Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1917-09-25
STEEL PRICE
GUT IN HALF
BY ACTION Of
PRODUCERS
American and Allied Govern
ments and the General Pub
lie VIII Share in Reduction
Of Cost of Steel Products.
(By Review Leased Wirel


prices in the United States were cut
in half today when Pre- ST
Wilson approve ed a scale OF
quotations fixed in voluntary
agree ent m made by produc-
err with the war industries board.
The general public, tiie American and
allied governments, will share il the
reductions. which went into immediate
effect and the agreement provides
producers shall not reduce wages.
The prices viii obtain until January
l, 1918, to be revised then il investt
gstion shows they are inequitable.
Entire Output.
the entire output Of American steel
plants will be distributed under sup
erv;sion of the war board, w1.c1 ex-
elc;ses the power of priority Of trans
pcrtation given the government by
congress, will apportion it in a way
best to meet the ccuntry's war re-
ouirements.
Steel.
The new prices and the reduction
they represent in present q rotations
follow:
Steel bars at Pittsburg and Chicago,
$3.50 per .hundredweigEt. The recent
price was $3.50.
Other prices agreed upon, all sub
ject to revision January 1, 1913. fol-
to become effective Immediately. fol-
low:
Iron Ore.
Iron ore-basis lower lake ports,
price agreed upon, $5.05 gross ton. No
change. Coke, Connellsville. plice
agreed upon, Sc; recent price SIC a
ton. a reduction of 625 per cent.
Steel plates, basis Chicago and Pitts
burg. price agreed upon, 1925 hun
dredweight; recent price $11 hundred
weight, reduction of 70.5 per cent.
Pig iron, price agreed upon, sS3 per
gross ton; recent price $5S gross ton,
a reduction of 43.1 per cent.
Steel bars, Pittsburg and Chicago
basis. price agreed upon, $3.50 per
hundredweight; recent price $3.50
hundredweight, a reduction of ALB
per cent.
Steel shapes, basis Chicago and
Pittsburg, price agreed upon, 50 hu=>
dredweight; recent price Sc hundred
weight, a reduction of so per cent
Months of Work.
The price agreement was reached
after months or negotiations between
steel producers and government or
ficials. The prices were based on cost
of production estimates made by the
federal trade commission afte~ an in
yestigation conducted at the presi-
dents direction.
Point of Difference.
The chief point of difference that
developed in the prolonged confer
ences was over the question of whetA-
er the public and the allied govern
ments should share in the prices TO
be fixed. President Wilson has in
sisted they should. and the admins
tration has supported the Pomerene
bill now pending in congress, giving
the government power to fix iron and
steel prices generally. Inclusion cf
the public and the allies in the vol
untary reductions will still demand IN
some government quarters that the
steel output be requisitioned under
the national defense act. but the Pom
creme bill will be pushed and it is und
erstood it may be enforced in event
the agreement does not work out sat
isfactorily.
Prices Liberal.
Officials in close touch with the SIT
uation said tonight the prices approx
ed by the president were LIBERAL ana
would allow fair profits 20 all steel
plants. Some of the larger "i't ems
they said, would make haa1so Il prcr
its at the prices named and produc-
ton. they declared, should be stlmu-