New-York tribune., 1922-12-24
Steel CorP'n
Starts First
River Tow
Large Portion Of Cargo To
Be Trans-shipped From
New Orleans; Industry
Shows Favorable Signs
Prices Being Stabilized
Campbell Says 1923 Indica-
tions Justify the Hope
Business Will Not Drop
fnrcinI pi.nnfch fo - Trlbrne

Special Dtspqfch 20 The Tribune
PITTSBURGH, Dee. pa notable
event Of the last week In the steel In
dustry was the entry Of the United
States Steel Corporation into the river
transport Of It's products. On Decem-
Der 10 the first corporation tow Of steel
barges undertaking delivery Of corpo-
ration steel products on a large scale
departed from the Pittsburgh harbor
carrying 1000 tons for customers In
Evansville, Ind. St. Louis and New
Orleans, whence a large portion Of the
materials will be transshipped into yes
sells for export or for delivery 10 the
/ Pacific Coast Barring a little delay,
owing 10 the low water stages IN the
Ohio River, which are the result Of
the long drought Of summer and fall
and the unfinished condition OF the
/ locks and dams, the tow has been max
ing excellent progress and anticipates
reaching New Orleans in about three
weeks
The tow was handled by the Car
neRie Steel Company with It's new
towboat William G.. Clyde and the
steamer Homestead as an auxiliary for
the upper part Of the river, the tow %
be combined below Wheeling and taken
from there on By the Clyde. Ten new
steel barges designed especially for this
service were used, each being 200 feet
long, 35 feet wide and IL feet deep
and capable Of carrying more than 900
tons Of steel products each. or the
equivalent TO twenty-five freight cars.
Il Is roughly estimated that the total
carried By the corporation tow repre-
sented what would have required 225
freight cars % transport, thus relieving
that many cars for other service and
helping TO lessen the car shortage sit
uation.
The ninth Jones a Laughlin down
river tow Is making up now in Pitts
burgh harbor and expects 10 depart
early in the week. Il consists Of sew
erai barges Of steel products. II Is
understood that both these steel con.
Germs are planning additional tows for
January and February and that they
expect 90 be operating their river de-
livery service on fixed schedule start
ing with March.
Prices Stabilized
Not for many months has the steel
industry shown the favorable signs 70
steady and sustained business which
have been indicated during the last
week Prices have stabilized and taken
on a tendency 10 rise, order books have
been filled almost full for the first
quarter and works are operating at
capacity for the first time in many a
long, anxious month. All signs in the
Pittsburgh, Wheeling and Youngstown
districts point 20 a good year in 1923.
The various larger companies in the
district report operations at so 20 SO
per cent and inquiries and orders
showing no let up. A spirit Of Christ
mas cheer throughout the industry Is
the consequence, not only among the
operators, but among the employees as
we'll who have had wage and salary in
ereases during the past few weeks and
/ look forward 70 the prospect Of steady
work for months ahead.
Discussing the outlook for 1923,
James A. Campbell, president Of the
youngstown Sheet and Tube Company,
states:
General indications for 1923 are
such as 20 Justify the hope that bust
ness will improve, or at least continue
at It's present rate, although under
lying conditions are far from sound.
The principal danger seems TO lie in q
probable further advance in costs IN
certain lines and resultant advances in
selling prices. II this occurs, It may
have the effect Of checking demand,
as was the case in the latter part Of
1920, when the peak Of high prices
was reached and stagnation followed.
"As | have repeatedly pointed out,
until sound basic conditions are re-
stored In this country and abroad
there is certain 10 be more or less ner-
vousness in business. Nevertheless,
the consensus Of opinion seems to be
that 1923 will prove 10 be a good
year, and II Is our hope that these
expectations may be realized"