The evening world. [volume] (New York, N.Y.) 1887-1931, 1909-02-24
STEEL PRICES CUT
BY TRUST IN ITS
NEW QUOTATIONS.
New Rates Lower Shapes"
So and Bars S4 per Ton
to Consumers,
TO REDUCE PIPE COST.
"lnsiders" Cleaned Up Great
Profits in Slump of
Market.
TO REDUCE PIPE COST.

New quotations given to various stee
consumers by the United States Stee
Corporation to-day were $3.50 per hun
dred pounds for shapes and plates, and
sl.2O for bars This represents reduc.
ton Of Sc a ton for steel shapes and o.
81 a ton for steel bars.
II is reported also that the corporation
may reduce steel pipe about SO ton.
Following the wild. disastrous slump
OF yesterday, the stock market opened
feverishly to-day, but with less violence
than was expected. Some lines Of Sc
curities showed substantial recoveries
from the panic prices. while others con-
tlnued to slope off.
It is generally concluded that the mar
ket is in the hands of the men who
were on the inside Of the Steel Trust
counsels, in which cut In the price OF
steel was determined upon. These in
.1siders by dumping their holdings on
Friday, when the first reports OF the
Impending steel war were allowed to
escape and on yesterday. when the
threat of wage cut was made by the
United States Steel Corporation in or
der to influence impending tariff legis-
Iation, procured immense profits.
unloaded Steel Common.
The old, time tried and always sue
cessful operation pursued so success
fully by the big gamblers has been
worked again, Steel common has been
unloaded at the top by men who bought
Il months ago at the bottom-around
II and up to 80. When the insiders are
rid of their holdings and the price Is
down the general public will become
panic stricken and begin to sell, where.
upon the big gamblers will calmly buy
the stock In again at low prices and
proceed to force 1t up for another sale
The impending tariff disturbance was
foreseen by the gamblers long before
the political conventions OF last sum-
mer The plan of campaign the Steel
Trust Is now waging was thought out
before the first snow fell This mar.
ket disturbance came as ho suiPi'oe W
well posted traders.
The London stock market, which
opens five hours earlier than ours be.
gan to-day with marked recoveries from
the low levels reached by American Sc
curities yesterday. This strength In
London was reflected here Reading
opened up IA points; st. Paul, Balti.
more and Ohio and Illinois Central, J
point, and Steel common from is to Ia
points advance. New York Central,
Canadian Pacific, Shelters and Erie
showed declines under last nights clos.
ing. United States Steel preferred
opened strong and continued so.
Trading Brisk at Opening.
Trading was brisk and there was
lot OF confusion in the first hour The
sales Of stocks amounted to $500
shares. Toward noon the general list
strengthened perceptibly, but the whole
speculative world was on edge waiting
for the next move OF the Steel In.
siders.
National Lead announced to-day an
open market, following the example OF
United States Steel. This means that
there will soon be substantial cut In
lead and lead products. Observers OF
the stock market, as 1t is related to
politics. see a general plan Of Industrial
disturbance calculated to reach its
height al about the time Congress as
sembles in special session to consider
revision Of the tariff