Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1909-02-19
Big Corporation Finds Indepen-
dents Getting Bulk of Busi-
ness by Cutting Prices
AsANDoNs EFFORT TO CONTROL
United States Steel Corporation Forced
to Assume Attitude of Open Com
petitor for Business-Price of Steel
Rails Alone to Be Maintained -
General News.

New York, Feb 19.-Reports. of an
impending reduction in the price o.
finished steel products other than steel
rails, circulated in the financial dis
trict. were followed by a recession in
the price of United States Steel conf
mon stock on the stock exchange today.
1t was stated unofficially that the
United States Steel Corporation has
determined to abandon its hitherto
firm attitude In the maintenance o.
prices of finished steel other than rails
and that the market will hereafter be
an open one, with both independent
manufacturers and the steel corpora
the immediate condition OF the market
may warrant E. II. Gray. chairman of
the board of directors of the United
States Steel Corporation. Is expected
to issue statement defining the posi-
tion of the corporation In this respect.
Steel common was sold at the OPEN
ing of the market today at one-haif
to threefourths below the closing last
night. Under heavy sales the stock de-
clined to ASS. but recovered to 40. !.
Independents Getting Business.
The steel situation is the absorbing
topic In financial and other business
circles. This interest had been aroused
by reports that the trade in steel hal
been disappointing, that independent
were cutting prices and
getting what business there was, and
by the fact that the chief officers of
the steel corporation and the heads of
its subsidiary companies held anoth-
er conference at which conditions were
discussed.
1T was reported that the price OF
steel tubes had been cut from $40 70
$12 per ton lower than the closing price
It was also reported that
the wages of employees would be re-
duced to correspond with the reduction
in the price of steel.
Cut in Prices Expected.
The Iron Age says:
"The question of making radical re-
ductions all along the line In finished
products with the exception Of steel
rails is being given serious considera-
tion, and it may be that decision
may be announced at any moment Ths
had been widespread that
it would not be until the proposals OF
the ways and means committee were
known, toward the middle of next
month, that an adjustment of prices
would be undertaken. There seems to
be disposition in some quarters to
put aside any consideration Of the tar
iff and deal with the situation ON The
basis of trade conditions.
The New York Central system has
virtually placed orders for steel rails
which are estimated to aggregate from
S5 900 to 10000 tons. OF this the Illi-
nois Steel Company has booked %,
tons, the Carnegie Steel Company
about 1850 TONS the balance going
probably to the Lackawenna Steal
Company.
"The pig iron markets are dull in all
the leading distributing markets, and
there are some signs Of weakness. The
market has not been seriously tested
for some time, altho there are few
inquiries of magnitude which may de-
fine the situation. Some Of the inde-
pendent coke makers in the Connells-
vile district are closing down rather
than continue to meet the present low
prices, which are $1.60 for prompt
shipment on furnace coke and $1.90 to
50 for standard seventy two hour foun