Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1918-06-29

SCHEDULE OF PRICES
ABSORBS STEEL TRADE
Pig Iron Producers Give Evi.
dence of Being Reconciled
to Situation
New York, June 20.


The absorbing topic Of interest in
the steel trade has been the continu-
ance Of the existing schedule prices for
iron ore, pig iron and steel products,
and the advance Of as cents a gross
ton for Lake Superior ore.
The producers of pig iron, to whom
the increase Of lake ore means an in
creased burden, without taking into
consideration the advance on freight
rates on this commodity. and others
that enter their finished product, have
given evidence of being reconciled to
the situation. 1t is realised that change
in other prices at present would have
upset the entire steel industry
The lake ore advance was granted
only when It was shown that 1t would
have been impossible for thexmines 10
be operated profitably under the higher
freight rates schedule. The advance OF
As cents covers only the added cost Of
production and delivery, and the burden.
therefore, falls upon the furnaces, as
they are not allowed to-; share 1t with
the consumers.
The trade is awaiting the fixing OF
prices on steel rails, steel castings, mall
leable castings, wire rope and certain
other articles by a special subcommit-
tee composed of Director OF Steel sup
ply Replogle, H. B. Spencer, of the
Railroad Administration; Commander S.
r. Fuller, representing the Navy De-
partment, and Captain w. M. MacCleary,
buyer Of steel for the ordinance bureau.
This subcommittee will negotiate with
the committee on steel and steel prod
ucts of the American Iron and Steel In
stitute and the prices will be announced
soon after July as possible.
The fixing of prices is held to be a
notable victory for the ore markets
Surprise was caused by the fact that
the steel men di dnot fight for higher
prices, but 1t was known that the war
Industries Board had virtually decided
before the conference not to allow IN
creases in steel prices, though II had
been planned to give full attention 10
any complaints arising from the In
creased freight rates
One, Of the features of the discussion
over the new prices was that OF sub
stituting Pittsburgh for Chicago as the
basing point for steel bar shapes and
plates. The charge of basing point was
made because of the great expansion
Of the rolling stock program of the
railroad administration had brought
large contracts for plates and other
materials to, eastern concerns
"A close conservation of steel for war
and essential purposes has been noted
and there is little or none available for
purely commercial use The industry
has settled down to a routine OF produc.
tion and distribution. which is noted In
the fact that the leading interest has
now brought its output OF finished steel
up to 95 per cent of capacity.
The announcement of this increase in
production was made by Chairman Ell
bert H. Gary. of the United States Steel
Corporation, following the weekly meet
ing of the finance committee. Consid.
erable steel is wanted for the tools and
machinery for new plants which are
opening for war business. The plants
and plant extensions also have caused
a particularly heavy demand for tom
mage of structural steel. ,'