g centres. chiefly from PittsburE continue
p excite the interest or local officials OF the b,g
companies These reports are mainly Of dis
-7,.-sErg character and intimate a ra6,c,,o,, :,
wages or partial closing OF the mills The re-
srcrsshil!-y cor this OF affairs according .,
he president OF leading company. IS laid at the
6ooT q john Y. Gates. who. as chairman Of rba
Board o. Directors of the American Steel and Wire
Company. several months ago caused tvv4l,e ~
the co1paoy's mills 70 be closed almost overn3gr,
cn the p4ea OF overproduction. Mr Gates's action
IS SAID e have preciptGted conditions Of TO-DAY n
that caused scare and general ureasirass 4r,y,
which hotn producers and consumers have not YET
recovered.
SAD tAe president OF one OF the largest com
Paries-
TIE situation is stu very mixed and is bound
p-1ces IN my opinion, there are certain rnsr1- -
Prize without loss 70 the manufsfre I-e a !o"er
;le otaeI hanc certain other finished products can
and must ee cut Z 70 &c anv b1gstraeg '
Another peculiar feature which few seem 10 take
.-t- c-'-s--eI-.4oa : tnat this Is Presidential
tze steel and iron trade. The summer T3o1+6s
a-ways 2--nE slaekentng Of orders too. so tba5
trade conettions when lrnpartiaIy viewed are
Es5.s - -. -. 80 80 1sua- O course, the great
ooeia q ne -asl year and half found al the mills
No.h--E o'eTl.s1e, 6lt conditions CT that period
We - -. ne h --+ e-..eFloH see no reason 70 fear
tEat some e our mills may close-soune Of them
since reoPened-an6 We have given TS +,,,,-t y
a. -- s -Ae = 80 1cIlon q wages repeat. that
agreement as 70 prices, just SO soon viii We LeTa
q return o. normal trade conditions 73fI53ns
t7- or products AZ fair price Is inevitable
President Gary o. the Federal steel Corana,v said
yesterday regarding the report from PttsburR that
The Federal steel Company and the Carnegie Com
7ary we're urgently soliciting business a+ any r-tc
Elt that a general AL around cut was again IN
prospect
5sy az nP5aing ON a6ogt he affairs Of the Carnegie
zzaE say t2at this statement s untrue IN the main
& - -l-A=ls Lor business, taking al that comes
rzl12E orders al Ioss and don't propose "a d.
50 " . have been conservative all the vsv +hro1rF
ou- policy --7 - Change
TIE local representatives Q: the Carnegie Com
Pa1y profess stn 70 be ignorant Of any possible cut
= -hetr product and have nothing 70 say in reply
70 reports that sone Of the cou1pany's mills may
Al analysis o1 figures published yesterday BY
-1e iron Age shows that throughout the country
there were only nine less furnaces IN blast on July
i1an On June l. instead OF from twenty 10 thirty
sss zs had beer estimated by some trade authort-
-as As 70 the general outlook The Iron Age"
says
re s-rue5toE has not been improved BY the con-
11c;1g companies held IL this city the last week.
-. - - ---..-e 70 secure EoIns Klnc OF an
zrc n s-ee- but The conferences resulted IN leav
Pl-srE Is = 1raf Eesser1- @ - f ne non = s e Ee &c 94-aa %
a- SO and steel betE al 30, without bringing out
any considerable amount ct business. This must
5s acknowledged 70 be GiscoUragtug as Il had been
supposed r1Ar sUcE prices these would surely
--F--e L1e placing Of numerous orders, Il
pears C1z- the leading steel companies endeav-
cT--E 70 arrange with the independent naa1ufacr-
ne former agreeing down the output Of steel
= ne latter vii, their part reduce the produc-
Lon q pig -oE- Action OT this kind may relieve
-1e market considerably and prevent q further
decline Il prices The Western demand for finished
steel products has been somewhat stimulated by
-----er reductions f. ba-s and tank plates, which
have evidently brought prices IN these lines down
= TIE views q consumers. Good ground prevails
t-- ne hope -nat bottom Is e. last in sight. and
that rhe pogCD0ue6 business SO long discussed Is
--z-eTtal4ziIE. Inquiries are increasing. and the
tine 1E certainly fast approaching Wleu consumers
generally into the market cover their
-eCL1reC-sZCs- The business Of The country is
coming uC complete s-aCdsCtL and the coQsunlr-
-.0- Of --Cl and steel vii reach large figures
ing the next twelve months. probably not very
much under those OF the last Ike period. our
July I indicate that the production Of pig IS
beng adjusted meet changed conditions
trade The active furnaces represented 2
TOTAL weekly capacity Of 23 Az tons against 296S76
-C-s OF --e !, showing reduction Of 1886 tons,
T--c- Is az the raLe q $4,000 tons e year. This
is ar Important reduction but 4 ts likely 10 be
Qe--sl -Ee present month furnaces still
increasing. furnaces reporting 10 having now
hand tEau June J. This IS
z situation which easily be changed with the
rapid restriction Of production II progress. The
important occurrence IN The metal trade the
last week q reduction IL the price Of pig lead.
Tie --c--z-lCus Il L1tE metal have recently been
rapid, and have completely 1nystt1ed the trade