The sun., 1919-07-11
UNTITLED STEEL
ORDERS INCREASE
Corporations Monthly Report
Shows First Gain Since
Last October.

For the first time since last October
the untitled orders on the books of the
United States Steel Corporation. as re-
ported every month. show an increase.
The tonnage statement for June 80,
made public yesterday. gives untitled
Increase of 61o.545 tons over the May
figures, which showed a total OF 4,2S2,-
$40 tons. On April 30, 1918, unified
orders aggregated 4,s0o,eS5 tons; on
March 81, 1919. 5,ise,S72, and on June
80, 1918, S,91s,S66.
While Wall Street pretty generally
anticipated an increase in tonnage fiE
ures, only in a few instances was il
expected that the advance would exceed
100000 tons. The announcement was
received, therefore, with considerable
favor. not only in financial circles. but
all through the steel trade. But OF
more Importance than the actual amount
Of the increase. II was pointed out, was
the fact that there was an increase.
This was taken to indicate that the
steel industry. as a whole, has passed
through its most distressing period and
has finally and definitely turned the
corner for the better. After seven
months Of steady declines in tonnage fig
ures June's Improvement was taken as
very favorable omen of what may be
expected in the future
The extent of the decline, which set
in on November / Of last year, was
more than 100000 tons I'M ALL with
yesterdays increase from the showing
OF the preceding month. those losses
were cut down to a little more than
100000 tons. Estimating average OPP
80 ~.
pany at IS per cent. OF capacity. orders
booked during the period were in excess
of actual capacity. or 100000 tons
The figures reported yesterday com.
pare with the high mark OF l2.lsS.0S2
tons reached in April. 1917, when the
corporation was working at its highest
point 'on war orders There was a
gradual decline from that peak figure
until November, 1917; when there be-
came apparent another Improvement,
which lasted for two months. Another
decline started In February, 1918, With
9.2SS,f53 tons and continued to May.
1918, when 1t was s,3S7,62S tons. After
that time there was a steady decline.
with the exception of a slight increase
In October. 1918,
The report OF yesterday reflects the
conclusion on the part of buyers OF
steel that prices are not going TO be
lowered. at least at present For long
time after the signing Of the armisties I'm
November OF last year would be pur-
chnsers of steel and steel products held
on anticipating that prices Of products
which they sought would come down.
After few months, during which the
steel price sterilization plan was put
into operation by the Industrial Board
of the Department OF Commerce and
then abandoned following heated argu-
ment with the Railroad Administration.
they realized that prices were not COM
ing down more than the voluntary re-
duction made bp the steel producers late
last year. That conclusion was has
tened by the Railroad Administration S
request for bids on large order for
steel rails Those bids, almost without
exception, were at or near prices de-
cided on by the Industrial Board dur
ing It's conferences on price stabilize
tion.
Realizing that they could not hope for
immediate price reductions, buyers who
needed the steel at once. particularly
automobile builders, whose orders were
piling up and who were unable to sup
ply the demand for their cars, began to
purchase. The first large order to be
placed was that of the General Motor
| Corporation late in May for upward OF
| 10000 tons of steel. While that order
was placed in May the final arrange
ments were not concluded until June. SO
that II did not appear in the statement
of untitled orders OF May 81. issued
early In June. 1t and other large orders
| from other automobile builders which
followed were responsible In no small
degree for the big advance in tonnage
recorded In this months figures. 3D..
The following table gives the fiuctua'
lions OF the untitled orders. of the Stee
Corporation since the first part OF 1917