The Birmingham age-herald., 1917-09-30

New York, September 29.-tSpecial2 Wall streets calendar for the week just closed shows three highly inter esting news developments. First, early in the week, came the announcemeht from Washington of agreement that had been reached between the gov ernment and the steel iron, ore anu coke men regarding the selling prices for raw and finished materials. The stock market, the bond market, the money market, the steel trade, auto mobile manufacturers, the rallroaus' railway supply manufacturers ana thousand and one other industries rep resented in Wall street have been waiting for the past two months ahA- iously for this weeks government steel price fixing programme.
 Then on top of the news from Wash- ington came the announcement that Frank A. Vanderlip, president or the National City bank, the largest pank- ing institution in the country, nad put aside his work to help the government float it's next war loan in the cam paign to begin October 1. That canl- paign will continue for 27 days. when it is over the country will know mora than it does now about bond buying-
 Following the announcement that Vanderlip had closed his desk at the National City bank to work TOT the government until the war was over' cama renewed rumors of peace. Late in the week one international banker with many German connections made the prediction that peace was very much closer than was generally real- ized, even by Wall street.
 Taking up these three subjects or the week in the order in which they hannened Wall street Is still mixed over the outcome of the governments price fixing policy. Every steel man admitted without a moments heslta- tion that there was no questioh re the ability of the government to get steel for it's own uses at the nrices named. But as for the public, which is also supposed to benefit by the governments price fixing pro- aramme that, steel men said thls week, was another matter.
 Just what was meant was this: Ev- ery steel plant in the country now mas on It's books enough orders to keep busy for many months to come. Those orders, steel men pointed out thls week, were not taken at the hlgn rec ord prices named around June by small but urgent buyers for immediate delivery. That is the way, it was frankly admitted, all of the high rec ord steel prices were established L1t- tle or no business was done, 1t was de- clared, at those quotations. But the books of the manufacturers, It was pointed out, are covered with orders that were taken at the regular con- tract prices which are considerably lower than the high records, but above those named this week to apply to the public as well as the govern ment business. Until the standing con- tracts at the higher prices were filled steel men declared this week there was no chance for the public to get it's steel at the prices fixed by the gov ernment.
 That attitude was decided upon this week by the copper producers. only last week the government and certain copper producers agreed that the price of cooper for all buyers should be fixed at 231a cents bound. As far as the government is concerned, copper men stated privately this week there will be plenty of the metal available at 231s cents. But as for the pubic, it was declared that the contracts standing at higher prices would De filled before any new business would be accepted. It was declared that tHe law of supply and demand would stiil regulate both the copper and stee. trade and it was added that the strong demand for both metals would for
 tn keen nriceS TOT the public above the prices named this week by the government.
 Vanderlips' decision to work for the government as long as the war lasts IS in keeping with what has been done by Robert S. Lovett, chairman of the Union Pacific; H. P. Davison of J. F. Morgan & Co.,: Bernard M. Baruch, George s. Baker, Jr.. and long list of other prom tnent Wall street men, whose names could be mentioned. In the case of Van derlip, this weeks announcement Is striN- ing because it has been matter of common knowledge that Tor several years past the president of the National City bank has not maintained friendly reia- tions with the Wilson administration For vanderlip to bury the hatchet and do what he has done proves what many people for long time have known tha he is a big man.
 From the governments viewpoint, i' would be difficult to overestimate van derlip's ability to help in making a sue cess of the next liberty bond offering vanderllp, not long out of financial news. paper work, won his spurs back in 1Ss' in making great success of the span, ish war bond offering. That offering ol government bonds was more than sever times oversubscribed. Of course the IS. sue was small compared with the one about to be put out and the. conditions were different. as peace was in sight