New-York tribune., 1922-01-08
Steel Industry
FOresees Long
RecoveryAhead
Much More Rcadjustmcnf
To Be Done This Year, in
Opinion of leaders: Out
look Brighter, However
spectol nsspotc. +, ms rrtbav.

steer INDUSTRY from leaGinr men lndl-
cate that there arc yet something's
remaining to he done before anything
like normal conditions viii be re-
stored to the industry. As an ind.-
cation Of the sentimont cntersiaed hv
leading steel noen. The following ia
tcrviews have been procured
"rhcre probably never was a tine
when business men were more glad
and happy to turn to the nov 'han the
present" states Jonathan Warner.
president OF the Trum6ull Steel Com.
pany, Warren, Ohio. "Our wo,X FOR
the last year has been one OF con
tinual rcadjustmcnt TO the new con
ditlons which were brought about hy
the World War. Measured in terms
of dollars and cents, the cxncfiencs
has not been profitable, but believe
1t has brought rs back to veritles Of
life more than any other tmc Of
which | have knowledge.
For many wears We dri'toi away
from the fundamentals which 70 u
make real prosperity. and 4nasmuch
as we arc realizing this and GETTING
back gradually 20 now and firm
foundation, | am hopeful 'hat 92e VIII
be much bettor year thaa the one
just closed. hc'c@e eur work w
still be TO further strengthen and
build up our foundations for rcttor
business and that on accopat OF ta.8
effort VIC shall see an inclca riuc do
gree % prosperity. and iu tac Tears
Immediately ahead Of us thcro Niii be-
great prosperity on account 81 th.c
constructive work.
Much Better Than Year Ago
- 1'uai''S' i'' ''''i's o.
,<d'lona' nam anu or, -'pr oF
'oui's1 lo"n 81, a'.- 4h' 'i'b$
a"ss ~ III, N~-'l-t 7
conpafIpiy net'er 'HeA "as
a2o' men we we're Jul. tatcf''ig tn
moso sefere Dnsines' oeft'saion our
country mas ever exp fifncet- io-aa}
W, we are gust emefg nG rem that rhase.
J ne worst IS now NenlHH u.s. ard II -
ieasohanle TO o'ilcVe ''"o cons siachaoie
,,hpFoVemenl Is JUs' &fonAa me corner
b'u IN proportion as lne cepfess On
mas bcen severe. the period oi co:va-
icscence will be lcng.
There are s'iI "a @reet many re
oJus'ments 20 be made before nus'-
ness can How freely ~ !att-e volume
Many prices are stii relatively too
hngh, many others are much too lo~
statement which a1r-les equally to
wages and salaries. Adjustment ol
THESE items ta2t are stll euT OF iine i5
slow process 1t viii not come over
nlgnt. bnstneSs t,s. my ee expeetea ~ 70
v,avor;ng and thD..s vii so -
downs ~ wolj a. ms b,.fc,.. ,ss ar.
again on hioh n,.as.,orii, l.v,l
"The deprezsion whicf hn0an with
tho manic nj 1eo2 lasted ,6a,.l,- ft,e
years. There are rnas~ns for, A., hei;s-
that This ono may he of sfigbtl,, eno,,e,.
duration. but fheye il li+.le ~, ma NOS
sibilitv that fine ona viii ba ,A,chod
this wear. Tho imnrovofoen. loolrd ro-
now may be gubstantisl. bnt n rsr.at,
ho ovnec+od ~ la ,.,,.,+ 80. 49, -.
us back to the level which we l.l-e =,
think of as normal within $50 mort A
time as one voarr
Julius Kahn. nreeidont of .to True
con Steel Coulnan,- ~ tb,f tS.
American hnsjneee man .,.,st n ,Le
future look AZ. his nroblome IRON, nc,v
angles. "ComDctition viii be @rea.e-
than it ever has hem before and CON- \
djtions are djtrer.ai. from thosa ,,hirb
business n,o, INV. h,
meet in the past. Our snhrree of an,
Grafton are becomjn.r ,la,ro,ve3 brca,,ec
the world beyond ~ is baco,,i,., "a
industrial. Nov cone+ruct;,-. ;9,e-a,,-,.
itv. alone lines different fro~, tho o,d;-
narv metbode or Ina n.s4 ,,,,s+ i,o ,.',1
in order that orr industries ,oa,- rotoi,
their nlacne IN tl,n con,,,,,,,.,.;.,l ,,.o,.la
n;a;.,.:
''"i1 1"'''Vs "'edle' no"
"The difficulties through which ".
have passed and those which present
themselves for the coming year are
probably greater than an that have
pcen experienced. We nave passed
through period Of probably the great
est depression which any of us has ever
known. It's effect seemed even mora
depressing because Of the suddcnncss
with which this period OF decline fol-
lowed the great prosperity era Of 1919
and 1920.
Freight rates must come down. The
present nigh frelght rates are probably
the greatest hindrance to rehuilding
industry which we now have. The cost
OF living, high rents ard the corsc-
quent high cost of labor. must reach
lower level N order that we may
meet, to at least respectable decree.
cheap forelgn competition, ana in order
that our foreign commerce may be re-
established
c.,,oo, VIZ unaoup.eo4 Foe aHV,saoic to
order that confidcnco na,, 10 ,c- oS+.,ilI
lished in the sfalilitv of fo,o.,.., -
ernments and The o,.nso,,. lo,.. - -,
foreign cxcbanr, nav 80 .,,a ia..,o'. "a
more nearly mar co homo as .ho 49,, 49,,
of foreign countries is worti,loss tt,cy
are unable to buv from rs ma ,,,o ar,
,,r,llo - Iii - - -