New-York tribune., 1909-02-24
STEEL OUTLOOK BAD
No Substantial improvement E"-
Dected Until Tariff Is Settled.

TIE oenoralzed condition OF the steel nla4 AeS -
q -seziit Of the open market policy OF INC
evaporation, announced last week. conthues' -
socnrdfnz TO well informed interests IN me uaU'
- vr.ll GET worse before they get better. CON
,,n,a-s are not only holding aloof from the MAJ %
= Is said but are canceilng orders aIteaos
Others. who were ready 20 place ofoers peAOie ~
resuoafons were made, are Withholding theh- 7" :
understood believing that prices VIII sinA :" a.
even lover level No great Improvements is
< en IN the most optimistic circles IN the II@oe'
,,ntsl the tariff question has been settled
prices on ali finished steel products except stallo
ara steel rails of from 81 20 SI- a ION 80
a.. s4ru held at SIS q ton but the beilef preNa-S
,ss with the heavy reductions in all other classes
Of finished steel products q cut VIII ul'Iiia''' %
made IN EteeI rails. one reason why no cos ~
heen r-ade In them far It is declared IS ina
che steel corporation has received assurances AToi
.he railroads that they would not buy rails, even
a s2s a ton. The reported cuts IN steel fa4is pS
the independent companies which have neen IN
circulation the last few Gays relate II Is SAID "
hight rails made by a few Of the smaller companies
and xiii have bearing upon the pT1ce OF stalN
srs rails manufactured by tire steel corporation
and certain Of the large Independent concerns
REPRESENTATIVES Of some Of the smaller indepen-
dent companies were inclined TO be pessiilis"o
over tbs open market policy OF the steel e0IpO-
.son- They termed It 'cutthroat policy ana oe-
olared that II would result IN the shutting down
Of the mills OF many Of the smaller producers No
official statement has yet been made by tne stee1
TO what the extsut OF re1HSesOAS
srs IN ha but an officer OF Of the subsidiary
eounusnses said yesterday that their policy woulu
be 70 cut under the figure named by their COM
-etitors and TO continue doing so until they gO'
the contract provided the price was not driven
below the actual cost OF producing the material
A director OF the Bethlehem Steel Corporation III
speaking Of the situation yesterday, said 'hat 'he
Bethlehem company was not affected by Inc 10
cent reductions, for the reason that II Goes 1lo'
raarI1facrure the class OF products as Ihe
Etael corporation He added. however, that as lar
as the other companies were concerned the siOua-
ton was very bad. and in his opinion would De 4
great deal worse before change Tor the oet1eF
came. This he thought, woulG not be untl after
size tariff agitation was over. The reduction IN
rrices ha declared have had any ERECT in
eti-,rlsting business should have been made sew
sral months ago. It had come too late TO do any
good.
It was reported in the financial district yesterday
that as result OF the lower prices on steel 'ie
New York Central Railroad had placed orders last
Saturday for ss0O0d0e worth Of new equipment at
concessions. ". c. Brown, president OF the roao'
said however that while the company was IN lIle
market for both cars and structural STEEL 1t had
rot vet placed orders Cor this years equipment
FSumors that general reductions in wages OF steer
e-nuloves would be made in the near future were
circulated in Wall Street. but lacked official con-
er7nation F,x-JsIdge z. H Gary. chairman OF the
szr6 Of TIE United States Steel Corporation. said
sla4 contrary TO published reports. the only state
men. ha had made on the matter was that II hao
not vet been considered by the directors OF his
company.