New-York tribune., 1920-11-28
Gain Stability
By Price Cuts
In Steel Trade
Reduction to War Industries
Board Level Believed to
Have Steadied Market nm
More Satisfactory Basis
Production Shows Decline
independents Ready TO Take
Business onLess Profitable
Margin for Time Be;n,
!specsni Despatch TO THE r-.,..-.

PITTSBURGH, Nov. 27.-The tone ..
the steel market has been comnla+.l-
changed by the announcement. Of 80
duction in prices by the Jones 4 Iau,.
lin Steel Company on bars. shapes s,a
plates to the base established in Mech
1919, by the War Industries Road
which Is the schedule Of prices of tso
Steel Corporation. This WIS followed
almost Immediately by instruction from
other independent interests 70 ,bs;r
agents to meet Jones &Laughlin price.
prices.
The immediate effect Of this general
reduction by the Independents on prse.
rically all finished commodities excent.
irg wire products and pipe was to crs-
ate feeling OF satisfaction in the stee,
trade and in the business world In gen
eral at the fact that at least the m.
certainty was over and the steel NAV
ket would rest on the War Industri..
board level, as has been predicted foy
several weeks.
It Is believed that orders can cov
be taken by the various independent,
which Will not be profitable but which
VIII keep the mills reasonably busy
Eventually the inevitable reduction In
wages and other items Of cost must
come. The final outcome will be gen.
eral clearing of the decks for the vol
unle of business which awaits the steel
manufacturers in various lines. espe-
clally IN the building trade and in the
railroads and also in the export mar
kets. AS one leading sales manager re-
marked here to-day, "The situation (,
such that with the first few buyers
coming into the market the turn of the
tide will have arrived ard good bust
ness will ensue from that moment"
More Curtaiiments
While the volume Of business In the
Mahoning Valley has been on the de-
crease, due to curtaI ments and sus-
pensions by producing interests. manu-
facturers are inclined TO see 3 turn il
the road ahead, partIcu ar.y with re
spect 10 the buying m.vement now that
prices rest on a solid base Already
tney profess to see better demand
FOR sheets, though buying is still linn
tied. Inquiries from the automobile
trade are coming through, one for l0,-
coo tons arousing considerable specu-
alton as to whether II represented
bona hde inquiry or was merely put
forth to test the market The two most
active commodities IN the current mar
ket are pipe and tinplate.
One leading pipe interest reports
that its untitled tonnage IS being main
tanned in the face Of heavy shipments
within the month. While there is sus
tanned demand for lapweld for OIL
casing, there is also active business
for buttweld. Jobbers are n the mar
ket for this class Of pipe and are evi-
IDENTIFY willing to build up depleted
stock at existing costs in expectation
of continued requirements from the
tuilding trades.
In the fuel market, gas coal is pro-
curable for Industrial purposes st 81,
mine, and steam coal somewhat less.
Coke has settled for the time being
TO a $3.50 level.
Independents are preparing FOR the
usual holiday suspensions, which are
likely to be more or less prolonged
this year
Suspensions Near Youngstown
Youngstown district iron and steel
producers further checked operations
curing the week, and the average IS
slightly below so per cent. With sus-
pension Of Hannah furnace, detached
stack, by the Repub. c Iron & Steel
Company, and Clair furnace by the
Clair Furnace Company, Sharpsville,
but twenty-nine Of Forty-six stacks r.
the Mah0ning and Shenango valleys
are active There Is little likelihood
that additional furnace capacity will
be placed on the idle list before the
end of the month Youngstown Sheet
& Tube Co. is preparing 90 suspend
furnace In the East Youngstown group
as soon as repairs to so. stack ir
the Hubbard battery are completed
The Sheet & Tube Company reduced
It's schedules this week TO 50 per cent,
from 90, which had prevailed While
Republic Iron & Steel has started part
Of its open-hearth c2pacity. there has
been slack in other departments The
Republic company recently dismissed
many workmen in Sc eral departments
TO promote efficiency.
Newt n Steel mpany has orders
in hand in sufficient volume TO main
tain schedules for twenty or thirty
days
Brier Hill Steel Company is main
tanning a so per cent rate al its variCus
lants Trun bull Steel Company Is
active In its tinplafe mills. but opers
tion Of its strip and sheet departments
IN retarded.
Truscon Steel Company Is down 60
so per cent.
Unemployment Increases
AS result of the curtailments The
volume Of partial or total unemploy
ment is greater at this time than {
has been since the war, though the
lants are endeavoring 10 divide ~has
work there is as eQuitablv as possible.
From present indications the Par
rell works of the United States Steel
Corporation Will not be materially az
fectcd by the temporary slump IN the
iron and stecl busness. The sheet MIL
Of the American Sheet and TirQlate
Company is operating only four days
a week due LARGELY 90 the falling o1
Of orders for sheet for automobiles:
The tnp ate, Carnegie works anc
American Steel and Wire plant. how
ever are operating At normal canac y.
II is expected that 10 furnace,
which is being rebuilt by the Carnegie
Steel Comronv NJ Farrell will be ready
TO blow II about the middle n January
Little New Business
There is little new business In sigh
for the foundries ard steel castings
plants They are now operating d,
between 90 and 55 ner cent. Local
dealers assert that the scrap business
is practically at a sfandstill and ther
product cannot be sold at 4ny reason
able price
The plant of the Sharon Steel Hoop
Company is running at about 70 per
cent. part Of the open hearth fur
q