The Birmingham age-herald., 1908-03-08
INDUSTRIAL IMPROVEMENT.
Substantial Evidence of Better Condi.
 tions Given in Detail.

From the Wall Street Journal.
 Certain speculative interests who would gain by a further shrinkage in securi- ties have been inclined to belittle the re- ports bearing upon an improvement of the steel industry of the country. While there has been no pronounced improve ment in the steel situation, developments over the last few weeks do not fail to indicate a moderate turn for the better. Whether this improvement will be lasting in character remains to be seen.
 The recent improvement in the steel sit uation can be summed up as follows:
 First-The practical breaking of the steel rail deadlock through steel rail orders within the last week aggregated approximately 100000 tons. Inquiries are in the market for about 100000 additional tons of which 6O,OOo tons are for lead ing western railroad.
 Second-The advance of g a ton in iron bars which followed a decline from $1.60 per 100 pounds to $l.4O per 100 pounds. The advance of from $1.5O to s2 in scrap.
 Third-An improvement in collections. As an example, six railroad companies OWeQ a IedQlnR Sleel COlllpdHS pi,poOfvVO. Efforts to collect this money until recent ly were unavailing. These railroads have now practically liquidated this entire debt.
 Fourth-The statement of a prominent representative of the United States Steel Corporation that 46 per cent. of the eapac- ity of the company is now in operation as compared with an average of 2S per cent, in December. Also that there is every M ,f,ere xnrfn inxx substantial increases over either Decem- Der, January or February.
 Fifth-The statement of the Republic Iron 4& Steel Co.,, that it is operating more than 35 per cent. of it's capacity as compared with not much over 20 per cent. in December.
 Sixth-The resumption of quite num- Der of idle mills, including the rail mill of the Pennsylvania Steel Go. which is ex- pected to be kept in operation for several months.
 Seventh-Wire and tin plate products are in good demand and these branches are contributing largely to earnings. The demand for steel bars has also improved.
 Eighth-There is a better demand for structural steel for building purposes and plans and specifications for new buildings show an increase. The disturbing feature, however, in this connection is that con
  pendents at figure representing slight margin of profit only.
 Ninth-The closer relations that now eX- ist between the leading steel companies and their determination to prevent under cutting of prices which might lead to de- moralization.
 Tenth-The Lackawanna Steel company is expected to begin to roll rails in the near future. The resumption of the tube of ba Steel COrnOr1fiOn IsOr aine, Ohio, and the starting of the rolling mill of the United States Steel Corpora ton in Alabama
 Eleventh-The United States Steel Corp oration reports an increase of about 9 per cent. in orders.
 Twelfth-The steel and iron companies for the first time in many years are limit ing production to consumption which ought to result in a more rapid recovery than would be the case if an improvement started with heavy stocks on hand.
 Thirteenth-The fact that the federal administration is not opposed to the con- ciliation and cooperative movement among steel manufacturers can also be regarded as a factor which will assist in dragging the steel industry from the rut of depression in which 1t has been found ering.
 Fourteenth-The feeling of depression which has existed in steel circles for sew eral months past seems to be gradually giving way to a more cheerful feeling, which is in contrast with the gloomy forecasts of certain speculative interests.
 F'ifteenth-Conservativ steel manufac- turers believe that so far ts the depres- sion in the steel industry is concerned, bottom has been reached. While they do not anticipate any pronounced recovery in the near future, they seem convinced that there will be slow and sure im- provement from now on. They do not an- ticipate a return to normal conditions until after the Presidential election.