The Hartford republican. (Hartford, Ky.) 18??-1926, 1917-09-28
Steel PRICES
GET Big SLASH
THE PEOPLE AND ALL ALLIED
GOVERNMENTS SHARE IN
REDUCTIONS.
AGREEMENT VOLUNTARY
Entire Output ~ Plants To BE Dis
tributed Under War Boards
Supervision.

Washington, Sept. 24.-Steel
prices in the United States were cut
in half today when President Wilson
approved a scale of quotations fix
ed in a voluntary agreement made by
producers with the War Industries
Board. The general public. as well
as the American and Allied Govern
ments will share in the reductions.
which go into immediate effect, and
the agreement provides that produc-
ers shall not reduce wages.
The prices will obtain until Janu-
AIRY /, 1918. to be revised then II in
vestigation shows they are inequita-
bile.
The entire output of American
steel plants will be distributed under
supervision OF the War Board. which.
exercising the powers of priority OF
transportation given the Government
by Congress. will apportion II in a
way best to meet the country's war
requirements.
The new prices and the reduction
they represent In present quotations
follow:
Steel bars at Pittsburgh and Chi
cago, $290 per hundredweight The
recent price was $3.50.
Other prices agreed upon,all sub
ject to revision January 1, 1918, but
to become effective Immediately fol-
low:
Iron Ore-Basis lower lake ports;
price agreed upon, s5.05 gross; no
change.
Coke-Connellsville price agreed
upon. So net ton; recent price. SIG
a ton; reduction of 62.5 per cent.
Steel Plates-Basis Chicago and
Pittsburgh; price agreed upon 1926
per hundredweight; recent price, S11
per -hundredweight; a reduction of
70.5 per cent.
Pig Irop-Prlce agreed upon. SS3
gross ton; recent price, SIS gross
ton; a reduction of All per cent,
Steel Pittsburgh and Chi
cago basis: price agreed upon, $3.50
per huhdredweight; recent price.
$3.50 aundredweight; reduction of
47.3 per cent.
Steel Shapes-Basis Chicago and
Pittsburgh; price agreed upon, w
hundredweight; recent price Sc hun
raAnntinn al an
cent.
The price agreement was reached
after months Of negotiations between
steel producers and Government Off
Gals. The prices were based on cost
of production estimates made by the
Federal Trade Commission after an
Investigation conducted at the Presi-
dents direction.
The chief point OF difference that
developed in the prolonged confer
ences was over the question OF
whether the public and the allied
governments should share in the
prices to be fixed. President Wilson
has insisted that they should, and
the Administration has supported the
Pomerene Bill now pending in Con-
gress giving the Government power
TO fix iron and steel prices generally.
Inclusion of the public and the Allies
in the voluntary reductions will still
demands made in some Government
quarters that the steel output be re-
QUESTIONED in the national defense
act. but the Pomerone Bill will be
pushed, It is understood, that II may
be enforced in event the voluntary
agreement does not work out salts
factorily.
Officials in close touch with the
situation said tonight that prices ap-
proved by the President were lib
eral and would allow fair profits to
all steel plants. Some of the larger
concerns, they said. would make
handsome profits at the prices named
and production, they declared should
be stimulated accordingly.
In arriving at fair prices for both
producer and consumer the great
problem has been to set figures per-
\ hitting small mills TO produce with
ont a loss and at the same time pre-
vent the larger plants from taking
too great profit AT one time a
nlau was considered by which mills