Arizona republican., 1917-09-25
(dJT IN PRICE HAIL r
GRepubIcan A. p. Leased Wire]

WASHINGTON, Sept 24.-Steel prices in the United States were cut in half today when President Wilson approved a scale of quotations fixed in a voluntary agreement made by pro- ducers with the war industries board. The general public, the American and the allied governments will share in the reductions. which went into imme diate effect and the agreement pro- vides that producers shall not reduce wages.
 The prices will obtain until January i, 1918. to be revised then if investi gation shows they are negotiable.
 The entire output of American steel plants will be distributed under super vision of the war board, which. eXer cising the powers of priority of trans portation given the government by congress will appOrtion it in a way best to meet the country's war require ments.
 The new prices and the reduction they represent in present quotations follow:
 Iron Ore-Basis lower lake ports; price agreed upon, s5.05 gross ton. No change.
 Coke, Connellsville-Pric agreed upon s6 net ton; recent price Sl6 ton, TeuuCIlOU Ol OE.o per CtHt-
 Steel Plates-Basis Chicago and Pittsburg; price agreed upon S3.25 hundredweight; recent price S11 hun dredweight. reduction of 70.5 per cent.
 Pig ITon-Price agreed upon S33 gross ton; recent price $5S gross ton, a reduction of 43.1 per cent.
 Steel Bars-Pittsburg and Chicago basis: price agreed upon, s290 per hundredweight: recent price, $5.90 hundr redweight. reduction of 47.3 per cent.
 Steel Shapes-Basis Chicago and Pittsburg; price agreed upon, s3 hun dredweight recent price SC hundred weight, a reduction of 30 per cent.
 The price agreement was reached after months of negotiations between steel producers and governing officials. The prices were based on cost of pro duction estimates made by the federal
 trade commission after an irxestiga- ton conducted at the presidents di- rection.
 The chief point of difference that de- veloped in the prolonged conferences was over the question of whether the public and the allied governments should share in the price to he fixed President Wilson has insisted they should, and the administration has supported the Pomerene bill now pend | ing in congress giving the government power to fix iron and steel prices gen. erally. Inclusion of the public and the allies in the voluntary reduction will | still demands made in some govern ] ment quarters that the steel output bt | requisitioned under the national de- | fense act, but the Pomerene bill vii 1 be pushed and it is understood it may | be enforced in event the agreement l does not work out satisfactorily. | Officials in close touch with the sit uation said tonight the prices approved 1 by the president were liberal anC
 would allow fair profits to all stee 1 plants. Some of the larger concerns | they said, would make handsom, | profits at the prices named and pro | duction, they declared, should be stim l ulated accordingly.
 In arriving at fair prices for botl !, producer and consumer the great prob
 lem has been to set figures permittin! l small mills to produce without a los | and at the same time prevent thu | larger plants from taking too greatA | Continued or Page Two)