The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-05-08
STEEL MILLS NOT 2
INCREASING WORK
Corporation and Independents
Operating at Practically
Same Proportion.
NEW PRICES WELL HELD
Pig Iron Market Is Slightly
Improved-More Interest
in Coke.
NEW PRICES WE'LL HELD

LII OOk6s
Special Despatch to THE NEW York HnaArD
PITTSBURGH, May THE event OF
this week in the iron and steel trade was
the announcement of a 20 per cent cut
in wages by the United States Steel Cor
poration. which just about equalized
them with wages paid by the indepen-
dents and follows very closely on the
heels OF the equalization of steel prices
by the corporation and the independents.
1t is believed that the workmen will see
the Justice Of the cut and that there will
be no labor troubles to add to the general
depression In the steel business. Steel
mill operations are not increasing. the
average for the industry as whole be-
ing probably between 35 and 40 per
cent Of capacity. The United States
Steel Corporation and the Independents
are operating at substantially the same
proportion. There have been increases
in some lines in the volume of specifica-
tions and releases received. but in the
general aggregate they are balanced
probably by explorations Of old contracts.
The new prices are we'll held all along
the line. recent reports Of Irregularities
being attributed to the closing OF busi-
ness against old quotations. which were
discovered to be still binding on sellers
The poor prospects for demand In tn 4
near future are likely to discourage pr \ :
ducers from attempting to build up sIn
economical operation by the price gut
ting method. Present prices are far
from profitable at the low rate OF S,era-
ton now ruling and In prospect No
doubt that the present dulness In b siness
generally is due to the continu nee Of
high wage rates in the buildin q trades
Is entertained in the steel trade ). and the
failure in SO many quarters to obtain re-
regarded as a distinctly unfit 1,ora aS de- e
velopment.
There is a barely percep dble improve
ment in pig iron in contra 81 to the abso-
lutely stagnant condition that obtained
for SO long There is nos heavier buying
In any grade, but in 70 t.ndry iron there
is trifle more inquirys. chiefly for car
loads Of 1t. Whether /,r not on account
of an increase in In q uiry, the foundry
iron market has decl u led SO cents in the
last week, there eHig offerings at $24,
valley. with $23.75 kluoted to middle in
terests to enable Them to sell to con-
sumers at $24 arN make something to-
ward their office rent. Basic iron. which
market price. "a in an involved condition
because. althf EJgh some producers have
advanced y Eir quotation from $23 to
SIS. other roducers have withdrawn s25
as their king price and state that they
will quot a lower price whenever they
are an Srded the rare experience of
being Grmitted to quote on an inquiry.
Coke Depression Passed.
az bted at $3.50. or so cents under what
al the reported sales of valley basic iron
ssince the end OF March have been at
that figure. Bessemer is nominally I'M
changed, basic and foundry being quot
liable so cents lower.
Tho extreme point of depression in the
coke trade appears to have been passed.
Although there is no great change In the
situation, the demand for furnace and
foundry coke has not decreased in the
last week, and in not a few quarters it is
felt that there has been slight increase
OF interest by consumers. There Is not
much buying. but there Is more inquiry.
particularly by foundries. The market
for spot foundry coke is still quotable at
SIS to $3.50 for really standard foundry
coke, as has been the case for several
weeks. Relative to furnace grade. the
foundry price is high. but thus far it
has been obtained without difficulty, pro-
ducers being rather Indifferent as to
whether they sell or not when the total
volume of business they could run up is
so small. II the market runs true to
form a broadening in the demand for
coke will produce more competition and
probably decline IN minimum prices
although more influential operators are
unlikely to reduce their quotations no
matter what occurs. The market stands
'quotable as follows Spot furnace, $3.50
TO s3.T5 srot foundry, SIS to $3.50.
New business in sheets and specifica-
lions against old orders are developing
in way that encourages manufacturers.
Additional Inquiries are coming I'm ana
although individual requests are not par
ticularly stable the aggregate represents
satisfactory tonnage Although business
Is coming from the automobile industry.
direct and Indirect. other lines OF manu-
facture represented are electrical and
stove industries. Accommodations permit
of increased operations at Dover, O.,
and Farrell. Pa. and from TIM. 20 ,.me
additional mills will be placed IN opera
ton at plants now running. No shading
under the aloe. &c. and &C. base Pitts
burgh prices on blue annenled black
and galvanized sheets, respectively, Is
noted.
With the beginning OF May, specifica-
lions for tin plate are more numerous
than they we're at any time in April and
Improvement Is expected to be well sus-
tanned from now on. The leading inter-
cst's mail contained this week heavy
amount OF tonnage and enough business
is in sight TO make chis month much
better shipping ~and operating month
than was April.
Operations mt Farrell Increase.
Operations are Increasing at Farrell
and additional tin mills will be put on n
plants partially operating. Fruit and
vegetable packers are buster and 1t
seems as though the pack OF Pacific
coast packers. instead of 40 per cent.
talked about few weeks ago. would be
normal or better. and the outlook for tin
plate demands from that quarter are ex-
ceptionally bright. Lots OF two to three
cars are moving at so cents less than the
Ss.25 production plate price a base box,
Pittsburgh.
Buyers of tubular goods are supplying
only their needs In conservative way
and producers are operating their pipe
mills accordingly. Some plants VIII be
shut down for two days. a few orders
will be received and operations viii re-
sume for day OF two, while others
operate more regularly. Considerable
business In the aggregate has been