New-York tribune., 1906-06-22
FALL In STEEL SHARES.
Effect of "Iron Wm"-Unimpor-
tant, Says Judge Gary.

Selling on the Southern iron war and on ru-
mors Of an impending general war in the iron
and steel trade caused a sharp break in the shares
of iron and steel manufacturing companies yes
terday under the influence of which the entire list
declined On sales Of nearly 130.0 900 shares United
States Steel common went down to S6l5. new low
record for this year. and closed "a points lower
than on Wednesday. at 3s%. The preferred lost rs
points Colorado Fuel and Iron declined %. points
OF the companies alleged TO be engaged in warfare
in the Birmingham district, Sloss-Shef1eld and
Tennessee Coal and Iron each suffered net loss
Of 2 points and the common and preferred stocks
of the Republic Iron and Steel Company declined
respectively, IL and points. The trading in the
shares of these three companies was small.
One of the rumors of the day was that the Re
publc-Tennessee interests were endeavoring 10
coerce the Sloss-S Sheffield company into a union
with their corporations. but this vehemently
denied. and not widely believed. Another
view was that the price war; in the Southern
Geld. apparently trivial in itself being used
the basis for a determined raid the stock mar
ket I'm general. and "reminiscences OF the sudden
closing Of a dozen mills OF the old American Steel
and Wire Company in 1900 were heard The South
situation, indeed, appears to have received
exaggerated Importance. The cut in foundry iron
was from 30 cents TO 81 a ton and that on only
comparatively small quantity OF the commodity
It said yesterday that the old price of sl4
had already been restored
The weakness in foundry iron is ascribed in well
informed trade quarters TO the mouldeTs' strike
which for several weeks has tied many foun-
dries. their closing having cut off consumption and
caused an accumulation of stocks Recently many
of the fourdries have reopened. and the prospect
now is that the demand for foundry irons will soon
again become large cleaning up the moderate ac-
cumulations which took place while the strike was
in force.
So far be gathered, there is no cessation
in the demand for steel making iron-the foundry
iron is not used in the manufacture of steel-and
the general outlook in the iron and steel industry
is still excellent.
Asked whether not the reduction in the price
of Southern foundry iron regarded as impor-
tant by the steel trade. Judge Gary. chairman of
the board of the United States Steel Corporation.
said yesterday:
We are so busy. with own affairs. which in
Guire every moment of our attention. that we have
As We see the iron market indication is absent
ana iron manufacturing and consuming interests
One of the rumors which contributed especially
10 the weakness of the United States Steel issues
was that the Steel Corporation was about to bring
out s5o00.OoO bond issue Concerning this revived
rumor Judge Gary said:
work planned Gary The question of the oe ene 'e
several meetings of the finance committee held sew W
era! months ago There was difference of opinion
on the matter. One opinion was voiced that IN ala
not seem quite fair to the shareholders TO nav for
an allotment be made fog tb IeiSion Se
work and that the question of the issue of bonds
be Indefinitely postponed OF the amount then set
apart Tor the new industrial city upward of 30 =
e9ep remains. This sum is more than ample for
al possible requirements some time beyond This
year. II is possible that the question as 10 the
issue or bonds on account of works OF construction
at Gary may be taken up at later time. but GER
tainly not this year.
The sales agents anG heads of departments Of the
Steel Corporation, who have lust finished series
of conferences in this city. report all branches
of the steel industry a flourishing condition
and believe that the present prosperity will continue
for many months to come.