New-York tribune., 1908-02-08
W. E. COREY OPTIMISTIC
STEEL MARKETFREACIION.
Ore Producers Decide to Maintain
Prices Current IN 1907.
IBy Telegre ph to The Tribune


Cleveland Feb. w. E. Corey, president Of
the United States Steel Corporation, while here
to- day declared his belief in the return of nor
NAL industrial conditions, prefacing his predic-
tion with review of the operations of the cor
poration. He declared that the mills of his COM
pany had already increased in production due
10 the reaction from the low ebb in the middle
of December, when Sc per cent of the production
was the best they could do, to between 45 and
so per cent of the usual output at the present
time.
In support of his belief in better conditions
the conference Of iron ore producers and steel
makers called here to day to fix a basis for ore
prices for the season of 1908, which basis is the
foundation for steel prices. decided to maintain
the price of 1907 in the face of what had seemed
discouraging market indications. Mr. Corey
was the chief figure in this conference. which
was participated in by representa- tives of the
Republic, Cambria, Jones & Laughlin and other
steel concerns and by host of iron ore pro-
duCers.
Mr Corey in the discussion of the steel in
dustry and market conditions. declared he de-
sired to be conservative. 4 can say, however.
said Mr.. Corey. that l am optimistic as to the
situation. Conditions in the steel industry are
becoming better with ever increasing rapidity
There have been no setbacks 1t has been a
stocks all over the country have been low, the
increase in business can be regarded as due to
a real demand. There has been no purchasing
ahead But our business. which at a low
ebb in the middle of December, when we were
producing only 36 per cent of capacity has
grown steadily until now our mills are producing
between d. and so per cent of the usual pro-
duction. The demand for wire, tubes and tin
plate is good.
Il might mention a Western railroads in
oury recently for 10000 tons of Cassatt rails
as indicating a renewed demand for rails. This
has not been closed, but il indicates real bust
ness and betterment of conditions.
with the improvement l have noted. good
demand for wire tinplate and tubes and an in
oufry for rails which looks like coming business,
7 feel a conservative optimism for the steel
trade this year / am of the opinion that the
normal stage will be reached by the end of the
wear at the latest
The United States Steel Corporation is not
purchaser Of ore, ii has its own mines, but
owing to this ownership is interested in the
selling price of There was little for Mr..
Corey to do however as there was no apparent
disposition of the mine owners 10 make rate
less than that which prevailed last year
To maintain the price however. there is every
indication that reduction will be made in the
cided upon in the New York conference of few
aavs ago but no announcement was made at
the time The principal reason given for the re-
fusal to reduce the prices was that II would
make necessary a reduction in wages OF the
miners of the Lake Superior district. who are
said TO be now receiving the highest wages ever
maid in that district The curtailment Will mean
the idleness Of many boats on the Great Lakes
this summer, and a general falling off IN the
lake marine traffic.
Last year 41.2sS.755 tons of ore were mined
This year one mine owner stated IL Is not ex-
nected that the output will exceed 25,ooo,0oo
tons Although no report made as to any
actin, taken at to days meeting yet it was inti-
waited that the 1907 rate would prevail Last
wear the rate for ore follows Bessen1er
s5 q ton; Mesaba Bessemer, 81 rs ton; oid
Paree non -Bessemer. 81 30 a ton. and Mesaoa
NON -Ressenler, 81 ton.