New-York tribune., 1919-03-22
Anti Law
No Obstacle to
Steel Price Cut
Judge Gary Expects Revival
of Business as Result of
New Schedule; Wages Are
Not To Be Disturbed

nouncemcnt OF complete scale OF
new steel prices at the Industrial
Board headquarters late to-day indi-
Gated that conference between men,
bers of the board and Attorney Gen
eral Palmer had developed nothing
that would interfere with the govern
ment's price stabilization programme.
In approving the schedules submit
ted by the steel men the board, accord
ing to a statement issued tonight,
adopted a policy to be followed in
agreements with producers of other
basic commodities. This policy it was
said, is to strike balance that "while
calling sooner or later for some sacri-
flee or adjustment on the part of all
yet will not subject any of these in
terests to undue hardship
Judge f. II. Gary, Of the United
States Steel Corporation and chairman
of the committee representing the
American Iron and Steel Institute,
which conferred with the board, in q
statement containing the announce
ment Of the new prices, said that the
rates were agreed upon with view
to bringing about revival and stabil-
ization of business through prices
favorable to the consuming public and
yet yielding a moderate and reason
able return to investors in the in
dustry. He expressed the belief that
the new prices would not disturb wage
rates or interfere with wage agree
ments.
New Price Schedule
The new prices and the reductions
,,I< al, 4 /
lows:
Pig iron. basic, s25.75, reduction
s4.25; bilets, four inch, $3.50, reduc-
ton IS; billets, two inch SAP, reduc
ton, So; sheet bars, SAP, reduction So;
slabs, SAL, reduction, $5.
Skelp, sheared, $2.65 per hundred
pounds, reduction, ST per net ton;
skelp, universal, $2.55 per hundred
pounds, reduction 81 per net ton;
pounds, reduction S5 per net ton;
merchant bar-base, $2.35 per hundred
pounds, reduction ST per net ton;
sheared plates, S2.65 per hundred
pounds, reduction So per net ton;
structural base, $2.45 per hundred
pounds, reduction 81 per net ton; wire
rod, $52 per gross ton, reduction SIS
per gross ton; plain wire, So per hun
dred pounds, reduction S5 net ton;
nails, 1925 per hundred pounds, re-
duction So per net ton; black sheets,
number %, $4.35 per hundred pounds
reduction 81 per net ton; blue aneals,
number ten, 1886 per hundred pounds
reduction ST per net ton; galvonized
sheets, number %, $5.70 per hundred
pounds, reduction 81 per net ton.
Tin plate, number 100 box, ST per
hundred pounds, reduction 81 net ton;
tubular products 31z points off card,
reduction 81 net ton; hoops base, $305
per hundred pounds, reduction S. net
pounds, reduction So net ton; rails
standard Bessemer, $45 gross ton, re-
duction, $40 gross ton; rails, stand
ard open hearth, SAT gross ton, re-
duction $40 gross ton, and ore, no
change.
Basing points and differentials are
unchanged. The prices are effective
at once.
The Boards Statement
Tie statement issued by the Indus
trial Board follows:
sln giving its approval Of the
upon for the principal articles of
iron and steel, the Industrial Board
of the Department of Commerce, carry
ing out the purpose for which it was
reached below which the public should
ret expect to buy during the current
year. The purpose of the board is to
bring about such lower level of prices
las will effect stability and stimulate
trade TO the end that business and in
dustry can proceed and build up with
confidence and provide maximum en-
ployment.
DIN its effort to effect cooperation
between the government, representing
the public, and capital and labor it
has IN view due and just regard for
all Of these interests, and therefore in
giving its approval to these prices and
others which it will now consider i'm
medIately it will endeavor to strike a
balance which, while calling sooner or
later for some sacrifice or adjustments
on the part of all, yet will not subject
any of these interests to undue hard
ship.
"The board is asking industry to CO.
operate in taking the first step and
voluntarily make temporary sacrifices
IN the interest of all, and has asked the
IRON and steel industry, because of it's
fundamental Importance, to be the first
70 act, and the board is highly gratifed
with the spirit in which it has re-
.sponded.
ut is fully understood and expected d
z Auat tne present wage rates or agree
1aents will not be interfered with, the
approved prices having this in view.
The reduction in price lists may in
sevoive the necessity of some high-cost
plants either shutting down tempo
rarity or running at loss for period.
out 1t is expected with an increased
volume OF business soon to ba de-
veioped reasonable return to the
average and better than average pro
oncers viii be afforded. In view Of the
nigner costs developed throughout the
world as a result of the war. return
% anything like pre-war prices is re-
sarded as out of the question. It is
expected that other industries as well
AZ tne consuming public and labor will
recognize their obligations in the cir
eumstances and cooperate in the Same
generous spirit as has the steel in
Representatives OF the lumber in
onStry Will confer with the board 10.
morrow TO decide upon prices and y
sfabiiization plan for that Industry
ihe lumbermen will be headed bv
John II: Kirby Of Houston. Tex. nrea; :
dent Of the National Lumber Man,,,
facturers' Association. Mr. Kjrbv vii,
also represent the Southern pine A.
1ociation. -"