Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-07-28
NO PRICE AGREED
ON STEEL FOR u. S.
Best-Posted Authorities Do Not
Look for Announcement
for Two Weeks
NEW YORK, July %,

NEW YORK, July %.
What Is considered the most important
factor in the steel market during the last
week was the beginning Of the conferences
between representatives of the Federal
Trade Commission and steel men, at which
data on costs were discussed. 1t is learned
that Q. form has been sent to the steel pro-
ducers OF this country by those having in
charge the Government work, on which
costs are to be given, and in addition the
Federal representatives will meet with
many steel men to talk on the question.
These conferences should be taken to re-
fute the many reports which have been
heard and published of an agreement hav-
Ing been reached on the price to be paid
by the Government for it's steel needs
AS matter of fact, the best-posted steel
authorities are not looking for any an
nouncement from Washington for two weeks
or more on the question of price, although
some reports have intimated that something
might be expected within few days.
1t is significant that steel men generally
have assumed a more hopeful attitude, and
tne opinion is rapidly gaining ground that
the Government will allow the manufactu-
rers fair and equitable profit on what steel
It Will require However steel men are not
inclined to make the same price to domestic
consumers as is given to the Government
and do not expect the Federal authorities to
'->~'NS ouSh ucidiu upoi ticHi'
They are again reiterating their bselief
that such a demand would be uncoi Btltu-
tional and 1t is known that some offid ais Of
steel companies. especially the smalley inde-
pendent concerns are willing to contest any
such demand or request II it is made. The
argument Is advanced that all the steel re-
quired for war purposes of this Government
should be supplied at the figure that will be
named by the Government. but that other
consumers, and this includes foreign ma
tions. should be governed by the supply and
demand and pay the market quotations for
their needs.
Until these various matters have been
nnally settled nothing much is looked for
as far as regular business is concerned.
I Users are still buying on "hand-to-
mouth" basis. taking only such steel as they
actually will require, and holding OF on
virtually all their future needs. However
It must be admitted that the steel COM
panies have been taking some good Govern
ment business recently.
Probably more attention is being given
In the steel trade to the locomotives which
have been ordered by this and other govern
inents recently than any other factor. IL
is known that the steel requirements on
these locomotives are to be given prefer
ence In most instances at the expense OF
those customers who have had their orders
on the books of the steel companies iof
some time and who should begin to get ship
ments shortly.
The feature of the individual markets
during the last week has been the deciins
In pig iron at some centers II is reporteo
that the buyers are out OF the marke,
awaiting action by the Government aho
as a result only small offers nave ,an peen
necessary to force the market 10 lower
levels. Some foreign inquiries are In tne
hands of the makers. but thus far nothing
definite has been developed as 10 orasrs
Further declines have occurred In the scrap
market.