New-York tribune., 1920-11-21
Steel Industry
Feeling Lower, e
Price Reaction!
Warning to Young.,o,u.I 4
Workers to Conserve Re.
sources : AgainstU !, Unemplov., .
ment Believed Signif;csn,
Cary's Decision Watched
Independents Position r.
4 Thought Strengthened hv
Keeping Old Pric. ~.
speosos Dispatch to TAs sptA,,..


PITTSBURGH, Nov 20, =
three features have marked tn. v "a
in the steel industry. First AND "sek
bly, the most significant WA, ~ r.'O1-
nouncement Of the president ~ =, IA .a-
youngstown Sheet and Tube comn.ns
to its employees that, althouvh ns
eral wage reduction was anticinst.fae t gen.
this time, such a reduction !. ;.-N,. ~
Die, but Will come only after . r..s, esl:.,
REDUCTION in the cost of living seiisi 1a
ing Pittsourgh manufacturer il - rre ,eso,
as saying: "Steel wages vii, o-u auSo.ed
go down, but when they do II. 'Ispiy da,IIy
IN tho pay envelope will b. WI uvs'Ar
dollar and not worth rs cents s0,.n !.
is now" e"'S' u 1t
Another factor in the v..k ,
the erect Of the announcemen, 'esn s
Judge Gary that the price a. hs.. oy
by the corporation on March o. ,o,a ,nea
would stand. The result of ~; ASis'
been to strengthen the position -, .,as as
independents as to prices. not in mo
tive but IN a negative fashion br,,
ers who had been holding of in Dts tb-
hope that independent prices vi wou1s mo
tumble down to the corporation ".u1 ,.roi
md start landslide result;ne - 'e,ei ,n
whole price schedule slipping down '4o 10
lower levels are disappointed n e.
that the corporation will stand fa".
There will not likely be any ;ran," ,ass'
diate result from this situation ~
positive character, but its NEGATIVE ~
action will be to enable the indenend-
ents to hold their market a l;,.l"
moro firmly. The leading inden.rsa".
here has stood pat on its prizes srS
finds its books reasonably fillsd IA
its mills with orders booked for sor.a
time ahead. The anticipated laadsj;ds
in steel prices has not yet occurred and
is not now in sight.
The recent ruling Of the Intersta
Commerce Commission releasing I'd
steel companies all gondola cars with
tight bottoms, of any height sides. has
resulted in another stimulus to de-
liveries, which will clear the stoc,.
piles in a few weeks and make room,
for new business. A result of this has
been to increase the demand here for
common labor in the shipping depart
ments Of the mills. Out of an inaux
of drifting workers attracted by the re-
port that jobs were to be had in Pitts
burgh it has been possible TO nick
crews for loading cars.
Whereas Independents in Youngy
town are reducing operating schedule
to conform to business conditions. III
Carnegie Steel Company is expanlin, q
and is running 85 per cent. Ayerae y
operations for the district are a. fG
per cent.
Pig iron production in the Shenanyo
Valley has been reduced 80 per cent b.
reason Of the closing down of stacks.
Better shipments Of coal are reported
within the last few days. Some manU-
facturers say they are able now to pur-
chase coal cheaper in the open marke,
than they have contracted for.
An exception in the general trend
the market is the statement By mann
facturer of steel products By col
processes Of sustained demands on cs
pacity. A leading cold steel interest oi
the country whose principal plant is AZ
Youngstown, announces it is operatinG
normally with substantial future COM
mituents.
There has been some revival Of ac-
tivity in the semi-finished materials
market. One inquiry was made in
Youngstown by a Pittsburgh concern
for 5000 tons of sheet bars for deliv-
cry over the next three months and is
still pending. Two other Pittsburgh
concerns jointly inquired for 10000
tons and elected two responses, ono.
naming S53 and the other from.s49 te1
$55. There is little activity in standA
ard slabs and billets, which are quot
at 500.
Indicating the attitude Of buyers is
the action of fabricating interest,
which is confning its orders simply TO
material needed against business IN
hand. An independent steel maker has
stopped specifications against run
ming pig iron contract in order to WORK
off all iron and lar and billet aecumu.
lations. In both fabricat.ng and steel
plants liquidation of inventories is ID
full swing