New-York tribune., 1918-01-04
The Eminence of Steel in 1917

AT It's close 1916 was called the
greatest year the American steel trade
had known. 1t was greatest in output.
IN the profits realized by producers, in
the rate and total wages paid to work
men and in the percentage of the steel
output sent abroad. The war prosper
lty OF the industry was the burden Of
every review of that memorable year.
IN steel output, earnings, wages and
exports, 1917 was even greater than
1916 but it is not from any of these
things that the year Just ended will
gam distinction in the annals Of steel.
Rather Will 1917 be remembered as the
year in which the iron and steel and
machinery trade marshaled all their
resources behind their government and
the maintenance of free institutions.
American steel works produced three
tons in 1917 to every two tons in all
the rest of the world-Allied and en-
emy countries together. That state
ment IS tremendously significant of the
outcome of wax that is to be won by
prepOnderance in steel. No cavil now
over the wisdom of encouraging Amer
lcan steel manufacture, which for years
was the policy of our government The
industry once protected has now be-
come-if we may repeat the legend Of
"The Forewo~d" in this issue of "The
Iron Age"-"the chief protector Of
American Liberties and Of the liberties
OF all the free peoples of the earth" ."
TO that eminence American steel has
risen in the year that has Just passed
into history. The Iron 4ge
Why Liberty Bonds Are Weak
Recent weakness in Liberty Loan 8 q
and per cent bonds is attributed to
the National City Bank to deliberate
oYersubscrption to those issues, accom-
panied by the intention of the buyers
TO sell the bonds as soon as feasible.
This policy, it is charged, was encour-
aged by those who sought subscriptions.
interest was centred upon making
up the local quotas" says the bank in
It's January circular. "and persons were
urged to subscribe upon the theory that
the bonds would have broad market
and could be sold by the purchaser
either at par or with only a slight loss
as the cost of doing his bit for the
government, not realizing that there
are any further consequences"
Ihe bank emphasizes that there
should be better understanding on
this point in relation to future issues
because of the possibility that under
such policy the rates are likely to be
higher than would be the case if sub
scribers to the Liberty loans were not
urged to take more Of the bonds than
they can afford. Whether the govern
ment can raise another loan at 4 per
cent when the last issue is selling in
the open market at several points below
par Is question:, and it is pointed out
by the bank that relatively small ag-
gregate OF sales at a discount may cost
the government heavily. As regards
the suggestion that somebody should
support the market for Liberty bonds.
1T is stated that there should be no
obstacle to free market Remedies
against undue liquidation in the bonds
are suggested as follows:
ut would be an admirable move for
the subscription committee in each
locality to give some attention to the
subscriptions which cannot be carried
through and endeavor to replace them
IN the same locality. This would re-
leve the New York market of offerings
from all parts of the country.
"Another practice which, although
doubtless we'll intended, works out un-
desirable results is that inaugurated by
merchants of advertising to receive
Liberty bonds in exchange for mer-
chandlse. If trade can be attracted in
this manner merchant probably can
afford to sell the bonds at discount.
The government, however, does not
want its bonds sold below the issue
price. 1t is embarrassed and injured
by every such sale y