New-York tribune., 1909-02-26
STEEL WAGES TO STAND
NO CUT PLANNED YET.
L. S. Corporation Has Not EUen
Considered Nezc Scale for Employees.

4 O1ISJfIcg Cu ~ Co DCutC fOf AHtpeOJCo.
Published reports that the management Of the
United States Steel Corporation had decided TO cut
the wages the 24oco0 employees of the concern on
~ about April were denied yesterday by eX-Judge
2 H Gary. chairman Of the board Judge Gary
-slterated mis- statement. printed in The Tribune
few DAYS ago. that the question Of wage reduction
had not been considered
t4e declined TO say whether or not, in his opinion
wages would ultimately have to come down as
result Of the reduction in prices of finished steel
,,roducts but declared that the corporation had
epresment with its employees, except a very small
proportion Of them. that could not be terminated at
any time In case of strike the men would prob
ablv lose the yearly bonus that the corporation
nsvs TO its employees. The amount of the bonus
and what the men have TO do TO earn 1t could not
Be learned yesterday from any of the officers Of
fhe corporation
sneaking OF the present situation in the steel
trade Judge Gary said that business had de-
veloped so far from the reductions that had been
made prices. In regard to the outlook he refused
70 make any predictions He stated enphaticalty
,hsf the steel corporation had no agreements of
any kind with its competitors, not even regards
the price of rails He said he thought the present
price OF SIS ton for standard rails was low
enough. but Il any Of the manufacturers wanted TO
reduce the price there nothing to prevent them
doing
It IS understood that the different sales managers
Of the United States Steel Company's subsidiary
concerns have been given carte blanche TO make
contracts in their discretion, at any figure they
can obtain This applies to everything except steel
rails. There is said TO be specially vigorous COM
petition structural shapes and it is reported that
concessions have been made from the 81 50 Teduc-
tfons already announced in this product
The independents reported TO be feeling the
competition and lack business severely 1t was
rlnored in this connection that. unless conditions
improve soon at least large Independent COM
many viii be forced 70 shut down its mills
According TO well informed interests, settlement
Of the present does not appear TO be prob
able in the future and some predict that It is
likely to continue until the middle OF the summer
a least Consumers continue withhold pur-
ohases in expectation of still lower prices. AND
II is not expected that there will be any business TO
amount TO anything until the tariff question Is DIS
posed OF.
gun,ors that have been in circulation in the hnar
aI district in the last two days. the effect that
there is be open market in copper and q price
war in the metal similar 10 that in steel, were
characterized as ridiculous by representatives OF
several Of the leading copper PRODUCING aho seAhs
agencies yesterday.
AIRY one who knows anything about the copper
trade knows that there has never been anything
else than an open market for copper, said one or
these men. There is no truth in the pubhshed re-
ports that copper is being sold under 1s cents
Even the lowest grade of copper-castings-are l215
cents bid
a disturbing factor are the misleading quotations
that are sent broadcast all the country by the
so-caled Metal Exchange These quotations are
not based On actual transactions not pound Of
copper is dealt in on the exchange. They are sent
out merely for stock jobbing purposes and do
lot OF harm TO the trade, they are accepted
everywhere as actual quotations. There is not
much business being done al present, as the big
consumers are holding back in the hope OF lower
prices but expect them 10 come into the mar
ket shortly when they find there is 70 be no reduc-
ton from present quotations"
Other prominent copper interests expressed SIM
far views on the situation The president OF one
large copper producing company said that he knew
definitely that domestic consumers would place or
ders within few days for 100000 to 100000
rounds of electroytie. lake and casting copper he
added that no copper obtanable at less than
1s for eectroiytic, and that neither his firm
For others were cou-ting business at that figure.
II was learned yesterday that several producers
had refused proffers Of Is cents pound for round
tonnages of electrolyric copper for April and May
shipments.
The stock market yesterday moved largely under
the influence OF the conditions in the steel and cop
per industries. the chief pressure being directed
against the shares OF the leading companies en-
gaEed in those industries. The opening was weak.
and led by the steei and copper stocks prices gen.
orally declined during the morning, heavy buying
orders partly representing short covering causing
a rally around noon.
The iraprovement continued during the greater
mart of the afternoon but in the last hour profit
taking and renewed short selling caused another
decline and the close heavy. although final
prices were in most cases from \ point TO point
above the lowest. Amalgamated Copper closed at
net decline for the day Of "a points on sales OF
nearly 500 shares, total exceeded only by
United States Steel common. which lost IL points;
Anaconda closed IS points lower than on Wednes-
dav and American Smelling and Refining "a.
The railroad list relatively steady, Reading
closing only ia points down, having recovered rs
points Of its maximum loss; Union Pacific losing
II points St Paul and New York Central Ia each
and Southern Pacific 1h. Chesapeake Ohio and
Northern Pacific declined only Is per cent, and
Baltimore & Ohio y, while Great Northern closed
unchanged from the preceding day.