New-York tribune., 1900-05-16
STEEL STOCKS DROP AGAIN
REPORT OF POSSIBLE DEMAND FOR
HIGHER WAGES ONE OF
THE CAUSES.

The steel stocks declined sharply in yesterdays
market the greater number reaching lower
level than any hitherto recorded The late break
in Federal Steel. Tennessee Coal and Iron.
American Tin Plate and National Steel was due
to attacks by bidders on unconfirmed rumors Of
further cuts in steel prices.
The reports from Indianapolis Of the sentiment
of prominent delegates to the annual meeting
of the Amalgamated Association Of Iron, Steel
ana Tin Workers that wages should be advanced
were also believed to be partly responsible for
the fall in prices. President Gary. of the Fed
eral Steel Company, said in answer to a question
about the possible demand from the Amalga-
mated Association for higher wages: Il think
the laborng men have sense enough to let well
enough alone" Another prominent steel man
said 1T would be simply playing into the hands
Of the iron and steel manufacturers for the men
to strike for higher wages, as the resulting ces-
sation Of production would mean a large cur
tailment OF the heavy stock on hand IL is un-
derstood on good authority. that wages VIII not
he advanced bv the big steel and iron companies
in the immediate future.
Disouieting rumors were heard yesterday Of
political schening to bring about vast strike
this summer in the iron and steel industry Tor
its effect in the Presidential campaign. In re-
gard TO runors that the Carnegie company had
cut prices 20 per cent. an officer OF the com
pany said that he knew nothing OF any cutting
of prices. and believed that there was no 1ouf-
dalton for the reports The only trade news
was favorable. reporting the reopening CT Fed-
eral Steel and American Steel and wire mills
that were recently shut down. The next quar-
ferly dividend on the common stock or the
American Steel and Wire Company was offered
on the Stock Exchange at ia per cent Ihe
regular dividend is Ia per cent.
American Steel and Wire common yesterday
declined to 1914 closing at 81. a net loss for the
day of IL per cent American Tin Plate com
mon went down to 81, ralying at the close 10
23L a net decline of IA. Federal Steel COM
price, 34A, representing net loss of per cent
National Steel common closed at the potton
271.: net loss, Ia per cent. Tennessee Coal ana
Iron went TO 6SA and closed at 69A, net de-
cline for the day of IA per cent
Indianapolis, May 15.-The twenty-third an
nual meeting of the Amalgamated Association OF
Iron Steel and Tin Workers will have an at
tendance of three hundred and fifty dele
gates representing thirty-two States.
The National officers decline TO discuss the de-
tails Of the Scale Committees report. BY sew
eral of the delegates it is openly stated that
while prices have been steadily advancing, espe-
cially on structural iron the scale Of wages has
remained unchanged. and that this is not In
strict keeping with the sliding scale scheme
which has been in vogue between the iron work
ers and the mill owners Tor years. me new NV
scale as recommended will. it is predicted. also
carry with it a change which will mean an all
around increase of wages to the puddlers. Ihe
whole advance. as an average, it was said to-
night would amount to about 20 per cent over
and above what has hitherto been paid.
One Of the important actions TO be taken by
the convention will be the appointment of a
Conference Committee. which will include the
ators' Committee on July and settle upon the
scale for the coming year