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A method of inhibiting the pitting corrosion rate of carbon steel in a cooling tower system comprising adding to a cooling tower water an effective amount of a corrosion inhibiting composition containing from about 1 to about 10 ppm of a water soluble molybdate, calculated as molybdate and from about 5 to about 25 ppm of a stabilized phosphate, calculated as phosphate, the corrosion inhibiting composition being substantially free of active zinc, and circulating the water in the system.