The New York herald., 1921-04-09
PRICES ARE PUT UP
BY REPUBLIC STEEL
Bars, Plates and Shapes In
creased So a TOn-Other In
dependents to Advance,

Another of the Independent steel ,sc<k
panies-the Republic Iron and Steei
Company-has decided to increase the
prices for some OF its products. accord
ing to information emanating yesterday
from Youngstown and confirmed he~s
later by John A. Topping. chairman OF
the board of directors. Mr.. Topping ad-
mitted that bars. shapes and plates have
been advanced no less than So a ton in
the last few days to bring the selling
price more in line with the cost of pro-
ductlon. Even with this increase the
company's prices are below the In
dustral Board schedules adopted in
March. 1919. on these three items.
The Lackawanna Steel Company was
the first of the independents to change
it's mind with respect to lower prices.
| This company cut prices at about the
same time that Midvale and other inde-
pendents made their first reductions be-
low the Industrial Board schedules. Later
new schedule was adopted by LaclSa.-
wanna, with quotations measurably
higher.
The United States Steel Corporation
has made no changes since the Industrial
Board schedule was adopted two years
ago. Judge Il. III. Gary. chairman, has
reiterated that a lowering of prices has
not even been considered" Predictions
have freely been made that the cor
poration would ultimately be compelled
to reduce its prices and in some quar-
ters it has been asserted that such q
cut must come not later than May /.
The corporations monthly reports of
untitled tonnage have been dwindling
more than half million tons a month
for several months. and critics of tho
Steel Corporations price policy contend
that steel buying will be continuously
withheld until prices have been reduced
Judge Gary is expected to return to
New York to-day after a trip of several
weeks on the Pacific Coast. Both the
quarterly directors meeting and the an
nual stockholders meeting of the Steel
Corporation are to be held this month.
PITTSBURGH, April S.-Several leading
independent steel companies in the Pitts
burgh and Youngstown districts have
followed the lead Of the Republic Iron
and Steel Company, which announced to-
day an advance Of So ton on bars.
plates and structural steel, 1t became
known here tonight.
The companies which SO far have been
reported to have Increased prices also
are the Midvale Steel and Ordnance
Company. tho Youngstown Sheet and
Tube Company and the Jones and
Laughlin steel Company Of Pittsburgh.
Economic necessity, and not increased
demand, was said to have caused the
advance.
1t is expected. it was said, that other
independents will fall into line and that
prices soon will be stabilized throughout
the independent branch of the industry.
The new prices bring bars up to s2.10
and plates and shapes to $2.20. Previous
prices varied between $3.50 and So on
bars and s1.90 and S2.10 on plates and
shapes
The increased prices quoted by the
Republic have been the nominal prices
Of the leading Independents for several
months. but practically every one OF
them is said to have been selling under
this nominal market. The present ten
dency in effect seems to be a stiffening
of the market by elimination of all
shades of prices, it was said, which will
result eventually in practically a uniform
market at prices that operators here
declared would enable them to manufac-
ture and sell their products without
losses, which characterized the first
quarter of the year for most OF the
independents.
Financial reports of several leading
independents for the first quarter. 1t was
pointed out, showed greatly reduced
rates of dividends. and the Midvafe
company last Wednesday announced IN
New York that II would pass its dfvi-
dend. Several mills have closed down
or greatly reduced operations, It WAS
asserted. and the average of production
among the independents is said to bo less
than 20 per cent.