The sun., 1903-11-12
ONLY BILLETS and BARS CUT.
PRICES OF ALL OTHER STEEL
COMMODITIES UNCHANGED.
Wages to BE Reduced by the Steel Cor.
poration-Average Reduction About
10 Per Cent.-Sheet steel Co. and Tin
Plate Go. to he Merged, for Economy.

final meeting in the series Of consulta-
tions Of the manufacturers Of steel and steel
products that has been held in this city in
the past few days took place yesterday.
These meetings have included gatherings
of the makers of billets, bars, plate STEEL
structural steel and rails. The only cut in
price is in billets and bars. The following
official statement was made yesterday after
noon by Willis L. King, vice-president OF the
Jones & I.aughlin Steel Company, American
Iron and Steel Works. Of Pittsburg
During the last week the rincipal manu-
facturers of steel and steel products have
been in consultation concerning trade conai-
tions. While it is a fact that there has been
a decrease in volume of business during the
last few months. yet it is also true that sub
star tal tonnage is being booked at the present
time and the general opinion seems to oe that
the outlook is quite promising and iInpro'-
ing 1t was tn" unanimous opinion that the
price OF billets and bars was too high anu some
what out Of parity. Therefore, the price OF
the former has been reduced to S23 per ton.
Pittsburg, and OF the latter 70 81 30 base. per
100 pounds, Pttsburg. Prices on all other
steel commodities. however. remain ur-
changed.
There was u report yesterday that at the
NEE tirg Of the manufacturers OF bile =
the 500 allied pool had been on the point OF
DISRUPTION, owing I" difference OF opin:on
regarding the pref ." course as 10 prices,
some of those Resent W shii:S to have tn
market declared open, soihct TT, mana
facturer of billets could sell at any price
he chose. II WAS denied, however, by ore
of those present at the meeting, that il had
anv danger of the dissolution OF the pool.
There is to be a very general reduction
in the wages of the employees of the United
States Steel Corporation., which VIII. IN
g e tt,.,t, al pI
ers, be as much as sc per cent. and is ex-
pected to average about 10 per cent. 1t
will affect the wages of some office en-
ployees, as we'll as Of the employees in the
plants.
Another feature of the rctrencl m INT
policy viii! be the merging of the An er!can
lin Plate Company with the American
Sheet Steel Company. The Headquarters
of the merged companies Will he moved
to Pittsburg about Jan. /, The saving,
here, it is sad, Will be al least siOo'ooo
year.
The Steel Corporations representatives
are endeavoring to secure lower freight
rates. There was report Yesterday that
for reduction of the rates on iron and
steel and finished products, especially
products intended for export. Material
concessions on the rates netween Pitts
burg and the Atlantic Seaboard, i was
said have been agreed upon, and the eA-
port trade will be greatly benefited by
Improvement of the conditions of COM
petition with German manufacturers.
The Iron AGE says to-day:
In steel bars there has been reduction of
SO per net ton forced apparently by the long
lead which iron bars hnve had for som" time.
In hoops and bands there has been reduction
of S. to 50 per net ton, and in tin plate u re-
ducton from $3.50 per box, At mill, TO $500
has lust been announced. II is quite evident
that in these branches the manufacturers
have started out TO find tn" level at which
consumers will take hold wi h The evident
conviction that good deal OF desirable
tonnage is being held back,
In other branches, after n good deal or
discussion. radically different opinions seem
to have prevailed. This Is notably true OF
steel plates and of structural shapes. Tn"
point is made TINT prices w"r" Kept down
during the boom and that the decline in raw
materipls has really brought them back
TO harmony with the old prices on finished
material. OF course. u good deal OF tonnage,
notably in plates for car building. II sold on
sliding scales. and 1t is argued that any re,
ducton in the price al plut's and structural
material cannot create btn ln'ns Ml,rf" u
does no' exist. That this i not wholly true
i pretty wCl understood in the. trade. and
it i certain thn, buycrs will not depart from
tho attitude Of reserve which they hnv" main
tniued toward price schedules based on gentle
men : agreements. To the industry Al large
the decision means at least some. II possibly
not much restriction of consumption.