New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-08-07
Newest Cut Has Brought
Regular Customers Back
Into Market. Independent
Manufacturers Report
Jobbers Make Inquiries
Steel Executives Hint at a
20 Per Gent Reduction i'm
Freight Rates; Tin Quiet


per cent, others report tonnage coming
in this week will support existing
schedules for two weeks longer Reru-
lar customers of certain independents.
who have been out of the market for
a protracted period, are now buying
material while large jobhing interests
are also in the market for tonnage.
Steel makers generally report evil
dences that stocks in hands of jobbers
are diminished, and considerable bay
ing against such depletions is looked
for. Sheet orders accepted this week
by one large Youngstown maker aggre-
gate substantial tonnage.
The sheet market is uniformly more
active than at any time this wear. the
current rolling rate in the Mahoning
Valley being so per cent. Operating
fourteen of its fifteen mills this week.
the Youngstown Sheet & Tube Com
pany has larger production schedule
than at any time since December, 1920.
The sudden upturn of business re-
ported by the leading Independents
may have something to do with the re-
cent announcement by the Steel Cor
poration of another reduction in prices
of certain steel commodities. which
brings the corporation price now down
to what has been quoted by independ-
ents for some time. That the low
point in prices has been reached, az
quoted by Judge Gary after the an
nouncement of the cut. seems to be
true, for regular customers are again
back in the market.
The mills of the Steel Corporation
do not report any increase in opera
ton, but it will follow the others since
the last reduction has been made, is
the general belief of steel makers here.
Move for Lower Freight Rates
A movement has been started to
have freight rates reduced. Repre-
sentatives of the steel industry are
comforting almost daily with managers
of the railroads and it is limited that
20 per cent decrease is possible.
This, the steel makers say, would re-
duce the cost Of steel production $3.50
to So ton and would be material
stride toward the revival of steel by
ing which seems TO have started al
ready.
j. P. Keene, president of the Younes-
town Tank and Boiler Company, states
that renewed activity is being shown
by boiler and tank interests and that
his company recently enlarged produc-
ton to 100 per cent to work off new
business.
Youngstown district plants of the
United Engineering and Foundry of
Pittsburgh are working off large ex-
port orders, chiefly for Japan and
France. The company has completed
the installation of one s00-ton and one
200-ton forging press for the Navy De-
partment at Mare Island, Cal.
Settlement of the bar iron scale for
another year at 10 per cent reduc-
tion in production costs is expected to
give impetus to this market, as it will
enable the further pairing of prices.
Some steel bar tonnage is being placed
with the two principal makers, but il
is below the activity in finished lines.
The steel bar market is at 1.75c.
Pig iron has settled to an $18 base
for standard basic, with improved de-
mand from foundry interests through
out the Central West.
Tin Plate Market sagging "
The tin plate market Is reported to
be sagging and it is stated that some
business has been accepted. at S5.2o.
This compares with recent levels of
$3.50 and s5.75 While activity in the
tin plate market is better than it was 4
for three months, there is still room
for Improvement. Makers generally
believe that 1922 tonnage will make up
the deficiencies this year IN buying.
One of the features of the market at
present is the way consumers are in
sisting that specifications be lived up
to and the rigid inspection to which
they submit materials. Any slight de-
+ o
overlooked, is now the occasion Tor
protest and sometimes for rejection Of
material.
Indications point to revival of bust
ness in the Shenango Valley within
the next sixty days. No definite time
has been set for a resumption of any
Of the Idle mills and furnaces, but the
industrial heads are all of the same
opinion that the tone is better: Al
the moment the amount of business
which can be booked on any terms
is very limited. 1t is believed that
the final markdown has come; IN TACT
some independent plants are SAID TO
be selling material ct price peiow
cost Of production.
1t is believed that at least 500 more
men are working in the Sharon
Farrell district than week ago. The
Sharon Steel Hoop plant is running ali
of it's finishing mills and will continue
indefinitely. Officials of the Sharon
Pressed Steel Co. inspected the Wheat
land works this week and stated that
the outlook for increased production
is very bright The Petroleum Iron
Works are operating 40 per cent OF
capacity.
| Wheeling District More Active
In the Wheeling district approx
mately 1000 men were given employ
ment when the Wheeling Steel and
Iron Company's plant in Benwood re-
sumed operation on Monday and 300
more were put to work with the re-
SUMPTION of the Belmont mill OF the
same company.
| 1t is announced that the mills Of
the Wheeling Steel and Iron Company
Rave enough orders TO guarantee con-
/ tinucus operation fer from fsur TO six
months.
The only new feature in the Cam
bria plant of the Cambria Steel Company
1T Johnstown this week was the an
nouncement Of q general wage re-
duction. Common labor will be cut
from 30 to IS cents an hour, effective
August 16. All other rates will be adj
justed on this basis. including salary
| schedules.
Independent steel interests here will
not follow the decision OF the CAM
bria company. They are now paying
80 cents sor common labor. while Cor
noration tant4S arc efiii patfye 81 cent :.