Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-05-17
RENEWED CONFIDENCE
IN THE STEEL TRADE
Optimistic Views Of Judge Gary
Being Shared by Other
Manufacturers

New York. May IA most notice
able improvement in sentiment has
taken place in the steel industry during
the last week, and feeling of renewed
confidence is rapidly displacins that Of
doubt and apprehension on the part of
some interests. The optimistic views
which have been expressed by Judge
Albert Fl. Gary from time to time dur
ing the last six weeks or two months,
and which We're not generally agreed to
at the time, are now being shared by
all the other important steel manufac-
turers in the country.
The demand for steel products has
improved rather materially in the last
few days. as compared with what it
was previously. but the best opinion
in the trade is that the Improvement
that will come in the last six months
of this year, according to present indi
cations. will be most substantial. 1t is
the fairly general belief among authori-
ties that the buying of steel products
will increase steadily from this time
on and can be expected to reach large
proportions within the next three or
four months.
The elimination of the. industrial
board and the restoration of so called
free market. with producers on com
s,-7g5. basis. has done much to bring
at the re establishment of conf
: dence. The market is now free from
official muddling and is to be permitted
to find its natural level.
And in finding its natural level steel
men say there is little to fear that
prices will be reduced. The levels fixed
originally as the stabilized quotations
were shown to be the lowest at which
the producers could do business with
out a reduction in wages. and none of
the big men directing the steel industry
in this country are willing to face any
labor difficulties or unrest just now.
Improvement in sentiment is reported
in the market for pig iron, with pro-
ducers expecting comparatively good
demand shortly. Some consumers are
still holding to their waiting policy, but
others have come into the market. .One
buyer having placed n contract for his
requirements for the last three months
of this year. This user has expressed
the opinion that with the uncertainty
removed there is no reason to wait toe
long before assuring his needs.
Another comparatively important pil
iron consumer is said to have placed q
contract for delivery over July, August
and September, the third quarter o
this year, and it is known that man,
other users have come into the marke
with inquiries or orders during the las
week, giving the market a much bette
appearance.
In well Informed pig iron Quarter
il is estimated that about $4,000 tom
have been contracted for in all durini
the last five days, with most of the or
ders calling for small quantities-non
larger than probably 2500 tons. Thi
is taken as Indicating how wide tn
market is at present. Rumors Of price
shading which were heard recently hav
disappeared entirely now.
The market for iron and steel scral
has not shared in the Improvement re
corded in other branches. The uncer
tainty continues. and no one appear
willing to buy. Prices are easier, heav
melting steel scrap having change
hands as low as Sl4.50 per ton deliv
4 cred, a reduction of about fifty cent
per ton, and other grades are down il
proportion.