Evening star., 1924-04-22
INTERESTS FORESEE
LESS IRON AND STEEL
Factors in Industry Comment on
Gary View of Produc-
tion Prospect.
BUYING SEEN AT LOW LEVE1
Jobbers Would Reach Midyear
With Limited Stock.
BY j. &. ROYLE.

| Special Dispatch to The Star.
| NEW YORK, April 22-The other
factors in steel found many things
| today To add to the statements re-
| garding conditions in the industry
made by Judge T.. II Gary to stock
holders of the United States Steel
| Corporation at their annual meeting
The men outside the leading interest
declared that, having attained the
greatest productivity in history, the
| iron and steel plants would slow
down until large stocks were liqui
dated
The independents added to Judge
| Gary's statement that the abolition
OF the twelve-hour day was costing
the steel corporation $35.000.000 a
year. the declaration that the abSorp-
ton of the eight-hour schedule, ac-
/ companied by increased wages and
! additional employees required, had
added &c per cent to overhead costs in
the industry as whole. They con-
present TO make further startling
price cuts bcause the margin of profit
was extremely narrow.
buying at Low Levels.
General buying of steel by jobbers
and manufacturing consumers. has
been at a low level since April /.
Jobbers say they have rrplenished
their stocks for the spring trade, and
even If this proves to be heaeyy, they
are disposed to reach midyear with
only small amounts on hand. Buyers
are not showing worriment over the
future, however. There is no urgency
for deliveries. though mills are re-
celving fair volume of new bust
ness. In actual prices being realized
ther" has been little decline from the
averages of earlier this month, but
the market undoubtedly is easier.
The next thirty days is expected to
bring about merger of several Pa
cifc coast iron and steel companies
under the wing Of the Pacific Coast
Steel Corporation.
This merger is not new develop
ment, as the plan was announced at
the time the corporation was launched
two wears ago.
Eastern Capital l. terestcd.
Now. however. eastern capital is
reported to have been extensively in
terested, so that the original program
may be carried through. The Pacific
Coast Steel already owns n large
acreage of iron and coal lands in Utah
which will be utilized to supply raw
materials for the Pacific Coast units
OF the concern. The Colum bia Steel
Corporation. competitive company
which recently put its plate mills into
commission in California. will blow in
blast furnaces on its L tah properties
this week, which the company asserts
will have a capacity of 100000 tons
annually.
Reset by Difficulties.
While these developments viii un-
doubtedly aid the western section of
the country industrially, the difficulty
of aiding that section agriCulturaIly
is indicated by objections which have
been heard to the message o. freSi-
dent Coolidge urging aid 10 the hold
erS Of lands on reclamation projects.
The Presidents message suggests
that payments be assessed according
to the crop producing qualities of the
soil involved. Many OF the farmers
involved say, according to dispatches
received from western centrrs, that
by the time it is possible To determine
the productivity Of the soil the holder
of the land is either on the way &c
prosperity or broke thoroughly as
to be beyond reach of federal aid. In
support OF this contention they point
to the fact that. the government, ac-
cording to the Presidents message,
face; a loss Of approximately S27.0o0.-
900 spent for canals, reservoirs and
other projects to rriEat" lands which
government experts could not tell we're
uuproductiVe.