The Washington times., 1930-09-04
RATE UP
AGAIN DURING
THIRD WEEK
lngot Production Registers In
crease Despite interruption
Due to Labor Day Close

For the third successive week
steel ingot production registered
an increase despite the general
interruption Of business during
the Labor Day holiday. Opera
tions at steel plants now average
SIS per cent, according to Iron
Age, compared with 81 per cent
last week and SO per cent three
weeks ago. While the gains
have been slight they have been
none the less recognizable and
have encouraged leading indie.
pendent sheet makers to make
the first determined price stand
in more than year. The survey
continues:
Doubtless this move and
others reported to be in con-
temptation are calculated to
help replace the depression
psychosis with spirit Of
confidence. While events will
determine whether the time is
yet ripe for such q change, it
is the consensus of opinion
that the trend Of trade this
month will largely determine
the fortunes Of the steel
industry for the remainder of
the year, and that even mild
seasonal recovery will do much
to put business on q firmer
basis and lead the way to sus-
tanned improvement early in
1881.
Pig Iron Drop
"Pig iron production declined
4.3 per cent in August, sinking
to the lowest daily rate since
October, 1924. But this reces-
sion is regarded rs water over
the dam, in view of the cur
rent trend Of iron and steel
works operations and the grow
ing resistance Of producers to
price pressure.
Until q more definite trend
is apparent reference must be
made to such StrawS as are
available. Pig iron shipments
at Chicago in August showed a
gain Of 20 per cent over July,
while certain Cleveland pro.
ducers report an increase of rs
per cent. Improvement In or
ders for both alloy steel bars
and carbon bar points to mod
crate expansion in automobile
production. The first purchase
of sheets t1,OOO tOns) for the
new Chevrolet models has been
made, and steel purchases are
soon to be concluded for the
first 2O,0OO Of these cars.
New inquiries for fabricated
structural steel, at 71,OOO tons,
are the largest since the second
week Of June. Tin plate pro
ductiOn has risen to 10 per cent
of capacity, following the pass
ing of the drought scare. Scrap
markets have held their recent
gains, Notwithstanding ample
stocks in the hands of large
consumers.
Caution Rules
Leading outlets of iron and
steel disclose little change In
tonnage consumed aside from
the slight expansion recently
noted, but no survey of the
trade at q time like this can
estimate the mount Of business
that is being held back by the
INSTRUMENTATION that extends
from manufacturing user and
fabricatOr to ultimate consumer.
Only slight lOOsening of the
purse strings all along the line,
such as may be now in the
making, would put many tons
on producers books. Another
factor that may prove q decid.
ing influence Is the large un.
classified, miscellaneous group
Of consumers which last year
took nearly One-fifth of all the
finished steel rolled.
"Total pig iron production
in August, estimated from tele-
.raphic returns to the Iron.
Age, was 2,526,5OO tons com.
pared with 2,639,537 tons in
July. The daily average in
August of S1,5OO tons under.
went a decline of 3,646 tons
(4.3 per cent? from July rate
Of 85,146 tons.
"The Iron Age composite
prices remain unchanged, fin.
iShed steel at 2.142 cents 3
nAnuun.l -. - J. =