The sun., 1919-02-27
steel Men Meet To-day to Dis
cuss Secretary's Pro-
posal.
MARKET Is GOING AHEAD
Improved Sentiment Reported
in Eastern Section for
First Time.

Directors OF the American iron and
Bteel Institute will meet this afternoon
at the office OF Judge Il. II. Gary, chair
man OF the United States Steel Corpora
ton, TO take up for consideration tho
plan of Secretary of Commerce Redfield
for the sterilization OF prices on lower
plane. That steel men generally are op-
posed TO the plan Is declared by leaders
in the industry, for they believe that
the readJustment of business Is more
than a matter of price and they point
10 the cutting Of copper prices as proof
Of the theory-cutting which resulted in
very little additional business.
Attention of the iron and steel In
dustry." says the Iron Trade Reriew,
"is focused upon meeting of directors
OF the American Iron and Steel Institute
10 be held February 81 at Judge Gary's
Office In New York to consider important
proposals by Secretary Redfield with re-
spect to mapping out policies calculated
10 remove present uncertainties and re-
vive confidence. At this meeting one Of
the principal participants will be Charles
". Schwab who, having just returned
from Europe, is to analyze foreign con-
ditions from the standpoint of their eff
feet on conditions here. Mr.. Schwab
especially will clarity the situation with
reference to the possibilities of European
demand for American iron and steel
products. ......-
while scepticlsm among the pro-
ducers over the feasible DEVELOPMENT of
the Redfield price plan 10 crystallizing
the iron and steel market is CARRYING
forward its readjustment in It's own way,
There is growing feeling that the pro-
posed plan is designed largely TO benefit
.the Railroad and Navy Departments by
bringing about lower prices. In the
meantime. business continues to make
some progress, although the rate is so
restrained as TO fall far short Of satisfy
ing producers accustomed to excessive
var time demands, While the improve
'nent IL Irregular there Is no question
but that better feeling is gaining
ground. The East. for the first time. re-
ports evidence OF this improved senti-
nent.
Eject Of Uncertainty.
Uncertainty over the stability OF pres
, emf prices still inipels buyers to let abso-
tiute needs govern their purchases At
tention Is being focused on April be-
cause the trade has become accustomed
q 10 the quarterly review of prices pursued
under Government control There is moth
ing positive. however. as yet to show that
producers will consider reductions as OF
that time.
Numerous reports OF price cutting
are current, but when simmered down
they usually are found TO apply to ex
cepuonal cases Among Developments
OF this character is the purchase by the
American Locomotive Company of n
large portion Of the plates for ninety
locomotives at 2.20c. base. Pittsburr
which represents concession Of ! 0 cent,
per 100 pounds
"A leading tool steel maker has re-
duced it's price on highspeed tool, steel
from $3.50 to $3.50 a pound. This re-
duction has been followed by. other
makers with the exception OF one Pitts
burg interest which right along, since
the beginning of the year. has been SELL
Ing at $50. Two makers have made a
slo cut in the price OF high carbon wire
rods and now are selling this material
az $685. Pittsburg.
Tangible results show that export
buyers and sellers gradually are getting
together. That this Is being helped along
ny the cutting OF prices by some mills
- evident Inquiry continues more
healthy and larger proportion Of II is
, being converted into sales
Comment in "Iron Age"
The Iron Age, too, In its weekly re-
view Of the situation. points out that
there is much opposition among steel
e men 10 the Redheld plan. II says:
steel producers do not look with
favor on the proposed scheme OF the
Secretary of Commerce to stabilize
prices on lower plane. AS stated be-
fore. II Is moro than a matter of price
that Is holding back business. Buying
OF copper in the face of repeated cuts
has been negligible.
The industry believes that readjust-
ment should be allowed to work itself
out in natural way. Slow though the
necessary liquidation of war labor wage
scales must be. what Is regarded as the
step likely to give quickest and most
direct results Is a relinquishing OF Gov
eminent control Of food products and a
reduction Of living costs beginning in the
kitchen
Current demands for mill products
have been larger in the aggregate than
commonly appreciated. Those plants
J which have had to shut down outright
or run in alternate weeks have worked
OF the back log OF accumulated orders
and others. even where 65 per cent OF
capacity is engaged. are now almost
wholly on new bookings, which keep
three to eight weeks work ahead of the
mills. It il those mills which are
equipped more particularly to turn out
railroad material or are not adapted TO
q surviving the autOmotiye trade which