New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-08-25
Steel Corporation
Continues to Meet
Independent Prices
Subsidiaries Will Not Lead
in Establishing Lower
Levels, However, Says
Gary; Outlook Improving

With ths reduced pay scale about to
become effective in Steel Corporation
mills, Ebert II. Gary, chairman Of the
board, announced yesterday that the
corporations subsidiaries would con-
anue to meet price reductions Of lead
Ing independents in the industry.
HIS statement was largely reitc ra-
ton or views expressed on August q,
when he announced that subsidiaries
Of the corporation we're meeting inda-
pendents' prices Although Judge Gary
did not stress the point, it was indi-
Gated that the policy Of meeting COM
petition would be maintained so long
as prices did not drop too far below
the cost of production. What the cor
poration would do should there be a
severe break was not indicated. II is
not probable that such contingency
will arise, however, for during the week
there were indications of slowly ex-
panding demand for some form Of fin
lshed steel, according to The Iron Age.
Judge Gsry's statement on the situa-
ton follows; "When the subsidiaries
Of the Steel Corporation ascertain to q
certainty that large and important in
dependents, SO called, are selling at
prices materially lower than those
which have been heretofore announced
our subsidiaries Will meet the new
prices. They do not precipitate or lead
IN establishing lower prices, for they
are aware that the prices which have
prevailed for some time past ere lower
than the actual cost Of production by
most if not all of the producers"
1t Is supposed that the price revision
applies principally to sheets and tin
ing increased activity recently. The
Steel Corporations prices for black and
galvanized sheets had been Sc and &c,
respectively, and the new levels are
2.T5c and 9.75c. For tinplate the basis
before revision was 5.25c, and this has
now been reduced to Also, with spe-
cial price Of 4.25c for supplies in stock
producers of steel see more signs Of
using up stocks that have long stood
between them and anything more than
a hand tom outh operation" says The
Iron Age, land are encouraged to look
for gradual decrease in the scale Of
their losses.
That the Steel Corporation followed
more promptly the last wage reduction
Of the Independent companies than
those coming earlier in the year is an
indication of the effect Of recent com
petition. 1t will take a considerable
increase in operations TO give any ap-
proach to economical production.
The pig iron market has held the
Improvement of last week, considerable
sales lsng reported at SOC or more
above recent low prices in some dis
tricts, while in ether cases business
was closed at prices quoted fortnight
ago. In the Central West foundry iron
shipments in August have been from
third to so per cent larger than in
July"
The Iron Trade Review says: "More
activity was noted in the coke market,
due to inquiries from furnace oper-
ators. The American Rolling Mill Com
pany closed on 10000 tons Of furnace
fuel to be delivered at the rate Of
10000 tons monthly. The price on this
business was understood to be STD,
ovens.
Railroads continue to place orders
for repairs Of cars. Contracts have
been awarded for work on 1900 cars
by the Big Four, 200 by Chicago Great
Western and 200 by the Erie Rail
road. Pere Marquette, Rock Island and
Buffalo, Rochester G. Pittsburgh rail
roads are asking for bids for repairs
on a total Of about 1000 cars"