New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-01-16
No Wage Cut
By U. S. Steel
Before April
Corporation May Maintain
Present Scale Even Then,
Reducing Only Hours Of
Labor, if Orders Grow
Trade Virtually Stagnant
Reports of Drop in Prices
Below Leaders Schedule
Denied; Operations Small
Special Dispatch to The Tribune

Spccidt DtSDdtcH TO The Tribune
PITTSBURGH, Pa, Jan. 15.-The
buyer is in complete control of all iron
and steel commodities produced in this
district and the market is in state of
stagnaton. Although reports are be-
ing circulated that independents are
cutting prices below the Steel Corpora
ton level to induce buying, these re-
ports are largely without foundation
insofar as independents in this district
are concerned.
For instance, story circulated
through the trade during the week
that the Brier Hill tSeel Steel Com
pany was quoting So ton on plates
under the corporation price. has been
denied by an official who saws that the
company is not quoting under s2.65.
and has turned down considerable
volume of business which it could
have accepted at lower figure.
Other companies in the district have
followed the action of the Youngs-
town Sheet e. Tube Company, proper
tlonately, in marking down their raw
materials. The company mentioned
TOOK loss of $5,000,00O on it's inven-
tory, which it marke down to the
level OF current prices. President
James a. Campbell believes costs and
prices must get down to bedrock be-
lore buying VIII resume in volume.
AS a consequence of the inactivity in
the market, operating schedules of the
Independents are at lower rate this
week then they have been in possibly
1lve years. Brer Hill Steel COMPANY
mas suspended its Grace blast furnace
leaving only one of its three stacks
pouring. With this loss, eighteen Of
the twenty-five stacks in the Mahon-
ing valley are active, with indications
mat others will be banked within a
short time. q
Question of Wages
During the week the two large plants
~ .he American Steel and Wire Com
Fany' the Donora and Rankin mills. re-
sumed operation after hr;af '- shn re
down for repair work. giving ounIow
ment TO 5000 men. Ali plants of tie
united States Steel Corporation in TIL; x
olsor1ct are operating at full capacity.
!, "A question which has been agitating
the minds of the steel manufacturars
ana consumers, as to how the Steel
corporation is going to reduce wages
IN view of Judge Gary's repeated de-,
larations against elevating SELLING
prices above the Industrial BoarJ,s
sscheduie, was to-day partly answered
oy an offlclal, who said that there NAV
oe reouction IN wages by the cor
PoraIlon, but 1T would not come ebfore
Aprli. however, he added that if +hc
unliled orders show no greater reduc
zion than the last report it would not
come at all. Instead the working hours
may be reduced, which would mean q
REDUCTION IN the pay envelopes, but
not the wage rate
Mahonlng Valley independents are
ioath to reduce wages as long as III.
ieaolhg interests continue to maintain
the wage rate at the Carnegie Steel
company plants in the territory.
Reduction for Sheet Workers
The reduction of 91a per cent in the
wage rate for sheet workers for the
January-February period, as result
OF the bl-monthly examination of salas
sheets on shipments for the sixtv-day
period, does not reflect the decline in
sheet prices, say makers. A further
cut is looked for at the next settln-
ment
Lower prices for tubular good;
quoted by the leading makers have
i al to IN duce, new business. I'm
nlled tonnage will maintain operation
TOR three weeks to month. Revision
d,ownward of pipe prices is expected to
hasten the wage readjustment.
Sheet buying is in small volume and
OF 'he spotty variety. The president of
a leading sheet producing interest be-
ileves bpying will revive from the reg
ular trade channels within month to
month and a half, though he does not
look for business from the automobile
industry until after the first half.