New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-26


-. Ugh, It's issues lost Is for the com
:, 70 2as.. and u for the preferred to
II,
p. general attitude OF steel manu-
..mr.rs Yesterday was one Of patient
,,s,r FOR the fulness Of time. but Of
a.. n the Bethlehem steel Corporation
- ,be Lukens Iron and Steel Company
80 the situation clear. The Lukens iron
a ste. Company leads Glass r OF the
..,.nden,s. while the Bethlehem is Class
w. Are Meeting Competition
Ne bav. not announced any cut I'm steel
res" said the Lukens representative.
~ us do not know that We are going
|, A, sn We are waiting 10 see what the
NV fellows do. In the mean time we are
eating competition We are taking our
.,.rs with the understanding that we will
sat any concession our competitors make.
=. Official prices have not been changed.
-,,sclallv. there is no standard list.
s-,rvbodv is out for business. In other
,,ds. there IS a merry guerilla war. and
nav come 10 open lighting any day
=, The Offices Of the Bethlehem steel
,-,arv II was said that there had been
!, eut vet in structural steel and shapes.
su, il NAV come al any time ii was
az AS we understand il. the cut so
i, s only in steel bars, and We are not
esmpetitor in that line OF course, II the
/, comes around TO structural steel ana
ares. We shall expect 10 get our share
|ythe business
President Clarke OF the Lackawanna steer
npany refused TO elucidate the situation.
|ksad that ne had nothing 10 add to the
|;;,rent Of judge Gary. Of the Steel Cor
,aiiOn.
I think" said Mr.. Clarke. that Judge
avs statement covers the attitude of the
age steel manufacturers for the present.
re monthly meeting Of the board OF the
|lAsvanna company was held yesterday
H. Il was said afterward that no action
vas taken I'm the price situation.
| laAn A. Topping chairman Of the board
directors Of the Republic company, had
srs,hins 10 say in regard to competition
"a. did not indicate any purpose on the
an Of his company TO recede in the slight
81 from the stand il had taken.
| The supply Of bars had been far greater
sn The demand for some time" said MI.
| ',gns. and We have made this cut in
r,sl 10 Increase the demand. orders have
~ coming in from the railroads very
tay o, late and We believe that our &C
:, will stimulate buying. Our business
sends very LARGELY on bar sales. and we
s1d.d that a more aggressive policy was
sassd
oefes Big Steel Concern.
As FAR as the Steel Corporation is con-
,Tsi, We do not care very much what
nay DO We have set the pace, and
vii have 70 follow. II Is not mat
siH OUT meeting its competition, but
Is meeting ours. This action has been
Independent one on our part, and we
stand by our policy. no matter what
!; Steel Trust may do. We have decided
or policy for the purpose OF sumulat-
Z trade. and If there IS any demand our
'uea Will discover where IL is"
is representative Of another concern
'ssd On the cut a likely 10 be or beneht
me steel business.
Lower prices can hardly be looked upon
"m unfsyorable development as they are
es to stimulate a large amount Of busi-
''s' he said I'VE have received more
snrss for steel bars to-day than at any
= snce the first Of the year. y sudden
ga cannot b. expected however Con-
'Hsis Will hesitate for a while and then
'1f into the market and purchase liberal
Consumers never get the bottom prices,
y you'd not surprise me If the bulk
At aee sold were disposed of around
rtsent levels In my opinion. the
~ business will start TO improve around
iailer part q next month. The steel
~ are operating now not much over 90
cent Of their capacity. ! expect this
Oe raised TO 75 per cent by the end Of
and by fall they will be running at
~ normal capacity"
sn'i recently the Republic Iron and steel
~'slF has been making a good showing
'h'hss as well a. in production. Two
~go II was rumored that the pre-
|" dividend would be. passed. Chair
topping denied this and said that
OuNnegs was somewhat disappoint-
SUI unsettled. the earnings Of the com
=. n@' oeen well maintained as compared
/. "t corresponding period Of 1910, and
H0n~ were substantially in excess Of
requirements. lie added that the
80 Mas well fortified with working
ana was in Il much better position
NJ, ''t' before 10 weather period Of
.asss depression.
80 assl profits Of the Republic Iron and
;. NOnpany for the first quarter Of this
~ "'e only per cent less than for the
Z. ,St'er Of 1910. This was despite the
-, '' 'heIe was an increase Of 81 per
'n'efest charges and an increase Of
Nu " gent IN depreciation charges. The
- e'sse increase in charges was 81
ssa.h The net working balance Of the
- " approximately $1,000. 900.