New-York tribune., 1919-03-10
Steel Conference
Holds Promise Of
Important Action
Government Officials To
Meet With Committee Ap.
pointed to Discuss Read.
justmcni in the Industry

The meeting scheduled FOR next Wed
ncsdoy at Washington between repre-
sentatvcs Of the industrial board Of
the Department Of Commerce ana the
committee Of steel men appointed at
the gathering Of iron and steel manu-
facturers at the Waldorf. Astoria last
Thursday is expected to result in the
adoption Of farrcachng measures in
tho rcadJustmcnt Of the industry. The
belief IL current among steel men that
the government viii recommend sub
stantal reductions IN prices. This
move will be opposed by the steel rep
rcscntatives
There is a disposition among steel
men to regard a slight recession in
prices as being warranted, if such a
step viii increase buying. But it is
felt that drastic reductions are not nee
essary because most OF the steel COM
panles have orders on their books
which Will keep their plants in opera
ton until orders appear more freely.
Inc steel producers are also said to
be wiling to agree to a moderate low
erlng of quotations if the government
departments Will come into the market
Tor their requirements and make an
announcement to that effect. 1t is felt
mat such step would awaken con-
tldence among other consumers of steel
products and bring them into the mar
ket
Labor Becoming Adjusted
Conditions in the steel trade gener-
any are sa'd to be satisfactory. The
laDor question IS reported to be solv-
ing itself satisfactorily because many
OF thc leading companies are continu-
ing production at comparatively hirh
rate thus keeping the men at work and
eliminating the restlessnc5s which
comes with unemployment.
ne failure os Congress to pass the
uehclehcy appropriation bill has tenn
porarly held back orders for steel
products from the railroads. The nor
'n"l requirement for steel rails by the
carriers Is ,'bout 100000 tons an
mu"ily' ana 1t ls known that some of
ihe roads are greatly in need of rails
In fact, steel men expected th,t ordarn rdoiS
FOR more than 100000 tons Of rails
would be placed within short time
put OWING to the lack Of funds thc
roads VIII be compelled to hold bonk
tor the time being. '''N"
,, nlcel orders during the month If
reoruary showed Improvement ovor
nose IN January, according to authori
L t'cs, pue there was falling off of
Tuslhcss rL3 lmmediately after March |.
."1S ~ aScriped to the desire Of con-
Sumcrs to await the action of tbe
Federal authorities in the mattor of
future prices and also to an exnectarc,,
on the part of buyers that prices viii
come down. " ~
I'Ity Iron at Iou-0r
In the Pittsburgh district tho nro
duccrs of pig iron have accented coO- rlo-
tracts at reduction Of 50 per ton
rom the $3l price for base grade Of
foundry IRON, and it is said that anv
'atgc order appearing in the market
might be taken up at less than the $40
prlce per ton now demanded. Fastorn
pig IRON producers, however. have not
MADE any concessions. mainly because
az Their production is being used to
MI contracts taken some months apo
ana a, they find 1t unnecessary to meet
the lower figure.
some increase is reported in the
market for iron and steel scran hnt
the activity is confined almost ent;roIN. eI.
TO the purchases being made bv brok
ors and dealers to fiji contracts ro-
Gently booked and on which they are
making profit, IS the prices have
becn reduced since the business was
accepted. Heavy melting steel scran
Is now selling around $3.50 to sf4.50
a ton.
Structural steel manufacturers have
received no definite announcement of
a resumption of buying for their prod
uc'S. Although construction work
throughout the country is two years
behind, there seems to be no decided
trend toward resumption at the mo-
men'' and this, too,N due to the fact
mat consumers are expecting a reduc
'loh IN prices IN the near future.