New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-18
Steel Industry
More Cheerful
As Prices Rise
Increase in Activity Noted
in the Pittsburgh District,
Where Blast Furnaces
Are Again Starting Up
Steady Improvement From
Now On Is Predicted by
Many FamiliarWitll Trade
ssec;al Dispaseh 20 The 1ritams

Special Dispatch 80 The 1stbxae
PITTSBURGH. Sept. 1t Slowly
confidence is growing in the steel in
dussry that aa revival OF business has
commenced and viii progress to high
ueak next yaer. The average opinion
smonc leading manufacturers, bankers
and business men in the Pittsburgh
and Youngstown districts is that this
revival will not be surren return OF
busy times. but that it will consist of
wavelcts of activity rising and falling
m the sands and each one mounting a
,ittaIe higher on the beach than the
.thers unit. the full tide Of prosperity
hrs returned
As signs OF this return OF activity
Il is noted that there have been price
advances announced this week, both by
the United States Steel Corporation
mills and by the independents, and
also that the stock market reflects
confidence in the industry hitherto
wanting.
n the Pittsburgh district there has
BY the blowing in of several blast fur
races which were idle all summer
and by the resumption of numbe of
mills on part time which were prac-
sirally Chased during the last two
or three months. The United States
Steel Corporations mills in this vicin-
ity are showing signs of increased ton
mage production, but not TO the same
extent that the independent mills are
operating. Arnonk the independents
the Jones e. Laughliu Steel Company,
the leading factor in the independent
group, is now operating above IS per
cent Of capacity. which is a marked
Improvement over the previous sched-
~ 4 L
It's two large batteries was blown in
ward trend is shown in all its opera
tions.
Railroad Buying Needed
Basing their statements on the vol
u,ne Of inquiries received during the
last ten days steel manufacturers of
the Shenango Valley predict that by
the first OF November the mills of the
distric. will be fairly active One of
the leading steel men said that he
could sec an Improvement in business
now but that by the end of the wear
ali Of the mills should be operating at
from so to IS per cent Of capacity.
The great drawback TO the steel in
dustry at the present time he said.
is the dislnclination of the railroads
to place orders for equipment that is
sorely needed. Give the railroads half
achsnce and they will be in the market
or such great production that the
mills will begin humming with activity
and thousandse of unemploved will
again enjoy prosperity. Many of the
mills of this district depend largely
on railroad work and the fact that the
raliroads are not buying is keeping
ITEM down to the smallest per centage
Of capacity in years"
STEADY Increase in business is nre
dietsd by A. f. Adams, president of
sha FIRST National and Dollar Banks of
Youngstown, and director of num-
per o. IRON and steel companies, who
ads however, that recessions are like
W ODE mingled with the upward
movements, and that normal conditions
are still far off
Some are predicting that October
vii see q general increase in the
volume of steel business. The general
situation as 1T is now does not show
permanent improvement. Orders will
nave to come in more freely before the
eondltion of the steel industry can be
characteFized as improved. | believe
twill require a long tome before nor
nal conditions are reached. A re-
vision Of freight rates must necessar-
ny proceed and general return to
Hikn wave OF prosperity.
business viii probably recover from
nov Oh, but with slight slumps, which
Will not, however bring it below the
low level which it has already reached
Let me say that it took some twenty
I'VE years after the Civil War for
BUSINESS conditions to reach the high
point again--from 1871 to 1897 there
were many high and low points.
Inere are some things TO be adj
lsssed before permanent recovery takes
pace Some wages are still at war
Time peks, wages of miners and rail-
TOAD workers for instance Other
ialngs must be brought down in the
adjustment ! predict that common
laoog will settle to basis of 80 cents
per hour: cotton to 18 coats pound.
Common labor in some localities is be-
low this point, but | believe it will
come back. Cotton was IL cents be-
fore the war.
believe the steel business will get
40 worse, but do not think there will
oe decided and permanent better
meat until the first of the wear and
possibly not until later
Optimistic On Building Outlook
James J. Dalzell, prominent sheet
n meta contractor and president of the
unio State Association OF Builders
L1cnanges, looks for a long uphill
sliinn before normal conditions are re-
ssoFed. He states that this country
MI s.ai. never again witness pre-war con-
uisons because OF improvements in
methods of transportat;ons, the cheap
aesa OF motor vehicles. higher stand
rlus OF living and other factors Mr..
pazeH IS optimistic regarding the
aslsdlrg outlook.
lhere is decided tendency through
ous the industry toward firmer prices
finished and finished materials,
,,ss.n;o"ing me advance Of pig iron quo
saaons Independents have realized
~ SOME tune the futslity of radical
kaGe reductions, when operations were
osus conducted at loss at higher
Ssosanons. Announcement of Judge
vary that the Steel Corporation and its
subsidiaries would meet competitive
snes sssged as detrrnt against ruth
sS ss price slashing to q large extent,
sousn concessions are still being ef-
Asa e, by some interests.
sire Steel Corporation has already
sssahced the price of wire, nails and
s sae products, but the leading Youngs-
Az an producer is still holding to the
a. ieVels and is accepting business on
r Is BASIS OF $3.50 per 100 pounds for
fss'a wire and s2.75 per keg for nails.
ny Joooing business in wire products
Aas improved of late.
Sheet Prices Higher
az tendency is also noted to advance
sssss,s Questions. and the Brier Hill
M company this week advanced its