The Washington herald., 1909-02-21

New York, Feb. 20-InterrUpted by q
Saturday half holiday. the situation
growing out OF the United States Steel
Corporations declaration for an open
market, was tonight left in a compare
lively chaotic condition
This recess in activity, which viii be
further prolonged by Sunday and the
succeeding holiday. Washington's Birth
day, IS being taken advantage OF by the
generals IN the fight, both on the side
OF the trust and Of the independents 20
strengthen their position.
All predictions tonight were reserved.
and the exact extent OF the anticipated
revolution IN the iron and steel trade is.
at this time, mere speculation
While reports OF trade war, slashing Of
prices brewing contention with organ
lied labor, and raids on the stock ex-
change OF the stocks involved followed
fast on the heels OF one another to-day.
one thing tangible stood out from the
confusion-the fact that the United
States Steel Corporation has declared
war on the independent companies and
that the struggle viii be 10 a finish
Factions Are Reticent.
The viewpoint OF the general public was
not clarified 70 any extent by the in
fusion OF the tariff feature. and the lead
ers Of each faction were consistently reti-
cent relative TO this view. which has been
freely adopted in many quarters.
This is summed I'D in the opinion that
the whole incident has been staged for
the benefit of that part Of the public
which is becoming too insistent, accord
ing 70 the idea OF the steel manufactur-
ers. for liberal sealing down Of the
tariff which has long protected the steel
industry.
As to immediate business conditions.
falling the estimate Of the open market.
the feature with which the general public
most concerns itself. a certain vagueness
CharacteTiZes ali statements issued Orig
inaIly, reports had il that rails would be
exempted from the reduced price list
Later statements were 10 the effect that
al steel products including steel rails
VIII 90 into the open market, each con
cern getting what business II can az its
own prices
While some Of the trust and important
concerns are said 10 have already made a
cut on steel rails Of s. a ton. men high in
the United States Steel Corporation say
AIldL I'VE OF Llc largest SlDSilLcEl CD4t-
Germs Of the trust have not cut prices on
rails and DO not expect 10. On the con-
tTaTy. they figure 50 largely in steel rail
production that they expect 10 be able 10
maintain the present schedule OF prices
Inquiries Coming In.
The frst day Of the open market IN the
steel trade brought a large number OF
inquiries from consumers and slight
increase in. orders. Inquiries were par
ticularly plentiful from the building
trades and the orders for structural steel
were said 10 be more abundant than IN
any other branch OF the business Prices
were reduced materially, and though con-
sumers naturally hesitated 10 place large
orders for future delivery until assured
that the bottom price had been secured.
several sales agents said that the new
policy had already stimulated trade
The United States Steel Corporation
put its policy Of open market selling into
immediate effect with cuts all along the
line Il was announced that Chicago IS
the Purchasing center for the Western
field AS the worst OF the cutting has
been done In that part Of the country.
this view IS taken 70 mean that the cor
poration viii carry the way into Africa
N the stock market steel stocks went
5oWn all day