Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-07-23
OF FURTHER
IN STEEL.
Price War Assuming Serious
Proportions-Wide Range
of Quotations

New York, July 23.--Not in a long
time has there been such a serious price
war in the steel trade as exists at
present. The steel companies are COM
peting most keenly for every ton Of
steel that Is wanted. and this has
resulted in some substantial price con-
cessions, with the indications of still
further reductions in the near future.
There is no such thing rs an "estab-
lished" or Stabilized price schedule
just now. Every one appears to be
going out after business, and the result
has been a range of quotations on actual
transactions Of several dollars per ton
under the prices publicly announced
early this month.
Bars, shapes and plates have been
sold at 1.75 to 1.s0 cents per pound,
base Pittsburgh. This represents
reductions from the official prices Of So
to $3 per ton In bars, and Of Ut to So
per ton in shapes and plates. Even
lower figures have been done on small
tonnages in isolated instances where
special conditions ruled.
In sheets, the price cutting has
amounted to $5 per ton, on blue
annealed and galvanized sheets and
have been made at 2.40 cents per pound
for blue annealed, $40 cents per pound
for black and 4.25 cents per pound on
galvanized sheets, and consumers are
said to have had no difficulty in getting
these low prices.
A report has been in circulation that
there will be another official announce
ment of price reductions, but this can
only mean that the various companies
are actually establishing the products
at the levels at which they have been
selling for the last week or more.
Deplore Present Conditions
Many of the shrewdest observers ant
the best authorities on steel in this
country are deploring recently prevail
ing conditions in the price cutting cam.
paign. In the talk heard in the trad,
such expressions as "a war of exter.
mination" and "the survival of tn,
fittest" are heard frequently, indicatin,
that some are looking for further price
unsettlement before the situation
changes.
1t is realized now by those who wer,
responsible for the last price reduction
movement, made early this month. thai
the cut was not sufficiently large to at
tract consumers into covering for theii
estimated future requirements, and tha
it would have been much better for tn,
entire trade II the reductions had beer
greater.
Had prices been put to level wher,
IL was felt that there would be little Of
no further shading except in rare cases
it might have been possible to restor,
confidence among steel users and ge
some actual orders on the books of tn
steel companies. Whether another re-
duction now will prove remedy fo
the ills of the steel trade is highly prob
| lematical. due to the mental attitude O
the consumers.
AS it was, the ink Of the printed an
nouncement in early July Of the lowe
prices had hardly time to dry befor
the sales representatives of some maker
were out to consumers granting sub
stantial concessions below the new lis
in the hope of getting the business il
hurry. and their action merely hat
| the effect of causing consumers to de
| lay placing their orders, In the hop
concessions.
Railroads Do Some Buying
| There has been no change in pig iroi
| and buying consists only of the necessi
ties of pressing requirements of con
sumers. In the local territory ther
have been sales of 500. 80 to S23 so pc
ton, delivered, for base grade, cut o
as much as S4 per ton for the last fey
weeks, while basic iron has been offere
at S22. so per ton, delivered in easter
Pennsylvania.
About the only bright spot in tn
entire situation Is the resumption of &C
tivities by some of the railroads, whic
recently reopened locomotive and ca
repair shops, but no orders for stee
have come out in substantial buying a