The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-05-08
STEEL MEN TO MEET
RAIL HEADS TO-DAY.
Representatives Of Common
Carriers and Producers
Are to Confer.
OPEN MARKET HOPED FOR
Reviews Point Out That
Steady Fall in Output Over
head Has Raised Costs.

One Of the most important confer
ences in the history of the steel trade
is scheduled for to-day at the Hotel
Plaza in this city between representa-
tiyes OF the Railroad Administration and
the manufacturers committee Of the
American Iron and Steel Institute,
headed by Judge Gary. chairman OF the
United States Steel Corporation. Rec
ignition OF an open market in name as
we'll as in fact is hoped for by the steel
producers
It is possible that Walker D. Hines,
Director General OF the Railroad Ad-
minlstration. will attend the meeting, as
he is to be in this city to-day, but
Judge Gary refused to say whether or
not Mr.. Hines would be present. 1T was
announced in Washington, however, that
the following Railroad Administration
representatives would be present: T. c..
Powell, p b. Spencer and Henry Wal
ters The personnel of the manufac-
turers committee will be the same as
that OF the committee which attended
the washington conference tate In
March with the Industrial Board of the
Department OF Commerce. when the
price schedule which has proved OBJ
jectIonahle to the Railroad Admins
tration was adopted.
The weekly iron and trade reviews,
which will be issued to-day, assert that
the steel trade Is more interested in the
view that contraction in the steel bust
ness has been overdone that in the pros
poet Of definite results from to-day's con-
ference at the Hotel Plaza. They point
out also that, with the steady fall in
output, the overhead has brought costs
10 a higher level. The Iron Age will
say to-day in part:
IF this weeks meeting can only bring
the cutting Of the knot and leave the
industry free from deadly Government
paltering there are signs that better
ment will be seen. Whatever its results
in the way of railroad buying, the inter-
view is not expected to influence greatly,
II at all, the general price level.
Pig Iron Adjusting Rapidly.
1.-THE fact that steel market is so
sharply at variance with mercantile con-
ditons throughout the country. coupled
with the strong depletion of ultimate
stocks in all forms. is bringing out re-
nirders Of other periods in which con-
traction was overdone.
Pig iron statistics for April show
that that industry is rapidly adjusting
itself to the shrinkage in iron consump-
ton. No less than fifty-four furnaces
blew out last month. leaving 212 active
as May came in, against 372 on Septem-
Der l, last year. when the peak was
reached. In April the output was BATS
2ls gross tons. or S2,607 tons day,
against 3,090,243 tons for the thirty-one
days OF March. or 1855 tons a day
Capacity active May was
1850 tons day for 212 furnaces,
against 93,165 tons a day for 266 fur
haces in blast on April /. Production
at the opening Of this month. estimating
charcoal iron, was at the rate of $4,000
o0U tons a year. This compares with an
actual output Of 39.O52, 900 tons in 1918.
Not since May. 1915. when there were
the first signs Of a war demand for
American steel, has pig iron production
been at 50 low a rate as to-day's.
THE Chicago district furnishes sew
eral items Of encouragement in the ex-
port trade-an order for 400 tons of
structural shapes for Japan. one for
1000 tons of plates for Canada and the
reinstatement Of 400 cars ordered for
France months ago. BY July /, when
the export movement Is expected to pick
up considerably
Aside from the shift in scene from
Washington to New York." the Iron
Trade RerieU will say to-day, there
is little in the market situation different
from that which has prevailed during
the past several weeks. While the con-
troversy over agreed prices has been
raging in Government circles. what the
iron and steel industry really appears
TO be hoping for is that the open mar
ket may be recognized in name as we'll
as In fact.
Curtailing Production.
demand holds four aces and a Joker.
This Is clearly demonstrated by the
figures covering April pig iron produc-
ton. which show decline of over 16
per cent. compared with March. Cur
tailment of production has been pro-
ceeding at an accelerating pace for
three montha A similar condition ex-
lists among the steel producers and in
this situation. as much as in high costs,
lies the reason for such strength as
quotations continue to exhibit. The pig
iron output in April was 2.4sS,SS5 tons.
"A ripple of activity has, appeared in
Forcing bars, due to improved building
activity. which shows a considerable in
crease over the corresponding period last
year. About 500 tons OF reinforcing
steel for the Twenty-third street viaduct,
Kansas City. appear to be available at
&C. delivered. according to bids recently
opened
Export inquiries continue to appear
and pending lots OF billets and sheet bars
approximate $4,000 tons. Small sales of
foundry and low phosphorus pig iron
are noted in the East for shipment to
holland. About 100 tons OF plates have
been placed for Norway. In Chicago an
inquiry is being entertained by car build
erS Tor 1000 box and gondola cars for
export to Africa
-, Pig iron prices are being shaded in
me East but there IL considerable varia
ton and the market on No. tx delivered
IN New York and Brooklyn may be
quoted at $3.50 to $3.50 An encour-
aging feature Is the fact that some
Eastern consumers are buying for for.
ward delivery, but the total amount OF
thls business is small"