Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31

the open market were higher than
had been hoped for At the beginning
OF the year. but there were old or
dcrs. taken at low prices. hut one
cuted with greatly increased costs.
Thc corporations earnings per ton
IN september were in the ncighbor.
hood OF $50. What that means from
the long range viewpoint. may L..
seen when il is recalled that in 1905.
when the corporation WAS five years
old. 1t ran at 100 per cent of capacity
throughout the year. and made :.
new record in earnings. but i; it's
earnings per ton had been $50 It
would have earned only about half
as much and would have had almos;
nothing for the common stock Vet
steel prices i'm tho open market. were
so per cent higher last September
than in 1905.
Effects of Conf Strike.
Thus the coal strike affected de.
mand. production. prices and profits
ihcrc was time. when the coal
strike was two or three months old
that some men quietly remarkc Cd that
perhaps the coal strike was a blcss-
ing IN disguise. 1t had stimulated
demand and it facilitated tho re
covcry in steel prices. When IL forced
the industry to MI a, high costs
orders that had been taken "A,
low prices. and left the Industry with
much higher costs at the end Of the
year than at the beginning. it makes
the case quit. different
weighted average of .,riccS Of
finished steel products stands t257
cents pound at tho present time.
against 2.v6 cciLts--.at the low point
early in March. 3.25 cents at the In
dustrial Board" prices "f March Il.
1919: $50 cents under tho govern
mcni wartime control. and $50 cents
as the n-year prc-war average
The character OF industrial activity
in 1922 was plainly shown by tn. dis
tributi"n Of demand. 1t was - good
year. a decidedly gnod year. FROM the
moderate viewpoint men are now dis
posed to hold. in railroad demand as
TO car and LOCOMOTIVES material and
rails and tack supplies. while there
was little railroad buying in the mat
ter OF bridges and terminal work Tile
demand for steel Tor skeleton steel
construction. for hotel and office
buildings. WAS rather moderate in the
iirSt eight or nine months Of the year
and tap"rc1 To very modest propor-
tons later.
Effects of building Room.
There was Il truly remarkable dc.
mand practically throughout the year
Tor the smaller sizes OF steel pip.
and :pr wire nails. this being rcncc-
ton II the great boom in garage and
dwelling house construction when
III. time Of inci.m"nt weather ar
rived and such construction work
would l." expected To be relatively
light tn" pressure upon the mills Tor
delivery of nails ana pipe WAS practi-
cally undated
The automobile induStry's demand
for steel was good. but the automo-
bile Industry has never taken any
large proportion of the steel output.
never as much as 10 per cent /,
should be noted that statistics Of the
number OF automobiles produced arc
apt 10 be misleading If allowance is
not made for the continually de-
crcaSinE average weight, duo to the
greater proportion of F'ords as well
as OF Chc"rolcts and other light
cars.
Demand for Pipe.
The oil industry took fairly large
tonuaEos Of tubular goods in the first
| half OF the year. with the great de-
| cline in oil prices at the middle q.
the year tho prediction was common