The sun., 1919-03-21
STEEL MEN REACH
PRICE AGREEMENT
Washington Conference With
Industrial Board Draws
Up Schedule.
Is EFFECTIVE AT ONCE
New Figures Are for 1919 and
Reduce Basic Pig Iron to
S25.75 q Gross Ton.
Specfai DsspnfcA 20 Trs Rur.

Special DsspatcA 70 TEE suS.
WARRINGTON, March 2o.-A reduction
running from 10 to IL per cont on steel
prices was agreed upon late tonight by
the Industrial Board of the Department
Of Commerce and representative Of the
Iron and Steel Institute a. the frst step
In a fundamental progremme for prompt
restoration of business and industry In
the United States to O psaoe basis.
The reduction. II was oficially stated.
Is the maximum tho steel industry can
stand without q general reduction of
wages. 1t was made known that action
affecting the wage situation In the In
dustry was not taken and that no
general reduction in wages would be
made
The agreement was reached after q
long series Of conferences lasting all day
and late into the evening. A full state
ment of the reductions made will not be
made public until tomorrow because Of
the late conference hour and inability TO
draft them for publication. Tho new
prices are for 1919 and effective at once.
1t was agreed. however that the price
of pig iron should be s2b.7b q ton, a
reduction of s4.26 . ton billets of four
inches length are to be $3.50 q ton. a
reduction of IS; billets Of two inches
length are TO be &42 O ton. q reduction
Of IS.
Bars OF 100 pounds are to b S725 in
price. both classss of plates s2.e a
hundred pounds and structural shapes
$2.45 a hundred.
The prices on bars. plates and shapes
represent a reduction Of present prices
of 81 net a ton.
The price of iron ore. $3.50 q ton {. o.
b. Lake Erie ports, Is to remain un-
changed.
Judge Gary's Statement.
Following the conclusion of the nnal
conference late tonight Judge Ebert II.
Gary said:
I'VE have agreed upon prices. We
cannot give a full statement OF these
prices. however, until tomorrow. It
is expected that prices for 1919 will not
be any lower. II 10 the present inten-
tion to make no decreases in wages ex-
cept perhaps in some mills where there
are contracts between employers and
employees providing for sliding scale
Of wages
Judge Gary's statement makes II
plain TO buyers and prospective buyers
steel purchases now safe in the assur-
ance that there will be no changes dur
Ing the present year. 1t also seems to
settle the labor question which, It is
understood. was an issue in the con-
ference.
John A Savage OF the Savage Ore
Company OF Duluth stated after the
conference that q determined effort will
be made to reduce freight rates on iron
~ 49, - a
port these efforts and that any reduction
made will be reflected promptly in a
reduction on ore prices TO the steel
makers.
The price agreement Is a compromise
between the stand OF the Industrial
Board for reduction all along the line
OF from $40 to s11 ton and the position
OF the steel men. II is said to repre-
sent the maximum that could be done by
the steel industry without a general re-
duction in wages.
Legal Phase Not Discussed.
The steel men met the board after a
second long conference among them
selves this morning. After rejection of
their original proposals they again went
into executive conference among them
selves and met the Industrial Board in
the afternoon. At this meeting they in
dicated a willingness to agree on new
and lower figures. It Is understood, if
the burden Of the cut was shared. The
board. according to unofficial reports,
baked. however, at the idea of sup
porting or sponsoring any projected cut
In wages. With this ana other differ
ences to adjust the conference was re-
sumed in the evening with but q short
respite for dinner.
1t has been var.ously reported that
there have been moro or less violent
dierences in the executive conferences
among tho steel men as TO how
much OF cut the industry could
safely sustain and how far Il could go
without putting the weaker members out
of business. Tho conferees, however,
have left every conference smiling and
with the word that everything was pro-
crossing fna
Legal phases of the question Of agree
ment as TO prices apparently have been
either lost sight Of or adjusted eatisfac-
torily to the steel men. II 10 understood
that that question. q prominent one yes
terday. has not been raised to-day.
Parties to the conference and the Gov
eminent officials concerned are frank
in the belief that the outcome OF the
conference will have far reaching effect
on the entire industrial situation of the
United States. There are many Ques-
lions and doubts over the labor end OF
the questions involved. It was pointed
out to-day that Department Of Labor
figures Just made public show per
cent. average reduction in living cost
for the last two months.
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