New-York tribune., 1922-04-09
Coal Strike Is
Holding Back
Gains i'm Steel
Industry Ia Postponing
Further Operation IN
creascs to See What Turn
Mine Trouble Will Take
spec.n, p,.rotca "A IN. rr,,,x.

WINE trouble VIII lake
specint Dispatch N The Trfbu..
PITTSBURGH. April s~There Is
disposition on the part CT the steel
industry to hold back a little awaitir..
the turn the coal strike may take. Thc
RESUMPTION of blast furnaces. which
nave enormous appettes for coal and
! coke. will cease until IT becomes an
parent what may develop in thc strike
and the putting on Of other producing
UNITS VIII he postponed for a time ri
least Steel plant msnaycmenta are
not anxious to eat into their reserves
| OF coal with any greater rapiditY than
may be- absolutely necessary. especially
I SINCE inc no0-union mines havo been
invaded TO 4 considerable extent with
/ organization and this source Of coal
supply thus reduced.
Almost Simultaneous with the shut
ting off Of sll union mined coal and
/ some ron-anioa coal. there occurred a
/ decided upward tendency in tho demand
( for steel. These two forces workinr
IN opposite directions would very
/ quickly cat up the most forehanded re-
/ serve supplies Of coal. The strike.
! therefore, Is actually now afcctin~ the
/ steel industry by holding production
where 1t is and restraining its increase.
But for this rctarding element. PRO
/ ductlon In the steel Industry would
| have been on al so TO 85 per cert basis
ny the end Of this month. at tho rate
I things wcro moving when tho strike
spread to tho opcn-shop fields A. If
! ls row, production is around IS ner
cent on an AVERAGE and will stick until
definite turn comes in the strike one
way or The cther.
Maximum Production
Homestead Steel Works and IN. Dn-
puesne plant. the largest of the cor
poration mills in this district. arc
/ showing splendid record this week
IN tonnage that surpasses all previous
production since the ste-, ocprcssfon
With the 10 and the 72-incl mills IN
operation and all the blast furnaces
at the Carrie furnaces blown in. these
plants are reaching the maximum pro
duction. Employees formerly working
eight hours are now on a tcn-hour
shift.
This splendid rate Of ---ra,ion MAJ.
however be impeded by this time rext
week and materially reduced. as the
/ Carnegie Steel Company il dependent
upon the Fricls Coke Company for IT.
supply Of coal and the atter's mines
have ben seriously invaded BY organ
ization. In fact, it may almost be
stated that the coal strike has changed
its aspect from test Of patience be
tween union miners and their operator
to showdown of strength between tho
non-union miners and Judge Ga~y:
with the two parties who organized
the strike sitting by and looking or
with interest.
Mahoning Valley Improved
In dustrial conditions in the Mshon-
ing and Shenargo valleys improved
during the week responding 10 on
larged buying activity. New tonnage
came TO distric. mills in larger way
than executives anticipated month
ago. Makers are building Up back
log particularly in the lighter prod
ucte
81 told our stockholders at the an
nuaI meeting in February that we ex-
pected p gradual Improvement in the
first half of the year. states fresl-
dent James A. Campbell, OF the Young
town Sheet and Tube Company. the
! largest independent in this district and
one OF the largest producers IN the
country But the Improvement we are
now experiencing surpasses my e@-
/ pectations With a new crop coming
in. the farmer will be able to buy. We
hope, and that will mean continued ad-
vance of the steel industry
Mr.. Campbell says that iron and
steel prices are not yet high enough tn
assure stockholders in Independent
plants a return on their investment.
Consumers of steel products have
seen from the annual statements Of
/ the various producing interests the
losses which they have sustained last
year. While the recent price advance
I have helped in some respect, lndepena-
Mt interests ar not vt out of the danger
zone. Our company made better
showing in the first quarter OF l925
than in the last quarter Of 1871.
NAV say ii Just about broke even.
! We should show some earnings IN the
second quarter if conditions continue
70 improve"
. Small Merger Abandoned
II is conceded that the small steel
merger Involving the Sheet and Tube
Comnanv the Inland Steel Company.
Chirayo, and the Steel and Tube Com
many Of Chicago. has been Vlrtuaft'
abandoned. Il never had much nope OF
tho nerfection of the three-c ornered
merger" states Mr. Campbell. Inland
Steel wanted too much and the hhah-
cial position Of Steel ana Tube was un-
satisfactory
some doubt is now expressed as to
he consummated The independeht
concerns are much more lndependeht
TODAY than at the time the merger
movement started says MIR. Campbeii.
More business and better outiooS
are not very conducive to an agreement
understand the valuation of .he seven
companies mentioned mas been com
pleted and the next few weeks should
tell the story
MIR. Campbell's remarks on this sub
iect are regarded as the most slgnih-
cant which have been given out since
the movement for amalgama,ion pe-
gan.
George F. Alderdice, president
of the Brier Hill Steel Company, states
that the margin of profit is still small,
even at the advance. andis among those
who believe another increase is war
ranted.
An independent points out that the
/ larger volume of business is helping TO
cut down losses. One maker whose op-
erations were al low cbb fora long
time states that 10 per cent sustained
production would mean saving OF 81
a ton on finished steel. as compared
low pnerattng