New-York tribune., 1921-04-24

AS it now stands, the basic eight
hour day prevails throughout the steel
industry and men holding down the
twelvehour day jobs are therefore
drawing fourteen hours pay. Under
the "three-shift" system, which it is
believed Judge Gary purposes setting up
in the mills, there would be no
should be increased with the view
of compensating for the loss of pay due
to the short day, it is not thought that
even the judge would consider making
the increase cover the full six hours
pay lost by the short day, as compared
with the long day, as that would
amount to an increase of rs per cent in
wages OH the eight-hour day rate.
At any rate, the workers are said to
be watching the developments with an
interest as keen as the employers and
to be calculating where they will stand
if the proposed threeturn day is sub
stituted for the present system.
No development of Importance has
followed the reduction in prices of
steel products by the Steel Corpora
ton to the independent levels, and but
little new business has come in, which
is attributed to the fact that the trade
believes the reduction is not the last
hut the first to be made by the cor
poration, and that further price con-
cessions will follow the adjustment of
hours and wages of labor.
Independents Gaining
Due to the working off of tonnage
placed before the price advances be-
came effective, opeating schedules this
week approximate 40. per cent. The
independents are gaining in the face
of decline on the part of the Steel
Corporation subsidiaries operating in
this territory. Sheet mill divisions
generally are being maintained at 35
per cent.
Reduced pipe prices quoted by the
independent makers, following the lead
of the National Tube Company, have
failed to stimulate the market, though
some business for the smaller sizes has
struggled in. Improvement in construc-
tion throughout the country is helping
the butt-weld pipe situation, and also is
strengthening the position of wire
rods, which are in firmer demand. In
fact, the whole range of wire products
is being benefited by seasonal demand,
especially nails for building purposes
and fence wire.
Developments of the last ten days in
the price situation are expected to i'm
prove the market, though some of the
best informed manufacturers say it will
be a month before the change will be
apparent.
All district producers announce that
no new business will be accepted under
the currently quoted prices Some ton
mage which drifted in recently on old
quotations was turned down, unless the
buyer agreed to accept the revised
Ill
in the sheet market, where buyers have
offered tonnage at the low prices.
Rail Problem, Factor
Solution of the railroad problem will
be the largest single factor in restor-
ing normal trade conditions, it is gen
orally felt.
Reports are being revived in financial
three of the large independent steel
producers in this territory-the Trum-
bull Steel Company, Brier Hill Steel
Company and the Youngstown Sheet
and Tube Company. Various other COM
panies are suggested in the consoli-
dation, among them Lackawanna Steel
and Inland Steel
The Mathers, of Cleveland, are keav-
ily interested in the sheet and tube
company, in the Lackawanna company
and in Trumbull Steel, through their
holdings in the Trumbull- Cliffs Fur
mace Company.
1t is known that merger Of inter
ests that would result in greater econ
omy in operation and the reduction of
overhead charges would be looked on
very favorably.
Steel operations are practically at
a standstill in the Shenango Valley.
Delegates to Convention