The sun., 1919-05-19
NO SIGNS OF CUT
IN STEEL PRICES
Majority Of Trade Holds to
Policy Of Maintaining
Present Values.
FEW DROPS UNIMPORTANT
Consequential Wage Declines
Made Only in Sliding
Scale Rates.

PrTTsBrRo, May 1s.-Iron and steel
men. or at least a majority OF them, still
appear to be committed fully to. tho pol
Icy OF maintaining existing prices on
the ground that there Is no large amount
Of business to be developed by throwing
the market open. There seems. to be a
fear that an open market would result
In great price declines. and some observ-
ers insist that, IL prices were left to
themselves, they would not decline much.
There is scarcely any price cutting and
certainly not enough to be a real mar
ket factor. There Is no such weakness
in any line as would presage a general
decline In that line OF a period OF open
competition. There are many rumors of
price cuts common to dull markets.
There is much paying Of commissions.
regarded as legitimate. particularly
when. as at present. they are too small
TO admit Of their being split Most SELL
ers would object to the commission being
split even II the dealer were willing.
While there have been many minor
cases of wage declines. the only impor-
tant drops are in sliding rates in iron
and steel mills Bimonthly settlements
Of iron, sheet and tin plate scales re-
suited in reductions. Comparing rates
for March-April with rates for May
to 1880. the base rate being $3.50, and
sheet mill wages came down from S2h
per cent. above base to 701s per cent.
above base. and tin mill wages came
down from 70 per cent above base to
10 per cent above base. The top points
In these adjustments for the first two
months of 1918 were based on prices OF
shipments in the last two months of
1917. Sheet mill wages were then 1904
per cent. above base and tin mill wages
1o2 per cent. above base.
Scrap stlI Inactive.
The local scrap market continues In
active and there does not seem to be
much prospect Of revival Of activity in
the near future. Dealers are rather dis
Outraged at the. outlook. but are content
ing themselves with the fact that they
have Just had several years Of activity
and are certain to recover at some time
In the future. The blast furnaces are
out OF the market as to scrap ana
would hardly buy at any price. Many
furnaces are idle and those that are in
blast are more interested in working up
their ore piles than In anything else.
The market for borings and turnings Is
correspondingly restricted. Trimmings can
be had without much difficulty at ss.25.
and dealers do not usually bid nearly as
high as that.
The scrap market being a barometer
Of the steel trade. its dullness indicates
that the steel mills do not foresee heav-
Ter operations in the near future but
rather lighter. and they do not expect to
throw the market open to competition in
the next few months. An Eastern mill
Is said TO have advanced It's price on
plates from $50 cents to 2.75 cents. but
It Is not quite clear that any orders have
been booked at this price. Sheet bars
are said TO have been cut 50 to 50 a ton.
The whole steel market, notwithstanding
these rumors. can be said to be holding
at recognized prices with no more irreg-
ularities than was the average expert
ence, year in and year out, prior to 1916.
Two distinguishing features Of the
market this week are heavy demand for
terne plate and continued light demand
for coke brlghts. The terne plate de-
mand comes from nearly all quarters
and Is. II anything. above normal. prac-
tically the entire productive capacity of
the terne pots being in operation. The
situation doubtless reflects long famine
In terne plate. during which production
was very light. consumption falling and
dealers stocks becoming depleted. The
tin mills evince no disposition to force
the mills are in good financial position
and have no reason to operate.
Steel Products Somewhat Better.
While in a few directions there is
somewhat heavier buying of steel prod
ucts the increase in buying IL not suffi-
cient to make up for the steady deple-
ton OF old orders and steel mill opera
lions continue to decline. They averaged
n per cent. Of capacity in March and 65
per cent OF capacity in April. as shown
by the bimonthly reports Of the institute.
At the end OF April. observing the rate
Of decline. they were probably at a rate
a shade under go per cent The Carne-
gle Steel Company has had the BeIlaire
and Columbus mills shut down for some
time and will close the New Castle mill
for two weeks. with the possibility that
accumulation of orders will enable that
plant to resume at the end OF that Pc
Rod. Mingo, Homestead and Duauesne
are running fairly well. but the Edgar
Thomson mill at Braddock has light
tonnage. having practically exhausted
It's rail orders some time ago.
The pig iron market remains inactive.
transactions being confined TO small lots
for immediate shipment. The market is
distinctly softer and there are many ru-
InOTs OF cut DelHB
zoo to 500 tons. 1t was thought that K
would require an inquiry for several
thousand tons to bring out cuts from the
March 81 schedule OF prices. The Valley
market. although largely nominal, con-
tinues quotable at the old prices: Bes-
semer. s27.95: basic. s25.75; malIeable.
$26.25: foundry, S26.75; forge, $25.75.
The spot furnace coke market has con-
tinued TO stiffen, while foundry coke
shows no change and preliminary talk
about second half furnace coke contracts
suggests that prices will be shade
lower than those lately obtaining on
monthly settlements against open con-
tracts Foundry coke is well maintained,
showing no definitely advancing or de-
cllning tendency. The ordinary brands
available three or four weeks ago at
s425 for spot shipment can be had at
that price, but at no less, and good
brands formerly held at IS are still at
that figure. No contract market for
foundry coke has been developed. and
thus values are unchanged as follows
Furnace. 81; foundry. $4.25 TO IS.
New York and Hartford Insurance Stocks.