New-York tribune., 1910-12-01
STEEL INTERESTS CONFER
Present Prices To Be Maintained,
Ex-Judge Gary Announces.
BUSINESS STILL IMPROVES
Ambassador Leishmau Speaks
at Luncheon at the Rail-
road Club.

road Club.
The representatives OF all the leading
steel manufacturing companies at their
conference az the Railroad Club yesterday
decided to maintain present prices which
were pronounced fair and reasonable
Conditions in the steel trade were dis
eussed at length. aad all present agreed
that business was improving and that the
outlook for the future was favorable
After the meeting adjourned Ex-Judgs
E H Gary. chairman Of the United
States Steel Corporation, who as president
OF the American Iron and Steel Institute.
OF which all the steel men who attended
are members. sent out the call for tho
conference, gave out the following state
rIsnt:
Representatives Of about s5 per cent OF
the manufacturers OF steel IN America
r.let at luncheon to-day. and the two hours
following Were occupied In ascertainins
the condition OF business IN this particular
line and IN the expressions OF opinions
concerning present prices.
1t was stated that on the average OF al
branches the bookings are about 30 per
cent of capacity, and the shipments some
what in excess. There has been a slight.
though marked increase OF daily book
ings, month by month, since the first OF
August to the present time.
Prices. as A rule. are well maintained.
though IN some lines. as usual. there IS
some cutting on the part OF small pro-
ducers. who were not represented With
present regarding the future were favor
able Also. each one voiced the opinion
that present prices are fair and reason
able and should not be changed
Big Growth in Ten Years.
For some time past purchasing by raH-
road companies has been very much be-
low normal. but it IS the consensus OF
opinion that there VIII be an increase in
The near future The amount OF daily
bookings at the present time Is about
equal TO the total capacity OF the mills
The disposition Of the manufacturers OF
steel TO Cooperate. so far as fr Is proper,
remains unchanged
The conference lasted from o'clock
Until o'clock n the afternoon. but abour
half Of the time was taken up with che
luncheon. during which the discussion was
general and did Eot refer particularly TO
the steel industry.
An unexpected guest at the luncheon was
John @. A Leishnnan. now United States
Ambassador TO Italy. who happened TO be
at the Railroad Club when the steel men
arrived and was invited 70 Join them. He
is an old iron and steel man having been
president of the Carnegie Steel Company
before the United States Steel Corporation.
of which the company Is subsidiary. WAS
formed
Mr. Leishmar lsrt the club Immediately
after the lunc.l-r. and took no part in
the discussion owe prices and conditions
in the trade l3ato1e leaving. however. he
was called upon for speech. all OF which.
it was stated. was devoted 70 "old times
in the steel trade
There were thirty-six steel represent
atives at the conference. among them. in
addition To Chairman Gary. President
Corey and the heads OF all the subsidiary
companies OF the United States Steel Cor
poration. being John 4 Topping. chairman
of the Republic Iron and Steel Company;
Willis l. King. vice-president OF the Jones
& Laughlin Steel Company; Charles VI
Schwab. president OF the Bethlehem Steel
Corporation; Alexis ". Thompson. pres
tdenr Of the Inland Steel Company E A.
s Clark president OF the Lackawanna
Steel Company; E c. FELTON,, president OF
the Pennsylvania Steel Company and Wal
lace H. Rowe. president OF the Pittsbur,
Steel Company.
Review OF the Situation
The Iron Age in its weekly review os
the steel situation. says:
The announcement by the PENNSYLVANIA
Railroad JndI II na5 given orders TOR l5J.-
eoS tons OF rails for 1911 is the chieT event
'
directors OF the American Iron and Steel
institute, conference IS being held IN
New 1Ork. IN which other steel u1znuracC-
urerS are participating Recent changes il
conditions are being canvssed, but To acJOu
affecting prices Is anticipated at this time
There Is no dissent among leaders IN the
trade from the view that a quiet time IS
ahead Of the industry. The more hopeful
look for Improvement by the SpTIng OF 1911
November has shown a gradual slowing
down in the rate 9f production. and this IS
expected 10 continue through December,
extend further, and in q way that will
eventually affect labor, is q growing con-
viction.
November showed a smaller volume OF
structural business than any month N the
year, but railroad contracts now pending
AT Chicago 40.6oo 70 $1,000 tons OF steel viii
be required for buildings whose erection IS
likely TO be financed in the next six months
One OF these is the Underwriters building,
which will take 1000 tons. The New York
State Prison Commission will open bids
December 15 for q building requiring 1000
tons Plate manufacturers. whose business
has Jagged rOr months. md some encOur-
agenent in recent car and locomotive orr
ders Lake shipyards have had some good
repair orders. but are net counting heavily
on new vessel work for the winter.
The wire trade is somewhat more active.
following a IuIl. but prices show further ir-
regularity. Pig iron markets are settling
into greater QuietnesS the year end ap-
proaches More southern iron rs been solR
az s11. Birmingham. FOR the first quarter OF
next year. An offer Of SO 50. made by a
foreign syndicate for 5000 tons OF southern
No 2 found no producer willing 20 enter,
tain IT; but IL may have inspired reports OF.
shading below 81. Two blast furnaces OF
the Tennessee company have gone OUT this
have been added 70 the idle list inclu31nE
one in New Jersey. one in New York and
two in Virginia