New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-08-20
Prices Advanced

Prices Advanced
Because of higher fuel costs, indie
pendents aIs formally marking up steel
prices. Sheets, pipes plates. shapes
and wire products are commodities al
fected The Youngstown Sheet &
Tube Company has announced an ad-
vance in pipe prices of SIS per ton on
black pipe and 81 on galvanized. Other
independents are expected to follow.
The new price list is effective Aug
ust 16,
Independent steel makers have fol-
lowed the action of the American
Sheet and Tin Plate Company in mark
ing UP blue annealed sheets to ESQ
cents base price, black to 1856 cents
and galvanized to ABS cents. In this
territory no change has been made in
full nished sheet prices, as the Newton
Steel Company, chief Independent in
terest, reports it's prices of 4.75 cents
for No. % gage auto body stock Will
apply throughout the third quarter
Some of the important sheet interests
have been quoting prices approximate
ing the new quotations for some time.
The Youngstown Sheet and Tube
Company reports no change in its wire
schedule, though the Pittsburgh Steel
Company has advanced nails to S2.6o
a base keg, which compares with the
quotation of American Steel and Wire
Company of S2.40.
The minimum. price on heavy plates
is S2.15 per 100-pound, while lighter
plates are being quoted on the same
basis as blue annealed sheets. The
principal district interest, in fact, re-
ports that it has entered some tonnage
UP to S270 In general, the minimum
L IL Ill h
ing cents, new prices being an
nounced at such level.
Higher Wages Seen
The impression is gaining ground
that higher wages will follow termina-
ton of the strikes, and there is some
talk of 15 per cent wage advance for
workers in the steel industry. 1t IS
probable that the common labor rate
will be advanced to 33 cents an hour,
from 80 cents.
within the last two weeks we have
closed more machinery business than
in any two months during the last year
and a half" states f. C. Biggert jr,
president of the United Engineering
and Foundry Company. 1T can be
further said that there are now good
prospects for a large volume of ma
chinery sales, and every indication that
the third quarter of this year will
close with our plants operating at a
very satisfactory rate.
"For several months the roll found
ries have been gaining ground and
recently have been able to produce at
nearly the old capacity, that is, the
capacity prior to our extensions at the
American department, Canton, Ohio.
The new capacity at this plant repre-
nd cf oh - h rd
over the previous total, and as there
has not been an opportunity to develop
new business to meet this additional
capacity, we feel that our present scale
of operation is quite satisfactory.
ITO keep busy, however, we must
quote very close prices. Prices will
doubtless raise: this will be mainly
due to increased costs of material and
labor, which are sure to follow in
creasing demand. Increased prices due
to these causes are legitimate, but in
creases due to carelessness, inefficiency
and excessive profits are not legitimate
and are to be continually guarded
against in rising market. A price
may be very high and yet very close.
Must Cut Corners
High prices of laor and material
may make the price high as compared
with hiatt of some other period, and
yet it may be necessary to cut every
corner short to come out with a small
profit. This is the condition which
exists as regards all the work now in
hand, and will continue to apply, prob
ably, to all we get for some time. In
fact, this is the most desirable con-
dition, for under it every one is keyed
up to the best efficiency and the re-
suit is real service, the service which
consists in furnishing goods at less
cost than at which they could other
wise be had. So my warning is
against the iaxness and indifference
which so easily beset us in times OF
even moderate plenty.
With the settlement of the coal
strike and probable amicables ar
rangement that will put the railroad
men back to work within short time
manufacturers of the Shenanpo Val,
ley assert that the industrial skies
have cleared and there is nothing ii
sight TO prevent an industrial boom
covering an extended period. There il
sufficient business to warrant steady
operation of all the mills of the vail
ley. The strikes hit the industry hard
IN the Shenango and Mahoninc VAL
ieys, 1t caused a shut down of MANY
ibast furnaces and steel mills, and bus
mess was close to paralysis.
Fae Wheeling district showed f,,r-
ther decreases in operations durinp
the week. The Benwood plant Of the
wheeling Steel & Iron Company cut