New-York tribune., 1907-04-11
PITTSBURG NOT GLOOMY
Would Welcome Some Let-Up-No
Steel Trade Depression.
TPy Telegraph 10 Tho Tribune. !

PittsburE April l0-Pittsburgers believe there
will he a gradual slaclening up in the present
industrial rush, and welcome the idea Leading
manufacturers, when asked for opinions. ap-
peared to have given the subject attention, but
were loath to go on record as against the fnan-
cial leaders. who are quoted being pessimis-
tic as 20 the future.
John H. Jones president Of the Pittsburg and
RuTa,o Coal Company. which has just voted to
srsrd nearly a million dollars in extending its
ccs mines. said:
Il believe there Is going TO be slackening
down, especially among the railroads. because
OF adverse legislation and criticism but that viii
not reduce the total of business more than five
10 ten per cent of its present ratio. We can
afford TO decrease our national business without
cry financial suffering. I look for a strong,
hsa,-hy growth of trade in all lines"
John Jackson president OF the Fidelity Title
s2d Trust Company. said:
'As far as the stock market Is concerned I
belize there viii be somewhat of a depression.
Tro much money has been turned into specula-
t'sa ines. A lowering market viii turn more
money into legitimate channels of trade and
;hat win prove a benefit TO counteract the de-
c,ire Of stock buying in New York"
''TNe railroads have been heavy buyers Of
iron and steel during the last eighteen months
Y
They will continue throughout the year. If
thsy cut down their requirements one-half for
1908 Nc viii still have the leftover business
from this year 10 complete. which VIII make a
respectable tonnage in itself. The railroads
have crowded out the buying OF nearly all other
lines and many Of these have not expanded as
rapidly as they wished These viii continue
70 buy, and We cannot see where there is go-
fns 10 he falling Of Of more than 10 per cent
of The present volume Of trade. We are over
crowded. and so is everybody else, and a decline
IN orders viii be welcome. We do not look for
any considerable falling of in tonnage. This our
own preparations for extensions prove"
The Carnegie Steel Company has always been
guided in fits policy for future requirements by
the crop reports. This practice has been closely
followed by the United States Steel Corporation
The farmers viii force the railroads into the
market for equipment is the belief Of the Car
negie people.
Business may slacken," said Willis L. King
financial head Of the Jones & Laughlin Steel
Company. hut We believe the ushering in of
an announced decline in trade will dis
counted The railroads are said 10 he behind
from - To 90 yer cent in handling the traffic
offered. The more talk OF hard times. the less
probability there viii be of a financial depres-
sion. The warning sounded by the men at the
head Of the railroads is an excellent thing for
the country.
There cannot be any depression during 1907
nor far into 1905 in the iron and steel industry.
By thai time everybody viii have balanced ac-
counts and prepared for the slump. 1t is the
sudden oollapses which are feared and not the
much advertised ones.
The country is growing too rapidly 70 stop
where il is. Judging from reports received from
all quarters, fully FIVE million more men could
md employment in the country We do not look
FOR any decline in prices in iron and Steel ex-
cept in few commodities and these only to a
normal basis
we have not touched the export trade. The
nation could ship its surplus product TO foreign
countries at as good prices as are being realized
at home"