New Britain herald., 1917-10-26
Steel and Pig
Iron Markets
The Iron Age says:

The Iron Age says:
Further price fixing announcements
from Washington seem unlikely.
Though an agreement was reached be-
tween the War Industries Board and
the producers in New York on Oct. 16,
no new prices have been named. Thus
It appears that the modification in
Government policy noted last week has
taken shape and the industry is ex-
pected literally to adjust prices on
even major commodities Already tho
leading wire maker has approached
the mean between the two general
wire levels which have long obtained.
quoting $3.50 on nails, or soc nearer
the 81 basis Of other mills. It will not
be surprising If the presidential adj
dress OF Judge Gary before the Amer
lean Iron and Steel Institute in Gin
cinnati on Friday sheds some light.
The War Industries Board has had
as primary object the securing OF
maximum production of ships and
shells and the magnitude Of the task
and the size of the organization it Is
building may we'll initiate against too
rapidly instituting sweeping edicts
over materials of less Importance for
the work Of war. How thoroughly 1t
will be possible without authoritative
announcem or the exactions Of pri-
GRITTY orders to secure Immediately the
zone price for all'' policy is an unan-
swered question.
On top of this is the canvassing now
going on among consumers by the
Federal Trade Commission to ascer-
tain opinions as to abrogation of con-
tracts. Concern is shown among ~tU-
! dents of trade over the apparent effa
! to secure a contract notification or 40
/ justin ent feature in the proposed Pon
i creme price fixing bill, with all that +
might mean in unstabilizing business
remote from basic material produc
ton.
When all is summed up, the general
consumer is still in the dark. With
the increasing drafts OF labor, the
minimum immigration, the overloaded
transportation and terminal facilities,
the fuel scarcity, not to mention the
checks likely In winter, production OF
iron and steel for this year, even con-
sidering increased capacity of plants
can hardly exceed that of last year.
One authoritative estimate is that next
years total output will not be over IS
per cent. Of last years.
If price fixing is regarded as re-
volving about finished steel prices con-
sidering the immediate needs OF war,
and if the agreed prices represent, as
is understood to be the case, substan-
tally the mill billing prices OF Sep
tember then average billing at the
end of the year would be h1gher.
Much that is said of possible price
revision on January /, however, refers
to pig iron as the general basing pro-
duct, and this, it is suggested, should.
- $I,o mt
lowered What will likely happen to
steel prices is thus matter of conjec-
ture.
Transactions have established wire
rods at S57 per ton, furnace coke at /!
Sc. and steel bars and shapes at the i
agreed prices. In bars and structural
material sales have been MADE lor oo
livcrjcs extending into 1918; lot u
10000 tons Of bars for the rest Oh this
year and the first quarter OIL l'1o
has becr closed at 290c in the Chlca-
60 territory and the Pittsburgh pas
ing is retained.
Ruying of pig iron has continued |
as rapidly as furnaces have been Will :
ing to take orders and demand mas
been far in excess Of the tonnage /
which the makers felt they should !
book. This is illustrated in the case I
pany sold about 1000 tons on the
basis of $3.50 for grades 1 to and j
$3S for Scotch and low silicon irons
and could have disposed of much
larger tonnage. There. has been some
hesitancy on the part of both buyers
and sellers because the government
attitude has not yet been made known
on the recommendations relating to
but it is now understood
that all minor matters are to be left
to the trade to be worked out. TnlS
will be a simpler process in the cage
of pig iron than in that of finished
materials.
some coke producers continue to
show a disposition to evade selling at
the fixed price Of Sc for both foun
dry and furnace coke. Blast furnace
operators unable to obtain coke, are +
making complaint at Washington. I
Production is almost up to normal IN
the Connellsville region and furnace
men assert there is ample to meet de-
mands for spot delivery as we'll as to !
fill contracts.