New-York tribune., 1908-06-11
sTEEL CUT WELCOMED
7o.e;dered Not Radical Enough,
Hosceuer. ia Some Quarters.

s.;,, 4, ,rices OF finished steel prod
,s. fairly we'll received by consumers yes
- although in some quarters IL was saio 'ia !
ftf0@. s,,,s,rnent MAS not radical enough and
tHe ,,,,rrs would hold o.. fearing further cuts
u tn General opinion in the trade appeared 10 DE-
fne -ha. the action of the steel manufact-
r,o,la serve 10 stimulate the industry. just
u7e Aid I'm 1904. following the depression OF
1898. -,,.. MIR, had ,,urchasea
= the recent high prices would not lose
.bin- BY the cut. as in most cases their con-
aH a.s 'o,faired clause protecting them in case
81 reduction .
. T,,dre z. IL Gary. chairman OF the United
&C steel Corporation. refused TO add anything
t,s statement issued after the meeting of
o.o1 r,anufacturers Tuesday night but an Off
Se o,a Of the subsidiary companies said: The
- has insisted that cuts he MADE, and II re-
- 10 be seen whether cuts VIII create much
.iress There has been considerable improve
80 this month. and the outlook is distinctly
better - -.
tion. says:
So far as the attitude of the iron trade be
rsnged so soon after the announcement of the
Ieao itst 81 finished materials it is of disap-
Isroeni me II is not radical enough. and merely
r1ecosnizes concessions which had been more or
- eanenlv made during recent weeks and which
Rad been undermining confidence both among sell
r G IS too early to judge whether the prices
materials VIII encourage buying The
.Y,.-jence in the steel bar trade does hold
much hope that direction. and the character of
- reduction does not seem 10 foreshadow any
energetic movement in shapes, plates, or wire.
The Iron Trade Review says:
The action Of the steel manufacturers in reduc-
;ng prices biIlets sheet bars. plates structural
.bsres merchant pipe and wire nails was made in
evjtable by the concession steel bars and is
1,elcone6 bv the trade. the finished material
market with the exception Of some increase in
rorrrscting for steel bars. has been stagnant dur
irc the last week The action prompted by
-bs strongest dictates OF wisdom and Improvement
ir demand be reasonably expected.
Although The opinions of consumers differ
IS 10 whether some Of the reductions ade-
fnencial conditions furnish for belief that
large amount Of buying cannot be long delayed
II is generally conceded that much good had been
accomplished by the success of the price main
he price OF steel bars. Following the announce
ynerf OF new prices steel bars a fair amount of
contracting has been done
When the meeting Of Lake Superior in
70 reafirm The 1907 prices the action was taken
with extreme reluctance on the part of the ore
representatives, who preferred to adhere TO the
-houOred custom OF not fixing prices until il
10 contract for their season requirements. Re
srrmaIjon decided upon solely because It was
urged by steel manufacturers, who believed that
= was absolutely necessary part OF the plan
of preventing general Generalization of prices on
su iron and steel products. 1t is very prob
able that in harmony with the idea OF co-opera-
lion ali Interests will reduce their base quo
istions 50 cents 2 ton. II is understood that
interest which has not usually acted with the others
has already disposed Of large tonnage at such
reduction
II spite or the dulness in finished lines the pig
ECn market has shown increased strength.