Omaha daily bee., 1909-02-21
STEEL MARKET AGAIN OPEN
Big Corporation Announces that it
Will Protect Its Customers.
PRICES ARE TO BE REDUCED
Quotations VIII He Made that VIII
Enable Combine TO Retain q
Fair Share Of the
Business.
PRICES ARE TO BE REDUCED

NEW YORY, Feb. @.-An open market
in the iron and steel trade that manufac-
turers believe will lead to stimulation Of
the industry was created late today, when
former Judge Gary, chairman of the direc-
torate OF the United States Steel corpora
ton, made an official announcement that
'the leading manufacturers of iron and
steel have determined to protect their Gus
toners, and for the present sell at such
modified prices as may be necessary with
respect of different commodities in order to
retain their fair share of the business"
The prices which may be determined upon
will be given by the manufacturers to their
customers direct.
The action of the leading manufacturers
in effecting an open market followed a
series of conferences that have been held
here for the last three days by Judge Gary
and the heads Of the various subsidiaries OF
the corporation, together with officials of
other steel manufacturing companies.
Judge Gary, in the official statement. says
that the smaller steel manufacturing con-
Germs for one cause or another, particularly
the tariff agitation, have become more or
less excited and demoralized and have been
selling their products below those prices
generally maintained and this led to UNI
reasonable price cutting by certain manu-
facturers who, though opposed to a change,
felt the necessity OF protecting their Gus
toners.
Statement by Judge Gary.
Following is the statement concerning the
attitude Of the leading manufacturers,
which was made public by Judge Gary after
the meeting of the steeImakers today:
Following the panic of October. 1907. the
iron and steel industry was in jeopardy.
Jobbers and consumers throughout the
country had purchased large stocks at
prices prevailing while conditions we're ia
vorable and these were undisposed Of.
Pending contracts for construction which
Involved large purchases of iron and steel
were extensive. Contracts for new furnaces.
mills and equipment and for raw and semi
finished material had been made by large
numbers. An immediate and radical re-
duction in prices would have meant bank
ruptcy to all trades. To prevent disaster
and ruin, and at the request Of scores who
were interested, a large percentage of the
leading men connected with this industry
met to advise with each other in regard
to the best interests of all concerned and
including the general public. Various meet
ings followed from time 20 time up to the
middle of June, 1905. Accurate reports OF
these meetings were given to and published
by the newspapers. Partly as a result
stability OF prices distinguished from wide
and sudden. fluctuations. existed until about
hhC oAhAA - ANNt 1AsNC16 ~ 6oAV0~
ments were made to maintain prices and
Notwithstanding a small percentage OF man
ufacturers stood aloof from the confer
ences.
d Improvement Last Year.
kor a year preceding January 4. rSJy,
there was d gTaGuai, though not entirely
regular, Improvement IN the iron anu sleei
uAue, ahd All Increase Ia The sales mace.
as an lIluslI alton, me average uaiy Dook-
iAIBs vi new BUSINESS OIL SUBSIDIARY COM
p~llies OF the unlted states SseeI corpora
non were e,SA lOns ior DecenIDer, lSJ';
4S,~Av tous tUc June, lJVO, anu AosooO IONS IOf
DoCenuUer, L1o. DuIlnk lnese nIOntls the
,otai UALAaS.ly VI lnese Companies was aDUut
SS,VVS sVaas Psr uay.
Unul MIt...n lac Iast forty-eight hours Il
has Oeen tno D~aiet vi nia.4y, "A nOt nIOs,,
- ..U Ieauaiis nialGAdc.dle.s "a IrUn anu
steel that no Benerai reuuCtIons Ia prices
"v.v NECESSARY -. uSsir4D.e. nSWSsei, aui-
zee uhv Idst SMo usyb Inaay "a tne LIAuu-
lecturers nave DSeu IA Nou4erVn~e INr Nae
- pose Oh saving ~ one anOts4eT al lie
aiiiofniatlvh anu iArIs 0DtainaSie concern
.iAb hclSai oohuItlohs an uStdia. AZ appears
.ttat IOr some rsasvn "a anOIl ar, uaS.uAiih
palticulaTiS me Iaiin aSltau4Oh, many ..
uie si,eIief cOnccfns VINO nave liUl Jeen
ut pesea u co-Operale uuI ms lle LAst year
ma e DeeoIile NOSE % less eAcited ana de-
IsiSs allzeo aHu nave Deen Sc4IlIS Cneia
pIeddets al pftces Delo,s tliOse wlIlcn were
o~-e.a'iJ .naIhtd4nsG. ans IeeiIns has
sOlicN - ..at eAtcHSeu and mas influenced un.
reasonable cutting OF prices ~ s.une %
u4Cse @4.O wee Vplosed ~ Changes, DuI
Mste cOmPe4Ied ~ come 10 II 10 protecl
tneir customers. AS a result OF these con-
oidons tnele mas been u material decrease
1T new business during the last month Tor
lle reason as stated by consumers, that
Iney % OpOsed TO wait uI'Jl arter they were
sausfled Dottom prices nad DeeR reached.
VIII Cat Prices.
In view of the circumstances stated and
the further tact that the stocks on hand
al the time the panic occurred nave been
disposed OF and the contracts In force al
that time have been completed o. taken
care Of SO that the necessities for the
maintenance Of prices which formerly ex-
isted have been modified, the Leading manu-
facturers OF iron and steel have determined
10 protect their customers, and, for the
present at least, sell at such modified prices
as may be necessary with respect 10 DIFF
ferent commodities. in order to retain their
fair share OF the business. The prkc Is
which may be determined upon and the
details concerning the same will be given
by the manufacturer to their customers
direct as occasion may require.
The friendly relations which have existed
beiUpen tha nrfnQinaf manufacturer aul