The star-independent. [volume] (Harrisburg, Pa.) 1904-1917, 1914-12-18
PROBABLE REDUCTION OF
wages IN Steel INDUSTRY
No Stock Offerings to Employees by
U. s. Corporation Apparent Basis
of Predction. but Improvements
in Other Channels Are Noted

New York. Dec. is" The Iron
Age says buying of finished steel for
the 6rst quarter of 1918 has increased
somewhat. but it is evident that De
cemher will not put ON the books the
volume of new husinasS needed fer a
strong revival of mill operations after
January /. The last two weeks of the
year. from all signs, viii take their
usual quiet course.
The possibility Of wage and salary
reduethcns at the beginning Of the year
is again having attention since it be-
came known that no stock offering TO
cmployes will De made by the Steel
Corporation. and with the expectation
that there will be no bonus diStriba-
tion. Counting against wage reductions
are the improvement in financial and
security markets and the better rail.
road buying looked for after the gen
orally predicted advance in Eastern
freight rates. On the other side are the
poor balance sheets of the year ami the
indications that profitable iron and steel
prices are some months distant
The situation still fails to develop
the extreme concessions in price which
mark the beginning OF broad buying
movements. Bars and shapes can be
had at los C., Pittsburgh, for early de-
livery, and plates are weaker than eth
er AT that price; but 1.10e. holds for
first quarter delivery and a good many
bar sales have been made on thar bs-
sis.
Concessions on sheets ana tin plates
continue On tine latter, while $500
tha saaSon nriaa rha
large contracts closed have been at s.
to sS lower. The requirements OF the
leading can interest will exceed those
for 1914 and in that industry 1915
is expected 10 make new record. Com
petition in sheets has been sharper,
No. IS black selling below 1.S0c., while f,
galvanized have gone TO 2.75e. and IN /
tine Chicago district 10 basis of
2.70e.. Pittsburgh.
A new and urgent inquiry for barb I
wire for export has sprung up and in !
one ease 10000 tons are wanted for /
quick shipment TO the war zone. II is ,
doubtful if some OF this demand can .
be met in the time set; yet wire mills /
are looking for business for the next I
two or three weeks. Some Of them
have taken on about all the rod busi-
ness they will want for four or FIVE
months.
The export movement in other lines
is rather stronger. Greece has placed
10000 tons OF steel sleepers with two
companies. An order for $4,000 steel
barrels has Just followed one for 25.-
600 at Cleveland. Russia is expected TO
place a large order for ears.
Standard Oil Company contracts are
being closed including plates and riv
cts, bolts and nuts. The plate inquiry
is for 10000 tons. In the East 1000 Il
tons of plates will be required in ad.
dition to 2.000 tons Of shapes, for two
Standard Oil tank steamers to be built 1
at Newport News, and the Navy De-
Partment viii buy 1000 tons of plates
for fuel oil tanks. N
Structural business is more promis-
ing, but according TO the Bridge Build
eTs' and Structural Soeiety'S 5 estimates
only 20 per cent. of the country's ca
pscity was contracted for in November.
the lowest rate for the year. At Chi /.
eago structural steel lettings were T. II
GOO tons, with 1000 tons pending. +.
Cleveland reports 2.100 tons placed by
automobile works aud $500 tons
pending. The B. Il o. bridge at Pitts
uurgh over the Allegheny river. l. 1000 Il
tons, will soon come up for bids. All
New Orleans bids have been taken on
$500 tons of shapes and 5000 tons of
reinforcing bars for cotton warehouse
and dock work. Fabricating prices
have not improved, Massachusetts
pier contract last week bringing out
a bid Of So per net ton. erected. i
The Pere Marquette has come into
the marke; for $500 tons of s0-Ib.
rails. NorTay's award of $4,000 tons
was made to-day. \ little car work is
coming out, but the year record will
run but little over 10000. against
$4,000 last year. Orders for 700 are
expected this week and the Pennsylva.
MIA will build 1850 box ears in its
own shops.
The pis-iTon market has auieted
down greatly, Pittsburgh reports sales
of $4,000 tons Of basic and an Ohio
river steel works viii buy 10000 tons.
In foundry iron buyers are not disposed
10 paw recent Northern advances. Some
Southern producers, however. are still
selling at $3.50 to 1915 for No. >
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