New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-07-10
Steel Prices
Now ON More
Uniform Basis
Reductions of $4 to $40 Ton
Put Quotations Where
Actual Selling Levels
Have Been for Some Time
Special Dispatch to The Tribune

PITTSBURGH, July 9.-Virtually all
independent steel producers in this dis
trlct fell in line with the lowered quo
tations announced by the Bethlehem
Steel Company and the United States
Steel Corporation this week. The re-
auctions range from 81 to $40 ton on
various finished products and semi-fn-
lshed steel. The new prices bring the
average about $25 ton under the War
Industries Board level. The action of
the bethlehem company and the Cor
poration caused less comment here
than would ordinarily have been the
case, inasmuch as it placed nominal
have been for some time.
The industry is benefiting som ewhat
from an apparent increase in building
activities throughout the country. Such
materials as nails, wire products, rein
forcing steel, sheets, fabricated prod
ucts, conduits and the like are in
stronger demand than other lines.
Joseph G. Butler jr., director of the
American Iron and Steel Institute, at
tributes the apparent slump in sheets
and plates to an overeXpansion in pro-
ductlve capacity during the war. With
drawal of war demands left the coun-
try with greater capacity, and any
slump in the ordinary requirements, he
points out, would therefore appear
more pronounced than it really is. Mr.
Butler believes the gradual increase IN
demand, together with the new uses to
which sheets and plates are being con-
stantly put, will soon absorb this ex-
cess capacity. He voices the prediction
that business will remain quiet during
the summer, but will pick up in the
fall, gradually gaining strength until
the first of the year.
New Orders Much Improved
Julius Kahn, president of the
Truscon Steel Company, states that
inc inflow OF new orders with his com
pany is much improved, especially
from the building trades. Mr.. Kahn
states production is being enlarged to
take care of the larger demand.
Plate makers are more optimistic
than they have been for some time,
owing to the overhanging business
from car repair interests. Some of the
railroads have already made awards
for car repairs, while others are about
to do so, and this business will, in
turn, create orders for the plate mar
ket
1t is expected that limited buying
ny tHe farmers curing the last year
viii bring them into the market more
actively in the fall for many miscel-
laneous needs. Thus the steel indus
try will directly and indirectly benefit
through the improved demand for trac-
tors, farm implements, automobiles,
and railway equipment to hald them.
Lower freight rates will also help
the farmer realize a larger net return
Oh his products and bring into the
market an important group of consum-
ers who are at present buying little
or nothing.
The president of a district interest
states that the tonnage produced in
June was larger than in May, which
was the smallest of any month in
years
In the pipe market, business at pres
ent centers around the demand for
the smaller sizes of merchant pipe.
The ,iapweld market is quiescent and
IS adversely affected by The resale of
offerings of holders in midcontinental
oil fields. A Youngstown interest
figures that such groups have an ag-