New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-19
THINKS POOLS WILL BREAK
Steel Unsettled, and Open Market
EGDected.

The rather general expectation OF further reduc-
tons IN steel prices, following the cut announced
Wednesday by the American Steel and Wire
Company. not realized yesterday. Tho Sit
,1ation Is extremely unsettled, however and the
Indications that than of the pools Will
soe dissolved and that open market will for 8
while prevail for finished steel of all sorts. except
perhaps rails said yesterday. the Steel Cor
poratons cut in the prices OF stee and wire products
was the direct result of the Republic Iron and
Steel Companys contract, under which the Pitts
burg Steel Company expects to obtain more than
one hundred thousand tons Of billets at price 81
under the Steel Billet Associations rate billets
being the material OF the wire products in
TIE manufacture Of which the Pfttsburg Steel Com
pany Is engaged The head OF the Pittsburg Steel
Company is W H Rowe. who obtained his train
ing In the steel and wire industry in the wire mills
az one time controlled by John W. Gates. The
plant is modern IN every respect and It's cost OF
production runs very close 10 that CT the United
States Steel Corporation. II has capacity Of
about five hundred tons q dag. and It's daily wire
nail cspactty Is about thirty five hundred kegs
AR Gates is understood to be influential In the
management OF the Republic Iron and Steel Conn
pany. and is said 10 be not averse to selling the
control OF that company to the United States Steel
Corporation at a round figure The steel corpora
ton however, has disposition TO take over the
Republic company which. by turning out binets
at q price much below the pool schedule. made the
first demonstration in what may prove widely
extended and costly war in the steel industry. In
fcy O. which has been the maintenance of rates
ana which in the boom times In the steel trade did
not advance its prices is understood to be resolved
20 go as far in cutting prices as any OF its COM
petiJors who may take the Initiative in that dlrec-
Tion- The Lackawanna Steel Company, the new
plant of which, Buffalo, has recently been
completed. declined TO enter the beam pool. aGI
cordng 10 reports and it is said that II IL SHAH
persist in that attitude and shall cut prices on
structural steel the United States steel corpora,
tcn will agree to withdrawal of the poo! prices ano
take q prominent part IN the competltiNe piIice
cutting, which would follow that STEP Accorohg
wanna Steel Company is making concessions III
structural material and also in plates
Wire and wire products fosm the second largest
line of finished products manufactured by the
United StaIes Steel Corporation Steel rails head
the list the aggregate tonnage last year eXceedng
that of wire products by SOTO tons In 1908 the
corpora output OF steel rails 9S4 3l5 tons,
Ehe gross value of which S54 l6O,S2O The pro-
duction OF wire and wire goods was l,lZ6ooo tons.
the gross value OF which was approximately S4e.-
10000
The United States Steel Corporations stocks
were weak in the early market yesterday but
subsequently regained most OF their loss. presum-
ably short covering. and closed only - per cent
each under Wednesdays last prices.
Pttsburg, Aug. 1s-The Pi1tsburg Steel Company
to-day met the cut in prices ordered by the Amer
lean Steel and Wire Company, and practically
made additional reduction in quoting the straight
price to retailers in carload lots The leading pro-
Queer quotes 81 Z ton more TO retailers than TO
3obbers.