The Washington herald., 1909-02-20

New York. Feb I9.-Judge z II. Gary,
chairman OF the United states Steel Cor
poration. ISSUED q statement to-day, in
which he said The leading man1-
facturers Of iron and steel have de-
termined. for the present at least. 70 sell
al such modified prices as may be neces-
sary in order TO retain their share OF
the business"
The Steel Corporation was organized IN
1901. largely as a result Of the price war
Of 1900. in which the price Of steel bHIets
went down from SO per ton 10 81 within
six months. and rails from So 10 IS.
Ever since its organization the corpora
ton has been the great stesdying IN
fuence on the prices. and this announce
ment that Il VIII hereafter depart from
observing any schedule IS taken 10 imply
that another price war threatens the
trade
The issuance Of the statement followed
a conference Of Thursday with q number
Of the leading independents. ii IS IN
derstood that the situation was thorough
Is canvassed. but that no agreement was
reached or either side The independ-
ents, il is understood. refused to be
bound by the present scale. and the cor
poration, IN view Of the fact that there Is
an enormous tonnage shortly expected 10
come into the market from the Pressed
Steel Car COMPANY as well as from other
manufacturing sources, found itself COM
PEELED 10 take the stand it did
UnderbId by Independents.
The attitude Of the United States Steel
Corporation. il is said. has been concnia-
tory from the start. but the aggressive
ness OF some of the Independents VINO
have been undertaking right along and
reaching out, IN addition, for the Gus
toners Of its big rival. has forced the
corporation into abandoning the one-prics
policy, which. its officers say. It has
always steadfastly maintained
However, the independents profess 70
have no fear that the rsta= cattins VIII
30 TO extremes. An officer % one OF
the United States Steel Corporation :
biggest rivals said that II the cut went
deeper than 80 a ton IL would surprise
him. 1T can't go much lower. he said.
cor weu all be making steel al a loss.
and the feeling between the big companies
is still too cordial 20 warrant any assunp-
ton OF vindictive cutting
This Independent did not expect THAI
the trade would remain long without the
standard OF prices which has hitherto
been set by the United States Steel Cor
poration. The present decentralization OF
/ the market he regarded as being transi-
[ tory. and largely due 10 the uncertainty
attending the revision OF the tariff
The consumers he explained. "antsci-
I pated a big cut in steel following . rad
/ ical reduction OF the tariff. on that as
sumption they are holding OF the market
until. in order TO do any business al all.
! IL became necessary to make some con-
/ cessions"
Temporary Adjustment.
! The declaration Of the United states
Steel Company as 10 its future policy
he interpreted. therefore. as a similar
temporary adjustment to a passing con
dition.
! The street to-day was full n rumors
Of radical reductions made in advance Of
Judge Gary's statement. A report that
the Carnegie Steel Company had cut
steel bars s. a ton was followed by q
report from Chicago that structural steel
was cut s. a ION. and from Pittsburg tha;
tubes we're quoted from SO 10 So a ton
lower.
The shares Of Steel common sold on
the stock exchange to-day were I79.90o. II
| opened st 493s and closed at 4S2x. the net
| change being Z and 3 OF Steel pre-
ferred lost a point. closing at H.